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Total Revenue: Almost EUR6.4 billion, a 9.5% increase compared to 2024. EBITDA: Close to EUR3.8 billion. Net Profit: Exceeded EUR2.1 billion, a record high. Passenger Traffic: Almost 385 million passengers globally; over 321.5 million in Spanish airports. Dividend Proposal: Gross dividend of EUR1.09 per share. Commercial Revenue: Exceeded EUR2 billion for the first time. Duty Free Revenue: EUR535 million, with a 15.3% sales increase. Real Estate Revenue Growth: 10.5% increase in 2025. Net Debt-to-EBITDA Ratio: 1.6. International EBITDA Contribution: Close to EUR400 million. Bond Issuance: EUR500 million with a 10-year maturity. ESG Emissions Reduction: 75% reduction in Scope 1 and 2 emissions compared to 2019. Operating Expenses: Increased by 11.1% to EUR2,650 million. VIP Services Revenue: Increased by 31.5% to EUR104 million. Car Rental Revenue: Increased by 23.9% to EUR256 million.

Warning! GuruFocus has detected 5 Warning Sign with FPLSF. Is ANNSF fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 25, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Aena SME SA (ANNSF) achieved record financial results for the third consecutive year, with total revenue reaching nearly EUR6.4 billion and a net profit exceeding EUR2.1 billion. Passenger traffic in Spanish airports reached over 321.5 million, marking the third consecutive year of record traffic volumes. The company experienced robust growth in its commercial activities, with Duty Free business lines exceeding contractual maximums in several regions. Aena SME SA successfully launched a second bond valued at EUR500 million with favorable financial conditions, reflecting market confidence. Significant reduction in emissions, achieving a 75% reduction in Scope 1 and 2 emissions compared to 2019, highlighting strong ESG performance.

Negative Points

Domestic passenger traffic in Spain decreased by 3%, despite overall international market growth. Operating expenses increased by 11.1%, driven by higher personnel and other operating costs, outpacing traffic growth. Concerns about potential infrastructure constraints as many airports approach their technical limits, necessitating significant future investments. The company faces challenges in balancing increased OpEx with maintaining high-quality airport services amid growing traffic. Potential regulatory and political risks, as evidenced by past political initiatives that could impact tariff increases and investment plans.

Story Continues

Q & A Highlights

Q: Beyond what you've just said, could you remind us which other commercial contracts will be open for tender in the short to medium term, just to guard the upside for commercial? A: Thank you very much, Tobias, for your question. On the commercial front, we launched the advertising tender some weeks ago. The financial impact of the new contracts would really happen in 2028 as most current contracts expire then, except for the Palma airport, which expires this year. We are also planning to renovate the commercial offer at airports like Malaga and Gran Canaria. The Barcelona F&B activity has been recently awarded, with financial impacts expected in 2026. Additionally, we are active in real estate, particularly in cargo and hangars, which could also contribute financially.

Q: There is now full visibility on the CapEx plans for the next years domestically. Could you please give us an overview of what this CapEx should amount to internationally, given the relevance of BOAs works and potentially Luton's expansion? A: Luis, this is Ignacio speaking. For Luton Airport, the committed CapEx is mainly maintenance as our concession expires in 2032. However, there is potential for expansion if attractive terms are agreed upon. In Brazil, most CapEx for AMB has been completed, but for Congonhas, we have mandatory CapEx milestones to meet by 2028.

Q: My question is on the Dora 3 traffic forecast. Does the risk of AI disruption leading to potential increases in unemployment rates on white collar come up at all when talking about the traffic forecast? A: Cristian, it's difficult to predict how AI disruptions might impact traffic at Aena. While some impacts could be positive or negative, we are monitoring the situation closely. Discussions with regulators are confidential, but we have shared our general views on traffic evolution.

Q: So my question would be on OpEx. Could you provide an idea of the magnitude of the increase in OpEx, maybe with a split in different OpEx groups like staff, supplies, etc.? A: Hi, Elodie. This is Ignacio. In 2025, staff costs increased due to more hires and salary agreements. We expect this trend to continue. Other operating expenses rose due to maintenance, security, and regulatory requirements. We aim to maintain efficiency, but industry trends and legislation are impacting costs.

Q: Just one on the change in the policy on useful life. What prompted the EUR69 million of reduced amortization, and how material is this in the context of different categories of assets? A: Thank you, Hari. We reviewed asset lives and found some were longer than accounted for. The largest impact was on surface access and aprons. This adjustment may result in a higher regulated asset base. The impact will be lower in future years.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

As the eurozone economy continues its modest recovery, with improved consumer and business confidence, European markets have shown resilience amidst global trade and geopolitical concerns. In this environment, dividend stocks can offer stability and income potential, making them an attractive option for investors looking to navigate the current market dynamics.

Top 10 Dividend Stocks In Europe

Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.19% ★★★★★★ Telekom Austria (WBAG:TKA) 4.23% ★★★★★☆ Les Docks des Pétroles d'Ambès -SA (ENXTPA:DPAM) 5.86% ★★★★★★ Holcim (SWX:HOLN) 4.10% ★★★★★★ HEXPOL (OM:HPOL B) 5.59% ★★★★★★ Evolution (OM:EVO) 5.07% ★★★★★★ DKSH Holding (SWX:DKSH) 3.92% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.30% ★★★★★★ Bravida Holding (OM:BRAV) 4.12% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 4.09% ★★★★★☆

Click here to see the full list of 191 stocks from our Top European Dividend Stocks screener.

Here's a peek at a few of the choices from the screener.

Aena S.M.E

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Aena S.M.E., S.A. and its subsidiaries manage airports in several countries including Spain, Brazil, the United Kingdom, Mexico, and Colombia, with a market cap of €40.49 billion.

Operations: Aena S.M.E., S.A.'s revenue is primarily derived from its Airports - Aeronautical segment at €3.27 billion and Airports - Commercial (including Car Park Network) segment at €1.90 billion, along with Real Estate Services contributing €126 million.

Dividend Yield: 3.6%

Aena S.M.E. maintains a reasonable dividend payout ratio of 72.5%, indicating that its dividends are covered by earnings, and a cash payout ratio of 73.1% ensures coverage by cash flows as well. However, the company's dividend yield of 3.62% is below the Spanish market's top tier, and its dividend track record has been unstable over the past decade with volatility exceeding annual drops of 20%. Earnings growth remains modest at 6.3%.

Delve into the full analysis dividend report here for a deeper understanding of Aena S.M.E. According our valuation report, there's an indication that Aena S.M.E's share price might be on the expensive side.BME:AENA Dividend History as at Feb 2026

SCOR

Simply Wall St Dividend Rating: ★★★★★☆

Overview: SCOR SE, with a market cap of €5.13 billion, operates as a global reinsurer offering life and non-life reinsurance products across Europe, the Middle East, Africa, the Americas, Latin America, and the Asia Pacific.

Operations: SCOR SE generates revenue through its two main segments: SCOR L&H, which contributes €8.41 billion, and SCOR P&C, which adds €6.97 billion.

Dividend Yield: 6.2%

Story Continues

SCOR's dividend yield of 6.22% ranks among the top 25% in France, supported by a payout ratio of 59.6% and a cash payout ratio of 27.6%, indicating dividends are well-covered by earnings and cash flows. However, its dividend history is marked by volatility over the past decade, raising concerns about reliability despite recent growth in payments. The company trades at a significant discount to its estimated fair value, enhancing its appeal for value-focused investors amidst ongoing executive changes and strategic planning efforts.

Take a closer look at SCOR's potential here in our dividend report. Our valuation report here indicates SCOR may be undervalued.ENXTPA:SCR Dividend History as at Feb 2026

DKSH Holding

Simply Wall St Dividend Rating: ★★★★★★

Overview: DKSH Holding AG offers market expansion services across Thailand, Greater China, Malaysia, Singapore, and the rest of the Asia Pacific region as well as internationally with a market cap of CHF3.90 billion.

Operations: DKSH Holding AG's revenue segments include Healthcare at CHF5.81 billion, Consumer Goods at CHF3.43 billion, Performance Materials at CHF1.39 billion, and Technology at CHF543.30 million.

Dividend Yield: 3.9%

DKSH Holding offers a dividend yield of 3.92%, placing it in the top 25% of Swiss dividend payers, with dividends well-covered by earnings (payout ratio: 78.2%) and cash flows (cash payout ratio: 54.5%). Its stable and growing dividends over the past decade enhance its attractiveness, despite trading at a discount to estimated fair value. Recent executive changes, including leadership shifts in key business units, may impact strategic direction but do not currently affect dividend reliability.

Click here and access our complete dividend analysis report to understand the dynamics of DKSH Holding. Insights from our recent valuation report point to the potential undervaluation of DKSH Holding shares in the market.SWX:DKSH Dividend History as at Feb 2026

Next Steps

Access the full spectrum of 191 Top European Dividend Stocks by clicking on this link. Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks. Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Curious About Other Options?

Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include BME:AENA ENXTPA:SCR and SWX:DKSH.

This article was originally published by Simply Wall St.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

As the pan-European STOXX Europe 600 Index edges closer to a record high amid optimism about future earnings and economic conditions, investors are increasingly eyeing dividend stocks as a potential source of steady income. In this context, selecting stocks with reliable dividend yields can offer stability and potential returns in an environment where market sentiment remains cautiously optimistic.

Top 10 Dividend Stocks In Europe

Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.07% ★★★★★★ Telekom Austria (WBAG:TKA) 4.51% ★★★★★★ Swiss Re (SWX:SREN) 4.37% ★★★★★☆ Holcim (SWX:HOLN) 4.00% ★★★★★★ HEXPOL (OM:HPOL B) 4.87% ★★★★★★ Evolution (OM:EVO) 4.85% ★★★★★★ DKSH Holding (SWX:DKSH) 4.14% ★★★★★★ Credito Emiliano (BIT:CE) 4.91% ★★★★★☆ Cembra Money Bank (SWX:CMBN) 4.30% ★★★★★★ Bravida Holding (OM:BRAV) 4.22% ★★★★★★

Click here to see the full list of 195 stocks from our Top European Dividend Stocks screener.

We're going to check out a few of the best picks from our screener tool.

Aena S.M.E

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Aena S.M.E., S.A. manages airports across Spain, Brazil, the United Kingdom, Mexico, and Colombia and has a market cap of €35.79 billion.

Operations: Aena S.M.E., S.A.'s revenue is primarily derived from its Airports - Aeronautical segment at €3.27 billion and Airports - Commercial (including Car Park Network) at €1.90 billion, with additional income from Real Estate Services totaling €126 million.

Dividend Yield: 4.1%

Aena S.M.E. offers a dividend yield of 4.09%, below the top quartile of Spanish dividend payers, and has exhibited volatility over the past decade. Despite this, its dividends are currently covered by earnings and cash flows with payout ratios around 72%. The company faces high debt levels but reported a recent earnings growth of 6.3% and confirmed traffic guidance for 2025 at a 3.4% increase year-on-year, indicating operational stability amidst financial challenges.

Take a closer look at Aena S.M.E's potential here in our dividend report. The valuation report we've compiled suggests that Aena S.M.E's current price could be inflated.BME:AENA Dividend History as at Dec 2025

Eolus Aktiebolag

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Eolus Aktiebolag (publ) focuses on the development, construction, and operation of renewable energy assets across Sweden, Finland, the United States, Poland, Spain, and the Baltic states with a market cap of approximately SEK1.02 billion.

Operations: Eolus Aktiebolag generates revenue primarily through its Project Development segment, which accounted for SEK3.23 billion.

Dividend Yield: 5.5%

Eolus Aktiebolag's dividend yield of 5.47% ranks in the top 25% of Swedish dividend payers, although its dividends have been historically volatile. The company's low payout ratio of 20.5% and cash payout ratio of 10% indicate dividends are well-covered by earnings and cash flows, despite a high debt level. Recent earnings results show significant revenue growth, but net losses persist, suggesting financial challenges that could impact future dividend stability.

Story Continues

Click here to discover the nuances of Eolus Aktiebolag with our detailed analytical dividend report. Our valuation report unveils the possibility Eolus Aktiebolag's shares may be trading at a discount.OM:EOLU B Dividend History as at Dec 2025

NCC

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: NCC AB (publ) is a construction company operating in Sweden, Norway, Denmark, and Finland with a market cap of SEK21.09 billion.

Operations: NCC AB (publ) generates its revenue from several segments, including NCC Industry at SEK12.62 billion, NCC Infrastructure at SEK18.41 billion, NCC Building Sweden at SEK13.10 billion, NCC Building Nordics at SEK13.53 billion, and NCC Property Development at SEK4.28 billion.

Dividend Yield: 4.2%

NCC's dividend yield of 4.17% places it among the top 25% of Swedish dividend payers, with dividends covered by both earnings and cash flows due to a payout ratio of 55.5% and a cash payout ratio of 21.6%. However, its dividend history is marked by volatility over the past decade, raising concerns about reliability. Recent substantial project wins in Denmark and Sweden totaling billions could support future earnings growth, potentially stabilizing dividends long-term.

Unlock comprehensive insights into our analysis of NCC stock in this dividend report. The analysis detailed in our NCC valuation report hints at an deflated share price compared to its estimated value.OM:NCC B Dividend History as at Dec 2025

Next Steps

Delve into our full catalog of 195 Top European Dividend Stocks here. Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks. Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Contemplating Other Strategies?

Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include BME:AENA OM:EOLU B and OM:NCC B.

This article was originally published by Simply Wall St.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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