Aena reports strong Q2 in Spain, maintains 2025 passenger outlook

Published 30/07/2025, 08:34
© Reuters.

Investing.com -- Spanish airport operator Aena SME SA (BME:AENA) on Wednesday delivered solid second-quarter results with strong performance in Spain, though international operations caused Group EBITDA to come in approximately 1% below consensus after adjusting for Luton airport’s insurance benefit.

The company’s retail segment showed particular strength, with variable spending per passenger increasing to 7.8% compared to 6.0% in the first quarter, driven by duty-free sales.

Underlying operating expenses growth slowed to 3.4%, better than analyst expectations of 4.8%.

Aena confirmed its proposal for a 6.5% tariff increase for 2026, which still requires approval from Spain’s CNMC regulatory body, expected by the end of the year.

The airport operator maintained its 2025 passenger guidance at 320 million passengers, representing a 3.4% year-over-year increase. This forecast remains below consensus expectations of 4.0% growth.

Free cash flow was slightly lower than expected due to working capital outflow and higher tax payments.

Despite the strong momentum in Aena’s business, the stock has already risen 21% year-to-date and is trading at 11 times EBITDA, suggesting much of the positive performance is already priced in.

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