Athens International Airport S.A. posted total revenue of €299.6 million in the first half of 2026, down 2.8% from €308.2 million a year earlier, as air activities revenue fell 4.9% to €219.2 million even as passenger traffic continued to climb.
The airport welcomed 15.8 million passengers through June, a 4.5% increase year-over-year, with international traffic rising 4.2% to 11.3 million and domestic traffic growing 5.1% to 4.5 million. The European airport average for the period was just 2.6%. In August, the airport handled a record 4.0 million passengers in a single month for the first time in its history. Since 2019, Athens has ranked first among European airports handling 25–40 million annual passengers, with traffic up 32.9% versus pre-pandemic levels, well ahead of the European average of 5.6%.
Revenue per passenger for air activities declined to €13.9 from €15.3 in H1 2025, reflecting weaker aeronautical yield despite higher volumes. Non-air activities revenue rose 3.5% to €80.4 million, with revenue per passenger remaining stable at €5.1.
Operating expenses rose 4.4% to €123.7 million, or 7.5% excluding the variable grant of rights fee, reaching €101.2 million. Adjusted EBITDA fell 7.6% to €168.5 million, compressing the margin to 56.2% from 59.2% a year earlier. Net income dropped 11.6% to €81.4 million, with air activities contributing €37.4 million and non-air activities €44.1 million. Full-year 2026 net income is projected at approximately €200 million.
On the capital markets front, the airport issued €500 million in seven-year senior unsecured bonds on June 24 at a coupon of 3.75%. The order book exceeded €2.6 billion, representing an oversubscription of more than 5.2 times. S&P Global Ratings maintains a BBB+ rating with a stable outlook, and Moody's rates the debt Baa1, also with a stable outlook.
Capital expenditure in H1 totaled €41 million. The airport outlined a restructured expansion program with total capex of €950 million through 2030, including a tender for north oculus and targeted terminal enhancements scheduled for October 2026, a north wing extension tender planned for the second half of 2027, and a multi-story car park with 3,365 spaces expected to open in 2027. Commercial space is targeted for increase by 2030–31.
Net debt stood at €690.8 million as of H1 2026, equivalent to 1.8 times trailing adjusted EBITDA, while free cash flow came in at €127.5 million with a 75.7% cash conversion rate. Inflated equity in air activities reached €737.7 million, and the carry-forward amount rose to €16.0 million as of June 30 from €2.6 million at year-end 2025.
The company also highlighted its sustainability credentials, noting it has been carbon neutral since 2016 and achieved full carbon neutrality from the start of 2026, with CO2 emissions reduced 60% by end-2025 compared to 2005 levels. Electricity is generated entirely on-site through a 35.5 MWp photovoltaic system supported by an 82 MWh battery storage facility. The airport is working toward Level 5 Airport Carbon Accreditation and is transitioning to coordinated airport status for winter 2026/27.
New routes and partnerships announced include Alaska Airlines launching service to Seattle in 2027, alongside existing operators IndiGo, American Airlines, and Air Cairo. The airport operates 162 outlets across 77 agreements, including food, beverage, and retail concessions with brands such as Marc Jacobs, Ladurée Paris, Victoria's Secret, IKEA, Sofitel, and the Metropolitan Exhibition Centre.
