Athens International Airport S.A · ATHEX:AIA
Athens International Airport — Investor Presentation (May 2026)
37 slides from Athens International Airport's investor presentation, May 2026
Slide 1: Athens International Airport S.A. Corporate Presentation
Athens International Airport S.A. Corporate Presentation May 2026
Slide 2: Agenda
Agenda Introduction & Key Highlights Traffic Regulatory Framework – Air Activities Non-Air Activities Business Developments Financial Performance Outlook 2
Slide 3: Introduction & Key Highlights
Introduction & Key Highlights 3
Slide 4: Athens International Airport - Introduction
Athens International Airport - Introduction Airport Overview 1. Largest Airport in Greece with 34.0m Pax as of FY 2025 2. 2. 30 + 20 Year Concession Operating under a Dual-Till Regulation Starting in 1996 and Expiring in 2046 Athens International Airport 3. Law 5045/23: New tender latest 2040 – AIA
Slide 5: Key highlights
Key highlights Traffic Revenue and Adjusted EBITDA Shareholder Overview Revenue, Other Income and ADF (€m) 2025 1.5% 34.0m +6.7% +8.6% 665,5 6.5% 675,6 100.0% 100.0% Pax 2025 ‘25 vs ‘24 International Traffic 160,3 170,7 Non- -0.1% (3) Other ca. 40% Air 505,2 504,9 GmbH Shareholders of total Greek av
Slide 6: Traffic
Traffic 6
Slide 7: New record traffic at 34m passengers in 2025, led by strong international performance
New record traffic at 34m passengers in 2025, led by strong 7 international performance Traffic Evolution Passengers by month Routes 157 157 164 2026 2025 +32.9% vs 2019 4,50 2024 40,0% 6.7% 3,8 3,9 Change % 4,00 3,6 35,0% 3,6 3,5 3,5 3,50 3,3 3,3 34,0 3,1 3,03,1 30,0% 3,0 31,9 3,00 2,72,7 25,0% 2,5
Slide 8: Well diversified traffic mix – limited exposure on business travel
Well diversified traffic mix – limited exposure on business 8 travel Diverse Mix of Low Cost, Hybrid and Full Pax by Country of Residence Business / Leisure Domestic / International ✓ Services Airlines South Middle East America Africa Asia/ 4.2% 1,2% 0,6% Business Pax Domestic Pax Pacific 5,3% Rest
Slide 9: AIA at the top of European traffic and connectivity ranking for 2025
AIA at the top of European traffic and connectivity ranking for 2025 AIA’s performance vs. European airports 32,9% ✓ Ranked 1st with the strongest rebound momentum (+33%) since 2019(1) across 6,7% 4,1% 3,5% 4,4% 6,4% 3,1% 5,6% Europe '25 vs '24 '25 vs '19 ✓ Among top performers vs 2024 AIA European
Slide 10: Regulatory Framework – Air Activities
Regulatory Framework – Air Activities 10
Slide 11: Benign Dual-Till regulation providing for some downside protection and growth upside
Benign Dual-Till regulation providing for some downside 11 protection and growth upside Established Economic Regulatory Framework Comprehensive Concession Agreement 1 Attractive Dual-Till Regulatory Framework ✓ Uncapped upside from non-air activity streams Airport Development ✓ Strong revenue base f
Slide 12: Dual-Till regulation provides downside protection with uncapped growth potential to Non-Air Activities
Dual-Till regulation provides downside 12 protection to AIA along with an uncapped growth potential to Non-Air Activities Well-Defined Regulatory Return Established Economic Regulatory Framework Tariff Mechanism Air/Non-Air Activities Allocation based on whether activities fall under the profit cap
Slide 13: Non – Air Activities
Non – Air Activities 13
Slide 14: Non-Air Revenue: Solid, profitable agreements and proven long-term partnerships
Non-Air Revenue: Solid, profitable agreements and proven 14 long-term partnerships Retail Concession activities (1) Car Parking Management Contract ✓ ✓ Variable fee determined as % of turnover Long-Term Short-Term Business/Valet ✓ ✓ MAG amount and cash or bank security guarantees 1 Car Park 2 Car Pa
Slide 15: Business Developments
Business Developments 15
Slide 16: Business developments and achievements 2025
Business developments and achievements 2025 Operational achievements solidifying AIA’s strong performance Recent Awards Received Home Based Carriers New Airlines ROUTES WORLD 2025 Airlines ✓ +17 new network developments (+10 new destinations) Overall Winner 1st place among all airports from visiting
Slide 17: Other key developments
Other key developments Scrip Dividend Program 2025-26 ▪ Strong shareholder participation in 2025 with 89.22% take up, generating €84.75m for Air Activities Capital effective from 16 May 2025, while in 2026 participation reached 87.64% resulting in 83.25m for Air Activities Capital effective from 15
Slide 18: Our Expansion Program is advancing anchored on three main pillars
Our Expansion Program is advancing anchored on three main pillars ▪ Key features: Total ▪ Consolidated 33 MAP and 40 MAP plans, accelerating completion to 2032 Budget: ✓ Expanded passenger ✓ New aircraft contact stands €1,3bn(1) ▪ Approx. +150,000 sqm (+68%) versus current terminal processing facili
Slide 19: Main Terminal and Satellite Expansion
Main Terminal and Satellite Expansion >150,000 sqm (+68%) >100% increase in commercial space Current Terminal Facilities - 40m pax by 2032 South Oculus & Pier North Oculus & Pier North Wing Extension
Slide 20: Unlock additional shareholder value through Air Activities capital increase
Unlock additional shareholder value through Air Activities capital increase The Airport Expansion Program will be partially funded by capital increase through a voluntary Scrip Dividend of up to €240m over the 4-year period 2025-2028 Voluntary Scrip Dividend Programme 2025-28 Key Benefits of the Pro
Slide 21: Route 2025 completed, achieving net-zero carbon emissions from the beginning of 2026
Route 2025 completed, achieving net-zero carbon emissions from the beginning of 2026 Environment Low Carbon Frontrunner – Athens International Airport’s Route 2025 Roadmap European Airports’ Net Zero Commitments (5) (6) (4) 2023 2024 2025 2030 2033 2035 2038 2040 2045 2050 (1) (2) (3) ` 1. 35.5 MWp
Slide 22: Financial Performance
Financial Performance 22
Slide 23: FY 2025
FY 2025 23
Slide 24: Stable performance of Air Activities, with non-Air growth broadly in line with traffic levels
Stable performance of Air Activities according to regulation, with non-Air growth broadly in line with traffic levels Revenue & Other Income(1) (€m) 5.0 5.0 € per passenger ▪ Air Activities Revenue marginally decreased by 15.9 14.9 0.1% reflecting: ✓ gradual depletion of the Carry Forward 1.5% Amoun
Slide 25: Air and Non-Air Activities revenues breakdown
Aero charges and ADF dominate Air revenues 25 ; Retail Concessions make up almost 68% of Non-Air revenues Air Activities Revenues (€m) Non-Air Activities Revenues (€m) -0.1% 505,2 504,9 14.3% 6.5% 34,9 39,9 69,1 6.7% 170,7 73,8 160,3 3.9% 33,1 31,9 2.2% 22,2 21,7 Rentals, ITT and other -2.5% Rentals
Slide 26: Continued investment in our operations to maintain the highest levels of service
Continued investment in our operations26 to maintain the highest levels of service; State rentals impact effectively neutralised Operating Expenses(1) (€m) Opex(4) Breakdown Opex / Pax (€) 7.08 7.81 ▪ Increased variable component of Opex (excl. Grant of Other Operating Rights Fee) / Pax (€) 5.84 6.3
Slide 27: On target performance: Air Activities profits in line with regulation and higher Non-Air profitability
On target performance: Air Activities profits in line with regulation and higher Non-Air profitability Adjusted EBITDA (1) (€m) Net Income (€m) Earnings per % margin 63.8% 58.5% Share 0.79 0.67 ▪ Adjusted EBITDA at €394.9m, lower by 7.0% versus 2024, in Dividend per Share 0.79 0.66(2) line with Comp
Slide 28: Increased Air Activities Equity supported by Scrip Dividend; Carry Forward at €2.6m
Increased Air Activities Equity supported by Scrip Dividend; Carry Forward amount on 31 December at €2.6m Net Income (€m) Well-Defined Regulatory Return Implied return on Air 23.3% 29.8% 26.8% 18.3% Activities (1) Maximum Air Activity Revenue 231,5 235,9 207,3 Non- 168,0 Air Air 75,6 90,9 57,3 95,5
Slide 29: Leverage at 1.6x Net debt to adj. EBITDA with 59.2% free cash flow conversion
Leverage at 1.6x Net debt to adj. EBITDA with 59.2% free cash flow conversion due to increased investments Net Debt (€m) ▪ AIA’s principal sources of liquidity are cash Net Debt / Adj. EBITDA from operating activities and bank loans. 1.2x 1.8x 1.5x 1.6x ▪ 2025 leverage of 1.6x Net Debt to 649,7 623,
Slide 30: Q1 2026
Q1 2026 30
Slide 31: Q1 2026: Solid performance momentum in line with regulation; resilient traffic
Q1 2026: Solid performance momentum in line with regulation; resilient traffic amid elevated geopolitical tension from March Traffic (m passengers) Revenue & Other Income (€m) International € per 5.7 5.6 passenger Domestic ▪ Q1 2026 Total Revenues decreased by 15.8 13.2 8.1% ▪ Q1 2026 Traffic increa
Slide 32: Outlook
Outlook 32
Slide 33: Outlook
33 Outlook Performance Outlook FY 2026 & mid-term Guidance ▪ Expect low-single digit growth for passenger traffic during full year 2026 Traffic forecasts ▪ Mid-to-long term traffic also in low single digits ▪ Geopolitical tensions increase uncertainty; Middle East traffic ‘25 ~7.5% — currently no ma
Slide 34: Appendix
Appendix 34
Slide 35: An 'Airport Community' of 400 Businesses and 18,900 People
An ‘Airport Community’ of 400 Businesses and 18,900 People ✓ Usufruct rights over airport area of 16.5 million m2 ✓ 2 independent runways ✓ 24-hr operations ✓ c.185,000 m2 Main Terminal Building ✓ c.34,000 m2 Satellite Terminal Building ✓ 24 contact bridges ✓ 75 active remote positions AIRPORT MAIN
Slide 36: The Concession Agreement transparently lays out the Regulatory Framework
The Concession Agreement transparently lays out the Regulatory Framework Relevant Authorities and Relationships with AIA Key Terms Term of Concession European Union Aviation Ministry of Infrastructure Safety Agency and Transportation ▪ Concession term of 30 + 20 Years ▪ Starting date: 12th June 1996
Slide 37: Disclaimer
Disclaimer IMPORTANT: This document presents the unaudited Financial Results and the basic financial information of AIA for the first quarter of 2026 ended on 31 March 2026 and the audited financial results and the basic financial information of AIA for the Fiscal Year 2025 ended on 31 December 2025
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