Half Year 2024 Aena SME SA Earnings Call Transcript
Key Points
- Aena SME SA (ANNSF) reported a 10.5% year-on-year increase in global traffic, reaching 172.7 million passengers.
- Total revenue grew by 17.7%, with aeronautical revenue up by 16.4%, commercial revenue by 17.4%, real estate revenue by 18%, and international activity by 25.6%.
- EBITDA for the first half of 2024 was EUR 1.6 billion, with an EBITDA margin of 56.6%.
- Net profit increased by 33.1%, reaching EUR 0.8 billion.
- Commercial activity showed robust growth, with total sales increasing by 13.4% year-on-year, driven by traffic strength, increased spending by EU and UK passengers, and the introduction of new brands and concepts.
- The IT outage on July 19 caused significant disruption, leading to the cancellation of 400 flights out of more than 8,000.
- Total operating expenses grew by 3.2% in the first half of the year, with higher staff costs, security, maintenance, and energy prices contributing to the increase.
- The political agreement involving Catalonia has introduced uncertainty, requiring Aena to closely monitor potential developments and hire legal experts.
- Variable rents in some commercial business lines have performed less strongly than in previous quarters due to construction activities and the addition of lower-priced products.
- Operating expenses at the group level increased by 6%, driven by higher staff costs, consolidation of new activities in Brazil, and cost increases in security and maintenance.
Good afternoon everybody, and welcome to our first half 2024 results presentation. This is Carlos Gallego speaking, Head of IR. It's a real pleasure being with all of you today. Our Chairman and Chief Executive Officer, Maurici Lucena will host the call together with Ignacio Castejón, CFO and myself.
We are going to cover some of the main topics explained in this results presentation that is already available on our website and on the CNMV website, and we will finish with a Q&A session.
Without any further ado, I give the floor to Maurici Lucena. Thank you.
Thank you very much, Carlos. Good afternoon, ladies and gentlemen and thank you for joining us to go through our first half 2024 results presentation. As usual, I will start commenting the highlights of the financial results, and then I will give the floor to Ignacio Castejón, our CFO and at the end as Carlos Gallego mentioned there will be a Q&A
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