Link Securities | Aena (AENA) presented its results for the first quarter of the financial year (Q1 2026), from which we highlight the following aspects:
- AENA’s total consolidated revenue in Q1 2026 stood at €1,479.9 million, representing an increase of 11.6% compared to the first quarter of the previous year (up 4.9%; FactSet analyst consensus): aviation revenue was €719.4 million; and commercial revenue, €465.4 million.
- AENA’s passenger traffic (Spain, London-Luton and Aena Brasil) rose to 81.3 million (up 3.8% compared to Q1 2025). At airports in Spain, the increase was 3.2% (to 65.6 million passengers). Traffic in Q1 2026 benefited both from the transfer of passengers from rail travel (following the rail accident on 18 January) and from the Easter holiday schedule, which this year fell between March and April, whereas last year it took place entirely in April.
- Meanwhile, AENA’s operating cash flow (EBITDA) rose to €661.1 million, an improvement of 2.7% year-on-year (down 2.6%; analyst consensus). However, in terms of total revenue, the EBITDA margin fell to 44.7%, from 48.6% in Q1 2025.
- Similarly, AENA’s net operating profit (EBIT) increased by 5.5% year-on-year (down 2.9%; FactSet consensus), to €458.8 million. In terms of total revenue, the EBIT margin stood at 31.0% at the end of Q1 2026, down from 32.8% in Q1 2025 and compared with the 33.5% estimated by the analyst consensus.
- The improvement in the financial result, due to higher financial income, led to a 9.6% year-on-year increase in AENA’s profit before tax (PBT) (up 2.7%; analyst consensus), reaching €446.8 million. Finally, AENA’s attributable net profit in Q1 2026 amounted to €329.4 million, a figure 9.3% higher than in the same quarter of the previous year, and which also slightly exceeded (1.3%) the figure expected by the FactSet analyst consensus.
- Investment between January and March 2026 amounted to €298.9 million and focused primarily on improving airport facilities and operational safety.
- AENA’s consolidated net financial debt stood at €3.621 billion, compared with €4.468 billion for the whole of 2025, reducing the consolidated group’s net financial debt to EBITDA ratio to 1.06 times. Strong cash generation was recorded in Q1 2026. Net cash generated from operating activities reached €908.4 million, compared with €820.4 million in Q1 2025.
