Spanish airport operator Aena SME SA reported Q4 EBITDA of €902 million, slightly above consensus estimates, but free cash flow turned negative at €74 million versus projections of positive €104 million. The company rushed to complete a British regional airports acquisition while facing higher-than-expected tax payments, resulting in a €178 million cash flow shortfall.

Net debt jumped to €5.51 billion, €500 million above forecasts, driven by capital expenditure of €343 million that exceeded estimates by 11%. Total revenue reached €1.59 billion, up 11.4% year-on-year, with commercial revenue beating expectations by 4.6%. Passenger traffic rose 4.1% to 74.5 million, aligning with consensus.

Aena guided for 326 million passengers in 2026, implying just 1.3% growth, trailing analyst estimates of 2.9-3%. The international segment EBITDA of €76 million missed forecasts by 10%. Despite these challenges, net income beat expectations at €557 million, aided by lower depreciation charges, and the stock trades at 11.2 times 2026 estimated EV/EBITDA with a dividend yield of 4.6%.