Spanish airport operator Aena announced on Thursday that it intends to more than triple its investment programme, committing 12.88 billion euros for the 2027–2031 period in order to expand and modernise terminals to handle growing passenger volumes.
The company forecasts that traffic through Spanish airports will reach as many as 320 million travellers in 2025, representing a 3.4% rise from last year’s record of 309 million. The increase reflects the strength of Spain’s tourism sector, a key driver behind the country’s position as one of the fastest-expanding economies among developed nations. ALSO READ: Spain posts July tourism record, but growth loses momentum.
Following the announcement, Aena’s share price slipped 4.7% on Thursday.
The operator expects demand to continue climbing, with its flagship airports positioned to strengthen their roles as hubs for long-haul connections. ALSO READ: Spain’s airport operator Aena slams Ryanair for ‘lies’ in row over flight reductions.
‘Madrid and Barcelona airports are close to capacity and need a new wave of investment, CEO Maurici Lucena (main image) said during a speech on Thursday. ‘They are very full,’ he added.
The event was attended by Spanish Prime Minister Pedro Sánchez and Transport Minister Oscar Puente.
Spain remains the world’s second-most visited destination after France. In the first eight months of the year, international arrivals increased by 5.9% to 75.4 million.
Lucena also noted that the expansion plan would bring both technical and organisational hurdles, as Aena will be carrying out numerous projects simultaneously across its network while maintaining day-to-day operations.
The company, the world’s largest airport operator by passenger numbers, had previously set aside 3.54 billion euros for the four-year period ending in 2026.
Aena confirmed that the Spanish cabinet is scheduled to examine the new investment proposal on 15 October.
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La propuesta de Plan de Inversiones de @aena 2027-2031 nos permitirá seguir modernizando y ampliando los aeropuertos españoles.
— Pedro Sánchez (@sanchezcastejon) September 18, 2025
Está dotado con alrededor de 13.000 M€, la mayor inversión de las últimas décadas, y una firme apuesta por la sostenibilidad social y medioambiental. pic.twitter.com/UwmeN1O2Kd
Aena propondrá inversiones por unos 13.000 millones para los aeropuertos en España 🛫 🛬.
— Aena (@aena) September 18, 2025
▪️ El Gobierno de España, principal accionista de la empresa aeroportuaria, respalda la propuesta de plan de inversiones del periodo 2027-2031
▪️Se trata del mayor volumen de inversiones… pic.twitter.com/Ygcq0EIiC6
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