Athens International Airport (AIA) Q2 2025 earnings summary

Executive summary

• Passenger traffic reached 15.1 million in H1 2025, up 7.6% year-over-year, with international traffic growing 9.8%.

• Athens Airport was awarded Best European Airport by ACI Europe in June 2025 and ranked 1st in Europe for traffic rebound since 2019.

• Robust profit growth, strong operational performance, and the launch of a major airport expansion program marked the first half of 2025.

• Scrip Dividend Program launched, raising €84.75 million in new equity to fund airport expansion.

• Airport Expansion Program accelerated to reach 40 million passenger capacity by 2032.

Financial highlights

• Revenue rose 5% year-over-year to €308.2 million for H1 2025.

• Adjusted EBITDA was €182.3 million, margin at 59.2%.

• Net income was €92.2 million, a decrease from the previous year, mainly due to Air Activities segment performance and increased operating expenses.

• Non-air segment revenues grew 10.6% year-over-year, outperforming traffic growth, mainly from retail and high-yield destinations.

• Operating costs increased 13.5% year-over-year, mainly due to higher staffing, wage increases, and energy costs.

Outlook and guidance

• Full-year net income guidance maintained at €200 million for 2025 and 2026.

• Adjusted EBITDA margin expected to be about 100 bps below long-term 60%+ target for 2025/26.

• Passenger traffic growth for 2025 projected in mid-single digits, converging to low single digits mid- to long-term.

• 50% of capex for expansion to be spent by end-2028, remainder by 2032.

• Retail and parking revenues may face pressure due to terminal expansion works and car park construction.