Aena shares fall as 9-month revenue misses estimates

Aena SME SA (AEN) stock fell 1.8% to €26.52 after reporting nine-month 2026 revenue of €5.28B, missing analyst estimates of €5.69B. Net profit rose 12% to €1.77B, meeting expectations. Passenger traffic increased 4.1%, exceeding the company's forecast. UBS cut its price target, citing higher capital expenditure. The broader market also declined, with Spain's Ibex 35 falling 1%.

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.

Aena, which acquired Rio de Janeiro/Galeão International Airport, plans to increase flights to 30 destinations and invest BRL 1 billion in private projects. The airport handled 17.5 million passengers in 2025 and is projected to reach 19.4 million in 2026. Aena aims to capitalize on idle capacity and grow cargo and maintenance services.

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.