Aena SME (AENA) Q2 2026 earnings summary

Executive summary

• Passenger traffic reached 190 million in H1 2026, up 3.9% year-on-year, with Spanish airports handling 156.2 million (+3.7%), and notable growth in Luton (+5.1%), Leeds Bradford (+3.3%), ANB (+6.4%), and BOAB (+2.8%).

• Revenue grew 10.1% to €3,299.6 million; EBITDA rose 6.3% to €1,798.9 million (margin 54.5%); net profit reached €1,002 million (+12.1%).

• Commercial and international segments outperformed, with commercial activity and per-passenger sales rising and major acquisitions expanding the network.

• Major investments included €916 million in CapEx, notably airport infrastructure and the Augusta (Leeds Bradford/Newcastle) acquisition.

• Temporary boost in air traffic due to Middle East conflict and rail constraints, but load factors are weakening.

Financial highlights

• Ordinary aeronautical revenue increased 8.3% to €1,682 million; commercial revenue up 7.1% to €983.9 million; real estate revenue up 15% to €70.8 million; international revenue up 24.5% to €529.1 million.

• EBITDA margin was 54.5% (down from 56.5%); net cash from operating activities increased 8% to €1,598.5 million.

• Group OpEx rose 13.5% (9.4% ex-IFRIC 12), mainly due to higher staff and operating expenses.

• Net financial debt increased to €6,724 million; net debt/EBITDA at 1.73x (up from 1.46x in 2025).

• Dividend payment of €1,635 million contributed to higher leverage.

Outlook and guidance

• Traffic growth for 2026 estimated at around 3% year-on-year, with limited visibility for H2 due to geopolitical and economic uncertainties, expiring fuel hedges, and weakening load factors.

• DORA III regulatory process ongoing, with final approval expected by September 2026 and proposed investments of €9,991 million.

• Strategic plan and updated dividend policy to be presented after DORA approval.