Aena Sme Sa · BME:AENA
Aena Sme Sa — FY2024 Earnings Presentation
43 slides from Aena Sme Sa's earnings presentation, Feb 26, 2025
Slide 1: Results Presentation 2024 full year report
Results Presentation 2024 full year report 26 February 2025
Slide 2: Disclaimer
Disclaimer This report presents the most significant data of Aena S.M.E., S.A. and its dependent companies Factors of macroeconomic order, market conditions, regulatory changes, movements in national and ("Aena" or "the Company") and its management throughout the year 2024, including the most releva
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 passenger traffic Total revenue: €5,827.8m (+€686.0m, +13.3% versus 2023): Aeronautical revenue, €3,147.5m increased to 369.5 million (+8.5% (+€379.3m, +13.7%); commercial revenue, €1,760.0m (+€225.5m, +14.7%); real estate service compared to 20232). At network ai
Slide 5: Key highlights
Key highlights Commercial activity: • Total sales (passenger expenditure) from commercial activities have grown by 11.4% compared to 2023. • Awards in 2024: • Specialty shops: The MAG rents awarded represent an overall recovery of 122% of those from 2023 in 2024 and 145% in 2025 (including the rents
Slide 6: Key highlights
Key highlights Credit rating agencies have supported the financial soundness of Aena, confirming its solvency and creditworthiness. Thus, in March 2024, Moody’s confirmed the long-term rating of ‘A3’, improving the outlook from stable to positive. In May 2024, Fitch Ratings upgraded the long-term ra
Slide 7: Key highlights: Stock split
Key highlights Stock split Aena has the highest share price of the companies listed on the IBEX 35. 63% of IBEX 35 companies (22 companies) are listed at a price below €20/share.3 Objective: To improve accessibility for retail shareholders and improve liquidity in the market, among other potential a
Slide 8: Key highlights
Key highlights Passengers1 (m): +8.5% Total Revenue (€m): +13.3% Spanish Network 369.5 Driven by aeronautical 5,827.8 340.5 27.4 revenue (+13.7%), Luton 26.4 14.7 16.7 15.9 5,141.8 16.2 commercial revenue Northeast Brazil (+14.3%) and international Airport Group (ANB) segment revenue 283.2 309.3 (+1
Slide 9: Key highlights: Performance by business area
Key highlights: Performance by business area Aeronautical Commercial Real estate 2024 Airports1 Airports1 services1 International 2.0% 12.5% 54.7% Total revenue: €5,827.8m (+13.3%) 30.5% €3,190.0m (+11.6%) €1,780.0m (+14.7%) €119.4m (+11.8%) €727.5m (+18.0%) 1.4% 16.3% 69.3% 12.7% Total expenses: €3
Slide 10: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 11: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change % Spanish Network 2024 2023 2024/2023 Passengers (m) 2023 Passengers 309,344,423 283,201,865 +9.2% Monthly change (%) Operations 2,590,861 2,404,054 +7.8% 2024 Cargo (Tonnes) 1,280,167 1,079,830 +18.6% C
Slide 12: Traffic data
Traffic data Passenger traffic1 by airports Breakdown of passenger traffic1 by markets and groups of airports Total 2024 Europe (excl. Spain) 2024 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 1.7% 1.2% 0.4% 2.6% Adolfo Suárez Madrid- 66.2
Slide 13: Revenue ratios per passenger
Revenue ratios per passenger1 2023 2024 Aena S.M.E., S.A. % % % % % Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Change Change Change Change Change Passengers (m) 53.6 75.5 86.9 66.4 282.3 60.7 13.2% 83.1 10.1% 93.3 7.4% 71.4 7.5% 308.4 9.2% Total Ordinary Revenue (Aeronautical 869.1 1,144.3 1,272.8 1,121.9 4,
Slide 14: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change 2024/2023 2023 2024 € million % Total business activity 1,580.9 1,765.3 184.5 11.7% Fixed and Variable Rents Image of the new ‘Armani – Max Mara’ specialty shop 1,426.0 1,557.2 131.2 9.2% invoi
Slide 15: Ordinary commercial revenue
Ordinary commercial revenue1 Business area (thousands of euros) Revenue Change 2023 2024 € thousand % Duty-free shops 411,138 527,027 115,889 28.2% Food and beverage 325,007 347,876 22,869 7.0% Specialty shops 133,834 136,008 2,174 1.6% Car parks 180,192 204,085 23,893 13.3% Car rental 184,669 207,6
Slide 16: Total Business
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + MAG to be invoiced (thousands of euros) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free shops 285,749 335,477 1
Slide 17: Total Business (per passenger)
Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + MAG to be invoiced (euros per passenger) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free shops 1.32 1.42 6.9% 1
Slide 18: MAG and Fixed Rents Committed 2025 - 2027
MAG and Fixed Rents Committed 2025 - 2027 MAG and Fixed Rents Committed 2025–27 (millions of euros) 1,217 1,180 1,148 107 • Tenders in 2024: 108 33 8 109 • Specialty shops: 71 tenders (85 premises) were published, of 24 34 8 118 22 34 20 4 Duty-free shops which 53 tenders (67 premises) have been awa
Slide 19: OPEX
OPEX OPEX1 Aena Group (€m): +6.1% Aena (excluding Luton, ANB and BOAB) 2,218.3 2,353.0 The evolution of OPEX reflects: 27.0 92.8 176.7 249.1 74.9 Luton 204.7 • The consolidation of the Block of Eleven Airports in Brazil (+€84.9m), the increase in the Group’s staff costs (+12.1%) as well as the incre
Slide 20: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €m Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Passengers (m) 216.7 237.8 21.2 9.8% 66.5 71.5 5.0 7.5% 283.2 309.3 26.1 9.2% Other Operating 943.7
Slide 21: Breakdown of Other Operating Expenses for the Network in Spain (€/pax)
Breakdown of Other Operating Expenses for the Network in Spain1 €/pax Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Other Operating Expenses 4.03 3.97 -0.06 -1.5% 4.35 4.14 -0.21 -4.8% 4.10 4.01 -0.10 -2.3% Taxes
Slide 22: Cash generated and net financial debt (Aena Group)
Cash generated and net financial debt (Aena Group) Net Cash from Operating Activities (€m): +23.7% Net Financial Debt (€m) Net Financial 2.06x 1.57x €m 2024 2023 Debt/EBITDA1 2023 2024 Gross financial debt 7,319 8,586 Cash and cash equivalents (1,821) (2,363) 2,746.9 Net financial debt 5,498 6,222 S
Slide 23: 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 2.54% Average rate 2.20% Total: €6,276.9m | Average life: 6.4 years Variable 18.7% 10.9% 14.2% 5.5% 9.5% 12.9% 14.0% 4.9% 1.7% 1.3% 6.4% 23% 25% Annual % of total
Slide 24: Luton
Luton Passengers (m): +3.3% Revenue (£m): +16.5% Recovery of 93.0% of Aeronautical revenue 2019 traffic. increased by 16.1% to 345.5 16.7 296.6 16.2 £161.5 million. Commercial revenue grew by 16.8% to £184.0 million. 2023 2024 2023 2024 EBITDA (£m): +43.9% EBITDA margin 36.4% 44.9% Excluding the con
Slide 25: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +8.3% Revenue (R$m): -34.9% Aeronautical revenue increased by Recovery of 115.1% of 18.9% to R$384.1m. Commercial 1,179.2 2019 traffic. revenue increased by 33.1% to 14.7 15.9 R$190.4m. Revenue from 713.1 768.0 construction services (IFRIC 12) is
Slide 26: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers1 (m): +4.0% Revenue (R$m): +436.5% Recovery of 102.4% of Aeronautical revenue was 2019 traffic. R$641.3m, commercial revenue 1,145.1 27.4 was R$316.6m and revenue from 26.4 construction services (IFRIC 12) reached R$187.2m as a result of the airpo
Slide 27: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 28: Income statement
Income statement €m 2024 2023 Change €m Change % Ordinary revenue 5,763.5 5,039.8 723.7 14.4% Airports: Aeronautical 3,147.5 2,768.3 379.3 13.7% Airports: Commercial 1,760.0 1,534.5 225.5 14.7% Real Estate Services 114.3 105.5 8.8 8.4% Región de Murcia International Airport 14.8 15.0 -0.2 -1.0% Inte
Slide 29: Cash Flow Statement
Cash Flow Statement €m 2024 2023 Change €m Change % Profit/(loss) before tax 2,555.7 2,165.9 389.8 18.0% Depreciation and amortisation 847.8 821.2 Write-off of financial assets 0.3 15.7 Changes in working capital -52.0 -31.4 Financial results 155.1 73.9 Impairment of fixed assets 0.1 -155.0 Sharehol
Slide 30: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 31: Appendix: Fixed and Variable Rents invoiced in the period
Appendix: Fixed and Variable Rents invoiced in the period1 Fixed and Variable Rents invoiced in the period (thousands of euros) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free shops 265,966
Slide 32: Appendix: Fixed and Variable Rents invoiced in the period (per passenger)
Appendix: Fixed and Variable Rents invoiced in the period1 Fixed and Variable Rents invoiced in the period per passenger (euros per passenger) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free
Slide 33: Appendix: Minimum Annual Guaranteed Rent (MAG)
Appendix: Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) (thousands of euros) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free shops 19,782 69,677 252.2% 32,508 26
Slide 34: Appendix: Minimum Annual Guaranteed Rent (MAG) per passenger
Appendix: Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) per passenger (euros per passenger) Business areas Cumulative to September Fourth Quarter Annual Total Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-free shops 0.23 0.75 227.8
Slide 35: Appendix. Other financial information. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends First Quarter Second Quarter Third Quarter Fourth Quarter Total €m 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change Traffic (thousands of passengers)1 74,640.3 66,700.1 11.9% 98,098.4 89,685.3 9.
Slide 36: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position €m 2024 2023 €m 2024 2023 Property, plant and equipment 11,970.9 11,984.3 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Intangible assets 1,505.9 1,723.1 Retained earnings/(losses) 5,917.7 5,104.3 Real estate invest
Slide 37: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic 2024 vs 2023 2023 2024 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 9.9% 10.3% 7.0% 9.0% 10.1% 4.2% -1.7% 9.2% Passen
Slide 38: Appendix. Traffic information: Traffic by airline
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) (1) (1) Passengers Passengers Carrier % Passengers 2024 2023 2024 2023 Ryanair(2) 66,139,980 60,870,996 8.7% 5,268,984 21.4% 21.5% Vueling 48,329,612 46,365,179 4.2% 1,964,433 15.6% 16.4% Iberia 22,375,657 21,424,028 4.4% 951
Slide 39: Appendix. Traffic information: Traffic by origin/destination
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) (1) Passengers Passengers Country % Passengers 2024 2023 2024 2023 Spain 98,013,685 93,020,915 5.4% 4,992,770 31.7% 32.8% United Kingdom 46,124,118 42,855,043 7.6% 3,269,075 14.9% 15.1% Germany 29,277,366 26,63
Slide 40: Appendix: Other shareholdings: Trend in passenger traffic
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1) (-2.1%) 63.5 62.2 2023 2024 Aerocali(2) (+1.3%) SACSA(3) 6.8 6.9 1.2 1.2 2023 2024 Jan–Feb Jan–Feb 2023 2024 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). 2 The concession has b
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)