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, driven by international and leisure segments, and outperforming major European peers.

• Revenue reached €665.5 million, a 10.2% increase versus 2023, with strong contributions from both Air and Non-Air activities.

• Adjusted EBITDA was €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 2023's €20 million COVID compensation), with EPS and proposed dividend at €0.78 per share.

• 100% of net profits proposed for distribution, with a mix of cash and voluntary Scrip Dividend Programme to support capex.

Financial highlights

• Air Activities contributed 76% of total revenues, with air revenue per passenger stable at €15.9.

• Non-Air Activities revenue per passenger rose 18.9% to €5.0, driven by strong retail and commercial performance.

• Operating expenses increased to €225.7 million, mainly due to higher traffic, inflation, and salary increases, but OpEx per passenger fell to €5.84.

• Return on Equity for Air Activities was 26-27%.

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

Outlook and guidance

• Passenger growth for 2025 is forecast in the mid-single digits, with long-term growth converging to low single digits.

• Adjusted EBITDA margin for 2025 expected to decrease by ~100 bps, slightly below the long-term 60%+ target.

• Net income for 2025 and 2026 projected at approximately €200 million annually.

• Expansion to 40 million passenger capacity accelerated to 2032, with incremental capacity delivered by 2028.

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