The €12.8 billion ($15 billion) for the 2027-2031 period is "Aena's largest investment in airports in the last 20 years in Spain", said the company, the world's biggest airport operator by passenger numbers.
The money will primarily go towards works in terminals, airfields, IT, digitalisation, safety, services, sustainability and innovation, it added in a statement.
The spending "is essential to align airport infrastructure with the expected growth in demand, maintain the highest standards of safety, quality and environmental sustainability", Aena said.
A booming tourism industry has helped make Spain, the world's most-visited country after France, one of the fastest-growing advanced economies.
Prime Minister Pedro Sánchez hailed Aena's business model which "has made our network of airports a lever to increase the economy's competitiveness, stimulate investment and commercial exchanges, and continue to develop the tourism sector".
"Our airports are the first impression many international tourists have of Spain," he added at an event at the southeastern airport of Alicante, a destination popular for its pristine Mediterranean beaches.
A plane takes off from or lands at airports managed by Aena every 12 seconds, Sánchez noted.
Aena recorded a 10-percent increase in profits in the first six months of 2025 thanks to dynamic air traffic and tourism, while turnover rose nine percent, partly linked to higher income from airport fees.
The company has become embroiled in a dispute with Ryanair over the fees, with the low-cost Irish airline slashing more than one million winter seats in Spain over what it called "excessive" charges.
Aena accused Ryanair of "extortion", saying in Thursday's statement that the next investment cycle aimed to be "compatible with the preservation of some of Europe's most competitive fees".
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