Tourism Boosts Spain’s Travel Stocks

Spain seems to be on track to set a new all-time record for tourist arrivals in 2025, with projections pointing to around 98 million visitors by year-end, according to consultancy Andersen. If confirmed, that figure would surpass last year’s record of 94 million, representing an increase of roughly 4.25%. Moreover, total tourist spending is expected to reach EUR 135.8 billion, providing a fresh boost to an industry that in 2023 represented 12.3% of the country’s GDP. 

Amid this backdrop, shares of three IBEX 35-listed travel-related companies have posted strong year-to-date (YTD) gains. Airport operator Aena [AENA.E] is up 21.4%, while travel technology firm Amadeus [AMS.E] has climbed 11.4%. Airline group IAG [IAG.E] has also advanced 11.3% YTD.

While these gains reflect solid two-digit performance, they still lag the broader IBEX 35 index, which has risen 23.6% so far this year. 

However, momentum for travel stocks has shifted in recent weeks. Over the past month, Spain’s IBEX 35 rose 5.2%. During the same period, IAG gained 15.2%, Amadeus rose 10.9%, and Aena advanced 5.5% — all exceeding the benchmark’s increase.

Passenger Growth Supports Aena’s YTD Rally

Aena has posted the strongest YTD performance among the three travel-related stocks, with shares up 21.4%, as indicated above. 

The company, which operates airports in Spain, Brazil, and London Luton, recorded a 5.3% increase in total passenger traffic across its network between January and April 2025 compared to the same period in 2024.

Passenger numbers at Spanish airports rose 5.2%, while Brazilian airports saw a 5.4% increase. London Luton registered the largest rise, with traffic up 6.9% over the same four-month period.

In its 1Q25 earnings report, Aena reported a 7.5% year-on-year (YoY) revenue increase to almost EUR 1.33bn and a 15.4% rise in net profit to EUR 301.3m. The revenue increase was driven by traffic growth, higher fees, and one-off compensation at Luton. (Source: AENA)

Amadeus Rises on Strong 1Q25 Results and Guidance

As noted above, Amadeus has posted the second-best YTD performance among the three travel-related stocks, with shares up 11.4%. The company, which provides travel and tourism technology services, reported a 9.1% (YoY) increase in group revenue in 1Q25 to EUR 1.63bn, up from EUR 1.49bn in 1Q24.

EBITDA rose 8.1% to EUR 628.3m in 1Q25, compared to EUR 581.4m in 1Q24.

For the full year, Amadeus expects EBITDA growth between 5.7% and 11.0% at constant currency, as noted in its outlook, citing recent EUR/USD rate volatility. (Source: Amadeus)

IAG Leads Monthly Gains on Strong Outlook

Airline group IAG [IAG.E] has gained 11.3% year-to-date. It has also posted the strongest performance over the past month among the three travel stocks, rising 15.2%, as shown above.

The group, which includes British Airways, Iberia, and Aer Lingus, reported an operating profit of EUR 198m in 1Q25, up from EUR 68m in the same period last year

IAG maintained its 2025 outlook despite geopolitical uncertainty, citing strong demand across core markets. Latin America, Europe, and premium North Atlantic routes remain solid, the company said in its 1Q25 report. (Source: IAG)

Conclusion

Travel stocks on Spain’s IBEX 35 have gained momentum heading into the European summer season, supported by record tourism projections, rising passenger volumes, and solid earnings. 

Aena, Amadeus, and IAG all outperformed the IBEX35 benchmark over the past month, reversing the earlier YTD gap.

Whether this trend continues in the months ahead will depend on sustained travel demand, macroeconomic conditions, and foreign exchange volatility.

*Past performance does not reflect future results