Aena (AO) | Hold | Again interested in Colombia

Research evidence excerpt

Aena (AO) | Hold | Again interested in Colombia

Aena’s

internationalisation ambitions. European airport operators, some generalist infrastructure players like Vinci or Ferrovial and

financial investors (infrastructure funds,…) remain markedly active in airport M&A. This crowded market reduces the number of

airport opportunities at attractive prices, forcing players like Aena to be particularly disciplined and, consequently, setting a slow

pace for their internationalisation processes. It is important to note that the ambition in Aena’s 2022-2026 Strategic Plan was to

reach a 15% group EBITDA contribution from international assets, versus 10% last year.

Additional details on Cali International Airport

Colombia's aeronautical authority (Aeronáutica Civil de Colombia) took over the operation of the Alfonso Bonilla Aragón

International Airport on 1 September 2025 from its previous operator, Aena's Aerocali. Aeronautica Civil stated at the time that

the airport's runway had exhausted its useful life and that part of the airport's infrastructure was obsolete.

The airport currently has traffic of close to 7m passengers, but the objective is to boost this figure to between 16m and 17m per

annum. The investments planned for the airport envisage evolving from 18 aircraft movements per hour to close to 28.

Colombia's Agencia Nacional de Infraestructura is already working on the financial, legal and technical structure for the

concession and, according to the preliminary schedule, the necessary approvals for the tender process could be completed by

September of this year.

Aena has been particularly active on the international front over the last six months

Galeão Airport (Brazil).