Aena Sme Sa · BME:AENA
Aena Sme Sa — Q3 2025 Earnings Presentation
88 slides from Aena Sme Sa's earnings presentation, Oct 29, 2025
Slide 1: Results Presentation
Results Presentation For the nine-month period ended 30 September 2025 29 October 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 nine months of 2025, including the m
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: Aena Group1: 294.1 million (+4.1%). Spanish Network: 247.1 million (+3.9%). Total revenue: €4,785.2m (+€388.4m, +8.8%). EBITDA: €2,882.7m (+€219.4m, +8.2%). EBITDA margin: 60.2% (60.6% in 9M 2024). Net profit: €1,579.4m (+€129.6m, +8.9%). Commercial activity: total sales: +8.
Slide 5: Key highlights
Key highlights Real estate services: total revenue: +13.7%, mainly due to improved revenue from the cargo business line (+6.6%) and real estate operations (+33.6%). The simultaneous tender process for the first hotel developments at A.S. Madrid-Barajas and J.T. Barcelona-El Prat airports has begun.
Slide 6: Key highlights
Key highlights Passengers1 (m): +4.1% Spanish Network: Markets: Domestic: +0.0%. International: +5.7%. Spanish Network 282.5 294.1 20.1 21.2 Countries: United Kingdom: +4.1%; Germany: +2.1%: Italy: +9.3% Luton 11.7 12.4 12.8 13.4 Airports: A.S. Madrid-Barajas: +2.5%. Northeast Brazil Airport Group (
Slide 7: Key highlights
Key highlights OPEX1 Aena Group (€m): +10.3% Aena (excluding Luton, Excluding the impact of the amount for construction services in Brazil ANB and BOAB) 1,748.8 1,929.4 165.2 (IFRIC 12; +€86.3m), the increase in the Group's OPEX would be +5.5%. 60.9 31.6 Luton 53.8 184.9 187.7 Group: Group staff cos
Slide 8: Key highlights
Key highlights EBITDA1 (€m): +8.2% EBITDA margin 60.6% 60.2% Excluding insurance compensation for the reconstruction of the TCP2 car park at London Luton Airport (€42.9 million), EBITDA 2,663.3 2,882.7 would have increased by 6.6%. The EBITDA margin excluding the impact of IFRIC 12 is 61.9% (61.1% i
Slide 9: Key highlights: Performance by business lines
Key highlights Performance by business lines Airports1 Aeronautical Airports1 Commercial Real estate International2 9M 2025 services1 2.1% 13.7% 53.4% Total income: €4,785.2m (+8.8%) 30.6% €2,556.2m (+5.5%) €1,466.1m (+10.8%) €98.2m (+13.7%) €655.3m (+18.2%) 1.6% 17.3% 67.9% 12.8% Total expenses: €2
Slide 10: Key highlights: Ratios per passenger
Key highlights Ratios per passenger Aena S.M.E. S.A.1 2024 2025 % % % % % Q1 Q2 1S Q3 Q4 2024 Q1 Q2 1S Q3 9M Change Change Change Change Change 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% 96.1 3.0% 246.3 3.9% Total Ordinary Revenue 1,392. 1,048.5 1,302.7 2,351.2 1,4
Slide 11: Investment proposal for the 2027-2031 period
Key highlights Investment proposal for the 2027-2031 period Total and regulated investment Significant investments in the terminals of the main volumes envisaged for the period: airports for different reasons: capacity, quality or adaptation to safety regulations Total Regulated High investments in
Slide 12: Significant actions planned for airports
Key highlights Significant actions are planned for the following airports in the coming years In the planning stage: • Adolfo Suárez Madrid-Barajas Airport • Barcelona-El Prat Josep Tarradellas Airport (T1 and T2) • Tenerife Sur Airport • Tenerife Norte-Ciudad de La Laguna Airport • César Manrique-L
Slide 13: Regulated investments timeline
Key highlights Regulated investments is processed in accordance with the provisions of Law 18/2014 2025 2026 SEPTEMBER 15 MARZO 30 SEPTEMBER Start the formal Submission of the Approval of consultation process DORA 2027-2031 the DORA 2027- proposal approved 2031 by the by the Aena Board Council of of
Slide 14: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 15: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change % Passengers (m) 2024 Spanish Network 9M 2025 9M 2024 9M 25 /9M 24 Passengers 247,101,409 237,851,774 3.9% Monthly change (%) 2025 Operations 2,061,078 1,977,315 4.2% Cargo (Tonnes) 980,804 924,603 6.1%
Slide 16: Traffic data
Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Total 9M 2025 Europe (excl. Spain) 9M 2025 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 2.0% 1.3% 0.6% 2.6% A.S. Madrid-Barajas 5
Slide 17: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change 9M 2025/9M 2024 9M 2025 9M 2024 € million % Total Business 1,496.1 1,323.7 172.3 13.0% Fixed and Variable Rents 1,343.0 1,171.3 171.6 14.7% invoiced in the period MAG revenue to be invoiced 153
Slide 18: Commercial revenue summary
Commercial revenue summary1 Business area (thousands of euros) Revenue Change 9M 2025 9M 2024 Thousands of € % Retail 831,288 797,791 33,497 4.2% Duty-free shops 401,738 394,067 7,671 1.9% Food and beverage 279,931 262,191 17,740 6.8% Specialty shops 108,880 100,901 7,979 7.9% 2 Commercial operation
Slide 19: Total Business
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (thousands of euros) Business lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 503,165 471,870
Slide 20: Total Business per passenger
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (euros per passenger) Business lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 3.35 3.28 2.1%
Slide 21: Breakdown of Other Operating Expenses for the Spanish Network
Breakdown of Other Operating Expenses for the Spanish Network1 €m First Half Third Quarter Cumulative to September 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Passengers (m) 150.6 144.2 6.4 4.5% 96.5 93.7 2.8 3.0% 247.1 237.8 9.3 3.9% Other operating expenses 692
Slide 22: Breakdown of Other Operating Expenses per passenger
Breakdown of Other Operating Expenses for the Spanish Network1 €/pax First Half Third Quarter Cumulative to September 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Other operating expenses 4.59 4.62 -0.03 -0.6% 3.15 2.96 0.19 6.2% 4.03 3.97 0.06 1.6% Taxes 1.04 1.0
Slide 23: Net Financial Debt (covenants)
Net Financial Debt (covenants) Distribution of debt by type and Aena S.M.E., S.A. average interest rate for the period €m 9M 2025 2024 Fixed 2.34% Average rate 2.54% Gross financial debt 6,102 6,613 Variable 18% 23% Cash and cash equivalents (1,464) (1,565) Net financial debt 4,638 5,048 77% Net fin
Slide 24: Luton
Luton Passengers (m): +4.8% Revenue (£m): +5.1% Aeronautical revenue: 278.0 +11.5% (up to ₤135.1m). 264.6 12.8 13.4 Commercial revenue*: +9.0% (up to ₤144.5m). 9M 2024 9M 2025 9M 2024 9M 2025 • In 2024, insurance compensation (₤35.0 million for lost profits and incremental operating costs related to
Slide 25: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +5.3% Revenue (R$m): -9.5% Aeronautical: +11.5%, (R$316.4m). Commercial: +23.0%, (R$166.0m). 555.4 502.9 12.4 Construction services revenue (IFRIC 11.7 12): -84.9%, (R$20.6m). 136.5 20.6 482.3 418.9 9M 2024 9M 2025 9M 2024 9M 2025 IFRIC 12 Resto I
Slide 26: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m): +5.5% Revenue (R$m): +100.7% Aeronautical: +14.5%, (R$530.7m). Commercial: +12.6%, (R$259.9m). 1,556.9 21.2 Construction services revenue (IFRIC 20.1 12): +839.8%, (R$766.1m). 766.1 775.8 81.5 694.3 790.8 9M 2024 9M 2025 9M 2024 9M 2025 IFRIC
Slide 27: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 28: Income statement
Income statement €m 9M 2025 9M 2024 Change €m Change % Ordinary revenue 4,724.4 4,356.7 367.7 8.4% Airports: Aeronautical 2,514.9 2,392.6 122.3 5.1% Airports: Commercial 1,452.4 1,313.3 139.1 10.6% Real Estate Services 97.3 85.6 11.7 13.7% Región de Murcia International Airport 11.6 11.1 0.4 3.9% In
Slide 29: Cash Flow Statement
Thousands of € Cash Flow Statement 9M 2025 9M 2024 Other cash generated from operating activities -223,941 -139,919 Thousands of € 9M 2025 9M 2024 Interest paid -118,360 -158,180 Profit/(loss) before tax 2,151,443 1,939,549 Interest charged 50,302 72,327 Adjustments for: Taxes collected/(paid) -121,
Slide 30: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 31: 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 lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 R
Slide 32: 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 lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2
Slide 33: Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Revenue from Minimum Annual Guaranteed Rent (MAG) (thousands of euros) Business lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 126,358 132,673
Slide 34: Appendix: MAG revenue per passenger
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Revenue from Minimum Annual Guaranteed Rent (MAG) per passenger (euros per passenger) Business lines First Half Third Quarter Cumulative to September Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 0
Slide 35: Appendix. Key figures. Quarterly evolution
Appendix. Other financial information. Key figures. Quarterly evolution First Quarter Second Quarter Third Quarter Cumulative to September €m 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Traffic (thousands of passengers)1 78,312.3 74,643.2 4.9% 102,583.8 98,118.4 4.6% 113,230.
Slide 36: Appendix. Statement of financial position
Appendix. Other financial information. Statement of financial position Change 9M 2025 Change 9M 2025 vs 2024* vs 2024* M€ 9M 2025 2024* M€ % M€ 9M 2025 2024* M€ % Property, plant and equipment 11,939.2 11,970.9 -31.7 -0.3% Share capital 1,500.0 1,500.0 0.0 0.0% Share premium 1,100.9 1,100.9 0.0 0.0%
Slide 37: 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: €5,739.2m | Average life: 7.6 years 3.1% 11.9% 15.5% 6.0% 10.4% 14.1% 15.8% 5.9% 2.4% 2.0% 12.8% Annual % of total debt 892 908 807 683 737 596 1 523 401 283 2 500 346 341 737 179 3 594 506 101 400 369 343 306 138 11
Slide 38: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic 9M 2024 vs 9M 2025 9M 2024 9M 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 2.5% 4.1% 1.7% 4.9% 5.2% 3.7% -1.4% 3
Slide 39: Appendix. Traffic by airline (top 10)
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) Passengers( Passengers( 1) 1) Carrier % Passengers 9M 2025 9M 2024 9M 2025 9M 2024 Ryanair(2) 53,805,431 51,390,554 4.7% 2,414,877 21.8% 21.6% Vueling 37,772,489 36,991,475 2.1% 781,014 15.3% 15.6% Iberia 16,655,039 16,855,87
Slide 40: Appendix. Traffic by origin/destination (top 15)
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) Passengers Passengers Country % Passengers 9M 2025 9M 2024 9M 2025 9M 2024 Spain 74,728,810 74,780,125 -0.1% -51,315 30.2% 31.4% United Kingdom 37,803,061 36,323,142 4.1% 1,479,919 15.3% 15.3% Germany 23,108,79
Slide 41: Appendix: Other shareholdings: passenger traffic
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1): +4.0% Aerocali(2): -10.9% 5.1 40.9 42.6 4.5 9M 2024 9M 2025 9M 2024 9M 2025 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). 2 The concession ended on 31 August 2025. Comparing th
Slide 42: 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 43: 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 44: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)
Slide 45: Consolidated Interim Management Report
4 airports for you a Consolidated Interim Management Report Mi
Slide 46: 1. Executive summary
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 1. Executive summary The Aena Group recorded 294.1 million passengers in the first nine months of 2025, representing year-on-year growth of 4.1%: • The number of passengers in the Spanish airport network1 reached 247
Slide 47: Executive summary (continued)
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries The Aena Group’s available cash and credit facilities amount to €4,272.5 million (€4,629.5 million at 31 December 2024). On 30 September, Moody’s rating agency upgraded the long-term and EMTN programme rating of Aena
Slide 48: 2. Activity figures: Spanish airport network
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 2. Activity figures 2.1. Spanish airport network2 In the first nine months of 2025, airports in Spain have registered 247.1 million passengers, representing a year-on-year increase of 3.9% and reflecting a moderation
Slide 49: Passenger traffic by geographic area and country
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Data of passenger traffic by geographic area International traffic has grown by 5.7% year-on-year while domestic traffic has decreased by 0.1%. As a result of this trend, the share of international traffic has increa
Slide 50: Passenger traffic by airline
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Data on passenger traffic by airline Ryanair and IAG Group transported 121.4 million passengers (+1.8% year-on-year). They reached a combined share of 49.1% (50.1% in the nine-month period of 2024). The IAG Group’s p
Slide 51: 2.2. International shareholdings
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 2.2. International shareholdings Aena’s shareholdings outside Spain, through its subsidiary Aena Desarrollo Internacional S.M.E., S.A. (ADI) include 32 airports as of 30 September 2025: 1 in the UK, 17 in Brazil, 12
Slide 52: ANB and BOAB
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries ANB Passengers (millions) % Change1 Airport 9M 2025 9M 2024 year-on-year Recife 7.3 7.1 3.1% Maceió 2.2 1.9 12.1% João Pessoa 1.4 1.2 19.5% Aracaju 1.0 0.9 8.1% Juazeiro do Norte 0.4 0.4 -5.3% Campina Grande 0.1 0.2
Slide 53: Associates and jointly controlled entities
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 2.2.2 Associates and jointly controlled entities Grupo Aeroportuario del Pacífico (GAP) This airport recorded 47.8 million passengers, representing a year-on-year reduction of 3.6%. The passenger volume grew by 4.0%
Slide 54: 3.1 Airports Segment
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 3.1 Airports Segment 3.1.1 Aeronautical activity Airport Regulation Document 2017-2021 (DORA I) Request for the modification of DORA 2017-2021 Regarding the request for the modification of DORA I, the Directorate Gen
Slide 55: Key figures
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Key figures Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue 2,514,894 2,392,625 122,269 5.1% Airport charges: 2,440,995 2,323,380 117,615 5.1% Passengers 1,069,061 1,039,
Slide 56: 3.1.2 Commercial activity
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 3.1.2 Commercial activity Key figures Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue 1,452,421 1,313,318 139,103 10.6% Other operating revenue 13,669 10,122 3,547 35.0%
Slide 57: Breakdown of revenue by commercial activity
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Revenue from Aena’s commercial and real estate business (fixed and variable rents and MAG) has increased by 13.0% year- on-year and revenue per passenger has risen by 8.8% to €6.07 (€5.58 in the nine-month period of
Slide 58: Total business
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Total business (revenue from fixed and variable rents, and MAG) % Year-on-year % Year-on-year % Year-on-year Thousands of euros H1 2025 H1 2024 Q3 2025 Q3 2024 9M 2025 9M 2024 change change change Retail: 503,165 471
Slide 59: Revenue from fixed and variable rents invoiced
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Revenue from fixed and variable rents invoiced: % Year-on-year % Year-on-year % Year-on-year Thousands of euros H1 2025 H1 2024 Q3 2025 Q3 2024 9M 2025 9M 2024 change change change Retail: 376,807 339,197 11.1% 260,2
Slide 60: Revenue from MAG
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Revenue from MAG: % Year-on-year % Year-on-year % Year-on-year Thousands of euros H1 2025 H1 2024 Q3 2025 Q3 2024 9M 2025 9M 2024 change change change Retail: 126,358 132,673 -4.8% 20,602 14,216 44.9% 146,960 146,890
Slide 61: Commercial activities
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Commercial activities Duty-free shops Sales have increased by 16.3% year-on-year, driven by the completion of works on a vast majority of the main shops, especially at Adolfo Suárez Madrid-Barajas Airport, Barcelona-
Slide 62: Breakdown of MAG and committed fixed rents
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries VIP services Revenue from this line has increased by 31.8% year-on-year, mainly due to higher revenue from the VIP lounges. Revenue from VIP lounges, which accounts for more than 80% of this business line’s revenue,
Slide 63: 3.2 Real estate services segment
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 3.2 Real estate services segment Key figures Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue 97,297 85,601 11,696 13.7% Other operating revenue 881 768 113 14.7% Total re
Slide 64: 3.4 International segment
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Key figures Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue 11,571 11,138 433 3.9% Other operating revenue 53 64 -11 -17.2% Total revenue 11,624 11,202 422 3.8% Total exp
Slide 65: London Luton Airport
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries London Luton Airport Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue: 319,951 310,756 9,195 3.0% Aeronautical revenue 158,801 142,286 16,515 11.6% Commercial revenue 161,
Slide 66: ANB
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Excluding the impact of insurance compensation for the reconstruction of TCP2, EBITDA would be £118.1 million (+10.1% year-on-year and +£10.9 million) and EBITDA margin would be 42.5% in the nine-month period of 2025
Slide 67: BOAB
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries BOAB Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue: 246,351 136,063 110,288 81% Aeronautical revenue 83,988 81,285 2,703 3% Commercial revenue 41,128 40,482 646 2% Cons
Slide 68: Associates and jointly controlled entities
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Associates and jointly controlled entities Below is a breakdown of the contribution to the profit/loss for the period: Monetary Year-on- % Year-on- Thousands of euros 9M 2025 9M 2024 units per 9M 2025 9M 2024 year ch
Slide 69: 4. Income statement
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 4. Income statement Year-on-year % Year-on-year Thousands of euros 9M 2025 9M 2024 change change Ordinary revenue 4,724,408 4,356,712 367,696 8.4% Other operating revenue 60,744 39,991 20,753 51.9% Total revenue 4,78
Slide 70: Other operating expenses
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries • Other operating expenses (€1,300.4 million) have increased by €129.9 million (+11.1%). As indicated in section 3.4 (International segment), concessions in Brazil recognised €124.5 million in construction service ex
Slide 71: Breakdown of Aena's other operating expenses
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Breakdown of Aena’s other operating expenses 1S Year-on-year change Q3 Year-on-year change 9M Year-on-year change €m 2025 2024 € % 2025 2024 € % 2025 2024 € % Taxes 156.3 154.8 1.5 1.0% 0.9 0.8 0.1 7.1% 157.2 155.6 1
Slide 72: 5. Investments
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 5. Investments The total amount of the investment paid in the nine-month period of 2025 (property, plant and equipment, intangible assets and real estate investment) amounted to €716.6 million (€623.4 million in the
Slide 73: Investments: ANB and BOAB
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries ANB The investment paid during the nine-month period of 2025 amounted to €9.0 million. Work continues on the refurbishment of the fire-fighting facilities at several airports, new special vehicles have been acquired
Slide 74: 6.1 Main changes
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Shown below is the effect of the corrections made to the comparative figures in the interim consolidated financial statements: 31 December 2024 Thousands of euros 31 December 2024 Adjustment Restated ASSETS Non-curre
Slide 75: Main changes in the statement of financial position
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries ◦ The balance of Aena’s trade receivables increased by €76.6 million, mainly due to the revenue from MAG accrued during the first nine months of 2025, partially offset by the net decrease of €63 million in the balanc
Slide 76: 6.2 Evolution of net financial debt
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 6.2 Evolution of net financial debt The Aena Group’s consolidated net financial debt stood at €5,127.5 million at 30 September 2025. This amount includes €380.9 million from the consolidation of the net financial deb
Slide 77: 7. Cash flow
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries At 30 September 2025, the net financial debt amounted to €380.9 million (€53.1 million corresponds to shareholder loans and the rest to debt with third parties) and the cash balance to €54.8 million. The financing ag
Slide 78: 8. Main legal proceedings
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Working capital shows a negative change of €31.2 million, mainly as a result of the following: • The negative change in ‘Debtors and other receivables’ of €89.1 million is largely due to the revenue from MAG accrued
Slide 79: 9. Stock market performance
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries the number of proceedings affected by the ruling is therefore very small in comparison with the total volume of current litigation, it is not possible to assess the overall impact that the Supreme Court’s ruling may
Slide 80: 10. Subsequent events
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 10. Subsequent events From 30 September and up to the date of drawing up this management report, no significant events have occurred that might affect it other than those mentioned below: • With regard to the proceed
Slide 81: Measures of the financial position
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Measures of the financial position Net Financial Debt This the main APM used by Management to measure the Company’s level of indebtedness. It is calculated as the total ‘Financial Debt’ (Non-current Financial Debt +
Slide 82: Net financial debt calculation
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries Aena S.M.E., S.A. (Thousands of euros) 30 September 2025 2024 NET FINANCIAL DEBT 4,637,812 5,047,916 Non-current financial debt 5,284,525 5,321,656 Current financial debt 817,575 1,291,525 Cash and cash equivalents 1
Slide 83: 12. Financial statements
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries 12. Financial statements CONSOLIDATED STATEMENT OF FINANCIAL POSITION Thousands of euros 30 September 2025 31 December 2024 (*) 1 January 2024 (*) ASSETS Non-current assets Property, plant and equipment 11,939,180 11
Slide 84: Consolidated statement of financial position (continued)
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) Thousands of euros 30 September 2025 31 December 2024 (*) 1 January 2024 (*) LIABILITIES Non-current liabilities Financial debt 5,948,690 5,978,311 6,813,736 G
Slide 85: Consolidated income statement
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries CONSOLIDATED INCOME STATEMENT Thousands of euros 30 September 2025 30 September 2024 Continuing operations Ordinary revenue 4,724,408 4,356,712 Other operating revenue 19,623 9,280 Work carried out by the company for
Slide 86: Consolidated statement of cash flows
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries CONSOLIDATED STATEMENT OF CASH FLOWS Thousands of euros 30 September 2025 30 September 2024 Profit/(loss) before tax 2,151,443 1,939,549 Adjustments for: 629,266 633,339 Depreciation and amortisation 631,345 634,683
Slide 87: Consolidated statement of cash flows (continued)
Consolidated Interim Management Report 9M 2025 l Aena S.M.E., S.A. and Subsidiaries CONSOLIDATED STATEMENT OF CASH FLOWS (continued) Thousands of euros 30 September 2025 30 September 2024 Cash flows from investing activities: Acquisitions of property, plant and equipment -500,808 -562,725 Acquisitio
Slide 88: Towards Sustainable Development
Towards Sustainable Development ocial Economic Environmental Development Development Sustainability Improvi uality of life by Fostering growth and mising our environmental nromoting cohesion and nrosperity by driving footprint by us using resources inclusive development efficient management responsi