Athens International Airport: nine-month 2026 traffic up 4.3%, net profit down 6.6%
Athens airport handled 27.3 million passengers in the first nine months of 2026, 4.3% more than a year earlier, while net profit fell 6.6% to €173.5 million under its regulated-return framework.
At a glance#
| Indicator | Latest | Period | Source |
|---|---|---|---|
| Passengers | 27.3m (+4.3% y/y) | 9M 2026 | AIA 9M 2026 trading update, 27 Oct 2026 (PDF) |
| Passenger growth by quarter | Q1 +8.1%, Q2 +2.2%, Q3 +4.0% | 2026 vs 2025 | Same |
| Total revenues and other income | €530.0m (+0.6%) | 9M 2026 | Same |
| Air Activities revenues | €393.6m (−1.0%) | 9M 2026 | Same |
| Non-Air Activities revenues | €136.4m (+5.4%) | 9M 2026 | Same |
| Adjusted EBITDA | €331.2m (−1.3%) | 9M 2026 | Same |
| Net profit | €173.5m (−6.6%) | 9M 2026 | Same |
All figures are unaudited and prepared under IFRS. Revenue excludes €42.2m of expansion design and construction cost, which the company books as both revenue and cost under IFRIC 12, with no effect on profit.
What was reported#
Athens International Airport S.A. (AIA), which operates the Athens airport under a concession and is listed on Euronext Athens, published its nine-month trading update after the close on 27 October 2026.
Traffic rose faster than revenue. Passenger numbers grew 4.3% to 27.3 million, with domestic traffic up 4.2% and international traffic up 4.3%. The company says traffic beat the prior year in every quarter, despite geopolitical tensions and the closure of one runway for two days in September for planned resurfacing.
Total revenues and other income grew only 0.6%, to €530.0m. Operating expenses rose 4.2% to €187.6m. AIA attributes the cost increase to inflation, statutory minimum-wage rises and extra staff for traffic and the EU Entry/Exit System. Lower utility costs and a lower variable concession fee partly offset this.
Why profit fell while traffic grew#
The explanation is regulatory. Under the Airport Development Agreement, after-tax returns on aeronautical ("Air Activities") business are capped at 15% of regulatory equity, adjusted for EU inflation. Profits a company could not earn in earlier years can be recovered later as a "Carry Forward Amount".
AIA says that amount has now been used up. To keep 2026 aeronautical returns in line with the cap, it applied a temporary 30% discount on the passenger terminal facility charge from 1 October 2025 to 30 April 2026. As a result, Air Activities revenue fell 1.0% to €393.6m.
Non-Air revenue, which is not capped, rose 5.4% to €136.4m. The company cites a favourable passenger mix, especially outside the Schengen area, plus stronger food and beverage sales. Parking revenue was held back by construction of the multi-storey car park.
Net profit fell 6.6% to €173.5m and adjusted EBITDA 1.3% to €331.2m. The company says both are in line with its short-term targets.
Guidance and expansion#
- Traffic guidance. AIA reaffirmed its guidance of mid-single-digit passenger growth in 2026. It describes the outlook for the rest of the year as "relatively modest" because of high fuel prices. This is the company's own guidance, not ours. It is also logged in the forecasts tracker.
- Works under way. Construction of the multi-storey car park and the North West Apron continues. The first phase of the apron is expected to be completed by the end of 2026, and a new VIP facility is being built.
- South Pier. The tender for the South Pier expansion was launched on 26 October 2026, with construction scheduled to start in the second half of 2027. AIA has not disclosed a budget for this phase in the update.
- North Wing. Design work is being adjusted so that the North Wing expansion can be tendered, and alternative development scenarios are being assessed.
Why it matters for investors in Greece#
- Tourism signal. Athens is the main gateway for visitors to Greece. Traffic growth of 4.0% in the peak third quarter is one measure of summer demand. Hotel and resort projects are tracked in the hospitality signals note.
- Regulated earnings. The results show how the cap on aeronautical returns can decouple profit from traffic. Non-Air income is the uncapped part of the business.
- Airport concessions. AIA is one of three groups that entered Phase A of the tender for 22 regional airports. Kalamata airport was concessioned in June to a company 51% owned by Fraport. See Greek airport concessions in 2026.
The wider results season, including bank results on 29 and 30 October, is covered in Euronext Athens in 2026.
What this note does not do#
It does not value AIA shares or estimate dividends or full-year profit. Figures are as published by the company. Any third-party estimates have been left out.