Earnings call transcript: Aena Q2 2025 shows growth in revenue, profit

Aena’s second-quarter results for 2025 reveal a robust financial performance, marked by a 9.1% increase in total revenue to 3 billion euros and a 10.5% rise in net profit to 894 million euros. With an impressive gross profit margin of 80.17% and a market capitalization of €41.57 billion, InvestingPro data shows the company maintains strong financial health with an overall score of 3.43 (GREAT). The company’s stock price showed a slight increase of 0.88% following the earnings announcement.

Key Takeaways

• Total revenue increased by 9.1% year-on-year to 3 billion euros.
• Net profit rose by 10.5% to 894 million euros.
• EBITDA margin stood at 56.5%, reflecting strong operational efficiency.
• Stock price increased by 0.88% after the earnings release.

Company Performance

Aena demonstrated strong financial performance in Q2 2025, with significant growth in both revenue and net profit compared to the previous year. The company’s expansion in VIP services and mobility services contributed to this growth. Aena’s strategic focus on enhancing commercial sales and duty-free offerings also played a crucial role in driving revenue.

Financial Highlights

• Revenue: 3 billion euros, up 9.1% year-on-year
• Net profit: 894 million euros, a 10.5% increase from the previous year
• EBITDA: 1.7 billion euros, up 8.8% with a margin of 56.5%
• Net cash from operating activities: increased by 4.2%

Market Reaction

Following the earnings announcement, Aena’s stock price saw a modest rise of 0.88%, closing at 24.02 euros. This movement places the stock near its 52-week high of 24.4 euros, indicating positive investor sentiment. According to InvestingPro analysis, the stock currently appears slightly overvalued compared to its Fair Value estimate, with a P/E ratio of 18.21x. The stock’s performance aligns with broader market trends, reflecting confidence in Aena’s growth strategies. InvestingPro subscribers have access to 10+ additional exclusive insights about Aena’s valuation and growth prospects.

Outlook & Guidance

Aena maintains its traffic growth guidance of 3.4% for Spain in 2025, building on its strong revenue growth of 11.84% over the last twelve months. The company is set to submit its DORA three business plan in March 2026 and is exploring international airport acquisition opportunities. With a healthy dividend yield of 3.32% and moderate debt levels, InvestingPro analysis indicates strong fundamentals supporting future expansion. Aena’s focus remains on controlled participation in airport management, which is expected to drive future growth. Discover comprehensive analysis and 1,400+ detailed Pro Research Reports available on InvestingPro.

Executive Commentary

CEO Mauricio Luvena expressed satisfaction with the financial results, stating, "We are quite happy with the financial results. I think that they reflect that the company is functioning very well." He also highlighted the potential of VIP services as a promising business line, reinforcing the company’s growth strategy.

Risks and Challenges

• Potential domestic traffic slowdown due to high comparison base and rising travel costs.
• Economic uncertainties impacting international travel demand.
• Competitive pressures in the aviation industry, particularly from low-cost carriers.

Q&A

During the Q&A session, analysts inquired about the anticipated domestic traffic slowdown. The company acknowledged potential challenges but remains confident in its growth guidance. Discussions also touched on ongoing negotiations for the Luton airport expansion and the strong growth in VIP services, which saw a 36% revenue increase.

Full transcript - Aena SME SA (AENA) Q2 2025:

Conference Operator: Hello, and welcome to the ANU First Half twenty twenty five Results Presentation. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. Now, I would like to turn the call over to Carlos Galliego, Head of Investor Relations. The floor is yours.

Carlos Gallegos, Head of Investor Relations, Aena: Thank you, Mark. Good afternoon, everyone, and welcome to our first half twenty twenty five results presentation. This is Carlos Gallegos speaking, Head of IR. It’s a real pleasure being with all of you today. Our Chairman and Chief Executive Officer, Mauricio Luvena, will host the call together with Ignacio Castellon, our CFO and myself.

We are going to cover the main topics explained in the results presentation and we will finish with a Q and A session. In this sense, I would like to remind you that in order to meet the time schedule for the call, I would be grateful if you could ask only one question per speaker. Without further ado, I give the floor to Mauricio Lutena. Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Thank you very much, Carlos. Good afternoon, everybody. And thank you for joining us to go through our first half twenty twenty five results presentation. I would like to start just saying that we are quite happy with the financial results. I think that they reflect that the company is functioning very well.

And of course, I also would like to underline that we are also functioning very well operationally. I mean from an operation standpoint, because you know that now the traffic is it’s at record levels. So it means that our operation is quite stressful, but I think that we are responding very, very well. Okay. I will as usual, I will go over the key highlights of the period.

And afterwards, I will give the floor to our CFO, Ignacio Castellon. And as always, we’ll conclude the conference call with a Q and A session. I will start with traffic. You know that globally Aena Group passenger volume grew by 4.7% year on year reaching almost 181,000,000 passengers. In Spain, the figure was 150,600,000 passengers, which represents a 4.5% increase.

And I think that the important thing here is that despite the obvious deceleration of traffic growth in this last months, we are very confident with our traffic guidance for 2025. Of course, I’m now referring to Spain. So it means that we clearly maintain our traffic guidance for 2025, which is a growth of 3.4% year on year. This means that we are quite sanguine in the sense that we consider that the traffic will continue, let’s say, performing satisfactorily if we can find other words. But I would like to make this very clear that we stick to our traffic guidance that we made public.

I think it was half in February a few months ago. Okay. At Luton, the traffic growth was or has been 5.1%. And in Brazil, INEV 5.7% and Boabbe 6.7% increase, which are I would say figures that confirm the good evolution, the good performance of traffic air traffic in the world. Of course, each country is a singular case.

But in the countries where Aena is present, we are quite satisfied with the traffic evolution. Now I move to the financial performance. Total revenue for the 2025 reached €3,000,000,000 which is a beautiful figure. And this meant an increase of 9.1% year on year and the EBITDA rose by 8.8%. So the EBITDA margin stood at 56.5%.

I would like that you take into account when you analyze our global EBITDA margin that first of all, of course, it is flattish compared to the same period in 2024. But you should bear in mind the effect of IFRIC 12 applicable to our Brazilian assets. It affects our EBITDA margin. So it means that without this effect, the EBITDA margin in Brazil and of course globally would have been a little bit higher. All in all, this meant that the net profit for the first half of the year reached €894,000,000 with growth of 10.5%.

You know because we’ve announced it this morning that yesterday the Board of Directors of Aena approved our tariff proposal to be applied from March year as usual. And let me be clear, despite of the usual suffixes of the airlines, You know that this increase that the increase we have proposed is very mathematic. And it’s due to principally the K factor and also significantly to the application of the P index. The K factor, it simply reflects that we have dilution that comes from 2024 and the formula of our regulation, it is very clear. You then recover this dilution in 2026.

You know that in other cases, in other years, the effect has been the contrary. So that is why I’m saying that I cannot understand the suffixes of the airlines. They know our rules and the regulation very well. And well, it’s the kind of noise that I really don’t like because for our part, for Aena’s part, this is an honest proposal that is not I mean, it’s not discretional. It just comes from a very clear formula.

Well, having said that, I move to the commercial activity. On commercial, total sales grew by 9.9 more than twice the rate of passenger traffic growth. And on a per passenger, which is a very important ratio basis, it means that it increased by 5.2%. Pure retail activities continued to perform strongly. And would like simply to highlight the very good performance of VIP services and mobility services.

They are really performing very well. And our ambition is that in relative terms they grow in the future. This is what I’m sure will happen. And it means that it’s a very promising business line. Regarding the tenders awarded in the 2025 by Aena, in specialty shops, the minimum annual guaranteed rents in 2025 and 2026 are 50 are excuse me 2535% respectively higher than in 2024.

And in the case of food and beverage, the tenders awarded, they reflect growth rates of 817% respectively. On real estate, I simply would like to highlight the opening of the Spain’s largest hangar in Madrid and the awarding of the so called 120 plot in Barcelona for logistic uses. This just means that we have finally we have opened this new era in which we will try to strengthen our real estate business in the case of these very valuable assets that we have in our main airports. In the case of the international business, it has contributed with four twenty five million euros to the consolidated revenue of Aena. If we exclude again the IFRIC effect, the contribution would have been or would be €346,000,000 and the EBITDA amounted to €196,000,000 Regarding CapEx in the Spanish network, a total of €427,000,000 in additional investments for the rest of the DORA two period have been approved of which purely €351,000,000 are regulated.

So the rest is commercial, but you know that they are very linked to each other. And finally, we have published an important novelty this morning. We have restated twenty twenty four annual accounts to increase the deferred tax asset by a considerable amount of €288,000,000 This adjustment simply arises from a situation of double taxation related to the IPO of the 49% of Aena’s shares back in 2015. But Ignacio Castellon will give you the concrete details shortly. And on the other hand, you know that on June 19, we successfully executed our promise of the stock split and our aim is very simple.

We want to improve the liquidity of Aena’s shares and well, we still need a wider horizon to assess the impact. What it is very clear that in no case this could be a negative effect for Nenes shares. So in the future, we will share with you the results of our analysis, but we need still a little bit more of time. And as of June 1330, excuse me, our financial leverage stood at 1.64 times net financial debt to EBITDA and this ratio confirms what you know very well, which is the strong financial health of the company both in absolute and relative terms. This is the end of my brief presentation and we’ll have time to interact in the Q and A session.

And now I give the floor to Ignacio Castellon, Aena’s CFO. Thank you very much. Thank you very much, Mauricio. Hello, everyone. This is Ignacio.

I’ll go through some further details relating to the traffic financial performance of the company for the first six months of this year. If we move to Slide six on traffic, our Chairman and CEO already commented evolution in Spain and across the group. Generally, as and looking more closely to the trends in Spain, international traffic grew by 6.5%, while the domestic traffic rose by 0%. Generally, the assumptions that we took into consideration when the guidance was developed have not materially changed. The slowdown in the domestic markets was well already anticipated at that moment in time.

As a result of these trends, the share of international traffic has risen from 67.5% to 68.8% from 2024 to 2025. European traffic accounted for 85.7% of the total international traffic slightly below compared to the previous year. The reason for that is the outstanding performance of some small markets in long haul destinations such as Africa and Asia, where we have seen growth of 4925% year on year respectively. If we look at our largest markets, the growth for The U. K.

Has been 4.5%, Germany 3.6%, France 5.3% and Italy stood out with a particular robust growth of 12%. In terms of airport performance across Spain, Madrid grew by 3%, Barcelona 4.2, Palma 2.2%, Alicante 10.3% and Malaga 7.8%. Finally, regarding our carriers, our airlines, the top 10 carriers handed nearly 109,000,000 passengers, 3.9% more than in the 2024 and low cost traffic rose by 5.2% led by EasyJet with 76% growth and Rayonier 6.3% growth. Let’s move to the financial performance slides of the key highlights section and referring to slide six, seven and eight. If we look at slide six, total revenue as mentioned by our Chairman, grew by 9.1% compared to the 2024, sorry.

Basically, what are the main reasons? The main reasons are the positive evolution of passenger traffic, the regulated traffic growth for the months of January and February, the continued improvement in commercial activity and also the contribution from construction services income or revenues under IFRIC 12, which added an increase of a net increase sorry of 51,000,000. Excluding the IFRIC 12 effect, the revenue growth for the consolidated group could have been 7.3. Basically, we go business by business. Ordinary IRR revenue increased by 6.2%, basically amounting to EUR 1,500,000,000.0 with the dilution for this being the dilution for this first six months of the year EUR 43,700,000.0 compared to dilution of the previous year that was €67,900,000 With respect to ordinary, commercial, real estate and international revenue, all these business segments grow double digits 10.2%, 12.114.6% respectively.

So very healthy growth rates for all the business segments of the company as the Chairman was highlighting at the beginning of his opening remarks. Let’s go to slide seven on the cost side. Total pure operating expenses at group level grew by 9.3%, totaling €1,300,000,000 with personnel expenses or staff expenses increasing by 10.6%. The IFRIC 12 accounting rules also had an impact because we have to record not only the income, but also the expenses following that accounting rule. So we had also a negative impact in our expenses of €51,000,000 Excluding this impact, the increases the increase sorry of our total operating expenses would have been 5.2%.

When we look at other operating expenses, they grew at 5.3%, reaching $1,063,000,000 euros The increase was driven by personnel costs as I was advancing earlier, reflecting higher payrolls, additional headcounts that the company is adding and also the restructuring of our variable retribution schemes, also explained by the performance of our electricity costs, maintenance costs, security services and also the increases in the OpEx related to the activities that we perform internally on the commercial side such as VIP services and parking. In slide twenty and twenty one, you will find a higher detail with respect to our other operating expenses. The growth of other operating expenses excluding the electricity bill was 2.9% below traffic growth and on a passenger basis declined by 1.5%. So very good performance on the cost side. Let’s go to slide eight and let’s have a look at EBITDA that reached CHF1.7 billion, representing an increase of 8.8% compared to the same period of the previous year.

If we exclude the effect of IFRIC 12, the EBITDA margin improved to 58% from 57.2% in the previous year, I will repeat myself, excluding the IFRIC 12 effect. All in all, net profit rose to 8 and €93,800,000 and a double digit increase of 10.5%, reflecting the solid performance and continued financial discipline of the company. Net cash generated from operating activities increased by 4.2% confirming the group’s capacity to generate cash. Please note that last year tax outflows were particularly low because of the application of the tax credits resulting from the commercial losses coming from the DF7 that were taken into account in the 2024. Net financial debt to EBITDA ratio stood at 1.64% as mentioned by our Chairman compared to 1.57 recorded in the previous year recorded in the 2024.

In slide 11, we have some information related to the restatement of our 2024 financial statements as mentioned by Maurizi. This is coming from the recognition of a deferred tax asset. This adjustment is related to a situation of double taxation related to the IPO of the company back in 2015. In more detail or specifically, at that moment in time, the company was unable to revalue the assets contributing by Enaire, our current company at market value. So those assets were incorporated into Aena’s balance sheet at book value not at market value.

And Enaire as a result of the IPO had a capital gain that was taxed at the Enaire level. As a result of that taxation as that potential lower taxation the company thinks that is entitled to recover that lower taxation and that’s why we have recorded this asset amounting to €288,000,000 as mentioned by our Chairman. This amount will be gradually applied as the company files its corporate income tax returns in the future. Please note that we have already filed some tax applications for the period up to 2024. So hopefully, we should hear from the tax authorities in the next six to nine months.

Let’s move forward to the commercial business of the company. I’m referring to slide 15. Ordinary and commercial and real estate revenue of the group grew by 10.3% to €980,000,000 Excluding sorry, the straight line and other adjustments effects, the growth of the business was higher amounting to 12.5% to €948,000,000 The fixed and variable rents had a year on year growth of 15.8%, a very high figure comparing to traffic growth in the Spanish network. In Slide seventeen and eighteen, we can go into further detail with respect to the commercial performance of Aina in Spain. As mentioned by our Chairman, the total commercial sales grow by circa 10%, doubling the traffic growth of the period.

Generally, this growth was driven mainly by the progress in refurbishment and remodeling works in our commercial areas, especially in the duty free business in the Madrid and Barcelona Airport, but also in Palma where we are making significant progress. The arrival of new brands that fit our passenger profile, the strong performance of mobility related services and the continuing increase in demand for VIP services together with the progress the successful progress of our real estate initiatives. If we look at the line by line of our commercial activities or the most important lines, sorry, will see that, for example, in the case of the duty free businesses, sales grow by 18% and variable rents grow by 16.3% to €182,000,000 We have seen that after the material progress in Palma De Mallorca Airport, we have been able to deliver a growth in June, only in June of 11% being the main reason behind this growth the partial reopening of the walk through store in that airport. We are also seeing important progress in the Canary Islands where the contract the lot for that part of the network exceeded the minimum annual guarantee rents for this business line. And also I would like to highlight that in the Mediterranean area, we were very close also to exceed the minimum annual guarantee rents and we were just 2.2 below the minimum unguaranteed rents.

With respect to the other activities, I would like to highlight the continuing increase in the VIP services penetration rates and income per passenger, which confirm the demand from our passengers with respect to this type of activity. With respect to car rental activity, we are not only seeing growth coming from the new contract, we are also seeing growth in activity coming from more contracts and higher prices being applied by our car rental operator. Let’s move to slide 22, where we can have a look at the debt breakdown of the company. Yes, we would like to share a message with all of you that our debt at fixed rate is 77%, which basically is protecting the has been protecting sorry the company from the movement in the coming from the monetary policy of central banks. Now that we are seeing some decrease, we’ll try to take we’ll try to benefit from that situation managing our debt accordingly.

With respect to our international platform, I would like to stop to mention a couple of things related to Luton BOAB. With respect to Luton, you will have seen in our financial information shared with the market that we have recorded an extraordinary revenue related to the compensation that we have that we are entitled to receive from our insurance companies that has amounted to around €31,000,000 This compensation is positively contributing to our EBITDA and therefore EBITDA in Luton is positively affected by this contribution. With respect to Boabbe or Boab in English, I would like to highlight the significant increase in CapEx spent in this asset. And this is the result of basically the company having awarded the construction contracts at the end of our twenty twenty four early twenty twenty five and having the construction activity a ramp revamp in these assets, that we can meet the deadlines starting the concession agreement signed with the Brazilian authorities. And I think that would be all from my end.

So we could continue with the Q and A as planned for this meeting. Thank you very much.

Conference Operator: We will now begin the question and answer session. And your first question comes from the line of Tobias Prohme with Bernstein. Tobias, please go ahead.

Tobias Prohme, Analyst, Bernstein: Hello. Thank you for taking my question. Just a question on traffic growth. Obviously, H1 4.5% in the Spain network that would sort of in H2 to hit your guidance of 3.4%. I was just wondering would you like what are your concerns?

Do you see anything internationally maybe a slowdown from certain regions beyond your Spanish network beyond domestic Spain? And is there any chance of increasing the guide maybe in the next quarter? Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Thank you, Tobias. We couldn’t follow you we couldn’t follow your whole question completely. I understand you are referring to the second part of the year with respect to our traffic guidance. If we are expecting an impact coming from the international markets. I think I would repeat the message shared by the Chairman at the beginning of the call.

We are not at this moment in time, we are not changing the guidance providing back in Feb. The slowdown that we are seeing on the domestic market is something that we were anticipating. There are some drivers behind that slowdown related to specific domestic matters. So at this moment in time, that’s what we can share with you. Of course, the company will follow what is happening internationally and if that might have an impact in the guidance provided the company.

And if we decide to do it, we will share it with all of you. Thank you. Thank you.

Conference Operator: And your next question comes from the line of Luis Prieto with Kepler. Luis, please go ahead.

Luis Prieto, Analyst, Kepler: Good afternoon. Yeah, Luis Prieto here. Thanks everyone for the call. I just had one question. And it is with the 2026 target or guidance that you provided regarding international operations, I just wanted to know what the market is like at present for international opportunities acquisitions or developments whatever?

Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Hello. This is Norisi Luciana speaking. I’ll take this question. Well, I think that this is I mean when you compare the airport market in terms of M and A opportunities, I think that you and you compare it with other or to other markets. I think that you reached the conclusion that it’s not a very wide market.

I mean, I think that you probably know many of the international opportunities exactly at the same time that they are sent to the Aena’s team. I mean that they are usually well known. So Luis, the only thing I can say is that we analyze everything, every opportunity. Of course, naturally, we probably are we tend naturally to specific markets because of cultural and historical reasons. But believe me, we analyze everything.

And I hope that after in my case seven years at the company, I hope that you all have crystal clear that we only move and we only propose a firm, let’s say, a firm offer when all the qualities or all the aspects of the opportunity are considered adequate by Aena. And it means the quality the intrinsic quality of the asset considered, the country, the regulation and of course very important the price. And we could add as well that you know that our strong preference is controlled participation. Airports in which Aena taking into account its size and our reputation in airports in which we can control the management and the daily operation of the airport. So this is all that I can say.

It’s I think it’s the same thing I always try to explain, but I hope that at least I have explained it a little bit different from compared to other occasions. Thank you.

Luis Prieto, Analyst, Kepler: Thanks a lot for that, Mauricio.

Conference Operator: And your next question comes from the line of Christian Adelk with UBS. Christian, please go ahead.

Christian Adelk, Analyst, UBS: Hi. Thank you very much for taking my questions. The first one on domestic Spanish traffic on the slowdown, if I could please come back. Could you elaborate on the drivers behind this slowdown? And equally so I don’t know if you could tell us a bit your views on the second half and next year in terms of domestic traffic or what’s in your budget or how you’re thinking about it directionally?

Secondly, a question on duty free. The Canary’s variable rents have exceeded the max for a while now. If I look at your slide 32, it looks like in Q2 the other airports are not far from this either. So my question would be could you give us a bit more color on Madrid, Barcelona? When do you expect the variable rents to exceed the MAX?

Can this already be in Q3? And how you think about the next years? And the last one, if I may. In the press, we are seeing plans for Aena building new terminals in a few airports. And I understand we are at an early stage, but just ballpark or directionally, could you help us think about the incremental airside space that comes together with this new terminal?

So from the commercial point of view or incremental airside commercial space versus the current space in the airports, any color you could give us there? Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Christian, I just would like to partially answer your first question and partially because it will be complemented by Ignacio. Let’s for a moment just put aside Brazil and The U. K. I think that the evolution of the traffic in these countries is very good. I mean, you just can review the figures and we are happy with the evolution of the traffic growth there.

So I now will focus on Spain. And the only thing I would like to say is that when we elaborated our forecast for the traffic growth in Spain for the whole year, we clearly expected what is at present happening. I mean, we knew or we didn’t know exactly, but we forecasted that the beginning of the year would be quite strong. And because you know that we have the airlines planning and we have a very competent team that follows everything that arises in terms of novelties regarding the evolution of traffic. And at that moment when we elaborated our forecast, we also anticipated that the summer would be something similar to what we are witnessing.

So we are not surprised at all. Of course, if you descend to the details, you could I mean the precision it’s always questionable in the sense that of course, we could anticipate the trends. But that is why I wanted to highlight to underline that we are still very comfortable with the traffic forecast for Spain for the whole year that it’s three point four percent. But Ignacio will complement my explanation. Thank you.

Thank you, Mauricio. Hi, Christian. I think that the explanation from the Chairman has been very complete. I could only add some potential drivers that could be explaining what’s happening Christian that I’m sure you are also aware. I think the slowdown that we are seeing is very likely a phase of stabilization following several years of a strong traffic growth post COVID recovery.

With respect to traffic domestic traffic, I think in 2023, we were already surpassing pre COVID levels. So the comparison base was already very, very high back in 2023. If we look at cost prices in the Spanish market related to travel tourism. What we are seeing is that there might be a situation in which prices are increasing in relative terms more than more for the domestic services, for domestic trips or domestic leisure more than international prices. And this could this might be one of the reasons for the impact.

We are also seeing that the competition with respect to higher speed rail is intensifying. There are operators with lower prices in some of our routes. That may also be another thing to take into account. Finally, for domestic traffic, we are seeing some reorganization of fleets and domestic operations in some of our carriers that are moving fleet and activity from one brand to another brand. And that might be affecting domestic traffic, while all those adjustments are taking place.

So it might be the result of all this the explanation behind. Most of these elements were taken into account as explained by Mauricio earlier, when we’re putting together our budget and our guidance and let’s see how the rest of the year evolves. But we are hopeful that we’ll be able to meet the guidance. With respect to your second question, if I may, I will cover them very quickly because our goal Christian so that all of you can have a can participate in the meeting was having just one question house. I will cover your second and three questions very quickly.

With respect to duty free, as you mentioned, Canari as we are above the minimum guarantee rents. And I would like to highlight that in the case of the South and the Mediterranean Coast, we are very close to going beyond the minimum guarantee rents taking into account of course the first six months numbers. With respect to other regions of the country, but the Valeares lot, the Mallorca De Palma lot has been impacted by the construction activities and the refurbishment of airport. As I mentioned in my notes at the beginning of the call, June sales have been very positive. We have seen significant growth.

So we should see there an improvement. And with respect to Madrid and Catalonia, we are we have managed to finish most of the construction activity related to the beauty free activity there. So hopefully in the next months, we’ll have a better information with respect to our capacity to go beyond the max in the rest of the years of the contract with our duty free providers. On the DORA three construction activity, the company has been providing information through press releases about some of our projects. That’s the only information that we can share so far.

Basically, we have identified some of the main projects in some of the, I would say, the assets and very important assets for the company. And so far that’s the info that we can share with all of you Christian.

Christian Adelk, Analyst, UBS: Thank you very much. Apologies for the extra questions. Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Yes. And Christian, I would concerning your second question, I would like to publicly recognize the very good job that the new well not that new, but the team that is around Xavier Roussinole, the current CEO of Avolta of Dufry, because I think he was appointed three years ago. And you know that Aena and Dufry had some important disagreements because we were very upset and very angry as well when they promoted the approval of the DF-seven. So that was a hard moment. And it’s true that the relationship with their Chairman has been always very cordial, very polite.

But when Chabira Surinol joined the company, it coincided with the preparation on Aena’s side of the new tender. And we are very happy both with the proposals that they sent to Aena both in terms of design, of course, financially and etcetera. But they have demonstrated that apart from the strong growth of traffic that they are really taking advantage of all the spaces that they are working on at Aena. And I think it deserves a public recognition because they are doing a very good job. And of course, it’s profitable both for Aena and for Avalta.

Conference Operator: And your next question comes from the line of Elodie Rall with JPMorgan. Elodie, please go ahead.

Elodie Rall, Analyst, JPMorgan: Hi, good afternoon. Thanks for taking my question. I have one on CapEx if I may. So you announced four twenty seven million dollars of extra CapEx for DORAD two. I think you had communicated already on the €351,000,000 regulated part.

So what drove the additional CapEx that you’ve announced today to $4.27 And could you give us also the phasing of this CapEx between now I mean 25,000,000 the remaining of this year and ’26 and where we should have our expectations for CapEx in total as well if that’s possible for the next two years? Thanks very much.

Mauricio Luvena, Chairman and CEO, Aena: Thank you, Lia. Hello, this is Ignacio speaking. I think the amount is all part of the same CapEx analysis and assessment that was made earlier by the company. So some weeks ago, disclosed information related to the regulated CapEx, because it was the most important piece. But as part of that amount, we were also taking into account that the company would also be executing unregulated CapEx in order to complement that regulated CapEx in order to basically being able to deliver other projects that were necessary or a consequence of that regulated CapEx.

And also because of our regulation part of our CapEx is also unregulated because of the accounting rules of the or regulatory rules of the company. So it’s not a change versus what we announced. It’s just a complement of what we announced some weeks ago. Sorry for the confusion, Elodie, on that matter if there was. With respect to the phasing, I think given that we are in June, most of the phasing of course will happen during the last one years point of the DORA two as mentioned by the Chairman and most of the CapEx execution works will happen in 2026.

We’ll see if we can deliver partially if we can partially deliver some of those items through 2025 to the remaining months of this year. Thank you, Elie.

Elodie Rall, Analyst, JPMorgan: Okay. Thanks very much.

Conference Operator: And your next question comes from the line of Andrew Loddenberg with Barclays. Andrew, please go ahead.

Andrew Loddenberg, Analyst, Barclays: Hi, there. I think I ask this every quarter, but is there any update that you can offer us on the status of negotiations with Luton with regard to the subsequent expansion? Thanks.

Mauricio Luvena, Chairman and CEO, Aena: Hi, Andrew. This is Ignacio. And thank you for asking every quarter on topic, so that all of us can be coordinated. No real change to what we disclosed in the previous quarter. As you know, there was an there was the possibility of having a judicial review taking place with respect to the DCO granted that a judicial review will finally happen in the next months.

We are still pending to receive some further information. And that’s the only real change that I could share with you at this moment in time Andrew.

Andrew Loddenberg, Analyst, Barclays: So until the judicial review issue is clear there’s no negotiations to be done with the council? Or is that I’m not right.

Mauricio Luvena, Chairman and CEO, Aena: Is that judicial review of the DCO granted by the Secretary of yes by the central government. And we’ll be I understand that the timing twelve months around in twelve months there might be a hearing in order to analyze the DCO granted. That’s the information that we have with respect to Luton. There is a change with respect to what we disclosed last quarter.

Andrew Loddenberg, Analyst, Barclays: Okay. So the whole thing draws out a bit more?

Mauricio Luvena, Chairman and CEO, Aena: Could get delayed because of this U. Review. You are right.

Elodie Rall, Analyst, JPMorgan: Okay. Thanks.

Conference Operator: And your next question comes from the line of Martin Wiltau with Bank of America London. Martin, please go ahead.

Martin Wiltau, Analyst, Bank of America: Yes. Thank you. I will have just one question. It’s regarding the DORA three process. So when are you expecting to submit your business plan with all the details of CapEx, tariffs and the wrap?

And is that going to be or the key points are they going to be shared with the market? Thank you.

Carlos Gallegos, Head of Investor Relations, Aena: Thank you, Marcin. This is Carlos Gallego speaking. Well, clearly according to the law, the last, let’s say, milestone of this process will be the approval in September 2026 coming from the, let’s say, the cabinet, the Spanish cabinet. So we have to run the consultation process with the airlines with the different inputs. And according to the law as well, our proposal has to be delivered in March 2026.

Martin Wiltau, Analyst, Bank of America: Okay. Very clear. Thank you.

Conference Operator: Thank you. And your next question comes from the line of Dario Magoni with Exane. Dario, please go ahead.

Mauricio Luvena, Chairman and CEO, Aena: Hi, good afternoon. Just one question. What is the latest assumption for the CapEx for Dollar Tree when we include the regulated and non regulated CapEx? Thanks. Dario, your question was about the split between regulated and related CapEx for the last week.

And the total amount as well? I think that at this moment in time, we are not disclosing that information Dario. I think that is information that we’ll be providing once we have gone through all the analysis of DORA three that will take some months from our side. That will still take some months from our side.

Tobias Prohme, Analyst, Bernstein: Okay. Thank you.

Mauricio Luvena, Chairman and CEO, Aena: My pleasure.

Conference Operator: And your next question comes from the line of Jose Arroz with Santander. Jose, please go ahead.

Jose Arroz, Analyst, Santander: Yes. Thank you. Good afternoon. I wanted to ask you about the tariff application for next year and your announcement earlier this morning. The increase you are aiming for is $0.68 per passenger.

And as you clearly state, the K factor from 2024 represents $0.45 and there is another $0.17 from the P factor that the CNMC recently approved. So that leaves about, if I’m right, $06 per passenger that the press release does not break down for us. And I was curious if within this $06 per tax you may be recognizing your expectation that the next year studies reflect the P factor the CNMC rejected in the last minute last year. Is that is this a fair assumption correct, incorrect? Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Hi, Jose Manuel. This is Ignacio speaking. It’s not a fair assumption. I think in those other sense we are taking into account quality the B factor and other elements related to COVID and costs related to the border controls coming from previous years. So it’s totally unrelated to the topic that you were referring to.

Thank you.

Conference Operator: And your final question comes from the line of Graham Hunt with Jefferies. Graham, please go ahead.

Andrew Loddenberg, Analyst, Barclays: Yeah. Thank you very much for the question. Just one on the VIP performance actually. I wondered if you could give a little bit more color there. It’s been such a strong division for you within commercial in terms of growth and growth per pax.

I just wondered if you could speak to that where you’re seeing that trending over the next into 2026? And maybe a little bit of color on how you’re factoring it into your CapEx plans for the DORA three as well? Thank you.

Mauricio Luvena, Chairman and CEO, Aena: Hi, Graham. Thank you for your question. And it’s too that we are really happy with the performance of this business line. I think what we have seen is basically revenue raising 36% year on year to €95,000,000 and also the income per passenger rising around 30%. So outstanding performance for the whole line.

Around 80% a bit more of 80% of that line is explained only by VIP launches. And what we are seeing is that numbers of clients of users of this service are increasing materially at a much faster and higher growth rate than traffic. For example, number of users have increased around 18% in these first six months of 2025 compared to 2024. And also that this demand from our users is not impacted is not materially impacted by prices. So also the average ticket that we have been able to get from the business line is increasing.

Simultaneously penetration rates are going up. I think we are slightly above 2% and we are seeing this trend across all the VIP lunges of the company. So this is something that we are taking into account. We are expanding in every single airport where there is room and we see that there is demand. This activity and that’s what we are planning to do and the team the commercial team is assessing as part of the DORA three future.

Andrew Loddenberg, Analyst, Barclays: Thanks very much.

Conference Operator: There’s no further question at this time. I will now hand it over to Carlos Galliego for closing remarks. Carlos?

Carlos Gallegos, Head of Investor Relations, Aena: Thank you, Marc. As there are no further questions, I think we can conclude the results presentation. Thank you very much for joining us today and have a happy summer break everyone who is taking some time off. Bye.

Conference Operator: That concludes today’s call. You may now disconnect.

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