Athens International Airport announced its results for the first nine months of 2026.
Passenger traffic in the first nine months of 2026 totalled 27.3 million passengers, up 4.3% compared with the same period in 2025.
Total revenue and other income rose 0.6% to €530m in the first nine months of 2026, supported by higher passenger traffic and strong performance from Non-Aeronautical Activities. These factors were partly offset by adjustments to Aeronautical Charges under the regulatory framework.
Adjusted EBITDA came to €331.2m, down 1.3% compared with the first nine months of 2025, in line with the Company’s short-term targets.
Profit after tax was €173.5m, down 6.6% compared with the first nine months of 2025 and in line with the Company’s targets. This reflected the impact of the exhaustion of the Carry-over Amount, which was partly offset by an increase in the Aeronautical Activities Capital.
The Airport Expansion Programme is progressing smoothly, with construction under way on the Multi-Storey Car Park (MSP) and the Northwest Apron (NWA). The tender process for the extension of the Main Terminal’s South Pier began in October 2026, while preparations continue for the next phases of development under the Company’s revised, phased and flexible expansion strategy.
Passenger traffic developments
Passenger traffic at the Airport totalled 27.3 million in the first nine months of 2026, up 4.3% compared with the same period in 2025. Domestic and international passenger traffic rose by 4.2% and 4.3%, respectively, from the first nine months of 2025. Passenger traffic remained above 2025 levels in every quarter, increasing by 8.1% in the first quarter, 2.2% in the second and 4% in the third.
In the third quarter of 2026, the airport maintained strong passenger traffic throughout the peak summer season, highlighting the resilience of travel demand despite ongoing geopolitical tensions and the temporary closure of one of its two runways for two days in September for scheduled maintenance. At the same time, the fundamentals underpinning demand for travel to Greece remained strong, bolstering the competitive position of Athens airport, which continues to rank among Europe’s best-connected airports and retained its eighth place across Europe for another year6. Despite relatively cautious expectations for the rest of the year amid significant fuel-price pressures, we maintain our forecast for mid-single-digit passenger traffic growth in 2026.
Revenue and other income
Total revenue and other income rose 0.6% to €530.0m in the first nine months of 2026, from €526.9m in the same period of 2025.
Revenue and other income from Aeronautical Activities came to €393.6m, down 1% compared with the first nine months of 2025. This was mainly due to the Company’s pricing policy for Aeronautical Charges and, in particular, the temporary 30% discount on the Passenger Service Charge, which applied from 1 October 2025 to 30 April 2026. The discount was introduced to align the profitability of Aeronautical Activities in 2026 with the maximum 15% return on the Aeronautical Activities Capital under the regulatory framework7, following the exhaustion of the Carry-over Amount.
Revenue and other income from Non-Aeronautical Activities totalled €136.4m in the first nine months of 2026, up 5.4% from the same period of 2025. In the third quarter, commercial revenue growth outpaced passenger traffic growth, reflecting the passenger mix, particularly in the Extra-Schengen area, continued strong consumer trends and targeted improvements to food and beverage (F&B) outlets in the Intra-Schengen area. This positive performance was partly offset by continued pressure on revenue from car parking services due to construction work on the Multi-Storey Car Park (MSP), although the pressure eased in the third quarter.
Operating expenses
Operating expenses totalled €187.6m in the first nine months of 2026, an increase of €7.5m, or 4.2%, compared with the same period of 2025. The increase was mainly due to inflationary pressures, minimum wage adjustments under the applicable legislative framework, and the additional resources required — including Company staff and services from third parties — to handle higher passenger traffic, manage the operational impact of the European Entry/Exit System (EES) and maintain service quality. This increase was partly offset by lower utility costs, resulting from energy-saving initiatives under the “Route 2025” programme, as well as a lower fee for the grant of rights, calculated on the basis of the previous year’s lower profitability.
EBITDA and adjusted EBITDA
Total earnings before interest, tax, depreciation and amortisation (EBITDA) came to €342.5m in the first nine months of 2026, down €4.4m, or 1.3%, compared with the same period of 2025. Adjusted EBITDA was €331.2m, also down 1.3% from the first nine months of 2025, in line with the Company’s short-term targets.
Profitability
Profit before tax came to €231.8m in the first nine months of 2026, compared with €241.0m in the same period of 2025. Profit after tax was €173.5m, down €12.3m, or 6.6%, from the first nine months of 2025, in line with the Company’s short-term targets.
Airport Expansion Programme
Construction work on the Multi-Storey Car Park (MSP) and the Northwest Apron (NWA) is continuing. The two projects are expected to upgrade vehicle-service infrastructure and increase aircraft handling capacity, respectively. Work is also under way on the new VIP terminal, while the first phase of development of the associated aircraft parking apron is expected to be completed by the end of 2026, providing additional operational flexibility.
The tender process for the extension of the Main Terminal’s South Pier began on 26 October 2026, with construction scheduled to start in the second half of 2027. Meanwhile, the Design Office has begun work on the necessary design adjustments in preparation for the tender for the North Pier extension, as well as supporting the Company in assessing alternative development scenarios in line with its revised strategy.