Aena: Leader in the Premium Business After Doubling VIP RevenuesAena: Leader in the Premium Business After Doubling VIP Revenues in Six Years
[/b ]Success of stays and fast-track services drives commercial profitability
Ion Jauregui – Analyst at ActivTrades
Aena has successfully turned its VIP lounges into one of the most profitable engines of its commercial business. Since 2019, revenues from this service have increased from €78.8 million to €151.7 million in the first nine months of 2025, nearly doubling their contribution to the company’s total commercial business in just six years. This growth has been supported by infrastructure expansion, higher average prices, and diversification of services, including priority access through security filters, Fast Track, Fast Lane, and exclusive spaces such as Air Rooms and Meet & Assist.
Fundamental Analysis
Aena’s success in its VIP business reflects a solid strategy of revenue diversification, reducing reliance on regulated traffic and traditional airport fees. By September 2025, VIP revenues grew 31.8% year-on-year, while associated costs increased 31% to €41.2 million due to higher standards in maintenance, cleaning, and security.
The 2027–2031 investment plan includes €12.888 billion, with around €4 billion allocated to commercial services and passenger experience improvements. Expansion into Brazil, with strategic airports such as Congonhas, diversifies the company’s geographic exposure and increases revenue potential. This reinforces sustainable growth and cash flow generation.
Technical Analysis
From a stock market perspective, Aena has shown an upward trend since 2023, supported by air traffic recovery and revenue diversification.
Support and resistance levels: Key support is at €21.80, corresponding to the May rally that preceded the all-time highs in August at €25.82 per share.
Moving averages: The stock has corrected from its highs and is currently around the 200-day moving average, having temporarily lost the 50- and 100-day averages.
Momentum indicators: The RSI indicates a recovery from oversold levels, while the MACD remains bearish, reflecting recent selling pressure.
Market context: The correction occurs amid portfolio rotation and position exits by large funds. The ActivTrades Europe Market Pulse shows a high Risk-Off level, confirming this scenario.
Potential scenarios:
If the support at €21.80 holds and the stock surpasses the mid-range point (POC) at €22.96, a rebound toward previous highs could occur, potentially boosted by the holiday rally.
If the support fails, the next level is around €20, followed by €19.225 as an additional support.
VIP segment key for growth
Aena’s VIP segment is consolidating as a profitable and strategic business, with sustained growth potential thanks to expansions in Spain and Brazil, service diversification, and solid revenue management. From a market perspective, the company has strong fundamentals and a clear technical context, making Aena an attractive option for investors seeking exposure to the airport sector and high-value premium commercial operations.
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