Slide 1: Results Presentation 2025 full year report
Results Presentation 2025 full year report 25 February 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 2025, including the most relevant information
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 384.8 million (+4.2% compared to 20242). At network airports in Spain, traffic increased by +3.9% (to 321.6 million passengers). Aena estimates that the growth in passenger volume in the Spanish airport network for 2026 will b
Slide 5: Key highlights
Key highlights Real estate services: total revenue: +10.5%, driven by air cargo revenues (+9.0%) and real estate operations (+35.5%): • Hangars consolidate their role as one of the main generators of real estate value. Six plots of land have been awarded for the construction of hangars and logistics
Slide 6: Key highlights
Key highlights Investment paid: 1,060.8 million euros. These investments have focused mainly on improving airport facilities and operational security. Financing: On 22 January 2026, Aena launched its second bond issue for €500 million and a maturity of ten years. The effective finance cost was 3.616
Slide 7: Key highlights: DORA III
Key highlights DORA III: Main messages Traffic: 329 M pax in 2027 and 347 M pax in 2031. Traffic in the coming years is expected to show a certain slowdown after the strong post-pandemic recovery, as well as due to the capacity of some facilities. Regulated Capex: 9,991 M€. Investments will be c
Slide 8: Key highlights
Key highlights Passengers1 (m): +4.2% Spanish Network: Spanish Network 384.8 Markets: Domestic: -0.3%: International: +5.9%. 369.5 28.9 27.4 15.9 16.8 Countries: United Kingdom: +4.0%; Germany: +1.8%; Italy: +9.2%. Luton 16.7 17.6 Northeast Brazil Airports: Adolfo Suárez Madrid-Barajas Airport: +3.0
Slide 9: Key highlights: OPEX
Key highlights OPEX1 Aena Group (€m): +11.1% (excluding IFRIC 12: +4.9%). Aena (excluding Luton, ANB and BOAB) 2,615.0 92.8 2,353.0 269.9 Luton 74.9 46.2 Group: Staff Costs: +8.8%. 246.5 249.1 -1.1% Other operating expenses: +13.1% (excluding IFRIC 12, +3.6%). Northeast Brazil Airport Group (ANB) 1,
Slide 10: Key highlights: EBITDA and net profit
Key highlights EBITDA1 (€m): +7.8% EBITDA margin 60.2% 59.3% 3,510.3 3,785.0 The EBITDA margin excluding the impact of IFRIC 12 is 61.4% (60.9% in 2024). 2024 2025 Net cash from Net profit (€m): +10.5% operating activities (€m): +1.5% Net financial 1.57x 1.46x debt/EBITDA1 2024 2025 2,136.7 Positive
Slide 11: Key highlights: Performance by business lines
Key highlights Performance by business lines Airports1 Aeronautical Airports1 Commercial Real estate services1 International2 2025 2.1% 14.3% 52.5% Total revenue: €6,379.2m (+9.5%) 31.0% €3,346.8m (+4.9%) €1,975.1m (+11.0%) €131.9m (+10.5%) €913.7m (+25.6%) 1.3% 19.4% 66.3% 12.6% Total expenses: €3,
Slide 12: 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 Q4 2025 Change 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% 74.3 4.1% 320.6 4.0% Total Ordinary Revenue (Aeronauti
Slide 13: Key highlights, Business trends, Financial results, Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 14: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change % Passengers (m) 2024 Spanish Network 2025 2024 2025/2024 Passengers 321,587,316 309,371,619 3.9% Monthly change (%) 2025 Operations 2,696,414 2,590,962 7.8% Cargo (Tonnes) 1,372,394 1,280,333 7.2% Chang
Slide 15: Traffic data
Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Total 2025 Europe (excl. Spain) 2025 Airports/ Passengers( Change Share % Change % Change 1) Groups(2) (m) (%) (%) Domestic(3) International(3) 2.0% 1.3% 0.6% 2.6% Adolfo Suárez Madrid- 68.2
Slide 16: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue 2025/2024 change 2025 2024 € million % Total Business 1,985.0 1,765.3 219.7 12.4% Fixed and Variable Rents invoiced in the period 1,773.3 1,557.2 216.1 13.9% MAG revenue to be invoiced 211.7 208.1 3.7
Slide 17: Commercial revenue summary
Commercial revenue summary1 Business area (thousands of euros) Revenue Change 2025 2024 Thousands of € % Retail 1,102,760 1,066,535 36,225 3.4% Duty-free shops 534,858 527,027 7,830 1.5% Food and beverage 368,922 347,876 21,045 6.0% Specialty shops 144,318 136,008 8,310 6.1% 2 Commercial operations
Slide 18: MAG and Committed Fixed Rents 2026–2028
MAG and Committed Fixed Rents 2026–2028 MAG and Committed Fixed Rents 2026–2028 (millions of euros) 1,283 1,248 130 131 1,167 33 5 24 33 4 130 20 4 130 132 34 9 Duty-free shops Tenders in 2025: 49 126 Specialty shops 44 38 Food and beverage • Specialty shops: 38 tenders (63 premises) were published,
Slide 19: Breakdown of Other operating expenses for the Spanish Network
Breakdown of Other operating expenses for the Spanish Network1 €m Cumulative to September Fourth Quarter Annual Total 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Passengers (m) 247.1 237.9 9.3 3.9% 74.5 71.5 3.0 4.1 321.6 309.4 12.2 3.9% Other operating expenses
Slide 20: Breakdown of Other operating expenses for the Spanish Network
Breakdown of Other operating expenses for the Spanish Network1 €/pax Cumulative to September Fourth Quarter Annual Total 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 2025 2024 Change 2025/2024 Other operating expenses 4.03 3.97 0.06 1.6% 4.17 4.14 0.03 0.7% 4.06 4.01 0.05 1.4% Taxes 0.64 0.
Slide 21: Net Financial Debt (covenants)
Net Financial Debt (covenants) Debt breakdown by type and average Aena S.M.E., S.A. interest rate for the period €m 2025 2024 Fixed 2.34% Average rate 2.54% Gross financial debt 6,073 6,613 Variable 18% 23% Cash and cash equivalents (1,605) (1,565) Net financial debt 4,467 5,048 77% Net financial de
Slide 22: Luton
Luton Passengers (m): +4.9% Revenue (£m): +4.7% Aeronautical revenue: +8.6% (up to ₤175.4m). 16.7 17.6 Commercial revenue*: 361.9 345.5 +10.1% (up to ₤188.0m). 2024 2025 2024 2025 • In 2024, the insurance compensation (₤41.0 million in lost of profits and incremental operating costs related to the f
Slide 23: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m): +5.7% Revenue (R$m): -10.5% Aeronautical: +9.6%, (R$420.8m). 768.0 687.2 Recife Airport reached 9.9 16.8 Commercial: +19.0% (R$226.6m) million passengers (+3.6%). 15.9 driven mainly by the strong 192.9 39.9 performance of duty-free shops, VIP loun
Slide 24: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m): +5.1% Revenue (R$m): +108.7% Aeronautical: +10.9%, (R$711.3m). Commercial: +13.5%, (R$359.2m) 2,390.2 Congonhas Airpot reached 28.9 24.5 million passengers 27.4 mainly driven by the strong performance of VIP lounges, duty-free 1,319.1 (+5.9%)
Slide 25: Key highlights, Business trends, Financial results, Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 26: Income statement
Income statement €m 2025 2024 Change €m % Change Revenue 6,278.3 5,763.5 514.8 8.9% Airports: Aeronautical 3,297.0 3,147.5 149.5 4.8% Airports: Commercial 1,929.7 1,760.0 169.7 9.6% Real Estate Services 130.6 114.3 16.3 14.3% Región de Murcia International Airport 14.5 14.8 -0.3 -1.9% International
Slide 27: Cash flow statement (1/3)
Cash flow statement (1/3) 2025 2024 Thousands of € % Change Profit/(loss) before tax (thousands of euros) 2,858,560 2,555,680 302,880 11.9% Adjustments for: 787,180 807,509 -20,329 -2.5% Depreciation and amortisation charge 796,897 847,811 -50,914 -6.0% Valuation adjustments for impairment of trade
Slide 28: Cash flow statement (2/3)
Cash flow statement (2/3) 2025 2024 Thousands of € % Change Changes in working capital -88,914 -52,014 -36,900 70.9% Inventories -33 960 -993 -103.4% Trade and other receivables -50,101 -150,602 100,501 -66.7% Other current assets -1,344 4,031 -5,375 -133.3% Trade and other payables -37,346 94,781 -
Slide 29: Cash flow statement (3/3)
Cash flow statement (3/3) 2025 2024 Thousands of € % Change Grants, donations and legacies received 6,918 2,107 4,811 228.3% Issuance of bonds and similar securities 930,343 0 930,343 N/A Issuance of financial debt 786,865 522,776 264,089 50.5% Other income 65,327 81,471 -16,144 -19.8% Repayment of
Slide 30: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 31: 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 Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 784
Slide 32: Appendix: Total Business
Appendix: Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + Revenue from MAG to be invoiced (euros per passenger) Business lines Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 3.
Slide 33: 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 Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/202
Slide 34: 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 per passenger (euros per passenger) Business lines Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 202
Slide 35: 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 Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retail 146,960 146,8
Slide 36: Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)
Appendix: Revenue from Minimum Annual Guaranteed Rent (MAG)1 Revenue from Minimum Annual Guaranteed Rent (MAG) per passenger (euros per passenger) Business lines Cumulative to September Fourth Quarter Annual Total Change Change Change 2025 2024 2025 2024 2025 2024 2025/2024 2025/2024 2025/2024 Retai
Slide 37: Appendix. Other financial information. Key figures. Quarterly evolution
Appendix. Other financial information. Key figures. Quarterly evolution First Quarter Second Quarter Third Quarter Fourth Quarter Total €m 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change 1 Traffic (thousands of passengers) 78,312.3 74,643.2 4.9% 102,583.8 98,118.
Slide 38: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position Change Change 2025 vs 2024* 2025 vs 2024* €m 2025 2024* €m % €m 2025 2024* €m % Property, plant and equipment 12,094.8 11,970.9 123.9 1.0% Share capital 1,500.0 1,500.0 0.0 0.0% Intangible assets 1,700.3 1,505.9 194.4 12.9% Share
Slide 39: 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: €5,760.3m | Average life: 7.8 years 11.9% 15.5% 6.0% 10.3% 14.1% 16.0% 6.2% 2.6% 2.2% 2.1% 13.1% Annual % of total debt 892 921 812 1 759 683 401 523 596 401 283 2 500 346 354 759 3 594 101 101 520 152 400 369 343 31
Slide 40: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic 2024 vs 2025 2024 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 3.0% 4.4% 1.5% 3.6% 5.5% 3.9% 1.7% 3.9% Passenger
Slide 41: Appendix. Traffic information
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) (1) (1) Passengers Passengers Carrier % Passengers 2025 2024 2025 2024 Ryanair(2) 68,837,702 66,141,114 4.1% 2,696,588 21.4% 21.4% Vueling 49,596,297 48,330,877 2.6% 1,265,420 15.4% 15.6% Iberia 22,378,718 22,375,777 0.0% 2,9
Slide 42: Appendix. Traffic information
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) 1) Passengers Passengers Country % Passengers 2025 2024 2025 2024 Spain 97,677,237 98,020,795 -0.4% -343,558 30.4% 31.7% United Kingdom 47,992,344 46,124,720 4.0% 1,867,624 14.9% 14.9% Germany 29,820,268 29,279,925
Slide 43: Appendix: Other shareholdings: Trend in passenger traffic (m)
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1): +2.5% Aerocali(2): -27.5% 62.2 63.7 6.3 4.5 2024 2025 2024 2025 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). 2 The concession ended on 31 August 2025. Comparing the cumulative
Slide 44: 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 45: 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 46: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)