- Record Financial Performance: Aena reported EUR 6.4 billion revenue, EUR 3.8 billion EBITDA, and EUR 2.1 billion net profit, up 9.6% and 14.3% in commercial and real estate revenues respectively.
- High Traffic Growth: Total passengers reached 385 million, with 321.5 million in Spanish airports, and international airports (e.g., Brazil) contributing significant EBITDA growth (13.1% in Brazil).
- Dividend Proposal: Board proposed EUR 1.09 gross dividend per share, reflecting strong profitability and capital returns to shareholders.
- Environmental Progress: Achieved 75% reduction in Scope 1 and 2 emissions compared to 2019, aligning with sustainability goals.
- Regulatory & Investment Strategy: DORA III proposes EUR 5.5 billion regulated asset base increase, supported by low OpEx per pax (industry-leading efficiency) and EUR 500 million bond issuance.
Business Performance Highlights
Aena's commercial activities showed significant growth, driven by duty-free, food and beverage (F&B), mobility, and VIP services. Duty-free sales rose 0.3% to €535 million, while variable rents and minimum annual guaranteed rents (MAGs) increased 7.7% to €433 million. F&B sales grew 6.1%, with total revenue up 8.5% to €352 million. The company's real estate initiatives, particularly in cargo and hangars, contributed to a 41% increase in revenue.
International Expansion and Regulatory Developments
Aena's international airports, including Luton and Brazil, reported strong performance, with EBITDA growing 20.3% to €186.8 million and 13.1% to BRL 678 million, respectively. The company is awaiting the government's decision on its regulatory proposal, DORA III, which includes a significant investment cycle and a proposed increase in the regulated assets base of more than EUR 5.5 billion.
Valuation and Outlook
With a P/E Ratio of 19.58 and an EV/EBITDA of 12.29, the market appears to be pricing in a certain level of growth. Analysts estimate next year's revenue growth at 3.5%. Aena's management prioritizes efficiency and maintaining quality standards, with a focus on investments planned for the next 10 years. The company's Dividend Yield stands at 3.62%, providing a relatively stable return for investors.
Operational Efficiency and Cost Management
Aena's operating expenses (OpEx) are expected to rise, particularly in DORA III and 2026, driven by increases in staff costs, maintenance, security, and PRM services costs. However, the company aims to maintain efficiency, with OpEx per pax levels being the lowest in the industry. The review of the company's policy on useful lives led to a reduction in depreciation expense, resulting in a higher asset regulated base at the end of the year.