Athens International Airport (AIA) Q4 2025 earnings summary

Executive summary

• Passenger traffic reached a record 34 million in 2025, up 6.7% year-over-year, with international segment growth of 8.6%, surpassing pre-pandemic levels by 33%.

• Total revenues rose 1.5% to €675.6 million, with adjusted EBITDA at €394.9 million (margin 58.5%), down 7.0% year-over-year, and net profit at €207.3 million, 12.1% lower year-over-year.

• Major airport expansion program underway, with €161 million CapEx in 2025 and a total investment of €1.3 billion planned through 2032, targeting 40 million passenger capacity.

• Scrip Dividend Program launched, with €204.86 million FY2025 dividend proposed (€0.66/share), and 89.2% shareholder participation, raising €84.75 million.

• Achieved Net Zero Scope 1 & 2 emissions by end of 2025, supported by major clean energy investments and on-site renewable generation.

Financial highlights

• Air Activities revenues stable at €504.9 million; Non-Air Activities revenues up 6.5% to €170.7 million, led by retail concessions (+8.1%).

• Operating expenses increased 17.7% to €265.6 million, mainly due to higher variable fees, wage increases, and a €16.3 million arbitration expense.

• Free cash flow was €233.9 million (59.2% cash conversion), impacted by higher CapEx.

• Net debt at €614 million; net debt/EBITDA at 1.6x.

• Basic EPS: €0.68 (down from €0.79 in 2024).

Outlook and guidance

• Low single-digit passenger growth expected in 2026, with stable aeronautical yields and continued geopolitical monitoring.

• Net income for 2026 projected at approximately €200 million; dividend policy remains at 100% of distributable profits.

• Adjusted EBITDA margin expected to be about 100 bps below long-term 60% target due to construction.

• Retail revenue growth may be constrained by construction; parking revenues could be modestly impacted.

• Net Zero Scope 1 & 2 emissions targeted for 2026.