MADRID (Reuters) -Spanish airport operator Aena said on Thursday it plans to invest 12.88 billion euros ($15.24 billion) in upgrading its terminals during the 2027-2031 period. "Madrid and Barcelona
Aena Plans $15.2 Billion Investment for Airport Enhancements by 2031
MADRID (Reuters) - Spanish airport operator Aena said on Thursday it plans to triple its investments to 12.88 billion euros ($15.24 billion) during the 2027-2031 period, aiming to upgrade terminals to cope with passenger traffic increases.
The company estimates Spanish airports will handle up to 320 million passengers in 2025, a 3.4% increase from last year's record 309 million, driven by a booming tourism industry that has contributed to making the Spanish economy one of the fastest growing among developed nations.
Aena's shares fell 4.7% on the news on Thursday.
The airport operator expects the current volume of passengers to keep rising in the coming years, as its main airports in Spain are set to become major hubs for intercontinental connections.
"Madrid and Barcelona airports are close to capacity and need a new wave of investment," Chief Executive Maurici Lucena said in a speech on Thursday. "They are very full," he added.
Spain, the second most visited country in the world after France, has seen international arrivals climb 5.9% to 75.4 million in the first eight months of this year.
Lucena added that the coming years would pose both technical and business challenges for Aena, as the company will undertake multiple simultaneous projects across Spanish airports while ensuring uninterrupted operations.
Aena, the world's largest airport operator in terms of passengers, had budgeted 3.54 billion euros of investment in the previous four-year period that will end by 2026.
The Spanish cabinet is set to review the proposed investment plan on October 15, the company said.
($1 = 0.8452 euros)
(Reporting by Inti Landauro and Corina Pons, editing by Emma Pinedo and Sharon Singleton)
