Key Highlights
- Passenger traffic in H1 2025 reached 15.1 million, 7.6% higher than H1 2024.
- Total revenues & other income increased by 5% to €308.2 million in H1 2025, mainly driven by increase in passenger traffic, airport charges adjustments in line with regulation and strong commercial performance.
- Adjusted EBITDA reached €182.3 million; Adjusted EBITDA margin reached 59.2% aligned with short-term target.
- Net profit stood at €92.2 million, lower by 5.1% and in line with our target, reflecting the impact of the depletion of the Carry Forward amount, partly compensated by the increase in Air Activities Capital.
- Healthy Financial position with net Debt at €767.2 million 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.
Overview |
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amounts in EUR million | H1 2025 | H1 2024 | Change | Δ % |
Traffic (in m passengers) | 15.1 | 14.0 | 1.1 | 7.6% |
Total revenues & other income1 | 308.2 | 293.6 | 14.6 | 5.0% |
Operating expenses1 | 118.4 | 102.7 | 15.7 | 15.3% |
EBITDA | 189.8 | 190.9 | (1.1) | (0.6%) |
Adjusted EBITDA | 182.3 | 183.4 | (1.1) | (0.6%) |
Adjusted EBITDA margin (%) | 59.2% | 62.5% |
| (3.3 pps) |
EBIT | 149.5 | 151.4 | (1.8) | (1.2%) |
Net financial expenses | 29.4 | 24.4 | 4.9 | 20.3% |
Profit before tax | 120.2 | 126.9 | (6.8) | (5.3%) |
Net Profit | 92.2 | 97.1 | (4.9) | (5.1%) |
Business Developments
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.
Financial Overview
Revenues and other income
Revenues and other income |
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amounts in EUR million | H1 2025 | % on total | H1 2024 | % on total | Change | Δ % |
Air Activities revenues | 230.5 | 74.8% | 223.4 | 76.1% | 7.1 | 3.2% |
Non-Air Activities revenues | 77.7 | 25.2% | 70.2 | 23.9% | 7.5 | 10.6% |
Total revenues and other income | 308.2 |
| 293.6 |
| 14.6 | 5.0% |
During H1 2025, total revenues and other income increased by 5.0% to €308.2 million, compared to €293.6 million in H1 2024, reflecting the impact of the 2025 Airport Charges pricing policy and strong commercial performance. In accordance with IFRIC 12, airport expansion costs are accounted under the intangible asset model which requires the Company to recognize revenue and expenses from construction services provided, as the grantor of the concession retains control over the infrastructure assets. The relevant cost, which amounts to €19.5 million for H1 2025, is measured at fair value without any mark-up, therefore resulting in no overall impact on profitability. For comparability, revenues and operating expenses related to Airport Expansion Program (AEP) activities are excluded from the relevant tables.
Air Activities revenues |
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amounts in EUR million | H1 2025 | % on total | H1 2024 | % on total | Change | Δ % |
Aeronautical charges | 166.2 | 72.1% | 124.6 | 55.8% | 41.5 | 33.3% |
Airport Development Fund (ADF) | 13.5 | 5.8% | 49.7 | 22.2% | (36.2) | (72.9%) |
Centralised infrastructure & handling related revenues | 33.1 | 14.4% | 31.1 | 13.9% | 2.0 | 6.5% |
Rentals, ITT and other revenues | 17.8 | 7.7% | 18.0 | 8.1% | (0.2) | (1.1%) |
Total revenues from Air Activities | 230.5 |
| 223.4 |
| 7.1 | 3.2% |
Revenues and other income from Air Activities for the reported period amounted to €230.5 million, 3.2% higher versus H1 2024. The main contributor to this growth is the aggregate performance of revenues from Aeronautical charges and Airport Development Fund (ADF) income, which amounted to €179.6 million, 3.0% higher versus H1 2024, driven by the passenger traffic growth and the Airport Charges pricing adjustments. It is noted that the lower ADF income compared to H1 2024 has been fully offset by an equivalent increase of Passenger Terminal Facility (PTF) charge, while H1 2025 revenues from Airport Charges are in line with the Company’s 2025 Airport Charges adjustments, including the sustainability support scheme effective from January 2025.
Non-Air Activities revenues |
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amounts in EUR million | H1 2025 | % on total | H1 2024 | % on total | Change | Δ % |
Retail concession activities | 50.1 | 64.5% | 45.5 | 64.8% | 4.6 | 10.0% |
Car parking services | 11.6 | 14.9% | 10.8 | 15.4% | 0.8 | 7.1% |
Rentals, ITT and other revenues | 16.0 | 20.6% | 13.9 | 19.8% | 2.1 | 15.3% |
Total revenues & other income from Non-Air Activities | 77.7 |
| 70.2 |
| 7.5 | 10.6% |
Revenues and other income from Non-Air Activities in H1 2025 reached €77.7 million, 10.6% higher compared to H1 2024, driven primarily by the retail concession activities which reached €50.1 million in H1 2025, 10.0% higher compared to €45.5 million in the same period of 2024. This growth was primarily driven by the solid performance of the new concepts introduced in mid-2024, the increased passenger volumes to key high-spending, mostly non-Schengen destinations, and a favorable year-on-year comparison, as the prior year period was adversely impacted by extensive refurbishment-related disruptions.
Operating expenses
Operating expenses |
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amounts in EUR million | H1 2025 | % on total | H1 2024 | % on total | Change | Δ % |
Personnel expenses | 29.8 | 25.2% | 27.2 | 26.5% | 2.6 | 9.7% |
Outsourcing expenses | 43.8 | 37.0% | 38.4 | 37.4% | 5.4 | 14.1% |
Utility expenses & other operating expenses | 20.5 | 17.3% | 17.3 | 16.8% | 3.2 | 18.4% |
Grant of rights fee - variable fee component | 24.3 | 20.5% | 19.8 | 19.3% | 4.5 | 22.7% |
Total operating expenses | 118.4 |
| 102.7 |
| 15.7 | 15.3% |
During H1 2025, operating expenses excluding the costs for the AEP reached €118.4 million, a €15.7 million increase or 15.3% versus the prior year 2024. A significant part of this variance derives from the substantial increase of the variable portion of the Grant of Rights Fee (GoRF) to €24.3 million from €19.8 million, calculated on the basis of increased previous year’s profitability. Excluding the variable portion of the GoRF, operating expenses were by €11.2 million or 13.5% higher than H1 2024, mainly as a result of:
- additional resources (in-house and outsourced) required to handle significantly higher traffic compared to the respective period last year,
- the increase in minimum wages as per legislation in April 2025, along with the full year impact of the minimum wage increases in April 2024,
- the increased electricity cost attributed to higher electricity prices, and
- enhanced provision for planned heavy maintenance of runways, taxiways and airfield lighting.
EBITDA
During H1 2025, overall earnings before interest, tax, depreciation, and amortisation (EBITDA) amounted to €189.8 million, €1.1 million or 0.6% lower versus H1 2024. Adjusted EBITDA stood at €182.3 million, slightly lower by 0.6% versus H1 2024, implying adjusted EBITDA margin for the period of 59.2%, in line with Company’s short-term targets.
Depreciation & CapEx
Depreciation charge was €40.3 million in H1 2025, €0.7 million higher versus H1 2024 of €39.6 million. The CapEx utilised during this period reached €90.0 million, reflecting the progress of AEP and other investments.
Financial expenses
Net financial expenses stood at €29.4 million, €4.9 million or 20.3% higher versus H1 2024, mainly due to: (i) additional interest expenses following the change of interest hedging cap from 0% applicable in Q1 2024 to 2.5% from April 2024 and onwards, (ii) incremental financial cost due to the ramp up of capex and (iii) lower interest revenue on cash due to lower yields.
Profitability
Profit before Tax amounted to €120.2 million in 1H 2025 compared to €126.9 million in H1 2024. Income taxes decreased by €1.9 million, or 6.2% to €28.0 million in H1 2025 from €29.9 million in H1 2024. Therefore, H1 2025 Profit after Tax reached €92.2 million, €4.9 million or 5.1% lower than the same period last year.
Segment performance
The ADA establishes a “dual-till” system which separates regulated Air Activities from unregulated Non-Air Activities.
The table below shows the breakdown of the income statement between Air Activities and Non-Air Activities for Η1 2025:
Segment performance |
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amounts in EUR million | Air | % on total | Non-Air | % on total | Total |
Revenues & other income | 230.5 | 74.8% | 77.7 | 25.2% | 308.2 |
Total operating expenses7 | 104.0 | 87.9% | 14.4 | 12.1% | 118.4 |
EBITDA | 126.5 | 66.6% | 63.3 | 33.4% | 189.8 |
Depreciation & amortisation charges | 35.2 | 87.4% | 5.1 | 12.6% | 40.3 |
Net financial expenses | 25.5 | 87.0% | 3.8 | 13.0% | 29.4 |
Profit / (Loss) before tax | 65.7 | 54.7% | 54.5 | 45.3% | 120.2 |
Income tax benefit / (expense) | (15.9) | 56.6% | (12.2) | 43.4% | (28.0) |
Profit/ (Loss) after tax | 49.8 | 54.1% | 42.3 | 45.9% | 92.2 |
Revenue and other income arising from regulated Air Activities represents the largest component of our total revenue amounting to €230.5 million in Η1 2025, or 74.8%, of our total revenue and other income in the same period. In terms of profitability, Air Activities net profit reached €49.8 million, accounting for 54.1% of total Company’s profitability (Profit after tax).
Moreover, based on the calculation formula for the Cumulative Recoverable Aeronautical Charges, the Carry Forward Amount as of June 30th, 2025, was €16.5 million, compared to €23.0 million as of 1 January 2025.
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 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.
Key Developments - Events
Scrip Dividend Program
On 16 May 2025, the Company completed a capital increase of €84.75 million allocated to Air Activities Capital, following the successful implementation of the Scrip Dividend Program which was welcomed by 2,346 shareholders, resulting in a take up of 89.22% of total outstanding share capital. The Company's share capital increased by €9,544,087 to €309,544,087, divided into 309,544,087 common, dematerialized, registered, voting shares, of a nominal value of €1.00 each. The difference between the nominal value of the new shares and their offer price, totaling €72,207,405.56, was credited to the “Share Premium” account. The funds raised from the Share Capital Increase will be used for assets allocated to Air Activities. As of 30 June 2025, the Company has already utilised €18.1 million towards Air Activities investments.
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.
Airport Charges Adjustment
Following the gradual depletion of the Carry forward Amount, the Company applied airport charges adjustments for 2025, in line with regulation and having also taken into account the impact of the increase of Air Activities Capital through Scrip Dividend. In more detail, a consultation process with the Airport Users, in accordance with the provisions of Presidential Decree (PD) 52/2012, and taking into consideration the views expressed by all involved parties, the Company decided:
- To apply a temporary reduction of the Passenger Terminal Fee (PTF) charge by 30%, effective from October 1st, 2025 and until April 30th, 2026, to incentivize growth during the off-peak period, while keeping all other charges unchanged for 2025;
- To introduce a Sustainability Support Scheme (SSS) from January 1st to December 31st, 2025, providing a per departing passenger rebate on the PTF, ranging from €0.80 to €1.50 depending on aircraft type. The scheme aims to incentivize higher load factor and utilization of more fuel-efficient aircraft, contributing to the reduction, to the extent possible, of Scope 3 emissions.
Other than the above modulations, airport charges remained unchanged.
