AIAIndustrials · Airports & Air Services · ΧΑ
Athens International Airport
€12.89
−0.04(−0.31%)
Close 26/10/2026 · end-of-day price, not real-time
Athens International Airport (AIA) closed at €12.89 on 26/10/2026, -0.31% on the day. Market cap €4.1bn, P/E 20.1, dividend yield 5.12%.
My view
Private · MENTOR takes it into account
+25.1%6M
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26/10/2026Close 12.89−0.31%Vol 126.4k+25.1% since start
Key statistics
12 months to Jun 2026 unless a figure says otherwise
Profile
At the 26 Oct close- Market value
- €4.1bn
- Enterprise valueJun 2026est.
- €4.8bn
- Shares outstandingJun 2026
- 318m
- Revenue12 months to Jun 2026
- €667m
- Employees
- 972
- Free float
- 23.9%
- Traded a day, 3-month average
- €4.2m
Valuation
12 months to Jun 2026- P/E
- 20.1×
- P/B
- 6.3×
- EV/Salesest.
- 7.2×
- EV/EBITDAest.
- 12.1×
- P/FCF
- 21.2×
- Dividend yield
- 5.1%
5 years, on reported full years: 7.3–11.3×, median 8.4×. Today 11.5×, higher than 100% of months.
Margins
12 months to Jun 2026- EBITDA
- 59.4%
- Operating (EBIT)
- 46.5%
- Net
- 29.5%
- Free cash flow
- 28.9%
Net margin = the shareholders' profit ÷ group revenue.
Returns
12 months to Jun 2026- ROE
- 30.2%
- ROCE
- 23.1%
- ROICest.
- 18.0%
- ROE, 5-year averageFY2021–25
- 27.8%
Financial health
Jun 2026- Net debt
- €690.8m
- Net debt ÷ EBITDA
- 1.7×
- Interest cover12 months to Jun 2026
- 5.6×
Growth
- Revenue, last yearFY2025
- +1.5%
- Revenue, last halfH1 2026
- −2.8%
- EPS, last yearFY2025
- −13.9%
- EPS, last halfH1 2026
- −13.3%
- Revenue, 3 yearsFY2022–25, a year
- +12.3%
- EPS, 3 yearsFY2022–25, a year
- +6.7%
- Shares, 3 yearsFY2022–25
- +3.2%
Dividends
FY2025- Yield, last 12 months
- 5.1%
- Per share
- €0.660
- Payout
- 97.1%
- Covered by free cash flow
- 0.75×
- Years paid, last fiveFY2021–25
- 5
Trading and risk
From our closes, dividends reinvested- Total return, 1 year
- +36.3%
- Volatility, 1 year
- 26.9%
- Beta to the General Index
- 0.42×
- Deepest fall, 1 year / 5 years
- −13.8% / −16.3%
- 52-week range
- €9.71–€12.96
est.worked out by us
Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.
Financial charts
From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements
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Valuation
2 companies · incl. related| Metric | AIA | Peer median | Peer range |
|---|---|---|---|
| P/E | 20.1 | — | |
| P/B | 6.3 | — | |
| P/S | 6.1 | 4.0 | 3.6 4.4 |
| EV/EBITDA | 12.1 | — | |
| Dividend yield | 5.1% | 4.9% | 4.3% 5.5% |
| Payout ratio | 97.1% | — | |
| Operating margin | 46.5% | — | |
| Net margin | 29.5% | 31.2% | 28.0% 34.4% |
| ROE | 30.2% | — | |
| Revenue growth (last full year) | 1.5% | 7.6% | 6.7% 8.6% |
| Net debt | €690.8m | −€102.3m | -€115.6m -€89m |
Grey band: the peers' range · tick: median · dot: AIA · Twelve Data · latest quarter 30/06/2026
Peers: Airports
No other company listed in Athens runs this business; the closest related ones stand in, marked.
Mkt capEV/EBITDADividend yieldDay
Athens International AirportAIA€4.1bn12.15.1%−0.3%
Not compared: AEGN (airlines)
The company
AI-draftedAthens International Airport S.A. operates Greece's largest airport at Spata under a state concession running to 2046. It charges airlines and passengers regulated aeronautical fees and earns unregulated income from duty-free and retail concessions, car parks and property. It served 34.0 million passengers in 2025 and has been listed on Euronext Athens since February 2024.
How it makes moneyH1 2026 · basis: revenue
It is
- A single-asset concession operator: it runs the Spata airport until 11 June 2046, when the whole airport reverts to the Greek State without payment.2
- Mostly a regulated business: about three-quarters of revenue sits in the Air till, whose after-tax return is capped at 15% of air-activities capital.3,2
It is not
- Not an airline, a ground handler or a retailer: it charges airlines per passenger and per movement and lets third-party concessionaires trade for a share of their turnover.2,3
- Not state-controlled: the Greek State holds 25.693% through Growthfund, while AviAlliance GmbH holds a 50.379% majority.1
- Not a landowner: it holds usufruct rights over roughly 16.5 km² for the life of the concession, not freehold title.2
Recent developmentsAll company events →
- Sep 2026The Board restructures the 40MAP expansion into phased delivery, discontinues the ECI tender and sets capacity capex to end-2030 at €950m.1
- Jun 2026Debut €500m seven-year bond at a 3.75% coupon; inaugural investment-grade issuer ratings of S&P BBB+ and Moody's Baa1.1
- May 2026The second year of the scrip dividend raised €83.25m of new Air Activities capital on an 87.64% take-up.1
- Mar 2026The London arbitration dismissed the company's claims over Greek State rentals; a €16.3m charge was booked in the 2025 accounts.3
- Feb 2026George Kallimasias became CEO on 1 February, succeeding Yiannis Paraschis after 19 years.3
- Oct 2025A temporary 30% cut in the Passenger Terminal Facility charge from 1 October 2025 to 30 April 2026 as the Carry Forward Amount ran out.3
Key figures
Key facts
- AviAlliance GmbH, owned by Canada's PSP Investments, controls 50.379% and the Greek State holds 25.693% through Growthfund.1
- The concession ends on 11 June 2046, when the airport reverts to the Greek State without payment.2
- Dual-till regime: Air Activities profit is capped at a 15% return on the related capital, while Non-Air Activities profit is uncapped.2
- Policy is to distribute 100% of available profits; the FY2025 dividend approved was €0.66 a share, €204.86m in total.1,3
- At 30 June 2026 equity was €649.8m and net debt, including leases, was €690.8m.1
Sources
- 1.Interim Financial Report 1 January to 30 June 2026Athens International Airport S.A. · 09/09/2026official
- 2.Annual Financial Report 2025Athens International Airport S.A. · 24/03/2026official
- 3.Financial Results for FY 2025Athens International Airport S.A. · 24/03/2026official
- 4.Corporate Presentation May 2026Athens International Airport S.A.official
AI-drafted from the cited sources · 24/09/2026 · v3 · ✓ checked by an independent second modelAthens International Airport S.A.Website ↗
AskedSuggested
Why it moved
-0.31% · volume 1.0×
News & events
News and what's next
Peers
2 listed peers
Results
How it did vs last year
Valuation
Cheap or expensive?
More
Asks“What's the latest news on Athens International Airport, and what's coming up?”← → to move · Enter to ask
Data: Twelve Data · End-of-day prices · Nothing here is investment advice.