Athens International Airport (AIA) investor relations material

Executive summary

• Passenger traffic in Q1 2026 reached 6.3 million, up 8.1% year-over-year, with strong growth in January and February, but moderated in March due to Middle East geopolitical tensions.

• Total revenues and other income declined 5.7% to €117.9 million, mainly due to a temporary 30% Passenger Terminal Facility charge discount.

• Adjusted EBITDA fell 14.9% to €55.3 million, reflecting regulatory-driven pricing policy and the end of the Air Activities Carry Forward amount.

• Net profit dropped 27.9% year-over-year to €18.9 million, aligning with regulatory profitability targets.

Financial highlights

• Air Activities revenues decreased 9.6% to €82.9 million, while Non-Air Activities revenues rose 4.8% to €35.0 million.

• Operating expenses increased 4.5% to €58.8 million, driven by higher staffing, inflation, and maintenance, partially offset by energy savings.

• EBITDA was €59.1 million, down 14.1% year-over-year.

Outlook and guidance

• Full-year 2026 traffic guidance reaffirmed for low single-digit growth despite ongoing geopolitical risks.

• No material impact on overall traffic or financial performance identified so far from Middle East conflict.