Μake us preferred on Google Athens International Airport (AIA) handled more passengers but recorded lower profitability in the nine months from January through September 2026, underscoring how continued growth in air travel does not automatically translate into stronger financial results.
Despite serving 27.3 million passengers, a 4.3% increase from the same period in 2025, the airport operator’s net profit fell to €173.5 million, down 6.6%.
During the same period, total revenue and other income edged up 0.6% to €530 million, while adjusted operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell 1.3% to €331.2 million.
The divergence between passenger traffic and financial performance was mainly attributed to lower aviation charges, rising operating expenses and additional costs associated with serving passengers.
Lower Charges
More specifically, revenue from aviation activities fell 1% to €393.6 million, compared with €397.5 million a year earlier. A key factor was a temporary 30% discount on the Passenger Service Fee, which was applied from October 2025 through April 2026.
The reduction is part of the regulatory framework governing the airport’s operations, with the aim of ensuring that the return from aviation activities does not exceed the prescribed 15% ceiling.
Non-aviation activities, by contrast, posted significant growth, with revenue increasing 5.4% to €136.4 million. The improvement was driven mainly by commercial activities, retail stores and food and beverage outlets, where revenue growth in the third quarter outpaced the increase in passenger traffic.
Travelers from outside the Schengen Area, as well as upgrades to food and beverage facilities, contributed significantly to the increase. By contrast, parking revenue continued to be affected by construction work on the new multistory parking facility.
At the same time, AIA’s operating expenses rose 4.2% to €187.6 million. Inflationary pressures, wage adjustments, increased staffing needs and the implementation of the European Entry/Exit System (EES) added to operating costs.
Part of the additional burden was offset by energy savings and reductions in certain operating expenses. As a result, profit before taxes fell to €231.8 million, compared with €241 million in the first nine months of the previous year.
Growth Continues
Despite the financial pressures, passenger traffic continued its positive trajectory, with domestic flights increasing 4.2% and international flights rising 4.3%.
AIA is maintaining its forecast for annual passenger traffic to grow at a mid-single-digit rate.
At the same time, the airport’s extensive infrastructure upgrade program is moving forward. Construction is underway on the new multistory parking facility, the northwestern aircraft parking area and the new VIP terminal.
Particular importance is attached to the tender process launched on October 26, 2026, for the expansion of the main terminal’s South Wing. Construction work is scheduled to begin in the second half of 2027.
The major challenge for Athens International Airport, also known as “Eleftherios Venizelos,” is now twofold: to meet growing passenger demand while maintaining profitability during a period of major investment and increased operating requirements.
