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26 February 2025 Results Presentation 2024 full year report
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Disclaimer Results Presentation 2024 2 This report presents the most significant data of Aena S.M.E., S.A. and its dependent companies ("Aena" or "the Company") and its management throughout the year 2024, including the most relevant information from all business areas, key figures, and the strategic lines that have guided the Company's management. Any form of use or exploitation of the contents of this presentation, as well as the use of the signs, trademarks, and logos contained therein, is expressly prohibited. Reproduction, distribution, third-party assignment, public communication, and transformation, through any means or medium for commercial purposes, without the prior and express authorization of Aena SME SA, is strictly prohibited. Violation of this restriction may constitute an offense punishable by current legislation. Neither Aena SME SA nor its subsidiaries or other companies in the Aena group, or companies owned by Aena SME SA, nor directors, executives, or employees, assume any responsibility of any kind, regardless of whether negligence is present or not, for damages or losses that may arise from any use of this document or its contents. *This presentation has not been approved or registered by the CNMV or any other authority. *This document does not constitute an offer or invitation to acquire or subscribe to shares, in accordance with (i) Law 6/2023, of March 6, on Securities Markets and Investment Services; (ii) Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC; (iii) Royal Decree-Law 5/2005, of March 11, on urgent reforms to boost productivity and improve public procurement; (iv) Royal Decree 814/2023, of November 8, on financial instruments, admission to trading, registration of negotiable securities, and market infrastructures; and (v) its implementing regulations. *Neither this document nor any part thereof has contractual nature, nor can it be used to integrate or interpret any contract or any other type of commitment. *Aena SME SA considers the estimates in this document to be reasonable expectations and future projections, but warns investors and shareholders of Aena SME SA that information and statements with future projections are subject to risks and uncertainties, many of which are difficult to predict and beyond the control of Aena SME SA. These risks could cause actual results and developments to differ significantly from the expectations that may result or be implied in the information contained in this presentation. Factors of macroeconomic order, market conditions, regulatory changes, movements in national and international stock markets, and any other elements that could affect the evolution of the estimates contained in this presentation are unknown or unpredictable variables, or there is uncertainty about their evolution and/or potential impacts, and may cause results to differ significantly from those described in forecasts and estimates. *Statements or statements with future projections contained in this presentation refer exclusively to the date on which they are made, do not constitute any guarantee of future results, and have not been reviewed by the auditors of Aena SME S.A., or any independent third party. Unless required by applicable law, Aena SME S.A. assumes no obligation -even if new data is published or new facts occur -to publicly update its statements or review information with future projections. All statements or statements of future reflected in this document or related to it, issued by Aena SME S.A. or any of its directors, executives, employees, or representatives, are expressly subject to the warnings made. *Past financial statements and previous growth rates do not guarantee the evolution, future results, or performance and share price (including earnings per share). *In light of the warnings made, it is recommended not to make decisions based on statements or statements with future projections. Those who, at any time, wish to acquire a security must rely solely on their own judgment regarding its suitability for their purpose, exclusively in accordance with the public information contained in the documentation prepared and registered by the issuer in the context of the specific offer or issuance, having received the appropriate professional advice, if deemed necessary or appropriate under the circumstances, and not relying on the information contained in this presentation. Individuals or entities that may have to make decisions or formulate or disseminate opinions regarding securities issued by Aena SME SA, and in particular, analysts and investors handling this presentation, should take into account the warnings made. It is advisable to consult the documentation and public information communicated or registered by Aena SME SA with the National Securities Market Commission. In particular, it is warned that this document contains unaudited financial information.
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1 Key highlights 4 Appendices 2 Business trends 3 Financial results
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Results Presentation 2024 4 Key highlights Traffic: Aena Group1 passenger traffic increased to 369.5 million (+8.5% compared to 20232). At network airports in Spain, traffic increased by +9.2% (to 309.3 million passengers). Aena estimates that passenger volume growth in the Spanish airport network for 2025 will be +3.4%3, reaching approximately 320 million passengers. Total revenue: €5,827.8m (+€686.0m, +13.3% versus 2023): Aeronautical revenue, €3,147.5m (+€379.3m, +13.7%); commercial revenue, €1,760.0m (+€225.5m, +14.7%); real estate service revenue, €114.3m (+€8.8m, +8.4%); international revenue, €727.3m (+€110.6m, +17.9%) and other operating revenue, €64.3m (-€37.7m, -37.0%). Total operating expenses: €3,165.3m with a change of +€224.9m (+7.6%). Excluding the effect of the consolidation of the Block of Eleven Airports in Brazil (BOAB), the decrease in the price of electricity and the impact of construction services (IFRIC 12) on concession companies in Brazil, the total Operating expenses would be €2,899.2 million (+€270.2 million, +10.3%). EBITDA for 2024 stands at €3,510.3 million (€3,022.6 million in 2023). The EBITDA margin stands at 60.2% (58.8% in 2023). Net profit: €1,934.2m (€1,630.8m in 2023). 1 Total passengers in the Spanish airport network, London Luton Airport, the six airports of the Northeast Brazil Airport Group (ANB) and the eleven airports of the Block of Eleven Airports in Brazil. Not including traffic at airports of non-consolidated affiliates. 2 For comparative purposes, the calculation includes the number of passengers in the Block of Eleven Airports in Brazil in 2023. The concession Company took over operations between October and November 2023. 3 Percentage growth in total passenger volume in the airport network in Spain compared to 2024.
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Results Presentation 2024 5 Key highlights Commercial activity: • Total sales (passenger expenditure) from commercial activities have grown by 11.4% compared to 2023. • Awards in 2024: • Specialty shops: The MAG rents awarded represent an overall recovery of 122% of those from 2023 in 2024 and 145% in 2025 (including the rent s from new premises). • Food and beverage: The MAG rents awarded with respect to those from 2023, represent an overall recovery of 144% in 2024 and 150% in 2025 (including the rents from new premises). Investment paid: €825.2 million. These investments have focused mainly on improving airport facilities and operational security. International activity: The consolidation of the Block of Eleven Airports in Brazil (BOAB) contributes €196.3 million to revenue and €102.9 million to EBITDA. Real Estate: Total revenues grew by +11.0%, driven by air cargo revenues, which increased by 13.7% and account for 46% of this business line's total.
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Results Presentation 2024 6 Key highlights ESG: Aena has remained on the Dow Jones Sustainability World Index for the second consecutive year and on the FTSE4Good in recognition of its progress in sustainability. In 2024, Aena approved its short- and long-term emissions reduction targets with SBTi.1 1 Science Based Targets initiative. Objectives: Global Net Zero, short- and long-term emissions reduction. Credit rating agencies have supported the financial soundness of Aena, confirming its solvency and creditworthiness. Thus, in March 2024, Moody’s confirmed the long-term rating of ‘A3’, improving the outlook from stable to positive. In May 2024, Fitch Ratings upgraded the long-term rating to ‘A’ from ‘A-’ and the short-term rating to ‘F1’ from ‘F2’. Dividend: Proposal to the AGM to distribute a gross dividend of €9.76 per share out of the 2024 fiscal year profit, an increase of 27.4% compared to the 2023 figure (7.66 gross per share). Split: Proposal to the AGM to split the number of shares in which the Company’s share capital is divided, in the proportion of 10 new shares for each old share, by reducing the unit par value of each share from €10 to €1.
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Results Presentation 2024 7 Key highlights 273.4% of appreciation of the share1 6th IBEX 35 company by market capitalisation1 4,857 million euros of dividends paid2 1 Data as of the closing date of 7 February 2025. 2 Data period 2015–2023. 3 Data as of the closing date 15 January 2025. Stock split Aena has the highest share price of the companies listed on the IBEX 35. 63% of IBEX 35 companies (22 companies) are listed at a price below €20/share.3 Objective: To improve accessibility for retail shareholders and improve liquidity in the market, among other potential advantages. Proposal to the AGM, a ‘10x1’ split which would place the share price in the medium-high range of the IBEX 35 companies.
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Results Presentation 2024 8 Key highlights 1 Total passengers in the Spanish airport network, London Luton Airport, the six airports of the Northeast Brazil Airport Group (ANB) and the traffic of the Block of Eleven Airports in Brazil (BOAB). Not including traffic at airports of non-consolidated affiliates. For comparative purposes, the calculation includes the number of passengers in the Block of Eleven Airports in Brazil in 2023. The concession Company took over operations between October and November 2023. 2 Reported EBITDA. 283.2 309.3 16.2 16.714.7 15.926.4 27.4 Driven by aeronautical revenue (+13.7%), commercial revenue (+14.3%) and international segment revenue (+17.9%). Passengers1 (m): +8.5% Spanish Network Luton Northeast Brazil Airport Group (ANB) 369.5 EBITDA2 (€m): +16.1% 3,022.6 60.2% EBITDA margin Total Revenue (€m): +13.3% Net Result (€m): +18.6% 340.5 5,141.8 1,630.8 2023 2024 58.8% 2023 2024 2023 2024 2023 2024 Block of Eleven Airports in Brazil (BOAB) The Block of Eleven Airports in Brazil (BOAB) contributes €102.9 million to EBITDA. 5,827.8 3,510.3 1,934.2 The ratio of net result to total revenue has gone from 31.7% in 2023 to 33.2% in 2024.
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Results Presentation 2024 9 Key highlights: Performance by business area 1 Excluding Región de Murcia International Airport and adjustments among segments. Total revenue: €5,827.8m (+13.3%) Total expenses: €3,165.3m (+7.6%) EBITDA: €3,510.3m (+16.1%) EBITDA margin: 60.2% 2024 54.7% 69.3% 45.9% €3,190.0m (+11.6%) €2,193.2m (+4.4%) €1,610.2m (+17.2%) EBITDA margin: 50.5% Aeronautical Airports1 30.5% 12.7% 42.2% €1,780.0m (+14.7%) €401.0m (-4.4%) €1,482.5m (+20.1%) EBITDA margin: 83.3% Commercial Airports1 2.0% 1.4% 2.7% €119.4m (+11.8%) €42.9m (-16.8%) €94.1m (+30.4%) EBITDA margin: 78.8% Real estate services1 12.5% 16.3% 9.3% €727.5m (+18.0%) €516.2m (+45.6%) €326.4m (-6.0%) EBITDA margin: 44.9% International EBITDA margin 2023: 58.8% EBITDA margin: 48.1% EBITDA margin: 79.6% EBITDA margin: 67.6% EBITDA margin: 56.3%
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1 Key highlights 2 Business trends 3 Financial results 4 Appendices
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Results Presentation 2024 11 Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Spanish Network 2024 2023 Change % 2024/2023 Passengers 309,344,423 283,201,865 +9.2% Operations 2,590,861 2,404,054 +7.8% Cargo (Tonnes) 1,280,167 1,079,830 +18.6% 16.9 16.6 20.1 23.8 25.5 26.5 29.8 29.9 27.5 26.6 19.7 20.218.7 19.2 22.9 25.7 28.3 29.4 31.9 32.1 29.6 28.3 21.6 21.7 10.3% 15.7% 13.8% 7.8% 11.0% 11.1% 7.2% 7.4% 7.6% 6.1% 9.2% 7.5% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% 16,0% 18,0% 20,0% 0,000000 5,000000 10,000000 15,000000 20,000000 25,000000 30,000000 JAN FEB MAR 2023 2024 Change in traffic Passengers (m) Monthly change (%) The increase is widespread at most airports and in all types of traffic. In the Spanish airport network, domestic traffic is up by 5.4% whereas international traffic increases by 11.2%. 1 Total passengers in the Spanish airport network. Luton 2024 2023 Change % 2024/2023 Passengers 16,735,984 16,195,502 +3.3% Operations 131,972 128,442 +2.7% Cargo (Tonnes) 30,666 26,043 +17.8% Northeast Brazil Airport Group (ANB) 2024 2023 Change % 2024/2023 Passengers 15,932,971 14,717,860 +8.3% Operations 158,484 142,460 +11.2% Cargo (Tonnes) 58,800 53,344 +10.2% Block of Eleven Airports in Brazil (BOAB) 2024 2023 Change % 2024/2023 Passengers 27,443,005 26,377,069 +4.1% Operations 322,430 315,703 +2.1% Cargo (Tonnes) 52,004 44,792 +16.1% APR MAY JUN JUL AUG SEP OCT NOV DEC
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Airports/ Groups(2) Passengers(1) (m) Change (%) Share (%) % Change Domestic(3) % Change International(3) Adolfo Suárez Madrid- Barajas Airport 66.2 9.9% 21.4% 6.3% 11.2% Barcelona-El Prat Josep Tarradellas Airport 55.0 10.3% 17.8% 4.2% 12.5% Palma de Mallorca Airport 33.3 7.0% 10.8% 5.0% 7.8% Canary Islands Group 52.8 9.0% 17.1% 8.7% 9.7% Group I 87.9 10.1% 28.4% 5.2% 12.4% Group II 12.1 4.2% 3.9% -1.0% 11.1% Group III 2.0 -1.7% 0.6% -1.0% -11.6% TOTAL 309.3 9.2% 100.0% 5.4% 11.2% 1 Total passengers in the Spanish airport network. 2 Canary Islands Group: El Hierro Airport, Fuerteventura Airport, Gran Canaria Airport, La Gomera Airport, La Palma Airport, César Manrique-Lanzarote Airport, Tenerife Norte-Ciudad de La Laguna Airport and Tenerife Sur Airport. Group I: Región de Murcia International Airport, Alicante-Elche Airport, Bilbao Airport, Ibiza Airport, Málaga-Costa del Sol Airport, Menorca Airport, Santiago-Rosalía de Castro Airport, Sevilla Airport and Valencia Airport. Group II: A Coruña Airport, Almería Airport, Asturias Airport, F.G.L. Granada-Jaén Airport, Girona-Costa Brava Airport, Jerez Airport, Reus Airport, Seve Ballesteros-Santander Airport, Vigo Airport and Zaragoza Airport. Group III: Albacete Airport, Algeciras Heliport, Badajoz Airport, Burgos Airport, Ceuta Heliport, Córdoba Airport, Huesca-Pirineos Airport, León Airport, Logroño-Agoncillo Airport, Madrid-Cuatro Vientos Airport, Melilla Airport, Pamplona Airport, Sabadell Airport, Salamanca Airport, San Sebastián Airport, Son Bonet Airport, Valladolid Airport and Vitoria Airport. 3 Percentages calculated based on commercial traffic. Results Presentation 2024 12 Traffic data Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports 58.9%31.7% 3.4% 2.6% 1.7% 1.2% 0.4% 25.3% 16.1% 11.3% 8.7%5.5% 33.0% Europe (excl. Spain) Total 2024 Europe (excl. Spain) 2024 Spain Africa Middle East Asia and OthersLatin America/ Caribbean North America (USA, Canada and Mexico) Rest of Europe
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Results Presentation 2024 13 Revenue ratios per passenger1 Q1 Q2 Q3 Q4 2023 Q1 % Change Q2 % Change Q3 % Change Q4 % Change 2024 % Change Passengers (m) 53.6 75.5 86.9 66.4 282.3 60.7 13.2% 83.1 10.1% 93.3 7.4% 71.4 7.5% 308.4 9.2% Total Ordinary Revenue (Aeronautical + Commercial + Real Estate) 869.1 1,144.3 1,272.8 1,121.9 4,408.2 1,048.5 20.6% 1,302.7 13.8% 1,440.3 13.2% 1,230.3 9.7% 5,021.8 13.9% Ordinary Aeronautical Revenue (€m) 511.9 744.3 826.3 685.7 2,768.3 622.3 21.6% 839.8 12.8% 930.6 12.6% 754.9 10.1% 3,147.5 13.7% Ordinary Commercial Revenue (includes Real Estate) (€m) 357.2 400.0 446.5 436.2 1,639.9 426.3 19.3% 462.9 15.7% 509.7 14.2% 475.4 9.0% 1,874.3 14.3% Total Ordinary Revenue (Aeronautical + Commercial + Real Estate) per passenger (€/pax) 16.2 15.2 14.7 16.9 15.6 17.3 6.5% 15.7 3.4% 15.4 5.3% 17.2 2.0% 16.3 4.3% Ordinary Aeronautical Revenue per passenger (€/pax) 9.6 9.9 9.5 10.3 9.8 10.3 7.3% 10.1 2.5% 10.0 4.8% 10.6 2.4% 10.2 4.1% Ordinary Commercial Revenue (includes Real Estate) per passenger (€/pax) 6.7 5.3 5.1 6.6 5.8 7.0 5.4% 5.6 5.2% 5.5 6.3% 6.7 1.4% 6.1 4.6% Aena S.M.E., S.A. 1 Excluding Región de Murcia International Airport. 2023 2024
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Results Presentation 2024 14 Commercial revenue summary1 1 Activity in Spain, excluding Región de Murcia International Airport 2023 2024 € million % Total business activity 1,580.9 1,765.3 184.5 11.7% Fixed and Variable Rents invoiced in the period 1,426.0 1,557.2 131.2 9.2% MAG revenue to be invoiced 154.9 208.1 53.2 34.4% Straight-lining and other adjustments 59.1 109.0 49.9 84.5% Total Ordinary Revenue 1,639.9 1,874.3 234.4 14.3% Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change 2024/2023 Image of the new ‘Armani – Max Mara’ specialty shop in T4S at Adolfo Suárez Madrid-Barajas Airport Image of the new restaurant ‘Moritz’ in T1 of Barcelona-El Prat Josep Tarradellas Airport
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1 Activity in Spain, excluding Región de Murcia International Airport. 2 Includes VIP lounge rental, VIP packages, other lounges, fast-track and fast-lane. 3 Includes banking services, baggage-wrapping machines, telecommunications, vending machines, etc. Results Presentation 2024 15 Ordinary commercial revenue1 Business area (thousands of euros) Revenue 2023 2024 € thousand % Duty-free shops 411,138 527,027 115,889 28.2% Food and beverage 325,007 347,876 22,869 7.0% Specialty shops 133,834 136,008 2,174 1.6% Car parks 180,192 204,085 23,893 13.3% Car rental 184,669 207,669 23,000 12.5% Advertising 24,481 26,210 1,729 7.1% VIP services2 118,959 156,238 37,279 31.3% Leases 36,068 35,554 -514 -1.4% Commercial operations3 50,792 55,623 4,831 9.5% Commercial Utilities 68,483 63,435 -5,048 -7.4% Other 835 263 -572 -68.5% Commercial 1,534,459 1,759,989 225,531 14.7% Real Estate Services 105,474 114,298 8,824 8.4% Total Commercial (including Real Estate Services) 1,639,933 1,874,287 234,354 14.3% Change
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Results Presentation 2024 16 Total Business1 1 Excluding Región de Murcia International Airport. Revenue from Fixed and Variable Rents invoiced in the period + MAG to be invoiced (thousands of euros) Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 285,749 335,477 17.4% 112,550 113,288 0.7% 398,298 448,764 12.7% Food and beverage 223,361 248,510 11.3% 73,358 75,830 3.4% 296,718 324,340 9.3% Specialty shops 91,104 99,068 8.7% 30,754 32,873 6.9% 121,858 131,941 8.3% Car parks 134,557 152,726 13.5% 45,635 51,358 12.5% 180,192 204,085 13.3% Car rental 141,281 154,609 9.4% 43,416 52,134 20.1% 184,697 206,743 11.9% Advertising 18,166 20,407 12.3% 5,980 5,920 -1.0% 24,146 26,327 9.0% VIP services 88,282 114,203 29.4% 31,062 41,040 32.1% 119,344 155,242 30.1% Leases 27,112 27,423 1.1% 8,956 9,384 4.8% 36,068 36,807 2.0% Commercial operations 38,135 42,402 11.2% 11,784 14,552 23.5% 49,919 56,954 14.1% Commercial Utilities 51,990 46,287 -11.0% 16,487 17,148 4.0% 68,477 63,435 -7.4% Other 593 162 -72.8% 242 102 -58.0% 835 263 -68.5% Real estate services 72,789 82,463 13.3% 27,511 27,944 1.6% 100,300 110,407 10.1% TOTAL 1,173,120 1,323,737 12.8% 407,733 441,572 8.3% 1,580,853 1,765,309 11.7%
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Results Presentation 2024 17 1 Excluding Región de Murcia International Airport. Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 1.32 1.42 6.9% 1.69 1.59 -6.3% 1.41 1.45 3.1% Food and beverage 1.03 1.05 1.3% 1.10 1.06 -3.8% 1.05 1.05 0.1% Specialty shops 0.42 0.42 -1.0% 0.46 0.46 -0.5% 0.43 0.43 -0.9% Car parks 0.62 0.64 3.4% 0.69 0.72 4.7% 0.64 0.66 3.7% Car rental 0.65 0.65 -0.3% 0.65 0.73 11.7% 0.65 0.67 2.5% Advertising 0.08 0.09 2.3% 0.09 0.08 -7.9% 0.09 0.09 -0.2% VIP services 0.41 0.48 17.8% 0.47 0.58 22.9% 0.42 0.50 19.1% Leases 0.13 0.12 -7.9% 0.13 0.13 -2.5% 0.13 0.12 -6.6% Commercial operations 0.18 0.18 1.3% 0.18 0.20 14.9% 0.18 0.18 4.4% Commercial Utilities 0.24 0.20 -18.9% 0.25 0.24 -3.2% 0.24 0.21 -15.2% Other 0.00 0.00 -75.2% 0.00 0.00 -60.9% 0.00 0.00 -71.1% Real estate services 0.34 0.35 3.2% 0.41 0.39 -5.5% 0.36 0.36 0.8% TOTAL 5.43 5.58 2.8% 6.14 6.19 0.8% 5.60 5.72 2.2% Total Business1 Revenue from Fixed and Variable Rents invoiced in the period + MAG to be invoiced (euros per passenger)
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Results Presentation 2024 18 MAG and Fixed Rents Committed 2025 - 2027 474 491 511 120 112 92 293 252 222 40 34 32 118 119 121 24 22 20 8 8 33 34 34 107 108 109 2025 2026 2027 Duty-free shops Specialty shops F&B Commercial operations Car rental Car parks Advertising VIP Services Utilities Real estate 4 MAG and Fixed Rents Committed 2025–27 (millions of euros) • Tenders in 2024: • Specialty shops: 71 tenders (85 premises) were published, of which 53 tenders (67 premises) have been awarded. The MAG rents awarded represent an overall recovery of 122% of those from 2023 in 2024 and 145% in 2025 (including the rents from new premises). • Food and Beverage: 37 tenders including 52 premises were published, of which 27 tenders including 39 premises have been awarded. The MAG rents awarded with respect to those from 2023, represent an overall recovery of 144% in 2024 and 150% in 2025 (including the rents from new premises). • Car rental: In November 2024, the new contract began with new contractual conditions, going from 17 to 21 operators. • Main tenders in 2025: In Food and Beverage, 72 premises will be tendered (20% of the total number of premises in that business line). In Specialty Shops, 61 premises (6% of the total premises for Specialty Shops) and 20 premises for Financial Services (43% of the total premises for Financial Services) will be tendered. 1,217 1,180 1,148 The figures include Región de Murcia International Airport. Real Estate (Leases and Financial Services): • For contracts subject to CPI, an increase of 1% has been assumed. • For contracts associated with high turnover assets (offices/warehouses) necessary to support other airport activities, it has been assumed that they remain at the same current contract volume. • The lease-telephone contracts are currently in their last extension, and given the need for this service at the airports, a new contract with equivalent conditions to the current one has been considered.
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1,161.1 1,241.2 485.5 535.0 163.3 160.0 1,809.9 1,936.2 204.7 249.1176.7 74.927.0 92.8 Results Presentation 2024 19 OPEX OPEX1 Aena Group (€m): +6.1% Aena (excluding Luton, ANB and BOAB) Luton 2,353.02,218.3 20242023 Northeast Brazil Airport Group (ANB) BOAB OPEX1 breakdown for Aena2 (excluding Luton, ANB and BOAB) (€m): +7.0% Other Operating Expenses Staff costs Supplies 1,936.21,809.9 1 OPEX includes: Supplies, Staff costs and Other operating expenses. 2 Including Región de Murcia International Airport. 3 Excluding Región de Murcia International Airport. The evolution of OPEX reflects: • The consolidation of the Block of Eleven Airports in Brazil (+€84.9m), the increase in the Group’s staff costs (+12.1%) as well as the increase in areas such as Security (+14.0%), Maintenance (+8.7%) and PRM Services (+32.7%) across the network in Spain. • The decrease in the amount for construction services (IFRIC 12) in concession companies in Brazil (-€74.8m). • Electricity expenditure across the network in Spain decreased by €31.2 million (-21.2%). • In the network in Spain3, the ratio of OPEX per passenger has decreased by 2.2%, from €6.39/pax to €6.25/pax. • For London Luton Airport, the 21.7% increase in operating expenses (staff costs and other operating expenses) is mainly due to the increase in activity, inflationary pressure, as well as the increase in the concession fee. 20242023 -2.0%
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Results Presentation 2024 20 Breakdown of Other Operating Expenses for the Network in Spain1 1 Including Región de Murcia International Airport. €m Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Passengers (m) 216.7 237.8 21.2 9.8% 66.5 71.5 5.0 7.5% 283.2 309.3 26.1 9.2% Other Operating Expenses 872.7 943.7 71.0 8.1% 289.5 296.2 6.7 2.3% 1,162.2 1,239.9 77.7 6.7% Taxes 156.9 156.6 -0.3 -0.2% -0.1 1.6 1.6 -2,178.8% 156.8 158.1 1.3 0.9% Electricity 106.8 84.9 -22.0 -20.6% 40.3 31.1 -9.2 -22.9% 147.2 116.0 -31.2 -21.2% Maintenance 154.6 169.1 14.5 9.4% 58.9 63.0 4.1 7.0% 213.5 232.1 18.6 8.7% Security 164.9 188.5 23.6 14.3% 55.2 62.4 7.2 13.1% 220.0 250.9 30.8 14.0% Cleaning and baggage trolleys 65.9 68.1 2.2 3.3% 20.5 21.1 0.7 3.2% 86.4 89.2 2.8 3.3% PRM service 52.2 70.5 18.3 35.0% 18.5 23.3 4.8 26.1% 70.7 93.8 23.1 32.7% Professional services 42.1 49.7 7.5 17.9% 20.3 20.6 0.2 1.2% 62.5 70.2 7.8 12.4% VIP lounges 26.0 31.4 5.4 20.7% 9.3 11.2 1.9 20.1% 35.4 42.7 7.3 20.6% Parking management services 17.0 17.8 0.8 4.5% 5.8 6.5 0.7 12.6% 22.8 24.3 1.5 6.5 Other 86.2 107.2 21.0 24.3% 60.8 55.4 -5.3 -8.8% 146.9 162.6 15.6 10.6% TOTAL (excluding Electricity) 765.9 858.8 92.9 12.1% 249.2 265.1 15.9 6.4% 1,015.0 1,123.9 108.9 10.7%
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Results Presentation 2024 21 Breakdown of Other Operating Expenses for the Network in Spain1 1 Including Región de Murcia International Airport. €/pax Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Other Operating Expenses 4.03 3.97 -0.06 -1.5% 4.35 4.14 -0.21 -4.8% 4.10 4.01 -0.10 -2.3% Taxes 0.72 0.66 -0.07 -9.1% -0.00 0.02 0.02 -2,034.4% 0.55 0.51 -0.04 -7.7% Electricity 0.49 0.36 -0.14 -27.6% 0.61 0.43 -0.17 -28.3% 0.52 0.37 -0.14 -27.9% Maintenance 0.71 0.71 0.00 -0.4% 0.89 0.88 -0.00 -0.4% 0.75 0.75 -0.00 -0.5% Security 0.76 0.79 0.03 4.2% 0.83 0.87 0.04 5.2% 0.78 0.81 0.03 4.4% Cleaning and baggage trolleys 0.30 0.29 -0.02 -5.9% 0.31 0.30 -0.01 -3.9% 0.30 0.29 -0.02 -5.5% PRM service 0.24 0.30 0.06 23.0% 0.28 0.33 0.05 17.3% 0.25 0.30 0.05 21.5% Professional services 0.19 0.21 0.01 7.4% 0.31 0.29 -0.02 -5.8% 0.22 0.23 0.01 2.9% VIP lounges 0.12 0.13 0.01 10.0% 0.14 0.16 0.02 11.8% 0.12 0.14 0.01 10.4% Parking management services 0.08 0.07 0.00 -4.8% 0.09 0.09 0.00 4.8% 0.08 0.08 -0.00 -2.5% Other 0.40 0.45 0.05 13.3% 0.91 0.77 -0.14 -15.1% 0.52 0.53 0.01 1.3% TOTAL (excluding Electricity) 3.53 3.61 0.08 2.2% 3.74 3.71 -0.04 -1.0% 3.58 3.63 0.05 1.4%
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20242023 Results Presentation 2024 22 Cash generated and net financial debt (Aena Group) 1 Consolidated accounted net financial debt calculated as: Financial Debt (current and non-current) less Cash and cash equivalents. EBITDA of the last 12 months. Net Cash from Operating Activities (€m): +23.7% 1.57x 2024 2,746.9 Net Financial Debt/EBITDA1 2,219.8 2.06x 2023 Strong cash generation from operating activities. Net Financial Debt (€m) €m 2024 2023 Gross financial debt 7,319 8,586 Cash and cash equivalents (1,821) (2,363) Net financial debt 5,498 6,222 Net financial debt/EBITDA1 1.57x 2.06x
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Results Presentation 2024 23 Aena S.M.E., S.A. debt 1 At 31 December 2024. 2 Ratio of accounted net financial debt/EBITDA (last twelve months). Maturity schedule of Aena’s long-term debt1 Net Financial Debt (€m) 393 400 369 343 594 306 476 209 107 82 399 500 783 283 523 3 2025 20272026 2028 2029 ≥2035 EIB + ICO (€m) 18.7% Total: €6,276.9m | Average life: 6.4 years €m 2024 2023 Gross financial debt 6,629 7,897 Cash and cash equivalents (1,565) (2,222) Net financial debt 5,064 5,676 Net financial debt/EBITDA2 1.59x 2.12x 2030 20322031 2033 2034 10.9% 14.2% 5.5% 9.5% 14.0% 4.9% 1.7% 1.3% 6.4% 75% 25% 77% 23% Debt breakdown by type and average interest rate for the period 2.54% 2.20% 2024 2023 Average rateFixed Variable 683 1,177 892 310 107 400 596 346 82 807 877 Remainder (€m)Bond (€m) Annual % of total debt 12.9% 2 1 401 101 1
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Results Presentation 2024 24 Luton Passengers (m): +3.3% Revenue (£m): +16.5% 2023 2024 16.2 296.6 345.5Recovery of 93.0% of 2019 traffic. Aeronautical revenue increased by 16.1% to £161.5 million. Commercial revenue grew by 16.8% to £184.0 million. EBITDA (£m): +43.9% 107.9 155.3 EBITDA margin 36.4% 44.9% 16.7 2023 2024 2023 2024 Excluding the concession fee amount and the extraordinary income recorded in “Profit and loss and other income from fixed assets”, EBITDA would be £196.1 million (+19.9%) and the EBITDA margin would be 56.8% (£163.5 million and 55.1% in 2023). Revenue and EBITDA record. Distribution of remuneration to the Aena Group of £33.2 million.
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Results Presentation 2024 25 Northeast Brazil Airport Group (ANB) Passengers (m): +8.3% Revenue (R$m): -34.9% Recovery of 115.1% of 2019 traffic. Aeronautical revenue increased by 18.9% to R$384.1m. Commercial revenue increased by 33.1% to R$190.4m. Revenue from construction services (IFRIC 12) is down by 73.0% (from R$713.1m to R$192.9m), as most airport expansion and improvement projects have already been completed. EBITDA (R$m): -68.9% EBITDA margin 90.6% 43.2% 14.7 15.9 Capex (€m): -87.6% Official confirmation from the National Civil Aviation Agency (ANAC) of the completion of the Phase IB works was received in November 2024. 2023 2024 Excluding revenue from construction services (IFRIC 12) and the reversal of the impairment provision in 2023, the EBITDA margin would be 57.7% (49.1% in 2023). IFRIC 12 Rest 1,179.2 2023 2024 768.0713.1 192.9 466.1 575.0 1,068.5 2023 2024 331.9 839.7 228.8 Reversal of the impairment provision 149.0 18.5 2023 2024
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Results Presentation 2024 26 Passengers1 (m): +4.0% Revenue (R$m): +436.5% 1,145.1 Aeronautical revenue was R$641.3m, commercial revenue was R$316.6m and revenue from construction services (IFRIC 12) reached R$187.2m as a result of the airport expansion and improvement projects. EBITDA (R$m): +801.5% EBITDA margin 52.4% 26.4 27.4 600.4 Capex (€m): -100.0% 2023 2024 2023 2024 2023 2024 Block of Eleven Airports in Brazil (BOAB) 1 For comparative purposes, the calculation includes the number of passengers in the Block of Eleven Airports in Brazil in 2019 and 2023. The concession Company took over operations between October and November 2023. The amount for 2023 includes the mandatory payments stipulated by the Brazilian authority in the tender for this concession. After the functional designs were drawn up for the expansion works at the 11 airports, all the construction contracts and most of the equipment contracts have been awarded. Excluding revenue from construction services (IFRIC 12), the EBITDA margin would be 62.7% (39.0% in 2023). Recovery of 102.4% of 2019 traffic. 213.4 66.1 31.2% 628.0 2023 2024 0.3
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1 Key highlights 2 Business trends 3 Financial results 4 Appendices
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€m 2024 2023 Change €m Change % Results Presentation 2024 28 Income statement 1 Adjustments among segments. Ordinary revenue 5,763.5 5,039.8 723.7 14.4% Airports: Aeronautical 3,147.5 2,768.3 379.3 13.7% Airports: Commercial 1,760.0 1,534.5 225.5 14.7% Real Estate Services 114.3 105.5 8.8 8.4% Región de Murcia International Airport 14.8 15.0 -0.2 -1.0% International 727.3 616.7 110.6 17.9% Adjustments(1) -0.4 0.0 -0.4 N/A Other operating revenue 64.3 102.0 -37.7 -37.0% Total revenue 5,827.8 5,141.8 686.0 13.3% Supplies -160.0 -163.3 -3.3 -2.0% Staff costs -634.0 -565.5 68.5 12.1% Other operating expenses -1,559.0 -1,489.5 69.6 4.7% Losses, impairment and changes in provisions for commercial operations -3.5 -20.9 -17.5 -83.4% Write-off of financial assets -0.3 -24.3 -24.0 -98.8% Profit from disposals of fixed assets 24.2 -17.4 -41.6 -239.4% Impairment of intangible assets, property, plant and equipment, and real estate investments -0.1 155.0 -155.1 -100.0% Other profit/(loss) – net 15.2 6.7 8.5 125.9% Depreciation and amortisation of fixed assets -847.8 -821.2 26.6 3.2% Total operating expenses -3,165.3 -2,940.4 224.9 7.6% Reported EBITDA 3,510.3 3,022.6 487.7 16.1% % of Margin (over Total Revenue) 60.2% 58.8% EBIT 2,662.5 2,201.4 461.1 20.9% % of Margin (over Total Revenue) 45.7% 42.8% Finance income 104.0 100.4 3.7 3.6% Finance expenses -245.7 -206.9 -38.8 18.8% Other net finance income/(expenses) -14.6 42.4 -57.0 -134.3% Profit/(loss) and impairment from affiliates 49.4 28.6 20.9 73.0% Profit/(loss) before tax 2,555.7 2,165.9 389.8 18.0% Corporate income tax -583.7 -520.8 -62.8 12.1% Consolidated profit/(loss) for the period 1,972.0 1,645.1 327.0 19.9% Profit/(loss) for the period attributable to non-controlling interests 37.8 14.3 23.5 165.2% Profit/(loss) for the period attributable to shareholders of the parent Company 1,934.2 1,630.8 303.4 18.6%
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€m 2024 2023 Change €m Change % Results Presentation 2024 29 Cash Flow Statement Profit/(loss) before tax 2,555.7 2,165.9 389.8 18.0% Depreciation and amortisation 847.8 821.2 Write-off of financial assets 0.3 15.7 Changes in working capital -52.0 -31.4 Financial results 155.1 73.9 Impairment of fixed assets 0.1 -155.0 Shareholding in affiliates -46.7 -31.6 Impairment of equity-accounted investees -2.7 3.1 Interest flow -141.1 -168.0 Tax flow -423.2 -447.1 Other revenue and expenses -146.3 -26.7 Operating cash flow 2,746.9 2,219.8 527.1 23.7% Acquisition of fixed assets -825.2 -1,384.3 Operations with affiliates 0.0 0.0 Dividends received 4.2 38.2 (Repayment)/Obtaining financing -1,225.1 593.6 Other flows from investing/financing activities/dividends distribution -1,187.4 -686.1 Cash flow from investing/financing activities -3,233.5 -1,438.7 -1,794.8 -124.7% Exchange rate impact -55.3 8.5 Cash and cash equivalents at the start of the period 2,363.1 1,573.5 789.6 50.2% Net increase/(decrease) in cash and cash equivalents -541.8 789.6 Cash and cash equivalents at the end of the period 1,821.3 2,363.1 -541.8 -22.9%
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1 Key highlights 2 Business trends 3 Financial results 4 Appendices
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Results Presentation 2024 31 Appendix: Fixed and Variable Rents invoiced in the period1 1 Excluding Región de Murcia International Airport. Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 265,966 265,800 -0.1% 80,042 86,815 8.5% 346,008 352,614 1.9% Food and beverage 183,807 206,753 12.5% 56,429 61,546 9.1% 240,235 268,299 11.7% Specialty shops 72,436 80,379 11.0% 23,693 25,058 5.8% 96,128 105,437 9.7% Car parks 134,557 152,701 13.5% 45,635 51,351 12.5% 180,192 204,052 13.2% Car rental 141,276 154,220 9.2% 43,377 51,980 19.8% 184,653 206,200 11.7% Advertising 14,389 17,891 24.3% 5,996 5,699 -5.0% 20,385 23,590 15.7% VIP services 88,275 114,191 29.4% 31,061 41,031 32.1% 119,336 155,222 30.1% Leases 27,112 27,423 1.1% 8,956 9,384 4.8% 36,068 36,807 2.0% Commercial operations 26,099 25,636 -1.8% 9,420 8,273 -12.2% 35,519 33,908 -4.5% Utilities 51,990 46,287 -11.0% 16,487 17,148 4.0% 68,477 63,435 -7.4% Other Commercial 593 162 -72.8% 242 102 -58.0% 835 263 -68.5% Real estate services 71,420 79,904 11.9% 26,748 27,515 2.9% 98,167 107,419 9.4% TOTAL 1,077,920 1,171,347 8.7% 348,082 385,899 10.9% 1,426,002 1,557,246 9.2% Fixed and Variable Rents invoiced in the period (thousands of euros)
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Results Presentation 2024 32 Appendix: Fixed and Variable Rents invoiced in the period1 1 Excluding Región de Murcia International Airport. Fixed and Variable Rents invoiced in the period per passenger (euros per passenger) Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 1.23 1.12 -9.0% 1.21 1.22 0.9% 1.23 1.14 -6.7% Food and beverage 0.85 0.87 2.4% 0.85 0.86 1.5% 0.85 0.87 2.2% Specialty shops 0.34 0.34 1.1% 0.36 0.35 -1.6% 0.34 0.34 0.4% Car parks 0.62 0.64 3.4% 0.69 0.72 4.7% 0.64 0.66 3.7% Car rental 0.65 0.65 -0.6% 0.65 0.73 11.5% 0.65 0.67 2.2% Advertising 0.07 0.08 13.2% 0.09 0.08 -11.6% 0.07 0.08 5.9% VIP services 0.41 0.48 17.8% 0.47 0.58 22.9% 0.42 0.50 19.1% Leases 0.13 0.12 -7.9% 0.13 0.13 -2.5% 0.13 0.12 -6.6% Commercial operations 0.12 0.11 -10.5% 0.14 0.12 -18.3% 0.13 0.11 -12.6% Utilities 0.24 0.20 -18.9% 0.25 0.24 -3.2% 0.24 0.21 -15.2% Other Commercial 0.00 0.00 -75.2% 0.00 0.00 -60.9% 0.00 0.00 -71.1% Real estate services 0.33 0.34 1.9% 0.40 0.39 -4.3% 0.35 0.35 0.2% TOTAL 4.99 4.94 -1.0% 5.24 5.41 3.2% 5.05 5.05 0.0%
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Results Presentation 2024 33 Appendix: Minimum Annual Guaranteed Rent (MAG)1 1 Excluding Región de Murcia International Airport. Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 19,782 69,677 252.2% 32,508 26,473 -18.6% 52,291 96,150 83.9% Food and beverage 39,554 41,757 5.6% 16,929 14,284 -15.6% 56,483 56,041 -0.8% Specialty shops 18,669 18,689 0.1% 7,061 7,816 10.7% 25,730 26,505 3.0% Car parks 0 25 N/A 0 8 N/A 0 33 N/A Car rental 6 389 6,598.8% 39 154 295.7% 45 543 1,113.2% Advertising 3,777 2,515 -33.4% -16 221 1,520.1% 3,761 2,736 -27.2% VIP services 7 12 82.9% 1 9 727.1% 8 21 174.1% Leases 0 0 N/A 0 0 N/A 0 0 N/A Commercial operations 12,036 16,766 39.3% 2,364 6,279 165.6% 14,401 23,045 60.0% Utilities 0 0 N/A 0 0 N/A 0 0 N/A Other Commercial 0 0 N/A 0 0 N/A 0 0 N/A Real estate services 1,370 2,559 86.8% 763 429 -43.8% 2,133 2,988 40.1% TOTAL 95,200 152,390 60.1% 59,651 55,673 -6.7% 154,851 208,063 34.4% Minimum Annual Guaranteed Rent (MAG) (thousands of euros)
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Results Presentation 2024 34 Appendix: Minimum Annual Guaranteed Rent (MAG)1 1 Excluding Región de Murcia International Airport. Minimum Annual Guaranteed Rent (MAG) per passenger (euros per passenger) Business areas Cumulative to September Fourth Quarter Annual Total 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 2023 2024 Change 2024/2023 Duty-free shops 0.23 0.75 227.8% 0.49 0.37 -24.2% 0.19 0.31 68.3% Food and beverage 0.46 0.45 -1.7% 0.25 0.20 -21.5% 0.20 0.18 -9.2% Specialty shops 0.21 0.20 -6.8% 0.11 0.11 3.0% 0.09 0.09 -5.7% Car parks 0.00 0.00 0.0% 0.00 0.00 0.0% 0.00 0.00 0.0% Car rental 0.00 0.00 6,134.9% 0.00 0.00 268.2% 0.00 0.00 1,010.5% Advertising 0.04 0.03 -38.0% 0.00 0.00 1,421.5% 0.01 0.01 -33.4% VIP services 0.00 0.00 70.2% 0.00 0.00 669.6% 0.00 0.00 150.9% Leases 0.00 0.00 0.0% 0.00 0.00 0.0% 0.00 0.00 0.0% Commercial operations 0.14 0.18 29.7% 0.04 0.09 147.1% 0.05 0.07 46.5% Utilities 0.00 0.00 0.0% 0.00 0.00 0.0% 0.00 0.00 0.0% Other Commercial 0.00 0.00 0.0% 0.00 0.00 0.0% 0.00 0.00 0.0% Real estate services 0.02 0.03 73.9% 0.01 0.01 -47.7% 0.01 0.01 28.2% TOTAL 1.10 1.63 49.0% 0.90 0.78 -13.1% 0.55 0.67 23.0%
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Results Presentation 2024 35 Appendix. Other financial information. Key figures. Quarterly trends 1 Total passengers in the Spanish airport network, London Luton Airport, the six airports of the Northeast Brazil Airport Group (ANB) and the eleven airports of the Block of Eleven Airports in Brazil. Not including traffic at airports of non-consolidated affiliates. For comparative purposes, the calculation includes the number of passengers in the Block of Eleven Airports in Brazil in 2023. The concession Company took over operations between October and November 2023. 2 Net adjustment among segments. €m First Quarter Second Quarter Third Quarter Fourth Quarter Total 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change 2024 2023 Change Traffic (thousands of passengers)1 74,640.3 66,700.1 11.9% 98,098.4 89,685.3 9.4% 109,758.7 95,836.0 14.5% 86,959.0 88,270.9 -1.5% 369,456.4 340,492.3 8.5% Traffic in Spain (thousands of passengers) 60,751.0 53,646.4 13.2% 83,400.2 75,801.6 10.0% 93,664.7 87,205.0 7.4% 71,528.5 66,548.8 7.5% 309,344.4 283,201.9 9.2% Total Revenue 1,233.0 1,026.7 20.1% 1,513.4 1,306.5 15.8% 1,650.3 1,445.9 14.1% 1,431.1 1,362.7 5.0% 5,827.8 5,141.8 13.3% Aeronautical Revenue 622.3 511.9 21.6% 839.7 744.3 12.8% 930.6 826.4 12.6% 754.9 685.7 10.1% 3,147.5 2,768.3 13.7% Commercial Revenue 399.2 334.4 19.4% 435.1 376.3 15.6% 479.1 417.1 14.8% 446.7 406.6 9.8% 1,760.0 1,534.5 14.7% Real Estate Services 27.0 22.9 18.2% 27.9 23.6 18.2% 30.7 29.4 4.4% 28.7 29.6 -2.9% 114.3 105.5 8.4% Región de Murcia International Airport 2.3 1.8 24.1% 4.2 4.3 -2.5% 4.6 5.2 -11.1% 3.7 3.6 0.9% 14.8 15.0 -1.0% International² 169.6 142.2 19.3% 191.2 145.3 31.6% 193.5 154.8 25.0% 173.0 174.4 -0.8% 727.3 616.7 17.9% Other revenue 12.7 13.5 -5.9% 15.1 12.6 19.7% 12.2 13.1 -6.8% 24.3 62.8 -61.3% 64.3 102.0 -37.0% Total operating expenses -863.4 -856.8 0.8% -751.3 -707.1 6.3% -753.4 -705.0 6.9% -797.1 -671.4 18.7% -3,165.3 -2,940.4 7.6% Supplies -40.6 -40.5 0.2% -39.3 -39.6 -0.7% -40.0 -40.2 -0.6% -40.1 -43.0 -6.7% -160.0 -163.3 -2.0% Staff costs -152.0 -137.5 10.5% -158.6 -143.4 10.6% -147.8 -135.6 9.0% -175.6 -149.0 17.9% -634.0 -565.5 12.1% Other Operating Expenses -467.4 -463.4 0.9% -350.9 -315.9 11.1% -352.2 -330.4 6.6% -388.6 -379.8 2.3% -1,559.0 -1,489.5 4.7% Write-off of financial assets -0.1 -5.8 -97.4% -0.2 -5.6 -96.4% 0.0 0.0 N/A 0.0 -13.0 -100.0% -0.3 -24.3 -98.8% Losses, impairment and provisions for commercial operations 4.8 -10.3 -146.6% -3.1 -6.6 -53.7% -2.5 -1.7 49.6% -2.8 -2.4 14.8% -3.5 -20.9 -83.4% Depreciation and Amortisation -211.5 -198.7 6.5% -212.2 -202.4 4.9% -211.0 -202.8 4.0% -213.1 -217.3 -1.9% -847.8 -821.2 3.2% Gain or loss on disposals of fixed assets, Impairments and Other profit/(loss) – net 3.3 -0.7 -4.0% 13.0 6.4 103.3% 0.0 5.2 -99.6% 23.0 133.5 -82.8% 39.4 144.4 -72.7% EBITDA 581.1 368.6 57.7% 974.2 801.7 21.5% 1,107.9 943.3 17.5% 847.1 909.0 -6.8% 3,510.3 3,022.6 16.1% Consolidated profit/(loss) for the period 261.0 133.6 95.4% 547.6 474.1 15.5% 641.2 531.4 20.7% 484.4 491.7 -1.5% 1,934.2 1,630.8 18.6%
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Results Presentation 2024 36 Appendix. Other financial information. Statement of financial position €m 2024 2023 Property, plant and equipment 11,970.9 11,984.3 Intangible assets 1,505.9 1,723.1 Real estate investments 135.4 135.0 Right-of-use assets 41.4 58.4 Investments in affiliates 128.0 68.4 Other non-current assets 390.6 206.1 Non-current assets 14,172.1 14,175.3 Inventories 6.4 6.0 Trade and other receivables 906.7 979.0 Derivative financial instruments 68.9 32.8 Cash and cash equivalents 1,821.3 2,363.1 Current assets 2,803.2 3,380.9 Total assets 16,975.4 17,556.2 €m 2024 2023 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Retained earnings/(losses) 5,917.7 5,104.3 Other reserves -242.2 -77.9 Non-controlling interests -68.2 -69.2 Total equity 8,208.2 7,558.1 Financial debt 5,978.3 6,813.7 Provisions for other liabilities and expenses 157.3 101.6 Grants 321.3 342.1 Other non-current liabilities 75.8 79.4 Non-current liabilities 6,554.5 7,336.8 Financial debt 1,340.6 1,771.8 Provisions for other liabilities and expenses 32.6 25.7 Grants 27.0 29.5 Other current liabilities 834.2 834.3 Current liabilities 2,212.7 2,661.3 Total liabilities 8,767.2 9,998.1 Total equity and liabilities 16,975.4 17,556.2
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1 Passengers in the Spanish airport network. | 2 Including Región de Murcia International Airport. | 3 Commercial traffic. Traffic 2024 vs 2023 Results Presentation 2024 37 Appendix. Passenger data by airport groups1 2023 2024 60 50 31 48 76 16 2 283 66 55 33 53 88 12 2 309 44 36 22 28 53 6 0 190 49 41 24 31 61 6 0 211 16 14 9 20 23 9 2 93 17 14 9 22 27 7 2 98 11.2% 12.5% 7.8% 9.7% 12.4% 11.1% -11.6% 11.2% 9.9% 10.3% 7.0% 9.0% 10.1% 4.2% -1.7% 9.2% 6.3% 4.2% 5.0% 8.7% 5.2% -1.0% -1.0% 5.4% Barcelona-El Prat Josep Tarradellas Airport Adolfo Suárez Madrid-Barajas Airport Palma de Mallorca Airport Canary Islands Group Group I Group II2 Group III Aena(m Passengers) International Passengers3 Domestic Passengers3 Total Passengers
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Results Presentation 2024 38 Appendix. Traffic information 1 Total passengers in the Spanish airport network. Provisional 2024 data pending final publication. Final 2023 data. 2 Including Ryanair DAC, Ryanair Sun, S.A., Ryanair UK Limited and Malta Air. 3 Including EasyJet Switzerland, S.A., EasyJet Airline CO. LTD. and EasyJet Europe Airline GMBH. 4 Including Binter Canarias, Naysa Servicios Aéreos S.L. and Canarias Airlines. 5 Including Eurowings GMBH, Germanwings GMBH and EW Discover GMBH. 6 Including low-cost airline traffic on regular flights. Traffic by airline (top 10) Change Share (%) Carrier Passengers(1) 2024 Passengers(1) 2023 % Passengers 2024 2023 Ryanair(2) 66,139,980 60,870,996 8.7% 5,268,984 21.4% 21.5% Vueling 48,329,612 46,365,179 4.2% 1,964,433 15.6% 16.4% Iberia 22,375,657 21,424,028 4.4% 951,629 7.2% 7.6% Air Europa 17,590,425 16,895,729 4.1% 694,696 5.7% 6.0% EasyJet(3) 17,068,414 15,430,290 10.6% 1,638,124 5.5% 5.4% Iberia Express 13,472,963 12,261,865 9.9% 1,211,098 4.4% 4.3% Binter Group(4) 10,951,648 9,626,797 13.8% 1,324,851 3.5% 3.4% Jet2.Com 9,918,863 9,049,077 9.6% 869,786 3.2% 3.2% Air Nostrum 9,309,700 8,147,655 14.3% 1,162,045 3.0% 2.9% Eurowings(5) 8,545,794 7,326,587 16.6% 1,219,207 2.8% 2.6% Total Top 10 223,703,056 207,398,203 7.9% 16,304,853 72.3% 73.2% Total Low-Cost Passengers(6) 190,406,121 173,705,920 9.6% 16,700,201 61.6% 61.3%
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Results Presentation 2024 39 Appendix. Traffic information Traffic by origin/destination (top 15) 1 Total passengers in the Spanish airport network. Provisional 2024 data pending final publication. Final 2023 data. Change Share (%) Country Passengers(1) 2024 Passengers(1) 2023 % Passengers 2024 2023 Spain 98,013,685 93,020,915 5.4% 4,992,770 31.7% 32.8% United Kingdom 46,124,118 42,855,043 7.6% 3,269,075 14.9% 15.1% Germany 29,277,366 26,631,701 9.9% 2,645,665 9.5% 9.4% Italy 20,661,900 17,994,415 14.8% 2,667,485 6.7% 6.4% France 15,924,362 14,860,684 7.2% 1,063,678 5.1% 5.2% Netherlands 10,067,884 9,375,142 7.4% 692,742 3.3% 3.3% Portugal 7,158,353 6,969,577 2.7% 188,776 2.3% 2.5% Switzerland 7,130,980 6,546,748 8.9% 584,232 2.3% 2.3% Belgium 6,756,888 6,133,079 10.2% 623,809 2.2% 2.2% Ireland 6,010,010 5,484,694 9.6% 525,316 1.9% 1.9% United States 5,341,689 4,660,679 14.6% 681,010 1.7% 1.6% Poland 5,117,270 3,600,721 42.1% 1,516,549 1.7% 1.3% Morocco 3,941,728 3,440,931 14.6% 500,797 1.3% 1.2% Denmark 3,441,699 3,302,977 4.2% 138,722 1.1% 1.2% Sweden 3,359,544 3,127,026 7.4% 232,518 1.1% 1.1% Total Top 15 268,327,476 248,004,332 8.2% 20,323,144 86.7% 87.6% Total other markets 41,016,947 35,197,533 16.5% 5,819,414 13.3% 12.4% Total 309,344,423 283,201,865 9.2% 26,142,558 100.0% 100.0%
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2023 63.5 62.2 Results Presentation 2024 40 Appendix: Other shareholdings: Trend in passenger traffic (m) 1 Includes traffic at Sangster International Airport in Montego Bay and Kingston Airport (Jamaica). 2 The concession has been extended until 31 August 2025. 3 The concession ended on 29 February 2024, so only January and February traffic is included. GAP(1) (-2.1%) Aerocali(2) (+1.3%) 2024 SACSA(3) 6.8 6.9 1.2 1.2 Jan–Feb 2023 Jan–Feb 2024 2023 2024
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Results Presentation 2024 41 Appendix. Alternative Performance Measures In addition to the financial information prepared under the International Financial Reporting Standards adopted by the European Union (IFRS-EU), the reported financial information includes certain alternative performance measures (APM) in order to comply with the guidelines on alternative performance measures published by the European Securities and Markets Authority (ESMA) on 5 October 2015, as well as non–IFRS-EU measures. The performance measures included in this section rated as APM and non–IFRS-EU measures have been calculated using Aena’s financial information, but they are not defined or detailed in the applicable financial reporting framework. These APM and non–IFRS-EU measures have been used to plan, control and assess the Group’s evolution. We believe that these APM and non-IFRS measures are useful for management and investors as they facilitate the comparison of operating performance and financial position between periods. Although it is considered that these APM and non–IFRS-EU measures allow a better assessment of the evolution of the Group’s businesses, this information should be considered only as additional information, and in no case does it replace the financial information prepared according to the IFRS. Moreover, the way in which the Aena Group defines and calculates these APM and non– IFRS-EU measures may differ from the way in which they are calculated by other companies that use similar measures and, therefore, may not be comparable. The APM and non-IFRS measures used in this document can be categorised as follows: 1. Operating performance measures • EBITDA or reported EBITDA: EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is an indicator that measures the company’s operating margin before deducting financial earnings, income tax and amortisations/depreciations. It is calculated as operating earnings plus amortisations/depreciations. By disregarding the financial and tax figures, as well as • amortisation and depreciation accounting expenses that do not entail cash outflow, it is used by Management to assess the operating profit of the company and its business segments over time, allowing them to be compared with other companies in the sector. • In the note relating to the financial information by business segment of the annual report, it is indicated that the Chairman and Chief Executive Officer assesses the performance of the operating segments based on EBITDA. • Adjusted EBITDA: The adjusted EBITDA is calculated as EBITDA + Fixed asset impairments + earnings from fixed asset disposals. The reconciliation of both EBITDA and adjusted EBITDA with the consolidated earnings also appears in the note relating to financial information by business segment in the annual report. • EBITDA margin: The EBITDA margin is calculated as the quotient of EBITDA over total revenue and is used to measure the profitability of the company and its business areas. • EBIT margin: The EBIT margin is calculated as the quotient of EBIT over total revenue. EBIT (Earnings Before Interest and Taxes) is an indicator that measures the company’s operating margin before deducting financial earnings and income tax. It is used to measure the company’s profitability. • OPEX: This is calculated as the sum of Supplies, Staff costs and Other operating expenses and is used to manage operating or running expenses.
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Results Presentation 2024 42 Appendix. Alternative Performance Measures • Net Financial Debt/EBITDA Ratio: It is calculated as the quotient of the Net Financial Debt divided by the EBITDA for each calculation period. In the event that the calculation period is less than the annual period, the EBITDA of the last 12 months will be taken. • The Group monitors capital structure based on this debt ratio. • The numerical reconciliation of these APMs has been included in the corresponding section of the Consolidated Management Report. 2. Measures of the financial position • Net Debt: The Net Debt is the main APM used by Management to measure the Company’s level of indebtedness. • It is calculated as the total ‘Financial Debt’ (Non-current Financial Debt + Current Financial Debt) that appears in the Consolidated Statement of Financial Position (See Note 10 of these Condensed Consolidated Financial Statements) less the ‘Cash and cash equivalents’ that also appear in said Statement of Financial Position. • The definition of the terms included in the calculation is as follows: • Financial Debt: this means all financial debt with a financial cost as a result of: a. loans, credits and commercial discounts; b. any amount due for bonds, obligations, notes, debts and, in general, similar instruments; c. any amount due for rental or leasing which, according to the applicable accounting regulations, should be treated as financial debt; d. financial guarantees assumed by AENA that cover part or all of a debt, excluding those guarantees related to debts of consolidated companies; and e. any amount received by virtue of any other kind of agreement that has the effect of commercial financing and which, according to the applicable accounting regulations, should be treated as financial debt. Cash and cash equivalents: definition contained on p. 7 of IAS 7 ‘Cash flow statement’.
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Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)