Aena Q2’26: Steady, As She Goes (towards DORA III). Remain Outperform, PT €30.80

Research evidence excerpt

Aena Q2’26: Steady, As She Goes (towards DORA III). Remain Outperform, PT €30.80

31 July 2026

Victor Acitores

+34 915 893 901

European Industrials and Infrastructure victor.acitores@bernsteinsg.com

Tobias FrommeAena +44 20 7676 6875

Rating tobias.fromme@bernsteinsg.com

Outperform Pujarini Ghosh, CFA

+44 20 7676 6807

Price Target pujarini.ghosh@bernsteinsg.com

AENA.SM 30.80 EUR Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Aena Q2'26: Steady, As She Goes (towards DORA III). Remain

Outperform, PT €30.80

Despite the recent rally, we continue to see Aena as the highest-quality airport operator in

Close Date 30 Jul 2026

Europe and reiterate our Outperform rating and €30.80 PT. While investor attention remains

AENA.SM Close Price (EUR) 26.76

focused on DORA III and the associated €13bn investment program, we believe regulatory

Price Target (EUR) 30.80

uncertainty is overshadowing fundamentally strong operating performance and significant

Upside/(Downside) 15%

long-term value creation potential.

52-Week Range 28.86/21.96

A rather uneventful quarter. Aena’s Q2’26 results were broadly in line, combining a modest EDME 1,613.47

traffic upgrade with softer operating leverage. Aviation revenue grew 9.2% YoY on strong FYE Dec

traffic and a 6.3% tariff increase, while commercial revenue rose 7%, driven by VIP services, Div Yield 4.1%

car parks and F&B. International revenue increased to €271m, supported by construction Market Cap (EUR) (M) 40,140

activity at São Paulo-Congonhas, while underlying international EBITDA growth remained EV (EUR) (M) 47,071

solid despite weaker margins at Luton. Opex rose 11.3% YoY, driven by staff and operating Performance YTD 1M 6M 12M

costs, leading to only a modest margin decline. Absolute (%) 12.3 0.4 2.0 12.0