Aena SME S.A.

Aena, based in Madrid and majority state-owned, is the world's largest airport operator by passenger numbers, running Spain's entire network of airports, including the major hubs of Madrid and Barcelona, plus London Luton and airports in Brazil. Its earnings come from airline charges and from the shops, restaurants and car parks that serve travellers. Aena suspended its dividend during the pandemic and has rebuilt it as passenger numbers recovered to record levels, funded by strong cash flow. A dependable, recovering yield backed by an essential airport monopoly defines its appeal, though traffic ultimately follows the travel cycle.