Aena
A regulated aeronautical base alongside concessions, retail, parking and real estate. Its large domestic network and commercial platform make revenue per passenger and tariff decisions central to the investment case.
Business at a glance
A regulated aeronautical base alongside concessions, retail, parking and real estate. Its large domestic network and commercial platform make revenue per passenger and tariff decisions central to the investment case.
Operating footprint: Madrid-Barajas, Barcelona-El Prat and the Spanish airport network, plus international interests
Managed airports and airport interests
Aena’s core operating network comprises 46 airports and two heliports in Spain, 17 airports in Brazil and London Luton. Its UK portfolio also includes Leeds Bradford and an indirect minority interest in Newcastle following the May 2026 transaction.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
Spain · 48 facilitiesAirport / heliport operator
- A Coruña (LCG)
- Madrid Barajas (MAD)
- Albacete (ABC)
- Algeciras heliport (AEI)
- Alicante–Elche (ALC)
- Almería (LEI)
- Asturias (OVD)
- Badajoz (BJZ)
- Bilbao (BIO)
- Burgos (RGS)
- Lanzarote (ACE)
- Ceuta heliport (JCU)
- Córdoba (ODB)
- El Hierro (VDE)
- Granada–Jaén (GRX)
- Fuerteventura (FUE)
- Girona (GRO)
- Gran Canaria (LPA)
- Huesca–Pirineos (HSK)
- Ibiza (IBZ)
- Región de Murcia (RMU)
- Jerez (XRY)
- Barcelona El Prat (BCN)
- La Gomera (GMZ)
- La Palma (SPC)
- León (LEN)
- Logroño–Agoncillo (RJL)
- Madrid Cuatro Vientos (ICAO: LECU)
- Málaga (AGP)
- Melilla (MLN)
- Menorca (MAH)
- Palma de Mallorca (PMI)
- Pamplona (PNA)
- Reus (REU)
- Sabadell (QSA)
- Salamanca (SLM)
- San Sebastián (EAS)
- Santiago de Compostela (SCQ)
- Santander (SDR)
- Sevilla (SVQ)
- Son Bonet (ICAO: LESB)
- Tenerife North (TFN)
- Tenerife South (TFS)
- Valencia (VLC)
- Valladolid (VLL)
- Vigo (VGO)
- Vitoria (VIT)
- Zaragoza (ZAZ)
Brazil · 17 airportsConcession operator through ANB and BOAB
- Recife (REC)
- Maceió (MCZ)
- Aracaju (AJU)
- João Pessoa (JPA)
- Juazeiro do Norte (JDO)
- Campina Grande (CPV)
- São Paulo Congonhas (CGH)
- Campo Grande (CGR)
- Corumbá (CMG)
- Ponta Porã (PMG)
- Santarém (STM)
- Marabá (MAB)
- Carajás (CKS)
- Altamira (ATM)
- Uberlândia (UDI)
- Montes Claros (MOC)
- Uberaba (UBA)
United Kingdom · operating companies and investmentControlled interests and indirect minority investment
- London Luton (LTN) — 51% operator interest
- Leeds Bradford (LBA) — through the 51%-owned Augusta holding company
- Newcastle (NCL) — Augusta owns 49% of the airport, making Aena an indirect minority investor
Leeds Bradford and Newcastle entered the investment portfolio in May 2026; their traffic is not part of Aena’s 2025 operating-network figures.
Mexico and Jamaica · GAPMinority investor and technical partner
- Aguascalientes (AGU)
- Guadalajara (GDL)
- Guanajuato / Bajío (BJX)
- Hermosillo (HMO)
- La Paz (LAP)
- Los Cabos (SJD)
- Los Mochis (LMM)
- Manzanillo (ZLO)
- Mexicali (MXL)
- Morelia (MLM)
- Puerto Vallarta (PVR)
- Tijuana (TIJ)
- Kingston (KIN)
- Montego Bay (MBJ)
These airports are operated by GAP. They are shown as airport interests, separately from Aena’s controlled operating network.
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Madrid Barajas · MAD | Spain | Calendar 2025 | 68,179,054 | +3.0% · 430,616 movements · 840,331 tonnes cargo |
| Barcelona El Prat · BCN | Spain | Calendar 2025 | 57,483,036 | +4.4% · 360,786 movements · 200,741 tonnes cargo |
| Palma de Mallorca · PMI | Spain | Calendar 2025 | 33,806,427 | +1.5% · 246,486 movements |
| Málaga · AGP | Spain | Calendar 2025 | 26,760,549 | +7.4% · 186,990 movements |
| Alicante–Elche · ALC | Spain | Calendar 2025 | 19,950,394 | +8.5% · 126,081 movements |
| Gran Canaria · LPA | Spain | Calendar 2025 | 15,826,553 | +4.0% · 142,884 movements |
| Tenerife South · TFS | Spain | Calendar 2025 | 13,969,678 | +1.7% |
| Valencia · VLC | Spain | Calendar 2025 | 11,847,527 | +9.6% |
| Congonhas · CGH | Brazil | Calendar 2025 | 24,491,178 | +5.9% · 214,951 movements |
| Recife · REC | Brazil | Calendar 2025 | 9,938,051 | +3.6% · 84,350 movements |
| London Luton · LTN | United Kingdom | Calendar 2025 | 17,562,426 | +4.9% · 134,769 movements |
Growth is against calendar 2024. The traffic table selects major airports; the country lists identify the wider portfolio. Financial history below remains at Aena group level.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: Aena H1 2026 results. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Calendar years · year ended 31 December
Passengers cover Aena’s Spanish network. Financial figures cover the consolidated Aena group, including international activities.
Spain network passengers
Group revenue
EBITDA
Commercial revenue
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Spain network passengersmillion · Traffic | 243.7 | 283.2 | 309.3 | 321.6 |
| Traffic growth, calculated% · Traffic | — | 16.2 | 9.2 | 4.0 |
| Group revenue€m · Financial | 4,237.5 | 5,141.8 | 5,827.8 | 6,379.2 |
| Aeronautical revenue€m · Financial | 2,418.0 | 2,858.0 | 3,190.0 | 3,346.8 |
| Commercial revenue€m · Financial | 1,243.8 | 1,552.0 | 1,780.0 | 1,975.1 |
| EBITDA€m · Financial | 2,078.9 | 3,022.6 | 3,510.3 | 3,785.0 |
| Net profit€m · Financial | 901.5 | 1,630.8 | 1,934.2 | 2,136.7 |
| Operating cash flow€m · Capital | 1,863.2 | 2,219.8 | 2,746.9 | 2,787.5 |
| Net debt€m · Capital | 6,242.9 | 6,222.0 | 5,498.0 | 5,509.0 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Passenger recovery has expanded the revenue base. Commercial revenue rose from €1.24bn in 2022 to €1.98bn in 2025, alongside higher airport activity.
Cash generation helped reduce net debt from €6.24bn to €5.51bn. The expansion of the Brazilian portfolio also contributed to group growth.
Historical sources and comparability
- Spanish traffic and group revenue have different perimeters, so group revenue is not divided by Spanish passengers. The series is not a constant-perimeter comparison.
- The 2023 EBITDA figure includes a Brazilian impairment reversal. The table begins in 2022 to avoid combining the original 2021 pandemic figures with later accounting revisions.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Track Spanish passenger growth against airline capacity and tourism demand.
Watch the balance between regulated airport charges and commercial income per passenger.
Follow the capital programme and net debt as Aena invests in capacity and quality.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official Aena H1 2026 results ↗