Spanish airport authority Aena is finalising its proposed fare review for 2026, with a 6.5% increase, the largest since Law 18/2014 came into force in 2015, freezing prices. This adjustment would translate into an increase of 68 cents per passenger and would raise the Adjusted Maximum Revenue per Passenger (IMAAJ) to 11.03 euros, compared to the current 10.35 euros.
The proposal, which must be ratified by the National Markets and Competition Commission (CNMC) and approved by Aena’s board of directors at the end of July, would come into force on 1 March 2026. The airport operator, which does not receive funding from the General State Budget, argues that this increase is key to maintaining its financial sustainability and undertaking the ambitious investment plan planned for the coming years.
In 2024, Aena already applied a 4.09% increase to offset energy cost overruns resulting from the war in Ukraine, with a two-year delay in passing them on to tariffs. However, the CNMC forced the operator to freeze fees in 2025, despite the initial proposal for a 0.54% increase.
With a forecast of 320 million passengers for 2025 - and a growing trend in 2026 - the fare increase could mean additional revenue of €218 million for Aena’s regulated activity, which in 2024 reached a turnover of €3.19 billion (out of a total of €5.827 billion).
However, the relationship between the operator and the airlines remains tense. Ryanair, its main detractor, has cut its capacity in Spain by 800,000 seats and closed routes from Jerez and Valladolid this summer in response to what it considers an unjustified price increase. Aena argues that despite the recent adjustments, airlines are still paying lower rates than in 2015, and that its prices are up to 60% below those charged at other major European airports such as Heathrow, Charles de Gaulle, Schiphol and Frankfurt.
This tariff adjustment anticipates the next investment cycle that will be set out in the third Airport Regulation Document (DORA III), which will be in force between 2027 and 2031. Negotiations will begin after the summer and will include strategic actions at several key airports.
Significant improvements are planned for the facilities at Tenerife, Alicante, Valencia, Palma, Malaga, Menorca, Ibiza, Lanzarote and Bilbao, thus consolidating a more modern and efficient airport network to cope with the growth in air traffic over the next decade.