Athens International Airport (AIA) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw robust passenger traffic growth of 11.4% year-over-year, reaching 5.8 million passengers, with strong international and domestic demand despite macroeconomic and geopolitical challenges.

• Total revenues and other income rose by 9.0% to €125.0 million, driven by both air and non-air activities, with non-air revenues up 17.5% due to retail and parking.

• Adjusted EBITDA increased 3.6% to €65.0 million, while net profit declined by €2.3 million to €26.2 million, mainly due to the depletion of the Air Activities Carry Forward amount and higher financial expenses.

Financial highlights

• Passenger traffic: 5.8 million (+11.4% vs Q1 2024); international up 15.0%, domestic up 3.1%.

• Total revenues & other income: €125.0 million (+9.0% year-over-year).

• Adjusted EBITDA: €65.0 million (+3.6% year-over-year); EBITDA: €68.8 million (+3.4%).

• Net profit: €26.2 million (-8.1% year-over-year); profit before tax: €34.1 million (-7.8%).

• Operating expenses: €56.2 million (+16.8% year-over-year), mainly due to higher variable Grant of Rights Fee, staffing, and electricity costs.

Outlook and guidance

• Passenger demand is expected to continue growing through 2025, though at a slower pace than Q1; macroeconomic uncertainty could impact trends if global recessionary pressures rise.

• Non-air revenue growth anticipated to normalize for the remainder of the year as Q1 benefited from a favorable comparison base.