Aena SME (AENA) Q3 2025 earnings summary

Executive summary

• Passenger traffic reached 294.1 million (+4.1% year-over-year), with the Spanish network at 247.1 million (+3.9%), Luton at 13.4 million (+4.8%), ANB at 12.4 million (+5.3%), and BOAB at 21.2 million (+5.5%).

• Consolidated revenue rose 8.8% year-over-year to €4,785.2 million, driven by strong commercial and international activity.

• EBITDA reached €2,882.7 million (+8.2%), with a margin of 60.2%. Net profit was €1,579.4 million (+8.9%).

• Dividend distribution for 2024 was €1,464.0 million, and net financial debt/EBITDA improved to 1.37x.

• Net cash from operating activities was €2,525.6 million (+7.3%).

Financial highlights

• Aeronautical revenue: €2,556.2 million (+5.5% year-over-year).

• Commercial revenue: €1,466.1 million (+10.8% year-over-year); real estate revenue: €98.2 million (+13.7%).

• International revenue: €655.3 million (+18.2% year-over-year).

• Operating expenses increased by 7.0% to €2,533.8 million, with staff costs up 10.8%.

• Net financial debt stood at €5,127 million, down from €5,498 million in 2024.

Outlook and guidance

• Passenger traffic guidance for Spain in 2025 remains at +3.4% and ~320 million passengers.

• Winter 2025 seat capacity scheduled to rise 3.5% year-over-year, with notable growth in Asia-Pacific and Middle East routes.

• CapEx for DORA III (2027–2031) proposed at nearly €12,888 million, with most spending back-end loaded.

• Additional €351 million investment approved for DORA II, bringing forward actions for DORA III.

• No change anticipated in the 80% dividend payout policy.