Athens International Airport S.a · ATHEX:AIA
Athens International Airport — Investor Presentation (October 2025)
39 slides from Athens International Airport's investor presentation, October 2025
Slide 1: Athens International Airport S.A. Corporate Presentation
Athens International Airport S.A. Corporate Presentation October 2025
Slide 2: Agenda
Agenda Introduction & Key Highlights Traffic Business Developments Strategy Update & ESG Financial Performance Outlook 2
Slide 3: Introduction & Key Highlights
Introduction & Key Highlights 3
Slide 4: 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 5: Key highlights
Key highlights Traffic Revenue and Adjusted EBITDA Shareholder Overview H1 2025 Revenue, Other Income and ADF (€m) (2) 15.1m +7.6% +9.8% 10.2% 665.5 Pax H1 2025 H1 ‘25 vs H1 ‘24 International Traffic 603.7 160.3 5.0% 138.6 Traffic 2024 293.6 308.2 Other HCAP(4) Non- 77.7 Air 505.2 70.2 Shareholders
Slide 6: Traffic
Traffic 6
Slide 7: Record-breaking passenger traffic in H1 2025, paving the way for another record year
Record-breaking passenger traffic in H1 2025, paving the way for another record year Traffic Evolution Passengers by month Routes 156 157 +7.6% +13.1% 4.50 16.0% 31.9 Easter timing effect 3.9 15.1 4.00 3.6 3.8 3.6 14.0% 28.2 14.0 14.5% 3.3 3.5 3.50 10.8% 3.0 3.1 12.0% 3.00 9.0% 2.7 17.8 2.5 10.0% 9.
Slide 8: AIA at the top of European traffic and connectivity ranking for 2025
AIA at the top of European traffic and connectivity ranking for 2025 AIA’s performance vs. European airports 33.9% ✓ Ranked 1st with the strongest rebound momentum (+34%) since 2019(1)across 7.6% 4.0% 3.3% 4.5% 4.9% 3.0% 5.1% Europe '25 vs '24 '25 vs '19 ✓ among top performers vs H1 2024 AIA Europea
Slide 9: 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 10: Business Developments
Business Developments 10
Slide 11: Business developments and achievements H1 2025
Business developments and achievements H1 2025 Operational achievements solidifying AIA’s strong performance Home Based Carriers New Airlines Recent Awards Received ✓ +11 new network developments from visiting Airlines ✓ +8 new destinations for the Home-Based airlines, including major Long-Haul rout
Slide 12: Other key accomplishments
Other key accomplishments Scrip Dividend Program 2025 ▪ Strong shareholder participation with 89.22% take up, generating €84.75m for Air Activities Capital effective from 16 May 2025 ▪ First year implementation of the 4-year program up to €240m Airport Charges adjustment ▪ Temporary reduction of the
Slide 13: Strategy Update & ESG
Strategy Update & ESG 13
Slide 14: Accelerated Airport Expansion Program and resulting benefits
Accelerated Airport Expansion Program and resulting benefits Updated Capex Program 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 devel
Slide 15: Our Expansion Program is well on track anchored on three main pillars
Our Expansion Program is well on track anchored on three main pillars ▪ Consolidated 33 MAP and 40 MAP plans, accelerating completion to 2032 ▪ Key features: Total ✓ Expanded passenger ✓ New aircraft contact stands Budget (1): ▪ Approx. +150,000 sqm (+68%) versus current terminal processing faciliti
Slide 16: Main Terminal and Satellite Expansion
Main Terminal and Satellite Expansion >150,000 sqm (+68%) >100% increase in commercial space Current Terminal Facilities - 40m pax by 2032 South Oculus & Pier North Oculus & Pier North Wing Extension
Slide 17: Enhanced shareholder value through Air Activities capital increase and earlier delivery of commercial space
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 18: Completion of Route 2025 by December, towards net-zero carbon emissions
Completion of Route 2025 by December, towards net-zero carbon emissions 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 Photovoltaic
Slide 19: Financial Performance
Financial Performance 19
Slide 20: Air Activities grew in line with regulation; non-Air outperformed traffic levels
Air Activities grew in line with regulation; non-Air outperformed traffic levels Revenue & Other Income(1) (€m) € per passenger 4.8 5.0 5.0 5.2 ▪ Air Activities Revenue increased by 3.2%; 15.9 15.9 15.9 15.3 Airport Charges adjustments reflecting: ✓ gradual depletion of the Carry 10.2% Forward Amoun
Slide 21: Continued investment in our operations to maintain the highest levels of service
Continued investment in our operations to maintain the highest levels of service Operating Expenses(1) (€m) Opex(3) Η1 2024 Breakdown Opex / Pax 7.15 7.08 7.33 7.85 Other Operating ▪ Increased variable component of Opex (excl. Grant Expenses of Rights Fee) / 6.10 5.84 5.91 6.24 Utility Expenses Gran
Slide 22: On target performance: Air Activities profits in line with regulation, increased Non-Air profitability
On target performance: Air Activities profits in line with regulation, increased Non-Air profitability Adjusted EBITDA (1) (€m) Net Income (€m) % margin Earnings per 0.77 0.79 62.9% 63.8% 62.5% 59.2% Share 424.8 367.2 231.5 235.9 131.6 106.0 75.6 90.9 Non- -0.6% Air -5.1% Air Non- 183.4 182.3 Air 97
Slide 23: Increased Air Activities Equity supported by Scrip Dividend; Carry Forward amount
Increased Air Activities Equity supported by Scrip Dividend; Carry Forward amount on 30 June at €16.5m Inflated Equity (€m)(1) Well-Defined Regulatory Return 641.0 Maximum Air Activity Revenue 84.8 Air 449.3 450.5 474.4 523.7 541.7 556.2 Activity Costs 2020 2021 2022 2023 2024 2025 Initial paid in c
Slide 24: Leverage at 1.8x Net debt to LTM adj. EBITDA with 50.6% free cash flow conversion
Leverage at 1.8x Net debt to LTM adj. EBITDA with 50.6% free cash flow conversion due to increased investments Net Debt (€m) ▪ AIA’s principal sources of liquidity are cash Net Debt / LTM Adj. EBITDA from operating activities and bank loans. 2.0x 1.2x 1.8x 1.5x 1.8x ▪ H1 2025 leverage of 1.8x Net De
Slide 25: Outlook
Outlook 25
Slide 26: 2025 Outlook confirmed
2025 Outlook confirmed Performance Outlook FY 2025 & mid-term Guidance ▪ Expect mid-single digit growth for passenger traffic during full year 2025 Traffic forecasts ▪ Mid-to-long term traffic in low single digits ▪ Air Activities: Aeronautical Charges adjusted due to the gradual depletion of the Ca
Slide 27: Summary
Summary ✓ Strong Traffic growth (13.1% 2024 vs 2023 and 7.6% H1 2025 vs H1 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 through
Slide 28: Financial Calendar 2025
Financial Calendar 2025 Monday, 3 November 2025 Release Q3 2025 Trading Update: (before market opening) *Within the first days of each month, we publish previous month’s traffic figures 28
Slide 29: Appendix
X! ATHENS ELEeens venteniOs
Slide 30: New record levels for 2024 passenger traffic exceeding 2023 by 13.1% and 2019 by 24.5%
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 31: Aero charges and ADF dominate Air revenues; Retail Concessions make up almost 65% of Non-Air revenues
Aero charges and ADF dominate Air revenues ; Retail Concessions make up almost 65% of Non-Air revenues Air Revenue Breakdown Non-Air Revenue Breakdown Air/Non-Air Activities Centralised Allocation based on whether activities fall infrastructure & Rentals, ITT Rentals, ITT and under the profit cap on
Slide 32: 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 33: 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 34: Benign Dual-Till regulation providing for some 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 35: Dual-Till regulation provides downside protection along with uncapped growth potential
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 36: 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 37: 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 38: 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 39: Disclaimer
Disclaimer IMPORTANT: This document presents the Financial Results and the basic financial information of AIA for the first half of 2025 ended on 30 June 2025 and has been prepared, in all material aspects, in accordance with International Financial Reporting Standards (IFRS) and the basic accountin
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