Aena has started 2025 on a positive note. In the first quarter, the company reported a net profit of €301.3 million, marking a 15.4% increase compared to the €261 million recorded in the same period the previous year. The gross operating result (EBITDA) rose to €643.6 million, with a margin of 48.6%, reflecting a 10.8% growth from the €581.1 million achieved in 2024.
Revenue Growth Driven by Traffic and Brazilian Airports
Total consolidated revenue reached €1,325.6 million, a 7.5% increase compared to the first quarter of 2024. This figure breaks down as follows:
- Aeronautical revenue: €683.6 million
- Commercial revenue: €441.1 million
Additionally, the consolidation of the Block of Eleven Brazilian Airports (BOAB) played a key role, contributing €46.8 million to revenue and €25.7 million to EBITDA.
Growing Passenger Traffic
The Aena Group—including operations in Spain, London-Luton, and Brazil—handled 78.3 million passengers between January and March 2025, representing a 4.9% year-on-year increase. In Spanish airports, traffic rose by 4.7%, reaching 63.6 million passengers.
It is worth noting that the comparison with 2024 is influenced by two factors: Easter, which fell in April this year compared to March last year, and the leap year effect.
Over €200 Million Allocated to Investment
During the first quarter, Aena invested €203.1 million, primarily focused on facility improvements and enhancing operational safety across its airport network.
Cost Control and Operational Efficiency
The Group’s OPEX amounted to €691.9 million, up from €659.9 million the previous year. This increase reflects:
- A 10.7% rise in personnel costs
- Higher expenses in electricity (+22.4%), maintenance (+9.5%), and security (+8.3%) in the Spanish network
Excluding the impact of energy costs, other operating expenses in Spain increased by €17.1 million, up 4.7% compared to the first quarter of 2024.
Debt Reduction and Strong Cash Generation
Aena’s consolidated net financial debt stood at €4,886 million, down from €5,498 million in 2024. This led to a significant improvement in the debt/EBITDA ratio, which now stands at 1.37x.
Net cash flow generated by operating activities reached €820.4 million, well above the €723.7 million recorded in the same period the previous year.
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