Aena has announced its financial results for the year 2023, showing an economic recovery with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of 3,022.6 million euros, representing an increase of 45.4% compared to the year 2022 (2,078.9 million) and 9.3% more than in 2019 (2,766.2 million), before the global health crisis. These results indicate that Aena has managed to recover its pre-pandemic EBITDA one year ahead of the forecast in its Strategic Plan 2022-2026. Excluding the reversal of impairment of the Northeast Brazil Airport Group, the EBITDA margin would be 55.8%.
The net profit of the company in 2023 reached 1,630.8 million euros, including extraordinary financial items (70.7 million). This figure is an increase of 80.9% compared to 901.5 million euros in 2022 and exceeds the net profit of 2019, which was 1,442 million euros, by 13.1%.
The company has proposed a dividend of 7.66 euros gross per share for the fiscal year 2023, in line with its policy of distributing 80% of the profits, to be approved at the Ordinary General Shareholders’ Meeting on April 18th. This dividend is higher than the 4.75 euros gross per share distributed in the previous fiscal year.
In terms of passenger traffic, Aena recorded growth up to 314.1 million in 2023 considering its Spanish, Brazilian network, and London-Luton airport, a 16% increase compared to 2022 and equivalent to 102.3% of the 2019 traffic. Specifically in Spain, the increase was 16.2%, reaching 283.2 million passengers, which represents 102.9% of the 2019 traffic.
Total consolidated revenues of Aena in 2023 rose to 5,141.8 million euros, a 21.3% increase compared to 2022. Aeronautical revenues contributed 2,858 million euros, an increase of 18.5% compared to the previous year, while commercial revenues reached 1,552 million euros, a 25.2% increase compared to 2022. Revenues from fixed and variable rents billed and collected exceeded the 2019 levels by 21.8%.
The consolidated net financial debt of Aena stood at 6,222 million euros, with a slight decrease compared to 6,242.9 million euros in 2022. The net financial debt to EBITDA ratio improved to 2.06 times, compared to 3.00 times at the end of 2022.
Cash generation of Aena also showed strength, with net cash generated by operating activities of 2,219.8 million euros in 2023, compared to 1,863.2 million euros in 2022.
Regarding operating expenses, Aena’s OPEX in 2023 was 2,218.3 million euros, compared to 2,090.7 million euros in 2022. This increase is attributed to the greater activity and operations in terminals and airport spaces. The company also achieved a reduction in electricity expenditure in Spain, which was 121.2 million euros, a 45.2% decrease compared to 2022.
At the level of sustainability commitments, Aena has been included in the Dow Jones Sustainability World Index and maintains its position in the FTSE4Good. Additionally, it has been recognized as one of the «Europe’s Climate Leaders 2023» by the Financial Times.
Internationally, Aena has expanded its presence in Brazil, managing 20% of the country’s air traffic after taking over the management of 11 airports of the BOAB group between October and November 2023, under a 30-year concession with the possibility of extension.
Regarding the international expansion possibilities of Aena, and consulted during the live presentation specifically about rumors of a potential purchase of Edinburgh airport, Ignacio Castejón, the group’s CFO, said they neither confirm nor deny the versions leaked to the press, but as global leaders in the airport business with the intention of increasing results from activities abroad, «if there is an opportunity available, we could decide to look at it, but that could be at any airport globally».
Maurici Lucena, CEO of Aena, added that «our current main priority is to consolidate what we have achieved abroad,» using the Brazilian market and the 20% traffic share achieved there as an example.
«In general, our international approach is what we would call opportunistic, because we do not have specific targets, we are open to analyzing any opportunity, we are not impatient,» he added, concluding that shareholders can trust the board and the management team because «we will only bet on new operations if we are quiet, quite, quite sure that the figures will be the adequate ones.»
