Athens International Airport sees higher passenger traffic and revenue in 9M 2026

AIA today announced selected financial results for the nine-month period ended 30 September 2026, prepared in accordance with International Financial Reporting Standards (IFRS).

According to the announcement, passenger traffic reached 27.3 million, representing an increase of 4.3% compared with the first nine months of 2025. Total revenue and other income rose by 0.6% to €530.0 million, supported by higher passenger traffic and strong performance in non-aeronautical activities. These gains were partially offset by adjustments to aeronautical charges under the regulatory framework.

Adjusted EBITDA amounted to €331.2 million, down 1.3% year-on-year, in line with the company’s short-term targets. Profit after tax stood at €173.5 million, representing a decrease of 6.6% compared with the corresponding period of 2025. This reflected the impact of the exhaustion of the Carry-Forward Amount, which was partially offset by an increase in the Aeronautical Activities Capital Base.

Meanwhile, the airport expansion programme is progressing smoothly. Construction work is underway on the Multi-Storey Car Park (MSP) and the North-West Apron (NWA). The tendering process for the expansion of the Main Terminal Building’s South Pier commenced in October 2026, while preparations for subsequent development phases continue in line with the company’s revised, phased and flexible expansion strategy.

Passenger Traffic Developments

During the first nine months of 2026, passenger traffic at Athens International Airport reached 27.3 million, an increase of 4.3% compared with the same period in 2025. Domestic and international passenger traffic rose by 4.2% and 4.3%, respectively.

Passenger traffic remained above 2025 levels in every quarter, increasing by 8.1% in the first quarter, 2.2% in the second quarter and 4.0% in the third quarter.

During the third quarter of 2026, the airport maintained strong passenger traffic throughout the peak summer season, demonstrating the resilience of travel demand despite ongoing geopolitical tensions and the temporary closure of one of its two runways for two days in September for scheduled maintenance works.

At the same time, the underlying factors supporting demand for travel to Greece remained robust, strengthening Athens International Airport’s competitive position. The airport continues to rank among the best-connected airports in Europe, retaining eighth place at the European level for another year.

Despite relatively cautious expectations for the remainder of the year, amid significant pressure on fuel prices, the company maintains its forecast for mid-single-digit passenger traffic growth in 2026.

Revenue and Other Income

During the first nine months of 2026, total revenue and other income increased by 0.6% to €530.0 million, compared with €526.9 million in the corresponding period of 2025.

Revenue and other income from aeronautical activities amounted to €393.6 million, representing a decrease of 1.0% year-on-year. This development was primarily attributable to the company’s aeronautical charging policy and, in particular, the implementation of a temporary 30% discount on the Passenger Service Charge, which applied from 1 October 2025 to 30 April 2026.

The discount was introduced to align profitability from aeronautical activities in 2026 with the maximum return of 15% on the Aeronautical Activities Capital Base, as stipulated by the regulatory framework, following the exhaustion of the Carry-Forward Amount.

Revenue and other income from non-aeronautical activities reached €136.4 million in the first nine months of 2026, an increase of 5.4% compared with the same period in 2025.

In the third quarter, revenue growth from commercial activities exceeded the corresponding increase in passenger traffic. This performance was driven by the passenger mix, particularly in the extra-Schengen area, sustained strong consumer spending trends and targeted improvements implemented in food and beverage (F&B) outlets in the intra-Schengen area.

These positive developments were partially offset by continued pressure on revenue from car parking services due to construction works on the Multi-Storey Car Park (MSP), although the impact eased during the third quarter.

Operating Expenses

Operating expenses for the first nine months of 2026 amounted to €187.6 million, an increase of €7.5 million, or 4.2%, compared with the corresponding period of 2025.

The increase was primarily driven by inflationary pressures, minimum wage adjustments in accordance with the applicable legislation, and additional resources—including company personnel and third-party services—required to accommodate higher passenger traffic, manage the operational impact of the European Entry/Exit System (EES) and maintain service quality.

These increases were partially offset by lower utility costs, resulting from energy-saving initiatives under the company’s “Route 2025” programme, as well as a lower concession fee calculated on the basis of the previous year’s reduced profitability.

EBITDA and Adjusted EBITDA

For the first nine months of 2026, total earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €342.5 million, down €4.4 million, or 1.3%, compared with the same period in 2025.

Adjusted EBITDA stood at €331.2 million, also 1.3% lower year-on-year, in line with the company’s short-term targets.

Profitability

Profit before tax for the first nine months of 2026 amounted to €231.8 million, compared with €241.0 million in the corresponding period of 2025.

Profit after tax totalled €173.5 million, down €12.3 million, or 6.6%, year-on-year, in line with the company’s short-term targets.