Aena seeks to fill idle capacity at Rio de Janeiro/Galeão with more flights and private projects

Aena (AENA) will report Q3 results on Oct 28. September passenger traffic increased 4.2% YoY in Spain and 3.9% YoY for the group, while air freight declined 5.7%. UBS maintained a Buy rating with a reduced price target of €29.20, suggesting 14.7% upside.

Spain's Aena took control of Rio Galeão airport in Brazil after a 26-round auction, paying US$580 million. The airport handles 17.8 million passengers annually, with 5.7 million international travelers. Aena's contract runs until 2039, with a 20% revenue-based fee. The deal shows Brazil's ability to sell troubled concessions at a premium, attracting European and Asian operators.

Barclays upgraded Aena to “overweight” and raised its price target to €28.50 from €24.50, citing nearing completion of the DORA III regulatory review and a CNMC opinion that reduces uncertainty. Barclays cut Fraport to “equal weight,” lowering its target to €71 from €96, citing weaker traffic and ground-handling losses. It also adjusted forecasts for Fraport and maintained ratings for ADP, Athens and Zurich.

Investing.com reports Aena SME SA shares rose 1.2% to €27.14 after Bernstein upgraded the stock to “Outperform” and raised its price target to €30.80 from €27.00. Bernstein cited higher passenger forecasts, accelerating commercial revenue, and a favorable regulatory outlook, including a 2026 traffic forecast of 333 million. Bank of America also upgraded to “Buy” with a €30.50 target.

Bernstein upgraded Aena to “outperform” from “market-perform” and raised its price target to €30.80 from €27, citing a stronger medium-term earnings outlook. It forecasts Spanish traffic growth of 3.6% in 2026 (vs Aena guidance 1.3% and consensus 2.5%), with 2026 traffic at 333 million. It expects a September final regulatory agreement and says FY+2 EBITDA estimates are 2-3% above consensus.

Gibraltar Industries (ROCK) will sell its infrastructure business, D.S. Brown, to Saint-Gobain for $208M in cash, with the deal expected to close in Q4 2026, pending approvals.