Athens International Airport S.a · ATHEX:AIA
Athens International Airport — FY2024 Earnings Presentation
28 slides from Athens International Airport's earnings presentation, Feb 25, 2025
Slide 1: Athens International Airport 2024 Earnings and Strategy Update Presentation
Athens International Airport 2024 Earnings and Strategy Update Presentation 25 February 2025
Slide 2: Agenda
Agenda Key Highlights & Strategy Update Financial Performance Outlook Q&A 2
Slide 3: Key Highlights & Strategy Update
Key Highlights & Strategy Update 3
Slide 4: Key performance
Key performance Traffic Revenue and Adjusted EBITDA Revenue, Other Income and ADF (€m) 28.2m +13.1% 31.9m 10.2% Pax 2023A Pax 2024A 665.5 603.7 20.0 160.3 Compensation 134.8 ca. 40% Non-Air of total Greek aviation traffic in 2024 448.9 505.2 Air Breakdown of 2024 Passenger Traffic 2023 2024 Transfer
Slide 5: 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 6: 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 7: 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 8: 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 9: Financial Performance
Financial Performance 9
Slide 10: 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 4.8 5.0 increased by 12.5% and € per passenger 15.9 18.9% vs 2023 respectively… 15.9 +10.2% ▪ …with traffic the key driver +14.0% 665.5 ▪
Slide 11: Continued focus on cost discipline while providing attractive service level
Continued focus on cost discipline while providing attractive service level Operating Expenses (€m) Opex / Pax (€) 7.15 7.08 Opex (excl. Grant of Rights Fee) / Pax (€) 6.10 5.84 ▪ Increased variable component of Grant of Rights Fee due to the 2023 higher profitability 225.7 201.6 (2) 39.6 ▪ Excludin
Slide 12: 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% a
Slide 13: Early Look Presentation: Net Income and regulatory return
Carry Forward amount on 31 Dec 2024 within the range of €19m - €24m(1) Net Income (€m) Well-Defined Regulatory Return Implied return on Air Activities (2) 24.6% 23.3% 29.8% 26-27%(1) Maximum Air Activity Revenue 231.5 235.9 158.8 168.0 Non-Air 75.6 47.8 57.3 155.9 Air Air 111.0 110.7 9.6 -51.5 Activ
Slide 14: Operational benchmarking: AIA leads industry performance
Operational benchmarking: AIA leads Industry performance with record post-COVID growth and sector’s best EBITDA margin Traffic Growth CAGR 2019-2024 EBITDA Margin 2023 4.5% 62.9%(1) 60.4% 58.8% 54.7% median 54.7% 2.5% 1.4% 0.7% median 0.7% 41.9% 41.6% 0.1% -0.2% 35.6% -1.6% ATH Peer 1 Peer 2 Peer 3
Slide 15: Overview of the Scrip Dividend Programme proposal for 2025
Overview of the Scrip Divided Programme proposal for 2025 Key Dates ▪ Board proposing dividend at 100% of distributable net profits or ca. €0.78/share ▪ Annual Financial Statements published ▪ Invitation to AGM Monday, 24-Mar-2025 ▪ Publication of Scrip Dividend Programme proposed general terms ▪ Vo
Slide 16: Outlook
Outlook 16
Slide 17: 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 18: 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 19: 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 20: Summary
Summary ✓ Strong Traffic growth (13.1% vs 2023) with robust profitability ✓ 100% dividend payout proposal to the AGM of €0.78 per share ✓ Accelerate Airport Expansion to deliver 40MAP capacity by 2032 – 5 years earlier than originally planned - with gradual incremental deliveries throughout the peri
Slide 21: Q&A
Q&A 21
Slide 22: Financial Calendar 2025
Financial Calendar 2025 Monday, 24 February 2025 Flash Note on the Financial Results of FY 2024 (Press Release) (before market opening) Tuesday, 25 February 2025 Annual Analysts Conference Call on Flash Financial Results of FY 2024 & Strategy Update Monday, 24 March 2025 Annual Financial Statements
Slide 23: Appendix
X! ATHENS ELEeens venteniOs
Slide 24: 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 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: 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 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
Slide 28: 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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