Aena SME (AENA) Q2 2024 earnings summary

Executive summary

• Passenger traffic rose 10.5% year-over-year to 172.7 million, with Spanish airports up 11.4% to 144.2 million.

• Total revenue increased 17.7% to €2,746.4 million, with strong growth in aeronautical, commercial, real estate, and international segments.

• Net profit grew 33.1% to €808.6 million, and EBITDA rose 32.9% to €1,555.3 million, with a margin of 56.6%.

• Commercial and international expansion, especially in Brazil, contributed significantly to results.

• Net cash from operating activities was €1,401.4 million, supporting investments and dividend payments.

Financial highlights

• Aeronautical revenue up 16.4% to €1,462.0 million; commercial revenue up 17.4% to €834.3 million; real estate revenue up 18% to €54.9 million; international activity up 25.6% to €361.0 million.

• Operating expenses increased 3.2% year-over-year, with group OpEx at €1,208.8 million (+6%).

• Cash generated from operations exceeded €1.4 billion, up 33.7% year-over-year.

• Net financial debt/EBITDA improved to 1.89x; 74% of debt at fixed rates, average cost below 2.6%.

• Dividend of €1,149 million paid in May 2024.

Outlook and guidance

• 2024 passenger traffic forecast revised upward to 306.7 million (+8.3% year-over-year).

• 2025 airport charges proposal sets maximum revenue per passenger at €10.40 (+0.54% vs. 2024), pending regulatory review.

• Strategic Plan 2022-26 targets 310 million passengers by 2026, EBITDA margin around 59%, and 80% dividend payout.