Aena Plans €13B Airport Investment, Proposes Fee Rise

Spanish airport operator Aena has unveiled an ambitious investment proposal that aims to funnel nearly €12.9 billion into upgrades and capacity expansion across its network of 46 airports between 2027 and 2031.

The plan, part of the Third Airport Regulation Document (DORA III), focuses on modernising infrastructure, enhancing safety and quality standards, preparing facilities for future passenger growth and supporting environmental sustainability.

To help finance this five-year programme, Aena is proposing an average annual increase of €0.43 per passenger in airport charges, though the exact amount may vary by airport size—with smaller airports slated for lower adjustments. The group says the modest rise will keep charges competitive compared with other European hubs while allowing it to remain efficient.

Aena forecasts that Spanish airports will handle up to 1.69 billion passengers over the 2027-2031 period, reflecting long-term demand growth following the strong post-pandemic recovery.

The proposal has drawn criticism from airline groups, which argue the fee increases are unnecessary and have called for reductions instead, citing differing forecasts for passenger growth and cost estimates.

The DORA III plan will need to be reviewed and approved by Spanish regulators before it can be implemented.