Nine Months 2024 Aena SME SA Earnings Call Transcript
Key Points
- Aena SME SA (ANNSF) recorded a total passenger volume of 282.5 million in the first nine months of 2024, marking an 8.9% increase compared to the same period in 2023.
- Total revenues reached EUR4.4 billion, a 16.3% year-on-year increase, driven by aeronautical and commercial revenues.
- The company achieved a consolidated EBITDA of EUR2.6 billion, representing a 26% increase, with the EBITDA margin improving by nearly 500 basis points.
- Commercial and real estate revenues increased by 16.2%, with the commercial segment alone reaching EUR1.1 billion, a 20.9% increase.
- Aena's international operations, including London Luton Airport and Brazilian subsidiaries, showed positive growth, with Luton Airport's revenues growing by 16.7% and Brazilian operations showing strong traffic and revenue increases.
- Operating expenses increased by 6.2% in the first nine months, driven by higher staff costs and consolidation of new operations.
- Despite revenue growth, there was no operating leverage in the Spanish airports, with OpEx rising at a similar rate to traffic growth.
- The company faces potential challenges from proposed increased taxes on air travel in Spain, which could impact traffic.
- There is uncertainty regarding the governance model for the airport in Catalonia, with no new developments since the last update.
- Aena is experiencing cost pressures due to inflation, regulatory changes, and increased labor costs, impacting overall expenses.
Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Aena 3Q 2024 results presentation. (Operator Instructions)
I would now like to turn the call over to Carlos Gallego, Head of Internal Relations. Please go ahead.
Good afternoon, everybody, and welcome to our nine months 2024 results presentation. This is Carlos Gallego speaking. It's a real pleasure being with all of you today. Our CFO, Ignacio Castejon, will host the call together with myself. We are going to cover the main topics explained in the results presentation that is already available on our website and on the CNMV website, and we'll finish with a Q&A session.
Without further ado, I give the floor to Ignacio. Thank you.
Thank you very much, Carlos. Hello, everyone. This is Ignacio speaking. I would like to have my very first words for all
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