Passenger traffic was up in the first half of 2025 for the Athens International Airportwhich recorded reinforcement of his revenue with net profits moving down due to increased financial expenses.

In particular, according to a statement by AIA, in the first half of 2025, the airport’s passenger traffic was 15.1 million passengers, increasing 7.6% compared to the first half of 2024, with domestic and foreign passengers increasing by 2.2% and 9.8% respectively. In the first quarter of 2025, passenger traffic reached 5.8 million, up 11.4% compared to the first quarter of 2024, with domestic and foreign passengers increasing by 3.1% and 14.9% respectively. In the second quarter of 2025, the total passenger traffic stood at 9.3 million, reflecting a 5.3% increase over the second quarter of 2024, and domestic and foreign passengers increased by 1.7% and 6.8% respectively. Despite geopolitical developments, especially in June, general tendencies, general trends, general tendencies and general tendencies. Attractivity and resilience of Athens as a destination, as well as the effectiveness of the AIA route and passenger traffic strategy.

Total revenue and other income increased by 5.0% to EUR 308.2 million in the 1st half of 2025, mainly due to the increase in passenger traffic and the adjustment of airport fees according to the regulatory framework, as well as the strong performance of commercial activities.

The customized EBITDA stood at € 182.3 million, while the margin of custom EBITDA amounted to 59.2%, according to the short -term AIA target.

Profits after taxes stood at € 92.2 million, down 5.1%, according to our provisions, due to the reduction of the transferred amount, which is partially offset by the increase in air capital activities.

A healthy financial position with net debt of € 767.2 million and net debt index to customized EBITDA (last twelve months) of 1.8x.

The airport expansion program proceeds on the basis of a timetable with the launch of the high -rise car park (MSP) and the new northwestern aircraft parking space (NWA), following an international competition. Further, the general study on the extension of the Central Terminal (MTB) and the Satellite Terminal (STB) is completed, while the construction competition is ongoing, adopting the Early Contractor Involvement approach.

Profits before taxes, interest and depreciation (EBITDA)

In the first half of 2025, total profits before tax, interest and depreciation (EBITDA) stood at EUR 189.8 million, down 0.6% compared to the corresponding period of the previous year. The customized EBITDA stood at € 182.3 million, slightly reduced by 0.6% compared to the first half of 2024, indicating an EBITDA margin for the period 59.2%, in harmony with the company’s short -term targets.

Depreciation & Capital Expenditure (Investments)

Depreciation for the first six months of the year amounted to € 40.3 million by € 0.7 million compared to EUR 39.6 million of the same period last year. The investment of the period amounted to € 90.0 million, reflecting the progress of airport expansion and other projects.

Financial expenses

Net financial expenses amounted to EUR 29.4 million, higher by EUR 4.9 million, or 20.3% compared to the first half of 2024, mainly due to: (a) higher interest, after increasing the ranking ceiling from 0% to 2.5% from April 2024 and B). expenditure funded by bank loans and (c) lower interest revenue on cash cash on lower returns.

Profitability

Earnings before tax in the first half of 2025 stood at € 120.2 million versus EUR 126.9 million in the first half of 2024. Income tax was reduced by EUR 1.9 million or 6.2% to EUR 28.0 million in the first half of 2025 from EUR 29.9 million in the first half of the first half of the 2024. of the 1st half of 2025 amounted to EUR 92.2 million, or EUR 4.9 million lower than the corresponding period of the previous year.

Perspective

The main factors that support the demand for travel in Greece are still strong, helping to maintain a positive perspective. The company maintains its passenger traffic estimation unchanged, which is expected to move at a medium -digit growth rate in 2025, with a gradual adjustment to lower single -digit rates over the medium -term horizon. Our marketing initiatives and air market development continue to focus on maintaining this dynamics, enhancing partnerships with airlines and further expanding Athens’ connections, with a focus on high -traffic and long -distance destinations. As we move on with the airport expansion projects, we remain fully committed to the highest safety and services standards through a strictly constituted operational planning.

For 2025, aircraft revenue will reflect updated charges after the annual consultation procedure. Revenue per passenger from air charges shall be adjusted due to the gradual depletion of the amount transferred (non -recoverable costs or unnecessary earnings transferred from previous years). Consequently, the annual profitability of air activities will be aligned with 15% of performance capital activities, reinforced by the implementation of the multi -year capital growth program through the Scrip Dividend Program.

In the field of non -airline activities, the company’s provision remains unchanged, with the performance per passenger estimating to remain stable overall for 2025. However, in the medium term, revenue will face pressure due to restrictions on the available commercial spaces during the construction spaces, as long as the new commercial spaces, Airport extension will be put into operation. According to existing forecasts, revenue from vehicles for 2025 is expected to be affected to a moderate extent following the launch of the construction of the high -rise parking space in July 2025. However, this impact will be partially melted through targeted actions such as expansion.

Although we are still aiming for 60% of custom EBITDA in the long run – there is a transitional period of one to two years, in which the margins may be temporarily reduced by approximately 100 basis points. We remain committed to investments related to our operation, with the aim of maintaining the highest possible level of service. This strategy, of course, limits the further improvement of operating costs per passenger (excluding the variable part of the remuneration for the granting of rights). The excellent performance recorded in 2024 at the level of passenger traffic and financial results led to a faster than expected consumption of the amount. As a result, the adjustable EBITDA margin is expected to be slightly limited to 2024 levels.

Despite this short -term pressure, the company maintains its estimation that net profits for the years 2025 and 2026 will remain high, about 200 million euros a year, with support both from the benefit of the remaining transferred and from the enhanced returns from the increase in capital.

With the airport expansion plan proceeding in accordance with the planning, we maintain our provision for a rate of 50% of all capital investments by the end of 2028 and the remaining amount by the end of 2032.