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…

Link Securities | Spanish airport operator Aena (AENA) has published a tender for the regeneration of the pavement on runway 18R-36L at Adolfo Suárez Madrid-Barajas Airport for €39,768,485. The works have a completion period of twelve months. The actions to be carried out include the regeneration of the runway pavement and its threshold, the installation of new pipe banks and new cabling, the replacement of halogen lights, and the reinstallation…

Intermoney | Aena has just announced the acquisition of a 51% stake in the holding company that wholly owns Leeds and Newcastle airports for around £270 million, or €310 million. The operator expects to complete the transaction in Q2 2026. There will be a conference call today at 9 a.m. Aena already has a presence in the United Kingdom through Luton Airport, which it consolidates globally, and which we expect…

Link Securities | Aena (AENA) airports (comprising 46 airports and two heliports in Spain, London Luton Airport and 17 airports in Brazil) have received a total of 356,907,392 passengers so far this year, representing an increase of 4.2% compared to 2024. According to data from the Spanish airport system operator, there were 3,039,108 aircraft movements (up 2.5%) and 1,396,665 tonnes of cargo were transported, 7.7% more than in the same…