Aena retrasará inversiones si la inflación eleva el coste de las ampliaciones

Aena, the Spanish airport operator, has announced it may delay investments if inflation increases the cost of expansions. The company has strictly adhered to the 9.991 million euros approved by the government and expects contractors to compete for major contracts in the upcoming licensing round. Aena's priority for the next five years is to fulfill the regulated investment plan of 9.991 million euros from the Aerodrome Regulation Document 2027-2031 (Dora III), without exceeding this amount.

If prices rise, Aena has the flexibility to postpone some investments for the following period (Dora IV, 2032-36) without jeopardizing its ability to complete Dora III. Aena's executive vice president, Javier Marán, explained that the company has some flexibility to avoid executing all committed investments at all airports. Some projects are considered strategic, accounting for approximately half of the 9.991 million euros.

Additionally, Dora mandates that Aena complete at least 80% of the committed projects at each airport. Inflation could pose a significant challenge in contract awards, potentially leading to the abandonment of the terminal renovation in Tenerife Sur, which was budgeted at 497 million euros, despite contractor interest in two projects exceeding 150 million euros each in Madrid and two parking lot expansions in Tenerife Sur totaling 52 million euros.

While this outcome is not ideal, it is not unexpected when attempting to secure major investments. Marán emphasized that the execution of capital expenditures (capex) is Aena's priority and they will ensure compliance with this aspect.