Aena SME (AENA) Q4 2024 earnings summary

Executive summary

• Passenger traffic reached 369.5 million in 2024, up 8.5% year-over-year, with Spanish network traffic rising 9.2% to 309.3 million; group surpassed 1 million passengers per day, a milestone previously expected for 2027.

• Total revenue increased 13.3% to €5,827.8 million, with strong growth in aeronautical (+13.7%), commercial (+14.7%), and international (+17.9%) segments.

• Net profit rose 18.6% to €1,934.2 million; EBITDA grew 16.1% to €3,510.3 million, with margin improving to 60.2%.

• Proposed dividend of €9.76 per share (+27.4%) and a 10-for-1 share split to enhance liquidity.

• Celebrated 10 years as a listed company, with share price revaluation exceeding 260% (excluding dividends), now the sixth largest by market cap on the IBEX 35.

Financial highlights

• Operating expenses increased 7.6% to €3,165.3 million; OPEX per passenger in Spain decreased by 2.2% to €6.25.

• Net financial debt reduced to €5,498 million from €6,222 million; net debt/EBITDA improved to 1.57x.

• Cash from operating activities increased 23.7% to €2,746.9 million.

• Commercial and real estate ordinary revenue rose 14.3% to nearly €1.9 billion, outpacing traffic growth.

• EBITDA margin rose to 60.2% (from 58.8% in 2023); EBIT margin at 45.7% (from 42.8%).

Outlook and guidance

• 2025 Spanish airport traffic expected to grow 3.4%, reaching approximately 320 million passengers.

• International traffic growth in 2025 anticipated to exceed Spanish network growth.

• Dividend proposal of €9.76 per share, a 27.4% increase over the previous year.

• Preparing for a significant CAPEX cycle starting with DORA 3 in 2027, with annual investments forecasted to be very significantly above €1 billion.

• MAG rents awarded in 2024 represent 122% recovery over 2023 for specialty shops and 144% for food and beverage; further increases expected in 2025.