Athens International Airport S.a · ATHEX:AIA
Athens International Airport — H1 2025 Earnings Presentation
25 slides from Athens International Airport's earnings presentation, September 2025
Slide 1: Athens International Airport H1 2025 Financial Results
Athens International Airport H1 2025 Financial Results Investors’ and Analysts’ Presentation September 2025
Slide 2: Agenda
Agenda Business Highlights Financial Performance Outlook 2
Slide 3: Business Highlights
Business Highlights 3
Slide 4: Robust traffic growth with on-target operational performance and profitability in line with regulation
Robust traffic growth with on-target operational performance and profitability in line with regulation Traffic Highlights 15.1m +7.6% +9.8% Best Airport Award ACI EUROPE 2025(1) Pax H1 2025 H1 ‘25 vs H1 ‘24 International Traffic Revenue and other income (€m)(2) Adjusted EBITDA (€m)(3) % margin 62.5%
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: Financial Performance
Financial Performance 12
Slide 13: 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 14: 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 15: 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 16: 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 17: 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 18: Outlook
Outlook 18
Slide 19: 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 20: ATHENS
xX ATHENS EEN SESE
Slide 21: Appendix
X! ATHENS ELEeens venteniOs
Slide 22: 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 22
Slide 23: 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 24: 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 25: 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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