Airlines are calling for Spanish airport charges to be cut by 4.9% a year over the next five years, challenging plans by airport operator AENA to raise fees by 3.8% annually between 2027 and 2031.
The International Air Transport Association and the Spanish Airline Association say the reductions would still allow nearly €10 billion in airport investment while improving Spain’s competitiveness as a travel destination. The proposal forms part of negotiations around Spain’s Third Airport Regulation Document, known as DORA III.
The airline groups argue that AENA has repeatedly underestimated passenger traffic in previous regulatory periods, leading to higher-than-expected returns that were ultimately paid by airlines and travellers. They point to recent data showing passenger volumes significantly exceeded forecasts and say the current pricing model has resulted in excessive regulated profits for the airport operator.
Between 2017 and 2025, excluding the two pandemic years, actual passenger traffic was on average 15.3% higher than projections set out in earlier regulatory plans, DORA I and DORA II. According to the airline groups, this gap generated €1.3 billion in excess regulated returns for AENA over the period.
In 2024 alone, AENA’s regulated return reached 10.2%, around four percentage points above the level expected by regulators. Airlines estimate that nearly €400 million was overpaid by carriers and passengers in that single year as a result of the higher-than-anticipated profitability.
“AENA has gamed the regulatory system for years, earning millions of euros more than it should have, at the expense of passengers, airlines, and the Spanish economy. This must stop. AENA has generated excessive returns through a creative approach to forecasting, and its request for further increases is absurd. If granted, it would deliver the highest regulated return of any comparable airport operator in Europe. This is unsustainable and unrealistic—we need to see a reduction in charges,” said Rafael Schvartzman, Regional Vice President for Europe, IATA.
AENA has proposed raising airport charges by 3.8% per year, excluding inflation, throughout the DORA III period. The company argues the increase is needed to support long-term infrastructure investment across Spain’s airport network, which includes some of Europe’s busiest tourist gateways.
Airlines counter that such increases are unnecessary given the strength of passenger growth and the revenue already generated under the current framework. They say continued fee rises risk making Spain less competitive compared with other European destinations at a time when travel demand remains strong.
Separate studies commissioned by the airline groups from consultancies Steer and CEPA forecast average annual passenger growth of around 3.6% during the next regulatory period. This is almost three times higher than AENA’s own projection of 1.3% per year.
Under those higher growth assumptions, the studies conclude that AENA would still be able to fully fund its planned €10 billion investment programme while earning a return on capital of 6.35%. Airlines say this level of return would remain more generous than what regulators originally intended for the previous regulatory cycle.
They argue that lowering airport charges would stimulate further travel demand, support tourism-related employment and attract additional airline investment across Spain’s regions. Lower operating costs, they say, would also give carriers more flexibility to open new routes and increase frequencies.
“Our proposal for a 4.9% cut in charges will improve Spain’s competitiveness as an international destination, stimulating investment and job creation across the wider economy. At the same time, AENA can still afford its €10 billion investment plan and deliver reasonable returns to its shareholders. This is a win-win for passengers, Spain, and the aviation industry. We look forward to regulators reviewing the evidence and reaching the right conclusions,” Schvartzman added.
The dispute now moves to Spain’s regulatory authorities, who will assess traffic forecasts, investment needs and allowable returns before finalising airport charges for the 2027 to 2031 period. The outcome is expected to play a key role in shaping airline costs, ticket pricing and airport development across Spain for the rest of the decade.
