Aena posted a robust nine‑month performance, turning a net profit of 499.2 million euros for the first three quarters, a sharp reversal from a 123.7 million euro loss in the same period a year earlier. This swing reflects a strong recovery in traffic and operating momentum across its airport network, with multiple indicators signaling sustained demand and improved efficiency.
Revenue for the period reached 2,915.1 million euros, marking a 65.6% increase versus the first nine months of 2021. The higher top line aligns with broader recovery trends in travel and airports as international tourism resumes and domestic mobility strengthens. This growth momentum mirrors improved volumes across services and related airport activities, supported by ongoing cost discipline and capacity utilization.
Aena’s gross operating profit, or EBITDA, stood at 1,301.5 million euros through September, nearly tripling the 438.3 million euros earned in the same period of 2021. The improvement includes contributions from newly consolidated assets and efficiency gains, with 85.2 million euros attributed to the inclusion of Luton’s results and 49.3 million euros from ANB. The expansion in EBITDA underscores underlying operating strength and effective integration of acquisitions that broaden the group’s geographic footprint.
Operating cash flow rose to 1,558.3 million euros from 20.5 million euros in the prior year period, underscoring stronger cash generation and liquidity. This jump reflects higher EBITDA, prudent working capital management, and the timing of capex and maintenance spend that supports sustained network performance.
Traffic across the Aena network in Spain rebounded decisively, with passenger figures more than doubling to 184.2 million by September, up 140.7% year over year. The volume signals a robust recovery, reaching about 86.1% of pre‑pandemic traffic levels observed in 2019. The resilience comes from a broad-based improvement in demand across all airport categories and routes, highlighting a broad return of air travel and consumer confidence.
Aena noted that the increase was widespread across all airports and traffic types, with national traffic rising 72.8% in the first nine months and international traffic showing a much stronger recovery, including a near triple increase compared with the previous year. This pattern demonstrates the company’s ability to recover international routes as border controls ease and global travel resumes, while domestic travel also regains strength.
When the numbers from Luton Airport in London and six ANB airports in Brazil are included, total passenger volumes rise to 204.4 million, up 133.8% from the same period in 2021. This broader view indicates a deeper, cross-border recovery and helps offset any regional variability, bringing overall traffic closer to pre‑Covid benchmarks. The combined data also suggest that around 85.8% of pre-pandemic traffic levels have been recovered across the extended network.
Luton Airport alone accounted for a significant share of the nine‑month flow, representing 71% of the traffic observed in the first nine months of 2019, and it surged 264.7% by September. Aena Brasil likewise posted a solid rebound, with traffic up 26.9% and nearing 2019 levels with only a small gap remaining. These regional performances illustrate how the group’s portfolio is contributing to a more diversified and resilient passenger mix.
On the cost side, the company disclosed that higher electricity prices across grid airports contributed to an annual cost increase of 150 million euros. This reflects the energy market dynamics impacting operating expenses, a factor that management continues to monitor as part of its broader efficiency and hedging strategies. The balance between rising costs and revenue growth remains central to sustaining profitability as traffic patterns normalize.
Overall, the nine‑month results position Aena as a leading airport operator with a strong cash generation profile, expanding EBITDA, and a diversified asset base that supports a resilient revenue stream even in mixed market environments. The continuing expansion of consolidated assets, together with ongoing cost controls and energy management efforts, underpins the company’s ability to deliver value to shareholders while restarting growth across its international portfolio. (Market commentary and the company’s quarterly update provide the context for these observations.)