Aena Raises Traffic Outlook, but Margins Compress on Higher Operating Expenses

Aena is the world’s largest listed airport operator. It has a natural monopoly managing Spain’s entire airport network. Established in 1991, it is majority-owned by the Spanish government through Enaire (51%), with the remaining 49% publicly listed since 2015. It plays a critical role in the national economy, acting as the primary gateway for Spain’s massive tourism sector.