Renta 4 | The relevant authorities have agreed to give the green light to the expansion of capacity at the British airport Luton, in which Aena has a 51% stake and which in 2024 accounted for just over 5% of the group’s EBITDA with 16.7 million passengers. Current capacity is set at 18 million passengers, but it has already been agreed to expand it to 19 million. This new expansion…
Intermoney | Aena (AENA) (Buy, Target Price €215/share) has announced its 2024 annual results and will hold a conference call today at 1pm. The main figures are shown in the following table. Based on last year’s traffic levels, which far exceeded pre-pandemic records (112% in Spain), Aena generated EBITDA of €3.51 billion in 2024 (up 16%), or 127% of the 2019 figure, quite in line with estimated IMV (€3.52 billion)….
Norbolsa | Aena’s conflict with Ryanair over airport charges continues. The airline has reduced regional flights in Spain and is demanding incentives to expand. Aena, backed by the government, rejects its demands, accusing it of blackmail, while the airline defends its low-fare model as key to tourism and connectivity. Last week, Aena president Maurici Lucena and the Irish airline’s CEO Eddie Wilson clashed in a debate organised by Hotusa. Lucena…
Link Securities | The cross accusations between Ryanair and Aena (AENA) continue, after the Irish airline took the decision to eliminate routes in Spain due to ‘excessive fees and the lack of effectiveness of incentive plans’ by the airport manager, as reported on Tuesday by Bolsamanía.com. Now, the airline is going one step further and is asking Aena to sell its regional airports. ‘Minister Puente has two options: he can…
Bankinter: Aena’s airports registered 21.6 million passengers in November, which is up 9.2% compared to November 2023. It accumulates an increase of 9.4% so far this year (vs. 9.4% previously). Analysis team’s opinion: Good news for Aena. Airport traffic continues to break historical records month after month and will most likely end the year slightly above our estimates (306M passengers; up 8% on 2023 figures). However, the good prospects are…
Banco Sabadell | The National Commission for Markets and Competition (CNMC) has rejected Aena’s proposal to raise airport charges by about 0.5% in 2025, admitting that the claims of some airlines were justified. It argues that Aena was too conservative in forecasting traffic, which has in fact gone up twice during the year. Assessment: Negative news with limited impact. We already included this increase in our estimates and P.O. although…
Intermoney | Aena (Buy, PO €205) yesterday announced its monthly traffic data for October. Passenger numbers in Spain rose 6% year-on-year last month to 28.2 million. Both Barajas and El Prat grew by more than 5%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Valencia (up 4%) and Ibiza (down 1%). The national total in October was 14% higher than…
Intermoney | Aena (Buy, PO €215) has announced its 9m 24 results, and will hold a conference call today at 1pm. The figures, along with our estimates, are shown in the attached table. Based on September traffic levels that were well above pre-pandemic records (107% in Spain), Aena generated 9m EBITDA of €2,663m, or 125% of the 2019 figure, slightly above IMVe (€2,646m). We confirm our estimates, which we clearly…
Intermoney | Aena (Buy, PO €205) announced on Monday its monthly traffic data for September. During last month the number of passengers in Spain rose year-on-year by 8% to 29.6 million. Both Barajas and El Prat grew by close to 10%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Palma (up 5%) and Ibiza (0%). The national total in September…
Aena, together with two local partners, has presented the project to expand Cali airport (Colombia), which would involve an investment of €500 million. The Spanish operator is currently the concessionaire of this infrastructure, although the Colombian government is expected to put the airport out to tender next year. Aena thus opts to continue as operator, while maintaining its 50% stake and consolidating the concession by the equity method. The project…