Athens International Airport (AIA) Q2 2024 earnings summary

Executive summary

• Achieved record H1 2024 passenger traffic of 14 million, up 16% year-over-year, with international growth at 19.5% and domestic at 8.6%.

• Revenue grew 16.8% to €293.6 million, with adjusted EBITDA up 16.6% to €183.4 million and net income after tax at €97.1 million, up 15.2%.

• Free cash flow conversion was 93.6%, with free cash flow reaching €181.8 million.

• Recognized as best airport by airlines at Routes Europe for route development and marketing.

• Major expansion and sustainability projects are underway, including a 35.5 MW photovoltaic park and battery storage for net zero electricity by 2025.

Financial highlights

• Adjusted EBITDA margin reached 62.5% in H1 2024.

• Retail concession and car parking revenues grew 23.4% and 24% year-over-year, respectively.

• Air revenues increased 16.1%, while non-air revenues outperformed at +19.2%.

• Operating expenses increased due to higher traffic and inflationary pressures.

• Free cash flow was €171.8 million, with net debt/EBITDA at 2.0x.

Outlook and guidance

• Expecting low double-digit passenger traffic growth for full year 2024, with adjusted EBITDA margin projected above 60%.

• Expansion program (33MAP Master Plan) on track, with major CapEx outlays to begin in 2025 and financing expected by year-end.

• Stable aeronautical charges anticipated, with transition from ADF to PTF in November 2024.

• Intention to propose maximum allowable profit distribution to shareholders reaffirmed.