Aena SME (AENA) Q1 2025 earnings summary

Executive summary

• Passenger traffic reached 78.3 million in Q1 2025, up 4.9% year-over-year, with the Spanish network at 63.6 million (+4.7%), London Luton at 3.6 million (+7.3%), ANB at 4.2 million (+4.1%), and BOAB at 6.9 million (+6.1%).

• Total consolidated revenue rose 7.5% to €1,325.6 million, with commercial revenue up 9.7% to €441.1 million and real estate revenue up 9.7% to €29.9 million.

• Net profit increased 15.4% to €301.3 million, and EBITDA grew 10.8% to €643.6 million, with a margin of 48.6%.

• Commercial sales grew 10%, and per-passenger sales rose 5.1%.

• AGM approved a record €9.76 per share dividend and a 10-for-1 share split effective May 2025.

Financial highlights

• Operating expenses rose 3.2% to €890.6 million; OPEX (supplies, staff, other) up 4.8% to €691.9 million.

• Net cash from operating activities increased 13.4% to €820.4 million.

• Net financial debt reduced to €4,885.7 million; net debt/EBITDA improved to 1.37x from 1.57x at year-end 2024.

• Investments totaled €203.1 million, mainly for airport facilities and security.

• Share price rose 9.7% in Q1 2025, underperforming the IBEX 35's 13.3% rise.

Outlook and guidance

• Passenger growth in Spain for 2025 is estimated at 3.4%, reaching 320 million; airlines scheduled 1.5% more seats for summer 2025.

• Guidance remains unchanged, with strong April traffic and a positive summer outlook.

• Growth may be affected by macroeconomic, geopolitical, fuel price, or airline supply disruptions.