Aena S.M.E., S.A. Due Diligence

Run due diligence on Aena S.M.E., S.A.: check compliance and get alerts when suppliers or ownership change.

Spain · owned by Spanish Government (majority shareholder) (Spain) · aena.es · 35 vendors

Aena is Spain's main airport operator and one of the world's largest airport management companies. The company manages 46 airports and 2 heliports in Spain, as well as operating airports internationally in countries including the United Kingdom, Brazil, Colombia, and Mexico.

Resilience scores

Technology vendors

Insights

Last updated 2026-01-21 · revision 50

35 direct vendors, 242 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

7 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

SOC2 is not mandatory but may be relevant if Aena provides digital or cloud-based services to airlines, passengers, or business partners, as it demonstrates security controls for service organizations.

ISO 27001 (source) — No public evidence

ISO 27001 is highly recommended for Aena as a critical infrastructure operator to demonstrate robust information security management, supporting NIS2 compliance and meeting stakeholder expectations.

EU Airport Charges Directive — No public evidence

The EU Airport Charges Directive applies to Aena's major airports (e.g., Madrid, Barcelona) due to their annual passenger movements exceeding 5 million.

Financials

Three-year financials

Financial Resilience Score: 8.5/10

Aena's financial resilience is strong, underpinned by its critical infrastructure role, dominant market position, and robust cash flow generation. Aena operates 46 airports in Spain, handling over 99% of the country's air traffic. This creates a significant barrier to entry and provides highly predictable, long-term revenue streams tied to economic and travel trends. The post-pandemic recovery has restored Aena's ability to generate substantial operating cash flow. In FY 2023, cash flow from operating activities was exceptionally strong, allowing the company to fund investments, pay dividends, and manage debt. While net financial debt increased during the pandemic to ensure liquidity (peaking over €7 billion), it is being effectively managed. As of year-end 2023, Net Financial Debt stood at approximately €6.24 billion. The Net Debt to EBITDA ratio has improved significantly, falling to 2.2x in 2023 from much higher levels during the crisis, which is a very healthy level for an infrastructure asset. The Spanish state, through ENAIRE, is the majority shareholder (51%). This provides an implicit level of stability and support, reducing counterparty risk and ensuring access to capital markets. A significant portion of Aena's revenue (aeronautical) is regulated through five-year plans (DORA in Spain). While this can cap upside potential, it also provides a floor and a high degree of revenue visibility and stability.

Key strengths: Market Leadership & Quasi-Monopoly, Strong Cash Flow Generation, Manageable Debt Profile, Government Backing, Regulated Revenue Base

Revenue by geography

Revenue by product/service

Workforce by country

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