Earnings release
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ATHENS INTERNATIONAL AIRPORT S.A. Financial Results for H1 2026 ➢ Solid traffic growth with healthy profitability in line with re gulation – strategic decision for modular AEP implementation, unlocking capacity beyond 40MAP. Athens, Greece: September 9th, 2026 – ATHENS INTERNATIONAL AIRPORT S.A. (RIC: AIA r.AT, Bloomberg: AIA.GA, ATHEX: AIA), hereafter the “Company” or “AIA”, today announces its financial results for the six (6) months ended June 30th, 2026, prepared in accordance with International Financial Reporting Standards. Key Highlights • Passenger traffic in H1 2026 reached 15.8 million, 4.5% higher than H1 2025. • Total revenues & other income1 decreased slightly in H1 2026 by 2.8% to €299.6 million, mainly driven by the 30% temporary Passenger Terminal Facility charge (PTF) discount in effect from 1 October 2025 until 30 April 2026. • Adjusted EBITDA 2 reached € 168.5 million, lower by 7.6%, due to the impact of the pricing policy implemented to bring profitability in line with regulation; Adjusted EBITDA margin at 56.2%. • Net profit was €81.4 million, lower by 11.6% vs. prior year, as expected, aiming to align full year Air Activities results with regulation, following the depletion of the Air Activities Carry Forward amount 3. • Airport Expansion Program: the Board of Directors of AIA has decided to restructure the implementation of its 40MAP expansion plan towards a more phased and modular approach , while creating flexibility and optionality for further capacity development beyond 40MAP . This strategy will also allow to considerably reduce the impact on commercial activities and minimize operational disruptions. • Traffic 2026 guidance revised upwards to mid-single-digit growth (from low single-digit). Overview amounts in EUR million H1 2026 H1 2025 Change Δ % Traffic (in m passengers) 15.8 15.1 0.7 4.5% Total revenues & other income1 299.6 308.2 (8.6) (2.8%) Operating expenses1 123.7 118.4 5.3 4.4% EBITDA 176.0 189.8 (13.9) (7.3%) Adjusted EBITDA 168.5 182.3 (13.9) (7.6%) Adjusted EBITDA margin (%) 56.2% 59.2% -2.9 pps EBIT 133.4 149.5 (16.2) (10.8%) Net financial expenses 26.8 29.4 (2.6) (8.8%) Profit before tax 106.6 120.2 (13.6) (11.3%) Net Profit 81.4 92.2 (10.7) (11.6%) 1 Total revenue and other income and operating expenses do not include the design and construction cost for Airport Expansion Program (AEP). In accordance with IFRIC 12, airport expansion costs are accounted under the intangible asset model. This requires the Company to recognize revenue and costs from construction services provided, as the grantor of the concession retains control over the inf rastructure assets. The relevant cost is measured at fair value, without any mark-up, therefore resulting in no overall impact on profitability (Please refer to note 2.4.1 of the 2025 Financial Statements for further details). 2 Calculated including the negative impact of the fixed component of the Grant of Rights Fee (€7.5 million for H1). 3 According to Airport Development Agreement (ADA), Air Activities Carry Forward Amount relates to unrealized profits of a period allowed to be recovered in the following years adjusted with EU inflation.
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FINANCIAL RESULTS H1 2026 | 2 Business Developments Traffic Developments During H1 2026, the Airport’s passenger traffic totaled 15.75 million, exceeding 2025 levels by 4.5%. Despite the Middle East conflict which affected the traffic performance, particularly during the second quarter of the year, monthly passenger traffic levels remained above 2025 levels throughout the period. Domestic and international passenger traffic exceeded 2025 levels by 5.1% and 4.2%, respectively. Overall, the H1 2026 traffic performance highlights the resilience of the local aviation market amid significant geopolitical challenges, supported by the Company’s effective route and traffic development strategy and Athens’ growing appeal as a year-round destination. Following a strong first quarter, which recorded an 8.1% traffic increase, the second quarter reflected the impact of the geopolitical developments in the Middle East . During the April–June period, passenger traffic increas ed by 2.2%, driven by 3.8% increase in domestic traffic and 1.5% in international traffic. It is worth noting that, during the second quarter, all months recorded traffic levels above those of the corresponding period in 2025 in both the domestic and international markets, with the sole exception of international traffic in April, which posted a marginal decline of 0.9%, mainly due to the suspension of services to/from the Middle East. 5.8 9.3 6.3 9.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Q1 Q2 Passengers by Quarter Million 2025 2026 8.1% 2.2% 4.2 4.5 10.8 11.3 15.1 15.8 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 H1 2025 H1 2026 Passengers Million International Domestic 5.1% 4.2% 4.5%
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FINANCIAL RESULTS H1 2026 | 3 Airport Expansion Program Update Following a comprehensive strategic review, the Board of Directors (“Board”) of the Company has decided to restructure its capacity expansion approach, taking into consideration the following developments over the recent period: • Traffic growth: Traffic continues to grow faster than originally anticipated , despite the geopolitical environment and the high fuel prices , creating an opportunity for the Company to assess the potential for further capacity development. • Operational & Commercial disruption: The substantially higher traffic levels, combined with evolving design parameters (eg. Entry Exit System (EES), Air Traffic Control ( ATC)-related capacity constraints and delays), as well as the construction challenges’ insights gained through the Early Contractor Involvement (ECI) process, reinforced the need to review the expansion phasing within our complex operating environment. The existing 40MAP plan has addressed operational disruption to the extent possible , however the Board has determined that alternatives with substantially lower construction impact on the core terminal areas better protecting service quality and commercial activities shall be evaluated. • Geopolitics: Although the geopolitical environment is not currently affecting traffic growth materially , the uncertainties around the continuing tensions, further substantiate the case for increased flexibility before committing to high-capex contracts. Taken together, these developments confirm that the existing expansion approach requires recalibration. Accordingly, the Board has decided to evolve the implementation of its expansion program. This approach delivers the near-term capacity required, while preserving maximum flexibility and strategic optionality for the Airport's longer-term development and further aims to: • accommodate current and future demand, through increased modularity and flexibility, • reduce construction risks, • minimise disruption to airport operations, and • minimise adverse impact on commercial activities In particular, this approach ensures: • The existing 40MAP plan remains the reference plan subject only to improved strategic alternatives. • The first phase of the 40MAP program will proceed immediately, enabling progress in the context of the overall development timeline, while maintaining AIA’s ability to proceed with the existing plan for at least the next two years. • AIA can leverage the experience , market visibility, construction and operational insights gained through the ECI process. • Capital deployment can be phased against demonstrated demand , supporting disciplined investment and reducing the risk of committing capital ahead of actual requirements. The Company will only modify the existing 40 MAP expansion plan if an alternative is demonstrated to provide clear strategic and financial benefits, while meeting all applicable technical and regulatory requirements and securing necessary approvals. This approach is being pursued in coordination with Hellenic Civil Aviation Authority ( HCAA), confirming AIA’s alignment with the applicable regulatory framework. In line with this approach, AIA will take the following actions: Immediate actions: • Discontinue the current ECI tender process for the broader expansion scope.
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FINANCIAL RESULTS H1 2026 | 4 • Launch a separate open construction tender for the first phase of the 40MAP program, comprising the South Main Terminal Pier, Satellite Terminal Expansion and works in the associated areas, ensuring near- term capacity delivery is not delayed. • Launch a thorough assessment of alternative expansion configurations and implementation strategies, including options offering additional capacity beyond 40MAP. • Continue the expansion works already underway, including the North-West Apron, Multi-Storey Car Park (MSP), VIP Terminal and associated apron works. • Accelerate targeted capacity investments in passenger -processing facilities , including passport control and security-screening capacity. In H2 2027: • Launch a new tender for the initial phase of North Terminal expansion , sized to address mid -term capacity requirements. This approach is intended to position AIA to capture continued traffic growth while maintaining disciplined capital allocation, operational resilience and increased flexibility via a modular implementation strategy. Total capital expenditure for capacity expansion until end of 2030 is expected to be €950 million (in 2026 prices). Projects in progress Multi-Storey Car Park (MSP) & North-west Apron (NWA) During the reporting period, the MSP and NWA projects continued under the appointed consortium, with design and construction running in parallel. In H1 2026 the works moved beyond earthworks and enabling activities into the main construction phase. Foundation works on the MSP were largely completed and the first structural elements are now going up, including the spiral ramps and the staircases. On the NWA side, the Ramp Service Station (RSS) building has reached superstructure stage, earthworks across the apron are nearly complete, installation of the deep utility networks has commenced and the foundations for both service bridges have been finalised. Both projects remain targeted for completion in 2027. New VIP Terminal Building & associated Apron works The project comprises the development of a new 600 m² VIP Terminal, designed to serve Heads of State and Government, significantly upgrading the existing State VIP facilities, as well as a new apron area. During H1 2026, the tender process for the detailed design and construction of the VIP Terminal and its associated apron infrastructure works was completed. The project has now entered the implementation phase, with detailed design and construction activities underway and completion targeted in 2027. Other capacity enhancing projects The Company initiated the following projects in previous years, which are currently in progress: • The deployment of Advanced Visual Docking Guidance System (AVDGS) units at parking stands, which will provide enhanced aviation safety and increased operational efficiency. • The design for the expansion of Building 20 by one additional floor, to accommodate ground handling personnel following the upcoming repurposing of M ain Terminal Building (M TB) and Satellite Terminal Building (STB) Areas. • The design and necessary enabling works for the development of an overflow aircraft parking apron adjacent to Taxiway B. • The implementation of additional immigration and emigration booths in the MTB. • The development of Self-Baggage Drop-Off (SBDO) clusters at the check-in hall in the MTB.
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FINANCIAL RESULTS H1 2026 | 5 Scrip Dividend Program On 15 May 2026, the Company completed a capital increase of €83.25 million allocated to Air Activities Capital, following the successful implementation of the second year of the 4-year Scrip Dividend Program (2025 - 2028) which was subscribed by 2,166 shareholders, resulting in a take -up of 87.64% of total outstanding share capital. The Company's share capital increased by €8,653,718 to €318,197,805, divided into 318,197,805 common, dematerialized, registered, voting shares, of a nominal value of €1.00 each. The difference between the n ominal value of the new shares and their offer price, totaling €74,595,049.16, was credited to the “Share Premium” account. The funds raised from the Share Capital Increase will be used for Air Activities investments. International Debt Capital Markets A key development during the reporting period was the Company's successful debut in the international debt capital markets through the issuance on 24 June 2026 of a €500 million 7 -year senior unsecured bond (“Bond”) with a coupon of 3.75% . The net proceeds from the Bond will be used by the Company for refinancing of existing indebtedness and general corporate purposes. The Bond received investment -grade ratings from two leading international rating agencies (S&P: BBB, Moody’s: Baa2) making one of the few such issu ancs by a Greek non - financial company in international markets. The transaction broadened the Company's access to diversified funding sources, expanded its international investor base and further reinforced its financial flexibility. The Company was also assigned its inaugural investment -grade issuer ratings by the same rating agencies (S&P: BBB+ with stable outlook, Moody’s: Baa1 with stable outlook). These ratings recognize the Company's strong traffic performance and robust financial profile of AIA.
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FINANCIAL RESULTS H1 2026 | 6 Financial Overview In H1 2026, the Company continued to demonstrate healthy financial performance, underpinned by strong traffic trends. The decline in profitability was anticipated and is due to the Air Activities segment, which is affected by the Airport Charges pricing policy, in line with the regulatory framework. Revenues and other income During H1 2026, total revenues and other income decreased by 2.8% to €299.6 million, compared to €308.2 million in H1 2025. In accordance with IFRIC 12, airport expansion costs are accounted under the intangible asset model, which requires the Company to recognize revenue and expenses from construction services provided, as the grantor of the concession retains control over the infrastructure assets. The relevant cost, which amounts to € 24.8 million for H1 2026, is measured at fair value without any mark-up, resulting in no overall impact on profitability. Revenues and other income from Air Activities stood at €219.2 million, reflecting a decrease of 4.9% vs H1 2025, driven by the Company’s Airport Charges pricing policy, specifically the 30% temporary Passenger Terminal Facility charge (PTF) discount in effect from 1 October 2025 to 30 April 2026. This aim s to align 2026 Air Activities profitability with the 15% Return on Equity under the regulatory framework 5, following the depletion of the Air Activities Carry Forward amount. 4 Excluding IFRIC 12 impact related to AEP (Revenue from contracts with customers - Airport Expansion Program) amounting to €24.8 million. 5 According to 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 Activiti es ROE Cap, which is determined as a return of 15% of the regulatory equity adjusted for EU inflation, as determined by HICP, such return being ca lculated in an amount in euros for each relevant period. Unrealised profits of a period are allowed to be recovered in the following years adjusted with EU inflation (Carry Forward Amount). Meanwhile, Non-Air activities have uncapped profitability. Revenues and other income amounts in EUR million H1 2026 % on total H1 2025 % on total Change Δ % Air Activities revenues 219.2 73.2% 230.5 74.8% (11.3) (4.9%) Non-Air Activities revenues 80.4 26.8% 77.7 25.2% 2.7 3.5% Total revenues and other income4 299.6 308.2 (8.6) (2.8%) Air Activities revenues amounts in EUR million H1 2026 % on total H1 2025 % on total Change Δ % Aeronautical charges 151.2 69.0% 166.2 72.1% (15.0) (9.0%) Airport Development Fund (ADF) 14.2 6.5% 13.5 5.8% 0.7 5.5% Centralised infrastructure & handling related revenues 34.3 15.7% 33.1 14.4% 1.2 3.7% Rentals, ITT and other revenues 19.5 8.9% 17.8 7.7% 1.7 9.5% Total revenues from Air Activities 219.2 230.5 (11.3) (4.9%) Non-Air Activities revenues amounts in EUR million H1 2026 % on total H1 2025 % on total Change Δ % Retail concession activities 52.2 64.9% 50.1 64.5% 2.1 4.2% Car parking services 11.1 13.7% 11.6 14.9% (0.5) (4.5%) Rentals, ITT and other revenues 17.2 21.4% 16.0 20.6% 1.2 7.3% Total revenues & other income from Non-Air Activities 80.4 77.7 2.7 3.5%
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FINANCIAL RESULTS H1 2026 | 7 Revenues and other income from Non-Air Activities totaled €80.4 million, 3.5% higher compared to H1 2025. Specifically, revenues from Retail concession activities grew to €52.2 million in H1 2026, up 4.2% versus H1 2025, marginally below traffic growth , affected by the geopolitical tension in the Middle East and the operational constraints associated with the implementation of the EES. Despite these headwinds, commercial performance was supported by the strong performance of the F&B and Specialty Retail categories, as well as by the improved commercial terms agreed under several recently renewed concession agreements. Additionally, rentals and other revenues benefited from inflationary adjustments and strong performance of the Exhibition Centre. Regarding car parking services, revenues in H1 2026 amounted to €11.1 million, decreased by €0.5 million, or 4.5%, compared to H1 2025 , mainly driven by the closure of the P1 Short -Term Parking area following the commencement of MSP construction works, which significantly constrained available parking capacity. The resulting impact was contained through a range of mitigation measures, including the opening of the new 500 -space Economy Parking facility in late 2025 and the effective management of the remaining capacity. Operating expenses Operating expenses for H1 2026 amounted to €123.7 million, representing an increase of €5.3 million, or 4.4%, compared with H1 2025. This increase was primarily driven by inflationary pressures, mandated increases in minimum wages under Greek legislation, and additional resources (in-house and outsourced) required to support increased traffic volumes, to manage the operational impact of EU EES and preserve service quality. These increases were partly offset by lower utilities costs, resulting from “Route 2025 7” energy saving initiatives, and lower Grant of Rights Fee (GoRF), calculated on the basis of lower previous year’s profitability. EBITDA During H1 2026, overall EBITDA amounted to €176.0 million, €13.9 million or 7.3% lower compared to H1 2025. Adjusted EBITDA stood at € 168.5 million, lower by 7.6% versus H1 202 5. Both KPI’s are in line with Company’s short-term targets. Depreciation & CapEx Depreciation charge was €42.6 million in H1 2026, higher by €2.3 million vs H1 2025 of €40.3 million. The CapEx during this period reached €40.9 million. Financial expenses Net financial expenses stood at €26.8 million, lower by €2.6 million compared to the corresponding period of 2025, mainly reflecting lower interest and hedging costs following the reduction in the Company’s outstanding debt for the majority of the reference period compared to H1 2025. 6 Excluding IFRIC 12 impact related to AEP (€24.8 million). 7 AIA’s Net Zero Carbon emissions project. Operating expenses amounts in EUR million H1 2026 % on total H1 2025 % on total Change Δ % Personnel expenses 32.0 25.9% 29.8 25.2% 2.2 7.2% Outsourcing expenses 50.4 40.7% 43.8 37.0% 6.6 15.0% Utility expenses 4.5 3.6% 7.2 6.1% (2.7) (37.3%) Other operating expenses 14.3 11.6% 13.3 11.2% 1.0 7.8% Grant of rights fee - variable fee component 22.5 18.2% 24.3 20.5% (1.8) (7.6%) Total operating expenses6 123.7 118.4 5.3 4.4%
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FINANCIAL RESULTS H1 2026 | 8 Profitability Profits before tax for the period January to June 2026 reached €106.6 million, €13.6 million lower year-on-year and profit after tax for H1 2026 stood at €81.4 million, €10.7 million lower than H1 2025 following the depletion of the Air Activities Carry Forward amount. Segment performance The ADA establishes a “dual -till” system 8 which separates regulated Air Activities from unregulated Non -Air Activities. The table below shows the breakdown of the income statement between Air Activities and Non-Air Activities for Η1 2026: Segment performance amounts in EUR million Air % on total Non-Air % on total Total Revenues & other income9 219.2 73.2% 80.4 26.8% 299.6 Total operating expenses9 108.9 88.1% 14.7 11.9% 123.7 EBITDA 110.2 62.7% 65.7 37.3% 176.0 Depreciation & amortisation charges 37.1 87.1% 5.5 12.9% 42.6 Net financial expenses 23.3 87.0% 3.5 13.0% 26.8 Profit / (Loss) before tax 49.8 46.8% 56.7 53.2% 106.6 Income tax benefit / (expense) (12.5) 49.6% (12.7) 50.4% (25.1) Profit/ (Loss) after tax 37.4 45.9% 44.1 54.1% 81.4 Revenue and other income arising from regulated Air Activities represents the largest component of our total revenue amounting to €219.2 million in H1 2026, or 73.2% of our total revenue and other income. In terms of profitability, Air Activities’ net prof it reached €37.4 million, accounting for 45.9% of total Company’s profitability (Profit after tax) with Non-Air Activities profit representing for the first time a contribution of more than 50% of the total profits. Moreover, based on the calculation formula for the Cumulative Recoverable Aeronautical Charges, the Carry Forward Amount as of 30 June 2026, was €16.0 million, compared to €2.7 million as of 1 January 2026. 8 According to 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 Cap, which is determined as a return of 15% of the regulatory equity 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). Meanwhile, Non-Air activities have uncapped profitability. 9 Total revenue and other income and operating expenses for H1 2026 do not include the €24.8 million construction cost for Airport Expansion Program (AEP).
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FINANCIAL RESULTS H1 2026 | 9 Outlook & Trends Traffic The fundamental drivers supporting demand for travel to Greece remain intact, although market conditions continue to be characterised by increased uncertainty, primarily reflecting the broader macroeconomic implications of the conflict in the Middle East a nd the elevated geopolitical tensions across the region. The ceasefire and peace talks between the United States and Iran during the summer of 2026 offered some prospect of de-escalation, however the regional outlook remains fragile, and developments could still affect economic sentiment, travel demand and airline operations. Nevertheless, traffic performance remained solid throughout the peak summer season and based on our projections for the remaining of the year , we now revise upwards our traffic guidance for 2026 to mid-single-digit growth (from low single-digit). Our airline marketing and business development initiatives remain focused on strengthening connectivity, particularly in higher-yield, long-haul markets as well as promoting Athens destination. As the AEP works progress, we remain fully committed to maintaining the highest safety standards through proactive operational planning. In this context, following the Airport’s operational status at Level 2 (schedule facilitated), the transition to Level 3 (slot coordinated) for the winter 2026/27 is intended to ensure the smooth and efficient management of airport capacity during the planned runway maintenance works. Air Activities With respect to Air Activities revenues for 2026, we continue to expect the combined yield per passenger from Aeronautical Charges and Airport Development Fund to remain broadly stable . Air Activities profitability is expected to remain aligned with the applicable regulatory framework, further supported by the return on the incremental Air Activities Capital through Scrip Dividend Program. Non-Air Activities In the Non-Air Activities segment, underlying retail concession demand remains resilient. Based on the performance to date, the commercial initiatives we undertook and our expected passenger traffic levels, we now expect Non- Air Activities revenue per passenger to remain broadly flat in 2026. This is the outcome of the positive contribution from contract renewals and extensions with improved terms, additional points of sales, optimization of existing commercial layout and resilient commercial demand. Importantly, the revised expansion approach is designed to minimize disruption to existing commercial areas during the initial construction phases. Based on the current planning, additional retail space is expected to be delivered progressively and increase by +60% by 2030-2031 compared to current levels. Car Parking revenues are expected to be modestly impacted by the construction of the MSP, partially offset by targeted measures including additional open spaces in existing parking lots. Profitability Adjusted EBITDA margin is expected to remain temporarily around 100 bps below our long -term target of above 60%, reflecting continued investment in operations to maintain the best possible levels of service. Additionally, we reaffirm our projection for net income in 2026 of ca. €200 million , supported by the additional returns in Air Activities Capital, while we remain fully committed to our policy to pay 100% of available profits for distribution as dividend to our shareholders. Capital Structure AIA has secured already, in 2024, €806 million of bank financing to support the AEP. In addition, in June 2026, the Company successfully priced its debut €500 million senior unsecured bond due in 2033 (coupon 3.75%), the proceeds of which are used to partly refinance existing debt and for general corporate purposes. Together with the funds raised from the increase in Air Activities Capital under the Scrip Dividend Program, the Company has secured its financing requirements through 2030. At the same time, AIA remains committed to maintaining a conservative
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FINANCIAL RESULTS H1 2026 | 10 balance sheet with Net Debt to EBITDA in the range of 2.0x to 3.0x during the current AEP investment cycle and not exceeding 3.5x. Following the decision to restructure the implementation of 40MAP, the t otal capital expenditure for capacity expansion until end of 2030 is expected to be €950 million (in 2026 prices).
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FINANCIAL RESULTS H1 2026 | 11 Disclaimer This document presents the Financial Results and the basic financial information of AIA for the first half of 2026 ended on 30 June 2026 and has been prepared, in all material aspects, in accordance with International Financial Reporting Standards (IFRS) and the basic accounting principles applied by AIA. This document also 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 AIA, the outlook for 202 6 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. Forward-looking statements and financial projections are not guarantees of future performance and involve numerous known and unknown risks, uncertainties, both generic and specific, and assumptions which are difficult to predict and outside of the control of the Company. We have based these assumptions on information currently available to us at the date the statements are made, and if any one or more of these assumptions turn out to be incorrect, actual outcomes and results may differ materially from what is expressed in such forward -looking statements. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition could be materially adversely affected. Therefore, you should not place undue reliance on these forward-looking statements and financial projections. 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 e xpectations. 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 audited financial f igures, 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. About ATHENS INTERNATIONAL AIRPORT S.A. Athens International Airport (AIA) was established on 12 June 1996, as a pioneer public-private partnership, being the first major greenfield airport with the participation of the private sector. AIA is responsible for the construction, maintenance, operation, management and development of the Athens International Airport in accordance with the provisions of the Airport Development Agreement , which is the concession agreement ratified by L. 2338/1995 as amended by L. 4594/2019, extended until 11 June 2046 and as further amended by L. 5080/2024. Following a 5 - year construction, testing and commissioning period, operations started on 28 March 2001. AIA is Greece’s largest aviation hub.
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FINANCIAL RESULTS H1 2026 | 12 H1 2026 Financial Results Conference Call Invitation Athens International Airport management will host a conference call to present and discuss the H1 2026 Financial Results. You and/or your colleagues are welcome to join the call. Date: Thursday, 10th September 2026 Time: 16:30 (GR) 15:30 (CEST) 14:30 (UK) 09:30 (NY) Duration: The conference call will last approximately 60 minutes. There will be an opportunity for a Q&A session after the presentation. Access Telephone: To join the conference call, please use one of the following telephone numbers: Greek participants: +30 213 009 6000 or +30 210 946 0800 German participants +49 (0) 69 6677 8696 UK participants: +44 (0) 800 368 1063 USA participants: +1 516 447 5632 Other International participants: +44 (0) 203 059 5872 Participants from any other country may choose any of the above numbers. (Please call 5-10 minutes before the scheduled start). Webcast access: The conference call will be webcast live on the Internet and can be accessed through the following link: https://87399.choruscall.eu/links/athensinternational260910.html If you experience any difficulty, please call Chorus Call Hellas S.A. at + 30 210 9460803. Replay: A digital playback of the conference call will be available from about one hour after the conference call has ended until 21st September 2026 Please dial the following numbers and the PIN CODE: 35301# from a touch-tone telephone: Digital Playback GR: + 30 210 946 0929 Digital Playback UK or any other country: + 44 (0) 203 059 5874 A replay of the presentation via webcast will also be available and can be accessed through the link provided above. For further information, please contact: George Eleftheriou, Manager, Investor Relations Τ: +30 210 3535000, E: ir@aia.gr www.aia.gr
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FINANCIAL RESULTS H1 2026 | 13 Appendix – Income Statement of the Company (Amounts in Euros unless otherwise stated) 30.06.2026 30.06.2025 Revenue from contracts with customers - Air & Non-air activities 285,423,547 294,757,462 Revenue from contracts with customers - Airport Expansion Program 24,808,057 19,488,786 Other income 14,191,812 13,450,655 Total revenue and other income 324,423,416 327,696,903 Operating expenses Personnel expenses 31,980,291 29,819,699 Outsourcing expenses 50,373,336 43,793,466 Public relations & marketing expenses 4,106,758 3,699,740 Utility expenses 4,490,961 7,166,590 Insurance premiums 2,025,529 2,078,162 Grant of rights fee - variable fee component 22,474,868 24,311,860 Airport Expansion Program 24,808,057 19,488,786 Other operating expenses 8,208,929 7,526,963 Total operating expenses 148,468,728 137,885,265 EBITDA Earnings before interest, taxes, depreciation, amortisation 175,954,689 189,811,637 Depreciation & amortisation charges 42,603,328 40,282,079 Operating profit 133,351,361 149,529,558 Financial income (2,996,535) (3,109,184) Financial costs 29,786,215 32,477,315 Net financial expenses 26,789,680 29,368,131 Profit before tax 106,561,681 120,161,428 Income tax (25,130,259) (28,009,658) Profit after tax 81,431,422 92,151,770 Basic earnings per share 0.26 0.30 Note: In accordance with IFRIC 12, airport expansion costs are accounted under the intangible asset model. This requires the Company to recognize revenue and costs from construction services provided, as the grantor of the concession retains control over t he infrastructure assets. The relevant cost is measured at fair value, without any mark-up, therefore resulting in no overall impact on profitability ( Please refer to note 2.4.1 of the 2025 Financial Statements for further details).
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FINANCIAL RESULTS H1 2026 | 14 Appendix – Statement of Financial Position of the Company (Amounts in Euros unless otherwise stated) ASSETS 30.06.2026 31.12.2025 Non-current assets Property plant & equipment-owned assets 79,218,055 83,078,259 Intangible assets 1,501,428,698 1,530,580,506 Investments in Airport Expansion Program 105,101,620 82,945,577 Right of use assets 2,533,454 2,902,677 Non-current financial assets 15,482,676 20,004,882 Construction works in progress 35,124,272 24,880,743 Investments in associates 3,245,439 3,245,439 Other non-current assets 134,890 469,173 Total non-current assets 1,742,269,106 1,748,107,256 Current assets Inventories 6,294,612 5,927,684 Trade accounts receivable 73,190,584 26,007,308 Other accounts receivable 15,017,443 15,712,474 Current financial assets 927,233 52,181 Cash & cash equivalents 825,528,606 309,187,490 Total current assets 920,958,478 356,887,138 TOTAL ASSETS 2,663,227,584 2,104,994,394 EQUITY & LIABILITIES Equity Share capital 318,197,805 309,544,087 Share premium 149,802,455 75,207,406 Treasury shares (1,801,048) (249,530) Statutory & other reserves 97,664,039 97,791,288 Retained earnings 85,945,969 208,241,817 Total equity 649,809,221 690,535,067 Non-current liabilities Borrowings 1,438,055,128 850,002,822 Employee retirement benefits 7,746,435 7,980,176 Provisions 48,962,037 65,173,549 Deferred tax liabilities 34,424,379 35,187,131 Other non-current liabilities 207,504,885 211,798,273 Lease liabilities 459,368 546,502 Total non-current liabilities 1,737,152,232 1,170,688,452 Current liabilities Borrowings 76,481,768 70,944,139 Trade & other payables 100,262,593 112,965,391 Income tax payable 39,753,035 24,130,815 Other current liabilities 58,486,339 34,073,413 Lease liabilities 1,282,396 1,657,117 Total current liabilities 276,266,132 243,770,874 Total liabilities 2,013,418,364 1,414,459,327 TOTAL EQUITY & LIABILITIES 2,663,227,584 2,104,994,394
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FINANCIAL RESULTS H1 2026 | 15 Appendix – Statement of Cash Flows of the Company (Amounts in Euros unless otherwise stated) 30.06.2026 30.06.2025 Operating activities Profit for the period before tax 106,561,681 120,161,428 Adjustments for: Depreciation & amortisation expenses 42,603,328 40,282,079 Provision for impairment of trade receivables 288,549 (43,712) Net financial expenses 26,789,680 29,368,131 Increase/(decrease) in retirement benefits (233,739) 71,424 Increase/(decrease) in share-based compensation 544,305 412,188 Increase/(decrease) in provisions 9,554,150 5,055,578 Increase/(decrease) in other assets/liabilities (6,818,864) (7,342,177) Cash generated from operations 179,289,094 187,964,938 Working capital (Increase)/decrease in working capital from inventories (352,229) 38,115 (Increase)/decrease in working capital from receivables (49,855,283) (44,525,604) Increase/(decrease) in working capital from liabilities (13,533,633) 6,082,931 Cash generated from operations 115,547,950 149,560,381 Income tax (paid)/received (9,468,417) (32,454,293) Interest cost/financial expenses paid (22,809,368) (23,252,862) Hedging cost paid 0 (1,883,197) Net cash flow generated from operating activities 83,270,164 91,970,029 Investment activities Acquisition of intangible assets - property, plant, equipment (39,316,768) (63,193,322) Acquisition of intangible assets - property, plant, equipment - Advance payments (1,589,513) (26,839,363) Interest received 3,256,080 3,122,897 Net cash flow used in investment activities (37,650,200) (86,909,787) Financial activities Acquisition of treasury shares (1,551,518) 0 Dividends paid (121,611,045) (151,108,298) Repayment of bank loans (30,671,045) (31,670,995) New borrowings raised 625,091,159 60,591,944 Payments under leases (536,399) (541,783) Net cash flow generated from/(used in) financial activities 470,721,153 (122,729,132) Net increase/(decrease) in cash & cash equivalents 516,341,117 (117,668,891) Cash & cash equivalents at the beginning of the period 309,187,490 292,188,363 Cash & cash equivalents at the end of the period 825,528,606 174,519,473 The increase in the balance of cash & cash equivalents as at 30 June 2026 is mainly attributed to the proceeds of €497,345,000 from the issuance of a senior unsecured international bond on 24 June 2026. On 31 July 2026, €423,178,604 were used to refinance existing indebtedness. For further information refer to notes 1.2, 5.17, 5.22, and 5.33 of 2026 Interim Financial Report.
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FINANCIAL RESULTS H1 2026 | 16 Appendix – 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 is provided to account for the negative impact of the fixed component of the Grant of Rights Fee, amounting to €15.0 million annually. The following tables show the evolution of Adjusted EBITDA and its margin for both Air and Non -Air Activities. During H1 2026, the company retained its Non -Air Activities EBITDA margin levels, while the decrease in Air Activities EBITDA margin is attributed to the 30% temporary decrease to the Passenger Terminal Facility charge (PTF) in effect from 1 October 2025 to 30 April 2026, expected, aiming to align 2026 Air Activities profitability with the 15% Return on Equity under the regulatory framework 10, following the depletion of the Air Activities Carry Forward amount. With the temporary PTF reduction having expired at the end of April 2026, the Air Activities EBITDA margin is expected to strengthen in H2 2026. Adjusted EBITDA amounts in EUR million H1 2026 H1 2025 Air Non-Air Total Air Non-Air Total Reported EBITDA 110.2 65.7 176.0 126.5 63.3 189.8 Grant of Rights Fee (fixed component) (6.6) (0.9) (7.5) (6.6) (0.9) (7.5) Adjusted EBITDA 103.7 64.8 168.5 119.9 62.4 182.3 Adjusted EBITDA Margin amounts in EUR million H1 2026 H1 2025 Air Non-Air Total Air Non-Air Total Adjusted EBITDA 103.7 64.8 168.5 119.9 62.4 182.3 Revenues & other income 219.2 80.4 299.6 230.5 77.7 308.2 Adjusted EBITDA Margin (%) 47.3% 80.5% 56.2% 52.0% 80.3% 59.2% 10 According to 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 Cap, which is determined as a return of 15% of the regulatory equity adjusted for EU inflation, as determined by HICP, such return being calculated in an amount in euros for each relevant period. Unrealised profits of a period are allowed to be recovered in the following years adjusted with EU inflation (Carry Forward Amount). Meanwhile, Non-Air activities have uncapped profitability.
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FINANCIAL RESULTS H1 2026 | 17 Net Debt and Net Debt to LTM11 Adjusted EBITDA ratio Net debt represents the sum of loans & borrowings and lease liabilities less cash and cash equivalents. The Net debt and the ratio of Net debt to LTM Adjusted EBITDA as of June 30th, 2026, and December 31st, 2025 are as follows: Net Debt to LTM adjusted EBITDA amounts in EUR million 30 June 2026 31 Dec 2025 Long-term loans and borrowings (current and non-current) 1,514.5 920.9 Lease liabilities (current and non-current) 1.7 2.2 Less: Cash and cash equivalents (825.5) (309.2) Net Debt 690.8 614.0 Adjusted LTM EBITDA 381.1 394.9 Net Debt to adjusted LTM EBITDA 1.8 1.6 Free Cash Flow Free Cash Flow, corresponding to Adjusted EBITDA less acquisition of property, plant and equipment and intangible assets, provides an insight into the liquidity left over after accounting for operating expenses including the fixed component of the Grant of Rights Fee and capital expenditures but before accounting for net interest (income minus expense), and income taxes. Free cash flow conversion % corresponds to the ratio of Free Cash Flow over Adjusted EBITDA and is depicted in the following table: Free Cash Flow amounts in EUR million H1 2026 H1 2025 Adjusted EBITDA 168.5 182.3 Acquisition of property, plant and equipment and intangible assets and work in progress (40.9) (90.0) Free Cash Flow 127.5 92.3 % cash conversion 75.7% 50.6% As anticipated, this ratio is being impacted by the commencement of the Airport Expansion Program and the associated increase in capital investment. The Company’s financial position remains strong with its financing needs secured until 2030 through a combination of the debt financing arrangements that are already in place as well as the Scrip Dividend Program. 11 Last Twelve Months. For more information on the calculation of the amounts, please refer to the Section: Alternative Performance Measures in the Interim Financial Report of 2026