Aena delivered a strong net result in Q1.

Airport operator Aena recorded a +2.1 % increase in retail revenue in the first quarter of 2026, below the +3.2% traffic growth in its Spanish network, which reached 65.6 million passengers. This follows the same downward trend set in FY2025.

Across the entire group – including Spain, London Luton Airport, and Aena Brasil – the company served 81.3 million passengers, up 3.8% from 2025.

Within the retail division, which delivered revenue of €263.07m/$308m*, the group saw another contraction in income from its Avolta-operated duty-free stores of -0.7% to €131.7m/$154.4m. This was offset by growth in food and beverage (F&B) of +3.5% to €85.7m, and a surge in speciality shops revenue of +9.3% to €32.1m. The remainder of the retail division’s revenue was made up by other commercial services such as banking, baggage wrapping, telecoms, and vending machines (see chart below).

F&B and speciality shops drove Aena’s retail revenue in Q1. 

Healthy net profit achieved on double-digit revenue rise

Overall, Aena recorded total consolidated revenue for Q1 of €1,480m, an increase of +11.6% year-on-year (YOY). The core revenue streams of aeronautical and commercial both rose by over +5% to €719.4m and €465.4m respectively. These increases were driven by traffic volumes, increased aeronautical charges (since March 2026), and improved commercial activity.

The result was a net profit (attributable to shareholders) of €329.4m for Q1 2026, up by +9.3%. At the gross operating profit level, EBITDA stood at €661.1m, rising + 2.7% YOY.

The biggest news in the quarter came on 30 March when Aena announced that, through its subsidiary Aena Desarrollo Internacional (ADI), it has been awarded the concession for Rio de Janeiro’s Galeão Airport, the city’s main air gateway, following a public auction.

Aena bid approximately €482.5m for the concession, which runs until May 2039. Part of the transaction cost will be paid out of Aena’s own funds, and the rest is expected to be financed by issuing debt with a local institution without recourse to the parent company.

[* FX conversions at today’s rate.]

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