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Investing.com -- Aena (BME:AENA) stock rose 2% on Tuesday following reports that the Spanish airport operator is planning to increase aeronautical tariffs by 6.5% in 2026, a move that would exceed market expectations.
According to Spanish newspaper Expansión, Aena is looking to raise its average charge per passenger to €11.03 from the current €10.35. This 68 cent increase would include 45 cents corresponding to dilution from 2024 (K factor) and 23 cents from the P factor.
The proposed increase marks the end of a 10-year tariff cap imposed by Royal Decree after Aena’s listing in 2015, and comes ahead of the implementation of the new DORA III regulatory framework expected to run from 2027 to 2031.
Jefferies analysts commented on the news: "We expect a positive reaction to headlines (Expansión) this morning, pointing to a +6.5% regulated tariff increase in 2026 (from March 1st) which comes ahead of consensus (+5% as per VisibleAlpha) and JEFe (+4.2%).
The proposal is yet to be confirmed by Aena (normally approved by the board with Q2 results), and then approved by the CNMC. The CNMC has a history of revising price proposals, most recently reducing AENA’s 2025 proposal of +54bps to flat last December."
The tariff increase still requires official confirmation from Aena’s board, which typically happens with second quarter results, followed by approval from Spain’s market regulator CNMC.
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