Athens International Airport S.a · ATHEX:AIA
Athens International Airport — H1 2024 Earnings Presentation
27 slides from Athens International Airport's earnings presentation, Sep 11, 2024
Slide 1: Athens International Airport H1 2024 Financial Results
Athens International Airport H1 2024 Financial Results Investors’ and Analysts’ Presentation September 11, 2024
Slide 2: Agenda
Agenda Business Highlights Financial Performance Strategy & ESG Outlook Investment Highlights Calendar 2
Slide 3: Business Highlights
xT ATHENS Business Highlights
Slide 4: Key Highlights
Key Highlights Traffic 12.1m 14.0m +16.0% +19.5% Pax H1 2023 Pax H1 2024 H1 ‘24 vs H1 ‘23 International Traffic Revenue and Adjusted EBITDA Revenue, Other Income and ADF (€m) Adjusted EBITDA (€m)(1) 16.8% 293.6 16.6% 251.3 70.2 183.4 157.3 59.0 Non- Non- 56.3 Air Air 46.6 Air 223.4 192.4 Air 110.7 1
Slide 5: Record traffic for the first six months of 2024
Record traffic for the first six months of 2024 Traffic Evolution Passengers by month Routes 157 156 4.00 25.0% 3.61 3.64 +10.2% +16.0% 3.50 20.1% 3.30 3.30 3.30 18.4% 3.01 2.92 20.0% 3.00 16.2% 28.17 14.01 2.48 2.54 25.57 2.50 12.08 2.14 18.6% 15.0% 2.01 2.00 1.60 1.45 1.61 1.67 16.10 12.9% 14.32 9
Slide 6: Business developments and achievements in H1 2024
Business developments and achievements in H1 2024 Operational achievements solidifying AIA’s strong performance New Recent Awards Received Airlines VAT Case Developments AIA is committed to continuing its successful route and traffic development strategy, 2024 launching relationships with new carrie
Slide 7: Positive developments in important fronts
Positive developments in important fronts ▪ Decisions for 5 of 10 pending court cases related to VAT litigation (total amount of €155.1mn) were published on 18 June 2024 VAT Case ▪ AIA’s appeals representing c.€149.5m have been accepted (years 2001, 2003) Update ▪ AIA’s appeals representing €0.4m ha
Slide 8: Airport Expansion Program Update
Airport Expansion Program Update ✓ HCAA approved the optimised 33MAP Master Plan along with relevant timeplan ✓ Expansion program is on-track with successful execution to date of key planning elements Northwest Apron (aircraft parking area) development Multistorey car parking Expansion of existing T
Slide 9: 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 10: Financial Performance
xT ATHENS Financial Performance
Slide 11: Record high revenues: Air Activities grew in line with passengers
Record high revenues: Air Activities grew in line with passengers; non-Air outperformed traffic levels Revenue & Other Income(1) (€m) Comment 4.1 4.8 4.9 5.0 € per passenger 16.2 15.9 15.9 15.9 ▪ Traffic development and flat +16.4% +16.8% airport charges led to 16.1% increase in H1’24 Air Revenues;
Slide 12: Aero charges and ADF dominate Air revenues; Retail Concessions lead Non-Air
Aero charges and ADF dominate Air revenues ; Retail Concessions make up almost 65% of Non-Air revenues Air Revenue Breakdown Non-Air Revenue Breakdown Comment +16.1% +19.2% 223.4 70.2 ▪ Air Revenue traffic related streams in line 18.0 192.4 with traffic; Rentals, ITT and other at 11.1% 31.1 13.9 11.
Slide 13: Continued focus on cost discipline while providing attractive service level
Continued focus on cost discipline while providing attractive service level Operating Expenses (€m) Opex(2) Η1 2024 Breakdown Comment Opex / Pax (€) 6.65 7.15 7.17 7.33 ▪ despite inflationary pressure Other Operating Opex (excl. Expenses opex remained competitive in Utility Expenses Grant of Rights
Slide 14: AIA enjoys profitability with continued attractive margins
AIA enjoys profitability with continued attractive margins Adjusted EBITDA (1) (€m) Net Income (€m) % margin 64.3% 62.9% 62.6% 62.5% Earnings per 0.58 0.77 0.28 0.33 Share 367.2 333.4 106.0 231.5 81.4 16.6% 174.4 75.6 Non- 183.4 15.2% Non- Air 52.9 157.3 Air Air 56.3 Air 97.1 261.2 46.6 84.3 252.0 1
Slide 15: Carry Forward amount on 30 June at €67.1mn
Carry Forward amount on 30 June at €67.1mn Inflated Equity (€m)(1) Well-Defined Regulatory Return Maximum Air Activity Revenue 541.7 523.7 474.4 Air 449.3 450.5 Activity Costs 2020 2021 2022 2023 2024 15% Maximum Carry Forward (€m) Regulatory Return on Equity(2) 218.6 175.7 Early Look Presentation 1
Slide 16: Leverage at 2x Net debt to LTM adj. EBITDA with 94% free cash flow conversion
Leverage at 2x Net debt to LTM adj. EBITDA with 94% free cash flow conversion Net Debt (€m) Comment Net Debt / LTM Adj. EBITDA 2.0x 1.2x 1.8x 2.0x ▪ AIA’s principal sources of liquidity are cash from operating activities and bank loans 781.3 652.6 649.7 390.2 ▪ H1 2024 leverage of 2.0x Net Debt to L
Slide 17: Outlook
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Slide 18: 2024 Outlook
2024 Outlook Performance Outlook FY 2024 Guidance Traffic forecasts: ▪ Expect low double-digit growth for passenger traffic during full year 2024 Operational ▪ Change of status from "non-coordinated" to "schedule facilitated" for the summer of 2025 to effectively address ATC Developments related cap
Slide 19: Demonstrated Delivery on our IPO Investment Proposition
Demonstrated Delivery on our IPO Investment Proposition Critical Infrastructure Connecting the World to Greece, Underpinned by 85% 69% 38% 1 Leisure Traffic (1) International Traffic (1) of total Greek aviation Attractive Demand Fundamentals and Strong Macro Tailwinds traffic (1) 2 Trophy Airport wi
Slide 20: Financial Calendar 2024
Financial Calendar 2024 Release of Financial Results of First Half 2024 & Semi-Annual Financial Tuesday, 10 September 2024 Report 2024: (after market closing) Analysts Conference Call on semi-annual financial results of 2024: Wednesday, 11 September 2024 Wednesday, 30 October 2024 Release Q3 2024 Tr
Slide 21: Athens
on ATHENS
Slide 22: Disclaimer
Disclaimer Confidential IMPORTANT: This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “outlook”, “guidance”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “target” an
Slide 23: Appendix
Appendix 23
Slide 24: 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 25: 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 26: Current Three-phase Master Plan Has Been Approved by the Regulator
Current Three-phase Master Plan Has Been Approved by the Regulator Dedicated investments in each phase 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 Mult
Slide 27: Case Study Highlighting Photovoltaic Net Zero Status by 2025
Case Study Highlighting Photovoltaic Net Zero Status by 2025 8 Mwp ✓ In Operation since 2011 ✓ Feed-in Tariff expiring in 2031 ✓ Commercial Exploitation ✓ Investment: €18.9m ✓ Annual Electricity Production: 13,300MWh ✓ Production Equivalent/Year: 3,200 New PV with Households Battery Storage ✓ Est. o
Athens International Airport — H1 2024 Earnings Presentation on 6ix