Aena SME (AENA) Investor update summary

Key figures and regulatory framework

• DORA III enables nearly €13 billion in total investments for 2027–2031, with €9.991 billion regulated and the remainder commercial.

• The WACC is set at 8.32%, and average annual airport charges will rise by 0.33%.

• Regulated OpEx is projected to grow from €1.929 billion in 2027 to €2.079 billion in 2031, reflecting inflation and regulatory demands.

• The regulatory framework now allows for full inflation pass-through via the P factor, with previous limitations removed.

• DORA III was approved by the Council of Ministers on 15 September, reinforcing the robustness of the Spanish regulatory framework.

Investment execution and flexibility

• Most major airport capacity expansions will be completed in DORA IV, but bottleneck relief and some capacity gains will occur in DORA III.

• CapEx execution and OpEx control are top priorities, with fixed-price contracts standard for tenders.

• Only a small portion of CapEx has been tendered so far; flexibility exists to delay up to 20% of non-strategic projects if costs rise.

• Strategic investments, comprising 40–50% of CapEx, must be delivered on time to avoid penalties, while non-strategic projects offer more scheduling leeway.

• Flexibility tools in regulation allow for portfolio management to stay within the €10 billion CapEx envelope.

Market context and risk management

• The environment is challenging due to inflation, higher minimum wages, and stricter safety, security, and environmental standards.

• Some tenders, such as Tenerife Sur, have received no bids due to project complexity and market risk, but other projects have attracted interest.

• The company maintains a strong financial position and low debt, providing a solid base for increased investment and potential debt growth.