For ANA, it was a period of investment in basic infrastructures, with the renewal of the Air Traffic Control systems and the Lisbon, Porto and Faro airports.

During this period the company's head office was built, in addition to buildings for the Airports' partners: forwarding agents, concessionaires and airlines.

These circumstances meant the end of a cycle of self-financing investments for ANA, and the company was forced to seek credit to support its development.

Despite these difficulties, infrastructures continued to be strengthened, especially the Lisbon, Faro and Ponta Delgada airports and, in air navigation, the Atlântico project.

In a period of expansion in the economy and in air traffic, with intense competition between destinations and airports, ANA's response was continued growth, topped with record performance levels in the year of Expo98, equally in terms of turnover, net profits and investments.

At the end of 1998, ANA Aeroportos, EP, split into two new companies, leaving these a legacy of infrastructures, positive economic and corporate indicators and a culture of competitiveness.

International instability and Portugal's economic difficulties called into question large projects such as the new Lisbon airport, which the Government suspended in 2004.

The 2004 European Football Championship contributed to this, but also a successful commercial strategy, with flexible prices and incentives which attracted new airlines, especially low costs.