Aena S M E S A : 9M 2022 Results Presentation

Results Presentation

For the nine-month period ended on 30 September 2022

26 October 2022

Disclaimer

This report shows the most important data concerning Aena S.M.E., S.A. and its subsidiaries ('Aena' or 'the Company') and its management during the first nine months of 2022, including the most relevant information on all business areas, the main figures and the lines of action that have guided the management of the Company.

The Presentation has been prepared:

1. Solely for use during the presentation of the financial results for the first nine months of 2022; thus, the Presentation does not constitute an offer or invitation to: (a) purchase or subscribe shares, in accordance with the provisions of Act 24/1988, of 28 July (as amended and recast), on the securities market and its enabling regulations; or (b) purchase, sell, exchange or solicit an offer to purchase, sell or exchange securities, or to request any vote or authorisation, in any other jurisdiction; nor should it be interpreted as such.
2. For informative purposes, given that the information it contains is purely explanatory, it should be indicated that the information and any opinion or statement made during the Presentation (including the information and statements on forecasts, as defined below) (hereafter, the 'Information') has not been the subject of review or verification by any independent third party or any auditor of the Company, and certain financial and statistical information in this Presentation is subject to rounding adjustments. Consequently, neither the Company nor its directors, managers, employees, or any of its subsidiaries or other companies in the Company's group:
   (a)offer any guarantee, express or implied, with regard to the impartiality, accuracy, completeness or correctness of the Information.

(b)assume any kind of responsibility, whether for negligence or any other reason, for any damage or loss incurred as a result of using the Presentation, its content or any Information it contains in any way.

The Presentation contains information and statements on forecasts regarding the Company and its group (the 'Information and Statements on Forecasts'); said Information and Statements on Forecasts (which, in general terms, are identified by means of the words 'expects', 'anticipates', 'foresees', 'considers', 'estimates', 'intends', 'determines' or similar expressions among others) may include statements regarding the expectations or forecasts of the Company, as well as assumptions, estimations or statements about future operations, future results, future economic data and other conditions such as the development of its activities, trends in the activity sector, future capital expenditure, and regulatory risks and acquisitions. However, it is important to take into account that the Information and Statements on Forecasts:

1. do not guarantee any expectations, future results, operations, capital expenditure, prices, margins, foreign exchange rates, or other data or events.
2. are subject to material and other kinds of uncertainties and risks (including, among others, the risks and uncertainties described in any presentation that the Company might make to the Spanish National Securities Market Commission), changes and other factors that may escape the control of the Company or may be difficult to foresee, which could condition and cause the results to be different (in their entirety or in part) from those that are envisaged in the Forward-Looking Statements.

It should also be considered that, except wherever required by legislation in force, the Company does not commit to updating the Information and Statements on Forecasts if the facts are not exactly as described, or following any event or circumstance that may take place after the date of the Presentation, even though such events or circumstances make it possible to determine clearly that the Information and Statements on Forecasts will not materialise or will make said Information and Statements on Forecasts inexact, incomplete or incorrect.

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Contents

I. Key highlights

1. Business trends III.Financial results IV.Appendices

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I. Key highlights

Passengers(1) (m): +133.8%

			Northeast Brazil	204.4		10.4
			Airport Group
				26.9%					9.9
		87.4	Luton
8.2	264.7%			184.2
		Spanish
2.7
		76.5	network
				140.7%
			9M 2021					9M 2022
			Spanish network					Luton			ANB

Total Revenue (€m): +65.6%

2,915.1

1,760.8

9M 2021

9M 2022

EBITDA(2) (€m): +197.0%

24.9% EBITDA 44.6%

margin

1,301.5

438.3

9M 2021

9M 2022

Net result (€m): +503.4%

499.2

9M 2021	9M 2022
-123.7

Net Cash from Operating Activities (€m): +7,506.5%

11.5x	Net Financial	4.2x
FY 2021	Debt/EBITDA(3)	9M 2022

1,558.3

20.5

9M 2021

9M 2022

(1)	Total passengers in the Spanish airport network, London Luton Airport and the six airports of the Northeast Brazil Airport Group. Not including traffic at airports of non-consolidated affiliates.
(2)	Reported EBITDA	4
(3)	Accounted net financial debt calculated as: Total consolidated financial debt (current and non-current) less Cash and cash equivalents.

I. Key highlights

Traffic: Aena Group passenger traffic1 increased to 204.4 million (up 133.8% compared to 2021), which implies a recovery of 85.8% of the 2019 traffic. At network airports in Spain, traffic increased by 140.7% (up to 184.2 million passengers), equivalent to 86.1% of the 2019 traffic. London Luton Airport traffic went up by 264.7%, which represents 71.0% of the 2019 traffic, while Northeast Brazil Airport Group showed an increase of 26.9% and has now recovered the traffic volume of 2019 (+0.7%).

The performance of traffic in October continues to be very positive: higher recovery levels than summer months versus 2019. The company estimates to close 2022 with a traffic level slightly above the upper limit of the range provided as guidance (85%).

Revenue: Consolidated operating ordinary revenue increased by €1,154.3 million (+65.6%) compared with the same period of 2021:

Airport revenue recorded an increase of €957.0 million (+115.4%), commercial revenue fell by €39.8 million (-5.6%),real estate service revenue grew by €5.4 million (+9.5%) and international activity revenue grew by €231.7 million (+209.1%).

EBITDA for the period stands at €1,301.5 million an increase of 197.0% versus 2021 (€438.3 million at 30 September 2021). It includes the negative impact of the adjustment due to MAG and rent reductions (-€250.4 million) as well as the positive effect from the reversal of impairments recognised at 30 June in application of IAS 36 (+€27.4 million). Excluding these impacts, EBITDA would have been €1,524.5 million.

Other Operating Expenses: The variation (+€430.7 million, +66.6%) is the result of the increased activity and the full opening of terminals and airport spaces, as well as the rise in the price of electricity (an increase from €149.8 million to €220.4 million).

Investments: The capex estimated for 2022 in the Spanish network amounts to €535 million; €284.3 million had been executed at 30 September 2022.

Financing: At 30 September 2022, Aena had cash and credit facilities totalling €3,512.3 million plus up to €900 million under the Euro Commercial Paper (ECP) programme.

In December 2021, Aena obtained waivers for its financial covenants until 30 June 2023. As of 30 September 2022, the financial ratios required by the financial conditions of the loans are met.

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(1) Total passengers in the Spanish airport network, London Luton Airport and the six airports of the Northeast Brazil Airport Group. Not including traffic at airports of non-consolidated affiliates.