Athens International Airport (AIA) Q2 2026 earnings summary

Executive summary

• Passenger traffic reached a record 15.8 million in H1 2026, up 4.5% year-over-year, with both domestic and international segments growing despite geopolitical headwinds in the Middle East.

• The airport outperformed the European market, ranking 1st in Europe for traffic rebound since 2019 and 2nd most connected among mega airports.

• Expansion strategy shifted to a phased, modular approach to accommodate higher-than-expected traffic, minimize operational disruption, and unlock capacity beyond 40 million annual passengers.

• Despite geopolitical and operational headwinds, commercial activities remained resilient and profitability was healthy, in line with regulatory targets.

• Continued expansion with new routes, airlines, and commercial developments, including major long-haul destinations.

Financial highlights

• Total revenue for H1 2026 was €299.6 million, down 2.8% year-over-year, mainly due to lower air activities revenue from temporary passenger terminal fee reductions.

• Adjusted EBITDA was €168.5 million (margin 56.2%), and net profit €81.4 million, both lower than the previous year due to regulatory-driven pricing policy and higher costs.

• Non-air activities revenue increased by 3.5%, driven by strong F&B, specialty retail, and property segments.

• Operating expenses rose 4.4% to €123.7 million, reflecting investments in service quality, inflation, and wage hikes.

• Free cash flow was €127.5 million with a cash conversion rate of 75.7%.

Outlook and guidance

• Passenger traffic for 2026 is now expected to grow in the mid-single digits, an upward revision.

• Net profit for 2026 is projected at approximately €200 million, with a commitment to distribute 100% of available profits as dividends.

• Adjusted EBITDA margin is expected to remain about 100 bps below the long-term 60% target due to ongoing investments.

• Revenue per passenger from non-air activities is expected to remain stable through 2026, with high single-digit growth anticipated post-expansion; retail space to increase by 60% by 2030-2031.

• Capital expenditure for capacity expansion until 2030 expected to total €950 million.