Aena, S.M.E., S.A. (AENA.MC): 2Q26 Result in-line; FY26 Traffic Outlook in-line with cons forecast

研报英文原文证据摘录

Aena, S.M.E., S.A. (AENA.MC): 2Q26 Result in-line; FY26 Traffic Outlook in-line with cons forecast

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29 Jul 2026 03:13:01 ET │ 10 pages

Aena, S.M.E., S.A. (AENA.MC)

2Q26 Result in-line; FY26 Traffic Outlook in-line with cons forecast

CITI'S TAKE

Neutral Aena reported 2Q’26 results today. Revenue grew c10% YoY to €1,820m,

in-line with company compiled consensus. EBITDA at €1,138m was Short-Term View: Upside, expires 21-AUG-26

broadly in-line with cons est of €1,149m. EBITDA margin at 62.5% was a Price (28 Jul 26 17:30) €26.98

touch below cons of 63.2%. We believe that EBITDA margin at Spain Target price €27.80

airports was constrained due to significant increase in certain cost items Expected share price return 3.0%

such as maintenance costs (+23% YoY), security fee (+11%), VIP lounges Expected dividend yield 4.2%

(+35%) and other costs (+16%) Commercial revenues per pax (incl real Expected total return 7.3%

estate) came in at €6.2, up c4% YoY. Aena has provided a traffic outlook

Market Cap €40,470M of c3% growth at Spanish network of airports for FY26e which compares

US$46,083M with cons est of 2.9% (CitiE: 3.2%).

Outlook — Aena has indicated that traffic expectations for 2026 take into account

the Middle East conflict which resulted in some traffic being diverted to Spain, as Ashish KhetanAC

Spain is perceived as a safe tourist destination. . +91-22-4277-5121

ashish.khetan@citi.com

DORA III — Aena has indicated that DORA III is continuing through the approval

process. On 26 May, the CNMC issued its non-binding supervisory and regulatory

report within the scope of its remit. The final DORA must be approved by the Council

of Ministers before 30 September 2026

Implications — We do not expect significant change in consensus estimates given