Athens International Airport’s management is set to brief analysts today, Thursday, on the company’s 2025 financial results and its outlook for 2026, with particular attention expected to focus on forecasts regarding the potential impact of the Middle East crisis.
In 2025, passenger traffic at Athens International Airport reached 34 million passengers, marking a 6.7% increase compared to the previous year. Despite the rise in passenger numbers, however, net profits after tax fell by around 12%, while EBITDA declined by approximately 7%. At the same time, operating expenses increased by nearly 18%, mainly due to higher wages, increased costs for third-party services, maintenance expenses, and extraordinary charges.
The increase in costs combined with the decline in profitability already represents a negative development, which could worsen if passenger traffic slows as a result of geopolitical developments. The crisis in the Middle East is a particular cause for concern, as roughly 7.5% of the airport’s total passenger traffic is connected to that region. The conflict has already affected passenger flows from impacted areas and, although no major overall impact has been recorded so far, a further escalation could affect the airport’s revenues. Indirect or secondary effects are also considered equally concerning.
At the same time, Athens International Airport is in the middle of a major investment program worth approximately €1.3 billion through 2032, aimed at expanding its facilities and increasing capacity. The program is being financed through borrowing and a capital increase, a strategy that increases financial risk in the event of worsening economic conditions or rising interest rates. The company’s financial expenses have already increased, mainly due to the cost of financing this investment program.
Another risk factor is the airport’s regulatory framework, which sets a cap on returns from aeronautical activities. This means that if passenger traffic declines, the company cannot easily increase charges to offset revenue losses, which could put further pressure on profitability.
All of these issues are expected to lead to numerous questions for the airport’s Chief Executive Officer, George Kalimasias, during today’s analyst conference call.
