Aena proposes €13 billion in investment until 2031 and a tariff increase of €0.43 per passenger
The airline association opposes the proposed tax increase by the airport management company.
BarcelonaAena's board of directors has approved the proposed Third Airport Regulation Document (DORA III) for the period 2027-2031, which anticipates a total investment of €12.888 billion, €9.991 billion of which corresponds to regulated investment and is therefore included in DORA 01 Securities (CNMV). €3.2 billion of investment is planned for El Prat Airport, but this amount is not entirely part of DORA III; rather, it forms part of a broader plan for this infrastructure. The plan, already submitted to the Directorate General of Civil Aviation and the National Commission on Markets and Competition (CNMC), aims to safeguard the security and capacity of Spanish airports to handle a projected 1.69 billion passengers over the next five years.
Furthermore, Aena proposes an average annual fee increase of €0.43 per passenger, "which keeps Aena's fees at very competitive levels and will allow the company to remain highly efficient." This €0.43 increase will be adjusted according to the size of the airport; that is, it will be lower for medium and small airports, because Aena's airport fees vary depending on size.
This proposal has already provoked a swift response from the airline association (ALA), which has expressed its opposition to raising fees, arguing that investments can be made without increasing costs. In a statement, the Airline Association says that the 3.8% annual increase proposed by the airport operator in the DORA III represents almost 16.2% cumulatively for the five-year period, excluding inflation. In their opinion, the increase proposed by Aena is the result of an underestimation of traffic and an overestimation of capital and operating costs. The International Air Transport Association (IATA) also believes that raising fares is unnecessary. IATA's Regional Vice President for Europe, Rafael Schvartzman, stated that Aena "has manipulated the regulatory system for years, earning millions of euros more than it should at the expense of passengers, airlines, and the Spanish economy," according to Europa Press.
Aena's traffic projections, with an annual growth of 1.3%, differ from those suggested by the report commissioned by the airlines, which are at 3.6%, and from the forecasts of various state and international organizations. They explain that the underestimation of traffic has been repeated since 2017 and that by 2025 it reached a 17.3% deviation, according to their data.
According to the airlines, airport fees for the next five years are calculated using a formula established in the regulations that takes into account four variables: traffic forecasts, WACC (cost of capital), regulated operating costs, and investments, which would result in a 4.9% annual decrease in their fees.
For this reason, ALA is asking the CNMC (National Markets and Competition Commission) and the Directorate General of Civil Aviation to consider the experience of the last two five-year periods to prevent a recurrence of the situation. According to ALA, the "containment" of fees in DORA I and II has fostered a "virtuous circle," facilitating growth in air traffic and, consequently, in tourism and economic activity, while Aena (the Spanish airport authority) has achieved record profits and distributed "multimillion-euro dividends" to all its shareholders, including the 5% stake.
More capacity
For this five-year period, Aena is planning a major investment cycle, with the objective of "providing airports with the necessary capacity to meet future traffic demand, ensuring compliance with the highest safety and maintenance requirements and the best quality standards for passengers and airlines, as well as environmental sustainability, while maintaining Lucena." The total investment proposed by Aena for the five-year period is €12.888 billion, of which €9.991 billion corresponds to regulated investment and is therefore included in the 2027-2031 Airport Regulation Plan (DORA). Of this amount, €1.266 billion will be invested in 2027, €1.774 billion in 2028, €2.052 billion in 2029, €2.397 billion in 2030, and €2.501 billion in 2031. This results in an annual average of approximately 11000000000000000000000000000000000000. to be approved by the Council of Ministers, at the latest by September of this year. Likewise, the airport coordination committees of the autonomous communities will be convened.
Aena assures that traffic in the coming years will be marked by a certain slowdown, following the strong post-pandemic recovery and due to the capacity of some of the facilities. Therefore, it estimates a cumulative traffic of 1.69 billion passengers in the period 2027-2031, with an annual growth rate starting at 329 million in 2027 and reaching 347 million in 2031. For 2026, the company forecasts growth of approximately 1.3% compared to 2025.
Aena explains that in order for airports never to pose an obstacle to the Mobility and progress across different economic cycles mean that these important actions must be carried out during the period 2027-2031. "This proposal demonstrates Aena's firm commitment to passengers and airlines in an environment of heavily strained infrastructure," explains Aena's Chairman and CEO, Mauricio Lucena.
€3.2 billion in Barcelona
Key projects include the expansion of Terminals 4 and 4S, along with the creation of a new processor for Terminals 1, 2, and 3 at Adolfo Suárez Madrid-Barajas Airport, which will absorb a substantial portion of the total budget of nearly €4 billion. At Josep Tarradellas Barcelona-El Prat Airport, improvements and upgrades are planned for Terminal T2, along with a reconfiguration of Terminal T1, a runway extension, and the construction of a new Terminal T1S (with initial investments during this period forming part of a larger plan of up to €3.2 billion). Additionally, the expansion of the terminal area at Málaga-Costa del Sol Airport is planned; as well as the expansion of the terminal at Alicante-Elche Miguel Hernández Airport; the complete renovation of the terminal area at Tenerife South Airport; and the development of the terminal area at Valencia Airport. The adaptation of the terminal buildings to the new regulations of Ibiza and Menorca; the adaptation of the terminal area and the expansion of the platform at César Manrique-Lanzarote; the expansion of the terminal in Bilbao; the development of the terminal area at Tenerife North-Ciudad de La Laguna, and the renovation of the terminal area in Melilla.
