Alphavalue / Divacons | The airport operator will have to look for other growth opportunities in Brazil, as the 20 airports that Motiva 8 (formerly CCR) had put up for sale have been awarded to the Mexican Airport Group (Asur) for 5 billion Brazilian reais (€809 million). The sale agreement was signed yesterday. Almost all of them are located in Brazil (17), although there are also airports in Ecuador, Costa…

Renta 4 | The Popular Party Parliamentary Group has introduced an amendment (already approved by the Senate, pending Congress) that orders the government to freeze airport charges from 2027 to 2031. It should be pointed out that, despite the fact that fees have been reduced by 36% since 2015, they finance operating costs and investments with a high level of competitiveness at European level. The 2014 law established a double…

Link Securities | Aena (AENA) informed the National Securities Market Commission (CNMV) that Fitch Ratings affirmed AENA S.M.E., S.A.“s long-term issuer default rating and EMTN programme rating at ‘A” and its short-term rating at “F1”. The outlook is “stable”. Fitch explained in its report that the affirmation is based on the solid traffic trend recorded by Aena during 2024 and in the first half of 2025 in its airport network…

Renta 4 | Aena (AENA) will publish its 9M25 results on Wednesday, 29 October 2025, at the market opening, with a conference at 1:00 p.m. P.O. €21.03, recommendation to underweight. Driven by air traffic, which in 9M in Spain has exceeded annual forecasts (up 3.9% against 3.4% Aena and Renta 4 guidance, and 3.9% consensus, our forecast is that Aena will update this guidance to around 4%), we expect aeronautical…

Intermoney | Aena (AENA) (Hold, Target Price €24) announced its passenger traffic figures for September 2025 on Monday when the market opened. Figures in Spain showed a increase of 2.6% last month, exceeding 30 million passengers, of which nearly 11.3 million were distributed between Barajas and El Prat, which increased their figures by slightly less than 1% and 4%, respectively. Among the other major airports, Malaga (up 5%) and Alicante…

Link Securities | In relation to the considerations publicly expressed by one of the company’s major shareholders (TCI Fund), as well as the myriad of news items published in the media in recent weeks, regarding the possible participation of the autonomous communities in the management of airports of general interest owned by Aena (AENA), the latter recalls and emphasises that it has closely, constantly and thoroughly monitored the possible decisions…

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…

Renta 4 | The Industry and Transport Committee of the Spanish Parliament rejected the non-binding motion presented by the Popular Party to halt the 6.5% increase in Aena’s airport charges planned for 2026. The vote was close, with 18 votes against and 17 in favour. The fee update is covered by current regulations and, according to Aena, responds to the need to finance investments and infrastructure maintenance. The increase, as…

Deutsche Bank | Last week, news reports indicated that Ryanair would reduce its winter capacity at regional airports in Spain by 40% and in the Canary Islands by 10%. In this context, our analysis of Diio Mi seat capacity for nine key airports (approximately 80% of Aena’s Spanish traffic in 2024) shows that the cuts will be more widespread; for example, IAG Group domestic seats (including Iberia and Vueling) are…