Aena released second-quarter 2026 financials that were largely in line with analysts' forecasts. The group's EBITDA was reported at €1,146 million, coming in 0.8% under the consensus figure.
Breaking down the performance by business line, the company's international activities registered results 2.1% below analyst expectations. By contrast, commercial revenue exceeded forecasts by 1.5% and real estate revenue outperformed by 17.0%. Aeronautical revenue matched analyst predictions.
Variable retail rents per passenger rose 3.9% year-over-year in the quarter, accelerating from 1.9% growth recorded in the first quarter of 2026. On the cost side, operating expenses for the Spanish network - excluding taxes, electricity, and supplies - increased 13% year-over-year, a moderation from 15% growth in the first quarter. The company attributed the rise in operating expenses largely to higher staff costs.
Aena set its traffic growth guidance for 2026 at approximately 3%, which aligns with analyst consensus. Management noted that Spain has seen inbound traffic diverted from other regions following the Strait of Hormuz crisis and that some passengers have shifted from rail to air travel.
The company cautioned that visibility into the second half of 2026 is constrained, pointing to fuel hedge roll-offs and uncertainty surrounding the Middle East conflict as key factors. Aena also reported weakening load factors, which means traffic growth is trailing capacity expansion.
On infrastructure and regulatory preparations, the operator confirmed continued progress on its DORA project as it moves toward the planned September deadline.
Contextual note: The data above reflects Aena's reported second-quarter performance and company commentary; no additional projections or external information have been introduced.