Aena will invest €1.765 billion in El Prat by 2031 and €4.477 billion in Barajas.

BarcelonaSpanish airport operator Aena has explained that the Third Airport Regulation Document (DORA III) for the period 2027-2031 includes a record volume of regulated investments of €9.991 billion, reaching €12.888 billion when complementary investments are included. The country's two main airports account for more than 62% of the regulated investment: Adolfo Suárez Madrid-Barajas will receive €4.4774 billion and Josep Tarradellas Barcelona-El Prat, €1.7652 billion, totaling €6.2426 billion between the two.

The largest allocation is for Barajas Airport, with €4,477.4 million, of which €2,960 million will be used for the expansion of terminals T4 and T4S, as well as the construction of a new processor in T1, T2 and T3 to reinforce its position as hub Intercontinental. Aena will invest €1,765.2 million in Barcelona-El Prat Airport by 2031, out of a total planned investment of €3.2 billion for the entire renovation over the next 10 years. Aena's Chairman and CEO, Mauricio Lucena, explained at a press conference that the complete renovation of Catalonia's main airport, for this €3.2 billion, will include the construction of the new satellite terminal, its connection to Terminal 1, the extension of the runway along the seafront, and environmental compensation measures. The DORA III plan includes €1,020 million for El Prat, corresponding to the preliminary work on Terminals 1 and 2 and the start of environmental compensation measures for the runway extension and the construction of the satellite terminal. All these actions are budgeted at €1,020 million, and the remaining €2,100 million will go to DORA IV. However, these investments must be added to another €745 million for investments in regular operations. Aena closed 2025 with a net profit of €2,136.7 million, 10.5% more than the previous year, when it earned €1,934.2 million. According to a company statement, it recorded revenues of €6,379.2 million (+9.5%) and gross operating profit of €3,785 million (+7.8%), with a margin of 59.3%. Looking ahead to the shareholders' meeting on April 16, and as a result of its policy of 80% pay-out [the percentage of profit that is distributed to shareholders in the form of dividends], Aena will propose distributing a gross dividend of €1.09 per share from the 2025 financial year results, representing an 11.7% increase compared to 2024. Passenger traffic across all airports of the group chaired by Mauricio Lucena Brasil climbed this year to 384.8 million, a 4.2% increase. In the Spanish network (comprising 46 airports and two heliports), volume rose by 3.9% to 321.6 million passengers. Looking ahead to 2026, the company forecasts that total passengers at Spanish airports will grow by 1.3% to 326 million.

By business line, aeronautical revenues reached €3,346.8 million, 4.9% higher than in 2024. Commercial revenues, on the other hand, grew to €1,975.1 million, an increase of 11%, while total sales... In the real estate area, revenues increased by 10.5%, driven by air cargo (+9%) and other assets (+35.5%). Regarding the financial situation, consolidated net financial debt stood at €5,509 million, virtually unchanged compared to 2024. The net debt to EBITDA ratio decreased to 1.46 times, from 1.57 the previous year, while cash flow...

International Activity

At the end of 2025, Aena secured the largest financing deal in Brazil's airport sector: 5.7 billion Brazilian reais to modernize 11 airports. Furthermore, on December 18, 2025, its subsidiary Aena Desarrollo Internacional (ADI) finalized an agreement to acquire 51% of a new holding company that owns and manages 100% of Leeds Bradford Airport and 49% of Newcastle Airport.

Also in 2025 Aena Internacional recorded receipts amounting to 395.3 million euros from the partial repayment of the loan granted to BOAB in 2023, and from dividends, fees, and interest on loans from the companies in which it participates.