Aena S.M.E., S.A. Q3 2025 Earnings Recap

Aena reported strong financial and operational results for the first nine months of 2025, driven by consistent traffic growth and robust commercial performance, reaffirming its growth guidance for the year.

Key Takeaways

• Traffic volume across the Aena Group increased by 4.1% year-on-year, with a reaffirmed 2025 traffic growth guidance of 3.4%.
• Total revenue reached nearly EUR 4.8 billion, with an EBITDA margin of 60.2% (excluding IFRIC 12 impact: 61.9%).
• Commercial activity grew significantly, with sales rising 8.7%, along with notable increases in guaranteed rents for upcoming tenders in specialty shops and food & beverage sectors.
• International EBITDA contribution surged 23.3% to EUR 307 million, reflecting the success of Aena's international operations.
• Aena plans EUR 13 billion in CAPEX under DORA III to enhance capacity and service quality, maintaining a commitment to a stable 80% dividend payout.