Quick Take - Aena Q2’26: Not much to see; guidance upgrade and higher opex as expected

Research evidence excerpt

Quick Take - Aena Q2’26: Not much to see; guidance upgrade and higher opex as expected

blocks ANB and BOAB are valued through our DCF analysis with an

adjusted WACC (WACC: 8.0%); and Aena’s 5.8%-stake in the Mexican airport operator GAP is valued at market value. Together,

our TP is €30.80.

RISKS

Aena

Key downside risks include:

• Aena’s airports are reliant on continued air travel demand (both leisure and business travel to varying degrees). Economic crises,

pandemics, terrorist attacks and other global events that impact this demand are key risks to our target price.

• Aena is exposed to leisure travel. During an economic crisis, disposable incomes fall, and so does leisure traffic.

• Given the regulation of critical infrastructure assets in Spain, the regulator sets the tariffs that determine the topline of Aena’s

Aviation business. A lower-than-expected allowed return would impact Aena negatively.

• Restrictive environmental regulation in Europe could impact travel demand, with fewer airlines willing to fly to Barcelona or

Madrid or increased costs for airport operators.

RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION

EQUITY RATINGS DEFINITIONS

Bernstein brand

The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 for

stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

Pacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japanese

exchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian