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    Airlines, Airports & Air Services
Aena S.M.E., S.A.

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

AENA.MC
Aena S.M.E., S.A.ES flagMadrid Stock Exchange
27.12
EUR
-0.18
- -
40.68BMarket Cap
Aena S.M.E., S.A.
AENA.MC
(Madrid Stock Exchange)

Recent

price

27.12

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
29,610
32,561
34,064

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. manages airports and provides related services primarily in Spain and internationally. The company operates through Airports, Real Estate Services, AIRM, and International segments; it oversees aeronautical activities including airport regulation, jetways, security, handling, cargo, and fueling; manages commercial concessions such as duty-free shops, food and beverage outlets, specialty retail, car rentals, advertising, luggage wrapping, vending machines, pharmacies, tobacconists, lottery vendors, currency exchange, VAT refunds, and ATMs; handles real estate including terminal commercial spaces, car parks, VIP areas, land leases, office buildings, warehouses, hangars, and cargo vessels for airlines, cargo operators, and handlers; and offers international advisory and management services. Aena S.M.E., S.A. conducts operations in Spain, Brazil, the United Kingdom, Mexico, and Colombia, serving passengers, airlines, and commercial tenants in the aviation and travel sectors. Founded in 1991 and headquartered at Calle Peonías 12 in Madrid, Spain, the company functions as a subsidiary of Entidad Pública Empresarial ENAIRE. Recent developments include record net profit of €1,934.2 million in 2024, up 18.6% from 2023; approval of short- and long-term decarbonization targets by SBTi; progress on a new corporate headquarters in Adolfo Suárez Madrid-Barajas Airport City with awarded architecture and engineering contracts; Moody’s upgrade of long-term rating to A2; announcement of €12.9 billion investment plan for 2027-2031 focused on regulated airport upgrades and non-regulated commercial actions; receipt of approval for €3 billion Barcelona airport expansion; and ongoing terminal modernizations, commercial space expansions, digitalization investments, renewable energy projects including solar farms, and international growth initiatives.