The strong position of Athens Airports on the aviation "map" is demonstrated by the increased performance last year. 

ΚΕΥ FIGURES

In Q1 2024 (low season), total revenues and other income increased by €15.3 million, or 15.3%, to €114.6 million. Both air and non-air activity revenues showed significant improvement, primarily due to the 16.5% increase in passenger traffic and strong commercial dynamics.

• Adjusted EBITDA reached €62.7 million, marking an increase of 16.2% compared to Q1 2023.

• Net Profit rose by €6.5 million at €28.5 million, marking an increase of 29.8% compared to €22.0 million in Q1 2023

Overall, during the period January through March 2024, which is the lowest quarter of the year in terms of traffic, the airport’s passenger numbers totaled 5.2 million, above the 2023 levels by 16.5%. The strong growth trend observed in the last quarter of 2023 continued during the first quarter of 2024, with passenger traffic demonstrating high volumes, reflecting the resilience of air travel demand (especially leisure traffic) despite macroeconomic and geopolitical challenges, with consumers giving priority to travel over other forms of discretionary spending. In more detail, domestic and international passengers surpassed the 2023 levels by 10.3% and 19.4%, respectively. As per the traffic evolution in each month, passengers witnessed a double-digit increase in all three months (%2024/2023: Jan: +10.7%, Feb: +18.4%, Mar: +20.1%).

Total revenues and other income increased by €15.3 million, or 15.3%, from €99.4 million in Q1 2023 to €114.6 million in Q1 2024, with all revenue streams demonstrating substantial improvement. More specifically, revenues and other income from Air Activities reached €86.3 million, marking an increase of 14.8% vs. prior year. The main contributor of this growth derives from the performance of revenues from Aeronautical charges and ADF income, while the level of aeronautical charges remained stable in Q1 2024. Moreover, revenues and other income from non-air activities stood at €28.4 million, higher by 16.9% compared to Q1 2023, mainly driven by retail concession activities and car parking services.

Operating expenses for the first quarter of the year were €48.2 million, an increase of €6.5 million, or 15.7%, versus the prior year. A significant part of this variance derives from the substantial increase of the variable portion of the Grant of Rights Fee (GoRF) to €9.9 million from €7.4 million, calculated on the basis of increased profitability of 2023. Excluding the variable portion of the GoRF, operating expenses were higher by €4.0 million, or 11.8%, than the prior year, mainly as a result of:

• additional resources (in-house and outsourced) required to handle significantly higher traffic compared to the respective period last year,

• the full-year effect of the base salary increases in April 2023. As a result of the evolution of operating revenues and operating expenses, overall earnings before interest, tax, depreciation, and amortisation (EBITDA) in Q1 2024 reached €66.5 million, higher by €8.7 million, or 15.1%, compared to the previous year.

Profit before Tax for the period January to March 2024 amounted to € 37.0 million, better than prior year by € 8.5 million. Profit after Tax for the first quarter of 2024 amounted to € 28.5 million, i.e. € 6.5 million higher than prior year.

FORECAST

Following a strong Q1 traffic performance, the Company has revised its traffic forecast to a total 2024 passenger traffic of 29.9 million, or 6.3% (or approximately 1.8 million passengers), above 2023 levels. The 2024 Traffic Forecast was developed taking into account the actual traffic performance of the first quarter of the year, as well as updated projections for the rest of the year, based on the latest market trends and developments, including the most recent airline plans for their operation during the 2024 summer season, which just started.