Athens International Airport (AIA) Q4 2025 earnings summary

Executive summary

• Achieved record passenger traffic of 34 million in 2025, up 6.7% year-over-year, outpacing European averages and surpassing pre-pandemic levels by 33%, with international segment growth of 8.6%.

• Total revenues reached €675.6 million (+1.5% vs. 2024), with adjusted EBITDA at €394.9 million (58.5% margin, -7.0% year-over-year), and net profit at €207.3 million, reflecting regulatory impacts and higher costs.

• Major Airport Expansion Program advanced, with €161 million capex in 2025 and a target of 40 million passenger capacity by 2032.

• Achieved Net Zero Scope 1 & 2 emissions by end of 2025, supported by major investments in clean energy and on-site renewables.

• Scrip Dividend Program launched, raising €84.75 million in 2025 with 89.2% shareholder participation; FY2025 dividend proposed at €0.66/share (€204.86 million total).

Financial highlights

• Air Activities revenues stable at €504.9 million; Non-Air Activities revenues up 6.5% to €170.7 million, led by retail concessions (+8.1%).

• Adjusted EBITDA: €394.9 million (58.5% margin, -7.0% year-over-year); net profit: €207.3 million (-12.1% year-over-year).

• Free cash flow: €233.9 million (59.2% cash conversion), impacted by higher capex.

• Net debt: €614 million; net debt/EBITDA at 1.6x.

• Dividend proposal: €0.66 per share, total €204.86 million, with cash and scrip components.

Outlook and guidance

• 2026 passenger traffic expected to grow at low single digits, with stable aeronautical yields and net income projected at approximately €200 million.

• Adjusted EBITDA margin projected to be ~100 bps below long-term 60% target due to construction.

• Dividend policy maintained at 100% of distributable profits; up to €100 million available for reinvestment via Scrip Dividend.

• Retail and parking revenue growth may be constrained by construction and space limitations.

• Company expects to achieve and maintain Net Zero Scope 1 and 2 emissions.