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1. Company Snapshot

1.a. Company Description

Aena S.M.E., S.A., together with its subsidiaries, engages in the operation, maintenance, management, and administration of airport infrastructures and heliports in Spain, Brazil, the United Kingdom, Mexico, and Colombia.The company operates through Airports, Real Estate Services, International, and SCAIRM segments.It also manages commercial spaces in airport terminals and car parks network; and rents areas in airport terminals for duty-free shops, specialty shops, food and beverage establishments, commercial operations, and advertising, as well as financial services.


In addition, the company leases office buildings, warehouses, hangars, and cargo storage facilities to airlines, air cargo operators, handling agents, and other airport service providers.It manages 46 airports in Spain; 12 airports in Mexico; 2 airports in Colombia; 1 airport in the United Kingdom; and 6 airports in Brazil.The company was formerly known as Aena, S.A. and changed its name to Aena S.M.E., S.A. in April 2017.


The company was founded in 2010 and is headquartered in Madrid, Spain.Aena S.M.E., S.A. is a subsidiary of ENAIRE.

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1.b. Last Insights on AENA

Aena S.M.E., S.A.'s recent performance is driven by the recovery of the travel and tourism industry. Following the COVID-19 pandemic, airports are experiencing a resurgence in passenger traffic, with the industry contributing 10.4% of GDP. Additionally, airports are repositioning to cater to rising demand for dining, generating higher revenue from food and beverage sales. This trend is expected to continue, with airports investing heavily in infrastructure to meet growing demand. Aena's strong position in the European airport market and its efforts to adapt to changing passenger habits are likely key drivers of its performance.

1.c. Company Highlights

2. Aena's Record Financials and Growth Prospects

Aena achieved record financial results for the third consecutive year in 2025, with total revenue reaching almost EUR 6.4 billion, EBITDA close to EUR 3.8 billion, and net profit exceeding EUR 2.1 billion. Earnings per share (EPS) came in at EUR 0.3029, in line with estimates. The company's traffic also reached a record high, with 385 million passengers, driven by strong performance in Spanish airports, which handled 321.5 million passengers. Commercial revenue grew by 9.6%, and real estate revenue by 14.3%, with total commercial and real estate revenues exceeding EUR 2 billion for the first time.

Publication Date: Feb -26

📋 Highlights
  • Record Financial Performance:: Aena reported EUR 6.4 billion revenue, EUR 3.8 billion EBITDA, and EUR 2.1 billion net profit, up 9.6% and 14.3% in commercial and real estate revenues respectively.
  • High Traffic Growth:: Total passengers reached 385 million, with 321.5 million in Spanish airports, and international airports (e.g., Brazil) contributing significant EBITDA growth (13.1% in Brazil).
  • Dividend Proposal:: Board proposed EUR 1.09 gross dividend per share, reflecting strong profitability and capital returns to shareholders.
  • Environmental Progress:: Achieved 75% reduction in Scope 1 and 2 emissions compared to 2019, aligning with sustainability goals.
  • Regulatory & Investment Strategy:: DORA III proposes EUR 5.5 billion regulated asset base increase, supported by low OpEx per pax (industry-leading efficiency) and EUR 500 million bond issuance.

Business Performance Highlights

Aena's commercial activities showed significant growth, driven by duty-free, food and beverage (F&B), mobility, and VIP services. Duty-free sales rose 0.3% to €535 million, while variable rents and minimum annual guaranteed rents (MAGs) increased 7.7% to €433 million. F&B sales grew 6.1%, with total revenue up 8.5% to €352 million. The company's real estate initiatives, particularly in cargo and hangars, contributed to a 41% increase in revenue.

International Expansion and Regulatory Developments

Aena's international airports, including Luton and Brazil, reported strong performance, with EBITDA growing 20.3% to €186.8 million and 13.1% to BRL 678 million, respectively. The company is awaiting the government's decision on its regulatory proposal, DORA III, which includes a significant investment cycle and a proposed increase in the regulated assets base of more than EUR 5.5 billion.

Valuation and Outlook

With a P/E Ratio of 19.58 and an EV/EBITDA of 12.29, the market appears to be pricing in a certain level of growth. Analysts estimate next year's revenue growth at 3.5%. Aena's management prioritizes efficiency and maintaining quality standards, with a focus on investments planned for the next 10 years. The company's Dividend Yield stands at 3.62%, providing a relatively stable return for investors.

Operational Efficiency and Cost Management

Aena's operating expenses (OpEx) are expected to rise, particularly in DORA III and 2026, driven by increases in staff costs, maintenance, security, and PRM services costs. However, the company aims to maintain efficiency, with OpEx per pax levels being the lowest in the industry. The review of the company's policy on useful lives led to a reduction in depreciation expense, resulting in a higher asset regulated base at the end of the year.

3. NewsRoom

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Aena SME SA (ANNSF) Full Year 2025 Earnings Call Highlights: Record Revenue and Passenger ...

Feb -25

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Top European Dividend Stocks To Consider In February 2026

Feb -05

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3 European Dividend Stocks Offering Up To 5.4% Yield

Dec -29

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Top European Dividend Stocks For October 2025

Oct -16

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Is Now the Right Moment for Aena Shares After a 5% Weekly Drop?

Sep -24

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Aena SME SA (ANNSF) Q1 2025 Earnings Call Highlights: Record Passenger Traffic and Robust ...

May -01

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Are You Splurging on Food and Drink Before Departure? Your Airport Really Hopes So

Mar -04

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Aena S.M.E., S.A. (ANYYY): Among the Best Airport Stocks to Invest in Now

Feb -17

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.69%)

6. Segments

Airports - Aeronautical

Expected Growth: 4.5%

Aena’s aeronautical segment is expected to grow due to increasing air traffic, driven by rising passenger demand, and Aena’s strategic investments in airport infrastructure and services, enhancing the overall passenger experience.

Airports - Commercial (Incl. Car Park Network)

Expected Growth: 4.5%

Growing passenger traffic, increasing air cargo, and Aena's strategic expansion of its car park network, are driving growth, supported by strong fundamentals in the Spanish tourism industry.

International - LUTON

Expected Growth: 5.5%

Aena S.M.E., S.A. is expected to benefit from increasing air travel demand, tourism growth, and infrastructure investments, driving its growth in the coming years.

International - BOAB

Expected Growth: 6.4%

Aena's international segment, BOAB, benefits from increasing global air travel, driven by growing middle-class populations and infrastructure investments abroad.

International - ANB

Expected Growth: 6.4%

Aena's growth is driven by increasing air traffic, led by tourism and economic growth in Spain, as well as its diversified airport portfolio and strategic investments in digitalization and sustainability.

Airport of The Region of Murcia (AIRM)

Expected Growth: 4.5%

Aena S.M.E., S.A. benefits from increasing air travel demand, driven by global tourism and economic growth, as well as investments in airport infrastructure and technology.

Other International

Expected Growth: 3.8%

Aena's other international operations segment growth is driven by increasing air traffic, expansion into new markets, and strategic partnerships, resulting in a forecast CAGR of 3.8%.

Real Estate Services

Expected Growth: 4.8%

Aena S.M.E., S.A.'s Real Estate Services segment will benefit from increasing air travel demand, infrastructure development, and strategic partnerships, driving growth in airport real estate management and development.

Unallocated Adjustments

Expected Growth: 4.5%

Aena's unallocated adjustments, driven by non-operating income, are expected to grow steadily, driven by increasing air traffic and tourism, which will positively impact the segment's revenue.

7. Detailed Products

Airport Management

Aena S.M.E., S.A. provides comprehensive airport management services, including air traffic control, security, and passenger services.

Aeronautical Information

Aena S.M.E., S.A. offers aeronautical information services, including aeronautical charts, NOTAMs, and flight planning tools.

Airport Infrastructure

Aena S.M.E., S.A. designs, builds, and maintains airport infrastructure, including runways, terminals, and air traffic control towers.

Air Navigation Services

Aena S.M.E., S.A. provides air navigation services, including air traffic control, navigation aids, and communication systems.

Airport Security

Aena S.M.E., S.A. provides airport security services, including passenger screening, baggage handling, and access control.

Airport Commercial Services

Aena S.M.E., S.A. offers airport commercial services, including retail, food and beverage, and advertising opportunities.

8. Aena S.M.E., S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Aena S.M.E., S.A. operates in the airport management industry, where substitutes are limited. However, the threat of substitutes is moderate due to the presence of alternative modes of transportation, such as trains and buses.

Bargaining Power Of Customers

Aena S.M.E., S.A. has a diverse customer base, including airlines, passengers, and other stakeholders. However, the bargaining power of customers is low due to the lack of alternative airport management services.

Bargaining Power Of Suppliers

Aena S.M.E., S.A. relies on various suppliers, including airlines, ground handling companies, and other service providers. The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the company's negotiating power.

Threat Of New Entrants

The threat of new entrants in the airport management industry is low due to the high barriers to entry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The airport management industry is highly competitive, with Aena S.M.E., S.A. competing with other airport operators and management companies for contracts and passengers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 37.24%
Debt Cost 6.04%
Equity Weight 62.76%
Equity Cost 10.07%
WACC 8.57%
Leverage 59.34%

11. Quality Control: Aena S.M.E., S.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Aena

A-Score: 7.2/10

Value: 6.2

Growth: 7.1

Quality: 7.7

Yield: 6.9

Momentum: 6.0

Volatility: 9.3

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Vinci

A-Score: 6.7/10

Value: 6.3

Growth: 6.1

Quality: 4.7

Yield: 6.9

Momentum: 7.0

Volatility: 9.0

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Ryanair

A-Score: 5.9/10

Value: 4.7

Growth: 7.8

Quality: 6.8

Yield: 1.2

Momentum: 8.5

Volatility: 6.3

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Volvo

A-Score: 5.6/10

Value: 3.7

Growth: 6.4

Quality: 4.3

Yield: 8.8

Momentum: 4.0

Volatility: 6.3

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BAE Systems

A-Score: 4.9/10

Value: 2.4

Growth: 6.8

Quality: 4.9

Yield: 5.0

Momentum: 4.5

Volatility: 6.0

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Saint-Gobain

A-Score: 4.8/10

Value: 4.7

Growth: 5.8

Quality: 4.5

Yield: 4.4

Momentum: 4.0

Volatility: 5.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.51$

Current Price

25.51$

Potential

-0.00%

Expected Cash-Flows