$ANNSF

Aena S.M.E., S.A. reported a 12% YoY net profit increase to €1.77B for the first nine months of 2026, meeting expectations, but revenue of €5.28B missed estimates. Passenger traffic grew 4.1% YoY, exceeding full-year growth estimates. Shares fell 2.2% due to revenue concerns.

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.

Ryanair welcomed the Spanish government's rejection of Aena's proposed 21% airport charge increase, calling the approved limited adjustment a missed opportunity. Aena's charges have risen 11% since 2024. Ryanair has withdrawn capacity from high-cost Spanish airports and plans to allocate 300 new Boeing 737 MAX-10 aircraft to competitive markets.

According to dpa-AFX, Spain’s airport operator Aena reported first-half 2026 net profit of 1.00 billion euros, up from 893.8 million euros in the prior-year period. The report also references EBITDA figures and notes a scheduled conference call to present the group’s 1H 2026 results.

Aena reported Q2 2026 results in line with analyst expectations. Group EBITDA was €1,146 million, slightly below consensus by 0.8%. International EBITDA and operating expenses missed or rose versus estimates, while commercial revenue beat forecasts and real estate revenue was 17% above. Aena guided 2026 traffic growth at about 3% and cited limited H2 visibility due to fuel hedge roll-offs and Middle East uncertainty.

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.