Aena Earns €2.1367 Billion in 2025, Up 10.3%, and Announces €13 Billion Investment Plan

The Spanish economy, particularly sectors related to infrastructure, tourism, and technology, presents a mixed but largely positive picture following the publication of 2025 financial results and the latest macroeconomic data. Aena, the state-owned airport operator, closed the year with a record net profit reaching €2.14 billion, representing a 10.3% year-on-year increase. This result allowed for an increase in the dividend payout and became the foundation for announcing an ambitious five-year investment plan codenamed Dora 3. This €13 billion plan foresees the modernization and expansion of nearly 50 airports in the Aena network between 2027 and 2031. The largest investments, estimated at a record €1.8 billion, will be directed to the Canary Islands, which recorded their second-best January ever in terms of hotel stays. A significant portion of this amount, over half a billion euros, will be allocated to the expansion of Tenerife South Airport. Investments will also include regional airports, such as Asturias Airport, where spending will increase by 206% to €50.3 million in 2027–2031, and Córdoba Airport. A key and controversial source of funding for these projects is the gradual increase in airport fees, which has met with opposition from the aviation industry, which fears rising costs. For decades, Spain's tourism sector has been a key pillar of the national economy, generating a significant portion of GDP and employment. Following the COVID-19 pandemic, the country saw a rapid return of tourists, placing enormous capacity and sustainable development challenges on transport and municipal infrastructure.Simultaneously, regional authorities are attempting to manage the negative impacts of mass tourism. The Catalan Parliament approved a radical move by doubling the tourist tax in Barcelona. Starting in April, the rate will increase to €10–15 per night in top-category hotels, making it one of the highest in Europe. This decision, announced months ago, aims to generate additional revenue to combat the housing crisis in the Catalan capital, which has been exacerbated by the expansion of short-term rental platforms. „Los fondos se destinarán al fondo de vivienda para paliar los efectos del turismo masivo.” (The funds will be allocated to the housing fund to mitigate the effects of mass tourism.) — Government source This is part of a broader strategy that could culminate in a complete ban on tourist apartment rentals in the city from 2028. Positive sentiment in the Spanish market is confirmed by the results of other key companies. Energy giant Iberdrola announced a record operating profit (EBITDA) of €16.2 billion. Residential developer Neinor Homes reported a net profit of €122 million following a successful integration with competitor Aedas. Construction company Inmocemento recorded a spectacular 128% profit increase to €346.6 million, mainly due to the execution of large infrastructure projects. Even the automotive sector, represented by supplier Forvia, despite reporting significant losses (€2.1 billion) related to restructuring, plans investments in new technologies. The global context is set by Nvidia, whose annual profit increased by 65%, highlighting sustained demand for advanced technological solutions. The macroeconomic backdrop is ambiguous. On one hand, the rating agency Coface raised its economic growth forecast for Spain by nearly half a percentage point, recognizing the economy's resilience. On the other hand, although inflation in the eurozone weakened in January to 1.7%, reaching its lowest level since 2024, Spain still remains among the top large EU economies with the highest inflation rate. This is accompanied by a 3.3% decline in industrial producer prices in the region, driven by lower energy costs. These data indicate a slow easing of inflationary pressure, though its pace varies between countries.Selected Company Net Profits in 2025 (million euros): Aena: 2136.7, Iberdrola (EBITDA): 16200, Inmocemento: 346.6, Neinor Homes: 122, Pirelli: 530 In summary, the Spanish economy is in a phase of intensive infrastructure modernization, financed by record profits of state-owned and private enterprises. While the aviation sector invests billions in preparing for further growth in tourist traffic, cities like Barcelona are taking bold fiscal steps to balance the economic benefits of tourism with its social costs, primarily in the housing sphere. This dual-track development – expansion combined with regulation – will likely define Spanish economic policy in the coming years.