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

Equities

AENA

ES0105046017

Airport Services

Market Closed - BME Other stock markets 11:35:15 2025-07-18 EDT			After hours 15:59:59
23.43 ^EUR	-0.74%		23.35	-0.35%

02:54am	Spanish stocks - Factors to watch on July 18	RE
07-14	Aena June passenger traffic up 3.8% yoy	RE

Projected Income Statement: Aena S.M.E., S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,181	2,393	4,237	5,142	5,828	6,164	6,508	6,635
Change	-	9.75%	77.06%	21.34%	13.34%	5.78%	5.57%	1.95%
EBITDA ¹	828.5	757.4	2,053	3,023	3,510	3,742	3,986	4,055
Change	-	-8.58%	171.06%	47.23%	16.14%	6.6%	6.52%	1.72%
EBIT ¹	-92.29	-151.8	1,284	2,201	2,662	2,879	3,104	3,137
Change	-	-64.46%	945.75%	71.49%	20.95%	8.11%	7.83%	1.05%
Interest Paid ¹	-121.4	-39.42	-149.1	-64.1	-156.3	-142.2	-128.2	-129.5
Earnings before Tax (EBT) ¹	-212.6	-168.5	1,170	2,166	2,556	2,795	3,019	3,073
Change	-	20.77%	794.27%	85.18%	18%	9.36%	8.01%	1.79%
Net income ¹	-126.8	-60.04	901.5	1,631	1,934	2,077	2,248	2,288
Change	-	52.64%	1,601.47%	80.9%	18.61%	7.39%	8.22%	1.77%
Announcement Date	2/24/21	2/23/22	2/27/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	330.4	620.9	447.3	353.3	509.6	897.9	632.4	683.9	1,037	1,194	1,322	1,027	1,306	1,446	1,363	1,233	1,503	1,640	1,431	1,326	1,607	1,725	1,460	1,381	1,719	1,855	1,540	1,420
Change	-	87.93%	-27.96%	-21.02%	44.26%	76.19%	-29.57%	8.15%	51.59%	15.22%	10.7%	-22.36%	27.25%	10.67%	-5.76%	-9.52%	21.88%	9.17%	-12.76%	-7.37%	21.2%	7.36%	-15.34%	-5.42%	24.44%	7.9%	-16.96%	-7.83%
EBITDA ¹	-39.85	304.6	312.5	-121.5	63.35	496.5	222.8	72.61	558.7	670.2	-	368.6	801.7	943.3	909	581.1	974.2	1,108	847.1	643.6	1,046	1,204	850.3	681.8	1,125	1,270	914	694.8
Change	-	864.31%	2.6%	-138.89%	152.12%	683.79%	-55.13%	-67.41%	669.36%	19.97%	-	-	117.51%	17.65%	-3.63%	-36.07%	67.66%	13.72%	-23.54%	-24.02%	62.45%	15.12%	-29.35%	-19.82%	64.99%	12.94%	-28.06%	-23.98%
EBIT ¹	-241.7	104	-4.134	-320.9	-133.4	298.9	3.584	-123.2	360.8	470.5	575.6	169.9	599.3	740.5	691.7	369.6	762	896.9	633.9	435	835.8	962.5	639.4	472.7	912.3	1,059	700.5	475.7
Change	-	143.01%	-103.98%	-7,663.13%	58.44%	324.12%	-98.8%	-3,536.27%	392.93%	30.42%	22.34%	-70.48%	252.7%	23.55%	-6.59%	-46.57%	106.18%	17.71%	-29.32%	-31.38%	92.14%	15.16%	-33.57%	-26.08%	93%	16.05%	-33.84%	-32.09%
Charge d'intérêts ¹	-34.53	-28.46	-28.34	-22.74	-25.88	-20.57	24.99	-19.98	-25.12	-45.8	-58.23	-44.7	-24.5	-35.76	-33.91	-32.39	-35.22	-40.84	-35.75	-36.95	-48	-42	-20	-	-	-	-	-
Earnings before Tax (EBT) ¹	-284	76.85	-30.47	-335.3	-153	364.6	34.23	-136.8	344.7	434.6	527.1	177.4	619.3	712.9	656.2	346.7	728.6	864.2	616.1	407.5	809.6	931.3	625.6	446	886.4	1,027	671.9	443.3
Change	-	127.05%	-139.65%	-1,000.55%	54.37%	338.29%	-90.61%	-499.64%	351.95%	26.08%	21.29%	-66.34%	249.03%	15.11%	-7.95%	-47.17%	110.15%	18.62%	-28.71%	-33.86%	98.68%	15.03%	-32.83%	-28.7%	98.74%	15.86%	-34.58%	-34.03%
Net income ¹	-193.8	63.1	-19.15	-241.2	-105.2	222.9	63.6	-96.38	260.2	335.4	402.3	133.6	474.1	531.4	491.7	261	547.6	641.2	484.4	301.3	603.4	694.4	466.4	332.5	662.8	768.3	501.9	330.4
Change	-	132.56%	-130.35%	-1,159.39%	56.38%	311.89%	-71.47%	-251.55%	369.92%	28.91%	19.97%	-66.81%	255.01%	12.08%	-7.48%	-46.92%	109.83%	17.08%	-24.46%	-37.8%	100.28%	15.07%	-32.82%	-28.71%	99.33%	15.91%	-34.67%	-34.16%
Announcement Date	7/28/20	10/28/20	2/24/21	4/29/21	7/28/21	10/28/21	2/23/22	4/27/22	7/27/22	10/26/22	2/27/23	4/26/23	7/26/23	11/3/23	2/28/24	4/30/24	7/31/24	10/30/24	2/26/25	4/30/25	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2023 S2	2024 S1	2025 S1
Net sales ¹	862.9	1,721	2,333	-	2,726	2,932
Change	-	99.41%	35.6%	-	-	7.56%
EBITDA ¹	-58.2	631.3	1,170	-	1,555	1,676
Change	-	1,184.66%	85.39%	-	-	7.79%
EBIT ¹	-454.3	237.6	769.2	-	1,132	1,270
Change	-	152.3%	223.76%	-	-	12.23%
Charge d'intérêts	-43.84	-45.1	-45.7	-	-65.2	-
Earnings before Tax (EBT) ¹	-488.3	207.9	-	-	1,075	1,215
Change	-	142.57%	-	-	-	12.99%
Net income ¹	-346.4	163.8	607.7	1,023	808.6	908
Change	-	147.29%	271.04%	68.36%	-20.96%	12.29%
Announcement Date	7/28/21	7/27/22	7/26/23	2/28/24	7/31/24	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Aena S.M.E., S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	7,164	7,446	6,243	6,222	5,498	4,839	4,283	4,467
Change	-	3.94%	-16.16%	-0.34%	-11.64%	-11.98%	-11.49%	4.3%
Announcement Date	2/24/21	2/23/22	2/27/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Aena S.M.E., S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	469.8	672.6	534.9	545	737.6	753.2	852.6	1,636
Change	-	43.18%	-20.47%	1.88%	35.34%	2.11%	13.2%	91.88%
Free Cash Flow (FCF) ¹	-323.5	-392.2	1,328	1,675	2,009	2,131	2,267	1,790
Change	-	-21.22%	438.68%	26.09%	19.97%	6.05%	6.39%	-21.02%
Announcement Date	2/24/21	2/23/22	2/27/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Aena S.M.E., S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	37.99%	31.65%	48.45%	58.78%	60.23%	60.7%	61.25%	61.11%
EBIT Margin (%)	-4.23%	-6.34%	30.29%	42.81%	45.69%	46.7%	47.69%	47.27%
EBT Margin (%)	-9.75%	-7.04%	27.6%	42.12%	43.85%	45.34%	46.39%	46.31%
Net margin (%)	-5.81%	-2.51%	21.27%	31.72%	33.19%	33.7%	34.54%	34.48%
FCF margin (%)	-14.84%	-16.39%	31.34%	32.57%	34.48%	34.57%	34.83%	26.98%
FCF / Net Income (%)	255.18%	653.18%	147.33%	102.7%	103.88%	102.58%	100.85%	78.26%
Profitability
ROA	-0.83%	-0.38%	5.68%	9.76%	11.2%	12%	12.83%	12.75%
ROE	-2.02%	-0.98%	14.58%	22.74%	24.32%	24.03%	24.32%	23.53%
Financial Health
Leverage (Debt/EBITDA)	8.65x	9.83x	3.04x	2.06x	1.57x	1.29x	1.07x	1.1x
Debt / Free cash flow	-22.14x	-18.99x	4.7x	3.72x	2.74x	2.27x	1.89x	2.49x
Capital Intensity
CAPEX / Current Assets (%)	21.54%	28.11%	12.62%	10.6%	12.66%	12.22%	13.1%	24.66%
CAPEX / EBITDA (%)	56.7%	88.81%	26.06%	18.03%	21.01%	20.13%	21.39%	40.35%
CAPEX / FCF (%)	-145.2%	-171.52%	40.28%	32.54%	36.71%	35.35%	37.61%	91.37%
Items per share
Cash flow per share ¹	0.0975	0.187	1.242	1.48	1.831	1.92	2.067	2.084
Change	-	91.77%	564.3%	19.14%	23.75%	4.85%	7.66%	0.8%
Dividend per Share ¹	-	-	0.475	0.766	0.976	1.087	1.164	1.195
Change	-	-	-	61.26%	27.42%	11.37%	7.08%	2.63%
Book Value Per Share ¹	4.079	4.067	4.478	5.085	5.518	5.918	6.319	6.675
Change	-	-0.31%	10.12%	13.54%	8.51%	7.26%	6.78%	5.63%
EPS ¹	-0.085	-0.04	0.601	1.087	1.289	1.39	1.508	1.52
Change	-	52.94%	1,602.5%	80.87%	18.58%	7.83%	8.52%	0.77%
Nbr of stocks (in thousands)	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000
Announcement Date	2/24/21	2/23/22	2/27/23	2/28/24	2/26/25	-	-	-