Bankinter | Q3 2025 results are slightly below expectations. Q3 2025 figures (versus market consensus): Revenue €9,328 million (same as Q3 2024) versus €9,427 million estimated; BNA €1,402 million (down 2.3%) versus €1,443 million estimated; Capacity (available seat kilometres, ASK): 95,537 million (up 2.4%); Load factor 88.6% (versus 89.9% in Q3 2024); Passengers 34,587 million versus 34,745 million in Q3 2024. Unit revenue per passenger (available seat kilometres) fell to €8.65 (down 2.4%). Costs moderated in the quarter: Maintenance (down 6.0%) and Fuel (down 8.8%), due to the reduction in oil prices, although Personnel Costs continued to rise (up 5.4%).
Overall, operating expenses fell (0.6%), practically in line with the trend in revenue. The trend of reducing net debt continued, to €6,009 million versus €7,517 million at the end of 2024, bringing the NDS/EBITDA ratio to 0.8x versus 1.1x. It has a liquidity volume of €11,442 million versus €12,042 million in Q2 2025.
Dividend: it pays a combination of dividends and share buybacks. Specifically, it has practically completed this year’s buyback of €1,000 million (approx. 4.5% market capitalisation). In addition, it announces a dividend of €220 million (€0.048/share). It will announce new remuneration after the presentation of the full 2025 financial year in February (estimated 2025 return, 2.0%). Looking ahead to Q4 2025, the level of income is positive. It insists that travel demand remains strong.
Bankinter analysis team’s view: The results are somewhat worse than expected and than the previous year, although it should be noted that Q3 2024 was particularly strong. On the positive side, the healthy balance sheet (DFN/EBITDA 0.8x) and high liquidity stand out. Also noteworthy is the lower increase in costs, after several quarters of growth. Furthermore, it insists that demand remains strong in its main markets, especially looking ahead to the last quarter of the year. Finally, it maintains its guidance despite a complex geopolitical context. Therefore, although the results are slightly below expectations, we maintain our Buy recommendation.
