Aena raises net profit 12.4% to €1,774.7 million in 9 months
Key Facts
Spanish airport operator Aena said net profit reached €1,774.7 million in the first nine months of 2026, up 12.4% from the same period in 2025, when it recorded €1,579.4 million. Consolidated revenue rose to €5,283.9 million, up 10.4% year on year, the company said in a statement. The results were supported by growing passenger traffic and higher aeronautical and commercial revenue, as well as construction services revenue and Augusta's contribution. The figures also show higher operating costs, putting expense growth alongside revenue gains in assessing the period's performance. The company reported results for January to September.
Passenger traffic across the Aena Group, which includes airports in Spain, London Luton, Leeds Bradford and Brazil, reached 309.9 million, up 4.1% from the first nine months of 2025. Across the Spanish airport network alone, passenger numbers rose by the same rate to 257.2 million. Group traffic growth was below the 10.4% increase in consolidated revenue, which grew at more than twice the rate of passenger numbers. The company linked revenue growth to higher traffic and also cited the impact of increased aeronautical charges from March 2026 and improved commercial activity. The figures show the scale of activity across the group's network, with Spain accounting for the largest share of recorded passenger traffic.
Aeronautical revenue reached €2,781.3 million during the period, up 8.8% from 2025, while commercial revenue totaled €1,574.1 million, a 7.4% increase. Aena said higher sales from commercial activities supported commercial revenue. The company also attributed part of overall revenue growth to an increase in construction services, which generated €179.9 million in revenue, compared with €124.5 million in the same period of 2025. Augusta contributed €42.9 million to revenue growth. The company said growth drivers included "traffic growth, higher aeronautical charges, improved commercial activity, increased construction services and Augusta's contribution."
Aena Group operating expenses rose to €2,187.4 million in the nine months, from €1,929.4 million in the same period of 2025. The company said the increase reflected a 15% rise in other operating expenses and a 12.3% increase in staff costs. Net cash generated from operating activities totaled €2,811.3 million, compared with €2,525.6 million a year earlier. The comparison shows operating cash flow rising alongside expenses during a period in which revenue and profit recorded year-on-year growth. The available statement did not provide a numerical breakdown of each expense item's impact on net profit.
Paid investment between January and September totaled €1,133.5 million, of which the company allocated €790 million mainly to improving airport facilities and operational safety. The spending comes ahead of a new regulatory cycle for Spanish airports: Spain's Cabinet approved the airport regulation document for 2027-2031 on September 15. The document sets out criteria for investment, charges, cost of capital, capacity requirements and quality. The plan includes regulated investments of €9,991 million, with traffic projected at 363 million passengers in 2031. It also sets an average annual increase in charges of 0.33% over the regulatory period.
Aena reported net profit of €1,002 million in the first half of 2026, compared with €893.8 million in the first half of 2025, while EBITDA at the time was €1,798.9 million, up 6.3%. In July, the company estimated passenger traffic growth of about 3% across its Spanish network in 2026 compared with 2025, and said weak seat load factors and uncertainty over the Middle East conflict limited the visibility of its second-half outlook. In September, passenger traffic across the group rose 3.9% year on year, while cargo shipments fell 5.7%. These indicators show a divergence between passenger growth and cargo performance ahead of the results announcement. Spain's National Statistics Institute is scheduled to publish its preliminary estimate of third-quarter gross domestic product, along with the advanced estimates of the headline and harmonized consumer price indexes for October, on October 30.