BofA Sees Q2 Beat for Aena Amid Rising Airport Traffic Expectations; Rating, Price Objective Up
BofA Global Research upgraded its rating for Aena (AENA.MC), forecasting a second-quarter beat for the Spanish airport and heliport manager amid a better-than-expected increase in passenger volumes. "AENA does not provide earnings guidance, but it initially indicated traffic would grow by 1.3% in 2026E. However, this outlook appears too conservative as traffic grew 3.7% YoY in January to May 2026 and seat capacity stats indicate an acceleration for H2'26 (BofAe traffic: +3.6% in FY'26). In turn, AENA looks to outperform its guidance, although we acknowledge management may also prefer to wait with the guidance upgrade until Q3'26 results (ie until after the publication of the DORA3 regulatory settlement)," the research firm said Wednesday. Aena is scheduled to release its first-half results on July 29. For the second quarter, analysts' total EBITDA estimate of 1.16 billion euros is 2.3% higher than the Visible Alpha consensus, while their net income forecast of 686 million euros is 3.3% ahead of market expectations. BofA also projects group revenue of 1.93 billion euros for the three months, above consensus estimates by 8.7%. "AENA is a structurally attractive infra platform.
BofA Global Research upgraded its rating for Aena (AENA.MC), forecasting a second-quarter beat for the Spanish airport and heliport manager amid a better-than-expected increase in passenger volumes. "AENA does not provide earnings guidance, but it initially indicated traffic would grow by 1.3% in 2026E.
However, this outlook appears too conservative as traffic grew 3.7% YoY in January to May 2026 and seat capacity stats indicate an acceleration for H2'26 (BofAe traffic: +3.6% in FY'26).
In turn, AENA looks to outperform its guidance, although we acknowledge management may also prefer to wait with the guidance upgrade until Q3'26 results (ie until after the publication of the DORA3 regulatory settlement)," the research firm said Wednesday.
Aena is scheduled to release its first-half results on July 29.
For the second quarter, analysts' total EBITDA estimate of 1.16 billion euros is 2.3% higher than the Visible Alpha consensus, while their net income forecast of 686 million euros is 3.3% ahead of market expectations.
BofA also projects group revenue of 1.93 billion euros for the three months, above consensus estimates by 8.7%. "AENA is a structurally attractive infra platform.