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1. Company Snapshot

1.a. Company Description

Aena S.M.E., S.A., together with its subsidiaries, engages in the operation, maintenance, management, and administration of airport infrastructures and heliports in Spain, Brazil, the United Kingdom, Mexico, and Colombia.The company operates through Airports, Real Estate Services, International, and SCAIRM segments.It also manages commercial spaces in airport terminals and car parks network; and rents areas in airport terminals for duty-free shops, specialty shops, food and beverage establishments, commercial operations, and advertising, as well as financial services.


In addition, the company leases office buildings, warehouses, hangars, and cargo storage facilities to airlines, air cargo operators, handling agents, and other airport service providers.It manages 46 airports in Spain; 12 airports in Mexico; 2 airports in Colombia; 1 airport in the United Kingdom; and 6 airports in Brazil.The company was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017.


The company was founded in 2010 and is headquartered in Madrid, Spain.Aena S.M.E., S.A. is a subsidiary of ENAIRE.

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1.b. Last Insights on AENA

Aena S.M.E., S.A.'s recent performance is driven by the recovery of the travel and tourism industry. Following the COVID-19 pandemic, airports are experiencing a resurgence in passenger traffic, with the industry contributing 10.4% of GDP. Additionally, airports are repositioning to cater to rising demand for dining, generating higher revenue from food and beverage sales. This trend is expected to continue, with airports investing heavily in infrastructure to meet growing demand. Aena's strong position in the European airport market and its efforts to adapt to changing passenger habits are likely key drivers of its performance.

1.c. Company Highlights

2. Aena's Strong 9M 2025 Results: Revenue and EBITDA Growth

Aena's financial performance for the first 9 months of 2025 was robust, with total revenue reaching almost EUR 4.8 billion and EBITDA at EUR 2.9 billion, resulting in an EBITDA margin of 60.2%. Excluding the impact of IFRIC 12, the EBITDA margin would be 61.9%. Net profit reached almost EUR 1.6 billion, with EPS coming in at EUR 0.4701, in line with analyst estimates. The company's strong financial performance was driven by a 4.1% year-on-year growth in traffic volume across the Aena Group.

Publication Date: Oct -30

📋 Highlights
  • Traffic Growth:: Aena Group traffic rose 4.1% YoY (Spain +3.9%), with international activity up 4.8% (Luton) and Brazil's BOAB concession +5.5%.
  • Financial Performance:: Revenue hit EUR 4.8B, EBITDA EUR 2.9B (60.2% margin), and net profit EUR 1.6B, driven by 8.7% sales growth in commercial activity.
  • Real Estate Expansion:: Real estate revenue surged 13.7%, with hotel development tenders launched at Madrid and Barcelona airports.
  • CapEx Commitment:: EUR 13B DORA III plan (50% transformational projects, 50% infrastructure), EUR 10B for regulated activities, and EUR 3B for non-regulated (e.g., car parks).
  • Commercial Momentum:: Specialty shops secured 33%–40% higher guaranteed rents in 2025–2026 vs. 2024, with 8.7% sales growth from new retail concepts and mobility services.

Revenue Growth Drivers

The revenue growth was driven by a strong performance in commercial activity, with sales growing by 8.7%. The company's real estate business also saw total revenue grow by 13.7%. International EBITDA contributed EUR 307 million to the consolidated figure, representing a 23.3% increase. As Ignacio Hernandez, Aena's CFO, noted, "We're adding commercial surface, introducing new business concepts, and taking advantage of better contract conditions."

Valuation Metrics

With a P/E Ratio of 1.3, P/B Ratio of 0.44, and EV/EBITDA of 7.18, Aena's valuation metrics suggest that the company's strong financial performance is not entirely reflected in its current stock price. Analysts estimate next year's revenue growth at 6.1%, which could potentially drive the stock price higher. The company's commitment to sustaining an 80% dividend payout policy, with a Dividend Yield of 4.22%, adds to its attractiveness.

Regulatory Framework and Future Plans

Aena is well-prepared for the massive investment in DORA III, a EUR 13 billion project, and has a robust plan to maintain airport capacity during construction. The company is confident in its ability to manage the regulatory process and is committed to communicating effectively with the market and stakeholders throughout the process. As Maurici Betriu, Aena's CEO, stated, the company is "well-prepared for the massive investment in DORA III."

Tariff Increases and Airline Capacity

Aena's representatives emphasized that the company sees reasons for a tariff increase in the next years due to significant CapEx investments, OpEx growth, and higher WACC. However, they do not expect airlines to pull out capacity due to tariff increases, citing the company's robust plan to maintain airport capacity during construction.

3. NewsRoom

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Top European Dividend Stocks For October 2025

Oct -16

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Is Now the Right Moment for Aena Shares After a 5% Weekly Drop?

Sep -24

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Aena SME SA (ANNSF) Q1 2025 Earnings Call Highlights: Record Passenger Traffic and Robust ...

May -01

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Are You Splurging on Food and Drink Before Departure? Your Airport Really Hopes So

Mar -04

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Aena S.M.E., S.A. (ANYYY): Among the Best Airport Stocks to Invest in Now

Feb -17

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Aena SME SA (ANNSF) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Passenger Increase

Oct -31

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Is Aena S.M.E., S.A. (ANNSF) One of the Worst Airport Stocks to Buy?

Sep -30

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Is Aena SME SA (ANNSF) a Good Airport Stock To Add To Your Portfolio?

Sep -24

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.69%)

6. Segments

Airports - Aeronautical

Expected Growth: 4.5%

Aena’s aeronautical segment is expected to grow due to increasing air traffic, driven by rising passenger demand, and Aena’s strategic investments in airport infrastructure and services, enhancing the overall passenger experience.

Airports - Commercial (Incl. Car Park Network)

Expected Growth: 4.5%

Growing passenger traffic, increasing air cargo, and Aena's strategic expansion of its car park network, are driving growth, supported by strong fundamentals in the Spanish tourism industry.

International - LUTON

Expected Growth: 5.5%

Aena S.M.E., S.A. is expected to benefit from increasing air travel demand, tourism growth, and infrastructure investments, driving its growth in the coming years.

International - BOAB

Expected Growth: 6.4%

Aena's international segment, BOAB, benefits from increasing global air travel, driven by growing middle-class populations and infrastructure investments abroad.

International - ANB

Expected Growth: 6.4%

Aena's growth is driven by increasing air traffic, led by tourism and economic growth in Spain, as well as its diversified airport portfolio and strategic investments in digitalization and sustainability.

Airport of The Region of Murcia (AIRM)

Expected Growth: 4.5%

Aena S.M.E., S.A. benefits from increasing air travel demand, driven by global tourism and economic growth, as well as investments in airport infrastructure and technology.

Other International

Expected Growth: 3.8%

Aena's other international operations segment growth is driven by increasing air traffic, expansion into new markets, and strategic partnerships, resulting in a forecast CAGR of 3.8%.

Real Estate Services

Expected Growth: 4.8%

Aena S.M.E., S.A.'s Real Estate Services segment will benefit from increasing air travel demand, infrastructure development, and strategic partnerships, driving growth in airport real estate management and development.

Unallocated Adjustments

Expected Growth: 4.5%

Aena's unallocated adjustments, driven by non-operating income, are expected to grow steadily, driven by increasing air traffic and tourism, which will positively impact the segment's revenue.

7. Detailed Products

Airport Management

Aena S.M.E., S.A. provides comprehensive airport management services, including air traffic control, security, and passenger services.

Aeronautical Information

Aena S.M.E., S.A. offers aeronautical information services, including aeronautical charts, NOTAMs, and flight planning tools.

Airport Infrastructure

Aena S.M.E., S.A. designs, builds, and maintains airport infrastructure, including runways, terminals, and air traffic control towers.

Air Navigation Services

Aena S.M.E., S.A. provides air navigation services, including air traffic control, navigation aids, and communication systems.

Airport Security

Aena S.M.E., S.A. provides airport security services, including passenger screening, baggage handling, and access control.

Airport Commercial Services

Aena S.M.E., S.A. offers airport commercial services, including retail, food and beverage, and advertising opportunities.

8. Aena S.M.E., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Aena S.M.E., S.A. operates in the airport management industry, where substitutes are limited. However, the threat of substitutes is moderate due to the presence of alternative modes of transportation, such as trains and buses.

Bargaining Power Of Customers

Aena S.M.E., S.A. has a diverse customer base, including airlines, passengers, and other stakeholders. However, the bargaining power of customers is low due to the lack of alternative airport management services.

Bargaining Power Of Suppliers

Aena S.M.E., S.A. relies on various suppliers, including airlines, ground handling companies, and other service providers. The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the company's negotiating power.

Threat Of New Entrants

The threat of new entrants in the airport management industry is low due to the high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The airport management industry is highly competitive, with Aena S.M.E., S.A. competing with other airport operators and management companies for contracts and passengers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.24%
Debt Cost 6.04%
Equity Weight 62.76%
Equity Cost 10.07%
WACC 8.57%
Leverage 59.34%

11. Quality Control: Aena S.M.E., S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Aena

A-Score: 7.5/10

Value: 6.7

Growth: 7.1

Quality: 8.2

Yield: 6.9

Momentum: 6.5

Volatility: 9.3

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Vinci

A-Score: 6.6/10

Value: 6.3

Growth: 6.2

Quality: 4.6

Yield: 6.9

Momentum: 6.0

Volatility: 9.3

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Volvo

A-Score: 6.1/10

Value: 4.7

Growth: 6.4

Quality: 4.4

Yield: 9.4

Momentum: 5.0

Volatility: 6.7

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Ryanair

A-Score: 6.0/10

Value: 5.3

Growth: 7.8

Quality: 6.6

Yield: 1.2

Momentum: 8.5

Volatility: 6.3

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BAE Systems

A-Score: 5.7/10

Value: 2.4

Growth: 6.9

Quality: 4.8

Yield: 4.4

Momentum: 9.5

Volatility: 6.3

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Saint-Gobain

A-Score: 5.2/10

Value: 4.8

Growth: 5.8

Quality: 4.3

Yield: 4.4

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.07$

Current Price

23.07$

Potential

-0.00%

Expected Cash-Flows