Aena Sme Sa · BME:AENA
Aena Sme Sa — Q1 2026 Earnings Presentation
39 slides from Aena Sme Sa's earnings presentation, Apr 29, 2026
Slide 1: Results Presentation
Results Presentation For the three-month period ended 31 March 2026 29 April 2026
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 2026, including the
Slide 3: Key highlights
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 4: Key highlights
Key highlights Traffic: Passenger traffic of the Aena Group1 has grown to 81.3 million (+3.8% compared to Q1 2025). At network airports in Spain, traffic increased by +3.2% (to 65.6 million passengers). Traffic in the first quarter benefited both from the shift of passengers from rail travel (follow
Slide 5: Key highlights
Key highlights Real estate services: Total revenue: +16.7%, mainly due to improved revenue from the cargo business line (+16.4%) and real estate operations (+32.1%). International activity: Total revenue: €258.5m (+52.8%) (excluding IFRIC impact: €174.3m). EBITDA €85.5 million (-3.5%). Excluding ins
Slide 6: Key highlights
Key highlights Passengers1 (m): +3.8% Spanish Network: Markets: Domestic: -1.4% International: +5.5%. Spanish Network 81.3 78.3 6.9 7.2 Countries: United Kingdom: +4.9%; Germany: -1.2%; Italy: +5.3. Luton 4.2 4.7 3.6 3.7 Airports: Alicante-Elche Airport: +6.6%. Northeast Brazil Airport Group (ANB) M
Slide 7: Key highlights
Key highlights OPEX1 Aena Group (€m): +17.8% (excluding IFRIC 12: +6.9%) Aena (excluding Luton, Group: Staff costs: +11.8% ANB and BOAB) 814.8 99.1 21.0 691.9 11.5 Other operating expenses: +21.4% (excluding IFRIC 12, Luton 11.3 62.3 59.8 +5.9%). Northeast Brazil Airport Group (ANB) 597.3 644.3 Luto
Slide 8: Key highlights
Key highlights EBITDA1 (€m): +2.7% EBITDA margin 48.6% 44.7% Excluding insurance compensation for the reconstruction of the car park at Luton Airport recognised in Q1 2025, EBITDA would have risen by 5.1% (+€32.1 million). 643.6 661.1 The EBITDA margin, excluding both construction services (IFRIC 12
Slide 9: Key highlights: Performance by business lines
Key highlights Performance by business lines Q1 2026 2025 Airports1 Aeronautical Airports1 Commercial Real estate services1 International 2.4% 17.5% 48.6% Total revenue: €1,479.9m (+11.6%) 31.4% €719.4m (+5.2%) €465.4m (+5.5%) €34.9m (+16.7%) €258.5m (+52.8%) 1.7% 20.3% 64.6% 13.1% Total expenses: €
Slide 10: Key highlights: Ratios per passenger
Key highlights Ratios per passenger Aena S.M.E. S.A.1 2025 2026 % % Q1 Q2 1S Q3 Q4 2025 Q1 change change Passengers (m) 63.5 86.7 150.2 96.1 74.3 320.6 4.0% 65.5 3.1% Total Ordinary Revenue (Aeronautical + 1,141.0 1,392.4 2,533.4 1,531.2 1,292.7 5,357.3 6.7% 1,205.5 5.7% Commercial + Real Estate) Or
Slide 11: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 12: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change % Spanish Network Q1 2026 Q1 2025 Q1 2026/Q1 Passengers (m) Q1 2025 2025 Passengers 65,631,150 63,615,238 +3.2% Monthly change (%) Q1 2026 Operations 564,787 555,525 +1.7% Cargo (Tonnes) 325,926 309,070
Slide 13: Traffic data
Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Passengers( Change Share % change % change Total Q1 2026 Europe (excl. Spain) Q1 2026 Airports/Groups (2) 1) (m) (%) (%) Domestic(3) International(3) 2.4% 1.2% 0.8% 2.3% Adolfo Suárez Madrid
Slide 14: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Q1 2026/Q1 2025 Change Q1 2026 Q1 2025 € million % Total Business 487.6 451.9 35.7 7.9% Fixed and Variable Rents invoiced in the period 384.3 354.7 29.6 8.3% MAG revenue to be invoiced 103.3 97.2 6.1
Slide 15: Commercial revenue summary
Commercial revenue summary1 Business area (thousands of euros) Revenue Change Q1 2026 Q1 2025 Thousands of € % Retail 263,068 257,735 5,332 2.1% Duty-free shops 131,650 132,539 -889 -0.7% Food and beverage 85,714 82,848 2,866 3.5% Specialty shops 32,072 29,345 2,727 9.3% 2 Commercial operations 13,6
Slide 16: Breakdown of Other operating expenses for the Spanish Network
Breakdown of Other operating expenses for the Spanish Network1 €m First Quarter €/pax First Quarter 2026 2025 Change 2026/2025 2026 2025 Change 2026/2025 Passengers (m) 65.6 63.6 2.0 3.2% Other operating expenses 442.4 413.0 29.4 7.1% Other operating expenses 6.74 6.49 0.25 3.8% Taxes 153.2 156.7 -3
Slide 17: Net Financial Debt (covenants)
Net Financial Debt (covenants) Debt breakdown by type and Aena S.M.E., S.A. average interest rate for the period €m Q1 2026 2025 Fixe 2.51% Average rate 2.34% d Gross financial debt 6,367 6,073 Variable 17% 18% Cash and cash equivalents (2,746) (1,605) Net financial debt 3,621 4,468 Net financial de
Slide 18: Luton
Luton Passengers (m): +2.9% Revenue (£m): +8.3% Aeronautical revenue: +8.8% (up to ₤39.4m). Commercial revenue*: 84.2 77.7 3.6 3.7 +20.7% (up to ₤44.8m). Q1 2025 Q1 2026 Q1 2025 Q1 2026 * In 2025, ₤4.4 million was recognised under ‘Other income’, comprising EBITDA (£m): -15.4% both lost profits and
Slide 19: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +11.5% Revenue (R$m): +9.9% Aeronautical: +11.4%, (R$119.2m). 193.4 Recife Airport reached 2.7 Commercial: +17.5% (R$67.0 million), 175.9 7.2 4.2 4.7 11.8 million passengers driven mainly by increased revenue from (+11.5%). car rentals, food and b
Slide 20: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m): +5.0% Revenue (R$m): +176.0% Aeronautical: +5.9%, (R$178.3m). Commercial: +29.6% (R$106.0 million), 795.1 Congonhas Airport reached 7.2 37.8 6.2 million passengers 6.9 driven mainly by increased revenue from advertising, food and beverage, VI
Slide 21: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 22: Income statement
Income statement €m Q1 2026 Q1 2025 Change €m Change % Ordinary revenue 1,466.2 1,307.3 158.9 12.2% Airports: Aeronautical 708.8 673.5 35.2 5.2% Airports: Commercial 462.0 437.7 24.3 5.5% Real Estate Services 34.7 29.7 5.0 16.8% Región de Murcia International Airport 2.4 2.5 -0.1 -5.9% International
Slide 23: Cash flow statement (1/3)
Cash flow statement (1/3) Q1 2026 Q1 2025 Thousands of € % change Profit/(loss) before tax (thousands of euros) 446,848 407,548 39,300 9.6% Adjustments for: 207,871 202,542 Depreciation and amortisation 202,302 208,655 -6,353 -3.0% Valuation adjustments for impairment of trade receivables 3,446 1,97
Slide 24: Cash flow statement (2/3)
Cash flow statement (2/3) Q1 2026 Q1 2025 Thousands of € % change Other cash generated from operating activities -5,235 -45,683 40,448 -88.5% Interest paid -37,194 -36,012 -1,182 3.3% Interest charged 29,776 19,677 10,099 51.3% Taxes collected/(paid) 2,183 -14,061 16,244 -115.5% Other amounts receiv
Slide 25: Cash flow statement (3/3)
Cash flow statement (3/3) Q1 2026 Q1 2025 Thousands of € % change Grants, donations and legacies received 561 6,017 -5,456 -90.7% Issuance of bonds and similar securities 500,000 0 500,000 N/A Issuance of financial debt 6,911 0 6,911 N/A Other income 16,332 11,715 4,617 39.4% Repayment of similar ob
Slide 26: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 27: Appendix: Total Business
Appendix: Total Business1 Revenue from Fixed and Variable Rents invoiced in the period Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (thousands of euros) + Revenue from MAG to be invoiced (euros per passenger) Business lines First Quarter Business lin
Slide 28: 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 lines First Quarter Business lines First
Slide 29: 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 lines First Quarter Business lines First Quarter Change Change 2026 2025
Slide 30: Appendix. Other financial information. Key figures. Quarterly evolution
Appendix. Other financial information. Key figures. Quarterly evolution First Quarter €m 2026 2025 Change Traffic (thousands of passengers)1 81,263.9 78,312.3 3.8% Traffic in Spain (thousands of passengers) 65,631.2 63,615.2 3.2% Total Revenue 1,479.9 1,325.6 11.6% Aeronautical Revenue 708.8 673.5 5
Slide 31: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position Change Q1 2026 vs 2025 Change €m Q1 2026 2025 €m % Q1 2026 vs 2025 Property, plant and equipment 12,063.3 12,094.8 -31.5 -0.3% €m 2026 2025 €m % Share capital 1,500.0 1,500.0 0.0 0% Intangible assets 1,891.0 1,700.3 190.7 11.2% S
Slide 32: 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: €6,032.9m | Average life: 7.9 years 7.6% 14.8% 5.7% 9.9% 13.5% 15.3% 5.9% 2.5% 2.1% 2.0% 20.9% Annual % of total debt 1,259 921 500 892 812 1 401 523 596 401 456 2 500 346 354 759 283 3 594 101 101 520 152 369 343 31
Slide 33: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic Q1 2025 vs Q1 2026 Q1 2025 Q1 2026 Adolfo Suárez Josep Tarradellas Palma Canary Islands Group (m Passengers) Group I Group II2 Group III Aena Madrid-Barajas Barcelona El Prat de Mallorca 4.3% 4.1% -0.5% 0.1% 4.8% 2.9% 6.7% 3.2% Passengers 64 66 Tot
Slide 34: Appendix. Traffic information: by airline
Appendix. Traffic information Traffic(1) by airline (top 10) Change Share (%) Passengers Passengers Carrier % Passengers Q1 2026 Q1 2025 Q1 2026 Q1 2025 Ryanair(2) 12,881,560 13,335,420 -3.4% -453,860 19.6% 21.0% Vueling 10,517,010 10,084,001 4.3% 433,009 16.0% 15.9% Iberia 5,382,062 5,336,023 0.9%
Slide 35: Appendix. Traffic information: by origin/destination
Appendix. Traffic information Traffic(1) by origin/destination (top 15) Change Share (%) Passengers Passengers Country % Passengers Q1 2026 Q1 2025 Q1 2026 Q1 2025 Spain 20,953,008 21,257,651 -1.4% -304,643 31.9% 33.4% United Kingdom 8,486,096 8,085,889 4.9% 400,207 12.9% 12.7% Germany 5,294,789 5,3
Slide 36: Appendix: Other shareholdings: Trend in passenger traffic (m)
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1): -5.5% 16.3 15.4 2024 2025 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). Results Presentation Q1 2026 36
Slide 37: 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 38: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 2. Measures of the financial position • Net Debt: Net Debt is the main APM used by Management to measure the • Net Financial Debt Ratio/EBITDA It is calculated as the quotient of the Net Company’s level of indebtedness. Financial Debt divided by the EBITDA
Slide 39: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)