TCI threatens legal action against Aena board over airport tariffs

Investing.com -- TCI, Aena’s largest private shareholder with a 6% stake, has sent a letter to the company’s board threatening legal action if they don’t push for increased tariffs during the 2027-2031 period, known as DORA III.

According to Spanish business newspaper Expansion, the letter was delivered Thursday after Congress voted against a conservative party initiative to freeze tariffs during this period.

The activist fund reportedly stated that political risk remains active and board members have an obligation to oppose any measures that could endanger Aena’s business model, including taking appropriate legal action. TCI is urging Aena to inform both the government and the CNMC (Spain’s competition authority) that political interference violates principles of fair regulation and investor protection.

TCI believes a tariff freeze would reduce returns to 5%, potentially destroying €4 billion in shareholder value. The fund argues that the regulatory weighted average cost of capital (WACC) should be between 7.5% and 9% to properly compensate Aena, which would translate to a 2% annual increase in tariffs.

The fund told Expansion that Aena’s tariffs rank among the lowest in Europe after being frozen for 10 years, and the company now requires appropriate compensation to fund a significant capital expenditure program.

TCI currently has no board representation at Aena.

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