Aena SME (AENA) Q3 2026 earnings summary

Executive summary

• 9M passenger traffic rose 4.1% to 309.9m across the airport network and international holdings; Spanish network traffic reached 257.2m.

• Revenue increased 10.4% to €5,283.9m and attributable net profit rose 12.4% to €1,774.7m.

• EBITDA grew 6.8% to €3,077.9m; excluding 2025 Luton car-park fire insurance compensation, growth was 8.4%.

Financial highlights

• Revenue excluding IFRIC 12 construction services increased 9.5% to €5,104.0m.

• Operating profit rose 9.0% to €2,454.9m; profit before tax grew 11.1% to €2,390.8m.

• Basic and diluted EPS were both €1.18, versus €1.05 in 9M 2025.

• Net operating cash flow increased 11.3% to €2,811.3m; period-end cash was €2,088.7m.

• Total operating expenses were €2,829.0m (+11.7%); other operating expenses excluding IFRIC 12 rose 11.9%.

Outlook and guidance

• DORA III sets a 0.33% annual change in maximum annual revenue per passenger versus 2026 for 2027–31; WACC is 8.32%.

• DORA III authorises €9,991m of regulated investment and provides for €2,897m of unregulated investment, totaling €12,888m over 2027–31.

• The plan projects 363m passengers by 2031 and 1.763bn over 2027–31; regulated costs are forecast at €1,929.0m in 2027 and €2,078.7m in 2031, in constant 2026 euros.

• The remaining Galeão acquisition payment is expected in Q4 2026, funded with airport cash and local debt without recourse to the parent.