The Airport Regulation Document (DORA) has ceased to be specialist jargon to become a central piece of the debate on the future of the Spanish airport system. And for good reason: this five-year framework sets investments, traffic forecasts, and tariffs in the network managed by Aena, a publicly majority-owned operator (51%), although listed on the stock exchange.
The company presented this morning its proposal for DORA III (2027-2031), which contemplates 12,888 million euros in investments, of which 9,991 million will be regulated and, therefore, financed through airport tariffs. The magnitude of the plan reflects the new cycle the manager faces after the strong rebound in air traffic post-pandemic.
The presentation, lasting just over 90 minutes, was led by Aena's president and CEO, Maurici Lucena, accompanied by Elena Mayoral, Director of Airports, and Javier Marín, Executive Vice President. The message was clear: the network needs to reinforce its capacity and modernize infrastructure with a view to several decades ahead. Lucena defined the plan as "a great technical, professional, and ultimately, national challenge," emphasizing that airport infrastructures must accompany, and not limit, the creation of prosperity and mobility.
Barcelona, an exception within the network
Within the investment distribution, Barcelona stands out remarkably. The Josep Tarradellas airport, one of the most strained in Europe, will receive more than 3,200 million euros, approximately a quarter of all planned investment.
The package includes the remodeling of Terminal T1, operational improvements, sustainability actions, and the initial development (through the master plan) of the expansion of the third runway and the future satellite terminal. However, the bulk of the expansion is expected to be shifted to the next regulatory cycle.
It has been precisely when addressing the situation in Barcelona that the appearance has introduced one of its most singular moments. Lucena, a Barcelona native and resident of Les Corts, has pointed out that El Prat is the only airport in the network that accumulates a significant delay, estimated at five years. And he added an unusual nuance in a technical act, attributing this delay to past political decisions, explicitly mentioning the former president of the Generalitat, Pere Aragonès. The reference did not go unnoticed in the room. During a press conference followed by journalists from media outlets across Spain, it was the only direct allusion to a specific political leader, an exception in a speech dominated by figures, forecasts, and regulatory parameters.
Ryanair bursts in 'live'
If the political mention broke the usual tone, another episode added an unexpected moment. While the appearance was taking place, Ryanair issued a statement critical of Aena's investment and pricing strategy, even criticizing some expansions. The scene was almost transmitted in real time to the presidential table. María Gómez, the manager's Communication Director, handed the text to Lucena after reviewing it. The president responded with a phrase full of irony, asking the Irish airline to "be more original in its arguments and in its style in its permanent criticisms."
The comment reflected the recurring tension between the airport manager and the company led by Michael O'Leary, who was also indirectly alluded to during the appearance when it was recalled that fares vary between airports and that smaller ones have significantly lower costs.
The structural debate: investments versus fares
Beyond the anecdotes, the core of the debate remains economic. The Airlines Association (ALA), which also issued a statement an hour before Aena's event, has questioned the traffic forecasts and financial parameters of DORA III, warning of the possible impact of tariffs on demand. On this, the manager has defended the logic of the regulatory model. Lucena has insisted that tariffs respond to the amortization of investments and a reasonable return on capital, relativizing the scope of the proposed adjustment: "We are talking about 0.43 euro cents."
Javier Marín has reinforced the idea that investment risk falls on the manager. "Investments remain. The risk is ours," he stated, also recalling that operational saturation makes management and infrastructure needs more expensive.