In This Article:
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Revenue: Increased by 7.5% to EUR1,325.6 million.
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Operating Expenses: Increased by 3.2% to EUR890.6 million.
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EBITDA: EUR643.6 million with a margin of 48.6%.
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Net Profit: EUR301.3 million.
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Passenger Traffic: Increased by 4.9% to 78.3 million passengers.
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Commercial Revenue: Increased by 10% on a per passenger basis by 5.1%.
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Car Rental Revenue: Increased by 32.7% year-on-year.
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VIP Services Revenue: Increased by 33.7%.
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Real Estate Revenue: Increased by 9.7% year-on-year.
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International Revenue: Above EUR168 million with EBITDA above EUR88 million.
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Net Financial Debt: Decreased to EUR4.9 billion.
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Net Debt to EBITDA Ratio: 1.37 times.
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Average Cost of Debt: Decreased to 2.29%.
Release Date: April 30, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Aena SME SA (ANNSF) reported a 4.9% year-on-year increase in group traffic, reaching almost 78.3 million passengers, marking the highest ever traffic in any first quarter.
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Total revenue for Q1 2025 increased by 7.5% to EUR1,325.6 million, with EBITDA reaching EUR643.6 million and a margin of 48.6%.
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Commercial sales grew by 10% in the quarter, with revenue from fixed and variable rents increasing by 15.8% compared to Q1 2024.
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Car Rental and VIP Services showed outstanding performance, with revenue increases of 32.7% and 33.7% year-on-year, respectively.
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International revenue and EBITDA were strong, with Luton Airport receiving approval for capacity expansion from 19 million to 32 million passengers.
Negative Points
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There is a slowdown in the domestic market, and early indicators suggest potential weaker demand in the USA market in the coming months.
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Current aircraft shortages, supply chain issues, and rising airfare and accommodation prices could affect demand and supply in the industry.
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Operating expenses increased by 3.2% to EUR890.6 million, with electricity costs notably higher due to increased average prices.
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The domestic market in Spain only grew by 1%, and there are concerns that this trend may not improve.
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The insurance compensation for Luton Airport's parking fire is still pending, affecting commercial revenue.
Q & A Highlights
Q: Can you explain the increase in electricity costs and what measures are being taken to manage this trend? A: The increase in electricity costs is due to higher average prices in the first quarter of 2025 compared to 2024. We have a hedge in place covering about 50% of our energy cost exposure for 2025. Additionally, we recently signed our first Power Purchase Agreement (PPA) for a 10-year supply, and we are progressing with solar farms to reduce market exposure in the next 12 to 24 months.