Athens International Airport recorded 15.8 million passengers in the first half of 2026, a 4.5% increase year‑on‑year and a record for the facility. Total revenue amounted to EUR 299.6 million, down 2.8% compared with H1 2025, with air activities contributing 75% of sales (down 4.9%) and non‑air activities making up the remaining 25% (up 3.5%).
Operating expenses rose to EUR 123.7 million, up 4.4% year‑on‑year; excluding the variable ground handling rights fee, expenses were EUR 101 million, up 7.5%, translating to EUR 6.42 per passenger. Adjusted EBITDA reached EUR 168.5 million, net profit was EUR 81.4 million and free cash flow totaled EUR 127.5 million, giving a cash conversion rate of roughly 76%. Capital expenditures in the period were EUR 41 million, leaving net debt at EUR 690.8 million and a leverage ratio (net debt to adjusted EBITDA) of 1.8x. The airport reiterated its full‑year 2026 net profit guidance of around EUR 200 million and upgraded traffic growth expectations to mid‑single‑digit from the previous low‑single‑digit forecast.
In June the airport issued a EUR 500 million senior unsecured bond with a 3.75% coupon; order books exceeded EUR 2.6 billion, more than five times oversubscribed. Credit ratings were assigned at BBB+ (stable) by S&P and Baa1 (stable) by Moody's. The scrip dividend programme saw an 88% take‑up in 2026, generating approximately EUR 83 million of additional capital and bringing the two‑year total to roughly EUR 168 million.
Regarding expansion, the board restructured the 40 million‑passenger (40 MAP) plan into a phased, modular approach, ending the early contractor involvement process and launching an open construction tender for the first phase in October 2026, with completion expected around 2030‑2031. This phase focuses on the south terminal pier, the satellite terminal building and surrounding areas. A tender for the north terminal expansion is slated for the second half of 2027, while ongoing works such as the multi‑story car park, northwest apron, VIP terminal and passenger processing upgrades continue.
The airport’s shares initially fell 0.67% to $10.36 from $10.43, later trading at $10.80, up 3.95% from the previous close of $10.39, and remained within a 52‑week range of $9.68 to $12.00.
