Intermoney | Aena (AENA) (Hold, Target Price €24) announced on Tuesday, with the market open, its passenger traffic figures for December and for 2025 as a whole. Figures in Spain showed a 3.4% increase last month, exceeding 22 million passengers, of which nearly 10 million were distributed between Barajas and El Prat, which increased their figures by 3% and 6%, respectively.
Among the other major airports, those of Málaga (up 7%) and Alicante (8%) stood out. Others, such as Palma, recorded traffic increases of less than 1% compared to December 2024, while the main airports in the Canary Islands suffered very slight declines. For 2025 as a whole, traffic increased by 3.9% to 321.6 million passengers, the same growth as we saw in September, with Barajas up one point less and El Prat recording an increase of 4.4%. All major airports experienced increases. Among Aena’s other assets, Brazil and Luton rose by 5%, broadly in line with the data we have seen in previous quarters.
Assessment: Data with no surprises last month, and for 2025 as a whole, which saw a continuation of the expected moderation in growth from the double digits we saw at the beginning of 2024. This figure is in line with the operator’s guidance and Intermoney estimates. For 2026, we expect traffic growth to continue to moderate, remaining at 3.0% and subsequently falling to 2.5% in 2027. Aena will publish its 2025 annual results on 25 February, for which we currently expect EBITDA to increase by 10% to €3.852 billion, including growth of 7% and 11% in aeronautics and commercial activities, respectively.
