Intermoney | Aena (Buy, PO €215) held its shareholders’ meeting yesterday at which its chairman Ignacio Lucena confirmed their passenger traffic guidance in Spain of 320 million, implying an annual increase of +3.4%. The forecast was formally announced at the last presentation of the 2024 annual results, held at the end of February. In addition, the operator approved a future 10-for-1 share split, something that was also announced then and for which there is no specific date set at the moment.
Assessment: Good news for Aena that it does not see the need to change its forecasts in the context of the commercial and geopolitical uncertainties we are experiencing. This is especially the case when other markets, such as the US, are seeing expectations of air traffic and tourist inflows decline in 2025. We expect EBITDA growth of 8% to almost €3,800 million for Aena this financial year. The operator will announce its Q1 2025 results on 30 April.
