Results Presentation

For the nine-month period ended on 30 September 2023

2 November 2023

Disclaimer

2

This report shows the most important data concerning Aena S.M.E., S.A. and its subsidiaries ('Aena' or 'the Company') and its management during the first nine months of 2023, including the most relevant information on all business areas, the main figures and the lines of action that have guided the management of the Company.

The Presentation has been prepared:

  1. Solely for use during the presentation of the financial results for the first nine months of 2023; thus, the Presentation does not constitute an offer or invitation to: (a) purchase or subscribe shares, in accordance with the provisions of Act 24/1988, of 28 July (as amended and recast), on the securities market and its enabling regulations; or (b) purchase, sell, exchange or solicit an offer to purchase, sell or exchange securities, or to request any vote or authorisation, in any other jurisdiction; nor should it be interpreted as such.
  2. For informative purposes, given that the information it contains is purely explanatory, it should be indicated that the information and any opinion or statement made during the Presentation (including the information and statements on forecasts, as defined below) (hereafter, the 'Information') has not been the subject of review or verification by any independent third party or any auditor of the Company, and certain financial and statistical information in this Presentation is subject to rounding adjustments. Consequently, neither the Company nor its directors, managers, employees, or any of its subsidiaries or other companies in the Company's group:
    1. offer any guarantee, express or implied, with regard to the impartiality, accuracy, completeness or correctness of the Information; or
    2. assume any kind of responsibility, whether for negligence or any other reason, for any damage or loss incurred as a result of using the Presentation, its content or any Information it contains in any way.

The Presentation contains information and statements on forecasts regarding the Company and its group (the 'Information and Statements on Forecasts'); said Information and Statements on Forecasts (which, in general terms, are identified by means of the words 'expects', 'anticipates', 'foresees', 'considers', 'estimates', 'intends', 'determines' or similar expressions) may include statements regarding the expectations or forecasts of the Company, as well as assumptions, estimations or statements about future operations, future results, future economic data and other conditions such as the development of its activities, trends in the activity sector, future capital expenditure, and regulatory risks and acquisitions. However, it is important to take into account that the Information and Statements on Forecasts:

  1. do not guarantee any expectations, future results, operations, capital expenditure, prices, margins, foreign exchange rates, or other data or events; and
  2. are subject to material and other kinds of uncertainties and risks (including, among others, the risks and uncertainties described in any presentation that the Company might make to the Spanish National Securities Market Commission), changes and other factors that may escape the control of the Company or may be difficult to foresee, which could condition and cause the results to be different (in their entirety or in part) from those that are envisaged in the Information and Statements on Forecasts.

It should also be considered that, except wherever required by legislation in force, the Company does not commit to updating the Information and Statements on Forecasts if the facts are not exactly as described, or following any event or circumstance that may take place after the date of the Presentation, even though such events or circumstances make it possible to determine clearly that the Information and Statements on Forecasts will not materialise or will make said Information and Statements on Forecasts inexact, incomplete or incorrect.

01 02 03 04

Key

Business

Financial

Appendices

highlights

trends

results

Key highlights

4

Traffic: Passenger traffic across Aena Group1 increased to 240.0 million (up 17.4%

Commercial activity: In the first nine months of 2023, there has been a significant

compared to 2022), which implies a recovery of 100.8% of the 2019 traffic. At

increase versus 2019 commercial activity:

network airports in Spain, traffic increased by 17.6% (to 216.6 million passengers),

• Total sales (passenger expenditure) from commercial activities exceeded 2019

equivalent to 101.3% of 2019 traffic.

Based on these results, the Company estimates it will end 2023 with around

levels (+15.6%).

• Total sales per passenger were 14.1% higher than in the same period of 2019

280 million passengers, equivalent to a recovery of 102% of 2019 traffic, within the

and this performance is observed across all commercial business lines.

range provided for 2023 (94-104% of 2019 traffic).

Ordinary operating revenue*: €3,739.9 million (+€627.1 million, +20.1% compared

• Fixed and variable rents invoiced and collected in the period exceeded 2019

figures (+21.4%, see slide 13).

to 9M 2022): Aeronautical revenue, €2,082.6 million (+€296.6 million, +16.6%);

commercial revenue, €1,127.8 million (+€216.4 million, +23.7%); real estate service

International activity: In October, Aena took over the management of operations at

revenue, €75.9 million (+€11.4 million, +17.7%); and international activity revenue,

three airports (Congonhas, Campo Grande and Uberlandia) in the Block of Eleven

€442.3 million (+€99.8 million, +29.1%).

Airports in Brazil (BOAB).

Other Operating Expenses: €1,109.6 million. The variation (+€32.4 million, +3.0%)

Financing: On 6 October 2023, Aena issued its first bonds in the European fixed

reflects the effect of increased activity and the full opening of terminals and airport

spaces, as well as the drop in the price of electricity (a decrease of €113.5 million to

income market for an amount of €500 million, maturing in October 2030. The

transaction closed with a 4.25% coupon. The effective financial cost is 4.314% per

€106.8 million).

year.

EBITDA* for the period stands at €2,113.6 million (€1,522.2 million in 9M 2022).

Investment paid: €1,203.3 million. These investments focus mainly on improving

The EBITDA margin stands at 55.9% (48.3% in 9M 2022). By year end 2023,

consolidated EBITDA is expected to reach more than €2,700 million with an

airport facilities and operational security and include €611.9 million of mandatory

EBITDA margin higher than 56%.

payments for the BOAB concession in Brazil.

Net profit*: €1,139.1 million (€664.7 million in 9M 2022).

Note: In accordance with the new accounting policy, since 2022 Aena applies the impairment of value criterion to the reductions in the MAG-whether they are a consequence of the 7th Final Provision of Act 13/2021, of court decisions or of agreements reached with commercial operators-and it adjusts the amount of these discounts in full as and when they arise, rather than deferring their allocation to results on a straight-line basis over the remaining life of the contracts, in accordance with the previous accounting policy.

As a result of this change in accounting policy, as of 30 September 2023, the Company presents, for comparative purposes, the re-presented figures as at 30 September 2022 versus those published on 26 October 2022, which were presented in accordance with the previous accounting policy.

* 9M 2022 re-presented figures.

1 Total passengers in the Spanish airport network, London Luton Airport and the six airports of the Northeast Brazil Airport Group. Not including traffic at airports of non-consolidated affiliates.

Key highlights

Passengers1 (m): +17.4%

Spanish Network

238.1

10.4 204.4

240.0

Luton

13.9

12.5

10.3

10.8

9.9

Northeast Brazil

214.0

216.6

Airport Group (ANB)

184.2

Recovery of 100.8% of

2019 traffic.

9M 2019

9M 2022

9M 2023

5

Total Revenue (€m): +19.9%

Driven by aeronautical

3,448.8

3,152.7

3,779.1

revenue (+16.6%),

commercial revenue

(+23.7%) and

international segment

revenue (+29.1%).

9M 2019

9M 2022*

9M 2023

EBITDA2 (€m): +38.8%

EBITDA margin

The EBITDA margin excluding electricity for 9M 2019 was 63.8% vs 58.8% in 9M 2023.

62.0% 48.3% 55.9%

2,136.72,113.6

1,522.2

Net Result (€m): +71.4%

1,114.2

1,139.1

664.7

9M 2019

9M 2022*

9M 2023

9M 2019

9M 2022*

9M 2023

* Re-presented figures.

  1. Total passengers in the Spanish airport network, London Luton Airport and the six airports of the Northeast Brazil Airport Group. Not including traffic at airports of non-consolidated affiliates.
  2. Reported EBITDA.

Key highlights: Performance by business area1

Airports

9M 2023

Aeronautical

Commercial

Real estate services

Total revenue

55.9%

2.1%

€3,779.1m

30.0%

+19.9%

€2,114.0m

€1,134.6m

€77.6m

(+16.2%)

(+23.7%)

(+18.4%)

Total expenses

69.1%

13.1%

1.8%

€2,269.4m

+2.0%

€1,568.5m

€298.0m

€39.8m

(-3.1%)

(-2.9%)

(+8.3%)

EBITDA

47.4%

2.4%

43.1%

€2,113.6m

+38.8%

€1,002.9m

€911.3m

€50.7m

(+53.1%)

(+33.4%)

(+22.8%)

6

International

12.0%

€442.4m (+29.1%)

15.5%

€351.6m (+37.3%)

7.1%

€149.5m (+6.1%)

EBITDA margin

55.9%

EBITDA margin

EBITDA margin

EBITDA margin

EBITDA margin

47.4%

80.3%

65.2%

33.8%

* 9M 2022 re-presented figures.

1 Excluding Región de Murcia International Airport.

01 02 03 04

Key

Business

Financial

Appendices

highlights

trends

results

Traffic data

Passengers, aircraft movements and cargo

Spanish Network

9M 2023

9M 2022

Var. %

9M 2019

Var. %

9M23/9M22

9M23/9M19

8

Monthly trend in passenger traffic1

Passengers (m)

2022

Passengers

216,647,764

184,200,389

17.6%

213,950,214

1.3%

Operations

1,834,101

1,686,658

8.7%

1,822,995

0.6%

Cargo (Tonnes)

776,328

735,107

5.6%

764,887

1.5%

Monthly variation (%)

2023

Traffic variation

Luton

9M 2023

9M 2022

Var. %

9M 2019

Var. %

9M23/9M22

9M23/9M19

Passengers

12,492,843

9,852,519

26.8%

13,880,909

-10.0%

Operations

97,887

89,454

9.4%

108,168

-9.5%

Cargo (Tonnes)

19,163

23,963

-20.0%

25,610

-25.2%

Northeast Brazil

9M 2023

9M 2022

Var. %

9M 2019

Var. %

Airport Group

9M23/9M22

9M23/9M19

(ANB)

Passengers

10,816,427

10,383,527

4.2%

10,315,287

4.9%

Operations

103,555

102,098

1.4%

100,352

3.2%

Cargo (Tonnes)

43,718

53,610

-18.5%

46,409

-5.8%

62.7%

29.8

29.9

27.5

25.5

26.5

27.1

27.3

23.8

24.3

24.9

22.3

16.9

20.1

20.5

16.6

39.6%

15.6

10.4

11.9

28.9%

16.4%

14.4%

9.9%

9.5%

110.7%0,7%

9.0%

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

The increase is widespread at most airports and in all types of traffic. In the Spanish airport network, domestic traffic is up by 14.6% whereas international traffic is up by 19.2%.

1 Total passengers in the Spanish airport network.

Traffic data

Breakdown of passenger traffic1 by markets

Total 9M 2023

Europe (excluding Spain) 9M 2023

1.7% 1.3%

0.2%

(27.6% in

2.5%

9M 2019)

3.1%

Rest of

26.5%

Europe

32.6%

58.6%

31.9%

16.2%

(17.7% in

9.0% 10.8%

9M 2019)

5.6%

Europe

Africa

(excl. Spain)

Spain

Middle East

Latin America/

Asia and Others

Caribbean

North America

(USA, Canada

and Mexico)

9

Passenger traffic1 by airports and groups of airports

Airports/

Passengers(1)

Var.

Share

% Var.

% Var.

Groups(2)

(m)

(%)

(%)

Domestic(3)

International(3)

A.S. Madrid-Barajas

45.0

22.1%

20.8%

17.2%

24.1%

Barcelona-El Prat J.T.

37.6

21.7%

17.4%

14.0%

25.0%

Palma de Mallorca

25.7

8.8%

11.9%

11.0%

8.1%

Canary Islands Group

35.4

13.1%

16.4%

12.8%

13.5%

Group I

62.2

18.1%

28.7%

14.3%

20.0%

Group II

9.2

20.3%

4.2%

19.7%

21.0%

Group III

1.6

24.3%

0.7%

22.4%

61.4%

TOTAL

216.6

17.6%

100.0%

14.6%

19.2%

  1. Total passengers in the Spanish airport network.
  2. Canary Islands Group: El Hierro Airport, Fuerteventura Airport, Gran Canaria Airport, La Gomera Airport, La Palma Airport, César Manrique-Lanzarote Airport, Tenerife Norte-Ciudad de La Laguna Airport and Tenerife Sur Airport.
    Group I: Región de Murcia International Airport, Alicante-Elche Airport, Bilbao Airport, Ibiza Airport, Málaga-Costa del Sol Airport, Menorca Airport, Santiago-Rosalía de Castro Airport, Sevilla Airport and Valencia Airport.
    Group II: A Coruña Airport, Almería Airport, Asturias Airport, F.G.L. Granada-Jaén Airport, Girona-Costa Brava Airport, Jerez Airport, Reus Airport, Seve Ballesteros-Santander Airport, Vigo Airport and Zaragoza Airport.

Group III: Albacete Airport, Algeciras Heliport, Badajoz Airport, Burgos Airport, Ceuta Heliport, Córdoba Airport, Huesca-Pirineos Airport, León Airport, Logroño-Agoncillo Airport, Madrid-Cuatro Vientos Airport, Melilla Airport, Pamplona Airport, Sabadell Airport, Salamanca Airport, San Sebastián Airport, Son Bonet Airport, Valladolid Airport and Vitoria Airport.

3 Percentages calculated based on commercial traffic.

Revenue ratios per passenger1

10

AENA S.M.E., S.A.

2019

2022*

2023

Q1

Q2

Q3

Q4

2019

Q1

Q2

Q3

Q4

2022

Q1

Q2

Q3

Passengers (m)

52.7

74.7

85.6

61.1

274.2

Total Revenue

832.7

1,105.3

1,253.2

968.3

4,159.5

(Aeronautical + Commercial + Real Estate)

Aeronautical Revenue (€m)

567.9

763.1

860.8

652.2

2,843.9

Commercial Revenue (includes Real

264.9

342.3

392.4

316.1

1,315.6

Estate) (€m)

Total Revenue

15.2

(Aeronautical + Commercial + Real Estate)

15.8

14.8

14.6

15.8

per passenger (€/pax)

Aeronautical Revenue per passenger

10.8

10.2

10.1

10.7

10.4

(€/pax)

Commercial Revenue (includes Real

5.0

4.6

4.6

5.2

4.8

Estate) per passenger (€/pax)

37.8

66.8

78.9

59.4

242.9

53.6

75.5

86.9

661.2

968.6

1,132.1

922.6

3,684.5

859.9

1,144.3

1,272.8

402.6

634.9

748.4

581.4

2,367.4

511.9

744.3

826.3

258.5

333.7

383.7

341.2

1,317.1

357.2

400.0

446.5

17.5

14.5

14.3

15.5

15.2

16.2

15.2

14.7

10.6

9.5

9.5

9.8

9.7

9.6

9.9

9.5

6.8

5.0

4.9

5.7

5.4

6.7

5.3

5.1

In the first nine months of 2023, there was a dilution in regulated revenue for the amount of €104.5 million (in the same period of 2022, a dilution amounting to €38.7 million was recorded).

* Re-presented figures.

1 Excluding Región de Murcia International Airport.

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AENA SME SA published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 07:59:08 UTC.