Major Spanish airports near capacity limit
The president of Spanish airport operator Aena, Maurici Lucena, has highlighted in an interview with Expansión that a number of the country’s airports are nearing their operational limits. Among those cited are Barcelona, Madrid, Málaga, Alicante, Bilbao, and Tenerife Norte. He stated that the industry is moving from a period without major capacity expansions into a decade of significant construction and enlargement works, driven by airlines demanding more capacity.
Proposed fee increases to fund expansion
To make the financials work for this ambitious programme, Aena will propose an increase in airport tariffs for the upcoming Dora III regulatory period (2027-2031). Lucena pointed to a moderate rise, one that would be lower than the increase scheduled for 2026, aiming to keep Spanish fees among the lowest in Europe. He argued that while fees have fallen by 32% in real terms between 2015 and 2024, airline ticket prices have risen significantly.
Rising costs and a changing traffic forecast
The justification for the proposed increases is multifaceted. Lucena cited higher operational expenses due to ageing infrastructure requiring more maintenance, inflationary pressures and rises in the minimum wage, increased security requirements, and a tougher monetary environment which adds risk to the airport sector. He also forecasts that passenger traffic growth will slow, leading to a nominal increase in fees—a reversal from the 32% reduction seen over the last decade.
European consensus on over-reliance on Ryanair
On the airline landscape, the Aena president observed a growing consensus across Europe, not just in Spain, that an excessive dependence on Ryanair may not be advisable in the long term, citing the carrier’s behaviour. He believes recovering the routes abandoned by the Irish low-cost airline will be a slow process.
Financing future growth
Finally, Lucena expressed confidence that Aena can maintain its current dividend, finance all Dora III investments through a mix of capital and debt, and still pursue international operations if deemed desirable.
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