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Aena S.M.E., S.A.

Aena S.M.E., S.A.

0R4Y.IL
Aena S.M.E., S.A.GB flagInternational Order Book
27.42
EUR
+0.08
- -
41.14BMarket Cap
Aena S.M.E., S.A.
0R4Y.IL
(International Order Book)

Recent

price

27.42

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.61
1.73
1.92
2.05
2.3
2.48
2.65
2.81
2.97
1.46
1.62
2.79
3.37
3.86
4.2
5.09
Revenue per Share
-0.14
-0.04
0.4
0.32
0.56
0.78
0.82
0.89
0.96
-0.08
-0.32
0.6
1.09
1.29
1.42
1.77
Basic EPS, GAAP
-0.23
0.07
0.47
0.69
0.92
1.02
1.1
0.95
1.05
-0.24
-0.26
0.76
0.56
1.28
1.15
1.31
Free Cash Flow per Basic Share
0.01
- -
- -
- -
0.01
0.27
0.39
0.66
0.7
- -
- -
- -
0.48
0.79
1
0.02
Dividend per Share
0.94
0.9
1.3
1.62
2.18
2.68
3.12
3.36
3.63
3.52
3.2
3.79
4.59
5.14
5.58
4.74
Book Value per Share
1.59
1.55
1.95
1.96
2.48
3
3.46
3.68
3.58
3.55
3.28
3.89
4.08
4.66
4.97
4.21
Tangible Book Value per Share
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,503
Basic Weighted Avg Shares
2,419
2,598
2,877
3,076
3,451
3,717
3,971
4,211
4,453
2,190
2,436
4,190
5,048
5,784
6,294
7,651
Sales/Revenue/Turnover
3.05
10.5
27.43
34.12
36.46
39.88
43.3
45.35
45.21
4.77
8.7
32.29
41.72
45.4
47.12
47.74
Operating Margin (%)
834
833
818
815
846
826
800
806
789
807
797
795
821
848
797
841
Depreciation Expense
-215
-64
597
479
834
1,164
1,232
1,328
1,442
-127
-475
901
1,631
1,934
2,137
2,661
Net Income, GAAP
- -
- -
- -
29.26
20.16
23.2
23.47
23.58
23.22
- -
- -
22.51
24.05
22.84
23.56
23.49
Effective Tax Rate (%)
-8.87
-2.44
20.74
15.56
24.16
31.32
31.02
31.54
32.39
-5.79
-19.52
21.51
32.31
33.44
33.95
34.77
Profit Margin (%)
-1,835
-1,685
-1,289
-1,054
-755
-515
-271
-385
-1,328
318
-318
739
720
569
1,563
102
Working Capital
11,119
11,034
10,374
9,832
8,702
7,834
7,185
6,461
5,544
7,117
7,057
6,993
6,814
5,756
6,496
6,190
LT Debt
2,489
2,437
3,039
3,578
4,360
5,026
5,688
6,024
6,382
6,029
5,560
6,642
7,846
8,496
9,155
7,916
Total Equity
- -
- -
- -
5.12
7.02
8.18
9.64
10.89
11.73
- -
- -
7.34
10.42
12.69
14.19
18.64
Return on Invested Capital (%)
- -
- -
- -
5.72
7.52
9.67
10.42
11.33
12.38
- -
- -
7.26
12.55
14.07
15.09
20.28
Return on Capital (%)
- -
-4.58
36.11
21.85
29.28
31.96
28.32
27.34
27.54
-2.37
-9.44
17.2
25.92
26.5
26.59
39.73
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
1,255
1,373
733
LT Borrowings
5,711
- -
- -
LT Finance Leases
45
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,500
1,500
1,500
Market Capitalization
29,865
32,892
34,125

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
2,803
3,083
1,970
Cash, Cash Equivalents & STI
1,884
2,240
950
Accounts Receivable, Net
844
777
951
Inventories
6
6
6
Total Current Liabilities
2,234
2,477
1,867
Payables & Accruals
- -
- -
- -
ST Debt
1,255
1,373
733
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.06%
9.17%
7.75%
Free Cash Flow
-39.5%
-57.57%
-10.18%
Net Income, GAAP
4.84%
19.07%
10.47%
Sales/Revenue/Turnover
10.27%
25.43%
8.82%
Total Cash Common Dividend
- -
- -
26.62%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,223
1,503
1,640
3,045
5,784
2025
1,307
1,658
3,325
- -
6,294
2026
1,466
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
- -
- -
0.75
1.29
2025
0.2
- -
0.83
- -
1.42
2026
0.22
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
0.01
0.79
2025
- -
- -
0.01
- -
1
2026
- -
- -
- -
- -
- -
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Business
Aena S.M.E., S.A. is a state-owned Spanish company specializing in the management, operation, and development of airports and heliports. The company operates a network of 46 airports and 2 heliports primarily in Spain, with international operations in Brazil, the United Kingdom, Mexico, and Colombia. Aena's core products and services include airport management and operation; airport terminal services such as cargo handling, air transportation, passenger security, and commercial space management; operation of duty-free shops, food and beverage services, specialty retail shops; car rental services; advertising; luggage wrapping; regulated services including pharmacies, tobacconists, and lottery vendors; and financial services such as currency exchange, VAT refund services, and ATM management. The company also manages real estate assets outside terminals, including industrial properties, office buildings, warehouses, hangars, and cargo vessels, leasing these assets to airlines, air cargo operators, and service providers. Aena operates through business segments consisting of Airports, Real Estate Services, and International operations. Founded in 1991 and headquartered in Madrid, Spain, Aena is a subsidiary of the public entity ENAIRE. Recent major company changes include significant strategic expansion and infrastructure development projects. These involve the expansion of key airports such as Madrid-Barajas, Barcelona-El Prat, London Luton, and Brazil’s Congonhas Airport, the latter representing Aena’s largest international project. The company has accelerated capacity enhancement to accommodate growing passenger volumes, with passenger traffic rising by 4.9% to 78.3 million in H1 2025. Aena is advancing sustainability initiatives to reduce environmental impact, including reducing emissions by 70% since 2019 and pursuing renewable energy projects that aim to cut energy market exposure by 51% by 2029. Notable innovations include pilot projects on artificial intelligence for airport management, autonomous perimeter surveillance robots, smart locker installations, and hydrogen hub development in partnership with Airbus, Repsol, and Iberia. Commercial revenue grew strongly with a 14.7% increase in 2024, driven by renegotiated and new contracts with higher Minimum Annual Guarantees in retail spaces. The company also maintains operational resilience with energy cost hedging and infrastructure upgrades during regional power outages. These strategic moves position Aena for sustained growth in airport capacity, service diversification, and environmental leadership across its geographic footprint.