Aena SME (AENA) Q4 2025 earnings summary

Executive summary

• Achieved record financial results for the third consecutive year, with net profit reaching EUR 2,136.7 million in 2025, up 10.5% year-over-year.

• Passenger traffic grew 4.2% to 384.8 million, with Spain's network at 321.6 million (+3.9%).

• Strong commercial and real estate growth, with notable increases in duty-free, F&B, MAG, and rents.

• Major international expansion, including new participations in UK airports and record financing in Brazil.

• Dividend proposal of EUR 1.09 per share, up 11.7% from 2024.

Financial highlights

• Total consolidated revenue rose 9.5% year-over-year to EUR 6,379.2 million, driven by traffic and commercial activity.

• EBITDA reached EUR 3,785 million, up 7.8%, with a margin of 59.3% (61.4% excluding IFRIC 12 impact).

• Aeronautical revenue: EUR 3,346.8 million (+4.9%); commercial revenue: EUR 1,975.1 million (+11.0%).

• Net cash from operating activities increased to EUR 2,787.5 million.

• OPEX increased 11.1%, mainly due to staff and operating expenses.

Outlook and guidance

• Passenger growth in Spain forecasted at +1.3% for 2026, reaching 326 million.

• DORA III regulatory cycle to drive significant investment, targeting 329 million passengers in 2027 and 347 million in 2031, with EUR 9,991 million regulated capex.

• Airport charges to rise modestly by EUR 0.43 per year, remaining highly competitive in Europe.