Aena exceeds 2019 EBITDA and achieves a net profit of 1,631 million euros

04.03.2024 - 08:09 / traveldailynews.com / Vicky Karantzavelou

Aena exceeds pre-pandemic EBITDA levels one year earlier than scheduled in the Strategic Plan 2022-2026.

Aena obtained in 2023 a gross operating profit (EBITDA¹) of 3,022.6 million euros, with a margin of 58.8%. This figure represents growth of 45.4% compared with 2022 (2,078.9 million) and 9.3% compared with 2019 (2,766.2 million). The company has therefore recovered its pre-pandemic EBITDA one year earlier than scheduled in the Strategic Plan 2022-2026. Excluding the reversal of the impairment of the Northeast Brazil Airport Group, the EBITDA margin would be 55.8%.

The net profit recorded in 2023, which includes extraordinary financial items*, stood at 1,630.8 million euros, a record figure that is an improvement of 80.9% on the 901.5 million euros profit achieved in 2022 and is 13.1% higher than in pre-pandemic 2019, when net profit was 1,442 million euros.

As a result of its 80% pay-out policy, Aena will propose to the Ordinary General Shareholders’ Meeting, to be held on 18 April, the distribution of a gross dividend of 7.66 euros per share out of the 2023 profit, which will benefit both its private and public shareholders (the government owns 51% of the company). In the previous year, shareholder remuneration was a gross sum of €4.75 per share.

Passenger traffic for the Aena Group (Spain, London-Luton and the Northeast Brazil airports) grew to 314.1 million (16% more than in 2022), equivalent to 102.3% of 2019 traffic. At Spain’s airports, the increase is 16.2% (to 283.2 million passengers) and is equivalent to 102.9% of 2019 traffic.

Total consolidated revenue in 2023 rose to 5,141.8 million euros, an increase of 21.3% compared with 2022. Aeronautical revenue stood at 2,858 million euros, 18.5% more than in 2022. Commercial revenue, with sales from commercial activities exceeding 2019 levels, reached 1,552 million euros, an increase of 25.2% compared with 2022. Thus, total sales from commercial activities were 17.3% above 2019 levels and fixed and variable rent revenue invoiced and collected in the period was 21.8% above 2019 levels.

The consolidated accounting net financial debt² of the Aena Group stood at 6,222 million euros, compared with €6,242.9 in 2022, with the net financial debt to EBITDA ratio of the consolidated group falling to 2.06, compared with 3.00 as of 31 December 2022.

There has been strong cash generation. Net cash from operating activities amounted to 2,219.8 million euros compared with 1,863.2 million euros in 2022. The Aena Group’s OPEX, which includes supplies, staff costs and other operating expenses, amounted to 2,218.3 million euros in 2023, compared with 2,090.7 million euros in 2022. The evolution of these costs reflects the increased activity and operations of the