Aena S.M.E., S.A.

Aena reported H1 2026 total revenue of approximately EUR 3.3 billion, up 10.1% or EUR 304 million year over year, with ex-IFRIC 12 revenue up 8.3%. EBITDA was EUR 1.8 billion, up EUR 107 million or 6.3%, and reported EBITDA margin was 54.5% versus 56.5% in H1 2025; excluding Luton insurance compensation, EBITDA growth would have been 8.3% and the comparable margin 56.9%. Net profit was EUR 1,002 million, up 12.1%. Passenger traffic was 190 million, up 3.9% overall and 3.7% in Spain; management said 2026 traffic growth could be around 3% versus 2025. Paid CapEx was EUR 916 million, including EUR 576 million of airport infrastructure investment and EUR 340 million for the Augusta acquisition. For international assets, Luton handled 8.8 million passengers (+5.1%), Leeds Bradford 2.1 million (+3.3%), Recife 8.6 million (+6.4%), and Congonhas 14 million (+2.8%).

Javier Marin framed the half as a period of solid operational and financial execution, led by resilient passenger growth, stronger commercial activity, and continued investment. He emphasized that international traffic into Spain has picked up since March, helped by Spain being viewed as a safe tourist destination, but he repeatedly stressed that visibility for H2 remains limited. His tone on regulation and strategy was cautious: he said Aena is waiting for the final DORA III decision before commenting on strategic options, CapEx treatment, or any broader plan.

Ignacio Castejon focused on cost inflation, commercial momentum, and international asset performance. He said group OpEx rose 13.5%, or 9.4% excluding IFRIC 12 construction activity, with mother-company OpEx at EUR 1.1 billion versus EUR 1 billion last year; staff costs rose 11% and other operating expenses 9.7%, with management not expecting costs to materially deviate from this trend in the rest of the year. He highlighted commercial revenue growth, including retail revenue of EUR 550 million (+3.2%), mobility revenue of EUR 239 million (+6.7%), VIP services revenue of EUR 124.7 million (+31.7%), and real estate services up 15% to EUR 70 million. On leverage, he said net debt-to-EBITDA has increased mainly because of the EUR 1.6 billion dividend payment and CapEx/integration spending, but he does not see a material deterioration in Aena’s credit metrics or ratings.

Analysts focused heavily on DORA III, including the CNMC’s views on Barcelona expansion, traffic adjustments, K and P factors, and CapEx overrun risk. Management repeatedly said the process is now out of Aena’s hands and that they must wait for the final DORA approval by the Council of Ministers; they would not speculate on the final outcome or on specific tariff factors. On capital allocation and shareholder returns, management said they do not see a risk to the existing 80% payout policy and that any broader dividend-policy discussion would come after DORA and the strategic plan. Analysts also asked about commercial pricing power and MAGs; management said they still have pricing power in several areas, that commercial performance improved in Q2 versus Q1, and that some of the large MAG increases in specialty shops and F&B reflect new space and the timing of renewals rather than a simple like-for-like jump.