Aena's shares lead the Ibex 35 declines this Thursday, with a slump of more than 5% that places the airport operator as the most penalized stock in the Spanish index. The collapse comes just before the company publishes its first-quarter 2026 results next Wednesday.
At the beginning of the session, the shares of the group chaired by Maurici Lucena were falling by around 5%, trading at around 24.60 euros. The punishment occurs in a climate of high caution on the part of investors, conditioned by the instability in the Middle East and by a downward revision of growth expectations for the airline business.
Among the elements that weigh most heavily on the market's mood is the uncertainty linked to the war conflict in Iran. Lucena himself warned recently during the General Shareholders' Meeting that the company could be forced to revise its traffic estimates downwards for the entire year once the real impact of the geopolitical crisis on demand and energy costs becomes clear.
To this complex environment, a clear moderation in passenger dynamism is added. Although Aena's network closed the first quarter with a record figure of 81 million travelers (+3.8%), the data reflects a cooling compared to the double-digit rates recorded in 2025. For the total year, the company's initial forecast points to a growth of barely 1.3% in Spain.
The market now awaits the presentation of the quarterly accounts on April 29. Analysts predict EBITDA growth close to 8%, supported by the strength of commercial revenues and the good performance of tourist airports (Málaga and Alicante), which have partially offset incidents in high-speed rail.
Despite the volatility in the domestic market, Aena maintains its roadmap internationally, with positive performance in its concessions in Brazil and the United Kingdom (Luton).
Investors' attention next Wednesday will therefore focus on whether the manager maintains its investment plans (Capex) and on the detail of the evolution of net debt in an environment of interest rates that continues to condition the valuations of infrastructure companies.