Intermoney | The company (Hold, PO £24) announced its H1 2025 results this morning and will hold a conference call at 1 p.m. The figures for the first half, together with our estimates, are shown in the table below. Based on traffic levels in Spain in the first half, which grew by 4.5%, Aena generated EBITDA of €1.692 billion (up 9%) in June, slightly below the Intermoney estimate (€1.707 billion). By business, Aeronautics (EBITDA up 5% to €701 million against the Intermoney estimate of €725 million) reflected a modest increase (2%) in costs per passenger in 1H to €5.8, against the Intermoney estimate of €5.8, although it was passenger revenue that fell short of Intermoney’s figure of (€10.6 versus €10.4). The Commercial area (up 10% against the Intermoney estimate of 7%) confirmed its growth in average revenues, but margins declined slightly, as in Q1. International (up 24% to €196 million) consolidated all of its business in Brazil this year and was in line with the Intermoney estimate (€199 million). Net profit at June rose by 11% to €894 million (Intermoney estimate €919 million).
We are not changing our forecasts for the period 25-27 following the latest annual results, which we raised to an average of 3% for EBITDA for the period 25-27 in our update last June.
