Athens International Airport (AIA) Q4 2024 earnings summary

Executive summary

• Achieved record passenger traffic of 31.9 million in 2024, up 13.1% year-over-year, representing 40% of Greek aviation traffic and outperforming major European peers.

• Revenue reached €665.5 million, a 10.2% increase versus 2023, driven by strong international and leisure traffic and growth in both air and non-air segments.

• Adjusted EBITDA rose 15.7% to €424.8 million, with a margin of 63.8%, among the highest in Europe.

• Net income was €235.9 million, up 11.5% year-over-year (excluding one-off compensation), with a proposed 100% dividend payout of €0.78 per share and a new Scrip Dividend Programme.

• Accelerated airport expansion to reach 40 million passenger capacity by 2032, five years ahead of the original plan, with phased investments and equity issuance.

Financial highlights

• Air Activities revenue was €505.2 million (76% of total), with per passenger revenue at €15.9; Non-Air Activities revenue reached €160.3 million, with per passenger revenue at €5.0, up 18.9%.

• Adjusted EBITDA margin: 63.8% in 2024, sector-leading among European peers.

• Net income was €235.9 million, up 11.5% year-over-year (excluding one-off compensation).

• Operating expenses were €225.7 million, with cost per passenger down to €5.84; operating expenses (excluding Grant of Rights Fee) increased 8.2% to €186.0 million.

• Net debt reduced to €623.1 million, with Net Debt/Adjusted EBITDA at 1.5x.

Outlook and guidance

• Passenger growth for 2025 is forecast at mid-single digits, moderating to low single digits long-term.

• Adjusted EBITDA margin expected to decrease by ~100 bps in 2025, but remain above 60%.

• Net income guidance for 2025 and 2026 is ~€200 million annually, including remaining Carry Forward benefit.

• Commercial revenue per passenger expected to remain stable in 2025, with significant upside after expansion completion.

• Ongoing investments in airport expansion and sustainability, including a 35.5MW photovoltaic park and electrification initiatives.