AENA: 2022-26 STRATEGIC PLAN (ANÁLISIS BANCO SABADELL)
Highlights from the presentation of its 2022-26 Strategic Plan: Aeronautical business (60% of EBITDA BS(e)): regarding traffic, the company made cautious yet somewhat upbeat comments. Thus, it expects traffic to return to 2019 levels by 2024 (in line with our estimate), reaching ~300 M passengers in 2026 (vs. 290 M passengers BS(e)), with the number increasing to 315 M in its best-case scenario. The company highlights that tariff caps will end in 2025, which could lead to possible tariff increases from that year onwards. Overall, it expects to lay the groundwork for capacity growth under DORA III, as it does not foresee, in any scenarios, capacity problems at any airports until 2026.
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.
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