2024 was a milestone year for Athens International Airport (AIA), with passenger traffic reaching a historic record, reaching 31.9 million passengers, an increase of 13.1% compared to 2023. This is the highest performance compared to most of the major airports in Europe.
This impressive increase led the airport management to accelerate its ambitious expansion program, in order to meet the increased passenger traffic needs and ensure the upgrade of its infrastructure.
The increase in passenger traffic had a direct impact on AIA’s financial results. Total revenue and other income amounted to 665.5 million. euros, recording an increase of 10.2% compared to 2023. Adjusted EBITDA increased by 15.7%, reaching 424.8 million euros, while net profits amounted to 235.9 million euros, increased by 1.9%.
The positive economic performance allows AIA to propose to the general meeting of shareholders the distribution of 100% of net profits, i.e. a dividend of 0.78 euros per share. At the same time, a dividend reinvestment program (Scrip Dividend) totaling 240 million euros is being promoted to strengthen investments in aviation activities.
Acceleration of the expansion program
Taking into account the continuous increase in passenger traffic, AIA management decided to accelerate the expansion program, which now aims to achieve a service capacity of 33 million. passengers per year earlier than originally planned and with the ultimate goal of serving 40 million passengers by 2032.
The expansion includes a significant upgrade of the airport’s infrastructure, with an increase in the main and satellite terminal areas by 148,000 sq m, an expansion of the commercial areas from 13,500 sq m to 34,000 sq m, as well as the development of 32 new aircraft parking spaces. The total investment program amounts to 1.28 billion euros and will be financed through bank borrowing and funds raised from the dividend reinvestment program.
Up to 50% of the investments are expected to be implemented by 2028 and the remaining part by 2032.
Enhancing connectivity and developing non-aviation activities
In 2024, Athens was connected to 157 destinations in 55 countries, served by 68 airlines. The expansion of routes to high-demand markets, such as the USA and China, contributed significantly to the increase in passenger traffic.
At the same time, non-aviation activities recorded strong growth, with revenues increasing by 18.9%, reaching 160.3 million euros. The airport’s commercial areas were significantly upgraded, with 18 new stores and an increase in commercial space, enhancing the passenger consumer experience.
Outlook and Growth Strategy
The strong momentum of 2024 is expected to continue in 2025, with passenger traffic estimated to grow at a mid-single-digit rate. AIA’s investment program aims to maintain high service standards, while also incorporating sustainable practices, such as the development of a 35.5 MW photovoltaic park, which will contribute to reducing the airport’s energy footprint.
By accelerating expansion and maintaining a positive financial trajectory, AIA is consolidating its position as one of the fastest-growing airports in Europe, strengthening its role as a key air transport hub in the Eastern Mediterranean.
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