Passenger traffic at Athens International Airport up 8.1% in first quarter of 2026

Passenger traffic in the first quarter of 2026 amounted to 6.3 million passengers, an increase of 8.1% compared with the first quarter of 2025.

Total revenue and other income decreased by €7.1 million, or 5.7%, to €117.9 million in the first quarter of 2026 compared with the first quarter of 2025, mainly due to the temporary 30% discount on the Passenger Service Charge, which was applied from 1 October 2025 and ended on 30 April 2026.

Adjusted EBITDA stood at €55.3 million, down 14.9% compared with the first quarter of 2025, reflecting the impact of the pricing policy implemented in order to align profitability with the regulatory framework.

Profit after tax amounted to €18.9 million, a decrease of €7.3 million, as expected, in order to ensure that the annual results of the Aeronautical Activities remain aligned with the regulatory framework following the exhaustion of the Carryover Amount.

The Dividend Reinvestment Plan (Scrip Dividend) for 2026 was successfully completed on 15 May, with a participation rate of 87.64% and capital raised of €83.25 million, which will be added to the Aeronautical Activities Capital.

The Airport Expansion Programme is ongoing: construction works are progressing on the multi-storey car park and the new north-west aircraft parking area, while the tender process with Early Contractor Involvement (ECI) for the Main and Satellite Terminal buildings is underway, with the award expected in the second half of 2026.

The Company maintains its outlook for 2026.

In particular, as announced, during the first quarter—which is traditionally the weakest quarter of the year in terms of passenger traffic—the airport served a total of 6.28 million passengers, marking an increase of 8.1% compared with the first quarter of 2025. The strong growth momentum of the last quarter of 2025 continued during the first two months of the year, with January and February recording strong growth rates of approximately 8.6% and 13.2% respectively.

Passenger traffic growth slowed in March 2026 compared with the previous two months, amid the intensifying geopolitical crisis in the Middle East. However, traffic remained 3.8% higher compared with 2025 levels. The impact of geopolitical tensions continued into April, with passenger traffic growth slowing to 1% compared with 2025. The Company notes that it continues to closely monitor developments and, based on current data regarding the scope and duration of the conflict in the Middle East, maintains its estimate for full-year 2026 passenger traffic growth at a low single-digit percentage.

During the first quarter of 2026, the Company continued to record healthy financial performance, supported by strong passenger traffic trends.

Total revenue and other income decreased by 5.7%, from €125.0 million in Q1 2025 to €117.9 million in Q1 2026.

Revenue and other income from Aeronautical Activities amounted to €82.9 million, a decrease of 9.6% compared with Q1 2025, due to the Company’s aeronautical charging policy, in particular the temporary 30% discount on the Passenger Service Charge applied from 1 October 2025 to 30 April 2026. Through this policy, the Company aims to align the profitability of Aeronautical Activities for 2026 with a 15% return on Aeronautical Activities Capital, in accordance with the regulatory framework, following the exhaustion of the Carryover Amount.

Operating expenses in the first quarter of the year amounted to €58.8 million, up by €2.5 million or 4.5% compared with Q1 2025.

Excluding the variable component of the Grant of Rights Fee (which is calculated based on the previous year’s profitability), operating expenses increased by €3.4 million or 7.8%, mainly due to:
– additional resources (Company staff and third-party services) required to manage higher passenger traffic levels,
– inflation and the full-year impact of minimum wage increases implemented in April 2025,
– increased provision for major maintenance of runways, taxiways, and airfield lighting systems,
– lower utilities costs resulting from energy-saving initiatives under the Route 2025 programme, which partially offset the above increases.

EBITDA
As a result of the evolution of operating revenues and expenses, EBITDA for Q1 2026 amounted to €59.1 million, down €9.7 million or 14.1% year-on-year, in line with the Company’s short-term targets.

Profitability
Profit before tax for the period January–March 2026 amounted to €24.7 million, down €9.4 million compared with the same period last year, while profit after tax stood at €18.9 million, down €7.3 million year-on-year, following the exhaustion of the Carryover Amount of Aeronautical Activities.

Dividend Reinvestment Plan (Scrip Dividend)
On 15 May 2026, the Company completed a share capital increase of €83.25 million, added to the Aeronautical Activities Capital, following the successful implementation of the second year of the four-year 2025–2028 Scrip Dividend Programme. A total of 2,166 shareholders participated, corresponding to 87.64% of the total share capital. The Company’s share capital increased by €8,653,718 to €318,197,805, divided into 318,197,805 ordinary, dematerialised, registered voting shares with a nominal value of €1.00 each. The difference between the nominal value of the new shares and their issue price, amounting to €74,595,049.16, was credited to the “Share Premium Account”. The funds raised will be used for investments in Aeronautical Activities.

Geopolitical developments
The war in the Middle East continues to affect passenger traffic from the affected regions. In addition, any prolonged duration and/or further escalation of geopolitical tensions could lead to further increases in jet fuel prices and potential global fuel supply constraints, which could adversely affect airline operations and air travel demand, depending on the extent and duration of the crisis.

The Company continues to closely monitor developments and assess potential impacts on its operations and financial performance. Based on currently available data, no material impact has been identified on overall passenger traffic or financial performance, and the Company therefore maintains its 2026 outlook.

Investment programme
At the same time, the Company continues to implement its major investment programme. Construction works are underway for the new multi-storey car park with 3,365 spaces and the new north-west aircraft parking area, while the tender process for the expansion of the Main and Satellite Terminals is progressing, with the selection of the contractor expected in the second half of 2026.