• Total Revenue: EUR4.4 billion, up 16.3% year-on-year.

• Passenger Volume: 282.5 million, an 8.9% increase compared to the first nine months of 2023.

• EBITDA: EUR2.6 billion, a 26% increase, with a margin increase from 55.9% to 60.6%.

• Net Profit: EUR1,449 million, up 27.3% from 2023.

• Total Costs: EUR2,368.1 million, a 4.4% increase year-on-year.

• Commercial Revenue: EUR1.1 billion, a 20.9% increase.

• Real Estate Revenue: EUR67 million, up 33.1%.

• Operating Expenses: EUR1.7 billion, a 6.2% increase.

• Net Financial Debt: EUR5.7 billion, a decrease of EUR523 million.

• Net Debt-to-EBITDA Ratio: Reduced from 2.06x to 1.6x.

• Cash Generated by Operating Activities: EUR2.3 billion, a 23.5% increase.

• International Passenger Growth: London Luton Airport 2.7%, ANB Brazil 8.5%, BOAB Brazil 3.7%.

• Commercial and Real Estate Revenue per Passenger: EUR5.9, a growth of 12.8% excluding adjustments.

• Duty-Free Revenue Growth: 38%, reaching EUR394 million.

• Food and Beverage Revenue Growth: 8.1% for the first nine months.

• VIP Services Revenue Growth: 30.9%.

• Car Park Revenue Growth: 13.5%.

• Advertising Revenue Growth: 23.8% in the third quarter.

• Warning! GuruFocus has detected 3 Warning Sign with ANNSF.

Release Date: October 30, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Aena SME SA (ANNSF) recorded a total passenger volume of 282.5 million in the first nine months of 2024, marking an 8.9% increase compared to the same period in 2023.

• Total revenues reached EUR4.4 billion, a 16.3% year-on-year increase, driven by aeronautical and commercial revenues.

• The company achieved a consolidated EBITDA of EUR2.6 billion, representing a 26% increase, with the EBITDA margin improving by nearly 500 basis points.

• Commercial and real estate revenues increased by 16.2%, with the commercial segment alone reaching EUR1.1 billion, a 20.9% increase.

• Aena's international operations, including London Luton Airport and Brazilian subsidiaries, showed positive growth, with Luton Airport's revenues growing by 16.7% and Brazilian operations showing strong traffic and revenue increases.

Negative Points

• Operating expenses increased by 6.2% in the first nine months, driven by higher staff costs and consolidation of new operations.

• Despite revenue growth, there was no operating leverage in the Spanish airports, with OpEx rising at a similar rate to traffic growth.

• The company faces potential challenges from proposed increased taxes on air travel in Spain, which could impact traffic.

• There is uncertainty regarding the governance model for the airport in Catalonia, with no new developments since the last update.

• Aena is experiencing cost pressures due to inflation, regulatory changes, and increased labor costs, impacting overall expenses.