Aena March Traffic Up 3.9% YoY

Aena reported March passenger traffic up 3.9% year‑over‑year, beating February’s 2.8% rise and exceeding 3.1% capacity growth.
The surge benefited from an earlier Easter holiday, while April capacity is already 5.4% higher year‑over‑year.
Jefferies analysts Graham Hunt, Glynis Johnson and Priyal Woolf kept a Buy rating, citing upside to ROCE through the next DORA period.
Jefferies lifted its 2026 traffic growth estimate to 3.0% and looks to CNMC’s DORA report and Q1 results on April 29 as catalysts.