1) Traffic Growth and Market Dynamics - Passenger traffic reached 190 million in H1 2026, a 3.9% increase YoY. - Spanish airports saw 156.2 million passengers, up 3.7%, driven by a 5.1% increase in international traffic. - The Strait of Hormuz crisis has diverted traffic to Spain, perceived as a safe destination. - Future traffic growth is uncertain due to geopolitical tensions, fuel hedging expirations, and economic conditions in key source markets like Germany. - Aena projects traffic growth of around 3% for 2026.

2) Financial Performance and Revenue Drivers - Total revenue for H1 2026 was approximately EUR 3.3 billion, a 10.1% YoY increase. - Excluding IFRIC 12 construction services, revenue grew by 8.3%. - Key revenue drivers included higher passenger volumes, increased aeronautical charges, and improved commercial activity. - EBITDA reached EUR 1.8 billion, a 6.3% increase YoY, with a reported EBITDA margin of 54.5%. - Net profit exceeded EUR 1 billion for the first time in H1, reaching EUR 1,002 million, up 12.1% YoY.

3) Operational Highlights and Investments - Paid CapEx amounted to EUR 916 million, primarily for airport infrastructure and the acquisition of Augusta (51% stake in Leeds Bradford Airport). - Aena is progressing with its investment program in Brazil, including the completion of Phase 1 works at Congonhas airport. - Commercial activity showed strong performance, with total sales growing by 5.9% and a 2.1% increase in sales per passenger. - VIP services revenue surged by 31.7%, indicating strong demand and pricing power.

4) Challenges and Regulatory Outlook - Operational expenses (OpEx) increased by 13.5%, driven by higher staff costs and maintenance expenses. - The DORA III regulatory approval process is ongoing, with final approval expected by September 2026. - Uncertainty remains regarding the impact of traffic growth and operational constraints on future airport charges. - Aena is focused on integrating recent acquisitions and managing existing operations before considering further M&A activity.

5) Guidance and Strategic Considerations - Aena anticipates traffic growth of around 3% for 2026, but visibility remains limited due to external factors. - The company is committed to its existing dividend policy of an 80% payout ratio, despite increased financial leverage. - Future strategic updates are expected following the DORA approval, with a new strategic plan to be presented by year-end. - The company is managing ongoing discussions with airlines regarding airport charges and operational capacity.

Bottom line: Aena's strong financial performance in H1 2026, driven by passenger growth and effective cost management, positions it well despite external uncertainties. The focus on strategic investments and regulatory compliance will be crucial for sustaining growth and shareholder returns in the coming years.