Aena commercial revenue growth outstrips passenger traffic uplift in first half

International passenger traffic at Barcelona Airport (pictured) climbed by +5.6% year-on-year in the half

SPAIN. Airports group Aena posted half-year financial results, with commercial revenue reaching €929.1 million, a rise of +10.4% year-on-year. Total sales from commercial activities climbed by +9.9% compared to the same period last year, with income from fixed and variable rent growing by +15.8%.

Within retail alone, food & beverage (+6.8% year-on-year) and speciality shops (+5.8%) were the best performers by revenue in the key channels, with duty free climbing a modest +0.3%.

The rate of commercial sales growth overall compared favourably with a +4.7% increase in passenger traffic at Spain’s airports to 150.6 million, and a +4.7% rise across the group worldwide (including Aena Brazil and London Luton), to 180.9 million.

Aena performance by channel in H1 2025 (above) and passenger traffic and revenue breakdown summarised below; click to enlarge

Total consolidated revenue for the first half of 2025 increased +9.1% year-on-year to €2,995.9 million. EBITDA reached €1,692.3 million, an increase of +8.8% compared to the same period in 2024, with net profit of €893.8 million up +10.5%.

Commercial revenue in summary (above) and (below) MAGs and fixed rents to 2027, underlining the vital role of duty free within commercial; click to enlarge

Elaborating on the future impact of recent tenders on its Minimum Annual Guarantee (MAG) income, Aena said that in speciality retail, 16 awarded tenders for 17 premises would deliver a +25% uplift in MAG this year and +35% next year compared to 2024.

In food & beverage, of nine awarded contracts (13 units), MAG will rise +8% this year and +17% next year compared to 2024 from those outlets.

Among the big F&B tenders of 2025, as announced at the Airport Food & Beverage (FAB) + Hospitality Conference in Barcelona, is for outlets spanning over 20,000sq m of space at Josep Tarradellas Barcelona-El Prat Airport terminals 1 and 2.

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