Banc Sabadell: According to the press, IATA is claiming in the Supreme Court that the Covid expenses be subtracted from the basis for calculating fares and that the increase approved this year (4%) by the Council of Ministers be annulled. The amount would be €1,000 million for the period 2023-2025 (6% capitalisation of Aena), given that the airlines estimate that fares should be 12% lower than they are now. Aena for its part indicates that fares are now 7% lower than in 2015 and at the same time claims to be compensated for the effects of the pandemic (€2,500 million).
Assessment: Negative news because of the noise it may generate. The amount claimed represents 6% of total revenues and 10% of Aena’s EBITDA in the period 2023-2025. There are several cross-claims in the courts between the airlines and Aena, although this one, which affects the basis of the tariffs to be charged and their year-on-year increase, would have the greatest long-term impact.
