Aena Shares Drop 4.4% on EBITDA Miss

Aena SME SA shares fell 4.4% after Q1 EBITDA of €682 million missed consensus by 3.1%, driven by higher costs.
Aviation staff expenses rose 12.5% and overall network operating costs jumped 14.9% YoY, outpacing expectations.
Variable retail rents per passenger grew only 1.9% YoY, down from 4.1% in Q4 2025, weakening commercial revenue.
Guidance shows 2026 passenger forecast of 326 million (1.3% YoY), below analysts’ 3.0% growth expectation, with no explicit outlook provided.