Ladies and gentlemen, thank you for holding. The conference will begin shortly. Ladies and gentlemen, thank you for standing by. I am Geli, your Chorus Call operator. Welcome and thank you for joining the Athens International Airport Conference Call and Live Webcast to present and discuss the first half 2025 financial results. All participants will be in listen-only mode, and the confe rence is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager Investor Relations. Mr. Eleftheriou, you may now proceed. Thank you, operator. Good afternoon, ladies and gentlemen, and good morning to those of you listening to us across the globe. Welcome to our Conference Call of Athens International Airport Financial Reports for the first half of 2025. Please note that digital playback of the conference will be available from about one hour after the conference call has ended until September 19. Today, in th is conference, I am joined by our CEO, Mr. Yiannis Paraschis, our CFO, Mr. Panagiotis Michalarogiannis, our CSO, Mr. George Kallimasias, and our Director of Financial Services, Mrs. Nadia Xirogianni. Also, let me mention that our presentation is available on our website at the section of Quarterly Results under the Financial Information page. With that, I would like to hand over to our CEO. Thank you, George, and thank you everyone for attending today's call for the half-year results. Three key messages at the beginning: robust profit growth, on target operational performance, and commencement of our airport expansion program. On slide number four, we see the traffic evolution: 15.1 million passengers, 7.6% growth versus the first half of the year of 2024, primarily driven by international traffic growth of 9.8%. Remark that Athens Airport has been awarded the Best European Airport Award by ACI Europe in June of this year. You see the revenue of EUR 308 million, growth of 5%, and the adjusted EBITDA at EUR 182.3 million, slightly below last year's levels, in line with our targets and our charges development that we will talk about in a minute. You see that those 7.6% of growth in the first half of the year were slightly different in the first quarter, where we had a growth of almost around 11% and slightly lower growth in the second quarter. That momentum of around 4% to 7% continues also in July and August, which are our published results. On the next slide, number six, you see that our performance, 7.6%, is well above the European average growth for the big airports of our category, 25- 40 million passengers, but also the overall average performance. That difference is even a mild figure when we look at the growth of 2025 versus 2019, where we are about 34% above the corresponding levels of the pre-COVID year, whereas the European total is at 5%. When we look at also the more structural impact of the connectivity, which represented the investment of both the hub carriers in Athens, but also the visiting carriers, you see that as the ACI Europe airport connectivity study, whereas Athens ranks number 21 in 2019, meanwhile, it ranks number two in 2025 behind Zurich, having experienced a very significant growth in connectivity of about 32%. On the next slide, you see some of the recent development, both on our homebase carriers, eight new destinations and three new routes for the airport, but also significant developments, in particular with the long haul, high yielding markets of American Airlines flying to Charlotte and most to Los Angeles and also to Chengdu by Sichuan Airlines. This is part of our strategy also for the future to focus on those long haul and high yielding markets. Also, on the commercial side, it's important to see that we have improved and expanded our bent-to-bridge concept with positive results. Very important to mention that this year we have changed our status from a non-coordinated to a scheduled facilitated airport, which differs from a full coordination, but still allows for some coordination of flights in order also to smoothen the peaks and the ATC constraints during peak hours. Important to note on slide number eight, we have had a strong communication about that, our split dividend program, the fact that we have accelerated our expansion program to reach 40 million annual passengers and created our overall investment at the same time, choosing to, in line with the regulation, finance part of that through the active discount that increased. The split dividend program was very successful with a participation of 89.22%, and the activities capital of EUR 84.75 million became effective from the 16th of May onwards. As you know, this is the first year of a four-year program of up to EUR 440 million. Now, in line with the regulation and the travel growth, we had announced, and it's clear from our regulation and dual-field approval that with the depletion of the carry-forward amounts, we would have to introduce certain discounts in our airport charges. That has been implemented in the spring of this year based on also the consultations with our airline users. Two key things. One is the reduction of the passenger turn-up fee of 30% for the winter season from October 1st to the 30th, from 2025 to 2026, as well as a support to our airline partners through a sustainability support scheme, as we call it, where we encourage the use of more fuel-efficient and fuller aircraft by route hikers between EUR 0.8 and EUR 1.5 per passenger, supporting the airlines in this first year of the well-known 2% EU SAF mandate that increases their fuel costs. On the next slide, we talk about our airport expansion program, which is well on track. Three main pillars. On the one hand, the new apron areas and the multi-storey car park, where we have awarded the contract and where construction has commenced and is ongoing, and the main terminal building and satellite building expansion, where we are in the completion of the design stage and the commencement of the construction through an early contractor involvement program. In order to note that we have secured EUR 800 million financing through bank debt plus the EUR 240 million scrip in the coming years, which is going to be useful funding of the expansion. On the next slide, you see some at least rendering of what we consider to be an impressive program and of airport of our terminal expansions, comprising the northern expansion within all north oculus and the pier, the south oculus in the extra-sanguine area, the north wing expansion, as we call it, and also the satellite expansion. That will deliver an increase of more than 150,000 square meters in terminal space, more than 100% increase in commercial space towards the 40 million passengers in 2032. On the next slide, important for this year, the completion of our Route 2025 program by December, where we will hold also the respective inauguration ceremony towards net zero carbon emissions, a program that we had announced in 2019 and is now being completed that relates to the use of photovoltaics or batteries for energy storage and the replacement of our fuel-through electrical vehicles and also the heat pumps for heating and cooling. That is a very significant program, not only for our environmental and ESG footprint, but also it is an investment that will analyze our exposure and volatility or to the volatility of energy costs. With that, please hand over to Nadia for the financial performance. Okay. Thank you, Yiannis. I will go through the highlights of the financial performance of the first half of the year. First of all, in relation to the operating revenues, we recorded EUR 308.2 million, which is a growth of 5% year on year compared to the previous year. 75% of this relates to the regulated part via activities, which increased year on year by 3.2%, in line with travel development, but also in line with the airport charges adjustment as the CEO explained, that we implemented from the beginning of the year, aiming to gradually deplete the carry-forward amount, but also taking into account the increase of the activities capital through the successful implementation of the scripted program. The non-air segment is 25% of our revenues, and this actually performs even better than traffic, outperformed traffic levels, presenting a growth of 10.6% year on year, helped by the very good, the excellent performance of our terminal retail revenues as a result of the successful new concepts that were introduced this year, but also in the first month during the first month of the previous year. We were also benefited by the increased passenger volumes of high-yielding destinations. We should also note that when we compare to the previous year, we have some favorable effects because of the fact that we undergo major refurbishment during the first month of the prior year, which resulted in some disruptions. The compliance jointly is favorable with this year. Next, if we go to the operating cost side, overall, we recorded for the first half of the year EUR 118 million. A significant part of this, the EUR 24 million, is the variable portion of the grant of RIC, the concession fee that is recorded in operating cost. This increased year on year because it is based on higher profitability levels. For the variable portion of the grant of RIC, the remaining operating cost, EUR 94 million, the majority is in-house and outsourced cost and presented a growth as expected year on year by 13.5%. This is actually due to the fact that we continue to be focused on maintaining the level of service, and therefore, we went with additional resources year on year to address the higher traffic and additional requirements. We had also an impact from the increase of minimum wages increased also this year and the full-year effect of increases in April last year. We had a negative impact from higher electricity prices. Finally, in view of major restoration that we will do in the airside pavement and the airfield lighting, we increased the provision this year, and this also affected the comparison year on year of the operating cost. As regards the profitability, the adjusted EBITDA, we recorded EUR 182.3 million, with adjusted EBITDA margin 69.2%, which is aligned with our short-term target, a bit less than the 60% EBITDA margin, which is our long-term target. In relation to the net income, net profits, we recorded EUR 92.2 million, which is actually a decrease compared to the previous year. This is in line with what we expected and what we targeted. Interestingly, the breakdown of the net income between the regulated and the non-regulated segment is now the air activities represent 54% of the total net income, while the non-air 46%. The non-air segment has increased profitability year on year and higher margins. The drop in the air activities is in line with the regulation and in line with the airport charges adjustments we implemented. Some highlights of the regulation. The inflated equity, which represents the air activities capital, upon which we have the entitlement of 15% return in the air activity segment, was for 2025 EUR 556 million, which is the originally paid in capital. As of 16th of May, we added the EUR 84.8 million, the outcome of the scripted program. Overall, we have an activities capital of EUR 641 million. We are allowed in practice to have 15% return on equity full year for the EUR 556 million and for the month starting from the mid of May for the 15% for the additional increase in activities capital. During the first half of the year, we reduced the carry-forward amount that was EUR 23 million in the beginning of the year. We reduced it to EUR 16.5 million at the end of June. Now, going to page 17, it's important to note that apart from the very healthy performance in terms of profitability, we also demonstrate a healthy cash performance with closing cash at the end of June at EUR 175 million. Net debt EUR 767 million, with net debt to EBITDA ratio still low, 1.8x in line with our targets. As regards the free cash flow, as expected, we have started, we have launched the expanding of the airport and with the design goals, we have additional capital expenditures during the first half of the year. This is in line with our expectation. This reduces the free cash flow and the cash flow conversion to EUR 92 million for the first half of the year and 50.6% lower than the previous years. It is in line with our expectations. It is also important to note here that the company's financial stability is fully safeguarded since we have in place, we have secured the debt financing for the expansion. We also have the script dividend program, the four years, the remaining three years of the program. We have secured our liquidity for the following years. With that, we can now continue with the outlook on the CEO while he presents. Thank you, Nadia. Looking at slide number 19, in terms of traffic forecast, we expect a missing of visit rule for passenger traffic during [Q2] 2025. We are currently at about 6.5%. We also continue with our mid to long-term traffic outlook in the low single digits. In terms of revenues, the air activities and the charges are going to be adjusted through the gradual depletion of the carry-forward balance. Our active profitability will align with the 15% return on equity, supported obviously by the growing level of equity through our scripted program. For flat ICU for 2025, we expect a certain deterioration of parking revenues through the construction of the multi-storey car park, which has already started in the summer. In terms of impact for retail revenues going forward, we expect certain pressure with the commencement of the terminal expansions. As we move very hardly and as we project for 2025 and 2026, our adjusted EBITDA margins will be slightly below 60%, about 100 basis points. In terms of net income, we maintain our guidance for EUR 200 million for the years 2025 and 2026, maintaining obviously our commitment to dividends. In terms of airport expansion, we have spoken about the commencement of construction for the multi-storey car park and the apron areas. The market is a maintenance of building and satellite building. Outline design is a finalization phase, and we have started, and the construction tender is ongoing to an ECI approach, an early contractor involvement approach that will allow us to involve experienced contractors in the finalization of the outline design before they produce their final offers. In terms of guidance for the car park expanding, we expect 50% of that to happen until 2028 and the remaining until the end of 2032. That is the end of our presentation, and we are here for your questions. Thank you very much. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Draziotis Stamatios with Eurobank Equities. Please go ahead. Hello there, and thank you very much for taking my questions. Just a couple on my side, please. Firstly, if you could maybe give us some color on the phasing of the remaining EUR 16 million carry-forward balance in the second half. Should we expect it to be front-loaded in Q3 or more evenly spread across the second half, the phasing out? The second question relates to the non-air segment. You talked about how resilient unit revenues were in the first half of the year. There was this easy comp effect, if you like, as well. I'm just wondering, because you mentioned, you reiterate that non-air activities should see per passenger yields shaping flourish year on year, given the anticipated impact on parking revenues. Do you actually see upside risk to the full-year numbers stemming from the greater resilience maybe than previously anticipated on the non-air side? Please, thank you. First of all, as regards the depletion of the carry-forward balance, let me first say that our plan is to fully exhaust, to fully deplete this carry-forward during the remainder of the year, by the end of 2025. According to our projection, and the traffic monthly phasing, it is expected that the majority will be depleted during the first quarter of the year compared to the last quarter of the year. As regards the non-air activities, what we try to stress is that during the first half of the year, we haven't yet had any impact from the construction of the multi-storey car park in the parking revenues. At the same time, we had a very good performance on a per passenger basis in the terminal retail. During June, it was a month that, especially during the days of the geopolitical turbulence, we have experienced some drop in per passenger spending. Overall, we didn't see any negative impact in the terminal retail. These are the main reasons that we expect that the full year in terminal retail, we do not have any adverse impacts. Any benefit we have due to the favorable comparison of the first half of the year will be covered by, let's say, any loss we will experience because of the disruptions in the car parking during the second half of the year. Got it. Thank you so much. The next question is from the line of Andrew Lobbenberg with Barclays. Please go ahead. Hi guys, could you talk a little bit about how the average? Mr. Lobbenberg, I'm sorry to interrupt you. Can you please speak a little closer to your microphone? I'm not sure that management can hear you. Yeah, of course. Is that better? A little bit better. Thank you. Can you offer some guidance on what we should expect for the aviation revenue per passenger in that fourth quarter when you put in place that 30% reduction for passenger terminal charge? I appreciate that landing fees are not going to be impacted. Once we've got that quite material drop to aviation revenues in the winter of 2025 to 2026, should our working expectation be that that rebounds next winter, or would we imagine that that stays flat? One other topic would be the script dividend. Obviously, you've got nearly EUR 90 million done with the dividend for 2024. What should we think about the timing of the remaining EUR 150 million of dividends? How fast will it come? How much next year and how much over the next three years? Thank you. Okay. As regards the aviation revenue per passenger, you have seen that although last year, the air activity revenue per passenger was EUR 15.9 per passenger, during the first half of 2025, we ended up with EUR 15.3. This drop actually represents the sustainability support scheme, the temporary scheme that we have introduced. According to the price list and with the target of the 30% decrease for the last quarter of the year, we expect that the full year revenue per passenger of the air activities will have a further impact. It will be on average close to EUR 14.7, EUR 14.8 per passenger, based on the fact that the decrease that we introduced is on the passenger terminal fee, which is, let's say, more or less close to 50% of our air activity revenues. What we have up to now is the plan for the price list and the incentives for this year. For the decrease of the 30%, this goes up to the end of April. We will proceed with further consultation and review for next year. We don't provide any guidance as regards the level of charges for next year. Although our guidance remains that our targets will be to recover the allowable return of 15% return on equity. This was the first question. The second, in relation to the scripted dividend, generally, our target, depending also on our financial results, will be the implementation of the scripted dividend to be as front-loaded as we can assume without jeopardizing, of course, the level of cash dividend that the shareholders would like to receive. I don't know if this answers your questions. That's helpful. Thanks. The next question is from the line of Maglione Dario with BNP Paribas. Please go ahead. Hi. Thanks for the presentation. I have three questions. Actually four, if you allow me. One is on the winter schedule. What kind of capacity have airlines planned in terms of year on year growth? If you could discuss what is driving the growth, which airlines, which market segment. The second question is around the OpEx, which, as you mentioned, when we exclude construction costs and variable concession fee, was EUR 94 million in H1. It's up 14% while traffic is up 8%. No operating leverage there. What shall we expect for H2 and next year? In terms of the guidance for the full year 2025 at the net income level, you mentioned around EUR 200 million. Could you give us a sense of the split between air and non-air activities? Just to double-check our numbers. On the fourth, last question, after the equity raise is completed, what is the terminal value of the cash that the shareholders will receive in 2046? Assume the concession is not renewed. Should it be around EUR 500 million of paid-in capital plus EUR 100 million of legal results? Thanks. I think I'll just draft it for the winter. What we can say at this point is obviously that airline capacity is planned by the airlines. As we said, this has been announced basically in the short conference of June for the upcoming winter. We try to support airlines to maintain being an airport where we are busy during the summer to maintain as much as possible capacity in the winter. Based on that knowledge and bottom-up, let's say, calculation and projection of our traffic for the winter, that leads us to our statement of a mid-single-digit number for the full year of 2025. Now, as regards the operating cost, you're absolutely right in the sense that we saw an increase year on year during the first half of the year. We try to explain one important point to keep here is the fact that we want, given the level of our traffic and our nominal capacity level, we want to continue investing on operating costs in order to maintain the levels of service we target to have. This means that we have additional resources. This is why this is one of the main reasons for this increase. We expect that this cost per passenger, excluding the variable bottom of the ground of the airfield that we recorded in the first half of the year, EUR 6.24 per passenger, will be maintained throughout the year. I think it's important here to remind you that a significant part of the operating cost, close to 85%, relates to the regulated deal. It's recovered, and this is the target to be fully recovered by the air activity revenues. Now, in relation to the net income, our overall guidance for the EUR 200 million takes into account in relation to the air activities that we will produce the 15% return on equity, the increased equity, and the full utilization of the carry-forward amount. We can expect that it will be close to [50/50%], the contribution of the air on air activities on the net income. Finally, in relation to the end of the concession, it's in line with what we had said even before the scripted dividend, if there is no continuation. In case of the end, let's say, of the component, there will be the intent of the equity. Now, it is an increased equity plus the legal results. Of course, any, let's say, cash after paid all the obligations. Okay, thank you. As a reminder, if you would like to ask a question, please press star and one on your telephone. As a final reminder, to register for a question, please press star and one on your telephone. We have a follow-up question from the line of Maglione Dario with BNP Paribas. Please go ahead. Hi. Thanks for allowing some follow-up questions. You mentioned about the change to scheduled facilitated airport this summer. Were there any operational issues, or everything went smoothly? On the commercial activity, you mentioned that the terminal works on the terminal have not started yet. When will they start? Thanks. As regards the switch from the non-coordinated to a scheduled facilitated airport, it has to do with the fact that there are ATC-related constraints on the number of flying and there is a significant demand during the peak hours. There's a growing hubbing activity, let's say, by the hub carriers. Therefore, we need to make sure that we can maintain the service levels to the maximum possible extent, both on the airline, but also in terms of terminal operations. The issue of the construction, we expect the tender for the construction to be completed by early in 2026 and the works to commence thereafter for the main terminal and the satellite building. Okay, thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Paraschis for any closing comments. Thank you. Thank you very much again for your interest in Athens Airport, and we wish you all a happy autumn. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling and have a pleasant evening.