Aena expects 300 million passengers through Spanish airports in 2025

By Corina Pons and Natalia Siniawski

(Reuters) -Airport operator Aena said on Thursday it expects more than 300 million passengers to pass through its Spanish terminals in 2025, reaching that volume a year earlier than it had forecast in 2022.

Traffic at Spain's airports, which are all operated by Aena, rose 16% to a record 283.2 million passengers last year, 3% more than in 2019, as tourism rebounded after years of pandemic-related disruptions.

Aena's passenger numbers are recovering more rapidly than those of other airport operators in Europe, and it expects to manage around 1 million per day by 2026.

The group, however, said that last year's passenger traffic at Spain's two biggest airports, Madrid and Barcelona, did not surpass pre-pandemic numbers recorded in 2019.

Aena expects a full recovery of these figures in 2024.

The positive outlook is further cemented by the Spain passenger forecast of around 294 million for 2024, bolstered by summer season projections of about 7% more scheduled flights than last year.

As a result, Aena forecast a more than 20% surge in earnings before interest, tax, depreciation and amortisation (EBITDA) from 2023 to 2026.

The group, which also manages terminals in Latin America and Britain, expects 48% growth in its commercial revenue in 2026 compared to 2019.

The anticipated passenger growth is in line with its investment plan, which aims to double investments relative to recent years from 2027 to 2031.

That will include further expansion and enhancements to Aena's airport infrastructure, mainly in Spain.

Aena, which handles 20% of passenger traffic in Brazil, said international activity should make up 15% of its EBITDA in 2026.

To reach that target, it plans to acquire new assets, CEO Mauricio Lucena told reporters.

Britain's Heathrow airport was not considered a "primary objective", Lucena said when asked if Aena would be interested in the stakes offered by Spain's Ferrovial and other partners in the holding controlling the airport.

"Our more natural market is Latin America," he added.

The group, of which the Spanish state owns 51%, also said it would stick to its dividend policy for a 80% payout.

(Reporting by Natalia Siniawski and Corina Rodriguez; editing by Joan Faus, Susan Fenton, Milla Nissi and Charlie Devereux)