Athens International Airport
2024 Earnings and Strategy Update Presentation
25 February 2025
Agenda
Key Highlights & Strategy Update
Financial Performance
Outlook
Q&A
2
Key Highlights & Strategy Update
3
Key performance
Traffic
28.2m | +13.1% | 31.9m |
Revenue and Adjusted EBITDA
Revenue, Other Income and ADF (€m)
10.2%
Pax 2023A | Pax 2024A |
603.7
665.5
ca. 40%
of total Greek aviation traffic in 2024
Breakdown of 2024 Passenger Traffic
Transfer | Domestic | Business | |
Pax | |||
17% | 30% | 14% | |
83% | 70% | 86% |
Compensation
Non-Air
Air
Adj. EBITDA margin
20.0160.3
134.8
448.9505.2
20232024
Adjusted EBITDA (€m)(2)
62.9% | 63.8% |
O&D(1) | International | Leisure |
Pax |
15.7%
367.2
424.8
2023 | 2024 |
The proposal to the AGM will be for the distribution of dividend of ca. €0.78 per share
____________________ | ||
(1) | O&D: Origin & destination passengers. | 4 |
(2) | Including Grant of Rights fee of €15m for 2023 and 2024 and excluding Covid compensation of 20.0m in 2023. |
New record levels for 2024 passenger traffic exceeding 2023 by 13.1% and 2019 by 24.5%
Routes
International
Domestic
Traffic Evolution
157 | 143 | 156 | 157 |
+24.5% vs 2019
+13.1%
31.9
28.2 | |||||||||||
25.6 | |||||||||||
22.7 | |||||||||||
19.4 | 22.4 | ||||||||||
17.8 | |||||||||||
12.3 | 15.3 | ||||||||||
8.1 | 7.7 | ||||||||||
7.8 | 5.1 | 7.4 | 8.8 | 9.4 | |||||||
3.0 | 4.6 | ||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Passengers in million
Strong growth continued
- International: +15.7% vs 2023
- Domestic: +7.3% vs 2023
Routes at Pre-Covid Levels
- Connected in 2024 to 157 Destination-cities (124 international) in 55 Countries operated by a Total of 68 Carriers
- Total number of routes back to pre-covid levels
- Visiting airlines growth: 18%
5
AIA to the top European traffic ranking for 2024, with strong year-round performance
AIA's performance vs. European airports
24.5% | ||||||||||
13.1% | ||||||||||
8.2% | 7.6% | 7.4% | 4.0% | |||||||
1.8% | ||||||||||
0.6% | ||||||||||
'24 vs '23 | '24 vs '19 | |||||||||
AIA | European airports | European airports | European airports | |||||||
25-40 m passengers | >40 m passengers | total |
Passengers by Quarter | 2023 | ||||
Million | |||||
9.8% | |||||
2024 | |||||
12.00 | 15.7% | 9.6 | 10.5 | 12.3% | |
10.00 | |||||
8.8 | |||||
8.00 | 16.5% | 7.6 | 7.3 | ||
6.5 | |||||
6.00 | 5.2 | ||||
4.5 | |||||
4.00 | |||||
2.00 | |||||
0.00 | |||||
Q1 | Q2 | Q3 | Q4 |
- ΑΙΑ outperformed most of its European peers vs. prior year, while seeing the highest increase vs. 2019(1)
- ca. 75% of growth came from the non- peak quarters
____________________ | 6 |
(1) Source: ACI EUROPE Airport Traffic Report - December 2024. European airports over 25m passengers. |
Accelerated Airport Expansion Programme and resulting benefits
Updated Capex Programme
Rationale for Acceleration
33MAP By 2028
40MAP
Mid.2030s
50MAP
Capex | Pax Capacity | |
ca. €650m(1) | 26 → 33m |
€700m+(1) | 33 → 40m |
40 → 50m
✓ | Realize capacity for 40 million passengers per year |
by 2032 - versus mid-2030s | |
✓ | Non-Air space developed earlier than previously |
planned, growing to 34,000 sqm (+150%) - more | |
than 2x larger than original plan | |
✓ | Realization of commercial and cost synergies - |
CAPEX savings - from combining the two phases |
CapexPax Capacity
40 MAP | ca. €1,280m(2) | 26 → 40m |
By 2032 | ||
50MAP | 40 → 50m |
____________________
- Company estimates based on business plan using 2022 prices.
- Company estimates based on business plan using 2024 prices.
✓ | Earlier delivery of interim capacity increments, i.e. |
33MAP in H1 2028 |
7
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 subsequent 3 years(1)
Voluntary Scrip Dividend Programme 2025-28
AIA's Board unanimously decided to propose to shareholders a Scrip Dividend Programme
140m
100m
Scrip Dividend Programme for period 2025-2028
20252026-2028
- FY2024 Dividend: €235.9m
Cash | Voluntary | shareholder | |
Scrip | |||
+ | has the right | ||
€135.9m | |||
€100m | to receive | ||
either shares | |||
or cash
Favorable intention toward Scrip Programme by AviAlliance (~50%) and HCAP(2) (25.5%)
Key Benefits of the Programme
- Increases shareholder value through investment in Air Activities and increase in Air Activities Equity Capital and respective returns consistent with our regulatory framework
- Enables non-Air revenues potential higher than previously expected due to earlier delivery and increased size of commercial space through accelerated investment programme
- Consistent with AIA's commitment to maintain a healthy balance sheet ND to EBITDA at 2.0x - 3.0x and not to exceed 3.5x
____________________ | 8 | |
(1) | Subject to AGM approval. | |
(2) | Hellenic Corporation of Assets and Participations (Greek State is sole shareholder). |
Financial Performance
9
Record high revenues: Air Activities grew in line with passengers while Non-Air outperformed traffic levels
Revenue & Other Income (€m)
- per passenger
Compensation
Non-Air
603.7
20.0
134.8
4.8
15.9
583.7
134.8
5.0
15.9
+10.2%
+14.0%
665.5
18.9% | 160.3 |
▪ Air and Non-Air Revenues |
increased by 12.5% and |
18.9% vs 2023 respectively… |
▪ …with traffic the key driver |
▪ Air Activities Revenue in 2024 of |
€505.2m representing 76% of |
total revenues … |
▪ …per passenger revenue at €15.9 |
▪ Non-Air Activities Revenue 2024 |
Air
12.5%
505.2
448.9448.9
2023 | 2023 | 2024 |
excl. Covid
compensation
amounted to €160.3m… |
▪ …per passenger revenue at €5.0 |
leading to 6% Non-Air Activities |
growth above traffic vs. 2023 |
10
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