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21 September 2026 DORA 2027-2031 Airport Regulation Document approved by the Council of Ministers on 15 September
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2DORA 2027-2031. Airport Regulation Document approved by the Council of Ministers on 15 September LEGAL DISCLAIMER * This document and the information contained in it have been prepared by Aena,S.M.E., S.A. ("Aena” or the "Company") exclusively in connection with the presentation of the most significant data of the Third Airport Regulation Document approved by the Council of Ministers on 15 September, in accordance with the provisions of Law 18/2014 of 15 October approving urgent measures for growth, competitiveness and efficiency ("Law 18/2014"). Any form of use or exploitation of the contents of this presentation, as well as the use of the signs, brands and logos contained in it, and any type of reproduction, distribution, transfer to third parties, public communication and transformation, by means of any type of medium or format, for commercial purposes, is expressly prohibited without the prior and express authorisation of Aena. Failure to comply with this restriction may constitute an infringement punishable by law. * Neither Aena, nor its subsidiaries or other companies of the Aena Group or companies in which Aena has an interest, nor its directors, managers or employees, assume liability of any kind, whether or not arising from negligence, for any damage or loss that may arise from any use of this document or its contents. *This document has not been approved or registered by the Spanish National Securities Market Commission (the "CNMV") or any other authority. * This document does not constitute an offer or invitation to purchase or subscribe to shares, within the meaning of the provisions of: (i) Law 6/2023 of 6 March on Securities Markets and Investment Services; (ii) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when Securities are offered to the public or admitted to trading on a regulated Market and repealing Directive 2003/71/EC; (iii) Royal Decree-Law 5/2005 of 11 March on urgent reforms to boost productivity and improve public procurement; (iv) Royal Decree 814/2023 of 8 November on financial instruments, admission to trading, registration of marketable securities and market infrastructure; and (v) its implementing regulations. * Neither this document, nor any part of it, is of a contractual nature, nor may it be used to form part of or interpret any contract or any other type of commitment. * Aena believes that the estimates contained in this document are reasonable expectations and forward- looking statements, although Investors and holders of the Company’s shares are cautioned that forward- looking information and statements are subject to assumptions, risks and uncertainties, many of which are difficult to predict and beyond Aena’s control. These risks could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and expectations that may result from or be implied by the information contained in this presentation. Macroeconomic factors, the market situation, changes in legislation or regulations, movements in the national and international stock markets, and any other elements that could affect the evolution of the estimates contained in this presentation are unknown or unpredictable variables, or where there is uncertainty as to their evolution and/or their potential impact and may cause the results to differ substantially from those described in the forecasts and estimates. It is not reasonably possible to detail all factors and events that may affect the validity of forward-looking statements or have a material adverse effect on future operations or results. * The forward-looking estimates contained in this presentation do not constitute any guarantee of future results and have not been reviewed by Aena’s auditors, nor by any independent third party. Except to the extent required by applicable law, Aena undertakes no obligation –even when new information is published or new events occur – to publicly update estimates or revise forward-looking information. * All forward-looking statements or representations in or relating to this document made by Aena or any of its directors, officers, employees or representatives are expressly qualified by the cautionary statements set forth here. In light of the foregoing caveats, it is recommended that no decisions be made on the basis of forward- looking estimates. Any person wishing to acquire securities should make their own assessment of their suitability for their intended purpose, solely in accordance with the public information contained in the documentation prepared and filed by the issuer in the context of the particular offer or issue concerned, having received appropriate professional advice, if deemed necessary or appropriate in the circumstances, and not on the basis of the information contained in this presentation. Any persons or entities that may be required to make decisions or prepare or disseminate opinions regarding securities issued by Aena and, in particular, analysts and investors who handle this presentation should take into account the warnings made, and it is recommended they consult the documentation and public information communicated or registered by the Company with the CNMV.
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The approved document enables the investments needed by the airports while maintaining highly competitive airport charges in a challenging environment. 3 Traffic Investment WACC Average annual charge increase€9,991 million in regulated investment (€12,888 million total investment in 2027-2031). 363 million passengers in 2031 (1,763 million passengers in 2027-2031). 8.32% 0.33% DORA 2027-2031. Airport Regulation Document approved by the Council of Ministers on 15 September
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The investment plan will enable Aena to meet demand and maintain Spain’s leadership position in the aviation sector. 4 A Coruña Vig o Asturias León Burgos Vall adolid Salamanca Madrid-Cuatro Vientos Adolfo Suárez Madrid-Barajas Málaga-Costa del Sol Josep Tarradell as Barcelona-El Prat Ibiza Alicante-Elche Miguel Hernández Palma de Mallorca Vitoria Pamplona Logroño-Agoncill o Huesca-Pirineos Zaragoza Sabadell Reus Girona-Costa Brava Menorca Son Bonet Valencia Albacete A lme rí a Córdoba Badajoz Sevilla Jerez Ceuta Melill a Algeciras Federico García Lorca Granada-Jaén San Sebastián Bilbao Santiago- Rosalía de Castro César Manrique- Lanzarote FuerteventuraGran Canaria Tenerife Sur Tenerife Norte- Ciudad de La LagunaLa Palma La Gomera El Hi erro DORA 2027-2031. Airport Regulation Document approved by the Council of Ministers on 15 September Murcia Region International Airport is not part of the DORA. Terminal projects Airfield projects
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Aena will remain the most efficient operator in a challenging environment. 5 Regulated costs (€ million) OPEX/ATU Ratio 636.8 1,929.0 3.03 680.0 2,078.7 3.06 2.0% 3.9% 1.9% 603.2 1,650.7 2.74 2025 CAGR (25-31)20312027 DORA 2027-2031. Airport Regulation Document approved by the Council of Ministers on 15 September Regulated costs exclude other management expenses (risks). 2025: Year-end figures. 2027-2031: Figures at constant 2026 prices. ATU (millions)
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The approved document is demanding, while at the same time strengthening the Spanish airport sector and preparing it for the future. 6DORA 2027-2031. Airport Regulation Document approved by the Council of Ministers on 15 September The approval of DORA III (2027-2031) reinforces the robustness of the Spanish regulatory framework. It ensures a network of airports of general interest with the capacity needed to meet future air traffic demand. The approved investment programme is a value driver for the regulated business. Aena’s strong financial position enables the company to address the requirements of the approved DORA. Aena is currently preparing its 2027-2031 Strategic Plan.
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Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)