1) Record Financial Performance - Aena achieved record financial results for 2025, marking the third consecutive year of record performance. - Total revenue reached nearly EUR 6.4 billion, a 9.5% increase YoY, driven by robust passenger traffic and improved commercial activities. - EBITDA was approximately EUR 3.8 billion, with a margin of 59.3% (adjusted margin of 61.4% excluding IFRIC 12 impacts). - Net profit exceeded EUR 2.1 billion, reflecting a growth of over 10% compared to 2024.

2) Traffic and Operational Highlights - Aena Group recorded nearly 385 million passengers, with 321.5 million at Spanish airports, marking the highest traffic volume ever. - Traffic growth was primarily driven by international markets, which grew by 6%, while domestic traffic saw a slight decline of 0.3%. - For 2026, Aena estimates a 1.3% increase in traffic, indicating a return to more normalized growth patterns post-pandemic.

3) Challenges and Cost Management - Total operating expenses rose by 11.1%, reaching EUR 2.65 billion, with personnel costs up 8.8% and other operating expenses increasing by 13.1%. - The increase in OpEx is attributed to rising staff costs, regulatory requirements, and the aging infrastructure of airports. - Aena is focused on maintaining efficiency, with a commitment to keeping operating expenses per passenger among the lowest in the industry.

4) Strategic Investments and Future Outlook - Aena is entering a significant investment cycle under the DORA III proposal, aiming to enhance infrastructure and service quality across multiple airports. - The company plans to increase its regulated asset base by over EUR 5.5 billion, which is expected to enhance enterprise value. - Key projects under DORA III include major airports like Madrid, Barcelona, and Malaga, with a focus on balancing future traffic growth with necessary capital expenditures.

5) Regulatory Environment and Market Confidence - The regulatory landscape remains a concern, particularly regarding potential political interventions affecting tariff increases. However, management expresses confidence in the stability of the airport model. - Aena's recent bond issuance of EUR 500 million reflects strong market confidence, with ratings upgraded by Moody's and Fitch. - The company is actively engaging with regulators and stakeholders to ensure a smooth DORA III approval process, expected by September 2026.

Bottom line: Aena's strong financial performance and record traffic levels position it well for future growth, supported by strategic investments and a focus on operational efficiency. However, rising costs and regulatory uncertainties present challenges that investors should monitor closely.