Aena SME (AENA) Q3 2024 earnings summary

Executive summary

• Passenger traffic reached 282.5 million in the first nine months of 2024, up 8.9% year-over-year, with the Spanish network up 9.8% to 237.8 million, London Luton up 2.7%, ANB up 8.5%, and BOAB up 3.7%.

• Total consolidated revenue rose 16.3% year-over-year to €4,396.7 million, with aeronautical revenue up 14.6% and commercial revenue up 16.6%.

• Net profit increased 27.3% to €1,449.8 million, with EBITDA up 26% to €2,663.3 million and margin improving to 60.6%.

• Net cash from operating activities was €2,352.7 million (+23.5%), and €623.4 million was invested, mainly in airport improvements.

• Operating expenses rose 4.4% to €2,368.1 million, mainly due to higher staff costs and increased activity.

Financial highlights

• Aeronautical revenue: €2,423.6 million (+14.6%); commercial revenue: €1,323.4 million (+16.6%).

• Real estate revenue: €86.4 million (+11.1%); international revenue: €554.3 million (+25.3%).

• EBITDA: €2,663.3 million (+26.0%); EBIT: €2,028.6 million (+34.4%).

• Net financial debt/EBITDA improved to 1.60x from 2.06x at year-end 2023.

• Dividend of €7.66 per share paid in May 2024.

Outlook and guidance

• 2024 passenger traffic forecast revised upward to 8.3% growth, targeting 306.7 million passengers.

• By 2026, Spanish network expected to reach around 310 million passengers; commercial and real estate revenue expected to grow 48% by 2026 vs. 2019.

• EBITDA margin expected to remain around 59%, with a dividend payout policy of 80%.

• 2025 guidance will be provided after internal budgeting and board approval, likely after January.