Aena SME (AENA) Q2 2025 earnings summary

Executive summary

• Passenger traffic reached 180.9 million in H1 2025, up 4.7% year-on-year; Spain saw 150.6 million passengers (+4.5%), Luton +5.1%, ANB +5.7%, BOAB +6.7%.

• Total consolidated revenue for H1 2025 was €2,995.9 million, up 9.1% year-on-year; EBITDA rose 8.8% to €1,692.3 million, with a margin of 56.5%.

• Net profit reached €893.8 million, a 10.5% increase year-on-year.

• Commercial sales grew by 9.9%–10.4%, outpacing passenger growth; VIP and duty-free services performed strongly.

• Dividend distribution for 2024 was €1,464.0 million; share split (10-for-1) completed in June 2025.

Financial highlights

• Ordinary revenue grew 8.7%–9.1% year-on-year to €2,995.9 million; EBITDA margin at 56.5% (58% excluding IFRIC 12).

• Net cash from operating activities increased by 4.2%–5.6% to €1,479.5 million.

• Net financial debt/EBITDA ratio at 1.64x, indicating strong financial health.

• Moody's rating: A3 (positive); Fitch: A (stable), F1 (short-term).

• Earnings per share: €5.96 (basic and diluted), up from €5.39.

Outlook and guidance

• Passenger traffic guidance for Spain in 2025 remains at +3.4% and ~320 million passengers.

• Aeronautical charge for 2026 proposed to increase by €0.68 per passenger, pending regulatory approval.

• CapEx for DORA II period set at €427 million, with most execution in 2026; additional €351 million investment approved.