Passenger GrowthDespite the strong double-digit Q1 traffic growth, the company still expects this year's passenger numbers to grow only by 1-7% year on year.
Revenue GrowthPart of the strong performance in recent quarters in the Commercial division has come from minimum annual guaranteed rents, including accounting adjustments, which will contribute to reducing the overall commercial revenue growth rate in the medium term.
Stock DowngradeAENA is downgraded from Buy to Neutral following a period of strong performance and more limited upside to the unchanged 12-month price target of €200.