Aena SME (AENA) Q2 2026 earnings summary

Executive summary

• Passenger traffic reached 190 million in H1 2026, up 3.9% year-on-year, with Spain's network handling 156.2 million (+3.7%), Luton up 5.1%, Leeds Bradford up 3.3%, ANB up 6.4%, and BOAB up 2.8%.

• Revenue grew 10.1% year-on-year to €3,299.6 million, with net profit surpassing €1 billion for the first time in a first half (+12.1%).

• Commercial and international segments drove growth, with commercial activity outpacing traffic and major acquisitions including Augusta (Leeds Bradford and Newcastle) and the Rio de Janeiro-Galeão concession.

• Major investments included €916 million in CapEx, notably airport infrastructure and acquisitions.

• Temporary boost in air traffic due to Middle East conflict and rail constraints, but load factors are weakening.

Financial highlights

• Total revenue: €3,299.6 million (+10.1% year-on-year); ordinary aeronautical revenue up 8.3% to €1,682.0 million; commercial revenue up 7.1% to €983.9 million; real estate revenue up 15% to €70.8 million; international revenue up 24.5% to €529.1 million.

• EBITDA: €1,798.9 million (+6.3%); margin at 54.5% (down from 56.5%); adjusted EBITDA margin 56.9%.

• Net profit: €1,002 million (+12.1% year-on-year).

• OPEX increased 13.5% (9.4% excluding IFRIC 12), mainly due to higher staff costs (+11% to +11.8%) and other operating expenses (+9.7% to +15.3%).

• Net cash from operating activities: €1,598.5 million (+8.0% year-on-year).

Outlook and guidance

• Traffic growth for 2026 estimated at around 3% year-on-year, with limited visibility for H2 due to geopolitical and economic uncertainties, expiring fuel hedges, and weakening load factors.

• DORA III regulatory process ongoing, with final approval expected by September 2026; strategic plan and tariff adjustments to follow.

• No current plans for further M&A; focus on integrating recent acquisitions and executing CapEx.