Report
Ana Arjona-Martinez ...
  • Yan Derocles

AENA : Good Q4 results expected but spotlight on the 2026 strategic update

>Q4 2023 results to continue the strong performance of previous quarters… - We expect Q4 results (to be published on 28 February) to show strong revenue growth: total revenues +11.8% y-o-y, with the Spanish main divisions growing at +13.1%, following the strong traffic growth reported in the quarter (+11.9% y-o-y or +8.6% vs 2019). More in detail, we are estimating a c.15% growth in the aviation division (excl. Covid costs) as, despite the flat tariffs in the quarter,...
Underlying
Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Ana Arjona-Martinez

Yan Derocles

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