Aena Sme Sa · BME:AENA
Aena Sme Sa — H1 2025 Earnings Presentation
43 slides from Aena Sme Sa's earnings presentation, Jul 30, 2025
Slide 1: Results Presentation
Results Presentation For the six-month period ended 30 June 2025 30 July 2025
Slide 2: Disclaimer
Disclaimer This report shows the most important data concerning Aena S.M.E., S.A. and its subsidiaries (‘Aena’ or Factors of a macroeconomic nature, the market situation, legal or regulatory amendments, movements ‘the Company’) and its management during the first six months of 2025, including the mo
Slide 3: Key highlights
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 4: Key highlights
Key highlights Traffic: Aena Group1: 180.9 million (+4.7%). Spanish Network: 150.6 million (+4.5%). Total revenue: €2,995.9m (+€249.5m, +9.1%). EBITDA: €1,692.3m (+€137.0m, +8.8%). EBITDA margin: 56.5% (56.6% in H1 2024). Net profit: €893.8m (+€85.1m, +10.5%). Aeronautical activity: proposed charge
Slide 5: Key highlights
Key highlights International activity: total revenue: €425.0m (excluding IFRIC impact: €346.0m). EBITDA €196.4m. Investments: €427m of additional investment to be carried out in 2025 and 2026 (€351m in regulated investment). Restatement: Deferred tax assets (€288m). Share split: executed on 19 June
Slide 6: Key highlights: passengers and total revenue
Key highlights Passengers1 (m): +4.7% Spanish Network: Spanish Network 180.9 172.7 Markets: Domestic: +0.4%. International: +6.5%. 13.0 13.9 7.6 8.1 Luton 7.9 8.3 Countries: United Kingdom: +4.5%; Germany: +3.6%: Italy: +12.0%. Northeast Brazil The main long-haul destinations (Top 15) recorded growt
Slide 7: Key highlights: OPEX
Key highlights OPEX1 Aena Group (€m): +9.3% Aena (excluding Luton, Group: Group staff costs (+10.6%). ANB and BOAB) 1,208.8 1,321.0 105.3 Spanish Network: Electricity (+15.8%), Maintenance (+7.1%), 40.4 22.1 Luton 118.9 40.2 130.4 Security (+6.9%) and VIP Lounges (+27.5%). Northeast Brazil Airport G
Slide 8: Key highlights: EBITDA, net result, cash
Key highlights EBITDA1 (€m): +8.8% EBITDA margin 56.6% 56.5% 1,692.3 The EBITDA margin excluding the impact of IFRIC 12 is 58.0% 1,555.3 (57.2% in H1 2024). H1 2024 H1 2025 Net Cash from Net Result (€m): +10.5% Operating Activities (€m): +4.2% Net Financial 1.57x 1.64x Debt/EBITDA1 2024 H1 2025 893.
Slide 9: Key highlights: performance by business area
Key highlights Performance by business area Aeronautical Airports1 Commercial Real estate International2 H1 2025 Airports1 services1 2.1% 14.2% 52.6% Total revenue: €2,995.9m (+9.1%) 31.0% €1,574.5m (+6.1%) €929.1m (+10.4%) €62.2m (+12.1%) €425.0m (+17.7%) 1.7% 16.8% 68.1% 12.9% Total expenses: €1,7
Slide 10: Key highlights: ratios per passenger
Key highlights Ratios per passenger Aena S.M.E., S.A.1 2024 2025 % % % Q1 Q2 H1 Q3 Q4 2024 Q1 Q2 Chang H1 Change Change e Passengers (m) 60.7 83.1 143.8 93.3 71.4 308.4 63.5 4.7% 86.7 4.3% 150.2 4.5% Total Ordinary Revenue (Aeronautical 1,048.5 1,302.7 2,351.2 1,440.3 1,230.3 5,021.8 1,141.0 8.8% 1,
Slide 11: Deferred tax assets. 2024 restatement
Key highlights Deferred tax assets. 2024 restatement. The company considers that it is entitled to correct the double taxation situation that arose in the context of the IPO of 49% of Aena's shares. The double taxation arose due to 1) the impossibility of revaluing the assets contributed by Aena's p
Slide 12: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 13: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change. % Passengers (m) 2024 Spanish Network H1 2025 H1 2024 H1 25/H1 24 Passengers 150,602,278 144,174,073 4.5% Monthly change (%) 2025 Operations 1,281,139 1,223,271 4.7% Cargo (Tonnes) 637,551 604,760 5.4%
Slide 14: Traffic data: markets and airports
Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Total H1 2025 Europe (excl. Spain) H1 2025 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 2.0% 1.3% 0.6% 2.5% A.S. Madrid-Barajas 3
Slide 15: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change H1 2025/H1 2024 H1 2025 H1 2024 € million % Total business activity 947.3 842.0 105.3 12.5% Fixed and Variable Rents 816.9 705.2 111.7 15.8% invoiced in the period MAG revenue to be invoiced 13
Slide 16: Commercial revenue summary
Commercial revenue summary1 Business area (thousands of euros) Revenue Change H1 2025 H1 2024 € Thousand % Retail 532,568 517,267 15,301 3.0% Duty-free shops 262,800 262,080 719 0.3% Food and beverage 177,097 165,801 11,296 6.8% Specialty shops 66,095 62,752 3,343 5.3% 2 Commercial operations 26,576
Slide 17: Total Business
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (thousands of euros) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 244,196 232,620 5.0% 258,
Slide 18: Total Business (euros per passenger)
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (euros per passenger) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 3.84 3.83 0.3% 2.99 2.88
Slide 19: MAG and Committed Fixed Rents 2025–27
MAG and Committed Fixed Rents 2025–27 MAG and Committed Fixed Rents 2025–27 (millions of euros) 1,259 1,228 1,197 115 116 38 116 24 7 38 22 7 39 4 Duty-Free Shops 119 122 20 Tenders in the first half of 2025: 50 124 Specialty shops 32 29 Food and beverage • Specialty shops: 19 tenders (23 premises)
Slide 20: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €m First Quarter Second Quarter First Half 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Passengers (m) 63.6 60.8 2.9 4.7% 87.0 83.4 3.6 4.3% 150.6 144.2 6.4 4.5% Other Operating Expenses 413.0 390.2 2
Slide 21: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €/pax First Quarter Second Quarter First Half 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Other Operating Expenses 6.49 6.42 0.07 1.1% 3.20 3.30 -0.10 -3.0% 4.59 4.62 -0.03 -0.6% Taxes 2.46 2.56 -0.0
Slide 22: Net Financial Debt (€m)
Net Financial Debt (€m) Debt breakdown by type and Aena S.M.E., S.A. average interest rate for the period €m H1 2025 2024 Fixed 2.34% Average rate 2.54% Gross financial debt 6,129 6,613 Variable 18% 23% Cash and cash equivalents (658) (1,565) Net financial debt 5,471 5,048 77% Net financial debt/EBI
Slide 23: Luton
Luton Passengers (m): +5.1% Revenue (£m): +8.3% Recovery of 98.0% of Aeronautical revenue: 179.6 2019 traffic. +11.4% (up to £84.2m). 165.9 Commercial revenue*: 7.9 8.3 +5.6% (to £95.4m). H1 2024 H1 2025 H1 2024 H1 2025 EBITDA (£m): +49.5% EBITDA margin 38.8% 53.6% Excluding the impact of the insura
Slide 24: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +5.7% Revenue (R$m): -11.9% Aeronautical: +13.0%, (R$203.9m). Recovery of 116.3% of 2019 traffic. Commercial: +23.7%, (R$108.4m). 377.4 332.4 Construction services revenue 8.1 (IFRIC 12): -82.0%, (R$19.7m). 109.0 19.7 7.6 312.7 268.4 H1 2024 H1 20
Slide 25: Bloco de Onze Aeroportos do Brasil (BOAB)
Bloco de Onze Aeroportos do Brasil (BOAB) Passengers (m): +6.7% Revenue (R$m): +97.6% Recovery of 106.5% of Aeronautical: +13.0%, (R$343.9m). Commercial: +12.0%, (R$167.4m). 988.9 2019 traffic1. 13.9 Construction services revenue 13.0 (IFRIC 12): +923.8%, (R$477.4m). 477.4 500.4 46.6 453.8 511.5 H1
Slide 26: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 27: Income statement
Income statement €m H1 2025 H1 2024 Change €m Change % Ordinary revenue 2,953.7 2,718.5 235.2 8.7% Airports: Aeronautical 1,552.7 1,462.0 90.7 6.2% Airports: Commercial 919.1 834.3 84.8 10.2% Real Estate Services 61.6 54.9 6.6 12.1% Región de Murcia International Airport 6.7 6.5 0.2 2.8% Internation
Slide 28: Cash Flow Statement
Cash Flow Statement thousand € Other cash from operating activities thousand € H1 2025 -173,623 H1 2024 -96,924 H1 2025 H1 2024 Interest paid -90,384 -118,882 Profit/(loss) before tax 1,216,339 1,075,313 Interest received 37,235 54,460 Adjustments for: 404,707 419,507 Taxes collected/(paid) -105,116
Slide 29: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 30: Appendix: Revenue from Fixed and Variable Rents invoiced
Appendix: Revenue from Fixed and Variable Rents invoiced in the period1 Revenue from Fixed and Variable Rents invoiced in the period (thousands of euros) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 150
Slide 31: Appendix: Fixed and Variable Rents per passenger
Appendix: Revenue from Fixed and Variable Rents invoiced in the period1 Revenue from Fixed and Variable Rents invoiced in the period per passenger (euros per passenger) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/
Slide 32: Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) (Thousands of euros) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 93,532 95,642 -2.2% 32,826 37,031 -11.
Slide 33: Appendix: MAG per passenger
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Revenue from Minimum Annual Guaranteed Rent (MAG) per passenger (euros per passenger) Business areas First Quarter Second Quarter First Half Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 1.47 1.58
Slide 34: Appendix. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends First Quarter Second Quarter First Half €m 2025 2024 Change. 2025 2024 Change. 2025 2024 Change. 1 Traffic (thousands of passengers) 78,312.3 74,643.2 4.9% 102,583.8 98,118.4 4.6% 180,896.1 172,761.6 4.7% Traffic in Spain (thousand
Slide 35: Appendix. Statement of financial position
Appendix. Other financial information. Statement of financial position €m H1 2025 2024* €m H1 2025 2024* Property, plant and equipment 11,956.3 11,970.9 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Intangible assets 1,583.1 1,505.9 Retained earnings/(losses) 5,622.0 6,205.8 Real estat
Slide 36: Appendix: Aena S.M.E., S.A. debt
Appendix: Aena S.M.E., S.A. debt. Maturity schedule of Aena’s long-term debt1 Total: €5,783.0m | Average life: 7.8 years 3.9% 11.8% 15.4% 6.0% 10.3% 14.0% 15.7% 5.9% 2.4% 1.9% 12.7% Annual % of total debt 892 908 807 683 737 596 1 523 401 283 2 500 346 341 737 223 3 594 507 101 83 400 369 343 306 13
Slide 37: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic H1 2024 vs H1 2025 H1 2024 H1 2025 Adolfo Suárez Barcelona-El Prat Palma Canary Islands (m Passengers) Group I Group II2 Group III Aena Madrid-Barajas Airport Josep Tarradellas Airport de Mallorca Airport Group 3.0% 4.2% 2.2% 4.8% 6.4% 4.8% -0.1% 4
Slide 38: Appendix. Traffic information: airlines
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) ( ( Passengers Passengers Carrier 1) 1) % Passengers H1 2025 H1 2024 H1 2025 H1 2024 Ryanair(2) 32,959,258 30,999,497 6.3% 1,959,761 21.9% 21.5% Vueling 23,073,943 22,646,399 1.9% 427,544 15.3% 15.7% Iberia 10,862,823 10,936,
Slide 39: Appendix. Traffic information: origin/destination
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) Passengers Passengers Country % Passengers H1 2025 H1 2024 H1 2025 H1 2024 Spain 46,982,714 46,828,623 0.3% 154,091 31.2% 32.5% United Kingdom 22,042,737 21,088,370 4.5% 954,367 14.6% 14.6% Germany 13,893,694 1
Slide 40: Appendix: Other shareholdings: passenger traffic
Appendix: Other shareholdings: Trend in passenger traffic (M) GAP(1): +5.0% Aerocali(2): -2.5% 30.6 31.9 3.3 3.2 H1 2024 H1 2025 H1 2024 H1 2025 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). 2 The concession has been extended until 31 August 2025
Slide 41: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures In addition to the financial information prepared under the International Financial • amortisation and depreciation accounting expenses that do not entail cash Reporting Standards adopted by the European Union (IFRS-EU), the reported financial outflow, it i
Slide 42: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 2. Measures of the financial position • Net Debt: The Net Debt is the main APM used by Management to measure the • Net Financial Debt/EBITDA Ratio: It is calculated as the quotient of the Net Company’s level of indebtedness. Financial Debt divided by the EB
Slide 43: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)