Aena has announced the largest investment in its history for the upcoming investment plan, which will cover the period from 2027 to 2031. This plan, known as Dora 3, will total €13 billion, as disclosed by the Prime Minister, Pedro Sánchez, on Thursday.
The airport operator, over 50% state-controlled, has provided further details on how this investment will be structured. Specifically, more than half of the €13 billion will be allocated to expanding Spain’s major airports, albeit at different rates of progress. For instance, projects in Madrid are further along than those in Barcelona.
According to Aena sources, of the €13 billion, €6 billion is earmarked for airport expansions, referred to as major actions.
In Madrid, the size of Terminals 1, 2, and 3 at Barajas will need to be doubled to reach 150,000 square metres, along with an expansion of the T4 satellite. In Barcelona, plans include the expansion of Terminals 1 and 2 at Prat, enlarging the check-in area. However, they emphasise that this will not be completed in the current Dora phase, particularly concerning the new satellite building.
The €6 billion also includes expansions at Tenerife South, Alicante, and Málaga—specifically with an additional 100,000 square metres—and Ibiza, particularly regarding security and passport areas.
The remaining €6 billion will be allocated to aspects such as improving airport security, environmental sustainability, cybersecurity, and digital transformation, as detailed by Aena.
It has also been confirmed that a dialogue period has commenced with the sector, followed by discussions with Air Navigation and the National Commission on Markets and Competition (CNMC). Hence, the definitive investment plans will not be presented to the Council of Ministers for approval until approximately one year from now.
Regarding specific figures, the expansion of Madrid during this Dora phase, up to 2031, will reach nearly €2 billion, with an additional €2 billion planned for the subsequent phase, until 2036. Meanwhile, the investment in Barcelona during this Dora phase will be €1 billion, although anticipated investments at Prat will total €3.2 billion when considering the entirety of the planned actions. These projects, as explained by the airport operator, are linked to environmental authorisations and pending tenders and timelines, meaning that both expansions are unlikely to be completed before 2031.
An Increase in Debt
Aena justifies this investment by stating that it addresses “not only the needs of the coming years but also those of the next decades.” As previously noted, several airports are nearing saturation after Spain welcomed 309 million passengers post-pandemic.
The operator acknowledges that a significant portion of the investment will continue to be funded through the regulated model, which is financed by the fees paid by airlines for utilising airport facilities, costs that are ultimately borne by passengers as they are passed on in ticket prices. Other income sources include payments from shops and restaurants for the spaces they lease within terminals.
The airline fees have been criticized by companies such as Ryanair in recent months, despite being among the lowest in Europe. Nevertheless, Aena emphasises that it will not transfer the entire investment onto a fee-based financing model, as these will remain competitive, hence it plans to rely on debt. “Aena’s debt level is low, below that of an infrastructure manager,” the sources state. “The upcoming investment cycle requires additional resources. We will increase the debt level, but to levels that reassure the markets.”
At the close of the first semester, Aena’s consolidated net financial debt amounted to €5.973 billion, with a net financial debt ratio over consolidated group earnings (Ebitda) of 1.64 times. Following the announcement of the investment plan on Thursday, Aena’s shares fell by nearly 5%, although they rebounded on Friday with a rise of almost 1%.
