Slide 1: Results Presentation
Results Presentation For the three-month period ended on 31 March 2025 30 April 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 three months of 2025, including the
Slide 3: Key highlights, Business trends, Financial results, Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 4: Key highlights
Key highlights Traffic: Passenger traffic of the Aena Total revenue: €1,325.6 million (+€92.6 million, +7.5% vs. Q1 2024): Aeronautical revenue, Group1 has grown to 78.3 million (+4.9% €673.5 million (+€51.3 million, +8.2%); commercial revenue, €437.7 million (+€38.5 million, compared to the first q
Slide 5: Key highlights
Key highlights Real estate services: Total revenue grew by 9.7% driven by revenue from air cargo Commercial activity: activity, which increased by 2.5% and accounted for approximately 75% of the total • Commercial activity has improved significantly and this business line. performance can be seen in
Slide 6: Key highlights
Key highlights Passengers1 (m): +4.9% Total Revenue (€m): +7.5% Driven by greater volumes of Spanish Network 74.6 78.3 traffic, increased aeronautical 1,233.0 1,325.6 6.5 6.9 4.2 charges (until February 2025), 4.0 3.6 Luton 3.4 improved commercial activity and the extraordinary revenue from Northeas
Slide 7: Key highlights: Performance by business area
Key highlights: Performance by business area Aeronautical Commercial Real estate Q1 2025 Airports1 Airports1 services1 International 2.3% 12.8% 51.6% Total revenue: €1,325.6m (+7.5%) 33.3% €683.6m (+8.1%) €441.1m (+9.7%) €29.9m (+9.7%) €169.2m (-0.3%) 2.0% 12.4% 71.1% 13.9% Total expenses: €890.6m (
Slide 8: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 9: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change. % Spanish Network Q1 2025 Q1 2024 Q1’25/Q1’24 Passengers (m) 2024 Passengers 63,615,238 60,753,905 4.7% Monthly change (%) Operations 555,525 524,525 5.9% 2025 Cargo (Tonnes) 309,070 293,253 5.4% Change
Slide 10: Traffic data
Traffic data Passenger traffic1 by airports Breakdown of passenger traffic1 by markets and groups of airports Total Q1 2025 Europe (excl. Spain) Q1 2025 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 2.1% 1.4% 0.6% 2.2% Adolfo Suárez Madrid-
Slide 11: Revenue ratios per passenger
Revenue ratios per passenger1 Aena S.M.E., S.A. 2023 2024 2025 % Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Change Passengers (m) 53.6 75.5 86.9 66.4 282.3 60.7 83.1 93.3 71.4 308.4 63.5 4.7% Total Ordinary Revenue (Aeronautical 869.1 1,144.3 1,272.8 1,121.9 4,408.2 1,048.5 1,302.7 1,440.3 1,230.3 5,021.8
Slide 12: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of Revenue Change Q1 2025/Q1 2024 euros) Q1 2025 Q1 2024 € million % Total business activity 451.9 404.9 47.0 11.6% Fixed and Variable Rents 354.7 306.2 48.5 15.8% invoiced in the period MAG revenue to be invoiced 97.2
Slide 13: Ordinary commercial revenue
Ordinary commercial revenue1 Business area (thousands of euros) Revenue Change Q1 2025 Q1 2024 € thousand % Duty-free shops 132,539 131,660 880 0.7% Food and beverage 82,848 79,192 3,656 4.6% Specialty shops 29,345 30,084 -739 -2.5% Car parks 47,720 43,716 4,004 9.2% Car rental 55,738 42,004 13,734
Slide 14: Total Business
Total Business1 Revenue from Fixed and Variable Rents invoiced in the Revenue from Fixed and Variable Rents invoiced in the period period + Revenue from MAG to be invoiced (euros per + Revenue from MAG to be invoiced (thousands of euros) passenger) Business areas First Quarter Business areas First Q
Slide 15: OPEX
OPEX OPEX1 Aena Group (€m): +4.8% Aena (excluding Luton, ANB and 659.9 691.9 The evolution of OPEX reflects: 18.5 21.0 BOAB) 52.8 28.3 62.3 11.3 Luton • The increase in the Group’s staff costs (+10.7%) as well as the increase of items across the network in Spain such as Electric Power (+22.4%), Nort
Slide 16: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €m First Quarter €/pax First Quarter 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Passengers (m) 63.6 60.8 2.9 4.7% Other Operating Expenses 413.0 390.2 22.8 5.8% Other Operating Expenses 6.49 6.42 0.07 1.1% Taxes 156.7 155.4 1
Slide 17: Cash generated and net financial debt (Aena Group)
Cash generated and net financial debt (Aena Group) Net Cash from Operating Activities (€m): +13.4% Net Financial Debt (€m) Net Financial 1.57x 1.37x €m Q1 2025 2024 Debt/EBITDA1 2024 Q1 2025 Gross financial debt 7,126 7,319 Cash and cash equivalents (2,240) (1,821) 820.4 Strong cash 723.7 Net financ
Slide 18: Aena S.M.E., S.A. debt
Aena S.M.E., S.A. debt Maturity schedule of Aena’s Debt breakdown by type and average long-term debt1 interest rate for the period Fixed 2.29% Average rate 2.54% Total: €6,068.4m | Average life: 6.2 years Variable 16.0% 11.3% 14.7% 5.7% 9.8% 13.3% 14.5% 5.1% 1.8% 1.4% 6.6% 24% 23% Annual % of total
Slide 19: Luton
Luton Passengers (m): +7.3% Revenue (£m): +16.3% Recovery of 98.6% of Aeronautical revenue: 2019 traffic. +20.4% (£36.2m). 77.7 66.8 3.4 3.6 Commercial revenue: +13.0% (£41.5m). Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA (£m): +75.3% EBITDA margin 32.4% 48.8% Excluding the impact of the insurance compen
Slide 20: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +4.1% Revenue (R$m): -25.2% Aeronautical: +7.0%, (R$107.0m). Recovery of 110.0% of 2019 traffic. Commercial: +25.6% (R$57.0m). 235.3 Construction services revenue (IFRIC 4.0 4.2 12): -86.8%% (R$11.9m). 89.8 175.9 11.9 145.4 164.0 Q1 2024 Q1 2025 Q
Slide 21: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m): +6.1% Revenue (R$m): +21.5% Recovery of 102.6% of Aeronautical: +3.5%, (R$168.4m). 2019 traffic1. Commercial: +13.2%, (R$81.8m). 289.0 6.5 6.9 Construction services revenue (IFRIC 237.0 12): +131.6%, (R$37.9m). Q1 2024 Q1 2025 Q1 2024 Q1 2025
Slide 22: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 23: Income statement
Income statement €m Q1 2025 Q1 2024 Change €m Change % Ordinary revenue 1,307.3 1,220.3 87.0 7.1% Airports: Aeronautical 673.5 622.3 51.3 8.2% Airports: Commercial 437.7 399.2 38.5 9.6% Real Estate Services 29.7 27.0 2.7 9.9% Región de Murcia International Airport 2.5 2.3 0.2 9.5% International 163.
Slide 24: Cash Flow Statement
Cash Flow Statement Other cash from operating activities € Thousands Q1 2025 -45,683 Q1 2024 9,580 € Thousands Q1 2025 Q1 2024 Interest paid -36,012 -50,672 Profit/(loss) before tax 407,548 346,729 Interest received 19,677 26,824 Adjustments for: 202,542 197,662 Taxes collected/(paid) -14,061 33,471
Slide 25: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 26: Appendix: Revenue from Fixed and Variable Rents invoiced in the period
Appendix: Revenue from Fixed and Variable Rents invoiced in the period1 Revenue from Fixed and Variable Rents invoiced in the Revenue from Fixed and Variable Rents invoiced in the period (thousands of euros) period per passenger (euros per passenger) Business areas First Quarter Business areas First
Slide 27: Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Revenue from Minimum Annual Guaranteed Rent Revenue from Minimum Annual Guaranteed Rent (MAG) (thousands of euros) (MAG) per passenger (euros per passenger) Business areas First Quarter Business areas First Quarter Change Change 2025 2024
Slide 28: Appendix. Other financial information. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends First Quarter €m 2025 2024 Change. Traffic (thousands of passengers)1 78,312.3 74,643.2 4.9% Traffic in Spain (thousands of passengers) 63,615.2 60,753.9 4.7% Total Revenue 1,325.6 1,233.0 7.5% Aeronautical Revenue 673.5 622.3 8.2%
Slide 29: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position €m Q1 2025 2024 €m Q1 2025 2024 Property, plant and equipment 11,975.6 11,970.9 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Intangible assets 1,540.8 1,505.9 Retained earnings/(losses) 6,226.2 5,917.7 Real estate
Slide 30: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic Q1 2024 vs Q1 2025 Q1 2024 Q1 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 4.5% 3.2% 1.9% 3.6% 8.2% 1.6% 0.5% 4.
Slide 31: Appendix. Traffic information
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) (1) (1) Passengers Passengers Carrier % Passengers Q1 2025 Q1 2024 Q1 2025 Q1 2024 Ryanair(2) 13,335,420 12,373,292 7.8% 962,128 21.0% 20.4% Vueling 10,084,001 9,849,400 2.4% 234,601 15.9% 16.2% Iberia 5,336,023 5,216,571 2.3
Slide 32: Appendix. Traffic information
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) Passengers Passengers Country % Passengers Q1 2025 Q1 2024 Q1 2025 Q1 2024 Spain 21,257,651 21,057,207 1.0% 200,444 33.4% 34.7% United Kingdom 8,085,889 7,786,859 3.8% 299,030 12.7% 12.8% Germany 5,361,723 5,12
Slide 33: Appendix: Other shareholdings: Trend in passenger traffic (m)
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1): +4.2% Aerocali(2): -4.7% 1.7 1.6 15.6 16.3 Q1 2024 Q1 2025 Q1 2024 Q1 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 34: 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 35: 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 36: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)