Athens International Airport S.a · ATHEX:AIA
Athens International Airport — Investor Presentation (July 2025)
38 slides from Athens International Airport's investor presentation, July 2025
Slide 1: Athens International Airport S.A. Corporate Presentation
Athens International Airport S.A. Corporate Presentation July 2025
Slide 2: Agenda
Agenda Introduction Key Highlights & Strategy Update Business Developments Financial Performance Outlook Financial Calendar 2
Slide 3: Athens International Airport – An introduction
Athens International Airport – An introduction Airport Overview 1. Largest Airport in Greece with 31.9m Pax as of FY 2024 2. 30 + 20 Year Concession Operating under a Dual-Till Athens International Regulation Starting in 1996 and Expiring in 2046 Airport 3. Law 5045/23: New tender latest 2040 – AIA
Slide 4: Key Highlights & Strategy Update
Key Highlights & Strategy Update 4
Slide 5: Key highlights
Key highlights Traffic Revenue and Adjusted EBITDA Shareholder Overview Q1 2025 Revenue, Other Income and ADF (€m) +11.4% +15.0% 10.2% 665.5 603.7 Q1 ‘25 vs Q1 ‘24 International Traffic 160.3 138.6 Traffic 2024 9.0% Other HCAP Non- Air 465.1 505.2 114.6 125.0 Shareholders ca. 40% 33.3 GmbH 31.9m +13
Slide 6: New record levels for 2024 passenger traffic
New record levels for 2024 passenger traffic exceeding 2023 by 13.1% and 2019 by 24.5% Traffic Evolution Routes 157 143 156 157 Strong growth continued ✓ International: +15.7% vs 2023 +24.5% vs 2019 ✓ Domestic: +7.3% vs 2023 +13.1% 31.9 28.2 25.6 Routes at Pre-Covid Levels 22.7 ✓ Connected in 2024 t
Slide 7: AIA to the top European traffic ranking for 2024
AIA to the top European traffic ranking for 2024, with strong year-round performance AIA’s performance vs. European airports 24.5% 13.1% ✓ ΑΙΑ outperformed most of its European 8.2% 7.6% 7.4% 4.0% peers vs. prior year, while seeing the 0.6% 1.8% highest increase vs. 2019(1) '24 vs '23 '24 vs '19 AIA
Slide 8: Q1 2025 passenger traffic exceeded Q1 2024 by 11.4%
Q1 2025 passenger traffic exceeded Q1 2024 by 11.4% Passengers by Month Passengers by Domestic/International Passengers Q1 by Month 2024 Passengers Q1 International Million Million 2025 +11.4% Domestic 10.8% 7.0 2.50 14.5% 9.0% 2.2 5.8 2.0 6.0 5.2 2.00 1.8 1.8 5.0 1.6 1.6 15.0% 1.50 4.0 4.2 3.6 3.0
Slide 9: Accelerated Airport Expansion Programme and resulting benefits
Accelerated Airport Expansion Programme and resulting benefits Updated Capex Programme Rationale for Acceleration Capex Pax Capacity 33MAP Realize capacity for 40 million passengers per year By 2028 ca. €650m(1) 26 → 33m ✓ by 2032 – versus mid-2030s 40MAP €700m+(1) 33 → 40m Mid.2030s Non-Air space d
Slide 10: Enhanced shareholder value through Air Activities capital increase
Enhanced shareholder value through Air Activities capital increase and earlier delivery of commercial space The capex acceleration will be partially funded by capital increase through a voluntary Scrip Dividend of up to €100 million from 2024 profits, and up to another €140 million over the subseque
Slide 11: Business Developments
Business Developments 11
Slide 12: Well diversified traffic mix - limited exposure on business travel
Well diversified traffic mix - limited exposure on business travel Diverse Mix of Low Cost, Hybrid and Full Pax by Country of Residence Business / Leisure Domestic / International ✓ Services Airlines South Middle East America Africa 3.7% 1.0% 0.6% Asia/ Business Pax Domestic Pax Pacific 5.5% Rest of
Slide 13: Business developments and achievements 2024
Business developments and achievements 2024 Operational achievements solidifying AIA’s strong performance Recent Awards Received Home Based Carriers New Airlines 2024 & 2023 Route Development & Airline Marketing Excellence Award (1st place, 20m+ pax category) Airlines ✓ +10 new destinations for the
Slide 14: Our Expansion Programme is well on track anchored on three main pillars
Our Expansion Programme is well on track anchored on three main pillars Comments Total Budget(1): ▪ Consolidated 33 MAP and 40 MAP plans, accelerating completion to 2032 ▪ Key features: ✓ New aircraft contact €1,280m ▪ +148,000 sqm (+68%) versus current terminal ✓ Expanded passenger stands ▪ Faster
Slide 15: On track with Route 2025 for commitment to 100% net-zero carbon
On track with Route 2025 for commitment to 100% net-zero carbon Environment Low Carbon Frontrunner – Athens International Airport’s Route 2025 Roadmap European Airports’ Net Zero Commitments (5) (6) (4) 2023 2024 2025 2030 2033 2035 2038 2040 2045 2050 (1) (2) (3) ` ▪1.35.5 MWp 35.5 MWp Photovoltaic
Slide 16: Financial Performance Q1 2025
Financial Performance Q1 2025 16
Slide 17: Strong Kick-off to the Year with robust traffic growth
Strong Kick-off to the Year with robust traffic growth and solid profitability in line with regulation Revenue & Other Income (€m) Operating Expenses (€m) € per 5.4 5.7 passenger 16.5 15.8 ▪ Increased variable component of Grant ▪ 2025 Q1 Total Revenues increased +16.8% of Rights Fee due to the 2024
Slide 18: Financial Performance 2024
Financial Performance 2024 18
Slide 19: Record high revenues: Air Activities grew in line with passengers
Record high revenues: Air Activities grew in line with passengers while Non-Air outperformed traffic levels Revenue & Other Income (€m) ▪ Air and Non-Air Revenues 5.0 4.8 increased by 12.5% and € per passenger 15.9 15.9 18.9% vs 2023 respectively… +10.2% ▪ …with traffic the key driver +14.0% 665.5 6
Slide 20: Aeronautical Charges and ADF dominate Air revenues
Aeronautical Charges and ADF dominate Air revenues - Retail Concessions make up almost 2/3 of Non-Air revenues 2024 Air Revenue Breakdown 2024 Non-Air Revenue Breakdown Centralised Air/Non-Air Activities Rentals, ITT infrastructure & Rentals, ITT and and other handling related revenues other revenue
Slide 21: Continued focus on cost discipline
Continued focus on cost discipline while providing attractive service level Operating Expenses (€m) Opex(3) 2024 Breakdown Opex / Pax (€) 7.15 7.08 Opex (excl. Grant of Rights Other Operating Expenses ▪ Increased variable component of Grant 6.10 5.84 Fee) / Pax (€) of Rights Fee due to the 2023 high
Slide 22: AIA enjoys profitability with continued attractive margins
AIA enjoys profitability with continued attractive margins Adjusted EBITDA (€m)(1) Net Income (€m)(2) ▪ Adjusted EBITDA has been provided: % margin 62.9% 63.8% Earnings per Share 0.77 0.78 ✓ to include the negative impact of the fixed component of the Grant of Rights Fee, i.e., €15.0 million 15.7% 1
Slide 23: Carry Forward amount on Dec 2024 at €22.4m
Carry Forward amount on 31 Dec 2024 at €22.4m Net Income (€m) Well-Defined Regulatory Return Implied return on Air Activities (1) 24.6% 23.3% 29.8% 26.8%(1) 26-27% Maximum Air Activity Revenue 231.5 235.9 158.8 168.0 Non-Air 75.6 90.9 47.8 57.3 155.9 145.0 Air Air 111.0 110.7 Activity 9.6 -51.5 -41.
Slide 24: Leverage at low levels of 1.5x end 2024
Leverage at low levels of 1.5x end 2024 Net Debt (€m) Net Debt / Adj. EBITDA 2.0x 1.2x 1.8x 1.5x 652.6 649.7 ▪ AIA’s principal sources of liquidity are cash 623.1 from operating activities and bank loans 390.2 ▪ 2024 leverage of 1.5x Net Debt to Adjusted EBITDA 2019 2022 2023 2024 ▪ Strong profitabi
Slide 25: Outlook
Outlook 25
Slide 26: 2025 Outlook
2025 Outlook Performance Outlook FY 2025 Guidance Traffic forecasts: ▪ Expect mid-single digit growth for passenger traffic during full year 2025 - long term traffic in low single digits ▪ Change of status from "non-coordinated" to "schedule facilitated" for the summer of 2025 to effectively address
Slide 27: Summary
Summary ✓ Strong Traffic growth (13.1% 2024 vs 2023 and 11.4% Q1 2025 vs Q1 2024) with solid profitability ✓ 100% dividend payout of €0.78 per share ✓ Accelerate Airport Expansion to deliver 40MAP capacity by 2032 – 5 years earlier than originally planned - with gradual incremental deliveries throug
Slide 28: Financial Calendar 2025
Financial Calendar 2025 Commencement of the trading of new shares, commencement of the Friday, 16 May 2025 payment of dividend in cash Tuesday, 9 September 2025 Release of Financial Results of First Half 2025 & Semi-Annual Financial Report (after market closing) 2025 Wednesday, 10 September 2025 Ana
Slide 29: Appendix
X! ATHENS ELEeens venteniOs
Slide 30: An 'Airport Community' of 400 Businesses and 18,900 People
An ‘Airport Community’ of 400 Businesses and 18,900 People ✓ Usufruct rights over airport area of 16.5 million m2 ✓ 2 independent runways ✓ 24-hr operations ✓ c.185,000 m2 Main Terminal Building ✓ c.34,000 m2 Satellite Terminal Building ✓ 24 contact bridges ✓ 75 active remote positions ✓ c.13,500 m2
Slide 31: The Concession Agreement transparently lays out the Regulatory Framework
The Concession Agreement transparently lays out the Regulatory Framework Relevant Authorities and Relationships with AIA Key Terms Term of Concession European Union Aviation Ministry of Infrastructure Safety Agency and Transportation ▪ Concession term of 30 + 20 Years ▪ Starting date: 12th June 1996
Slide 32: Benign Dual-Till regulation providing downside protection and growth upside
Benign Dual-Till regulation providing for some downside protection and growth upside Established Economic Regulatory Framework Comprehensive Concession Agreement 1 Attractive Dual-Till Regulatory Framework ✓ Uncapped upside from non-air activity streams Airport Development ✓ Strong revenue base from
Slide 33: Dual-Till regulation provides downside protection
Dual-Till regulation provides downside protection to Athens International Airport along with an uncapped growth potential to Non-Air Activities Well-Defined Regulatory Return Established Economic Regulatory Framework Tariff Mechanism Air/Non-Air Activities Allocation based on whether activities fall
Slide 34: Allowed Airport Charges Build-up
Allowed Airport Charges Build-up Bottom-up Approach Calculations Allocated to Air Activities 15% Maximum Paid in Capital HICP (indexed) Net Income Revenue Allowed RoE % Operating Expense Allocation to Air Operating Expenses Operating Expenses Activities % Depreciation & Amortization Depreciation & D
Slide 35: Master Plan Has Been Approved by the Regulator
Master Plan Has Been Approved by the Regulator A Main terminal building (MTB) expansion B Expansion of the MTB airfield (contact C Second terminal (pax processing, lounges, baggage, retail) gates, processing & retail) Multi-storey car park Multi-storey car park New apron, taxiways, service bridge, t
Slide 36: Non-Air Revenue: Solid, profitable agreements and proven long-term partnerships
Non-Air Revenue: Solid, profitable agreements and proven long-term partnerships Retail Concession activities (1) Offering the Best of Greece Koulourades Mastihashop ✓ ✓ Variable fee determined as % of turnover ✓ ✓ MAG amount and cash or bank security guarantees Key Concessionaires 157 outlets 73 Agr
Slide 37: Highly resilient, efficient and profitable Airport Operator
Highly resilient, efficient and profitable Airport Operator Critical Infrastructure Connecting the World to Greece, Underpinned by 86% 70% 40% 1 Leisure Traffic (1) International Traffic (1) of total Greek aviation Attractive Demand Fundamentals and Strong Macro Tailwinds traffic (1) 2 Trophy Airpor
Slide 38: Disclaimer
Disclaimer Confidential IMPORTANT: By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the Confidentiality following limitations: This presentation and its contents are confidential and contain proprietary and confidential informa
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