Athens International Airport Sets New Passenger Record and Announces Major Expansion Amid Global Instability
Athens, March 26 – Athens International Airport (AIA) is entering a new phase of development, having achieved another record in passenger traffic in 2025. This growth occurs despite the shadow of uncertainty cast over the global aviation sector by geopolitical tensions in the Middle East. The airport has initiated its largest investment cycle since its establishment and is proceeding with the tender process for the expansion of its Main and Satellite Terminals.
Expansion Project Nears Awarding
The tender for the expansion project is in its final stages and is expected to be awarded within 2026. This marks the beginning of a project that will increase the airport’s total area by approximately 150,000 square meters, or 68%, and boost its capacity to serve up to 40 million passengers annually by 2032.
In 2025, AIA closed with a new historical record, reaching 34 million passengers, a 6.7% increase compared to 2024. This represents the strongest post-pandemic recovery among major European airports, with a 33% rise compared to 2019, confirming Athens’ enduring strength as a tourist and transit destination. Domestic and international passengers surpassed 2024 levels by 2.2% and 8.6% respectively.
Enhanced Route Network and Financial Performance
The airport’s route network was further strengthened in 2025, with Athens directly connected via regular flights to 164 cities (up from 157 in 2024) in 55 countries, operated by 70 airlines (up from 68 in 2024).
Total revenues reached 675.6 million euros, net profits amounted to 207.3 million euros, while adjusted EBITDA decreased to 394.9 million euros, down by 7%. Free cash flows decreased to 233.9 million euros, reflecting the acceleration of investments.
Investment Program Details
The total investment program, exceeding 1.3 billion euros by 2032, has already been implemented, and 2025 marked the start of construction work for new aircraft and vehicle parking areas, as well as the enhancement of passenger service infrastructure. Upon completion of the expansion project, significant improvements in capacity and service levels will be realized, including:
- Upgraded passenger handling facilities (check-in, security control, passport control, and boarding areas)
- Additional aircraft parking positions
- More than 100% increase in commercial areas
- Expansion of baggage handling areas
- Functional support areas and related state-of-the-art technology systems
Simultaneously, the digitalization of airport operations and the strengthening of commercial activities are progressing, with retail revenues increasing by over 8%.
Particular emphasis is placed on the financial stability of the undertaking, with the company having secured funding until 2028-2029 through an 806 million euro bond loan, as well as through a planned capital increase of up to 240 million euros in aviation activities as part of the approved Scrip Dividend Reinvestment Program for the period 2025-2028.
For the current year, management estimates that passenger traffic will continue to grow, albeit at a slower pace, projecting a low single-digit percentage increase. However, new markets, such as India, are expected to play a decisive role in shaping these figures.
Monitoring Middle East Developments
In any case, the Airport company is keeping a close eye on developments in the Middle East, which have led to significant increases in fuel costs, among other things, without so far having a significant impact on the airport’s performance. Based on the data, the recent escalation of geopolitical tensions contributes to greater global uncertainty, which may have adverse effects on the aviation and airport sectors. For Athens Airport in 2025, passenger traffic related to the Middle East accounted for approximately 7.5% of total traffic. “The company continues to closely monitor developments, but for now, no significant impact on its financial performance is expected, which is protected by the stability of the regulatory framework. It is ready to make the necessary adjustments, always prioritizing the safety and service of passengers, as well as the creation of long-term value.”
Regarding revenues, based on the financial results announced on Tuesday, approximately 25% now comes from non-aviation activities, such as commercial stores, catering, and services, which reduces dependence on aviation charges and strengthens the diversification of the business model.
Commenting on the financial results, the airport’s General Manager, Yiannis Kallimassias, spoke of a very strong year, making special mention of the airport’s expansion project. For 2026, he stated that “based on our strong financial position with a clear financing plan, as well as the resilience of air travel demand for Athens, amidst geopolitical instability, we remain committed to the disciplined implementation of our business plan. At the same time, we are laying the groundwork for higher long-term capacity and sustainable value creation for our shareholders,” he concluded.
Source: ethnos.gr
