Half Year 2026 Athens International Airport SA Earnings Call

September 10, 2026

Speaker #1: At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager Investor Relations. Mr. Eleftheriou, you may now proceed.

Speaker #2: Thank you very good. Good afternoon, ladies and gentlemen, and good morning to those of you listening to us across the globe. Welcome to our conference call of Athens International Airport Financial Results for the first half of 2026.

Speaker #2: Please note that the digital playback of the conference will be available from about 1 hour after the conference call ends until September 19. Today in the call, I'm joined by our CEO, Mr. George Kallimasias, and our CFO, Mrs. Nadia Xirogianni.

Speaker #2: Let me mention that the presentation today is available on our website on the section of quarterly results under the Financial Information page. With that, I would like to pass over to the CEO.

Speaker #3: Thank you, George. And hello everybody, and thank you for attending this earnings call for the first half of the current year. Let's start with the presentation with the first summary slide in slide number 4.

Speaker #3: The key message is for the period are solid traffic growth, with healthy profitability, on target, and in line with our regulatory framework. As well as a resilient commercial segment despite the headwinds that we are facing in the geopolitics.

Speaker #3: During the first half of 2026, traffic grew by 4.5% and reached 15.8 million passengers. Which is a record number for the airport, with solid international traffic of 4.2% growth and an even stronger domestic traffic of 5.1%.

Speaker #3: Our revenue declined slightly by 2.8% to almost 300 million euros, but this was broadly in line with our projections. The air activity revenue was lower by 4.9, driven by the airport charges adjustment which we made further to the depletion of the carry-forward mechanism.

Operator 2: Ladies and gentlemen, thank you for holding. The conference will begin shortly. Ladies and gentlemen, thank you for standing by. I am Gailey, your Chorus Call operator. Welcome, and thank you for joining the Athens International Airport conference call and live webcast to present and discuss the H1 2026 financial results. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager Investor Relations. Mr. Eleftheriou, you may now proceed.

Operator 2: Ladies and gentlemen, thank you for holding. The conference will begin shortly. Ladies and gentlemen, thank you for standing by. I am Gailey, your Chorus Call operator. Welcome, and thank you for joining the Athens International Airport Conference Call and Live Webcast to present and discuss the H1 2026 financial results. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager Investor Relations. Mr. Eleftheriou, you may now proceed.

Speaker #1: Ladies and gentlemen, thank you for holding. The conference will begin shortly. Ladies and gentlemen, thank you for standing by. I am Gelly, your course call operator.

Speaker #3: While at the same time, our non-air activities revenues remained resilient, growing marginally below the traffic growth levels. Our adjusted EBITDA was 168.5 million euros, reflecting the planned adjustment of the air revenue segment, which was primarily driven by the PTF discount, which ended in April, which means that we expect the adjusted EBITDA performance to strengthen in the second half of the year but this we will discuss further into later into the presentation during the financial section.

Speaker #3: Let's move to slide number 5. With the traffic, a few more details on the traffic. As we mentioned, traffic continued to perform strongly in the first half of 2026.

Speaker #1: Welcome and thank you for joining the Athens International Airport conference call and live webcast to present and discuss the first half 2026 financial results.

Speaker #3: Marking another record for the period, within a rather challenging geopolitical environment. On the right-hand side of the slide, you can see the monthly performance.

Speaker #1: All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. Should anyone need assistance during the conference call, you may seek loan operator by pressing star and zero on your telephone.

Speaker #3: Which illustrates the resilience of the demand since traffic remained above the 2025 levels throughout the period, including the months that were most affected by the Middle East War.

Speaker #1: At this time, I would like to turn the conference over to Mr. George Eleftheriou, Manager of Investor Relations. Mr. Eleftheriou, you may now proceed.

Speaker #3: And another thing which I think is important to mention is that August was the first month in the airport history to exceed the 4 million passenger threshold, and year-to-date traffic, including August, was up by 4.4%.

George Eleftheriou: Thank you, operator. Good afternoon, ladies and gentlemen, and good morning to those of you listening to us across the globe. Welcome to our conference call of Athens International Airport financial results for the H1 2026. Please note that the digital playback of the conference will be available from about one hour after the conference call ends until 19 September. Today on the call, I am joined by our CEO, Mr. George Kallimasias, and our CFO, Mrs. Nadia Xirogianni. Let me mention that the presentation today is available on our website under the section of quarterly results under the financial information page. With that, I would like to pass over to the CEO.

Speaker #2: Please note that the digital playback of the conference will be available from about one hour after the conference call ends until September 19th. Today, the call I'm joined by our CEO, Mr. George Kalymasias, and our CFO, Mrs. Nadia Xerogianni.

Speaker #3: If we move to the next slide, number 6, please. I will not go into detail with that because we have you are familiar with this slide in the sense that we have demonstrated our strong recovery versus pre-pandemic levels, including the increased connectivity.

Speaker #2: Let me mention that the presentation today is available quarterly results under the financial information page. With that, I would like to pass over to the CEO.

Speaker #3: What I think is important to highlight, as new information is what you see in the top left of this slide, with Athens Airport continuing to outperform the European market with an average traffic growth of 4.5% in the first half of the year, compared with 2.6% for the European airports overall.

Speaker #3: Thank you, George, and hello, everybody. Thank you for attending this earnings call for the first half of the current year. Let's start the presentation with the first summary slide, which is slide number four.

George Kallimasias: Thank you, George, and hello everybody, and thank you for attending this earnings call for the H1 of the current year. Let's start with the presentation with the first summary slide in slide number 4. The key messages for the period are our solid traffic growth with healthy profitability on target and in line with our regulatory framework, as well as a resilient commercial segment despite the headwinds that we are facing in the geopolitics. During the H1 of 2026, traffic grew by 4.5% and reached 15.8 million passengers, which is a record number for the airport, with solid international traffic of 4.2% growth and an even stronger domestic traffic of 5.1%. Our revenue declined slightly by 2.8% to almost EUR 300 million, but this was broadly in line with our projections.

Speaker #3: The key message for the period is solid traffic growth with healthy profitability, on target and in line with our regulatory framework, as well as a resilient commercial segment despite the headwinds that we are facing in geopolitics.

Speaker #3: And this is on top of the 33% traffic growth versus pre-COVID levels that we have experienced between 19 and 2025, which is also much higher than the recovery of our peers.

Speaker #3: During the first half of '26, traffic grew by four and a half percent and reached 15.8 million passengers, which is a record number for the airport with solid international traffic of 4.2% growth and an even stronger domestic traffic of 5.1%.

Speaker #3: Let's move to slide number 7. So during 2026, we continued to make some good progress across our both aeronautical and commercial activities, non-air activities.

Speaker #3: On the airline side, our home-based carriers continued to expand their networks. Aegean and Sky Express, they have added 3 new destinations. While the visiting carrier is a sector of the visiting carriers, we welcomed 4 new airlines: Indigo, TAP, Anima Wings, and Air Cairo.

Speaker #3: Our revenue declined slightly by 2.8% to almost €300 million, but this was broadly in line with our projections. The air activity revenue was lower by 4.9%, driven by the airport charges adjustment, which we made further to the depletion of the carry-forward mechanism.

George Kallimasias: The air activities revenue was lower by 4.9%, driven by the airport charges adjustments which we made further to the depletion of the carry forward mechanism. While at the same time, our non-air activities revenues remained resilient, growing marginally below the traffic growth levels. Our adjusted EBITDA was EUR 168.5 million, reflecting the planned adjustment of the air revenue segment, which was primarily driven by the PTF discount, which ended in April, which means that we expect the adjusted EBITDA performance to strengthen in the H2 of the year. This we will discuss further later into the presentation, during the financial section. Let's move to slide number 5 with the traffic. A few more details on the traffic. As we mentioned, traffic continued to perform strongly in the H1 of 2026, marking another record for the period within a rather challenging geopolitical environment.

Speaker #3: And also, 11 new destinations. I think it's important in this development and destinations additional destinations to stress the point about our long-haul footprint, which continued to strengthen.

Speaker #3: While at the same time, our non-air activities revenues remained resilient, growing marginally below the traffic growth levels. Our adjusted EBITDA was 168.5 million euros, reflecting the planned adjustment of the air revenue segment, which was primarily driven by the PTF discount, which ended in April, which means that we expect the adjusted EBITDA performance to strengthen in the second half of the year, but this we will discuss further into later into the presentation during the financial section.

Speaker #3: So we had new services to New Delhi and Mumbai with Indigo. And to Dallas with American Airlines. And all of this is not affecting 2026.

Speaker #3: We have announced for next year a new long-haul route for 2027 with Alaska Airlines to Seattle. On the commercial side, we continued to enhance the passenger experience with new concepts: store upgrades and the further development of our best-of-breeds strategy, our best-of-breeds proposition, with 3 out of the 6 new concepts being part of this best-of-breeds strategy.

Speaker #3: Let's move to slide number five. With the traffic, a few more details on the traffic. As we mentioned, traffic continued to perform strongly in the first half of '26, marking another record for the period.

Speaker #3: Within a rather challenging geopolitical environment. On the right-hand side of the slide, you can see the monthly performance. Which illustrates the resilience of the demand since traffic remained above the 2025 levels throughout the period, including the months that were most affected by the Middle East War.

George Kallimasias: On the right-hand side of the slide, you can see the monthly performance, which illustrates the resilience of the demands, since traffic remained above the 2025 levels throughout the period, including the months that were most affected by the Middle East war. Another thing which I think is important to mention is that August was the first month in the airport's history to exceed the 4 million passenger threshold. Year-to-date traffic, including August, was up by 4.4%. If we move to the next slide, number 6, please. I will not go into detail with that because you are familiar with this slide in the sense that we have demonstrated our strong recovery versus pre-pandemic levels, including the increased connectivity.

Speaker #3: And we also benefited from the improved traffic mix, especially coming especially for the high-spending markets. And overall, our efforts were once again recognized by the industry with Athens Airport ranking first at routes Europe 2026, among airports serving more than 20 million passengers, following a number of distinctions that we also received in 2025.

Speaker #3: And another thing which I think is important to mention is that August was the first month in the airport history to exceed the four million passenger threshold, and year-to-date traffic, including August, was up by four point four percent.

Speaker #3: Finally, with what you see also as information at the bottom of the slide, I think it's important to note an operational development relating to our change of status from non-coordinated airport to scheduled facilitated during summer.

Speaker #3: If we move to the next slide, number six, please. I will not go into detail with that because we have you are familiar with this slide in the sense that we have demonstrated our strong recovery versus pre-pandemic levels, including the increased connectivity.

Speaker #3: Allowing for a smoother traffic growth during the non-peak hours. Also addressing ATC constraints. Furthermore, for the upcoming winter season of 2026-2027, we will transition to coordinated airport due to the scheduled heavy maintenance works on our runways.

Speaker #3: What I think is important to highlight, as new information is what you see in the top left of this slide, with Athens Airport continuing to outperform the European market with an average traffic growth of four and a half percent in the first half of the year, compared with 2.6% for the European airports overall.

George Kallimasias: What I think is important to highlight as new information is what you see in the top left of this slide with Athens International Airport continuing to outperform the European market with an average traffic growth of 4.5% in the H1 of the year, compared with 2.6% for the European airports overall. This is on top of the 33% traffic growth versus pre-COVID levels that we have experienced between 2019 and 2025, which is also much higher than the recovery of our peers. Let's move to slide number 7. During 2026, we continued to make some good progress across both our aeronautical and commercial activities, non-air activities. On the airline side, our home-based carriers continued to expand their networks, AEGEAN and SKY express, they have added 3 new destinations.

Speaker #3: Moving to the next slide, number 8. Allow me to highlight a couple of important corporate developments. First of all, with regards to the strip dividend program, following the strong shareholder participation in 2025, we saw another very high take-up in 2026 at almost 88%, generating approximately 83 million of additional air activities capital.

Speaker #3: And this is on top of the 33% traffic growth versus pre-COVID levels that we have experienced between '19 and 2025, which is also much higher than the recovery of our peers.

Speaker #3: Let's move to slide number seven. So during '26, we continued to make some good progress across our both aeronautical and commercial activities, non-air activities.

Speaker #3: Combining this with the 2025 contribution from the program, this brings a total capital generated through our strip program to approximately 168 million euros over the next over the first 2 years.

Speaker #3: On the airline side, our home-based carriers continued to expand their networks. Aegean and Sky Express have added three new destinations. While in the sector of the visiting carriers, we welcomed four new airlines: IndiGo, TAP, Anima Wings, and Air Cairo.

George Kallimasias: While in the sector of the visiting carriers, we welcomed four new airlines, IndiGo, TAF, Animawings, and Air Cairo, and also 11 new destinations. I think it's important in this development and additional destinations to stress the point about our long-haul footprint, which continued to strengthen. We had new services to New Delhi and Mumbai with IndiGo and to Dallas with American Airlines. All of this is not affecting 2026. We have announced for next year a new long-haul route for 2027 with Alaska Airlines to Seattle. On the commercial side, we continued to enhance the passenger experience with new concepts, store upgrades, and the further development of our Best of Greece strategy, our Best of Greece proposition, with three out of the six new concepts being part of this Best of Greece strategy.

Speaker #3: And just as a reminder, the program continues to support the funding of our long-term investment plan and remains fully aligned with our regulatory framework, eligible for the 15% return on equity.

Speaker #3: And also 11 new destinations. I think it's important in this development and destinations additional destinations to stress the point about our long-haul footprint, which continued to strengthen so we had new services to New Delhi and Mumbai with Indigo, and to Dallas with American Airlines.

Speaker #3: The second important development was our successful deputy participation in the international capital debt capital markets. In June, we issued a 500 million euro senior and secured bond with a 3.75% coupon.

Speaker #3: We experienced a very strong demand: orders exceeded 2.6 billion euros which is more than 5 times oversubscription. The procedure of this bond will be used primarily to finance refinance existing debt and general corporate purposes.

Speaker #3: And all of this is not affecting 2026. We have announced for next year a new long-haul route for 2027 with Alaska Airlines to Seattle.

Speaker #3: On the commercial side, we continued to enhance the passenger experience with new concepts, store upgrades, and the further development of our best-of-breeds strategy, our best-of-breeds proposition, with three out of the six new concepts being part of this best-of-breeds strategy.

Speaker #3: I think it's important also to note that IA was also assigned its inaugural investment grade ratings by S&P with BBB plus, and Stable Outlook, and by Moody's with BAA1, also Stable Outlook.

Speaker #3: Which is an important recognition within this is an important recognition for the companies' robust financial profile and our strong traffic performance. Now, moving to slide number 8, I would like here to share an important update on our airport expansion program.

Speaker #3: And we also benefited from the improved traffic mix, especially coming from the high-spending markets. And overall, our efforts were once again recognized by the industry, with Athens Airport ranking first at Routes Europe 2026 among airports serving more than 20 million passengers, following a number of distinctions that we also received in 2025.

George Kallimasias: We also benefited from the improved traffic mix coming especially for the high-spending markets. Overall, our efforts were once again recognized by the industry with Athens Airport ranking first at Routes Europe 2026 among airports serving more than 20 million passengers, following a number of distinctions that we also received in 2025. Finally, what you see also as information at the bottom of the slide, I think it's important to note an operational development relating to our change of status from non-coordinated airport to Schedules Facilitated during summer, allowing for a smoother traffic growth during the non-peak hours, also addressing ATC constraints. Furthermore, for the upcoming winter season of 2026/2027, we will transition to Coordinated Airport due to the scheduled heavy maintenance works on our runways. Moving to the next slide, number 8. Allow me to highlight a couple of important corporate developments.

Speaker #3: Following strategic review, our board decided to restructure the implementation of the 40-map expansion plan towards a more phased and modular approach. I think it's important to mention here that the first phase of investments will commence immediately.

Speaker #3: While in parallel, we will assess strategic opportunities for additional capacity beyond 40 map. Let me get into a few more details about the rationale of this strategic decision.

Speaker #3: It's driven by 3 main factors. Firstly, traffic. Traffic continues to grow faster than originally expected. And despite the geopolitical tension and the high fuel prices.

Speaker #3: Allowing for smoother traffic growth during the non-peak hours, also addressing ATC constraints. Furthermore, for the upcoming winter season of '26-'27, we will transition to a coordinated airport due to the scheduled heavy maintenance works on our runways.

Speaker #3: And this creates an opportunity for the company to evaluate the potential for further capacity development. Secondly, we aim to minimize disruptions. Taking into account, first of all, evolving design parameters such as the entry-exit system and the capacity constraints and delays from ATC, together with valuable information we received through the ECI process, related to constructability challenges and impact on operations and commercial activities.

Speaker #3: Moving to the next slide, number eight. Allow me to highlight a couple of important corporate developments. First of all, with regards to the strip dividend program, following the strong shareholder participation in '25, we saw another very high take-up in '26 at almost 88%, generating approximately 83 million of additional air activities capital.

George Kallimasias: First of all, with regards to the scrip dividend program, following the strong shareholder participation in 2025, we saw another very high take-up in 2026 at almost 88%, generating approximately EUR 83 million of additional air activities capital. Combining this with 2025 contribution from the program, this brings the total capital generated through our scrip program to approximately EUR 168 million over the first two years. Just as a reminder, the program continues to support the funding of our long-term investment plan and remains fully aligned with our regulatory framework, eligible for the 15% return on equity. The second important development was our successful debut participation in the international debt capital markets. In June, we issued a EUR 500 million senior unsecured bond with a 3.75% coupon. We experienced a very strong demand. Orders exceeded EUR 2.6 billion, which is more than five times oversubscription.

Speaker #3: These together reinforced the case for a more phased approach with lower construction impact on the core and the existing core terminal areas. Finally, as a third factor, the geopolitical developments although they have not materially affected traffic growth so far, there is a continued uncertainty.

Speaker #3: Combining this with 2025 contribution from the program, this brings a total capital generated through our strip program to approximately 168 million euros over the next over the first two years.

Speaker #3: Which further justifies the value of maintaining greater flexibility before committing to large-scale CAPEX contracts. So our strategic objectives are quite clear. We deliver near-term capacity required, preserving maximum flexibility and strategic optionality for the airport's longer-term development.

Speaker #3: The second important development was our successful debut participation in the international debt capital markets. In June, we issued a €500 million senior unsecured bond with a 3.75% coupon. We experienced very strong demand.

Speaker #3: This means that we will be accommodating current and future demands, reduce construction risks, protect airport operations, and service quality through construction throughout construction and during the construction period, and we will minimize the adverse impact on commercial activities during construction, the latter being a very important value driver.

Speaker #3: Orders exceeded €2.6 billion, which is more than five times oversubscribed. The proceeds of this bond will be used primarily to finance or refinance existing debt and for general corporate purposes.

George Kallimasias: The proceeds of this bond will be used primarily to refinance existing debt and general corporate purposes. I think it's important also to note that AIA was also assigned its inaugural investment-grade ratings by S&P with BBB+ and stable outlook, and by Moody's with Baa1, also stable outlook, which is an important recognition. We think this is an important recognition for the company's robust financial profile and our strong traffic performance. Now, moving to slide number 8. I would like here to share an important update on our airport expansion program. Following a strategic review, our board decided to restructure the implementation of the 40MAP expansion plan towards a more phased and modular approach. I think it's important to mention here that the first phase of investment will commence immediately, while in parallel, we will assess strategic opportunities for additional capacity beyond 40MAP.

Speaker #3: I think it's important also to note that AIA was also assigned its inaugural investment grade rating by S&P with BBB+, and a stable outlook.

Speaker #3: So we will proceed immediately we will be the following actions. We will discontinue we have decided to discontinue the current ECI immediately launch an open construction tender for the first phase of the 40-map program, which comprises the south terminal pier, the expansion of the satellite building, and associated works in the surrounding area.

Speaker #3: And by Moody's with BAA1, also stable outlook. Which is an important recognition within this is an important recognition for the companies' robust financial profile and our strong traffic performance.

Speaker #3: Now, moving to slide number eight, I would like here to share an important update on our airport expansion program. Following strategic review, our board decided to restructure the implementation of the 40 map expansion plan towards a more phased and modular approach.

Speaker #3: This first phase is consistent with the 40-map implementation plan and ensures that near-term capacity delivery continues without delay. In parallel, we will launch a thorough evaluation of alternative expansion configurations and alternative implementation strategies including options offering additional capacity beyond 40-map, taking the opportunity from the highest the higher traffic growth rate.

Speaker #3: I think it's important to mention here that the first phase of investments will commence immediately, while in parallel, we will assess strategic opportunities for additional capacity beyond 40 MAP.

Speaker #3: Let me get into a few more details about the rationale of this strategic decision. It's driven by three main factors. Firstly, traffic. Traffic continues to grow faster than originally expected.

George Kallimasias: Let me get into a few more details about the rationale of this strategic decision. It is driven by three main factors. Firstly, traffic. Traffic continues to grow faster than originally expected and despite the geopolitical tension and the high fuel prices. This creates an opportunity for the company to evaluate the potential for further capacity development. Secondly, we aim to minimize disruptions, taking into account, first of all, evolving design parameters such as the Entry-Exit System and the capacity constraints and delays from ATC, together with valuable information we received through the ECI process related to constructability challenges and impact on operations and commercial activities. These together reinforce the case for a more phased approach with lower construction impact on the existing core terminal areas.

Speaker #3: At the same time, the expansion works which are underway continuous plans, these include the northwest apron, the multi-story car park, and the VIP terminal, and we will also accelerate targeted investments in certain passenger processing facilities which include passport control and security screening upgrade and capacity.

Speaker #3: And despite the geopolitical tension and the high fuel prices. And this created an opportunity for the company to evaluate the potential for further capacity development.

Speaker #3: Secondly, we aim to minimize disruptions. Taking into account, first of all, evolving design parameters such as the entry-exit system and the capacity constraints and delays from ATC, together with valuable information we received through the ECI process, related to constructability challenges and impact on operations and commercial activities.

Speaker #3: And finally, we will we plan to launch next year in the second half of 2027 a new tender for the initial phase of the north terminal expansion sized to address this is going to be sized to address our mid-term capacity requirement, again this phase is in line with the sequence of investments comprised comprising the 40-map expansion, the existing 40-map expansion plan.

Speaker #3: So as a key message, we maintain momentum, immediately proceeding with the first phase of the 40-map expansion plan, which we restructure towards a more phased and modular approach.

George Kallimasias: Finally, as a third factor, the geopolitical developments, although they have not materially affected traffic growth so far, they really continue the uncertainty, which further justifies the value of maintaining greater flexibility before committing to large-scale CapEx contracts. Our strategic objectives are quite clear. We deliver near-term capacity required, preserving maximum flexibility and strategic optionality for the airport's longer-term development. This means that we will be accommodating current and future demand, reduce construction risks, protect airport operations and service quality throughout construction and during the construction period, and we will minimize the adverse impact on commercial activities during construction, the latter being a very important value driver. We will proceed immediately with the following actions.

Speaker #3: We lower execution risk, we reduce disruption, and we maintain flexibility to capture future capacity opportunities beyond 40-map. The total CAPEX until 2030 for airport expansion projects is estimated at 950 from 26 until 30 to 2030 included.

Speaker #3: So, our strategic objectives are quite clear. We deliver near-term capacity required, preserving maximum flexibility and strategic optionality for the airport's longer-term development. This means that we will be accommodating current and future demands, reducing construction risks, and protecting airport operations and service quality throughout construction and during the construction period. We will also minimize the adverse impact on commercial activities during construction, the latter being a very important value driver.

Speaker #3: Now, let's move to the next slide. This is a picture of the key projects to be implemented over the next years. The key point to remember here, again, is that 40-map remains a referent our reference plan.

Speaker #3: And the subject to improve strategic alternatives that can get us to further capacity development and additional strategic value for the company. So the first phase, which you see in green color, includes the south pier of the main terminal building, and the expansion of the satellite terminal.

Speaker #3: And also some works, some targeted investments in passenger processing facilities within the terminal, but which will not cause any material disruptions. We expect to launch the tender for the south and the satellite terminal building immediately within October 2026.

Speaker #3: So, we will proceed immediately. We will take the following actions: we have decided to discontinue the current ECI process and immediately launch an open construction tender for the first phase of the 40 MAP program, which comprises the south terminal pier, the expansion of the satellite building, and associated works in the surrounding area.

George Kallimasias: We have decided to discontinue the current DCI process and immediately launch an open construction tender for the first phase of the 40MAP program, which comprises the south terminal pier, the expansion of the satellite building and associated works in the surrounding area. This first phase is consistent with the 40MAP implementation plan and ensures that near-term capacity delivery continues without delay. In parallel, we will launch a thorough evaluation of alternative expansion configurations and alternative implementation strategies, including options offering additional capacity beyond 40MAP, taking the opportunity from the higher traffic growth rate. At the same time, the expansion works which are underway continue as planned. These include the Northwest Apron, the multi-storey car park and the VIP terminal. We will also accelerate targeted investments in certain passenger processing facilities, which include passport control and security screening upgrade and capacity.

Speaker #3: And in parallel, we plan to launch the north wing expansion tender in the second half of 2027. Together, these projects are designed to address our short-to-mid-term capacity needs delivering approximately 60% additional commercial space by 2030 and 2031, significantly limiting disruption to airport operations, and also significantly reducing disruption to our commercial activities during the construction period.

Speaker #3: This first phase is consistent with the 40 map implementation plan and ensures that near-term capacity delivery continues without delay. In parallel, we will launch a thorough evaluation of alternative expansion configurations and alternative implementation strategies including options offering additional capacity beyond 40 map, taking the opportunity from the highest the higher traffic growth rate.

Speaker #3: The remaining elements of the 40-map plan include the including this north circulus and the east wing expansion, remain part of the reference plan, but their implementation will be evaluated in the context of the strategic alternatives we are we will be evaluating over the upcoming period.

Speaker #3: At the same time, the expansion works which are underway continuous plans, these include the northwest apron, the multi-story car park and the VIP terminal, and we will also accelerate targeted investments in certain passenger processing facilities, which include passport control and security screening upgrade and capacity.

Speaker #3: I think it's important also to mention here that these approaches in full coordination with our regulator, HCAA, which allows allowing us to continue investing in capacity now and preserving the flexibility to evaluate and improve strategic configuration if if one is is identified.

George Kallimasias: Finally, we plan to launch next year, in H2 2027, a new tender for the initial phase of the north terminal expansion site to address, this is going to be sized to address our mid-term capacity requirement. Again, this phase is in line with the sequence of investments comprising the 40MAP expansion plan. As a key message, we maintain momentum, immediately proceeding with the first phase of the 40MAP expansion plan, which we restructure toward a more phased and modular approach. We lower execution risk, we reduce disruption, and we maintain flexibility to capture future capacity opportunities beyond 40MAP. The total CapEx until 2030 for airport expansion projects is estimated at EUR 950 million from 2026 until 2030 included. Now, let us move to the next slide. This is a picture of the key projects to be implemented over the next years.

Speaker #3: And with that, I would like to hand over to Nadia for the next section section on the financial performance.

Speaker #1: Okay. Thank you, George. So going into more detail on the financial results during the first half of the year, in page 12, total revenues recorded during the H1, excluding the impact, the IFRIC impact, is at 299.6 million.

Speaker #3: So, as a key message, we maintain momentum immediately, proceeding with the first phase of the 40-map expansion plan, which we restructure towards a more phased and modular approach.

Speaker #1: 75% of these revenue comes from the regulated part of the business, the air activities, and the remaining from the non-air activities. The drop recorded compared to the previous year is 2.8%.

Speaker #3: We lower execution risk, we reduce disruption, and we maintain flexibility to capture future capacity opportunities beyond 40 map. The total CAPEX until 2030 for airport expansion projects is estimated at 950 from 26 until 30 to 2030 included.

Speaker #1: It was expected as the CEO mentioned before, and is mainly attributed to the air activities performance and the temporary reduction of our passenger terminal fee until the end of April 2026.

Speaker #1: And this targeted reduction aims to align the full-year air activities performance with the regulatory cap. At the same time, non-air activities, increased compared to the previous year, marginally below the traffic increase by 3.5%.

Speaker #3: Now, let's move to the next slide. This is a picture of the key projects to be implemented over the next years. The key point to remember here again is that 40 map remains a referent our reference plan.

George Kallimasias: The key point to remember here again is that 40MAP remains our reference plan and is subject to improved strategic alternatives that can get us to further capacity development and additional strategic value for the company. The first phase, which you see in green color, includes the south pier of the main terminal building and the expansion of the satellite terminal, and also some works, some targeted investments in passenger processing facilities within the terminal, but which will not cause any material disruptions. We expect to launch the tender for the south and the satellite terminal building immediately within October 2026. In parallel, we plan to launch the north wing expansion tender in the second half of 2027.

Speaker #3: And the subject is to improve strategic alternatives that can get us to further capacity development and additional strategic value for the company. So the first phase, which you see in green color, includes the south pier of the main terminal building and the expansion of the satellite terminal.

Speaker #1: First of all, the commercial, the terminal commercial segment, was solid despite the geopolitical headwinds. It was affected by the good strong performance of F&P and specialty retail.

Speaker #1: At the same time, we had some benefit from initiatives, our initiatives including improved terms from renewed concession agreements. As regards another segment of the non-air stream, the property and other revenues, this recorded a significant increase, helped by the strong performance of the exhibition center.

Speaker #3: And also some work—some targeted investments in passenger processing facilities within the terminal—which will not cause any material disruptions. We expect to launch the tender for the south and the satellite terminal building immediately, within October 2026.

Speaker #3: And in parallel, we plan to launch the North Wing expansion tender in the second half of 2027. Together, these projects are designed to address our short- to mid-term capacity needs, delivering approximately 60% additional commercial space by 2030–31, significantly limiting disruption to airport operations, and also significantly reducing disruption to our commercial activities during the construction period.

Speaker #1: And at the same time, as expected, the parking, the car parking revenues recorded a decrease because they are affected by the capacity impact we have due to ongoing works for the construction of the multi-story car park.

George Kallimasias: Together, these projects are designed to address our short to mid-term capacity needs, delivering approximately 60% additional commercial space by 2030/31, significantly limiting disruption to airport operations and also significantly reducing disruption to our commercial activities during the construction period. The remaining elements of the 40MAP plan, including this north port and the east wing expansion, remain part of the reference plan, but their implementation will be evaluated in the context of the strategic alternatives we will be evaluating over the upcoming periods. I think it's important also to mention here that this approach is in full coordination with our regulator, HCAA, allowing us to continue investing in capacity now and preserving the flexibility to evaluate and improve strategic configuration if one is identified. With that, I would like to hand over to Nadia for the next section on the financial performance.

Speaker #1: That commenced during the summer of 2025. Moving on to the next page, page 13, total operating expense is recorded during the first half of the year was at 123.7 million.

Speaker #3: The remaining elements of the 40 map plan include the including this north circulus and the east wing expansion, remain part of the reference plan, but their implementation will be evaluated in the context of the strategic alternatives we are we will be evaluating over the upcoming period.

Speaker #1: They demonstrated an increase compared to the previous year 4.4%. This number includes also the variable portion of the ground of rights fee, the concession fee that the company pays to the Greek state.

Speaker #1: This was decreased this year compared to the previous year because it is based on lower profitability. Excluding the variable portion of the ground of rights fee, operating expenses were at 101 million, recording an increase of 7.5%.

Speaker #3: I think it's important also to mention here that these approaches are in full coordination with our regulator, HCAA, which allows us to continue investing in capacity now and preserving the flexibility to evaluate and improve strategic configuration if one is identified.

Speaker #1: And this mainly reflects the continued investment of the company in our operations to preserve quality of the service. In more detail, this is linked with additional resources we need to have to support traffic volumes and to manage effectively the entry-exit system impact on operations, on inflationary pressures, and also on the increases in minimum salaries implemented in Greece in April 2026.

Speaker #3: And with that, I would like to hand over to Nadia for the next section section on the financial performance.

Nadia Xirogianni: Okay. Thank you, George. Going into more detail on the financial results during the H1 of the year, in page 12, total revenues recorded during the H1 excluding the IFRIC impact is at EUR 299.6 million. 75% of this revenue comes from the regulated part of the business, the air activities, and the remaining from the non-air activities. The drop recorded compared to the previous year is 2.8%. It was expected, as the CEO mentioned before, and is mainly attributed to the air activities performance and the temporary reduction of our passenger terminal fee until the end of April 2026. This targeted reduction aims to align the full year activities performance with the regulatory cap. At the same time, non-air activities increased compared to the previous year, marginally below the traffic increase by 3.5%. First of all, the terminal commercial segment was solid despite the geopolitical headwinds.

Speaker #1: Thank you. Thank you, George. So going into more detail on the financial results during the first half of the year, in page 12, total revenues recorded during the H1, excluding the impact, the IFRIC impact, is at 299.6 million.

Speaker #1: And of course, the full-year effect of the increases we had in April 2025. All these additional costs was partly offset by lower utility costs as the as is the outcome of the implementation of the net zero carbon emission project that includes energy saving initiatives.

Speaker #1: This was expected, as the CEO mentioned before, and is mainly attributed to air activities performance and the temporary reduction of our passenger terminal fee until the end of April 2026.

Speaker #1: Moving on to the next page, page 14, we recorded adjusted EBITDA 168.5 million, and net profit 81.4 million. Both demonstrated a decrease compared to the previous year.

Speaker #1: And this targeted reduction aims to align the full-year air activities performance with the regulatory cap. At the same time, non-air activities increased compared to the previous year, but were marginally below the traffic increase, by 3.5%.

Speaker #1: It was expected as we said for the revenues performance, this is fully linked with the performance of the regulated part of the business. It is important to to note here that both the the share, the contribution of the air activities in the on the profitability as the also the the comparison with the previous year, that one can see for the first half of the year does not really reflect the expectation we have for the full year.

Speaker #1: First of all, the commercial, the terminal commercial segment was solid despite the geopolitical headwinds. It was affected by the good strong performance of FNP and specialty retail, at the same time we had some benefit from initiatives, our initiatives including improved terms from renewed concession agreements.

Nadia Xirogianni: It was affected by the good, strong performance of F&B and specialty retail. At the same time, we had some benefit from our initiatives, including improved terms from renewed concession agreements. As regard another segment of the non-air stream, the property and other revenues, this recorded a significant increase helped by the strong performance of the exhibition center. At the same time, as expected, the car parking revenues recorded a decrease because they are affected by the capacity impact we have due to ongoing works for the construction of the multi-storey car park that commenced during the summer of 2025. Moving on to the next page 13. Total operating expenses recorded during the H1 of the year was at EUR 123.7 million. They demonstrated an increase compared to the previous year of 4.4%.

Speaker #1: Since since this temporary reduction of the airport charges ended in April, and we expect to fully realize our potential for maximum profitability as allowed by regulation at full-year level.

Speaker #1: As regards another segment of the non-air stream, the property and other revenues, this recorded a significant increase helped by the strong performance of the exhibition center.

Speaker #1: Now, moving to the next page and focusing on the air activities and the status of the regulated till, following the second year implementation of the scripted program, and after taking into account also inflation in 2026, the inflated equity, the air activities capital upon which we are allowed to have up to 15% net profit from the regulated part of the business, is at 737.7 million.

Speaker #1: That commenced during the summer of 2025. Moving on to the next page, page 13, total operating expenses recorded during the first half of the year was at 123.7 million.

Speaker #1: With the performance of the air activity segment during the first half of the year, we left an unrecovered the so-called carry forward amount we recovered in the following period of 16 million.

Nadia Xirogianni: This number includes also the variable portion of the grant of rights fee, the concession fee that the company pays to the Greek state. This was decreased this year compared to the previous year because it is based on lower profitability. Excluding the variable portion of the grant of rights fee, operating expenses were at EUR 101 million, recording an increase of 7.5%, and this mainly reflects the continued investment of the company in our operations to preserve quality of the service. In more detail, this is linked with additional resources we need to have to support traffic volumes and to manage effectively the Entry-Exit System impact on operations, on inflationary pressures, and also on the increases in minimum salaries implemented in Greece in April 2026. Of course, the full year effect of the increases we had in April 2025.

Speaker #1: So this is the status of the air activity still at the end of June. And in line with what we said before, we expect this to be fully depleted by the end of the year.

Speaker #1: Moving on to page 16, the net debt of the company at the end of June was at the level of 690.8 million. With low leverage, net debt to adjusted EBITDA at 1.8 times.

Speaker #1: And this mainly reflects the continued investment of the company in our operations to preserve the quality of the service. In more detail, this is linked with additional resources we need to have to support traffic volumes and to manage effectively the entry/exit system impact on operations, inflationary pressures, and also the increases in minimum salaries implemented in Greece in April 2026.

Speaker #1: As the CEO mentioned at the beginning, we had also the issuance of a bond in June. And this expanded the the company's international investor base and reinforced the financial flexibility.

Speaker #1: The profitability performance of the company the healthy profitability is also linked with healthy cash flow generation. Overall, the free cash flow in the first half of the year was 127.5 million, and cash conversion close to 76%.

Speaker #1: And of course, the full year effect of the increases we had in April 2025. All these additional costs was partly offset by lower utility costs as the as is the outcome of the implementation of the net zero carbon emission project that includes energy saving initiatives.

Nadia Xirogianni: All this additional cost was partly offset by lower utility costs, as is the outcome of the implementation of the net zero carbon emissions project that includes energy saving initiatives. Moving on to the next page 14. We recorded adjusted EBITDA EUR 168.5 million and net profit EUR 81.4 million, both demonstrated a decrease compared to the previous year. It was expected, as we said, for the revenues performance. This is fully linked with the performance of the regulated part of the business. It is important to note here that both the share, the contribution of the air activities on the profitability, as also the comparison with the previous year that one can see for the H1 of the year, does not really reflect the expectation we have for the full year, since this temporary reduction of the airport charges ended in April.

Speaker #1: The capex we spend during the first half of the year was 41 million. As we will continue to invest in expanding the airport, one can expect that the conversion cash conversion rates will be lower.

Speaker #1: Moving on to the next page, page 14, we recorded adjusted EBITDA 168.5 million and net profit 81.4 million. Both demonstrated a decrease compared to the previous year.

Speaker #1: But generally, the company's financial stability is fully safeguarded, because we have secured that financing, we have the script dividend program, we have also the access now, we have broadened the company's access to diversified funding sources, and of course, we also have a strong financial position.

Speaker #1: And with that, I will hand it back to the CEO for the outlook and the final remarks.

Speaker #2: Thank you, Nadia. Let's have a look at the into the outlook for 2026. First of all, in terms of traffic forecast, we expect passenger traffic to grow in the mid single digits.

Speaker #2: Which is an upwards revision from our previous low single digit guidance. The underlying demand fundamentals remain supportive, although we continue to monitor the geopolitical situation closely.

Nadia Xirogianni: We expect to fully realize our potential for maximum profitability as allowed by regulation at full year level. Now moving to the next page and focusing on the air activities and the status of the regulated fee. Following the second year implementation of the scrip program, and after taking into account also inflation in 2026, the inflated equity, the air activities capital upon which we are allowed to have up to 15% net profit from the regulated part of the business is at EUR 737.7 million. With the performance of the air activity segment during the H1 of the year, we left an unrecovered, the so-called carry forward amount will be recovered in the following period of EUR 16 million. This is the status of the air activity still at the end of June.

Speaker #2: Now, despite the regional uncertainty, traffic performance has indeed remained resilient. And our medium to long-term traffic growth assumption remains in the low single digit area.

Speaker #1: Now, moving to the next page and focusing on the air activities and the status of the regulated till, following the second year of implementation of the scripted program, and after taking into account also inflation in 2026, the inflated equity—the air activities capital upon which we are allowed to have up to 15% net profit from the regulated part of the business—is at €737.7 million.

Speaker #2: On the airport expansion program, we discussed that extensively earlier. We are restructuring the implementation of the 40 map plan towards a more phased and modular approach.

Speaker #2: Preserving our flexibility to assess capacity opportunities beyond the 40 map. We discussed immediate actions in detail. We are we have discontinued we have decided our board decided yesterday to discontinue the current ECI tender process.

Speaker #2: And we will immediately launch the tender for the first phase of expansion of the terminals. We are also launching a comprehensive evaluation of the alternatives beyond 40 map.

Speaker #1: So this is the status of the air activity still at the end of June. In line with what we said before, we expect this to be fully depleted by the end of the year.

Speaker #2: At the same time, the the ongoing works continuous plan, the multi-story car park, the VIP terminal, and the northwest apron projects. While in parallel, we are accelerating targeted investments in specific passenger processing facilities.

Nadia Xirogianni: In line with what we said before, we expect this to be fully depleted by the end of the year. Moving on to page 16. The net debt of the company at the end of June was at the level of EUR 690.8 million, with low leverage, net debt to adjusted EBITDA at 1.8x. As the CEO mentioned at the beginning, we had also the issuance of a bond in June, and this expanded the company's international investor base and reinforced the financial flexibility. The profitability performance of the company, the healthy profitability, is also linked with healthy cash flow generation. Overall, the free cash flow in the H1 of the year was EUR 127.5 million, and cash conversion close to 76%. The CapEx we spent during the H1 of the year was EUR 41 million.

Speaker #1: Moving on to page 16, the net debt of the company at the end of June was at the level of 690.8 million. With low leverage, net debt to adjusted EBITDA at 1.8 times.

Speaker #2: And we plan to launch the tender for the initial phase of the north terminal expansion in the second half of 2027. The total capex through the end of 2030 for capacity expansion is currently expected at approximately 900 950 million euros.

Speaker #1: As the CEO mentioned at the beginning, we also had the issuance of a bond in June. This expanded the company's international investor base and reinforced its financial flexibility.

Speaker #2: Looking to the revenues, in air activities, we continue to expect broadly stable yield per passenger, from airport aeronautical charges and ADF. Our annual air activities profitability is expected to be aligned with the 15% return on equity regulatory framework.

Speaker #1: The profitability performance of the company, the healthy profitability is also linked with healthy cash flow generation. Overall, the free cash flow in the first half of the year was 127.5 million.

Speaker #2: And this is also supported by the multi-year script dividend program. In the non-air activities, we expect revenue per passenger to remain broadly flat in 2026.

Speaker #1: And cash conversion close to 76%. The capex we spend during the first half of the year was 41 million. As we will continue to invest in expanding the airport, one can expect that the conversion cash conversion rates will be lower.

Nadia Xirogianni: As we will continue to invest in expanding the airport, one can expect that the cash conversion rates will be lower, but generally, the company's financial stability is fully safeguarded because we have secured the financing, we have the scrip dividend program, we have also the access now. We have broadened the company's access to diversified funding sources, and of course, we also have a strong financial position. With that, I will hand it back to the CEO for the outlook and the final remarks.

Speaker #2: This is an improved projection versus the the the original. And importantly, this revised the revised expansion approach is expected to materially reduce disruption during the construction phase and we expect approximately 60% additional commercial space targeted for delivery by 2030, 31.

Speaker #1: But generally, the company's financial stability is fully safeguarded. Because we have secured that financing we have the script dividend program, we have also the access now we have broadened the company's access to diversified funding sources.

Speaker #1: And of course, we also have a strong financial position. And with that, I will hand it back to the CEO for the outlook and the final remarks.

Speaker #2: On the EBITDA level, we continue to expect the adjusted EBITDA margin to remain approximately 100 basis points below our long-term 60% target, reflecting the continued investment in operations in order to preserve the service quality as traffic continues to grow and the expansion program progresses.

Speaker #2: Thank you, Nadia. Let's have a look at the outlook for 2026. First of all, in terms of traffic forecast, we expect passenger traffic to grow in the mid single digits.

George Kallimasias: Thank you, Nadia. Let's have a look at the outlook for 2026. First of all, in terms of traffic forecast, we expect passenger traffic to grow in the mid-single digits, which is an upwards revision from our previous low single-digit guidance. The underlying demand fundamentals remain supportive, although we continue to monitor the geopolitical situation closely. Despite the regional uncertainty, traffic performance has indeed remained resilient, and our medium to long-term traffic growth assumption remains in the low single-digit area. On the airport expansion program, we discussed that extensively earlier. We are restructuring the implementation of the 40MAP plan towards a more phased and modular approach, preserving our flexibility to assess capacity opportunities beyond the 40MAP. We discussed immediate actions in detail. Our board decided yesterday to discontinue the current ECI tender process, and we will immediately launch the tender for the first phase of expansion of the terminals.

Speaker #2: And finally, for net income, we continue to expect approximately 200 million net profit for 2026. And of course, we remain committed to our dividend policy of distributing 100% of profits available for distribution.

Speaker #2: Moving to the last slide, I would like to here to leave you with seven key messages. First, our traffic remains strong. Another year record year, despite the geopolitical headwinds.

Speaker #2: Now, despite the regional uncertainty, traffic performance has indeed remained resilient. Our medium- to long-term traffic growth assumption remains in the low single-digit area.

Speaker #2: Second, our financial performance remains healthy, with solid fundamentals broadly in line with our targets and regulatory framework. Third, the airport expansion program continues. The first phase is moving forward immediately.

Speaker #2: On the airport expansion program, we discussed that extensively earlier. We are restructuring the implementation of the 40 map plan towards a more phased and modular approach.

Speaker #2: Preserving our flexibility to assess capacity opportunities beyond the 40 map. We discussed immediate actions in detail. We are we have discontinued. We have decided our board decided yesterday to discontinue the current ECI tender process.

Speaker #2: While the projects already underway continue as planned. Fourth, 40 map remains our reference plan, while we thoroughly evaluate strategic alternatives for further capacity development.

Speaker #2: And we will immediately launch the tender for the first phase of expansion of the terminals. We are also launching a comprehensive evaluation of the alternative beyond 40 MAP.

Speaker #2: Fifth, the more modular approach materially derisks the investment program, reducing execution risk, better protecting our airport operations, and our service levels during construction. Number six, we minimize disruptions during construction of the first phases, avoiding interventions in the core terminal areas, and providing material upside in our commercial activities during 30 2030, 31.

George Kallimasias: We are also launching a comprehensive evaluation of the alternatives beyond 40MAP. At the same time, the ongoing works continue as planned, the multi-storey car park, the VIP terminal, and the Northwest Apron projects. While in parallel, we are accelerating targeted investments in specific passenger processing facilities. We plan to launch the tender for the initial phase of the north terminal expansion in the second half of 2027. The total CapEx through the end of 2030 for capacity expansion is currently expected at approximately EUR 950 million. Looking to the revenues in air activities, we continue to expect broadly stable yield per passenger from airport aeronautical charges and ADF. Our annual air activities profitability is expected to be aligned with the 15% return on equity regulatory framework, and this is also supported by the multi-year scrip dividend program.

Speaker #2: At the same time, the the ongoing works continuous plan, the multi-story carpark, the VIP terminal, and the northwest apron projects. While in parallel, we are accelerating targeted investments in specific passenger processing facilities.

Speaker #2: And finally, we are preserving long-term strategic flexibility. Any alternative configuration will be pursued if it demonstrates clear strategic and financial benefits and will be meeting all technical, regulatory, and approval requirements.

Speaker #2: So overall, we believe we are entering an exciting phase of IS developer development with strong position and momentum, solid traffic, healthy profitability, continued investment, and greater flexibility to support our airport's long-term growth.

Speaker #2: And with that, I would like to thank you for your attention for your attention, and I'm happy to answer any questions you may have.

Speaker #2: And this is also supported by the multi-year script dividend program. In the non-air activities, we expect revenue per passenger to remain broadly flat in 2026.

Speaker #1: The first question is from the line of Stamatis Draziotis with Eurobank Equities. Please go ahead.

George Kallimasias: In the non-air activities, we expect revenue per passenger to remain broadly flat in 2026. This is an improved projection versus the original, and importantly, the revised expansion approach is expected to materially reduce disruption during the construction phase, and we expect approximately 60% additional commercial space targeted for delivery by 2030, 2031. On the EBITDA level, we continue to expect the adjusted EBITDA margin to remain approximately 100 basis points below our long-term 60% target, reflecting the continued investment in operations in order to preserve the service quality as traffic continues to grow and the expansion program progresses. Finally, for net income, we continue to expect approximately EUR 200 million net profit for 2026. Of course, we remain committed to our dividend policy of distributing 100% of profits available for distribution. Moving to the last slide, I would like here to leave you with seven key messages.

Speaker #3: Yeah. Hello there. And thank you for taking my questions. Firstly, on the expansion strategy you explicitly referred to, configurations that could provide capacity beyond 40 million passengers.

Speaker #3: Should we interpret this as an indication that the 40 million passengers plan may ultimately be replaced by a larger capacity solution, or is this simply preserving optionality at this stage?

Speaker #2: At the EBITDA level, we continue to expect the adjusted EBITDA margin to remain approximately 100 basis points below our long-term 60% target, reflecting continued investment in operations in order to preserve service quality as traffic continues to grow and the expansion program progresses.

Speaker #3: And related to that, is how should we reconcile the 950 million capex envelope with the previous budget and timing? So is the 950 a lower cumulative spend because of deferral, or does it reflect a potentially more efficient design?

Speaker #3: Thank you.

Speaker #2: Thank you. The first of all, the evaluation of additional capacity is something that we're going to start immediately. So we cannot provide currently specific capacity which we would like to invest in.

Speaker #2: Moving to the last slide, I would like here to leave you with seven key messages. First, our traffic remains strong—another record year, despite the geopolitical headwinds.

George Kallimasias: First, our traffic remains strong. Another record year despite the geopolitical headwinds. Second, our financial performance remains healthy, with solid fundamentals broadly in line with our targets and regulatory framework. Third, the airport expansion program continues. The first phase is moving forward immediately, while the projects already underway continue as planned. Fourth, 40MAP remains our reference plan while we thoroughly evaluate strategic alternatives for further capacity development. Fifth, the more modular approach materially de-risks the investment program, reducing execution risk, better protecting our airport operations and our service levels during construction. Number six, we minimize disruptions during construction of the first phases, avoiding interventions in the core terminal areas, and providing material upside in our commercial activities during 2030, 2031. Finally, we are preserving long-term strategic flexibility.

Speaker #2: This is something that we will be able in in the upcoming period to to evaluate. But as I said, the earlier we are because of the additional traffic growth, we want to be able to capitalize on this opportunity and build further capacity beyond 40 map.

Speaker #2: So we implement we are implementing the based on the 40 map plan which remains as I said the reference plan. We are implementing the first phases this these two parts of the 40 map plan that I showed earlier, the one in the green color, are exactly the first phases that were planned to be executed through the ECI process.

Speaker #2: While the projects already underway continue as planned. Fourth, the 40 Map remains our reference plan, while we thoroughly evaluate strategic alternatives for further capacity development.

Speaker #2: Fifth, the more modular approach materially de-risks the investment program, reducing execution risk. Better protecting our airport operations and our service levels during construction. And number six, we minimize disruptions during construction of the first phases, avoiding interventions in the core terminal areas and providing material upside in our commercial activities during 30 2030, 31.

Speaker #2: But of course, we want to retain our flexibility and the modular approach that we mentioned earlier. In case we decide eventually to build more capacity than the existing that the one than the one end result in the existing 40 map plan.

Speaker #2: The the 950 is of course part of the total expansion cost, total part of the 40 map. So this is the cost that is that includes the exist the ongoing works, the MSP, the Northwest Apron, the VIP terminal, plus the cost for the for these developments that you see on the on the picture here with green color, until 2030.

Speaker #2: And finally, we are preserving long term strategic flexibility. Any alternative configuration will be pursued if it demonstrates clear strategic and financial benefits and will be meeting all technical, regulatory, and approval requirements.

George Kallimasias: Any alternative configuration will be pursued if it demonstrates clear strategic and financial benefits and will be meeting all technical, regulatory, and approval requirements. Overall, we believe we are entering an exciting phase of AIA development with strong position and momentum, solid traffic, healthy profitability, continued investment, and greater flexibility to support our airport's long-term growth. With that, I would like to thank you for your attention, and I am happy to answer any questions you may have.

Speaker #2: So overall, we believe we are entering an exciting phase of IS developer development, with a strong position and momentum, solid traffic, healthy profitability, continued investment, and greater flexibility to support our airport's long-term growth.

Speaker #2: I think it's important also to mention that with these restructuring of our plan, we are not causing any further delays. The overall timeline is to to a large part respected.

Speaker #2: And with that, I would like to thank you for your attention, and I'm happy to answer any questions you may have.

Speaker #2: Of course, we are currently at the second half of 2026. Our projection for fully finalizing a 40 map would I would think it would be reasonable to expect that this can be now realized with, let's say, around the end of 2033.

Speaker #1: Ladies and gentlemen, at this time we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone.

Operator 2: Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by 1 on their telephone. If you wish to remove yourself from the question queue, then you may press star and 2. Please use your handset when asking your question for better quality. Anyone who has a question may press star and 1 at this time. One moment for the first question, please. The first question is from the line of Stamatis Thrasyvoulou with Eurobank Equities. Please go ahead.

Operator 2: Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and on- at this time. One moment for the first question, please. The first question is from the line of Stamatis Draziotis with Eurobank Equities. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality.

Speaker #2: So this is the overall time plan for in case we we proceed with the full implementation of the 40 map. I think this this answer sums up the answer to your questions hopefully.

Speaker #1: Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of with Eurobank Equities.

Speaker #1: Please go ahead.

Speaker #3: Yeah. Hello there. And thank you for taking my questions. Firstly, on the expansion strategy you explicitly referred to configurations that could provide capacity beyond 40 million passengers.

Stamatis Thrasyvoulou: Yeah. Hello there, and thank you for taking my questions. Firstly, on the expansion strategy, you explicitly referred to configurations that could provide capacity beyond 40 million passengers. Should we interpret this as an indication that the 40 million passengers plan may ultimately be replaced by a larger capacity solution, or is this simply preserving optionality at this stage? Related to that is how should we reconcile the EUR 950 million CapEx envelope with the previous budgets and timing? Is the EUR 950 million a lower cumulative spend because of deferral, or does it reflect a potentially more efficient design? Thank you.

Stamatis Draziotis: Yeah. Hello there, and thank you for taking my questions. Firstly, on the expansion strategy, you explicitly referred to configurations that could provide capacity beyond 40 million passengers. Should we interpret this as an indication that the 40 million passengers plan may ultimately be replaced by a larger capacity solution, or is this simply preserving optionality at this stage? Related to that is how should we reconcile the EUR 950 million CapEx envelope with the previous budgets and timing? Is the EUR 950 million a lower cumulative spend because of deferral, or does it reflect a potentially more efficient design? Thank you.

Speaker #3: Just a follow up. The the if the eventual capacity solution extends materially beyond 40 million should we assume that the current script program could be extended or would you initially prefer to use the available dead headroom which admittedly is still, you know, very comfortable?

Speaker #3: Should we interpret this as an indication that the 40 million passengers plan may ultimately be replaced by a larger capacity solution? Or is this simply preserving optionality at this stage?

Speaker #2: It's very premature to say. I think based on the on the on the AD, on the concession agreement, we will obviously try to see whether we can use further script proceed proceed from a further script program.

Speaker #3: And related to that is: how should we reconcile the €950 million capex envelope with the previous budgets and timing? So, is the €950 million a lower cumulative spend because of deferral, or does it reflect a potentially more efficient design?

Speaker #2: But currently, we cannot commit to anything. Currently, we only have this four-year program that has been approved by the General Assembly two years ago.

Speaker #3: Thank you.

George Kallimasias: Thank you. First of all, the evaluation of additional capacity is something that we are going to start immediately, so we cannot provide currently specific capacity which we would like to invest in. This is something that we will be able in the upcoming period to evaluate. As I said earlier, because of the additional traffic growth, we want to be able to capitalize on this opportunity and build further capacity beyond 40M. Based on the 40M plan, which remains, as I said, the reference plan, we are implementing the first phases. These two parts of the 40M plan that I showed earlier, the one in the green color, are exactly the first phases that were planned to be executed through the ECI process.

Speaker #2: Thank you. First of all, the evaluation of additional capacity is something that we are going to start immediately. So, currently, we cannot provide a specific capacity figure that we would like to invest in.

Speaker #3: Great. And just a final question on the on non-air yields which you flagged they have been quite resilient given the the circumstances and you've you basically say that one of the safety objective objectives of the revised plan is to minimize disruption to commercial activities.

Speaker #2: This is something that we will be able in in the upcoming period to to evaluate. But as I said, we earlier we are because of the additional traffic growth, we want to be able to capitalize on this opportunity and build further capacity beyond 40 map.

Speaker #3: Can you maybe quantify the the the yield drag embedded in the previous plan that you actually now hope to to avoid and in essence how this should lead us to think differently about non-air revenue per passenger over the next three, four years compared to the previous situation?

Speaker #2: So we implement we are implementing the based on the 40 map plan which remains as I said the reference plan. We are implementing the first phases this these two parts of the 40 map plan that I showed earlier, the one in the green color are exactly the first phases that were planned to be executed through the ECI process.

Speaker #3: Thank you.

Speaker #4: During the previous situation, we had assumed that during the the construction we would lose some commercial space within the terminal. So this would mean that we would have lower revenue per passenger.

Speaker #2: But of course we want to retain our flexibility and the modular approach that we mentioned earlier. In case we decide eventually to build more capacity than the existing the one than the one end result in the existing 40 map plan.

George Kallimasias: Of course, we want to retain our flexibility and the modular approach that we mentioned earlier in case we decide, eventually, to build more capacity than the one envisaged in the existing 40M plan. The EUR 950 million is, of course, part of the total expansion cost, total part of the 40M. This is the cost that includes the ongoing works, the MSCP, the Northwest Apron, the VIP terminal, plus the cost for this development that you see on the picture here with the green color, until 2030. I think it is important also to mention that with this restructuring of our plan, we are not causing any further delays. The overall timeline is to large part respected. Of course, we are currently at the second half of 2026.

Speaker #4: During this years, while what we say now is that we will start investing in in in the south and the north, we will not intervene in the core terminal.

Speaker #2: The the 950 is of course part of the total expansion cost. Total part of the 40 map. So this is the cost that is that includes the exist the ongoing works, the MSP, the Northwest Apron, the VIP terminal plus the cost for the for these developments that you see on the on the picture here with green color until 2030.

Speaker #4: So we will not lose capacity, commercial capacity, commercial spaces. And we will target to have revenue per passenger stable throughout the years. And of course, following the additional square meters built with the expansion, we expect 60% growth of the commercial square meters.

Speaker #4: And we guide for an upside and increase after completion of high single digit growth on spending per passenger and revenue per passenger for two consecutive years.

Speaker #2: I think it's important also to mention that with these restructuring of our plan, we are not causing any further delays. The overall timeline is to to a large part respected.

Speaker #4: This is the the guidance.

Speaker #3: That's very clear. Thank you.

Speaker #1: The next question is from Milan of Dario Maglione with BNP Paribas. Please go ahead.

Speaker #5: Hi. Thanks so much for the for the presentation. Can I clarify on the capex? So the 950 million that you talked about, this is not to bring the capacity to 40 million.

George Kallimasias: Our projection for fully finalizing 40M, I would think it would be reasonable to expect that this can be now realized with, let us say, around the end of 2033. This is the overall time plan in case we proceed with the full implementation of the 40M. I think this

Speaker #2: So this is the for in case we we proceed with the full implementation of the 40 map. I think this this answer sums up the answer to your questions hopefully.

Speaker #5: There needs to be more capex to bring the capacity to 40 million or maybe more. So that's the first question. Just to clarify, and then in terms of opex per passenger, as you mentioned, when you exclude the variable fee, the growth was around 7.5% year on year in H1.

George Kallimasias: sums up the answer to your questions hopefully.

Stamatis Thrasyvoulou: Just a follow-up. If the eventual capacity solution extends materially beyond 40 million, should we assume that the current scrip program could be extended, or would you initially prefer to use the available debt headroom, which admittedly is still very comfortable?

Stamatis Draziotis: Just a follow-up. If the eventual capacity solution extends materially beyond 40 million, should we assume that the current scrip program could be extended, or would you initially prefer to use the available debt headroom, which admittedly is still very comfortable?

Speaker #3: Just a follow-up. If the eventual capacity solution extends materially beyond 40 million, should we assume that the current script program could be extended, or would you initially prefer to use the available dead headroom, which admittedly is still, you know, very comfortable?

Speaker #5: So you expect something similar in H2. Thanks.

Speaker #4: Yes. As regards the the second question, the for the opex opex per passenger excluding the the variable portion of the ground of ride fee during the first half of the year, we recorded 6.42 euro per passenger.

George Kallimasias: It is very premature to say. I think based on the idea on the concession agreement, we will obviously try to see whether we can proceed from a further scrip program. But currently, we cannot commit to anything. Currently, we only have this four-year program that has been approved by the General Assembly 2 years ago.

Speaker #2: It's very premature to say. I think based on the on the on the AD on the concession agreements we will obviously try to see whether we can use further script proceed proceed from a further script program.

Speaker #4: And this is more or less we we expect that this will remain broadly at this level throughout the the year also during the second half of the year.

Speaker #4: Now, as regards the the the first question, so for the implementation of a 40 map eventually, we would need more capex than the 950.

Speaker #2: But currently, we cannot commit to anything. At present, we only have this four-year program that was approved by the General Assembly two years ago.

Speaker #4: And as the CEO said, so 950 million includes the parts of the first plan of the terminal expansion that we mentioned plus the ongoing works for the MSP, Northwest Apron, VIP.

Speaker #3: Great. And just a final question on the on non air yields which you flagged they have been quite resilient given the the circumstances and you you basically say that one of the safety objective objectives of the revised plan is to minimize disruption to commercial activities.

Stamatis Thrasyvoulou: Great. And just a final question on non-air yields, which you flagged they have been quite resilient given the circumstances, and you basically say that one of the stated objectives of the revised plan is to minimize disruption to commercial activities. Can you maybe quantify the yield drag embedded in the previous plan that you actually now hope to avoid and, in essence, how this should lead us to think differently about non-air revenue per passenger over the next 3, 4 years compared to the previous situation? Thank you.

Stamatis Draziotis: Great. And just a final question on non-air yields, which you flagged they have been quite resilient given the circumstances, and you basically say that one of the stated objectives of the revised plan is to minimize disruption to commercial activities. Can you maybe quantify the yield drag embedded in the previous plan that you actually now hope to avoid and, in essence, how this should lead us to think differently about non-air revenue per passenger over the next 3, 4 years compared to the previous situation? Thank you.

Speaker #4: Now, as regards the overall cost, the original estimate we had back in 2023, we were saying 1.3 billion total 40 map expansion capex in 2024 prices.

Speaker #4: Now, based on the construction cost inflation and the feedback and the insight we have during design, ECI process, we expect that the overall cost would be 30% higher than originally estimated.

Speaker #3: Can you maybe quantify the yield drag embedded in the previous plan that you actually now hope to avoid, and in essence, how this should lead us to think differently about non-air revenue per passenger over the next three to four years compared to the previous situation?

Speaker #4: So, in 26 prices is the 950. So you can you can do them you can see the the remaining part of the capex when we will need to complete the 40 map or if we enter into another route for further capacity increase, there will be another estimate.

Speaker #3: Thank you.

Speaker #4: During the previous situation we had assumed that during the the construction we would lose some commercial space within the terminal. So this would mean that we would have lower revenue per passenger.

Nadia Xirogianni: During the previous situation, we had assumed that during the construction, we would lose some commercial space within the terminal, so this would mean that we would have lower revenue per passenger during these years, while what we say now is that we will start investing in the south, in the north. We will not intervene in the core terminal, so we will not lose commercial capacity, commercial spaces, and we will target to have revenue per passenger stable throughout the year. And of course, following the additional square meters with the expansion, we expect 60% growth of the commercial square meters, and we guide for an upside and increase after completion of high single-digit growth on spending per passenger and revenue per passenger for 2 consecutive years. This is the guidance.

Speaker #4: During these years, what we say now is that we will start investing in the south and the north. We will not intervene in the core terminal.

Speaker #2: No, obviously if if we decide that there is a strategic alternative for more capacity that provides better value for the airport and for the company, obviously once we have that, we'll provide revised guidance.

Speaker #4: So we will not lose commercial capacity or commercial spaces. And we will target to have revenue per passenger stable throughout the year. And of course, following the additional square meters built with the expansion, we expect 60% growth of the commercial square meters. We guide for an upside, an increase after completion, of high single-digit growth on spending per passenger and revenue per passenger for two consecutive years.

Speaker #5: That makes sense. And just to confirm, this increase of 30% compared to the 1.3 billion in 2024 prices.

Speaker #2: Excuse me. Excuse me. We cannot hear you very clearly. Can you please repeat?

Speaker #4: This is the guidance.

Speaker #5: Yeah. Can you hear me now?

Speaker #4: Yes. Much better. Yeah. Yeah.

Speaker #3: That's very clear. Thank you.

Stamatis Thrasyvoulou: That is very clear. Thank you.

Stamatis Draziotis: That is very clear. Thank you.

Speaker #5: perfect. I was saying about this 30% increase, compared to the 1.3 billion euros which was in 2024 prices, what's the main driver of the increase?

Operator 2: The next question is from the line of Dario Maglione with BNP Paribas. Please go ahead.

Speaker #1: The next question is from the line of Dario Macleone with BNP Paribas. Please go ahead.

Speaker #5: Hi. Thanks so much for the for the presentation. Can I clarify on the capex? So the 950 million that you talked about this is not to bring the capacity to 40 million.

Dario Maglione: Hi. Thanks so much for the presentation. Can I clarify on the CapEx? The EUR 950 million that you talked about, this is not to bring the capacity to 40 million. There needs to be more CapEx to bring the capacity to 40 million or maybe more. That is the first question, just to clarify. Then, in terms of the OpEx per passenger, as you mentioned, when you exclude the variable fee, the growth was around 35% year on year in H1. Do you expect something similar in H2? Thanks.

Speaker #5: Is inflation, is it changing the requirements? Anything else?

Speaker #2: I would say it's a number of things. First of all, construction inflation has been considerable, especially during the last months with higher energy prices.

Speaker #5: There there needs to be more capex to bring the capacity to 40 million or maybe more. So that's the first question just to clarify.

Speaker #2: So there is a considerable increase in price of materials. Of course, once you go into more detailed designs and also when you have detailed talks with the contractors, this is the value we received from the ECI process that we moved away from the design, let's say, sphere to the actual world of contractors.

Speaker #5: And then, in terms of opex per passenger, as you mentioned, when you exclude the variable fee, the growth was around 7.5% year on year in H1.

Speaker #5: So you expect something similar in H2. Thanks.

Nadia Xirogianni: Yes. As regards the second question, for the OpEx per passenger, excluding the variable portion of the ground delivery fee, during the first half of the year, we recorded EUR 6.42 per passenger. We expect that this will remain broadly at this level throughout the year, also during the second half of the year. Now, as regards the first question, for the implementation of a 40MAP, eventually, we would need more CapEx than EUR 950 million. As the CEO said, EUR 950 million includes the parts of the first plan of the terminal expansion that we mentioned, plus the ongoing works for the MSCP, Northwest Apron, and the VIP terminal. Now, as regards the overall cost, the original estimate we had back in 2023, we were saying EUR 1.3 billion total 40MAP expansion CapEx in 2024 prices.

Speaker #4: Yes. As regards the the the second question the for the opex opex per passenger excluding the the variable portion of the ground of right fee during the first half of the year we recorded 6.42 euro per passenger.

Speaker #2: We have a much better estimate of the cost. So this is a significant input that we received. And of course, this also interaction with the contractors gave us a much better view also of the constructability and disruptions that could be expected during construction.

Speaker #4: And this is more or less we we expect that this will remain broadly at this level throughout the the year. Also during the second half of the year.

Speaker #4: Now, as regards the first question, for the implementation of a 40 MAP, eventually we would need more CapEx than the €950 million.

Speaker #2: So overall, the the input from the ECI was had considerable value for the company.

Speaker #4: And as the CEO said so 950 million includes the parts of the first plan of the terminal expansion that we mentioned plus the ongoing works for the MSP Northwest Apron VIP now as regards the overall cost the original estimate we had back in 2023 we were saying 1.3 billion total 40 map expansion capex in 2024 prices.

Speaker #5: Okay. Thank you. Thank you.

Speaker #1: The next question is from the line of Nicholas Mora with Morgan Stanley. Please go ahead.

Speaker #3: Yes. Good afternoon. Maybe just first question on on the commercial performance, which was which on our part was was pretty solid in in the first half.

Speaker #3: You talk you talk obviously a lot about so better food and beverage. The better product offering. You also you also talk about the better traffic mix.

Speaker #4: Now based on the construction cost inflation and the feedback and the insight we have during design ECI process we expect that the overall cost would be 30% higher than originally estimated.

Nadia Xirogianni: Now, based on the construction cost inflation and the feedback and the insight we have during design ECI process, we expect that the overall cost would be 30% higher than originally estimated.

Speaker #3: It's a bit surprising because you were quite exposed to to Middle East traffic and what are considered to be high spenders. Who who are the customers who've been able to pick up the slack of these Middle Eastern high spenders?

Speaker #3: Is it mostly your your American traffic? I'm just trying to or Asian traffic. I'm trying to understand a bit better what has what has been the offset on on the traffic mix.

Speaker #4: So in 2026, prices is the €950. So you can do them, you can see the remaining part of the CapEx when we will need to complete the 40 MAP, or if we enter into another route for further capacity increase, there will be another estimate.

George Kallimasias: In 2026 prices.

Nadia Xirogianni: In 2026 prices is the 950. You can see the remaining part of the CapEx when we will need to complete the 40MAP, or if we enter into another route for further capacity increase, there will be another estimate.

Speaker #3: And then I'll come back to to the to the 40 map plan. But I will let you answer on on commercial first.

Speaker #2: I think you picked it up fairly correctly. I think it's the increase share of of Americans. A number of other, let's say, nationalities, including some of the nationalities of the of the Middle East, which continue to we had an impact only the significant impact only for a couple of months.

Speaker #2: No obviously if if we decide that there is a strategic alternative for more capacity that provides better value for the airport and for the company obviously once we have that we'll provide revised guidance.

George Kallimasias: Obviously, if we decide that there is a strategic alternative for more capacity that provides better value for the airport and for the company, obviously, then once we have that, we will provide revised guidance.

Speaker #2: And the connectivity with the Middle East was restored around June. So during the high high, let's say, traffic months of the summer, we had very satisfactory mix of passengers.

Dario Maglione: Okay. Makes sense. Just to confirm, this increase of 30% compared to the EUR 1.3 billion, which was in 2024 prices.

Speaker #5: That makes sense. And just to confirm this increase of 30% compared to the 1.3 billion euros which was in 2024 prices.

Speaker #2: So I hope this answers your question.

Speaker #3: Okay. And and switching to the to the to the 40 map plan, so I struggled a little bit to to in the balancing act.

Speaker #2: Excuse me excuse me we cannot hear you very clearly. Can you please repeat?

George Kallimasias: Excuse me. We cannot hear you very clearly. Can you please repeat?

Speaker #3: So you you traffic is ahead of initial plans but also the cost to build and the implied disruption. So do you you want more flexibility but you still do you want to build in at the end more but in a more modular way?

Dario Maglione: Yeah. Can you hear me now?

Speaker #5: Yeah. Can you hear me now?

Speaker #4: Yes. Much better. Yeah. Yeah.

Nadia Xirogianni: Yes, much better.

George Kallimasias: Yes, much better.

Nadia Xirogianni: Yeah.

Speaker #5: Perfect. I was asking about this 30% increase compared to the €1.3 billion, which was in 2024 prices. What's the main driver of that increase? Is it inflation, changing requirements, or anything else?

Dario Maglione: Perfect. I was saying about this 30% increase, compared to the EUR 1.3 billion, which was in 2024 prices.

Speaker #3: So more regularly over the next 10 years or or just totally differently? I mean, it's just trying to gauge a little bit what the plans I mean, the plans so far was a big expansion, taking six years, and then after that, a bit of a capex holiday.

Dario Maglione: What is the main driver of the increase? Is it inflation? Is it change in the requirements? Anything else?

Speaker #2: I would say it's a number of things. First of all, construction inflation has been considerable, especially during the last months, with higher energy prices.

George Kallimasias: I would say it is a number of things. First of all, construction inflation has been considerable, especially during the last month with higher energy prices. So there is a considerable increase in price of materials. Of course, once you go into more detailed designs and also when you have detailed talks with the contractors, and this is the value we received from the ECI process, that we moved away from the design, let's say, sphere to the actual world of contractors. We have a much better estimate of the cost. So this is a significant input that we received. And of course, this also interaction with the contractors gave us a much better view also of the constructability and disruptions that could be expected during construction. So overall the input from the ECI had considerable value for the company.

Speaker #3: Are you thinking about totally changing that into something maybe less ambitious in the short term but in the long term, something even bigger?

Speaker #2: So there's a considerable increase in price of materials. Of course once you go into more detailed designs and also when you have detailed talks with the contractors and this is the value we received from the ECI process that we moved away from the design let's say sphere to the actual world of contractors.

Speaker #2: I think the the situation is is is is as follows: First of all, if we were to completely in a single contract the existing 40 map plan, this would most likely not allow us despite all the other issues which operational disruption and commercial disruption, we would be bound, let's say, to a specific plan with limited flexibility if we wanted because of the traffic growth in the midterm to go for a bigger capacity.

Speaker #2: We have a much better estimate of the cost. So this is a significant input that we received. And of course this also interaction with the contractors gave us a much better view also of the constructability and disruptions that could be expected during construction.

Speaker #2: Now, what we want to do is build it in phases evaluate something different. If that is feasible, and compatible with the plan, or we will, let's say, adjust the plan to make it compatible, or we will continue with with existing plan.

Speaker #2: So overall the the input from the ECI was had considerable value for the company.

Speaker #2: So we have our options open. This is, I think, a key message. We build mid short to medium term capacity requirements, but we have our options open for the longer term.

Speaker #5: Okay. Thank you. Thank you.

Dario Maglione: Okay. Thank you.

Speaker #1: As a reminder, if you would like to ask a question, please press star and one on your telephone. The next question is from the line of Nicholas Mora with Morgan Stanley.

Operator 2: As a reminder, if you would like to ask a question, please press star and one on your telephone. The next question is from the line of Nicolas Mora with Morgan Stanley. Please go ahead.

Speaker #2: This is protecting the company for the current view, which is that traffic is going to continue to grow, that obviously it's also a good hedging for in case of downside scenario.

Speaker #1: Please go ahead.

Speaker #3: Yes. Good afternoon. Maybe just first question on on the commercial performance which was which on our part was was pretty solid in in the first half.

Nicolas Mora: Yes, good afternoon. Maybe just a first question on the commercial performance, which on our part was pretty solid in the H1. You talk obviously a lot about the better F&B, the better product offering. You also talk about the better traffic mix, which is a bit surprising because you were quite exposed to Middle East traffic and what are considered to be high spenders. Who are the customers who have been able to pick up the slack of these Middle Eastern high spenders? Is it mostly your American traffic or Asian traffic? I am trying to understand a bit better what has been the offset on the traffic mix. I will come back to the 40MAP plan. I will let you answer on commercial first.

Speaker #2: We don't see something like that happening, but it's also in our in our industry these things also happen. So I think this is a much improved strategy in terms of flexibility, minimizing disruptions, without no no material impact on the overall time plan, and gives us the option to build more should we see that the traffic continues to grow and we can build something in a different way for higher capacity.

Speaker #3: You talk you talk obviously a lot about the better food and beverage the better product offering. You also you also talk about the better traffic mix.

Speaker #3: It's a bit surprising because you were quite exposed to to Middle East traffic and what are considered to be high spenders who who are the customers who've been able to pick up the slack of these Middle Eastern high spenders?

Speaker #3: Okay. But the the the initial plan anyway has you acknowledge has changed. So meaning it it will be obviously the the northern expansion will be launched a bit later at at a higher cost.

Speaker #3: Is it mostly your your American traffic? I'm just trying to or Asian traffic. I'm trying to understand a bit better what has what has been the offset on on the traffic mix.

Speaker #3: And then I'll come back to to the to the 40 map plan. But I will let you answer on on commercial first.

Speaker #3: So that that default option stays, but it stays it's lengthier and at a higher cost.

Speaker #2: I think you picked it up fairly correctly. I think it's an increased share of Americans, and a number of other, let's say, nationalities—including some of the nationalities of the Middle East—which continued to have an impact, but only a significant impact for a couple of months.

George Kallimasias: I think you picked it up very correctly. I think it is the increased share of Americans. A number of other, let us say, nationalities, including some of the nationalities of the Middle East, which continue to have a significant impact only for a couple of months. The connectivity with the Middle East was restored around June. So during the high, let us say, traffic months of the summer, we had a very satisfactory mix of passengers. I hope that answers your question.

Speaker #2: No. Well, let me no, no. The first of all, the the the plan, the the sequence of construction in the existing 40 map and the one that's we were discussing over the last couple of years, the sequence of construction is the same as the one that we presented.

Speaker #2: And the connectivity with the Middle East was restored around June. So, during the high-traffic months of the summer, we had a very satisfactory mix of passengers.

Speaker #2: So we start we we we start with the south, build this north wing, and then we move with the Oculus and the and the piers.

Speaker #2: Now, the south will be tendered out immediately as it is planned in the 40 map. We will see what kind of adjustments we need to make to the north wing to make it sustainable for the medium to long term in case we decide to move to a different configuration.

Speaker #2: So I hope this answers your question.

Speaker #3: Okay. And and switching to the to the to the 40 map plan so I I struggled a little bit to to in the balancing act.

Nicolas Mora: Okay. Switching to the 40MAP plan. I struggle a little bit in the balancing act. Traffic is ahead of initial plans, but also the cost to build and the implied disruption. Do you want more flexibility, but do you want to build at the end more, but in a more modular way, more regularly over the next 10 years or just totally differently? It is just trying to gauge a little bit what the plan is. The plan so far was a big expansion taking six years, and after that, a bit of a CapEx holiday. Are you thinking about totally changing that into something maybe less ambitious in the short term, but in the long term, something even bigger?

Speaker #3: So you you traffic is ahead of initial plans but also the cost to build and the implied disruption. So do you you want more flexibility but do you still do you want to build in at the end more but in a more modular way so more regularly over the next 10 years or or just totally differently?

Speaker #2: But that does not mean that the plan does not you know, the plan remains more or less the same. Subject, of course, to something for higher capacity if this provides benefit to the company.

Speaker #2: This is the the idea.

Speaker #3: Okay. All right. Thank you very much.

Speaker #3: I mean, it's just trying to gauge a little bit what the plan is. I mean, the plan so far was a big expansion taking six years.

Speaker #2: You're welcome.

Speaker #1: Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Mr. Kalimasias for any closing comments.

Speaker #3: And then after that a bit of a capex holiday. Are you thinking about totally changing that into something maybe less ambitious in the short term but in the long term something even bigger?

Speaker #1: Thank you.

Speaker #2: Thank you. Thank you for your attention. I think this is this marks an important milestone in the company having a very good performance over the first half of the year, and a very exciting way forward for the, let's say, the the opportunities that lie ahead with the growth in traffic and the and our capex plan.

Speaker #2: I think the the situation is is is us is us focused. First of all if we were to complete in a single contract the 40 map plan this would most likely not allow us despite all the other issues which operational disruption and commercial disruption we would be bound let's say to a specific plan with limited flexibility.

George Kallimasias: I think the situation is as follows. First of all, if we were to complete in a single contract the 40MAP plan, this would most likely not allow us, despite all the other issues with operational disruption and commercial disruption, we would be bound, let us say, to a specific plan with limited flexibility if we wanted because of the traffic growth in the midterm to go for a bigger capacity. Now, what we want to do is build it in phases, evaluate something different. If that is feasible and compatible with the plan, or we will, let us say, adjust the plan to make it compatible, or we will continue with the existing plan. So we have our options open. This is, I think, a key message. We build short to medium-term capacity requirements, but we have our options open for the longer term.

Speaker #2: We wanted, because of the traffic growth in the midterm, to go for a bigger capacity. Now, what we want to do is build it in phases and evaluate something different.

Speaker #2: If that is feasible and compatible with the plan or we will let's say adjust the plan. Make it compatible or we will continue with with existing plan.

Speaker #2: So we have our options open. This is I think a key message. We build mid short to medium term capacity requirements but we have our options open for the longer term.

George Kallimasias: It is protecting the company for the current view, which is that traffic is going to continue to grow. But obviously, it is also a good hedging for

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Half Year 2026 Athens International Airport SA Earnings Call

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