SPAIN/INTERNATIONAL. Spanish and international airports operator Aena posted a +5.5% year-on-year increase in Q1 commercial revenues (i.e. income to Aena, see table below for breakdown) to €462 million.
Retail revenues for Aena (as opposed to sales), which operates 46 airports in Spain and 32 abroad (including 17 in Brazil, London Luton in the UK, 12 in Mexico and two in Jamaica), rose by a modest +2.1% to €263.1 million.
The Spanish and international airports operator delivered groupwide double-digit revenue growth of +11.6% year-on-year in the quarter to €1,479.9 million. EBITDA rose +2.7% to €661.1 million. Net profits rose +9.3% to €329.4 million.
Passenger traffic network-wide rose +3.8% to 81.3 million. Spanish airport passenger volumes increased +3.2% to 65.6 million.
Total sales per passenger, a key indicator, improved +1.7% year-on-year.
“The renovation of retail spaces with new brands and new spaces, increased sales in mobility lines (car rental and car parks), and strong demand for VIP lounges continues to drive commercial activity growth above traffic growth,” Aena said.
Revenue from Aena’s commercial and real estate business (fixed and variable rents and MAG) increased +7.9% year-on-year to €487.6 million and on a per-passenger basis by +4.6% to €7.4 (€7.1 in the first quarter of 2025).
Duty-free revenues across the Aena estate fell -0.7% to almost €131.7 million. Speciality retail concepts (+9.3% to €32.1 million) delivered much stronger momentum, highlighting changing passenger spending patterns and the growing role of experience-led categories, Aena said. Food & beverage revenues rose +3.5% to €85.7 million.
Car parking delivered a strong performance, with revenues gaining +9.1% to €52.05 million.
Commercial activity breakdownRevenue (and it is key to distinguish the term from sales) to Aena from its commercial business (fixed and variable rents and MAG) increased +7.4% year-on-year in Q1 with the key revenue per passenger indicator up +4.1% to €6.9 (€6.7 in the first quarter of 2025). Q1 Commercial activity improved compared to 2025 and this performance can be seen in all business lines, AENA said. Total sales increased +4.5% year-on-year and total sales per passenger grew by +1.3%. Sales at duty-free shops increased +7.8% year-on-year. The following airports performed particularly well in terms of sales: Palma de Mallorca (+58%), Bilbao (+35%), Sevilla (+12%), Barcelona-El Prat Josep Tarradellas (+15%), Adolfo Suárez Madrid-Barajas (+10%), Gran Canaria (+10%) and Ibiza (+10%). The big increase at Palma de Mallorca Airport was due to the work on the airport’s new functional design (the old shop closed in November 2024 and the new shop partially opened to the public in April 2025). Some 230sq m of the works have yet to be completed). Particularly noteworthy, Aena noted, was the strong performance of sales at Barcelona-El Prat Josep Tarradellas and Adolfo Suárez Madrid-Barajas airports, mainly as a result of the opening of new retail spaces and the gradual completion of refurbishment work in the main shops. “Although the number of transactions grew, the average ticket has been reduced as a result of offering products that are priced lower than those in the traditional categories of duty-free shops,” Aena said. Food & beverage sales increased +7.1% year-on-year, mainly favoured by the good performance of the new brands, the company added. At Adolfo Suárez Madrid-Barajas Airport (+10% of sales), the refurbishment of the 55 premises offering food & beverage put out to tender in 2023 was completed as of 31 March 2026. This refurbishment has resulted in the addition of 20 new brands, expanding and diversifying the airport’s dining options. A total of 52 tenders (94 premises) were published from July 2025 to March 2026, of which 37 tenders (55 premises) have been awarded. The MAG from the awarding of these tenders represent an overall increase in the 2025 MAG of +33% in 2026 and +39% in 2027. Virtually all food & beverage contracts at Málaga-Costa del Sol and Gran Canaria airports have been put out to Sales at speciality shops rose +3.3% year-on-year, against a backdrop where Aena said growth was influenced by the inclusion of duty-free shops with product categories that are also available in convenience and delicatessen shops. Other contributory influences were the recent introduction of the Entry Exit System regulations at passport control, and geopolitical factors that influenced passenger profiles. Sales were particularly strong at Palma de Mallorca Airport (+24.9%), Alicante-Elche Miguel Hernández Airport (+17.7%), Málaga-Costa del Sol Airport (+8.9%), Valencia Airport (+15%), Ibiza Airport (+17%) and Lanzarote Airport (+15.4%). A total of 32 tenders (58 premises) were published from July 2025 to March 2026, of which 27 tenders (51 premises) have been awarded. The MAG from the awarding of these tenders represent an overall increase in the 2025 MAG of +45% in 2026 and +66% in 2027. |
The operator continues to invest heavily in its commercial platform, with €298.9 million spent in the quarter, largely directed at upgrading airport facilities and operational security.
These enhancements are closely linked to Aena’s strategy to optimising retail layouts, expanding the food & beverage offer and improving dwell time across its Spanish airports and international portfolio.
Traffic trends provided a supportive backdrop, particularly in Spain where passenger numbers rose +3.2% to 65.6 million.
Looking ahead, Aena’s international expansion – notably the newly awarded concession for Rio de Janeiro-Galeão Airport until 2039 – is expected to provide further upside for its commercial business, the group said. ✈
