Aena SME (AENA) Q2 2025 earnings summary

Executive summary

• Passenger traffic grew 4.7% year-over-year to nearly 181 million in H1 2025, with Spain at 150.6 million (+4.5%), Luton +5.1%, ANB +5.7%, and BOAB +6.7%.

• Total consolidated revenue rose 9.1% to €2,995.9 million, with commercial sales up 9.9% and commercial and real estate revenue per passenger up 6.4%.

• Net profit increased 10.5% to €893.8 million, and EBITDA rose 8.8% to €1,692.3 million with a margin of 56.5%.

• Dividend distribution for 2024 was €1,464.0 million, and a record €9.76/share dividend and 10-for-1 share split were approved and executed in 2025.

• Cash and credit facility availability totaled €3,471.3 million at 30 June 2025.

Financial highlights

• EBITDA margin stood at 56.5% (reported), 58% (excluding IFRIC 12); net financial debt/EBITDA ratio at 1.64x.

• Net cash from operating activities increased to €1,479.5 million, up 5.6% year-over-year.

• Operating expenses rose 9.3% to €1,321.0 million; staff costs up 10.6%.

• 77% of debt is at fixed rate, providing protection from interest rate volatility.

• Moody's and Fitch maintained strong credit ratings (A3/positive, A/stable).

Outlook and guidance

• Traffic guidance for Spain in 2025 maintained at +3.4% and ~320 million passengers, despite recent domestic slowdown.

• Aeronautical charge for 2026 proposed to increase by €0.68 per passenger, with IMAAJ at €11.03 (+6.5%).

• No change in guidance anticipated; macroeconomic, geopolitical, and supply-side risks are monitored.