This article first appeared on GuruFocus .
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Total Revenue:Almost EUR6.4 billion, a 9.5% increase compared to 2024.
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EBITDA:Close to EUR3.8 billion.
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Net Profit:Exceeded EUR2.1 billion, a record high.
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Passenger Traffic:Almost 385 million passengers globally; over 321.5 million in Spanish airports.
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Dividend Proposal:Gross dividend of EUR1.09 per share.
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Commercial Revenue:Exceeded EUR2 billion for the first time.
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Duty Free Revenue:EUR535 million, with a 15.3% sales increase.
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Real Estate Revenue Growth:10.5% increase in 2025.
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Net Debt-to-EBITDA Ratio:1.6.
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International EBITDA Contribution:Close to EUR400 million.
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Bond Issuance:EUR500 million with a 10-year maturity.
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ESG Emissions Reduction:75% reduction in Scope 1 and 2 emissions compared to 2019.
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Operating Expenses:Increased by 11.1% to EUR2,650 million.
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VIP Services Revenue:Increased by 31.5% to EUR104 million.
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Car Rental Revenue:Increased by 23.9% to EUR256 million.
Release Date: February 25, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Aena SME SA ( ANNSF ) achieved record financial results for the third consecutive year, with total revenue reaching nearly EUR6.4 billion and a net profit exceeding EUR2.1 billion.
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Passenger traffic in Spanish airports reached over 321.5 million, marking the third consecutive year of record traffic volumes.
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The company experienced robust growth in its commercial activities, with Duty Free business lines exceeding contractual maximums in several regions.
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Aena SME SA successfully launched a second bond valued at EUR500 million with favorable financial conditions, reflecting market confidence.
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Significant reduction in emissions, achieving a 75% reduction in Scope 1 and 2 emissions compared to 2019, highlighting strong ESG performance.
Negative Points
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Domestic passenger traffic in Spain decreased by 3%, despite overall international market growth.
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Operating expenses increased by 11.1%, driven by higher personnel and other operating costs, outpacing traffic growth.
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Concerns about potential infrastructure constraints as many airports approach their technical limits, necessitating significant future investments.
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The company faces challenges in balancing increased OpEx with maintaining high-quality airport services amid growing traffic.
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Potential regulatory and political risks, as evidenced by past political initiatives that could impact tariff increases and investment plans.
Q & A Highlights
Q: Beyond what you've just said, could you remind us which other commercial contracts will be open for tender in the short to medium term, just to guard the upside for commercial? A: Thank you very much, Tobias, for your question. On the commercial front, we launched the advertising tender some weeks ago. The financial impact of the new contracts would really happen in 2028 as most current contracts expire then, except for the Palma airport, which expires this year. We are also planning to renovate the commercial offer at airports like Malaga and Gran Canaria. The Barcelona F&B activity has been recently awarded, with financial impacts expected in 2026. Additionally, we are active in real estate, particularly in cargo and hangars, which could also contribute financially.
Q: There is now full visibility on the CapEx plans for the next years domestically. Could you please give us an overview of what this CapEx should amount to internationally, given the relevance of BOAs works and potentially Luton's expansion? A: Luis, this is Ignacio speaking. For Luton Airport, the committed CapEx is mainly maintenance as our concession expires in 2032. However, there is potential for expansion if attractive terms are agreed upon. In Brazil, most CapEx for AMB has been completed, but for Congonhas, we have mandatory CapEx milestones to meet by 2028.
Q: My question is on the Dora 3 traffic forecast. Does the risk of AI disruption leading to potential increases in unemployment rates on white collar come up at all when talking about the traffic forecast? A: Cristian, it's difficult to predict how AI disruptions might impact traffic at Aena. While some impacts could be positive or negative, we are monitoring the situation closely. Discussions with regulators are confidential, but we have shared our general views on traffic evolution.
Q: So my question would be on OpEx. Could you provide an idea of the magnitude of the increase in OpEx, maybe with a split in different OpEx groups like staff, supplies, etc.? A: Hi, Elodie. This is Ignacio. In 2025, staff costs increased due to more hires and salary agreements. We expect this trend to continue. Other operating expenses rose due to maintenance, security, and regulatory requirements. We aim to maintain efficiency, but industry trends and legislation are impacting costs.
Q: Just one on the change in the policy on useful life. What prompted the EUR69 million of reduced amortization, and how material is this in the context of different categories of assets? A: Thank you, Hari. We reviewed asset lives and found some were longer than accounted for. The largest impact was on surface access and aprons. This adjustment may result in a higher regulated asset base. The impact will be lower in future years.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
