Aena SME SA

AENA: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Relaunching Coverage of Wide-Moat Spanish Airport Operator Aena

Jack Fletcher-Price

Apr 13, 2026

Business Strategy and Outlook

Aena is the world’s largest listed airport operator. It has a natural monopoly managing Spain’s entire airport network. Established in 1991, it is majority owned by the Spanish government through Enaire (51%), with the remaining 49% publicly listed since 2015. It plays a critical role in the national economy, acting as the primary gateway for Spain’s massive tourism sector.

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Aena SME SA

Relaunching Coverage of Wide-Moat Spanish Airport Operator Aena

Business Strategy and Outlook

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