Spanish airports operator Aena (AENA.MC), opens new tab said on Wednesday its first-quarter net profit rose 9.3% from a year ago as passenger traffic to and from Spain, one of the world’s most-visited countries, continued to grow. The company, which operates all of Spain’s airports, as well as some in Latin America and Britain, said it booked a net profit of 329.4 million euros ($385.37 million), beating analysts’ average forecast of 325 million euros compiled by LSEG.
Spain’s tourism industry continues to benefit from strong demand, prompting airlines operating in Spain to add capacity for the summer season, although the tourism industry has flagged potential risks from a fuel supply crunch linked to the Iran war, which could curtail travel. Passenger traffic at Spanish airports increased 3.2% in the first quarter, above Aena’s full-year estimates of a 1.3% rise, a slower pace than in 2025.
Aena’s revenue grew 11.6% to 1.47 billion euros in the first quarter, slightly above the analysts’ estimates of 1.42 billion euros. However, some airlines will not be impressed with the profits as the debate over airport operating fees rages on.
Ryanair, Spain’s number one airline, this week condemned the Spanish government’s decision to pocket a dividend of €834 million from Spanish airport authority Aena, a state-controlled monopoly, as part of a record dividend of €1.65 billion, without doing anything to halt the collapse in traffic at Spain’s regional airports, which remain under-utilised by almost 70% and continue to lose routes, tourists and jobs.
Despite holding a 51% stake and being responsible for pricing policy, the Spanish government is driving airlines out of Spain’s regions. Instead of using its control to block the 21% increase (plus inflation) in charges proposed by Aena for DORA III, and demanding lower regional airport charges to boost growth in Spain, the Government is choosing to maximise cash returns by allowing Aena to abuse its monopoly position at Spain’s main airports, securing excessive margins of 60% at the expense of local economies, which depend on affordable air travel for tourism and employment.
As Aena’s main shareholder, the Government is also backing investments worth billions of euros abroad, with €800 million allocated to Aena’s airports in the UK and Brazil over the last 12 months, in addition to the billions previously committed to other non-Spanish airports. Meanwhile, it continues to turn a blind eye to the situation at Spain’s regional airports, which are ‘bleeding dry’ as they lose traffic due to Aena’s failed high-cost pricing structure, approved and facilitated by the Spanish Government.