Aena S M E S A : H1 2021 Results Presentation

Results Presentation

For the six-month period ended 30 June 2021

28 July 2021

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 six months of 2021, 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 six months of 2021; 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 of 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:
3. 1. offer any guarantee, express or implied, with regard to the impartiality, accuracy, completeness or correctness of the Information.
   2. 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.

2

Contents

I. Key highlights

1. Business trends III.Financial results IV.Appendices

3

I. Key highlights

Passengers(1) (M): -34.8%		Total Revenue (€M): -22.4%
	+28.3%
50.3	North-east
Group		1,112.4
	(Brazil)	32.9	862.9
	-71.9%

Luton -37.7% Spanish Network

EBITDA(2) (€M): -127.5%				Net cash flows from operating activities
	Net profit (€M): -102.9%		(€M): -173.2%
19.0%	EBITDA	-6.7%				9.8x	Net Financial	17.1x
margin				FY 2020	Debt/EBITDA(3)	H1 2021
211.4						301.1

-170.7

-58.2

-220.3

-346.4

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

I. Key highlights: Current situation

Traffic: Passenger traffic (including the Spanish airport network, London-Luton Airport, and the six airports of the North-East Brazil Airports Group) decreased to 32.9 million (-34.8% compared to the same period in 2020) which implies a recovery of 20.5% of traffic from the same period in 2019. At network airports in Spain, the decrease is -37.7% (up to 27.1 million passengers), equivalent to 21.2% of traffic in the first half of 2019. London-Luton Airport registered a higher drop (-71.9%),accounting for 10.0% of traffic in the first half of 2019, while the North-East Brazil Airports Group showed an increase of 28.3% and a recovery of 71.0% of traffic in the same period of 2019.

The progress in vaccination in Spain as well as in other European countries, along with the evolution of the epidemiological situation, has led to an improvement in the behaviour of demand and in the supply of airlines, which began to be noticeable in May. However, the appearance of new variants of the virus is conditioning the relaxation of the restrictions imposed in these countries and does not allow to identify when and with what intensity the recovery of traffic will occur.

Revenue: Consolidated operating revenue decreased by €-255.4 million (-23.5%) compared with the same period in 2020:

Airport revenue registered a decrease of €-192.7 million (-35.9%) while commercial and real estate revenue reached €429.5 million, decreasing by €-53.8 million (-11.1%) in comparison to the previous year. This change of trend, compared to previous months, is due to the fact that in June of 2020, €198.6 million of the RMGA's of the state of alarm were included, which had not been accounted for up to that moment.

In application of IFRS 16 (leases), in the first half of 2021, revenue totalling €255.6 million of Minimum Annual Guaranteed Rents (MAG) has been recorded, given that Aena has a contractual right to receive this revenue. This amount is added to the €620.3 million registered as of the 31 of December, 2020. Credit risk estimates have been made on this outstanding credit amount (IFRS 9) and as a result of these estimates, provisions for the corresponding semester worth €23.8 million have been made in the profit and loss account. The evolution of revenue from the main lines of activity subject to MAG has been as follows:

Duty Free shops: €+24.6 million, Food & Beverage: €-29.8 million, Specialty Shops €-22.0 million and Advertising €-3.4 million, due to the aforementioned effect of the MAG, the evolution of traffic and the shutdown of a number of points of sale.

In activities not subject to MAGs, the following decreases have taken place :

Car rental: €-6.4 million, Car parks: -8,1 M€ y VIP Services: €-9.0 million.

5