Spanish airport operator Aena has reported a net profit of €1.579 billion for the first nine months of 2025, an 8.9% increase compared with the same period in 2024.
The rise in earnings was driven by strong passenger growth across its network of airports in Spain, the United Kingdom, and Brazil, as global travel demand continues to accelerate.
The company said its airports handled 294.1 million passengers between January and September 2025, up 4.1% year-on-year, while total revenue climbed 8.8% to €4.7852 billion. The results reinforce Aena’s financial resilience ahead of its next investment phase, which will focus on expanding capacity to meet sustained growth in air travel.
Investment plan targets growth through 2031
Led by Maurici Lucena, Aena’s president, the company is preparing for a major investment cycle under the framework of its third Airport Regulation Document (DORA 3). Covering the period from 2027 to 2031, the plan allocates €12.888 billion to upgrade infrastructure and adapt facilities for rising passenger volumes across its airports.
In advance of this expansion, Aena has cut its net financial debt by 6.7% to €5.127 billion, bringing its leverage ratio to 1.37 times EBITDA. The company described the reduction as a key step in reinforcing balance sheet strength before committing to the multi-year investment plan.
By business segment, aeronautical revenues totaled €2.556 billion, a 5.5% increase from last year, reflecting higher traffic across domestic and international routes. Commercial revenues—covering retail, food and beverage, and other non-aeronautical activities—rose 10.8% to €1.466 billion, boosted by new retail space tenders and increased traveler spending.
International airports post double-digit revenue gains
Aena’s international operations delivered a strong contribution, with total revenues reaching €655.3 million, up 18.2% year-on-year. The company operates 46 airports and two heliports in Spain, as well as London Luton Airport and 17 airports in Brazil. It is also exploring further expansion in Brazil, where it has advanced to the proposal phase to acquire concessions for 20 additional airfields being sold by local operator Motiva.
Within Spain, passenger traffic accounted for the majority of total volume, reaching 247.1 million travelers in the first nine months of 2025—a 3.9% rise compared with the same period in 2024. Growth was recorded across nearly all airports and traffic categories, reflecting ongoing recovery in both domestic and international markets.
Among airlines, Ryanair maintained its position as Spain’s largest carrier with a 21.8% market share, up 4.7% in passengers. Vueling followed with a 15.3% share, while Iberia registered 6.7%, down slightly from the previous year. Aena attributed the overall increase in air traffic to strong tourism flows, improved connectivity, and competitive pricing among low-cost carriers.
The company’s real estate segment also showed progress, generating €98.2 million in revenue—a 13.7% rise compared with last year. The growth aligns with Aena’s broader strategy to diversify income sources and strengthen non-aeronautical revenues, which now account for more than one-third of total income.
According to Aena, its robust financial results and expanding international footprint demonstrate the company’s position as one of the world’s leading airport operators. “These figures confirm the solid performance of our airports and the continued recovery of global travel,” said Maurici Lucena, president of Aena.
The company’s outlook remains positive as the aviation sector approaches full post-pandemic normalization. With record passenger volumes and a multibillion-euro investment program on the horizon, Aena is positioning itself to manage the next stage of growth in European and Latin American aviation.
Analysts note that Aena’s focus on reducing leverage and expanding its commercial and real estate businesses could provide greater resilience against cyclical downturns in air travel. Its continued international expansion—particularly in Brazil—signals an ambition to strengthen its global portfolio beyond Europe.
As 2025 draws to a close, Aena’s results place it among the top-performing infrastructure operators in Europe, reflecting the resurgence of global tourism and a sustained appetite for air travel.
Photo Credit: AENA
