Bankinter | TCI, Aena’s second-largest shareholder (6% of capital) after the government (51%), demands a forceful defence of the airport management model. On the one hand, it is calling for the company to ensure proper remuneration for regulated investments for the five-year period 2027-2032, which it sees as risky. On the other hand, it is demanding that the company maintain the centralised airport management model and not hand it over to the autonomous regions.
Analysis team’s view: Bad news, highlighting the concerns of some of the main shareholders following the approval of the €12.888 billion investment plan for the next regulatory period (2027-20231). Of this amount, €2.897 billion will not be remunerated via regulated tariffs and, as we explained after the announcement, could have a negative impact of 5% on valuation. We maintain our Sell recommendation.
