Athens International Airport Posts Strong Traffic Growth In H1 2025 And Steady Expansion Plans

ATHENS, GREECE – Athens International Airport S.A. announces its financial results for the six (6) months ended June 30 th , 2025, prepared in accordance with International Financial Reporting Standards.

Key Highlights

• Passenger traffic in H1 2025 reached 15.1 million, 7.6% higher than H1 2024.
• Total revenues and other income¹ increased by 5% to 308.2 million euros in H1 2025, mainly driven by increase in passenger traffic, airport charges adjustments in line with regulation and strong commercial performance.
• Adjusted EBITDA² reached 182.3 million euros; Adjusted EBITDA margin reached 59.2% aligned with short-term target.
• Net profit stood at 92.2 million euros, lower by 5.1% and in line with our target, reflecting the impact of the depletion of the Carry Forward amount³, partly compensated by the increase in Air Activities Capital.
• Healthy Financial position with net Debt at 767.2 million euros corresponding to Net Debt / Adjusted LTM (Last Twelve Months) EBITDA of 1.8x.
• Airport Expansion Program on track with award through international tender and start of construction phase for Multi-Storey Car Park and North-West Apron. Furthermore, with regards to the expansion of the Main Terminal Building and the Satellite Terminal Building, the Outline Design is in the completion phase and construction tender through ECI (Early Contractor Involvement) approach is ongoing.

[1] Total revenue and other income and operating expenses for H1 2025 do not include the 19.5 million euros design and construction cost for Airport Expansion Program (AEP). In accordance with IFRIC 12, airport expansion costs are accounted under the intangible asset model. This requires the Company to recognize revenue and costs from construction services provided, as the grantor of the concession retains control over the infrastructure assets. The relevant cost is measured at fair value, without any mark-up, therefore resulting in no overall impact on profitability. (Please refer to note 2.2 of the H1’25 Interim Financial Statements for further details).
[1] Calculated including the negative impact of the fixed component of the Grant of Rights Fee (7.5 million euros for H1).
[1] According to Airport Development Agreement (ADA), Air Activities Carry Forward Amount relates to unrealized profits of a period allowed to be recovered in the following years adjusted with EU inflation.

Traffic Developments

During H1 2025, the Airport’s passenger traffic totaled 15.1 million, 7.6% higher vs H1 2024 with domestic traffic growing by 2.2% and the international traffic accelerating by 9.8%, reflecting a healthy growth trajectory. On a quarterly basis, Q1 2025 passenger traffic reached 5.8 million, 11.4% higher than Q1 2024, with domestic and international segments increasing by 3.1% and 14.9%, respectively. In Q2 2025, total passenger traffic stood at 9.3 million, reflecting 5.3% increase. Domestic and international traffic grew by 1.7% and 6.8%, respectively.

Despite geopolitical events, especially in June, underlying trends remain strong and in line with our expectations, reflecting the attractiveness and resilience of Athens as a destination as well as the effectiveness of AIA’s route and traffic development strategy.

Oultook & Trends

The fundamental drivers of demand for travel to Greece remain strong, underpinning a positive outlook. We reiterate our projections for passenger traffic growth in the mid-single-digits for full year 2025, with a gradual convergence toward a low single-digit growth rate over the mid-to-long term. Our airline marketing and business development initiatives remain focused on supporting this momentum by strengthening airline partnerships and expanding route offerings – particularly targeting higher-yield, long-haul destinations. As we progress with the airport’s expansion, we remain fully committed to delivering the highest service and safety standards, supported by proactive operational planning.

For 2025, Air Activities revenue will reflect the updated charges following the annual consultation process. The yield per passenger from Aeronautical Charges is adjusted due to the gradual depletion of the Carry Forward. As a result, annual Air Activities profitability will align with a 15% Return on Equity, supported by the multi-year capital increase Program for Air Activities via Scrip Dividend.

In the Non-Air Activities segment, we maintain our projection for flat per pax yield during 2025. Revenue per passenger, however, will be constrained in the mid term due to limitations in available commercial space during the construction period, which will gradually ease as the Airport Expansion Program’s (AEP) commercial components come online. As anticipated, Car Parking revenues in 2025 will face modest headwinds from the MSP construction which started during July 2025. This impact will be partially mitigated by targeted measures such as expanding existing parking facilities.

While we continue to target Adjusted EBITDA margins in excess of 60% over the mid-to-long term we anticipate a transitional period of one to two years where margins may be temporarily lower than our target by approximately 100 basis points. This is due primarily to OpEx headwinds.  We remain committed to investing in our operations to maintain the highest levels of service, which naturally limits the potential to improve OpEx per passenger (excluding the variable portion of the Grant of Rights Fee). Additionally, the exceptional traffic and financial performance in 2024 led to an earlier-than-expected utilization of the Carry Forward, which will slightly compress Adjusted EBITDA margins compared to 2024 levels.

Despite this short-term margin pressure, we maintain our expectation of net income for both 2025 and 2026 to remain strong at around 200 million euros annually, supported by the remaining Carry Forward benefit and enhanced returns from the increase in Air Activities Capital.

With the AEP progressing as planned, we maintain our projection for 50% capex spending until the end of 2028 and the remaining amount until the end of 2032.

Airport Expansion Program

During H1 2025, AIA awarded through a competitive international tender the construction of the new Multi-Storey Car Park (MSP) and new apron area in the Northwest part of the Airport (NWA) to a consortium of experienced and qualified contractors. Specifically, the MSP will have a capacity of approximately 3,365 positions and will be located at the site of the existing P1 parking lot. Additionally, the NWA will provide 32 Code C remote stands, as well as a ramp service station building, taxiways, and service bridges. Relevant construction works have already started for both projects and completion is planned for Q2 2027.

The Design Office responsible for the Expansion of the Main Terminal Building (MTB) and the Satellite Terminal Building (STB), including their associated apron works, is finalizing the relevant design studies (Outline Design). This expansion includes an increase in total terminal space by approximately 150,000 sqm (+68% vs. the existing Terminal areas), and will deliver, among other upgrades: new and enhanced passenger processing facilities (check-in, security screening, immigration and emigration, boarding), new aircraft parking positions, more than a 100% increase in commercial space, expanded baggage handling areas, back of house spaces, and state-of-the art associated systems.

In parallel, the Company has launched an international tender for the MTB and STB expansion under an Early Contractor Involvement (ECI) approach, securing early input from contractors with proven expertise in large, complex infrastructure projects — critical for effective planning and execution. Until the expected completion of the full tender process for the selection of the preferred bidder for the construction of the project, in the beginning of 2026, the Company will leverage the benefits of the ECI approach, securing valuable early feedback from the engaged contractors.

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