SPAIN/INTERNATIONAL. Spanish airports company Aena has revealed a robust set of financial results for 2025, including commercial revenues comfortably outstripping passenger growth year-on-year.
Commercial revenues reached €1.975 billion, an increase of +11% compared to 2024. Total sales of commercial activities grew +8.5% compared to the previous year.
Within those revenues, duty-free shops contributed €534.86 million (+1.5% year-on-year); Food & Beverage €368.9 million (+6%); Specialty Shops €144.32 million (+6.1%); Car Parks €221.8 million (+8.7%); Advertising €27.79 million (+6%); and VIP services €204.63 million (+31%).
Commercial revenue from fixed and variable rents invoiced rose +13.9%, while total commercial sales per passenger grew +4.4%.
Passenger traffic for the Aena Group (Spain, London Luton and Aena Brasil airports) grew +4.2% in 2025 compared to 2024, to 384.8 million passengers.
Total consolidated revenue in 2025 rose to €6,379.2 million, an increase of +9.5% year-on-year.
Aena obtained a net profit of €2.137 billion, up +10.5% over 2024.
The gross operating profit (EBITDA) stood at €3.785 billion in 2025, with a margin of 59.3%. This figure represents a growth of +7.8% compared to 2024 (€3,51 billion and 60.2% of EBITDA margin).
Elaborating on the future impact of recent tenders on its Minimum Annual Guarantee (MAG) income, Aena said in the business line of duty-free shops, three lots of the current contract (Canary Islands, North and Andalusia-Mediterranean) ended 2025 above the contractual MAG.
In food & beverage, Aena noted the MAG awarded in 2025 represents a recovery from 2024 of 119% last year and 137% in 2026.
The airports operator also highlighted the start of the complete renovation of the food & beverage offer at Barcelona-El Prat Josep Tarradellas Airport. A total of 48 premises with a surface area of 20,500sq m will be renovated, with most of the contracts having a term of eight years, with some of them extending up to ten and 12 years.
The sum of the MAG awarded increased +26% compared to the tender rents and increases of up to +31% and +32% were recorded, compared to current contracts starting in 2026 and 2028.
With regards to speciality shops, Aena noted the MAG awarded in 2025 represents an overall recovery from 2024 of 140% last year and 152% in 2026. ✈
