Hello and welcome to the Aena First Half 2025 Results Presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Now, I would like to turn the call over to Carlos Gallego, Head of Investor Relations. The floor is yours.
Thank you, Mark. Good afternoon, everyone, and welcome to our First Half 2025 Results Presentation. This is Carlos Gallego speaking, Head of IR. It's a real pleasure being with all of you today. Our Chairman and Chief Executive Officer, Maurici Lucena, will host the call together with Ignacio Castejón, our CFO, and myself. We are going to cover the main topics explained in the results presentation, and we will finish with a Q&A session. In this sense, I would like to remind you that in order to meet the time scheduled for the call, I would be grateful if you could ask only one question per speaker. Without further ado, I give the floor to Maurici Lucena. Thank you.
Thank you very much, Carlos. Good afternoon, everybody. And thank you for joining us to go through our First Half 2025 Results Presentation. I would like to start just saying that we are quite happy with the financial results. I think that they reflect that the company is functioning very well. And of course, I also would like to underline that we are also functioning very well operationally, I mean, from an operation standpoint, because you know that now the traffic is at record levels. It means that our operation is quite stressful, but I think that we are responding very, very well. Okay. As usual, I will go over the key highlights of the period. Afterwards, I will give the floor to our CFO, Ignacio Castejón, and as always, we'll conclude the conference call with a Q&A session. I will start with traffic.
You know that globally, Aena Group's passenger volume grew by 4.7% year-on-year, reaching almost 181 million passengers. In Spain, the figure was 150.6 million passengers, which represents a 4.5% increase. I think that the important thing here is that, despite the obvious deceleration of traffic growth in these last months, we are very confident with our traffic guidance for 2025. Of course, I'm now referring to Spain. It means that we clearly maintain our traffic guidance for 2025, which is a growth of 3.4% year-on-year. This means that we are quite sanguine in the sense that we consider that the traffic will continue, let's say, performing satisfactorily, if we can find other words. I would like to make this very clear that we stick to our traffic guidance that we made public, I think it was in February, a few months ago. Okay.
At Luton, the traffic growth was or has been 5.1%. In Brazil, ANB , 5.7%, and BOAB , 6.7% increase, which are, I would say, figures that confirm the good evolution, the good performance of traffic in the world. Of course, each country is a singular case, but in the countries where Aena is present, we are quite satisfied with the traffic evolution. Now I move to the financial performance. Total revenue for the first half of 2025 reached EUR 3 billion, which is a beautiful figure. This meant an increase of 9.1% year-on-year. The EBITDA rose by 8.8%. The EBITDA margin stood at 56.5%. I would like that you take into account when you analyze our global EBITDA margin that, first of all, of course, it is flattish compared to the same period in 2024. But.
You should bear in mind the effect of the IFRIC 12 applicable to our Brazilian assets. It affects our EBITDA margin. It means that without this effect, the EBITDA margin in Brazil and, of course, globally would have been a little bit higher. All in all, this meant that the net profit for the first half of the year reached EUR 894 million, with a growth of 10.5%. You know, because we've announced it this morning, that yesterday, the Board of Directors of Aena approved our tariff proposal to be applied from March next year, as usual. Let me be clear. Despite the usual sophisms of the airlines, you know that this increase, the increase we have proposed, is very mathematic. It's due to principally the K factor and also significantly to the application of the P index.
The K factor, it simply reflects that we have a dilution that comes from 2024, and the formula of our regulation, it is very clear. You then recover this dilution in 2026. You know that in other cases, in other years, the effect has been the contrary. That is why I'm saying that I cannot understand the sophisms of the airlines. They know our rules and the regulation very well. It's the kind of noise that I really don't like because for our part, for Aena's part, this is an honest proposal that is not, I mean, it's not discretional. It just comes from a very clear formula. Having said that, I move to the commercial activity. On commercial, total sales grew by 9.9%, more than twice the rate of passenger traffic growth.
On a per passenger, which is a very important ratio basis, it means that it increased by 5.2%. Pure retail activities continued to perform strongly. I would like simply to highlight the very good performance of VIP services and mobility services. They are really performing very well, and our ambition is that in relative terms, they grow in the future. This is what I'm sure will happen, and it means that it's a very promising business line. Regarding the tenders awarded in the first half of 2025 by Aena, in specialty shops, the minimum annual guaranteed rents in 2025 and 2026 are 25% and 35% respectively higher than in 2024. In the case of food and beverage, the tenders awarded reflect growth rates of 8% and 17% respectively.
On real estate, I simply would like to highlight the opening of Spain's largest hangar in Madrid and the awarding of the so-called 120 plot in Barcelona for logistic uses. This just means that we have finally opened this new era in which we will try to strengthen our real estate business. In the case of this very valuable assets that we have in our main airports. In the case of the international business, it has contributed with EUR 425 million to the consolidated revenue of Aena. If we exclude, again, the IFRIC effect, the contribution would have been or would be EUR 346 million. And the EBITDA amounted to EUR 196 million. Regarding CapEx in the Spanish network, a total of EUR 427 million in additional investments for the rest of the DORA II period have been approved, of which purely EUR 351 million are regulated.
The rest is commercial, but you know that they are very linked to each other. Finally, we have published an important novelty this morning. We have restated 2024 annual accounts to increase the deferred tax asset by a considerable amount of EUR 288 million. This adjustment simply arises from a situation of double taxation related to the IPO of the 49% of Aena's shares back in 2015. Ignacio Castejón will give you the concrete details shortly. On the other hand, you know that on June 19th, we successfully executed our promise of the stock split. Our aim is very simple. We want to improve the liquidity of Aena's shares. We still need a wider horizon to assess the impact, but it is very clear that in no case this could be a negative effect for Aena's shares. In the future, we will share with you the results of our analysis.
We need still a little bit more of time. As of June 30th, excuse me, our financial leverage stood at 1.64x N et Financial Debt to EBITDA. This ratio confirms what you know very well, which is the strong financial health of the company, both in absolute and relative terms. This is the end of my brief presentation. We will have time to interact in the Q&A session. Now I give the floor to Ignacio Castejón, Aena CFO. Thank you very much.
Thank you very much, Maurici. Hello, everyone. This is Ignacio. I'll go through some further details relating to the traffic and financial performance of the company for the first six months of this year. If we move to slide six. On traffic, our Chairman and CEO already commented the evolution in Spain and across the group generally.
Looking more closely to the trends in Spain, international traffic grew by 6.5%, while the domestic traffic rose by 0.4%. Generally, the assumptions that we took into consideration when the guidance was developed have not materially changed. The slowdown in the domestic markets was well already anticipated at that moment in time. As a result of these trends, the share of international traffic has risen from 67.5% to 68.8% from 2024 to 2025. European traffic accounted for 85.7% of the total international traffic, slightly below compared to the previous year. The reason for that is the outstanding performance of some small markets in long-haul destinations such as Africa and Asia, where we have seen growths of 49% and 25% year- on- year, respectively. If we look at our largest markets, the growth for the U.K.
has been 4.5%, Germany 3.6%, France 5.3%, and Italy stood out with a particular robust growth of 12%. In terms of airport performance across Spain, Madrid grew by 3%, Barcelona 4.2%, Palma 2.2%, Alicante 10.3%, and Málaga 7.8%. Finally, regarding our carriers, our airlines, the top 10 carriers handled nearly 109 million passengers, 3.9% more than in the first half of 2024, and low-cost traffic rose by 5.2%, led by EasyJet with 7.6% growth and Ryanair 6.3% growth. Let's move to the financial performance slides of the key highlight section and referring to slides six, seven, and eight. If we look at slide six, total revenue, as mentioned by our Chairman, grew by 9.1% compared to the first half of 2024. Year. Sorry. Basically, what are the main reasons?
The main reasons are the positive evolution of passenger traffic, the regulated traffic growth for the months of January and February, the continued improvement in commercial activity, and also the contribution from construction services income or revenues, and the IFRIC 12, which added an increase of a net increase of EUR 51 million. Excluding the IFRIC 12 effect, the revenue growth for the consolidated group could have been 7.3%. Basically, if we go business by business, ordinary aerial revenue increased by 6.2%, basically amounting to EUR 1.5 billion, with the dilution for this being the dilution for these first six months of the year, EUR 43.7 million compared to the dilution of the previous year that was EUR 67.9 million. With respect to ordinary commercial, real estate, and international revenue, all these business segments grow double- digits, 10.2%, 12.1%, and 14.6%, respectively.
Very healthy growth rates for all the business segments of the company, as the Chairman was highlighting at the beginning of his opening remarks. Let's go to slide seven. On the cost side, total pure operating expenses at group level grew by 9.3%, totaling EUR 1.3 billion, with personnel expenses or staff expenses increasing by 10.6%. The IFRIC 12 accounting rules also had an impact because we have to record not only the income but also the expenses following that accounting rule. We had also a negative impact in our expenses of EUR 51 million. Excluding this impact, the increase of our total operating expenses would have been 5.2%. When we look at other operating expenses, they grew at 5.3%, reaching EUR 1,063 million.
The increase was driven by personnel costs, as I was advancing earlier, reflecting higher payrolls, additional headcounts that the company is adding, and also the restructuring of our variable retribution schemes. Also explained by the performance of our electricity costs, maintenance costs, security services, and also the increases in the OpEx related to the activities that we perform internally on the commercial side, such as VIP services and parking. In slide 20 and 21, you will find higher detail with respect to our other operating expenses. The growth of other operating expenses, excluding the electricity bill, was 2.9%, below traffic growth, and on a per passenger basis, declined by 1.5%. Very good performance on the cost side. Let's go to slide eight, and let's have a look at EBITDA that reached EUR 1.7 billion, representing an increase of 8.8% compared to the same period of the previous year.
If we exclude the effect of IFRIC 12, the EBITDA margin improved to 58% from 57.2% in the previous year. I will repeat myself, excluding the IFRIC 12 effect. All in all, net profit rose to EUR 893.8 million and a double-digit increase of 10.5%, reflecting the solid performance and continued financial discipline of the company. Net cash generated from operating activities increased by 4.2%, confirming the group's capacity to generate cash. Please note that last year, tax outflows were particularly low because of the application of the tax credits resulting from the commercial losses coming from the DF7 that were taken into account in the first half of 2024. Net financial debt to EBITDA ratio stood at 1.64, as mentioned by our Chairman, compared to 1.57 recorded in the previous year, recorded in the first half of 2024. In slide 11.
We have some information related to the restatement of our 2024 financial statements, as mentioned by Maurici. This is coming from the recognition of a deferred tax asset. This adjustment is related to a situation of double taxation related to the IPO of the company back in 2015. In more detail or specifically, at that moment in time, the company was unable to revalue the assets contributed by ENAIRE, our parent company, at market value. So those assets were incorporated into Aena's balance sheet at book value, not at market value. And ENAIRE, as a result of the IPO, had a capital gain that was taxed at ENAIRE level. As a result of that taxation, as that potential double taxation, the company thinks that it's entitled to recover that double taxation. That's why we have recorded this asset amounting to EUR 288 million, as mentioned by our chairman.
This amount will be gradually applied as the company files its corporate income tax returns in the future. Please note that we have already filed some tax applications for the period up to 2024. Hopefully, we should hear from the tax authorities in the next six to nine months. Let's move forward to the commercial business of the company. I'm referring to slide 15. Ordinary and commercial and real estate revenue of the group grew by 10.3% to EUR 980 million. Excluding the straight line and other adjustments effects, the growth of the business was higher, amounting to 12.5% to EUR 948 million. The fixed and variable rents had a year-on-year growth of 15.8%, a very high figure comparing to traffic growth in the Spanish network. In slides 17 and 18, we can go into further detail with respect to the commercial performance of Aena in Spain.
As mentioned by our chairman, the total commercial sales grew by circa 10%, doubling the traffic growth of the period. Generally, this growth was driven mainly by the progress in refurbishment and remodeling works in our commercial areas, especially in the duty-free business in the Madrid and Barcelona airport, but also in Palma, where we are making significant progress. The arrival of new brands that feed our passenger profile, the strong performance of mobility-related services, and the continuing increase in demand for VIP services, together with the successful progress of our real estate initiative. If we look at the line by line of our commercial activities, or the most important lines, sorry. We'll. See that, for example, in the case of the duty-free businesses, sales grew by 18% and variable rents grew by 16.3% to EUR 182 million.
We have seen that after the material progress in Palma de Mallorca Airport, we have been able to deliver a growth in June, only in June, of 11%, being the main reason behind this growth, the partial reopening of the walk-through store in that airport. We are also seeing important progress in the Canary Islands, where the contract, the lot for that part of the network, exceeded the minimum land guarantee rents for this business line. Also, I would like to highlight that in the Mediterranean area, we were very close also to exceed the minimum land guarantee rents, and we were just 2.2% below the minimum land guarantee rents. With respect to the other activities, I would like to highlight the continuing increase in the VIP services penetration rates and income per passenger, which confirmed the demand from our passengers with respect to this type of activity.
With respect to car rental activity, we are not only seeing growth coming from the new contract. We are also seeing growth in activity coming from more contracts and higher prices being applied by our car rental operators. Let's move to slide 22, where we can have a look at the debt breakdown of the company. I would like to share a message with all of you that our debt at fixed rate is 77%, which basically has been protecting the company from the movement in the, coming from the monetary policy of central banks. Now that we are seeing some decrease, we'll try to benefit from that situation, managing our debt accordingly. With respect to our international platform, I would like to stop to mention a couple of things related to Luton. BOAB.
With respect to Luton, you will have seen in our financial information shared with the market that we have recorded an extraordinary revenue related to the compensation that we are entitled to receive from our insurance companies that has amounted to around EUR 31 million. This compensation is positively contributing to our EBITDA, and therefore, EBITDA in Luton is positively affected by this contribution. With respect to BOAB, or BOAB in English, I would like to highlight the significant increase in CapEx spent in this asset. And this is the result of. Basically the company having awarded the construction contracts at the end of 2024, early 2025, and having the construction activity ramped up in this asset so that we can meet the deadlines established in the concession agreement signed with the Brazilian authorities. I think that would be all from my end.
We could continue with the Q&A as planned for this meeting. Thank you very much.
We will now begin the question and answer session. At this time, if you would like to ask a question, please press star followed by the number one on your telephone keypad. Your first question comes from the line of Tobias Fromme with Bernstein. Tobias, please go ahead.
Hello. Thank you for taking my question. Just a question on traffic growth. Obviously, H1, 4.5% in the Spain network. That would sort of require potentially stepping on in H2 to hit your guide of 3.4%. I was just wondering, what are your concerns? Do you see anything internationally, maybe a slowdown from certain regions beyond your Spanish network, beyond domestic Spain? Any chance of increasing the guide maybe in the next quarter? Thank you.
Thank you, Tobias. We could not follow your whole question completely.
I understand you are referring to the second part of the year with respect to our traffic guidance, if we are expecting an impact coming from the international markets. I think I could repeat the message shared by the chairman at the beginning of the call. At this moment in time, we are not changing the guidance provided back in February. The slowdown that we are seeing on the domestic market is something that we were anticipating. There are some drivers behind that slowdown related to specific domestic matters. At this moment in time, that is what we can share with you. Of course, the company will follow what is happening internationally, and that might have an impact in the guidance for the company. If we decide to do it, we will share it with all of you.
Thank you.
Thank you.
Your next question comes from the line of Luis Prieto with Kepler. Luis, please go ahead.
Good afternoon. Yeah, Luis Prieto here. Thanks, everyone, for the call. I just had one question. With the 2026 target or guidance that you provided regarding international operations, I just wanted to know what the market is like at present for international opportunities, acquisitions, or developments, whatever. Thank you.
Hello. This is Maurici Lucena speaking. I will take this question. I think that this is, I mean, when you compare the airport market in terms of M&A opportunities, I think that you, and you compare it with other or to other markets, I think that you reach the conclusion that it's not a very wide market. I mean, I think that you probably know many of the international opportunities exactly at the same time that they are sent to Aena's team.
I mean, they are usually well-known. Luis, the only thing I can say is that we analyze everything, every opportunity. Of course, naturally, we probably are, we tend naturally to specific markets because of cultural and historical reasons. But believe me, we analyze everything. I hope that in my case, seven years at the company, I hope that you all have crystal clear that we only move and we only propose a firm, let's say, a firm offer when all the qualities or all the aspects of the opportunity are considered adequate by Aena. It means the intrinsic quality of the asset, considered the country, the regulation, and of course, very important, the price.
We could add as well that you know that our strong preference is control participation, airports in which Aena, taking into account its size and our reputation in airports in which we can control the management and the daily operation of the airport. This is all that I can say. I think it's the same thing I always try to explain, but I hope that at least I have explained it a little bit different compared to other occasions. Thank you.
Thanks a lot for that, Maurici.
Your next question comes from the line of Cristian Nedelcu with UBS. Cristian, please go ahead.
Hi. Thank you very much for taking my questions. The first one on domestic Spanish traffic, on the slowdown, if I could please come back. Could you elaborate on the drivers behind this slowdown?
Equally so, if you could tell us a bit your views on the second half and next year in terms of domestic traffic or what's in your budget or how you're thinking about it directionally. Secondly, a question on duty-free. The Canary's variable rents have exceeded the max for a while now. If I look at your slide 32, it looks like in Q2, the other airports are not far from this either. My question would be, could you give us a bit more color on Madrid, Barcelona? When do you expect the variable rents to exceed the max? Can this already be in Q3? How do you think about the next years? The last one, if I may. In the press, we are seeing plans for Aena building new terminals in a few airports.
I understand we are at an early stage, but just ballpark or directionally, could you help us think about the incremental airside space that comes together with this new terminal? From the commercial point of view, incremental airside commercial space versus the current space in the airports, any color you could give us there? Thank you.
Christian, I just would like to partially answer your first question and partially because it will be complemented by Ignacio. Let's, for a moment, just put aside Brazil and the U.K. I think that the evolution of the traffic in these countries is very good. I mean, you just can review the figures, and we are happy with the evolution of the traffic growth there. I now will focus on Spain.
The only thing I would like to say is that when we elaborated our forecast for the traffic growth in Spain for the whole year, we clearly expected what is at present happening. I mean, we knew, or we didn't know exactly, but we forecasted that the beginning of the year would be quite strong because you know that we have the airlines planning, and we have a very competent team that follows everything that arises in terms of novelties regarding the evolution of traffic. At that moment, when we elaborated our forecast, we also anticipated that the summer would be something similar to what we are witnessing. We are not surprised at all.
Of course, if you descend to the details, you could—I mean, the precision is always questionable in the sense that, of course, we could anticipate the trends, but that is why I wanted to highlight, to underline that we are still very comfortable with the traffic forecast for Spain for the whole year, that it's 3.4%. Ignacio will complement my explanation. Thank you.
Thank you, Maurici. Hi, Cristian. I think that the explanation from the Chairman has been very complete. I could only add some potential drivers that could be explaining what's happening, Christian, that I'm sure you are also aware. I think the slowdown that we are seeing is very likely a phase of stabilization following several years of strong traffic growth post-COVID recovery. With respect to domestic traffic, I think in 2023, we were already surpassing pre-COVID levels. The comparison base was already very high back in 2023.
If we look at cost prices in the Spanish market related to travel, tourism. What we are seeing is that there might be a situation in which prices are increasing in relative terms more for the domestic services, for domestic trips or domestic leisure, more than international prices. This might be one of the reasons for the impact. We are also seeing that the competition with respect to high-speed rail is intensifying. There are operators with lower prices in some of our routes. That may also be another thing to take into account. Finally, for domestic traffic, we are seeing some reorganization of fleets and domestic operations in some of our carriers that are moving fleet and activity from one brand to another brand. That might be affecting domestic traffic while all those adjustments are taking place. It might be the result of all this, the explanation behind.
Most of these elements were taken into account, as explained by Maurici earlier, when we were putting together our budget and our guidance. Let's see how the rest of the year evolves. We are hopeful that we'll be able to meet the guidance. With respect to your second question, if I may, I will cover them very quickly because our goal, Cristian, so that all of you can participate in the meeting, was having just one question per house. I will cover your second and three questions very quickly. With respect to duty-free, as you mentioned, Canarias, we are above the minimum guaranteed rents. I would like to highlight that in the case of the south and the Mediterranean coast, we are very close to going beyond the minimum guaranteed rents, taking into account, of course, the first six months' numbers.
With respect to other regions of the country, the Baleares lot, the Mallorca, the Palma lot, has been impacted by the construction activities and the refurbishment of the airport. As I mentioned in my notes at the beginning of the call, June sales have been very positive. We have seen significant growth. We should see there an improvement. With respect to Madrid and Catalonia, we have managed to finish most of the construction activity related to the duty-free activity there. Hopefully, in the next months, we'll have better information with respect to our capacity to go beyond the max in the rest of the years of the contract with our duty-free providers. On the DORA III construction activity, the company has been providing information through press releases about some of our projects. That's the only information that we can share so far.
Basically, we have identified some of the main projects in some of the, I would say, the assets and very important assets for the company. And so far, that is the info that we can share with all of you, Cristian.
Thank you very much. Apologies for the extra question. Thank you.
Yeah. Cristian, concerning your second question, I would like to publicly recognize the very good job that the new, well, not that new, but the team that is around Xavier Rossinyol, the current CEO of Avolta, of Dufry, because I think he was appointed three years ago. You know that Aena and Dufry had some important disagreements because we were very upset and very angry as well when they promoted the approval of the DF7. That was a hard moment. It is true that the relationship with their chairman has been always very cordial, very polite.
When Xavier Rossinyol joined the company, it coincided with the preparation on Aena's side of the new tender. We are very happy both with the proposals that they sent to Aena, both in terms of design, of course, financially, etc. They have demonstrated that apart from the strong growth of traffic, they are really taking advantage of all the spaces that they are working on at Aena. I think it deserves public recognition because they are doing a very good job. Of course, it is profitable both for Aena and for Avolta.
Your next question comes from the line of Elodie Rall with JPMorgan. Elodie, please go ahead.
Hi. Good afternoon. Thanks for taking my question. I have one on CapEx, if I may. You announced EUR 427 million of extra CapEx for DORA II. I think you had communicated already on the EUR 351 million regulated part.
What drove the additional CapEx that you have announced today to EUR 427 million? Could you give us also the phasing of this CapEx between now, I mean, 2025, the remaining of this year, and 2026? Where should we have our expectation for CapEx in total as well if that is possible for the next two years? Thanks very much.
Thank you, Elodie. Elodie, this is Ignacio speaking. I think the amount is all part of the same CapEx analysis and assessment that was made earlier by the company. Some weeks ago, we disclosed information related to the regulated CapEx because it was the most important piece. As part of that amount, we were also taking into account that the company would also be executing unregulated CapEx in order to complement that regulated CapEx and in order to basically be able to. Deliver.
Other projects that were necessary or a consequence of that regulated CapEx, and also because of our regulation, part of our CapEx is also unregulated because of the accounting rules or regulatory rules of the company. So, it's not a change versus what we announced. It's just a complement of what we announced some weeks ago. Sorry for the confusion, Elodie, on that matter, if there was. With respect to the phasing, I think, given that we are in June, most of the phasing, of course, will happen during the last year and a half of the DORA II, as mentioned by the Chairman. Most of the CapEx execution work will happen in 2026. We'll see if we can deliver partially, if we can partially deliver some of those items through 2025 to the remaining months of this year. Thank you, Elodie.
Okay, thanks very much.
Your next question comes from the line of Andrew Lobbenberg with Barclays. Andrew, please go ahead.
Oh, hi there. I think I ask this every quarter, but is there any update that you can offer us on the status of negotiations with Luton with regard to the subsequent expansion? Thanks.
Hi, Andrew. This is Ignacio. Thank you for asking every quarter on this topic so that all of us can be coordinated. No real change to what we disclosed in the previous quarter. As you know, there was the possibility of having a judicial review taking place with respect to the DCO granted, that a judicial review will finally happen in the next months. We are still pending to receive some further information, and that's the only real change that I could share with you at this moment in time, Andrew.
Until the judicial review issue is cleared, no negotiations to be done with the council, or is that not right?
Is that a judicial review of the DCO granted by the Secretary of—yes, by the central government. I understand that the timing is 12 months. Around 12 months, there might be a hearing in order to analyze the DCO granted. That's the information that we have with respect to Luton. There is a change with respect to what we disclosed last quarter.
Okay, so the whole thing draws out a bit more.
Could get delayed because of this judicial review. You are right.
Okay, thanks.
Your next question comes from the line of Marcin Wojtal with Bank of America London. Marcin, please go ahead.
Yes, thank you. I will have just one question. It's regarding DORA III process.
When are you expecting to submit your business plan with all the details of CapEx, tariffs, and the wrap? Are the key points going to be shared with the market? Thank you.
Thank you, Martin. This is Carlos Gallego speaking. Clearly, according to the law, the last milestone of this process will be the approval in September 2026, coming from the cabinet, the Spanish cabinet. We have to run the consultation process with the airlines, with the different inputs. According to the law as well, our proposal has to be delivered in March 2026.
Okay. Very clear. Thank you.
Thank you.
Your next question comes from the line of Dario Maglione with Exane. Dario, please go ahead.
Hi. Good afternoon. Just one question. What is the latest assumption for the CapEx for DORA III when we include the regulated and non-regulated CapEx? Thanks.
Dario, your question was about the split between regulated and unregulated CapEx for DORA III.
And the total amount? The total amount as well? Yeah.
I think that at this moment in time, we are not disclosing that information, Dario. I think that is information that we will be providing once we have gone through all the analysis of DORA III. That will take some months from our side. That will still take some months from our side.
Okay. Thank you.
My pleasure.
Your next question comes from the line of José Arroyas with Santander. José, please go ahead.
Yes, thank you. Good afternoon. I wanted to ask you about the tariff application for next year and your announcement earlier this morning. The increase you are aiming for is EUR 0.68 per passenger. As you clearly state, the K factor from 2024 represents EUR 0.45.
There is another EUR 0.17 from the P factor that the CNMC recently approved. That leaves about, if I am right, EUR 0.06 per passenger that the press release does not break down for us. I was curious if within these EUR 0.06 per passenger, you may be recognizing your expectation that next year's tariff reflects the P factor the CNMC rejected at the last minute last year. Is this a fair assumption? Correct? Incorrect? Thank you.
Hi, Jose Manuel. This is Ignacio speaking. It is not a fair assumption. In those other cents, we are taking into account quality, the B factor, and other elements related to COVID and costs related to the border controls coming from previous years. It is totally unrelated to the topic that you were referring to. Thank you.
Your final question comes from the line of Graham Hunt with Jefferies. Graham, please go ahead.
Yeah. Thank you very much for the question. Just one on the VIP performance, actually. I wondered if you could give a little bit more color there. It has been such a strong division for you within commercial. In terms of growth and growth per pax. I just wondered if you could speak to that. Where you are seeing that trending over the next, into 2026, and maybe a little bit of color on how you are factoring it into your CapEx plans for the DORA III as well. Thank you.
Hi, Graham. Thank you for your question. It is true that we are really happy with the performance of this business line. I think what we have seen is basically revenue raising 36% year- on year to EUR 95 million, and also the income per passenger rising around 30%. Outstanding performance for the whole line.
Around a bit more of 80% of that line is explained only by VIP lounges. What we are seeing is that numbers of clients, of users of this service, are increasing materially at a much faster and higher growth rate than traffic. For example, the number of users has increased around 18% in these first six months of 2025 compared to 2024. Also, this demand from our users is not materially impacted by prices. The average ticket that we have been able to get from this business line is increasing. Simultaneously, penetration rates are going up. I think we are slightly above 2%. We are seeing this trend across all the VIP lounges of the company. This is something that we are taking into account.
We are expanding in every single airport where there is room, and we see that there is demand for this activity, and that is what we are planning to do, and the commercial team is assessing as part of the DORA III future.
Thanks very much.
Thanks.
There is no further question at this time. I will now hand it over to Carlos Gallego for closing remarks. Carlos?
Thank you, Mark. As there are no further questions, I think we can conclude the results presentation. Thank you very much for joining us today. Have a happy summer break, everyone who is taking some time off. Bye.
That concludes today's call. You may now disconnect.