Spanish airport operator Aena sees profit soar 27% to record 1.45 billion euros

Passenger traffic at Grupo Aena (Spain, London-Luton and its airports in Brazil) has increased to 282.5 million (+8.9%) in the year to date

Colpisa

Madrid

Wednesday, 30 October 2024, 13:27

This year's tourism boom in Spain has resulted in a record profit for Spanish airport operator Aena, amounting to some 1.45 billion between January and September. The figure is 27.3% more than the 1.14 billion euros in the same period last year, according to the country's national securities market commission (CNMV) this Wednesday 30 October.

The gross operating profit (Ebitda) for the first nine months was 2.66 billion euros, with a margin of 60.6%. This is a 26% increase compared to 2023 (2.11 billion). Passenger traffic at Grupo Aena (Spain, London-Luton and its airports in Brazil) increased to 282.5 million (+8.9%) in the year to date. At the airports in Spain, the increase was 9.8% to 237.8 million passengers.

The consolidation of the Eleven Brazilian Airports Block (BOAB), managed by Aena Brasil, contributed 136.1 million euros to revenues and 74.9 million euros to Ebitda. The investment paid between January and September 2024 amounted to 623.4 million euros, and focused mainly on upgrading facilities and operational safety at airports.

In terms of consolidated revenues, the airport operator had a total turnover of 4.39 billion euros, an increase of 16.3% compared to last year thanks to the increase in air traffic in this period. Of this, aeronautical revenues amounted to 2.42 billion euros, up 14.6%, while commercial revenues, supported by a growth in sales from commercial activities, reached 1.32 billion euros, an increase of 16.6%.

Declining debt

Total sales exceeded those recorded in 2023 by 12%, while total business revenues grew by 12.8%, according to Aena data.

A total of 63 tenders (76 outlets) were put out in the shops of its network since January, of which 34 (48 outlets) have been awarded. In the food and hospitality segment, 34 tenders have gone out, totalling 47 outlets, and less than half of them, 15 tenders (22 outlets), have been awarded.

Aena Group's consolidated accounting net financial debt stood at 5.7 billion euros, compared to 6.22 billion euros in 2023, with the net financial debt to Ebitda ratio of the consolidated group being 1.60 times.

On the other hand, Aena pointed out the "solid" cash generation, as the net cash generated by operations reached 2.35 billion euros, compared to 1.9 billion euros in the first nine months of 2023.

The Grupo Aena's overall expenses amounted to 2,368.1 million euros (+4.3%). In terms of other operating expenses, excluding the impact of energy, the year-on-year increase in other operating expenses in the Spanish airport network was 92.9 million euros, 12.1% more than from January to September 2023.

Between January and September, Aena's share price fluctuated between a minimum of 159.80 euros and a maximum of 201.00 euros, closing on 30 September at 197.60 euros, which implies a revaluation of the share price of 20.4% since 31 December 2023, higher than the evolution of the Ibex 35, which in the same accumulated period shows an increase of 17.6%, the group said.

More incentives

As announced on Tuesday 29 October, Aena's board of directors has approved an incentive package for the 17 Spanish airports and heliports with less than three million passengers that have not yet recovered their pre-Covid-19 pandemic air traffic. The new incentives consist of a 100% discount on airport security and PRM (passenger with reduced mobility) benefits for additional passengers compared to the past season in 2023.

The incentive will apply during the summer and winter seasons of 2025 and 2026 and involves a discount of around 70% of the total cost of operating at these airports on the additional flights.

Aena also approved the fare proposal applicable from 1 March 2025, setting the maximum annual adjusted revenue per passenger (Imaaj) for 2025 at 10.40 euros, which represents a variation of 0.54% with respect to the Imaaj for 2024 (10.35 euros per passenger).

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