Aena’s distinctive Adolfo Suárez Madrid-Barajas Airport.

International airport operator Aena saw Spanish retail revenue rise by +3.4% last year, well below international traffic growth of +5.9% in the country – and also lower than total traffic, up +3.9%.

Passenger numbers reached 321.6m across Aena’s Spanish network of 46 airports in Spain, in 2025. At the global level – which includes two batches of 17 airports in Brazil plus London Luton Airport (LTN) in the UK – traffic hit 384.8m passengers, up by +4.2% compared to 2024.

Headline retail revenue reached €1.1bn, primarily driven by +6% growth in food and beverage (F&B), which ended the year at €368.9m, and by speciality shops, up +6.1% to €144.3m. Duty-free shops, operated by Avolta, represent the largest component of the retail business area, but growth here was subdued at just +1.5%, reaching €534.9m.

The weakness of the duty-free segment within the full commercial spectrum was stark, especially as other large revenue segments such as car rental and VIP services delivered growth of +25.6% and +31% respectively (see chart below).

Duty-free was weaker than all other major commercial segments.

Aena – whose flagship airports are Adolfo Suárez Madrid-Barajas (MAD) and Barcelona-El Prat Josep Tarradellas (BCN) – said, in a statement, that it expects +1.3% passenger volume growth in its Spanish airport network this year. This will equate to approximately 326 million passengers.

Minimum annual guarantees in decline

In terms of forward minimum annual guarantees (MAGs), Aena expects these to fall from €1.28bn this year to €1.17bn in 2028 (see chart). By far, the largest declines will come from speciality shops (€128m to €84m) and F&B (from €292m to €218m). The only segment that will see a significant MAGs increase is from duty-free shops (€491m to €523m).

Duty-free MAGs are set to increase through to 2028.

Aena issued multiple tenders in 2025. For speciality shops, 38 (across 63 premises) were published, of which 24 have been awarded. The MAG from the awarding of these tenders represents an overall increase of +140% versus 2024, and +152% in 2026.

On the food and beverage (F&B) side, 52 tenders were issued (across 74 premises), 49 of which were awarded. The MAG increase in 2025 was +119%, and will be +137% this year. For both F&B and speciality shops, the increases included rents from the new premises.

Duty-free lift at Brazilian airports

While Aena does not break out the retail segments from its international operations, the company noted its two Brazil airport groups delivered solid duty-free growth. The Northeast Brazil Airport Group (ANB) of six airports led by Recife (REC), saw commercial revenue jump by +19.0% last year, “driven mainly by the strong performance of duty-free shops, VIP lounges and car rental”.

Meanwhile, at what Aena calls the Block of Eleven Airports in Brazil (BOAB), led by São Paulo’s Congonhas Airport (CGH), commercial revenue rose by +13.5% with VIP lounges, duty-free shops, F&B, car rental, real estate revenue, and advertising all performing well.

Works are continuing at all BOAB airports, with completion scheduled for June 2026 at 10 terminals, and June 2028 at CGH. There, the expansion of a remote boarding area has been completed, and the commercial offer has been increased.

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