Aena Sme Sa · BME:AENA
Aena Sme Sa — H1 2026 Earnings Presentation
45 slides from Aena Sme Sa's earnings presentation, Jul 29, 2026
Slide 1: Results Presentation
Results Presentation For the six-month period ended 30 June 2026 29 July 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 six months of 2026, including the mo
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 Group1 has grown to 190.0 million (+3.9% compared to H1 20252). At network airports in Spain, traffic increased by +3.7% (to 156.2 million passengers). Traffic expectations for 2026 take into account the following factors: • Prior to the Strait o
Slide 5: Key highlights: Commercial activity
Key highlights Commercial activity: Total sales: +5.9% Total sales per passenger: +2.1%. Revenue from fixed and variable rents invoiced: +9.6%. Food and beverage: The MAG from the contracts awarded in the first half of 2026 represents an overall increase compared to the 2025 MAG of 11% in 2027 and 3
Slide 6: Key highlights: Passengers and total revenue
Key highlights Passengers1 (m): +3.9% Spanish network: 2.1 Markets: Domestic: +0.9%. International: +5.1%. Spanish network (+3.7%) 14.3 2.0 8.6 13.9 8.1 Countries: United Kingdom: +5.2%; Germany: -0.8%; Italy: +6.1%. 8.8 8.3 Luton (+5.1%) Airports: Alicante-Elche Airport: +9.3%. Málaga-Costa del Sol
Slide 7: Key highlights: OPEX
Key highlights OPEX1 Aena Group (€m): +13.5% (excluding IFRIC 12: +9.4%) Aena S.M.E., S.A.2 (+9.4%) 7.6 11.9 170.6 N/A 10.6 24.7 105.3 Luton (+1.7%) 132.6 22.1 130.4 Group: Staff costs: +11.8%. ANB (+11.8%) Other operating expenses: +15.3% (excluding IFRIC 12, BOAB +(61.9%) 1,151.6 +9.3%). 1,052.5 L
Slide 8: Key highlights: EBITDA
Key highlights EBITDA1 (€m): +6.3% EBITDA margin 54.5% 56.5% Excluding insurance compensation for the reconstruction of the car park at London Luton Airport recognised in H1 2025, EBITDA would have risen by EBITDA increased by +8.3% (+€138.2 million). €106.6 million, of which €8.0 million The EBITDA
Slide 9: Key highlights: Performance by business lines
Key highlights Performance by business lines H1 2026 2025 Aeronautical Airports1 Commercial Airports1 Real estate services1 International 2.2% 16.0% 51.6% 30.0% Total revenue: 3,299.6 €m (+10.1%) 1,702.1 €m (+8.1%) 991.0 €m (+6.7%) 71.7 €m (+15.3%) 529.1 €m (+24.5%) 12.3% 1.3% 21.6% 64.4% Total expe
Slide 10: Key highlights: Ratios per passenger
Key highlights Ratios per passenger Aena S.M.E. S.A.1 2025 2026 % % % % Q1 Q2 1H Q3 Q4 2025 Q1 Q2 1H change change change change Passengers (m) 63.5 86.7 150.2 96.1 74.3 320.6 4.0% 65.5 3.1% 90.3 4.2% 155.8 3.7% Total Ordinary Revenue (Aeronautical 6.7% 10.0% 8.0% 1,141.0 1,392.4 2,533.4 1,531.2 1,2
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 traffic2 Change % Spanish Network H1 2026 H1 2025 H1 2026 / H1 2026 H1 2025 Passengers (m) H1 2025 Passengers 156,246,234 150,602,278 +3.7% Monthly change (%) Operations 1,332,699 1,281,139 +4.0% Cargo (Tonnes) 664,355
Slide 13: Traffic data
Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Total H1 2026 Europe (excl. Spain) H1 2026 Airports/ Passengers Change Share % change % change (1) Groups(2) (m) (%) (%) Domestic(3) International(3) Rest of Adolfo Suárez Madrid- 34.1 4.2%
Slide 14: Summary of commercial revenue of Aena S.M.E., S.A.
Summary of commercial revenue of Aena S.M.E., S.A. Commercial and Real Estate Services Revenue (millions of euros) Revenue Change H1 2026/H1 2025 H1 2026 H1 2025 € million % Total Business 1,032.2 947.3 84.9 9.0% Revenue from Fixed and Variable Rents invoiced in the period 895.6 816.9 78.6 9.6% MAG
Slide 15: Summary of ordinary commercial revenue of Aena S.M.E., S.A.
Summary of ordinary commercial revenue of Aena S.M.E., S.A. Business area (thousands of euros) Revenue Change H1 2026 H1 2025 Thousands of € % Retail 549,568 532,568 17,000 3.2% Duty-free shops 262,100 262,800 -700 -0.3% Food and beverage 189,004 177,097 11,907 6.7% Specialty shops 72,668 66,095 6,5
Slide 16: MAG and Committed Fixed Rents 2026-2028
MAG and Committed Fixed Rents 2026-2028 MAG and Committed Fixed Rents 2026-2028 (millions of euros) • Specialty shops: in the first half of 2026, 31 tenders (63 premises) were published, of which 22 tenders (44 premises) have been awarded. The Tenders in 2025: MAG from the awarding of these tenders
Slide 17: Breakdown of Other operating expenses for Aena S.M.E., S.A.
Breakdown of Other operating expenses for Aena S.M.E., S.A. €m First Quarter Second Quarter First Half 2026 2025 Change 2026/2025 2026 2025 Change 2026/2025 2026 2025 Change 2026/2025 Passengers (m) 65.5 63.5 2.0 3.1% 90.3 86.7 3.6 4.2% 155.8 150.2 5.6 3.7% Other operating expenses 440.1 410.4 29.6
Slide 18: Breakdown of Other operating expenses for Aena S.M.E., S.A.
Breakdown of Other operating expenses for Aena S.M.E., S.A. €/pax First Quarter Second Quarter First Half 2026 2025 Change 2026/2025 2026 2025 Change 2026/2025 2026 2025 Change 2026/2025 Other operating expenses 6.72 6.46 0.26 4.0% 3.48 3.20 0.28 8.8% 4.84 4.58 0.26 5.8% Taxes 2.32 2.45 -0.13 -5.2%
Slide 19: 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 2025 Fixed Average rate €m H1 2026 2.54% 2.34% Gross financial debt 6,307 6,073 Variable Cash and cash equivalents (1,194) (1,605) Net financial debt 5,113 4,468 Net financial debt/
Slide 20: Luton
Luton Passengers (m): + 5.1% Revenue (£m): +4.4% Aeronautical revenue: 8.9% In the first half of 2026, (up to ₤91.7 m). passenger numbers Commercial revenue*: exceeded those for the 11.3% (up to ₤95.8 m). same period in 2019 (+3.0%). EBITDA (£m): -25.3% H1 2026 H1 2025 H1 2026 H1 2025 * In H1 2025,
Slide 21: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): + 6.4% Revenue (R$m): +11.7% Aeronautical: +8.6%, (R$221.4 m). Recife Airport reached 5.0 Commercial: +19.5% (R$129.6 million passengers (+4.5%). million), driven mainly by increased revenue from car rentals, food and beverage, and cargo activitie
Slide 22: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m): + 2.8% Revenue (R$m): +42.1% Aeronautical: +5.1%, (R$361.5 m). Commercial: +31.8% (R$220.7 Congonhas Airport million), driven mainly by increased reached 12.2 million revenue from advertising, food and passengers (+4.1%). beverage, VIP lounge
Slide 23: Augusta (Leeds Bradford & Newcastle)
Augusta (Leeds Bradford & Newcastle) Leeds Bradford Passengers (m): +3.3% H1 2026 H1 2025 • The contribution of Augusta in the first half of 2026 relates to the operations carried out since 7 May 2026. • Revenue totalled ₤13.5 million. 75.7% corresponds to commercial revenue (₤10.3 million) and the
Slide 24: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 25: Income statement
Income statement €m H1 2026 H1 2025 Change €m % Change Ordinary revenue 3,272.7 2,953.7 319.0 10.8% Airports: Aeronautical 1,682.0 1,552.7 129.3 8.3% Airports: Commercial 983.9 919.1 64.8 7.1% Real Estate Services 70.8 61.6 9.2 15.0% Región de Murcia International Airport 6.9 6.7 0.2 2.8% Internatio
Slide 26: Cash flow statement (1/3)
Cash flow statement (1/3) H1 2026 H1 2025 Thousands of € % change Profit/(loss) before tax 1,351.1 1,216.3 134.8 11.1% Adjustments for: 450.5 404.7 45.8 11.3% Depreciation and amortisation 412.2 417.2 -5.0 -1.2% Valuation adjustments for impairment of trade receivables 22.0 8.6 13.5 157.6% Value adj
Slide 27: Cash flow statement (2/3)
Cash flow statement (2/3) H1 2026 H1 2025 Thousands of € % change Changes in working capital: 28.1 32.1 -4.0 -12.4% Inventories 0.1 0.3 -0.2 -78.6% Trade and other receivables -107.3 -35.2 -72.2 205.3% 1H 2025 Thousands of € Other current assets -15.9 -6.2 -9.6 154.1% Trade and other payables 163.4
Slide 28: Cash flow statement (3/3)
Cash flow statement (3/3) H1 2026 H1 2025 Thousands of € % change Issue of equity instruments 3.3 0.0 3.3 n.a. Income from grants 0.9 6.0 -5.2 -85.7% Debentures and similar securities 500.0 90.2 409.8 454.3% Issuance of debt 28.8 572.8 -544.0 -95.0% Other income 39.0 37.2 1.7 4.7% Repayment of finan
Slide 29: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 30: Appendix: Total Business
Appendix: Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (thousands of euros) Business lines First Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/2025 Retail 255,979 244,196
Slide 31: Appendix: Total Business per passenger
Appendix: Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (euros per passenger) Business lines First Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/2025 Retail 3.91 3.84 1.7%
Slide 32: 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 period (thousands of euros) Business lines First Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/2025 Retail 156
Slide 33: 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 Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/
Slide 34: 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 Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/2025 Retail 99,002 93,532 5.8% 32,640
Slide 35: 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 lines First Quarter Second Quarter First Half Change Change Change 2026 2025 2026 2025 2026 2025 2026/2025 2026/2025 2026/2025 Retail 1.51 1.47
Slide 36: Appendix. Other financial information. Key figures. Quarterly evolution
Appendix. Other financial information. Key figures. Quarterly evolution First Quarter Second Quarter First Half €m 2026 2025 Change 2026 2025 Change 2026 2025 Change Traffic (thousands of passengers)1 81,263.9 78,312.3 3.8% 108,700.9 104,608.8 3.9% 189,964.8 182,921.1 3.9% Traffic in Spain (thousand
Slide 37: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position Change Change H1 2026 vs 2025 H1 2026 vs 2025 €m H1 2026 2025 €m % €m H1 2026 2025 €m % Share capital 1,500.0 1,500.0 0.0 0.0% Property, plant and equipment 12,386.4 12,094.8 291.6 2.4% Share premium 1,100.9 1,100.9 0.0 0.0% Inta
Slide 38: 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: €5,989.0 million | Average life: 7.6 years 6.9% 14.9% 5.8% 9.9% 13.6% 15.4% 5.9% 2.5% 2.1% 2.0% 21.0% Annual % of total debt 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036-2045 (Millions of euros) EIB + ICO (
Slide 39: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic H1 2026 vs H1 2025 H1 2026 H1 2025 (m Adolfo Suárez Josep Tarradellas Palma Canary Islands Group I Group II2 Group III Aena Passengers) Madrid-Barajas Barcelona El Prat de Mallorca Group 4.2% 4.4% 2.2% -0.7% 5.8% 6.7% 10.0% 3.7% passengers Total 5.
Slide 40: Appendix. Traffic information
Appendix. Traffic information Traffic(1) by airline (top 10) Change Share (%) Passengers Passengers Carrier % Passengers H1 2026 H1 2025 H1 2026 H1 2025 Ryanair 2 32,604,953 32,959,258 -1.1% -354,305 20.9% 21.9% Vueling Airlines, S.A. 24,296,114 23,073,943 5.3% 1,222,171 15.5% 15.3% Iberia 10,784,71
Slide 41: Appendix. Traffic information
Appendix. Traffic information Traffic(1) by origin/destination (top 15) Change Share (%) Passengers Passengers Country % Passengers H1 2026 H1 2025 H1 2026 H1 2025 Spain 47,382,426 46,982,714 0.9 % 399,712 30.3% 31.2% United Kingdom 23,189,724 22,042,737 5.2 % 1,146,987 14.8% 14.6% Germany 13,787,14
Slide 42: Appendix: Other shareholdings: Trend in Passenger traffic (m)
Appendix: Other shareholdings: Trend in Passenger traffic (m) GAP(1): -5.6% Newcastle: +7.5% H1 2026 H1 2025 H1 2026 H1 2025 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). Results Presentation H1 2026 42
Slide 43: 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 44: 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 45: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)