Renta 4 | Aena (AENA) publishes traffic statistics for Spanish airports for March.
Although passenger figures slowed slightly compared to January and February, March traffic levels again exceeded (+0.6%) 2019 levels, reaching 20.1 million passengers, thus improving expectations by nearly 10%. Domestic passengers were 4.4% above 2019 (February above +6%), while international passengers were 1.6% below 2019 levels (February flat vs 2019).
The number of flights exceeded 2019 levels by 1.6%, with cargo volumes exceeding 2019 levels by +2.2%.
Assessment:
Traffic remains above pre-pandemic levels. Although Aena raised its 2023 forecasts to pre-pandemic levels, we prefer to take a more cautious view and for the time being reiterate our 2023 forecasts, expecting traffic to be 8% below 2019, pending the summer season which will mark the future of the year.
