Athens International Airport delivered a solid first half, with traffic up 4.5% to a record 15.8 million passengers and adjusted EBITDA of €168.5 million. However, revenue fell 2.8% to nearly €300 million as airport-charge adjustments reduced air-activity revenue; the +3.7% share-price reaction indicates investors viewed the in-line performance and second-half improvement as modestly positive.
- Passenger traffic increased 4.5% year over year to 15.8 million, with international traffic up 4.2% and domestic traffic up 5.1%; August subsequently exceeded 4 million passengers for the first time.
- Revenue declined 2.8% to almost €300 million, primarily due to a 4.9% reduction in air-activities revenue following airport-charge adjustments after depletion of the carry-forward mechanism.
- Adjusted EBITDA was €168.5 million. Management expects performance to strengthen in the second half as the PTF discount impact, which ended in April, rolls off.
- Non-air revenue remained resilient, growing slightly below traffic, supported by favorable passenger mix and commercial initiatives.
- Capital and financing flexibility improved: the 2026 scrip dividend generated approximately €83 million of capital, while a €500 million bond was issued at a 3.75% coupon with more than €2.6 billion of orders.
Community Discussion