Aena SME (AENA) Q4 2024 earnings summary

Executive summary

• Passenger traffic reached 369.5 million, up 8.5% year-over-year, with Spanish network traffic rising 9.2% to 309.3 million; group surpassed 1 million daily passengers, a milestone previously expected in 2027.

• Total revenue increased 13.3% to €5,827.8 million, with strong growth in aeronautical (+13.7%), commercial (+14.7%), and international (+17.9%) segments.

• Net profit rose 18.6% to €1,934.2 million; EBITDA grew 16.1% to €3,510.3 million, with margin improving to 60.2%.

• Celebrated 10 years as a listed company, with share price revaluation above 260% (excluding dividends), now the sixth largest by market cap on IBEX 35.

• Proposed dividend of €9.76 per share (+27.4%) and a 10-for-1 stock split to enhance share liquidity.

Financial highlights

• Operating expenses rose 7.6% to €3,165.3 million; OPEX per passenger in Spain decreased by 2.2% to €6.25.

• Net financial debt reduced to €5,498 million (from €6,222 million); net debt/EBITDA improved to 1.57x from 2.06x.

• Cash from operating activities increased 23.7% to €2,746.9 million; capex was €825.2 million, focused on facility and security upgrades.

• Commercial and real estate ordinary revenue increased 14.3% to nearly €1.9 billion, outpacing traffic growth.

• EBITDA margin rose to 60.2% (from 58.8%); EBIT margin at 45.7% (from 42.8%).

Outlook and guidance

• 2025 Spanish airport traffic expected to grow 3.4%, reaching about 320 million passengers.

• International traffic growth in 2025 anticipated to exceed Spanish network growth.

• Board proposes a gross dividend of €9.76 per share, up 27.4% from the previous year.

• Dividend payout policy to remain at least 80% of net income, with flexibility to adjust post-2026 based on CAPEX and leverage.

• CAPEX for DORA III (2027 onward) expected to be very significantly above €1 billion per year, with major investments in Madrid, Barcelona, and other airports.