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

Aena reported first-half 2026 total revenue of approximately EUR 3.3 billion, up 10.1% year over year, or up 8.3% excluding IFRIC 12 construction services. EBITDA was EUR 1.8 billion, up EUR 107 million or 6.3% year over year, and net profit reached EUR 1,002 million, up 12.1% year over year. Reported EBITDA margin was 54.5% versus 56.5% in H1 2025; management said adjusted EBITDA margin would have been 56.9% excluding Luton insurance compensation and IFRIC 12. Passenger traffic was 190 million, up 3.9%, including 156.2 million in Spain, up 3.7%. For full-year 2026, management said traffic growth could be around 3% versus 2025. They also said the regulated CapEx program under DORA is EUR 10 billion, while the broader company CapEx program is EUR 13 billion.

The executive commentary was focused on network traffic resilience, international diversification, and the strength of the Spanish airport platform despite uncertainty. Management said traffic picked up above 3% after the Middle East crisis, helped by Spain being seen as a safe tourist destination and by airline capacity shifts, but they also emphasized weaker load factors and limited visibility for the second half. Tone was cautious on regulation and the winter season, with repeated calls not to speculate before the final DORA III decision.

The CFO highlighted that OpEx rose 13.5% at group level, or 9.4% excluding IFRIC 12 construction activity, and at the mother company Aena S.M.E. OpEx reached EUR 1.1 billion versus EUR 1.0 billion last year. He pointed to higher other operating expenses, up 9.7%, staff costs up 11%, and specific increases in maintenance, security, PRM services, professional services, and VIP lounge costs. On the balance sheet, he said net debt-to-EBITDA increased mainly because of the EUR 1.6 billion dividend payment and CapEx/integration spending, but he does not expect a deterioration in credit metrics or ratings. He also said commercial revenue strength is broad-based across retail, mobility, VIP, and real estate, with VIP revenue up 31.7% to EUR 124.7 million and car parks up 9%.

Analysts focused heavily on DORA III, asking about Barcelona CapEx classification, tariff factors, traffic-linked regulation risk, and the timing of the strategic plan. Management said the final DORA is still pending, the process is now out of Aena’s hands, and they do not want to speculate on CNMC opinions or possible changes to the framework. On dividends and leverage, management said they do not see a risk to the current 80% payout policy and do not expect a material deterioration in credit metrics. On commercial contracts, they said recent tenders delivered materially higher MAGs, and on COVID-era disputes they said they are invoicing the original contractual rents where no agreement was reached.