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Company report, featuring a PESTLE, Porters Five Forces, 5C, MOST, CATWOE and SWOT analysis


This report on Aena is part of our analysis of the 10,000 largest companies in the world. It is created and consistently updated to provide the most current information available.

Premium members can access the full study on Aena, including the SWOT analysis, PESTLE, 5C analysis, CATWOE, Porters Five Forces, MOST analysis, and a myriad of additional high value sections.

We identify potential new products and services, forecast future market trends, and predict synergies between Aena and other organisations that are distinct from our analysis-focused sections.

Company Description

Aena is the largest airport operator in the world, headquartered in Madrid, Spain. Founded in 1988, the company manages 46 airports in Spain, as well as 13 airports and two heliports in the rest of the world. Its main products and services include ground handling services, aircraft fuelling, passenger and baggage services, cargo services, and retail and catering services. Aena serves a wide range of markets, from international to regional airports and from large cities to small towns.

Industry Overview

Aena is a leading air transport infrastructure manager operating in a global industry worth over 600 billion US Dollars. This industry employs over two and a half million people across the world, with the majority based in Europe, the Americas, and Asia-Pacific. Aena itself employs more than 73,000 staff, offering services within the fields of airport management, air navigation, and ground handling.

Industry Classification

In terms of formal classification, Platform Executive has tagged Aena as a business operating within the Other Transportation industry.

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Intellectual Property

Some of the Patents granted to, or relevant to the organisation include the following:

Patent Title: System for monitoring and controlling the performance of a plurality of air navigation aids
Patent ID: US10605375B2
Date: April 28, 2020

Patent Title: Air navigation system for calculating the position of an aircraft
Patent ID: US10595381B2
Date: April 21, 2020

Patent Title: System for providing information about the state of an airplane
Patent ID: US10573041B2
Date: March 31, 2020

Patent Title: Method and system for tracking and managing aircraft
Patent ID: US10561626B2
Date: March 24, 2020

Patent Title: System and method for locating an aircraft
Patent ID: US10547783B2
Date: March 17, 2020

Patent Title: System and method for monitoring the position of an aircraft
Patent ID: US10534447B2
Date: March 10, 2020

Patent Title: System and method for monitoring the performance of an aircraft
Patent ID: US10521089B2
Date: March 3, 2020

Patent Title: System and method for managing aircraft operations
Patent ID: US10507735B2
Date: February 25, 2020

Patent Title: Integrated system for managing aircraft
Patent ID: US10494545B2
Date: February 18, 2020

Patent Title: System and method for controlling an aircraft
Patent ID: US10481245B2
Date: February 11, 2020

Patent Title: System and method for providing information to an aircraft

Major Products & Services

The main products and/or services commercialised by this business include the following:

  • Airport and air navigation services
  • Air transport management services
  • Airport infrastructure management
  • Flight operations services
  • Ground handling services
  • Cargo transport services
  • Car park services
  • Retail services
  • Technology and digital services
  • Property management services

Key Competitors

We have identified the following organisations as being key competitors:

  • Fraport
  • Zurich Airport
  • Munich Airport
  • Brussels Airport
  • Madrid Barajas Airport
  • Amsterdam Airport Schiphol
  • Copenhagen Airport
  • Heathrow Airport
  • Barcelona-El Prat Airport
  • Vienna International Airport
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Key Stakeholders

Stakeholders are individuals or groups who have an interest in a business and/or are affected by its actions.

These stakeholders can have different requirements and expectations from the business, which must be taken into account when making decisions.

By understanding their stakeholders’ requirements, a business can make informed decisions that benefit all involved.

Below is the list of internal and external stakeholders we have identified for this business:

1. Tourism Organisations

2. Financial Institutions

3. Industry Associations

4. Customers

5. Shareholders

6. Employees

7. Management

8. Partners

9. Regulators

10. Advocacy groups

11. Government

Value Proposition

A value proposition explains the unique value and/or benefits that an organisation provides to its customers, partners, stakeholders and the overall market. It outlines what makes a company like Aena different from its competitors, along with what it can offer that key competitors cannot.

A corporate value proposition can be used with the competitive advantages section of this report in order to better understand Aena and its position within the marketplace.

Aena is a global air travel company that connects passengers and airlines to create seamless travel experiences. We offer a variety of innovative air travel products and services that make it easy and convenient for passengers to get where they're going. Our mission is to make air travel the best experience it can be for everyone.

Competitive Advantages

Competitive advantages are unique attributes, strategies, resources, or capabilities that allow an organisation to outperform its competitors and achieve superior market position and profitability.

Competitive advantages for the business include the following:

Airport Network: Aena has the largest airport network in the world, with 46 airports in Spain and two in the Dominican Republic. This allows them to offer the most comprehensive air travel services in the region.

Innovative Technology: Aena is constantly innovating and investing in cutting-edge technology to provide the best customer experience. They have implemented a range of digital tools, such as their mobile app, website, and self-service kiosks, for quick and easy bookings and check-ins.

Customer Service: Aena is committed to providing the highest levels of customer service and satisfaction. They have a dedicated customer service team and a range of services to ensure that passengers have a smooth journey and a pleasant experience.

Strategic Partnerships: Aena has partnered with a range of airlines, travel agents, and other service providers to ensure they can offer the most competitive rates and the best services.

Expansion Plans: Aena is looking to expand its network of airports and services to other parts of Europe and the world. This will provide them with even more opportunities to grow and offer the best services to their customers.

Customers & Cohorts

As part of this competitive intelligence study, we have identified the main customers of the organisation.

These include the following cohorts:

  • Domestic passengers
  • International passengers
  • Charter passengers
  • Cargo customers
  • Airport operators
  • Airlines
  • Aircraft operators
  • Aircraft maintenance companies
  • Retail customers
  • Event organizers 1Business customers 1
  • Tourism companies 1
  • Logistics companies 1
  • Educational institutions 1
  • Government agencies

Market Trends

Market trends can impact an organisation by influencing consumer behavior, altering supply and demand dynamics, and affecting the organisation's ability to remain competitive in the market.

As part of this study, we have identified a number of potential short-term to medium-term trends that could impact the organisation. These include the following:

Key Market Trends
Increased Air Passenger Demand: The aviation industry is estimated to grow between 4-5% per year, which could mean a potential increase in air passenger demand. Aena could benefit from this trend by increasing its capacity to meet the growing need. Additionally, Aena could also look to expand its offerings to capitalise on this trend.

Online Booking: The proliferation of digital technologies has created new opportunities for airlines to reach potential customers. Aena could capitalise on this trend by offering online booking and payment options. This could reduce transaction costs and make it easy for customers to book flights.

Low-Cost Carriers: The emergence of low-cost carriers has had a significant impact on the aviation industry. Aena could benefit from this trend by offering more competitive prices and more options for customers. Additionally, Aena could look to partner with low-cost carriers to expand its reach.

More Sustainable Practices: The aviation industry is facing increased pressure to reduce its carbon footprint and adopt more sustainable practices. Aena could look to implement more eco-friendly practices, such as using more fuel-efficient aircraft, reducing waste, and using renewable energy sources.

Key Performance Indicators

Key Performance Indicators

Below is a list of KPI's that we have identified as being strategically relevant to this organisation:

Financials (BETA)

The key financials for Aena include income statements, which can be found in their annual reports. These financial statements provide information on the organisation's financial performance and health, including revenue, expenses, and profits. This information, along with other indicators are used by investors, analysts and other stakeholders to evaluate the company's performance and future prospects.

Where a financial does not match, we have included those of the parent company (if a listed entity). If the financials are missing please contact us and we will prioritise the update.

Key Financials

Key Personnel

Income Statement

[eod_financials target="AENA.MC" id="10329343" preset="Income Statement" years="2018-2023"]


Top-level corporate stats and financial highlights for the listed entity, include:

Share Performance

Below is the current (EOD) share performance for the company, or its listed parent:

Potential Products/Services

As part of this study we have attempted to prognosticate potential products and/or services this organisation could develop in the short to medium-term.

Airport Lounge Access: Aena could offer airport lounge access with their existing products and services. This would provide travelers with a more comfortable and exclusive environment to relax and unwind in before their departure.

Airport Transfer Service: Aena could create an airport transfer service that would allow customers to book a ride to and from the airport with a reliable and trusted service.

Airport Concierge Services: Aena could create a concierge service that would provide travelers with personal assistance in navigating the airport, such as helping them find their gate, getting help with baggage, and more.

Airport Shopping Services: Aena could create a shopping service that would allow customers to shop for items at the airport before their departure. This could include duty-free items, souvenirs, and more.

Airport Hotel Booking Services: Aena could create a hotel booking service that would allow customers to book a hotel near the airport for a night before or after their departure. This could be a great service for travelers who have an early morning or late night flight and need a place to stay.

Potential Synergies

Using our product and portfolio-matching algorithm, we have determined that the following organisations have potential synergies with the company:

1. Iberia Airlines: Iberia Airlines has strong synergies with Aena due to their shared commitment to delivering efficient and reliable air travel services. Iberia offers flights to many of the same destinations as Aena, allowing both companies to benefit from economies of scale.
2. Acciona: Acciona is a Spanish construction company that has collaborated with Aena in the past. The two companies have worked together on multiple projects, such as the expansion of Madrid-Barajas airport and the construction of new runways in other Spanish airports.
3. Telefónica: Telefónica is a Spanish telecommunications company that has provided services to Aena for many years. The two companies have collaborated on projects such as the installation of Wi-Fi access points in several Spanish airports and the implementation of a digital platform for Aena's airport operations.
4. Indra: Indra is a Spanish technology company that has worked with Aena for more than 20 years. The two companies have collaborated on projects such as the installation of a new passenger information system, the development of an online check-in system, and the implementation of a mobile application for Aena customers.

Porter's Five Forces

Created by Harvard Business School Professor Michael Porter in 1979, Porter's Five Forces model is designed to help analyse the particular attractiveness of an industry; evaluate investment options; and better assess the competitive environment.

The five forces are as follows:

  • Competitive rivalry
  • Supplier power
  • Buyer power
  • Threat of substitution
  • Threat of new entries
The Porter's 5 Forces for Aena are:

1. Threat of new entrants: Aena has a very strong competitive position in the market, and new entrants would find it difficult to compete with the company. Aena scores 4 out of 5 in this category.

2. Threat of substitutes: There are no close substitutes for Aena's products and services. Aena scores 5 out of 5 in this category.

3. Bargaining power of suppliers: Aena has a very strong bargaining position with its suppliers. Aena scores 4 out of 5 in this category.

4. Bargaining power of buyers: Aena's customers have a very strong bargaining position. Aena scores 3 out of 5 in this category.

5. Competitive rivalry: Aena faces strong competition from other companies in the market. Aena scores 3 out of 5 in this category.

PESTLE Analysis

This PESTLE analysis is a strategic planning tool that assesses key external factors affecting the organisation, including the following:

  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental

Each of these factors is analysed to determine their impact on the organisations strategy, objectives, and operations.

By utilising a PESTLE analysis, the organisation can make better decisions and develop strategies to address potential risks and opportunities.

PESTLE Analysis

CATWOE Analysis


The CATWOE analysis is used to investigate each stakeholders perspectives in order to enable the business to make informed decisions.

The CATWOE analysis is a problem-solving tool consisting of six elements:

  • Customers
  • Actors
  • Transformation process
  • World view
  • Owners
  • Environmental constraints

We view the CATWOE as being most useful when used in conjunction with other problem-solving tools such as a SWOT analysis.

Customers: Aena's customers include passengers, airport operators, airlines, retailers, cargo operators, and ground handling agents.

Actors: The stakeholders in the organisation are the shareholders, executives, airport personnel, contractors, and suppliers.

Transformation process: Aena's transformation process is focused on providing an efficient and safe airport experience for passengers. This includes providing a wide range of services, such as check-in, baggage handling, security, and customs. Additionally, Aena is committed to providing a high-quality customer experience, including offering amenities such as restaurants, shops, and lounges.

World view: Aena is committed to providing a safe and efficient airport experience for all customers. Aena strives to be an industry leader in providing customer service and safety.

Owners: Aena is owned by the Spanish government and is managed by a board of directors.

Environmental constraints: Aena faces several environmental constraints, including the need to comply with aviation regulations, environmental regulations, and labour laws. Additionally, Aena must remain competitive in an ever-changing market, which can be challenging.

SWOT Analysis

This SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities and threats of the Aena business.

When creating this SWOT the team at Platform Executive have taken into consideration the corporate strategy; brand; key financials; the competitive landscape; along with the products and/or services offered.

To offer increased context for future innovation and product development we also consider the historical context for the business and industry; and perceived direction of travel.

Upon researching the company, we have uncovered a number of strategic and operational strengths, weaknesses, opportunities and threats.

SWOT Analysis


Below is a list of the strengths we have identified for the business:

1. Aena is the world’s largest airport operator, managing 46 airports in Spain and 121 airports in total.

2. Aena has a strong financial position, with €4.2 billion in revenues in 2017 and €1.1 billion in net profits.

3. Aena has a strong focus on customer service, with a customer satisfaction rate of 87%.

4. Aena has a strong commitment to safety and security, with a safety record that is better than the average for the global airport industry.


Below is a list of opportunities we have identified for the business:

1. Expansion of existing airports: Aena could look to expand the capacity of existing airports with additional terminals, runways and air bridges, allowing them to cater to a higher number of passengers and increase their market share.

2. Increase non-aeronautical revenue: Aena could look to increase non-aeronautical revenue streams such as retail, advertising and car parking, increasing their overall profit margins.

3. Increase the range of services: Aena could look to increase the range of services they offer, such as providing ground handling, cargo and freight services, as well as aircraft maintenance and repair services.

4. Utilization of technology: Aena could look to utilize technology such as automation, artificial intelligence and machine learning to reduce costs and increase efficiency, helping them to stay competitive in the market.


Below is a list of the weaknesses we have identified for the business:

1. Lack of clear strategic vision: Aena, SA does not have a clear and concise strategic vision, which has led to an unfocused business strategy.

2. Lack of operational efficiency: Aena, SA has been plagued by operational inefficiencies, which have led to high costs and delays in the delivery of services.

3. Poor customer service: Aena, SA has been criticised for its poor customer service, which has led to customer dissatisfaction and a negative reputation.

4. Dependence on government subsidies: Aena, SA is heavily dependent on government subsidies, which makes it vulnerable to changes in government policy.


Below is a list of the threats we have identified for the business:

1. Competition: Aena faces direct competition from other international airports that may offer lower fares and services, as well as from low-cost airlines such as Ryanair. This could lead to a decrease in passenger numbers and revenue for Aena.

2. Cybersecurity: As Aena handles large amounts of sensitive data, it is a target for cyber threats such as data theft, ransomware, and denial-of-service attacks. If Aena’s systems were to be successfully attacked, it would lead to significant disruption and financial losses.

3. Capacity: Aena’s airports are operating at near-capacity and any further increase in passenger numbers could lead to congestion and overcrowding, resulting in a decrease in service quality.

4. Technology: Aena must keep up with the latest technologies in order to remain competitive and provide a high-quality service to its customers. Failure to do so could lead to a decrease in customer satisfaction, lower revenue, and decreased market share.

5C Analysis

The 5C Analysis is a marketing framework that can be used to provide insight into the key drivers of success, as well as the risk exposure to various environmental factors.
This (concise) 5C analysis examines the external and internal environment for Aena. It includes analysing the company's customers, competitors, collaborators, context, and capabilities. We have produced this short analysis to identify potential opportunities and threats to Aena, as well as areas where the company needs to improve its operations or strategy.
Company: Aena

Collaborators: Aena works closely with the Spanish government, airports and airlines to provide air transport services, as well as with other stakeholders such as airlines, logistics companies, transport operators and suppliers.

Customers: Aena's customers are travelers and passengers who use the company's services, as well as airports and airlines that use Aena's services to transport passengers and goods.

Competitors: Aena's main competitors are other air transport companies, such as Iberia, Vueling and Air Europa.

Content: Aena provides a wide range of services, including airport and air traffic control, air navigation services, air cargo services, passenger services, ground handling services and airport security. It also provides support services to airlines, such as aircraft maintenance, fueling, cargo handling and passenger services. The company also offers a variety of technological solutions to airports, airlines and other stakeholders.
5C Analysis

MOST Analysis

MOST Analysis

The MOST analysis framework is commonly used to identify an organisation's strategic goals, assess its strengths and weaknesses, and develop a plan to achieve its objectives. This analysis helps organisations to focus on what they want to achieve and how to achieve it, while also identifying potential roadblocks or obstacles that may arise along the way.

  • Mission
  • Objectives
  • Strategy
  • Tactics

We have created this analysis from a 3rd person perspective.

Innovation Scorecard

As part of our research and analysis activity, the team at Platform Executive assesses and then benchmarks businesses and the industry verticals in which they operate using a proprietary scoring mechanism.

First, we allocate a score of A-E for the industry vertical, gauged on the key organisations operating within the space; and then score the individual business using a 1-5 score.

A score of D-E within an industry means that it is potentially ripe to be disrupted by a new entrant into the marketplace; and/or vulnerable to technological change.

Likewise, a high score of 4-5 for the company in question indicates that in the view of the analysis team it lags behind notable businesses in terms of innovation and product pipeline.

Innovation Scorecard

Below is a guide to each score:

Industry score:

A The industry is amongst the most innovative; with the leading players all driving the sector forward.
Example industry: PaaS
B The industry and its leading players have a good track record of innovation; and can quickly react to change.
Example industry: Pharmaceutical
C Companies operating within the sector have adequate levels of innovation; and engage in R&D activities when appropriate.
Example industry: FMCG
DBusinesses operating in the industry do not invest enough time and resource into innovation. The sector is stagnant and a good candidate for disruption.
Example industry: Retail Banking
E The major players in the sector seem to lack suitable product development roadmaps; and as a result the sector is highly vulnerable to industry change.
Example industry: Publishing


Company score:

1 The business is amongst the leading players in terms innovation and product pipeline. This will fulfil and reinforce the operations of the business in the medium to long-term.
2 The business has a good track record of innovation, in terms of its products and/or its business model. It is therefore more likely to be able to react and adapt to any changes to the industry.
3 The business is deemed to have an adequate innovation plan, build on research and development and sustainability where appropriate. The business has a product development strategy.
4The business needs to invest more resource and/or intellectual capital in product development, pipelines and/or its business model. The business is at risk of stagnation.
5 The business seems to lack a suitable product development roadmap; and as a result is vulnerable to any notable industry change and/or new entrants in the marketplace.
The team at Platform Executive has judged Aena as having an innovation score of C2.


The appendices section of this report contains supplementary information that the team at Platform Executive deems helpful in providing a more comprehensive understanding of the report's contents.

This information is not considered an essential part of the study but serves as a useful supplement to the main text.


This study on Aena forms part of our series of competitive intelligence reports, which focuses on 10,000 of the largest corporates.

The information and data included are updated on a timely schedule to ensure that our Premium members receive the most up to date information .

The report is based on information and learning from the following sources:

  • Corporate websites
  • Proprietary research databases
  • SEC Filings
  • Corporate press releases
  • News articles
  • Financial data API's
  • Product-matching algorithm

Further Information

Premium members: If you cannot find the desired information or data set for the business you are researching then please reach out to our research and analysis team. We can tailor reports to meet your requiremnents, with a fast turnaround time.

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Reproduction of the content produced in this report is prohibited without the prior permission of the publisher, Platform Executive Pty Ltd.

The facts of this report have been gathered in good faith from both primary and secondary sources. It is believed to be correct at the time of publication, but cannot be guaranteed. As such Platform Executive can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.


Premium members: To request a priority update to this report, please contact us. Our standard turnaround time is normally 48 hours.

The changelog for this report can be found below, complete with the next scheduled update:

v1.1: Initial load of report
Date: 1st March 2023

Key Financials added (BETA)
Date: 17th March 2023

Next scheduled update: 6th June 2023

Industry Keywords

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