Slides
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Athens International Airport H1 2025 Financial Results Investors’ and Analysts’ Presentation September 2025
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Agenda Business Highlights Financial Performance Outlook 2
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Business Highlights 3
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Robust traffic growth with on-target operational performance and profitability in line with regulation Traffic Highlights ____________________ (1) 1st place, 25-40 million passengers category. (2) Total revenue and other income for H1 2025 does not include the €19.5 million Revenue for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concession Arrangements par. 14, which requires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. (3) Including the fixed portion of Grant of Rights fee of €7.5m for H1 2024 & H1 2025 . 4 223.4 230.5 70.2 77.7 293.6 308.2 H1 2024 H1 2025 +9.8% International Traffic 15.1m Pax H1 2025 +7.6% H1 ‘25 vs H1 ‘24 Revenue and other income (€m)(2) Air Non- Air 127.2 119.9 56.3 62.4 183.4 182.3 H1 2024 H1 2025 % margin 5.0% Adjusted EBITDA (€m)(3) Air Non- Air (0.6%) Best Airport Award ACI EUROPE 2025(1) 59.2% 62.5%
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Record-breaking passenger traffic in H1 2025, paving the way for another record year 5 October 2023 Routes 156 157 H2 H1 International Domestic +13.1% +7.6% Traffic Evolution 12.1 14.0 16.1 17.8 28.2 31.9 2023 2024 4.2 4.2 9.9 10.8 14.0 15.1 H1 2024 H1 2025 1.6 1.6 2.0 2.5 3.0 3.3 3.6 3.6 1.8 1.8 2.2 2.7 3.1 3.5 3.8 3.9 14.5% 9.0% 10.8% 9.1% 3.0% 4.6% 4.1% 6.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 January February March April May June July August 2024 2025 Change % Passengers in million Easter timing effect Passengers by month ✓ H1 2025 vs H1 2024 +7.6% ✓ International passengers the key driver at +9.8%, reflecting the attractiveness of destination and successful AIA’s route and traffic development strategy ✓ Domestic passengers increase at +2.2% Passengers in million ✓ Strong winter season, modestly reducing growth in peak summer months ✓ YTD August at 6.8% increase 9.8% 2.2%
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AIA at the top of European traffic and connectivity ranking for 2025 6 ✓ Athens Air Connectivity is expanding rapidly with the fastest growth in 2025 versus 2019 and 2024(2) ✓ Ranked 1st with the strongest rebound momentum (+34%) since 2019(1)across Europe ✓ among top performers vs H1 2024 ____________________ (1) Source: ACI EUROPE Airport Traffic Report – June 2025. European airports >25m passengers. (2) Source: ACI – Europe AIRPORT INDUSTRY CONNECTIVITY REPORT 2025 . 7.6% 33.9% 4.0% 4.9%3.3% 3.0%4.5% 5.1% '25 vs '24 '25 vs '19 AIA’s performance vs. European airports AIA European airports 25-40 m passengers European airports >40 m passengers European airports total MEGA AIRPORTS (25 TO 40 MILLION PASSENGERS) CODE CITY RANK 2025 RANK 2019 VS. 2019 VS. 2024 ZRH Zurich 1 9 -7% 9% ATH Athens 2 21 33% 13% DUB Dublin 3 14 3% 8% LIS Lisbon 4 15 1% 6% CPH Copenhagen 5 13 -9% 3%
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Business developments and achievements H1 2025 7 Operational achievements solidifying AIA’s strong performance Airlines Commercial Develop- ment ✓ Continuous enhancement of the “Best of Greece” offerings ✓ New concept openings and store upgrades ✓ Capitalization of improved passenger profile from key high-spending destinations New AirlinesHome Based Carriers ✓ +8 new destinations for the Home-Based Carriers on existing routes ✓ +3 new routes for the Airport ACI EUROPE 2025 Best Airport Award (1st place, 25-40 MILLION PASSENGERS CATEGORY) Highly Commended in the Digital Transformation Award category Recent Awards Received ✓ +11 new network developments from visiting airlines, including major Long-Haul routes : • Charlotte with American Airlines • Los Angeles with Norse • Chengdu with Sichuan Airlines + 12 new network developments to be added in H2 2025 from Home based and Visiting Carriers Change of status from "non-coordinated" to "schedule facilitated" for the summer of 2025 to effectively address ATC related capacity constraints during peak hours
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Other key accomplishments 8 ▪ Temporary reduction of the Passenger Terminal Fee (PTF) charge by 30%, effective from October 1st, 2025 and until April 30th, 2026, to incentivize growth during the off-peak period, while keeping all other charges unchanged for 2025 ▪ Introduction of a Sustainability Support Scheme (SSS) from January 1st to December 31st, 2025: ✓ per departing passenger rebate on the PTF, ranging from €0.80 to €1.50 depending on aircraft type, ✓ aiming to incentivize higher load factors and fuel-efficient aircrafts, ✓ supporting airlines in the first year of the 2% EU SAF mandate, towards the reduction of Scope 3 emissions Airport Charges adjustment ▪ 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 Scrip Dividend Program 2025
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Our Expansion Program is well on track anchored on three main pillars 9 ▪ Key features: ✓ Expanded passenger processing facilities ✓ New boarding lounges ✓ New aircraft contact stands ✓ Expanded retail and F&B areas ▪ Consolidated 33 MAP and 40 MAP plans, accelerating completion to 2032 ▪ Approx. +150,000 sqm (+68%) versus current terminal ▪ Faster delivery of capacity - up to 50% of CapEx to be utilised until 2028 and the remaining until 2032 Multi Storey Car Park ▪ 7-storey multi-storey car park with 3,500 positions ▪ Construction commenced – expected in Q2 2027 New Apron Area ▪ New apron area for 32 code C remote stands at the Northwest part of airport ▪ Construction commenced - expected Q2 2027 Total Budget(1): €1,280m ____________________ (1) In 2024 prices. €800m financing secured with up to €240m Scrip also contributing to funding plan ▪ Outline Design in the completion stage ▪ Launched construction tender through Early Contractor Involvement (ECI) approach Main Terminal Building and Satellite buildings existing terminals
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Main Terminal and Satellite Expansion Current Terminal Facilities North Oculus & Pier South Oculus & Pier >150,000 sqm (+68%) >100% increase in commercial space - 40m pax by 2032 North Wing Extension
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` Completion of Route 2025 by December, towards net-zero carbon emissions 11 Environment ▪ Secured financing for PV + BESS development, vehicle fleet electrification and heat pump installation, including RRF funding ▪ CO2 emissions reduced by 60% since 2005 and 45% of electricity needs provided by clean energy ▪ Carbon neutral since 2016, currently accredited as most ambitious level of ACA (Level 4+ “Transition”) ▪ First airport in Europe to achieve 100% of electricity needs produced on-site from clean sources ▪ Marginalise the exposure to volatility in energy cost Low Carbon Frontrunner – Athens International Airport’s Route 2025 Roadmap European Airports’ Net Zero Commitments 2023 2025 2030 2035 2040 2045 20502038 2033 (3) (4) (5) (6) 2024 ______________________________________ Sources: ACI Europe (1) Stockholm-Arlanda Airport (2) Helsinki Airport (3) Paris-Orly and Paris-Le Bourget airports (4) Paris-Charles de Gaulle Airport (5) 14 airports in Greece including Thessaloniki (6) Burgas and Varna airports (2)(1) 1. 35.5 MWp Photovoltaic (PV) and 82MWh Battery Energy Storage System (BESS) project awarded in H1 2024 and on track for completion by end 2025 2. Secured financing for PV + BESS development, vehicle fleet electrification and heat pump installation, including RRF funding
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12 Financial Performance
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448.9 505.2 223.4 230.5 134.8 160.3 70.2 77.7 20.0 603.7 665.5 293.6 308.2 2023 2024 H1 2024 H1 2025 € per passenger 15.9 5.0 15.3 5.2 15.9 4.8 15.9 5.0 5.0% 10.2% Air Non-Air Air Activities grew in line with regulation; non-Air outperformed traffic levels 13 ____________________ (1) Total revenue and other income for H1 2025 does not include the €19.5 million Revenue for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concession Arrangements par. 14, which requires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. Revenue & Other Income(1) (€m) ▪ Air Activities Revenue increased by 3.2%; Airport Charges adjustments reflecting: ✓ gradual depletion of the Carry Forward Amount and ✓ Air Activities capital increase ▪ Non-Air Activities Revenue outperformed traffic expanding by 10.6%, mainly driven by: ✓ new concepts introduced in mid-2024 ✓ increased passenger volumes of high yield destinations ✓ favorable comps due to refurbishment- related disruptions in Q1 2024 Covid Compensation 10.6% 3.2% 13
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Continued investment in our operations to maintain the highest levels of service 14 ▪ Increased variable component of Grant of Rights Fee due to the 2024 higher profitability ▪ Operating Expenses3 increased by €11.2m or 13.5% compared to H1 2024: ✓ Additional resources due to higher traffic ✓ Increase in minimum wages in April 2025, along with the full year impact of the minimum wage increases in April 2024 ✓ Increased electricity cost attributed to higher electricity prices ✓ Enhanced provision for heavy maintenance of runways, taxiways and airfield lighting Operating Expenses(1) (€m) ____________________ (1) Operating expenses for H1 2025 do not include the €19.5 million cost for Airport Expansion Program (AEP), in accordance with IFRIC 12 Service Concession Arrangements par. 14, which requires that revenue and costs relating to construction or upgrade services are recognised in accordance with IFRS 15. (2) Variable component only. (3) Excluding Variable portion of Grant of Rights Fee and AEP cost. Opex(3) Η1 2024 Breakdown Utility Expenses Other Operating Expenses Personnel Expenses Outsourcing Expenses 171.9 186.0 82.9 94.1 29.6 39.6 19.8 24.3 201.6 225.7 102.7 118.4 2023 2024 H1 2024 H1 2025 Opex / Pax Opex (excl. Grant of Rights Fee) / Pax (€) 7.33 7.85 5.91 6.24 7.08 5.84 7.15 6.10 13.5% Opex (excl. Grant of Rights Fee) Grant of Rights Fee(2) 31.0% 48.0% 6.8% 14.2%
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On target performance: Air Activities profits in line with regulation, increased Non-Air profitability 15 Adjusted EBITDA (1) (€m) Net Income (€m) ____________________ (1) Including Grant of Rights fee of €15m for 2023 and 2024 and €7.5m for H1 2024 & H1 2025 . 261.2 293.2 127.2 119.9 106.0 131.6 56.3 62.4 367.2 424.8 183.4 182.3 2023 2024 H1 2024 H1 2025 % margin Air Non- Air 59.2%62.9% 63.8% 62.5% -0.6% 155.9 145.0 59.7 49.8 75.6 90.9 37.4 42.3 231.5 235.9 97.1 92.2 2023 2024 H1 2024 H1 2025 Earnings per Share Air Non- Air -5.1% 0.77 0.79
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Increased Air Activities Equity supported by Scrip Dividend; Carry Forward amount on 30 June at €16.5m 16 October 2023 Inflated Equity (€m)(1) Carry Forward (€m) Well-Defined Regulatory Return Maximum Air Activity Revenue Air Activity Costs 15% Maximum Regulatory Return on Equity Carry Forward from Previous Periods (if any) 218.6 175.7 145.5 83.3 22.4 16.5 2020 2021 2022 2023 2024 H1 2025 449.3 450.5 474.4 523.7 541.7 556.2 84.8 641.0 2020 2021 2022 2023 2024 2025 Initial paid in capital Srip Dividend Programme ____________________ (1) Base Equity for the calculation of the 15% Regulatory RoE. Means the equity initially paid -in, equal to €300m, adjusted for inflation, as determined by the Harmonised Index of Consumer Prices (HICP) plus the additional Air Activities capital of €84.8m added through the Scrip Dividend Program. H1 2025 includes the half year inflated initial paid in capital and 1.5 month of the additional Air Activities capital through the Scrip.
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Leverage at 1.8x Net debt to LTM adj. EBITDA with 50.6% free cash flow conversion due to increased investments 17 Early Look Presentation Net Debt (€m) Free Cash Flow (€m) ▪ AIA’s principal sources of liquidity are cash from operating activities and bank loans. ▪ H1 2025 leverage of 1.8x Net Debt to LTM Adjusted EBITDA. ▪ Strong profitability accompanied with healthy Cash Flow generation. ▪ H1 2025 Free Cash Flow at €92.3m and 50.6% Cash Conversion, lower this year as anticipated, due to the commencement of the Airport Expansion Program ✓ Capex for H1 2025 at €90.0m. ▪ Company’s financial stability fully safeguarded through: ✓ secured debt financing, ✓ Scrip Dividend Program, and ✓ Company’s strong financial position. 652.6 390.2 649.7 623.1 767.2 2019 2022 2023 2024 H1 2025 Net Debt / LTM Adj. EBITDA 1.8x2.0x 1.2x 1.8x 1.5x 306.2 262.8 320.3 391.8 171.8 92.3 2019 2022 2023 2024 H1 2024 H1 2025 % cash conversion (1) 50.6%91.8% 83.6% 86.5% 93.6%92.2% ____________________ (1) Including €2.8m reclassification. Please refer to section 5.30 of the Notes to the Financial Statements 2024. ➢ Capex at €90m (vs. €11.7m H1’24)
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18 Outlook
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2025 Outlook confirmed 19 Traffic forecasts ▪ Expect mid-single digit growth for passenger traffic during full year 2025 ▪ Mid-to-long term traffic in low single digits Adj. EBITDA ▪ Adj. EBITDA margin ca. 100 bps below long-term 60%+ target for 2025/26 Revenues ▪ Air Activities: Aeronautical Charges adjusted due to the gradual depletion of the Carry Forward. ▪ Annual Air Activities profitability will align with a 15% Return on Equity, supported by the multi-year capital increase Program for Air Activities via Scrip Dividend FY 2025 & mid-term Guidance Performance Outlook Airport Expansion Program ▪ Finalisation of Outline Design for MTB & STB and ongoing construction tender through ECI approach ▪ 50% capex spending until the end of 2028 and the remaining amount until the end of 2032 ▪ Non-Air Activities: flat per pax yield for 2025 – impact on parking revenues from MSP construction ▪ Mid term impact on retail revenues due to limitations in available commercial space during terminal expansion Net Income ▪ Net income for 2025 and 2026 of ca. €200 million annually ▪ Maintain commitment to dividend policy
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20 Q&A
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21 Appendix
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Financial Calendar 2025 22 Release Q3 2025 Trading Update: Wednesday, 3 November 2025 (before market opening) *Within the first days of each month, we publish previous month’s traffic figures
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Aero charges and ADF dominate Air revenues ; Retail Concessions make up almost 65% of Non-Air revenues 23 Air Revenue Breakdown Non-Air Revenue Breakdown 72.1% 5.8% 14.4% 7.7% Aeronautical charges ADF income Total Air Revenue: €230.5m Centralised infrastructure & handling related revenues Rentals, ITT and other revenues 64.5% 14.9% 20.6% Rentals, ITT and other revenues Car Parking Services Retail Concession Activities Total Non-Air Revenue: €77.7m Air/Non-Air Activities Allocation based on whether activities fall under the profit cap on air activities as imposed by the regulator Air Activities Aeronautical charges (incl. landing, parking) Passenger charges (incl. security, pax charge) Airport Development Fund Ground handling Regulated Terminal retail, concession activities, car parking Non-Air Activities Non-Regulated Including in-flight catering, cargo, fuel, Rentals, ITT and other revenues Including Real Estate, Rentals, ITT and other revenues €17.8m €33.1m €13.5m €166.2m €11.6m €16.0m €50.1m
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Accelerated Airport Expansion Program and resulting benefits 24 33MAP By 2028 ca. €650m(1) 26 → 33m Capex Pax Capacity 40MAP Mid.2030s €700m+(1) 33 → 40m 50MAP 40 → 50m 40 MAP By 2032 ca. €1,280m(2) 26 → 40m Capex Pax Capacity 50MAP 40 → 50m ____________________ (1) Company estimates based on business plan using 2022 prices. (2) Company estimates based on business plan using 2024 prices. Updated Capex Program Rationale for Acceleration 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✓ Earlier delivery of interim capacity increments, i.e. 33MAP in H1 2028✓
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Disclaimer 25 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” and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding the future financial position and results of ATHENS INTERNATIONAL AIRPORT S.A., the outlook for 2024 and future years as per AIA’s business strategy, the effects of global and local economic conditions, effective tax rates, dividend distribution, and management initiatives regarding AIA’s business and financial conditions are forward- looking statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, because current expectations and assumptions as to future events and circumstances may not prove accurate. Actual results and events could differ materially from those anticipated in the forward- looking statements for many reasons, including potential risks described in AIA’s Annual Financial Report for the period January 1st until December 31st , 2023. Although the Company believes that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither the Company’s directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this document, which includes reviewed by auditors financial figures, unless required by law to update these forward-looking statements, the Company will not necessarily update any of these forward- looking statements to adjust them either to actual results or to changes in expectations. Confidential