Athens International Airport is revising its expansion strategy after passenger traffic grew faster than expected in the first half of 2026, with a phased approach that could eventually support more than 40 million passengers annually.
The airport handled 15.75 million passengers from January through June, up 4.5% year on year. Domestic traffic rose 5.1% and international traffic 4.2%, prompting the airport to raise its full-year traffic forecast from low-single-digit to mid-single-digit growth.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
Middle East Conflict Slows Growth
Second-quarter growth eased to 2.2% amid geopolitical tensions. Domestic traffic increased 3.8%, while international traffic rose 1.5%, with April international traffic down 0.9% mainly because of suspended Middle East services.
Revenue And Profit Decline
Despite higher passenger numbers, revenue and other income fell 2.8% to €299.6 million in the first half. The decline was mainly linked to a temporary 30% discount on the Passenger Terminal Facility charge through April 30.
Adjusted EBITDA fell 7.6% to €168.5 million, while net profit declined 11.6% to €81.4 million. The airport attributed the weaker results mainly to its pricing policy following the depletion of its Air Activities Carry Forward amount.
Expansion Moves To A Phased Model
The board has restructured the 40 million-passenger expansion program around a more phased and modular approach, while keeping options open for capacity above that level.
The first phase includes the South Main Terminal Pier, Satellite Terminal expansion and related works. A separate construction tender will replace the broader Early Contractor Involvement process, while alternative configurations for future capacity will also be assessed.
Capital spending on capacity expansion through 2030 is estimated at €950 million in 2026 prices. A new tender for the first phase of the North Terminal expansion is expected in the second half of 2027.
Construction And Funding Continue
Work on the Multi-Storey Car Park and North-West Apron is progressing toward completion in 2027. A new 600-square-meter VIP Terminal and apron are also under construction, alongside projects covering aircraft docking guidance, immigration facilities, overflow parking and self-baggage drop-off.
The airport raised €83.25 million through the second year of its four-year Scrip Dividend Programme, while share capital increased to €318.2 million.
On June 24, Athens International Airport entered international debt markets for the first time with a €500 million seven-year senior unsecured bond carrying a 3.75% coupon. S&P and Moody’s assigned the bond BBB and Baa2 ratings, while the airport received issuer ratings of BBB+ and Baa1, both with stable outlooks.
