Aena leads IBEX 35 losses as regulatory concerns weigh on stock

** Shares of Aena AENA fall around 4.3% after Spain's Senate approved on Wednesday an amendment to the Sustainable Mobility Bill which - if also passed by the Congress of Deputies - could freeze airport charges and affect the Spanish operator investment plans for 2027-2031

** Analysts from Deutsche Bank highlight that the amendments could impact Aena's investment plan and corporate governance, intensifying concerns raised earlier by shareholder TCI regarding regulatory and political risks

** " A freeze on tariffs imposed by the government, particularly after Aena has proposed a EUR 13billion capex plan, is clearly a negative development for sentiment" - says Jefferies

** The broker adds that the move would trigger AENA to review the scope of its regulatory investments which is also negative, but the impact on earnings is limited given consensus is already there, however a derating would reflect higher perceived political risk

** The stock, which is the worst performer of the IBEX 35 index IBC , is on track for its worst day since September 18 if losses hold