Aena SME (AENA) Q4 2025 earnings summary

Executive summary

• Achieved record financial results for the third consecutive year, with net profit reaching EUR 2,136.7 million in 2025, up 10.5% year-over-year, and all-time high passenger traffic of 384.8 million (+4.2%), including 321.6 million in Spain.

• Robust commercial growth in duty-free, F&B, and real estate segments, with notable increases in MAG and rents.

• Major international expansion, including acquisition agreements for UK airports and record financing in Brazil.

• Dividend proposal of EUR 1.09 per share, up 11.7% from 2024.

• Inclusion in Dow Jones Sustainability Index for third consecutive year and significant emissions reduction.

Financial highlights

• Total consolidated revenue rose 9.5% year-over-year to EUR 6,379.2 million, driven by traffic and commercial activity.

• EBITDA reached EUR 3,785 million, up 7.8%, with a margin of 59.3% (61.4% excluding IFRIC 12 impact).

• Aeronautical revenue was EUR 3,346.8 million (+4.9%); commercial revenue EUR 1,975.1 million (+11%); real estate services EUR 131.9 million (+10.5%).

• Net cash from operating activities increased to EUR 2,787.5 million.

• OPEX increased 11.1%, mainly due to staff costs and other operating expenses.

Outlook and guidance

• Spanish airport traffic expected to grow 1.3% in 2026, reaching 326 million, with DORA III plan targeting 329 million in 2027 and 347 million in 2031.

• DORA III regulatory cycle to drive a new investment phase, with over EUR 9,991 million regulated CapEx and focus on sustainability.

• Airport charges to rise modestly by EUR 0.43 per year, remaining highly competitive in Europe.

• Average revenue per passenger expected to rise from EUR 10.92 in 2027 to EUR 12.69 in 2031.