AENA: 2Q17 results in line with expectations

The company’s EBITDA increased by 11.9% to €734Mn in 2Q17 (vs. €734Mn expected). Especially remarkable is the performance of Aeronautical EBITDA that increased by 12.9% to €465Mn helped by: 1) 11.0% traffic increase; 2) €11Mn of commercial incentives; and 3) €16.7m of bonus for connections received in 1Q17. On the other hand, International EBITDA decreased by 4.5% to €21Mn in 2Q17 despite the 7.2% increase of Luton’s number of passengers (to 4.4Mn in 2Q17). Below EBITDA, there weren’t surprises...