Flash Note - Financial Results for FY 2024

ATHENS INTERNATIONAL AIRPORT S.A.

Flash Note - Financial Results for FY 2024

• HISTORICAL RECORD YEAR IN TRAFFIC AND STRONG OPERATING MOMENTUM

Athens, Greece: February 24th, 2025 - ATHENS INTERNATIONAL AIRPORT S.A. (RIC: AIAr.AT,

Bloomberg: AIA.GA, ATHEX: AIA), hereafter the "Company" or "AIA", today announces its unaudited financial results for the 12 months ended December 31st, 2024, prepared in accordance with International Financial Reporting Standards.

Key Highlights1

• Total revenues & other income increased by 10.2% in 2024 to €665.5 million compared to €603.72 million 2023. Strong growth of 13.1% in passenger traffic plus successful commercial activity contributed to momentum across both Air and Non-Air activities.
• Adjusted EBITDA3,4 reached €424.8 million marking an increase of 15.7% compared to 2023; Adjusted EBITDA margin at 63.8%.
• Net Profit rose by €4.4 million to €235.9 million, marking an increase of 1.9% compared to €231.5 million in 20232.
• Healthy Financial position with net Debt at €623.1 million corresponding to Net Debt / Adjusted EBITDA of 1.5x.
• The proposal to the AGM will be to distribute 100% of net profit of FY 2024 corresponding to a gross Dividend per share at ca. €0.78.

Strategy Update:

Stronger Traffic - Accelerated Investments - Enhanced Shareholder Value

• In light of the strong traffic trends, the Company is further announcing the acceleration of its Expansion Programme gradually bringing 33 million annual passenger capacity earlier than planned, with the ultimate objective to reach capacity to serve 40 million passengers by 2032.
• The expansion will be partially funded with equity issuance for Air Activities investments. Such equity allows for return, consistent with our regulatory framework. Equity will be issued via a voluntary Scrip Dividend of up to €100 million from 2024 profits and up to another €140 million over the subsequent three years.
• Through the accelerated airport expansion plan, we will also bring forward the realization of our Non-AirActivities potential, creating additional value for our shareholders.

1. The Financial Results and the basic financial information presented in this document refer to unaudited financial figures. Publication of audited annual financial statements is set for March 24th, 2025.
2. 2023 includes €20.0 million COVID-19 compensation due to travel restrictions during H2 of 2020.
3. Earnings Before Interest, Taxes, Depreciation and Amortization.
4. Calculated including the negative impact of the fixed component of the Grant of Rights Fee (€15.0 million annually) and excluding COVID-19 compensation received in 2023 for H2 2020 (€20 million).

Mr. Yiannis Paraschis, Managing Director (CEO) of AIA, stated:

"We are excited to announce another strong year for AIA, with 13% traffic growth reaching record levels of 31.9 million passengers. During fiscal year 2024 we realised revenues of €665.5 million, a 10% increase versus the prior year, and announced exciting new destinations for our passengers. We delivered Adjusted EBITDA of €424.8 million, maintaining our commitment to high quality service, safety and efficiency.

We have progressed our preparation for the expansion of our Airport and I am pleased to announce that based on the strong traffic performance, we have decided to accelerate the expansion of our facilities. We are combining the previously announced 33MAP7 and 40MAP stages of development to deliver capacity to serve 40 million passengers per year by 2032.

The accelerated expansion of the Airport will create significant value for our shareholders with enhanced returns from Air Activities due to the issuance of equity under the current regulatory framework and earlier realisation of our potential in Non-Air activities."

Business Developments

Traffic Developments

Overall, 2024 ended with Athens International Airport's traffic with a historical record traffic, amounting to 31.85 million passengers, exceeding the 2023 levels by 13.1%, outperforming most of the major European airports in that year, while demonstrating the highest increase of 24.5% compared to 20198. Domestic and international passengers surpassed the 2023 levels by 7.3% and 15.7%, respectively.

Traffic evolution during the course of 2024 reflects the strong air travel demand performance that was observed throughout the year, despite the geopolitical challenges. Passenger traffic presented double-digit levels of growth for most months: strong momentum during the first quarter of the year, with a 16.5% increase compared to 2023, also continued in the second quarter of the year at similar levels (+15.7%). Robust passenger growth was also

1. 2023 includes €20.0 million COVID-19 compensation due to travel restrictions during H2 of 2020.
2. Calculated including the negative impact of the fixed component of the Grant of Rights Fee (€15.0 million annually) and excluding COVID-19 compensation received in 2023 for H2 2020.
3. MAP: Million Annual Passengers.
4. ACI EUROPE Airport Traffic Report - December 2024. Airports over 25 million passengers.

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sustained through the third and fourth quarters, at 9.8% and 12.3% respectively, well ahead the historical long- term growth rate.

In 2024, Athens was directly connected with scheduled services with 157 destinations-cities (156 in 2023), in 55 countries (57 in 2023), operated by 68 carriers (66 in 2023).

Air Activities

Throughout the year the Company deployed all necessary operational measures and resources to ensure smooth, safe and efficient operations.

Pricing and Airline Marketing

Following the annual consultation process with Airport Users, the Company decided to keep the Airport Charges unchanged for 2024, with the exception of an increase in the Passenger Terminal Facility (PTF) charge, which took effect from November 2nd, 2024, as a result of the decrease of the Airport Development Fund (ADF), as prescribed in Article 52 of Law 4465/2017. This adjustment took place in order to offset any potential revenue loss through an equivalent adjustment of the PTF charge and to ensure the smooth operation and the level of service provided

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to all Airport Users, while maintaining a stable overall level of charges, resulting in a neutral impact for airlines and passengers respectively.

Passenger traffic continued to show strong growth throughout 2024, building on the positive momentum established in 2023. This improved outcome was preceded by intensified efforts from AIA's route development team, which engaged extensively with airlines to jointly implement growth strategies. By the end of 2024, significant progress was realised, particularly in major markets such as the USA and Europe, which together account for over 87% of the airport's international traffic.

In 2024, the overall Developmental Incentives' Scheme continued to apply in a fully transparent and non- discriminatory manner. A number of incentives were enriched in order to both bolster the airport's appeal as well as enhance the city's and country's connectivity, while the scheme was enhanced with an incentive for travel development during less busy hours by offering attractive discounts to airlines.

Athens network's recovery and continuous enhancement of connectivity, along with the impressive growth of passenger traffic, and excellence in aviation marketing strategy, were recognized by the airlines themselves and led Athens International Airport to the top among the European airports in the highly competitive category of airports with more than 20 million passengers annually in the context of the "ROUTES EUROPE 2024" awards.

Non-Air Activities

Retail Concession Activities

As of December 31st, 2024, the Company has in place 73 concession agreements9 with a diverse portfolio of 23 commercial retail operators, 5 food and beverage operators, 15 passenger service providers, and a media and advertising company. This balanced mix includes leading international commercial operators alongside several prominent domestic retail and F&B companies.

As of December 31st, 2024, the Airport had a total number of 157 stores, including 72 commercial retail stores, 51 food & beverage outlets and 34 service units, collectively covering an area of over 13,600 square meters. The occupancy rate of the commercial terminal space stood at approximately 99%.

The year's performance was further driven by the on-going upgrade of the terminal commercial offering. During the year, 18 new retail and F&B concepts were introduced - most of them consistent with AIA's "Best of Greece" strategy, whereby Greece-focused concepts and high street brands are introduced to AIA's terminals. Furthermore, approximately 24% of AIA's total terminal commercial area, equivalent to around 3,300 square meters, was either refurbished or renewed, resulting in an enhanced passenger experience and ultimately in sales increase. This process also allowed AIA to better address passenger demand in key terminal locations, reallocating commercial areas previously used by specialty retail concepts to more hard-selling commercial categories like Duty-Free and F&B.

Finally, key factors contributing to the year's commercial revenues growth were the expansion of the international flight schedule to high-spending markets, including US & Canada, Turkey, China and Middle East allowing AIA to draw a more retail-oriented premium passenger base, the improved financial terms of the recently renewed main Duty Free Agreement with Hellenic Duty Free Shops SA and price inflation.

Parking Services

AIA operates 2 short-term car parks with a total of 1,200 spaces, a long-term car park with 6,300 spaces, increased by 500 spaces in 2024, and a business/valet car park that offers 350 spaces. Parking services are provided under a contract management agreement that features a fixed fee. In 2024, we focused on optimizing the management of parking capacity by closely monitoring the daily occupancy of parking spaces and making necessary adjustments.

9 Commercial terms with retail and food & beverage stores include variable fees on turnover with minimum annual guaranteed amounts as well as cash or bank security guarantees that enhance the financial robustness of the agreements.

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Other Developments

The Airport features a dynamic Retail Park spanning approximately 52,100 square meters of gross built area, hosting renowned international brands such as IKEA and Leroy Merlin alongside prominent Greek retailers like Factory Outlet and Kotsovolos. In 2024, the Retail Park offer expanded further with the addition of 3 new stores - Plaisio, Intersport, and Holland & Barrett - located within the IKEA building. Additionally, AIA has launched its new Corporate Website and e-Parking platform, providing state-of-the-art technical features, ensuring high security standards and expanded e-commerce functionalities.

Airport Expansion Programme

Following the recovery of traffic after the pandemic, the Company has resumed the expansion process, to increase the airport's capacity. The Airport Expansion Programme (AEP) is based on the Master Plan for the phased increase of the Airport's capacity up to a maximum of 50 million passengers per year, which was approved by the HCAA on December 27th, 2019.

Capitalizing on the exceptional traffic growth momentum, the Company is excited to announce a strategic rephasing of the AEP. The ongoing terminal expansion design has encompassed both the 33MAP and 40MAP expansion phases. In the design process, significant synergies have been identified with respect to capacity, commercial development and construction phasing. Therefore, we decided to proceed with an acceleration for the expansion of the terminals to include the 40MAP capacity increase.

The combination of the 2 phases will bring multiple benefits:

• Capacity optimization (40 million passenger per year instead of 33 million passengers) with earlier gradual capacity delivery;
• Acceleration of Non-Air space development (from 13,500 sqm now to 34,000 sqm (+150% vs. +60% in original plan)) contributing to improved flows;
• Better quality of service - earlier implementation of optimized passenger processes and reduced disruption during construction;
• No interruption for 40MAP phase - construction and phasing synergies;
• Phased delivery of additional capacity earlier than initially planned, to cope with traffic needs.

The acceleration of the 33MAP and 40MAP remains entirely consistent with the Master Plan. The acceleration refers to the further expansion of the Main Terminal Building (MTB) and Satellite Terminal Building (STB), reaching a total space increase by approx. 148,000 sq.m. (+68%) to provide additional passenger processing facilities, extra boarding lounges, new aircraft contact stands, expanded retail and F&B areas, as well as the required airside, landside and curbside infrastructure modifications. Other elements the AEP, i.e. the development of the 32 aircraft parking positions at the north apron and the new multi-storey car park are ongoing as planned, with expected completion within Q2 2027. Importantly, the AEP does not include any need for additional runway or taxiway.

Also, during 2024, the Company undertook the following steps as part of the AEP, including:

• Launch of open International Tender and appointment of the Design Office for the Expansion of the MTB and STB;
• Following the completion of the relevant design studies, AIA launched an open International Tender for the Design and Build of the Multi-Storey Car Park (MSP) and North-West Apron (NWA);
• Launch of open International Tender and appointment of an experienced and qualified Project Management Office (PMO) for the relevant support throughout the duration of the AEP Programme.

The total investment plan (in 2024 prices) is estimated at ca. €1,280 million and will be deployed throughout 2025-

32. Up to 50% is expected to be utilized until 2028 and the remaining amount until 2032. The investment plan will be financed mainly by debt (which to a large extent has been already secured) and partly by Air Activities Capital through the Scrip Dividend.

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Financial Overview

Revenues and Other Income

The Airport Development Agreement establishes a "dual-till" system which separates regulated Air Activities from unregulated Non-Air Activities. In line with the Airport Development Agreement, revenue generated from Aeronautical Charges and remaining Air Activities are intended to cover costs and expenditures related to Air Activities and generate after tax returns not in excess of the Air Activities ROE Cap10. Meanwhile, Non-Air Activities have uncapped profitability.

Total revenues and other income increased by 10.2% in 2024, versus the prior year, to €665.5 million, with all revenue streams demonstrating substantial improvement. Excluding the compensation received by the Greek State in 2023, total revenues and other income increased by €81.8 million, or 14.0%, from €583.7 million in 2023 to €665.5 million in 2024.

More specifically, revenues and other income from Air Activities increased by 12.5% in 2024, versus prior year, to €505.2 million. Revenues and other income from Non-Air Activities were at €160.3 million, higher by 18.9% compared to 2023, driven by the increase in revenues from retail concession activities and car parking services.

In 2024 operating expenses reached €225.7 million, increased by €24.1 million or 12.0% versus prior year. A significant part of this variance derives from the substantial increase of the variable portion of the Grant of Rights Fee (GoRF) to €39.6 million from €29.6 million, calculated on the basis of increased profitability. Excluding the variable portion of the GoRF, operating expenses were €14.1 million or 8.2% higher than prior year, mainly as a result of:

1. "Air Activities ROE Cap" means a return of 15% of the equity initially paid-in adjusted for EU inflation, as determined by HICP, such return being calculated in an amount in euros for each relevant period. Unrealized profits of a period are allowed to be recovered in the following years adjusted with EU inflation (Carry Forward Amount).
2. €16.2 million allocated to Air Activities; €3.8 million allocated to Non-Air Activities.

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• Additional resources (in house and outsourced) required to handle significantly higher traffic compared to the prior year and,
• The adjustments in various outsourcing contract rates that addressed the reactivation of increases related to seniority in national collective labour agreements, along with the minimum wage increases in April 2024.

EBITDA

Earnings before interest, tax, depreciation and amortisation (EBITDA) in 2024 reached €439.8 million, an increase of €37.7 million or 9.4% compared to 202312 or 15.1% excluding the compensation received by the Greek State in 2023, reflecting the benefit of higher traffic and strong commercial momentum at AIA.

Depreciation & Capital Expenditure

Depreciation charge was €81.1 million in 2024, higher by €3.4 million vs 2023 of €77.7 million. The 2024 Capital Expenditure amounted to €33.0 million.

Financial Expenses

Net financial expenses stood at €54.3 million, an increase of €18.7 million versus 2023, mainly due to incremental financial cost of CapEx projects and lower interest revenue on cash compared to prior year.

Profitability

2024 Profit before Tax reached €304.5 million as compared to €288.8 million in 2023. Income taxes increased by €11.2 million, or 19.6% to €68.6 million in 2024 from €57.3 million in 2023. This result is mainly due to the higher taxable profit recorded in 2024. Therefore, 2024 Profit after Tax was €235.9 million, or €4.4 million higher than prior year.

Carry Forward Amount

Regarding the Air Activities till, the Carry Forward amount as of December 31st, 2024 is preliminarily estimated within the range of €19 million to €24 million.

Dividend and Scrip Programme

Consistent with prior guidance and according to our net profits13 of 2024, the Company's Board of Directors intends to propose to the forthcoming Annual General Meeting (AGM) to distribute 100% of net profit of FY 2024, corresponding to a gross Dividend amount per share of ca. €0.78.

In light of the Company's accelerated investment requirements, the AIA Board has unanimously decided to propose to its shareholders at the April 14th, 2025 AGM a voluntary Scrip Dividend Programme which will give AIA's shareholders the option to reinvest a total dividend amount of up to €240 million in new shares during a four-year period14. The maximum total amount that AIA's shareholders may elect to reinvest in new shares under the proposed Scrip Dividend Programme in 2025, on the back of 2024 profits, will be €100 million, while the remaining €135.9 million dividend amount from 2024 net profit will be distributed in cash.

The equity increase through the Scrip Programme would bring several benefits:

• Increases shareholder value through investments in Air Activities with a corresponding increase in Air Activities Equity Capital and respective returns consistent with our regulatory framework.
• Enhances non-Air revenues potential than previously expected through the accelerated investment programme, leading to larger and more attractive commercial space.

1. EBITDA 2023 includes the impact of the Greek State compensation of €20.0 million received during Q3 2023 for losses incurred due to travel restrictions during the COVID-19 pandemic for the second half of 2020.
2. Amount subject to the statutory audit of financial statements. For more information, please refer to Important Notice -Disclaimer.
3. Subject to respective dividend amounts being available for distribution.

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• Is in line with AIA's aim to maintain a conservative balance sheet with Net Debt to EBITDA in the range of 2.0x to 3.0x during the AEP investment cycle and not to exceed 3.5x.

The Programme will be voluntary, allowing all shareholders to choose whether to receive the Scrip Dividend in new shares, instead of cash. Additional information with respect to the Scrip Dividend Programme, including with respect to the pricing mechanism, will be made available to shareholders with the AGM invitation.

Relevant Dates

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Selected Alternative Performance Measures

In assessing the performance of our business, we consider a variety of metrics, i.e., Alternative Performance Measures ("APMs"), including certain financial measures which are not measures of financial performance under IFRS. The following section presents the evolution of such APMs.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA has been provided to include the negative impact of the fixed component of the Grant of Rights Fee, i.e., €15.0 million annually for 2024 and 2023, and to exclude the €20.0 million COVID-19 compensation received in 2023. The following tables present the evolution of the Adjusted EBITDA and margin.

Net Debt and Net Debt to Adjusted EBITDA ratio

Net debt represents the sum of long-term interest-bearing loans & borrowings and lease liabilities less cash and cash equivalents.

The Net debt and the ratio of Net debt to Adjusted EBITDA as of December 31st, 2024 and 2023 are as follows:

15 Excluding COVID-19 compensation received in 2023 for H2 2020.

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Oultook & Trends

The drivers supporting demand for travel to Greece remain intact and we continue to expect an attractive demand backdrop. We forecast passenger traffic during 2025 to grow in the mid-single digits while, longer-term, we expect growth to eventually converge to a low single digit long-term growth rate. Our airline marketing and business development efforts are aimed at continuing to support this growth by supporting the airlines at AIA and introducing new routes with special focus on high yield long haul destinations, such as the recently announced connection with Athens and Los Angeles and Charlotte in the US. We are committed to ensuring the highest safety and service standards for our passengers and we are putting in place operational measures to deliver on this commitment while we expand the Airport. In this respect, the Company has applied and received relevant approval from the competent authority to change the airport's status from "non-coordinated" to "schedule facilitated" for the summer period 2025, aiming to avoid over concentration of traffic at peaks and allow for a balanced growth at non-congested hours in a controlled manner.

With respect to Air Activities revenues for 2025, we expect yield per passenger from Aeronautical Charges and ADF to be adjusted due to the depletion of the Carry Forward. Annual Air Activities profits will be aligned with 15% Return on Equity, which will benefit in line with the multi-year Air Activities Capital Increase Programme through the Scrip Dividend.

On the Non-Air Activities segment, we expect continued strong momentum from the successful implementation of the "Best of Greece" strategy in retail concession activities. That said, we expect limited upside to per passenger revenue due to the constraints we face in commercial space, until commercial elements of the AEP are gradually in place. As expected, Car Parking revenues in 2025 will be modestly impacted by the construction of the MSP expected to commence within Q2, partially offset by targeted measures including additional open spaces in existing parking lot.

We will continue to invest in operations to support the best possible levels of service, which will result in limited upside potential to improve OpEx per passenger (excl. the variable portion of the Grant of Rights Fee). The exceptional traffic and financial performance in 2024 which led to the near-term utilization of the Carry Forward will slightly suppress our Adjusted EBITDA margins versus our 2024 results. Although we expect to achieve Adjusted EBITDA margins over 60% in future years - particularly as AEP starts to be delivered - we anticipate 1 to 2 years of Adjusted EBITDA margin pressure in the area of 100 bps below our 60%+ target during this transitory period. Additionally, we anticipate net income for 2025 and 2026 of ca. 200 million annually, including the remaining benefit from the Carry Forward which we expect to be fully exhausted during 2025, supported by the return on the additional Air Activities investments.

AIA announced in October 2024 that it has secured approximately €800 million of bank financing to support the AEP. The remaining funds will be secured through the funds raised from the increase in Air Activities Capital from the implementation of the Scrip Dividend Programme and complemented by additional debt financing. AIA remains consistent to its aim of maintaining a conservative balance sheet with Net Debt to EBITDA in the range of 2.0x to 3.0x during the AEP investment cycle and not to exceed 3.5x.

Finally, we are on course for the Net Zero target for Scope 1 and Scope 2 emissions by 2025 ("Route 2025" Roadmap). On-site construction of the 35.5MW photovoltaic park, which includes an 82MWh battery energy storage system is ongoing as planned. Towards the Route 2025 Roadmap, a set of actions for vehicle fleet electrification and replacement of natural gas consumption with heat pumps are also progressing in accordance with our targets.

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