Bankinter | Aena’s (AENA) fundamentals are improving, against a backdrop of solid demand, where tensions in the Middle East could even attract more tourists to Spain, and with a more favourable tariff framework. The company has proposed an annual increase of 3.8% for the period 2027–2031, although in our base case scenario we assume some reduction by the National Commission on Markets and Competition (CNMC) of up to 2.5% annually….

Alphavalue/ Divacons | Aena’s network of airports in Spain recorded a total of 24.7 million passengers in March, 3.9% more than in the same month of 2025, although at a slower growth rate than the 4.2% recorded a year earlier. During the month, 216,024 aircraft movements were also handled (up 6.8% year-on-year) and 114,194 tonnes of cargo were transported, virtually in line with March 2025 (up 0.1%). In the first…

Link Securities | Aena (AENA) is, for the time being, maintaining its forecast of 1.3% growth across its network of airports in Spain in 2026 compared to the previous year, reaching approximately 326 million passengers, despite the current geopolitical context marked by the conflict in the Middle East, according to the newspaper elEconomista. This was stated by its chairman and CEO, Maurici Lucena, who highlighted that the Spanish listed company…

Intermoney | Aena (Hold, PO €24) yesterday presented its proposal for DORA III to the markets, the document that will govern investments in airports in Spain in 2027-31, as well as the remuneration that Aena will receive for them. The operator estimates the planned regulated capex at €9.991 billion, concentrated in Barajas and El Prat, among other assets. To finance this effort, Aena is asking for its revenue per passenger…

Bankinter | Aena (AENA) proposes a 3.8% annual tariff increase between 2027 and 2031. We raise our recommendation to Buy from Sell. Aena’s board of directors has approved its DORA III proposal, i.e. the regulatory framework for the next five years. This assumes investments of €9.991 billion, passenger numbers growing at a rate of approximately 1.5% per year and airport fees increasing by 3.8% per year. Bankinter analysis team’s view:…

Bankinter | Spain’s Aena airports handled 20.3 million passengers in January, representing an increase of 2.6% compared to the previous year. Analysis team’s view: Good news. Airport traffic has started the year on a positive note, continuing to break records and exceeding our estimates, which point to stagnation in airport traffic at 2025 levels (322 million passengers; an all-time high). However, we believe this is already largely discounted in the…

Link Securities | The Council of Ministers has approved the agreement authorising Aena to purchase a controlling majority, directly or indirectly, in companies in the United Kingdom for the acquisition of shares in the English airports of Leeds Bradford and Newcastle, the financial portal Bolsamania.com reported yesterday. Specifically, this transaction will allow Aena to acquire 51% of the new holding company that owns and manages 100% of Leeds Bradford Airport…

Banc Sabadell | From the interview with the president of Aena (AENA), Maurici Lucena, we highlight: Regarding the 2027-2031 framework (Dora III), which is expected to be approved in September 2026 by the Council of Ministers, he comments that tariffs should increase moderately but less significantly than in 2026 (6.4% increase to €11.02/passenger), which according to the media can be interpreted as annual growth until 2032 of between 3% and…