Aena (AO) | Hold | Also potentially interested in Sicilian airports

Research evidence excerpt

Aena (AO) | Hold | Also potentially interested in Sicilian airports

News comment

Release date: 28 May 2026

Luis Prieto

Head of Constr., Infra & Materials

Hold +34 914 36 5111Aena lprieto@keplercheuvreux.com

Spain | Airlines & airports Beta Profile: MCap: EUR36.8bn

Target Price: EUR26.80 Bloomberg: AENA SM Reuters: AENA.MC

Current Price: EUR24.54 Free float 43%

Up/downside: 9.2% Avg. daily volume (EURm) 128.1

YTD abs performance 3.0% Market data: 27 May 2026

52-week high/low (EUR) 28.81/21.96

Also potentially interested in Sicilian airports

Key points:

According to Spanish business newspaper El Economista, Aena would be analysing the Catania and Comiso airports in Sicily, Italy,

a transaction that could be later expanded with the inclusion of Palermo and Trapani airports. The operator, Societa Aeroporto

Catania (SAC), is owned by the Chamber of Commerce of Southeast Sicily and various other local entities, who are reportedly

considering the disposal of a majority stake of between 51% and 65% in the company (retaining minority ownership).

Reportedly, the transaction is valued at between EUR400m and EUR500m (EV/EBITDA of between 14.3x and 17.9x on the basis of

FY 2024's reported EBITDA), and has sparked the interest of some of the major airport operators and infrastructure funds globally.

The transaction could entail an additional EUR1bn worth of expansion capex commitments.

Since the expiration of Aena's Cali and Cartagena airport concessions in Colombia, the company's international footprint has

been in three countries: Brazil (ANB, BOAB and Galeão), the UK (Luton, Leeds and Newcastle) and Mexico (GAP). In this context,

the Leeds and Newcastle acquisitions last year and the Galeão transaction this year reawakened the debate about Aena’s

internationalisation ambitions.