Aena plans to invest a record €12.888 billion over five years to expand airports.

MadridAena, the state airport operator, plans an unprecedented investment of €12.88 billion between 2027 and 2031 for the Spanish airport network, of which €9.991 billion corresponds to regulated investment, as announced by the President of the Spanish Government, Pedro Sánchez. The company subsequently announced this through the National Securities Market Commission (CNMV).

The regulated investment announced this Wednesday will be included in the so-called Airport Regulation Document (DORA) III, the plan in which Aena outlines its actions for a five-year period. DORA II, which covers the period 2022-2026, is currently in force.

"The investment will allow us to continue modernizing and expanding not only the main Spanish airports, but also all those that need to adapt to growing demand," Sánchez argued. Spanish airports as a whole are expected to handle a record 320 million passengers this year. Sánchez also focused on the new environmental and safety requirements for the infrastructure.

Therefore, the nearly €13 billion represents a surge in investment over the last five years: for example, between 2022 and 2026, regulated investment alone will have reached €2.5 billion. Among the items included in the announced disbursement is a portion of the money to carry out the expansion of El Prat Airport (approximately €3.2 billion). However, these more than €3 billion will be deployed beyond the five-year period 2027-2031.

"This investment must serve to adapt to future airport demand in accordance with technical criteria and with the utmost respect for the environment," argued Aena President Mauricio Lucena, who asserted that "capacity is starting to get tight," referring to passenger growth. One of the controversies surrounding the expansion of El Prat Airport has been, precisely, the environmental impact of the Ricarda lagoon. The project that was ultimately put on the table envisages compensating for the affected area with new wetlands, although critics remain unconvinced.

The president of the airport operator took the opportunity to argue that the announced investment "does not respond to criteria of political expediency" (it must be taken into account that Lucena joined Aena through Pedro Sánchez, since the State is the main shareholder, and during his term the expansion of El Prat has been unblocked). "The investment is based on technical estimates of traffic demand. The largest airports and tourist areas in the State need this wave of investment," Lucena argued. El Prat Airport alone closed 2024 with the highest passenger figures in its history and surpassed 55 million travelers for the first time.

The expansion of El Prat, including

This investment includes a portion of the money that will be allocated to expand El Prat Airport. In fact, Aena planned to include the expansion of this infrastructure in DORA II, but the project's derailment due to political disagreement made this impossible. The Ministry of Transport has repeatedly pointed out that a five-year plan like DORA "aims to provide certainty" and a possible modification ahead of schedule.

In any case, Wednesday's announcement is only a first step toward preparing the final DORA III. The document must include investments broken down by airport (in Spain, Aena manages 46 airports and 2 heliports); the technical details of all the planned actions (from improvement works to expansions), but also the fees that airlines will have to pay, among other issues. However, all of this will now begin to be negotiated with the various stakeholders involved.

"Aena's pricing model is designed to facilitate the necessary investments to meet future demand and ensure safety, quality, and sustainability. The goal is for this investment cycle to be compatible with maintaining more competitive fares in Europe," Aena maintains. It's important to keep in mind that the fares paid by airlines are a significant portion of the revenue that later allows for airport improvement projects. These fees have often led to back-and-forth negotiations between Aena and companies like Ryanair. Once all the formalities are completed, which are expected to take a year, the Council of Ministers will approve the final document. Therefore, the final DORA III will not be released until the second half of 2026.