Madrid Plaza Mayor. Photo: Shutterstock Spanish airport operator Aena reported a net profit of €1.002 billion for the first half of 2026, up from €893.8 million during the same period last year, as passenger traffic continued to grow across its network and Spain benefited from shifting travel patterns amid global uncertainty.
The company said earnings before interest, taxes, depreciation and amortization (EBITDA) rose 6.3% year over year to €1.799 billion, representing a margin of 54.5%.
Total consolidated revenue reached €3.3 billion between January and June, an increase of 10.1% compared with the first half of 2025. Aeronautical revenue accounted for €1.7 billion, while commercial activities generated €991 million.
Aena. Photo: RVillalon / ShutterstockAena attributed part of the recent demand to geopolitical developments. According to the company, travel trends were initially in line with expectations before the Strait of Hormuz crisis prompted some travelers to favor Spain as a perceived safe destination. Temporary disruptions to rail services have also encouraged some passengers to choose air travel instead.
Despite the strong results, Aena struck a cautious tone regarding the remainder of the year. The operator now expects passenger traffic to increase by around 3% in 2026 compared with 2025, although it warned that visibility remains limited due to uncertainty surrounding the conflict in the Middle East and the expiration of fuel hedging arrangements.
The company also noted signs of weakening load factors, indicating that actual passenger numbers are not keeping pace with the number of seats airlines are offering.
During the first six months of the year, Aena Group airports handled nearly 190 million passengers, a 3.9% increase from the same period in 2025. Airports in Spain welcomed more than 156.2 million passengers, up 3.7%, although growth was slower than the 4.5% recorded in the first half of last year.
Aena continued to expand its international footprint. In March, its subsidiary Aena Desarrollo Internacional secured the concession for Rio de Janeiro-Galeão International Airport in Brazil with a bid of 2.9 billion reais (approximately €490.7 million). The concession runs through May 2039.
The company also completed the acquisition of a 51% stake in the holding company that owns Leeds Bradford Airport and a 49% stake in Newcastle Airport in the United Kingdom on May 7.
Investment spending totaled €916.3 million during the first half, including €340 million related to the UK airport acquisition. Meanwhile, operating expenses increased to €1.499 billion, reflecting higher personnel and operating costs.
Aena's consolidated net financial debt stood at €6.724 billion at the end of June, up from €5.509 billion at the end of 2025. However, the company highlighted strong cash generation, with net cash from operating activities rising to €1.599 billion, compared with €1.480 billion a year earlier.
The results underscore Aena's position as one of the world's largest airport operators, benefiting from resilient travel demand while navigating an increasingly uncertain geopolitical environment.