Athens International Airport S A : Press Release for Financial Results FY2023

ATHENS INTERNATIONAL AIRPORT S.A.

Financial Results for the FY 2023

• STRONG REBOUND vs 2019 AND HISTORICAL RECORD YEAR IN TRAFFIC

Athens, Greece: 4 March 2024 - ATHENS INTERNATIONAL AIRPORT S.A. (RIC: AIAr.AT, Bloomberg:

AIA.GA, ATHEX: AIA), hereafter the "Company" or "AIA", today announces its financial results for the twelve months ended 31 December 2023, prepared in accordance with International Financial Reporting Standards.

Key Highlights

• Total Revenues & other income increased by €126.8 million, or 26.6% to €603.71 million in 2023, with both Air and Non-Air activities revenues demonstrating substantial improvement mainly driven by the 24.0% increase in passenger traffic and better commercial dynamics.
• Adjusted EBITDA2,3 reached €367.2 million marking an increase of 16.7% compared to 2022; Adjusted EBITDA margin at 62.9%.
• Adjusted EBITDA excluding IPO expenses amounted to €378.0 million.
• Net Profit rose €231.5 million, marking an increase of 37.8% compared to €168.0 million in previous year
• Healthy Financial position with net Debt at €649.7 million corresponding to Net Debt / Adjusted EBITDA of 1.8x.
• The proposal to the AGM will be for a remaining gross Dividend per Share at €0.33 for Fiscal Year 20234.

Note: Adjusted EBITDA for 2023 excl. IPO expenses amounted to €378.0 million

1. Includes €20.0 million Covid-19 compensation due to travel restrictions during H2 of 2020; excluding the relevant amount total revenues & other income stands at € 583.7 million
2. Earnings Before Interest, Taxes, Depreciation and Amortization
3. Calculated including ADF subsidy to borrowing costs for 2022, including the negative impact of the fixed component of the Grant of Rights Fee (€15.0 million annually) and excluding Covid-19 compensation received in 2023 for H2 2020
4. To be noted that for the FY 2023 the Company has already distributed interim dividend amounting to €130 million or €0.433 per share to the shareholders existing prior to the completion of the Greek Public Offering and the Institutional Offering (IPO) and listing of AIA's shares to Athens Exchange

Air Activities

Throughout the year the Company deployed all necessary operational measures and resources to ensure smooth, safe and efficient operations.

Pricing and Airline Marketing

The annual consultations on the level of aeronautical charges with the Airport users was held in February 2023 under the Airport Charges Directive (2009/12/EC) as transposed to the Greek legislation (PD 52/12). Following the consultations, the Company announced that aeronautical charges remain unchanged compared to 2022. Moreover, the overall Developmental Incentives' Scheme towards airlines continued to apply in a fully transparent and non- discriminatory manner.

Following a positive recovery trend since 2022, AIA's route development team held discussions and meetings with airlines on recovery and growth plans. As a result, by the end of 2023 remarkable results were noted on the major markets of Europe and the USA, which represent more than 87% of the airport's international traffic.

Non-Air Activities

Retail Concession Activities

As of December 31st, 2023, the Company has entered into 70 concession agreements which have been signed with, among others, 19 commercial retail operators, 5 food & beverage operators and 6 car rental operators, including large international as well as local operators. Commercial terms with retail and food & beverage stores include variable fees on turnover with minimum annual guaranteed amounts as well as cash or bank security guarantees that enhance the financial robustness of the agreements.

As of December 31, 2023, the Airport had a total number of 155 stores, including 75 commercial retail stores, 47 food & beverage locations and 33 service stores, covering a total of over 13,500 square meters, and the occupancy rate of commercial retail terminal space was approximately 99%.

Apart from the significant passenger growth, the main drivers of the year's performance have been a favourable passenger spending profile and the improved commercial concept portfolio following AIA's "Best of Greece" strategy roll-out, whereby Greece-focused concepts and brands from the high street were introduced to AIA's terminals. Overall, the year saw the introduction of 8 new retail, food & beverage and services concepts further contributing to the extensive commercial offering transformation of the past few years.

Additional key contributors to the commercial revenues increase were UK passengers' eligibility for Duty-Free, limited in-flight meal service on most economy flights, increased connectivity to US destinations and inflationary adjustments. All these enabled AIA to overcome the negative impact of adverse geopolitical developments on passenger traffic from destinations with high-spending passengers such as Russia, Ukraine and, for the last 2 months of the year, Israel.

Parking Services

AIA operates 2 short-term car parks offering 1,200 spaces, a long-term car park offering 5,800 spaces and a business/valet car park with 350 spaces. Car parking services are offered pursuant to a contract management agreement with a fee. To improve curbside operations and address improper utilization of terminal curbsides by car users, AIA introduced an access control scheme in June 2023, applying charges beyond certain vehicle stopping time.

In 2023, we paid increased attention to the optimal management of parking capacity by closely monitoring the daily occupancy of parking spaces and making necessary adjustments. Revenue form online bookings reached 40% of the total parking revenue and almost 60% of long-term parking revenue.

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Rentals, IT&T and other (comprising both Air and Non-Air Activities)

Rental revenues increased in 2023 vs. 2022 from related revenues from both private and public entities. The increase is mainly attributed to additional rents resulting from the new agreements for the major MRO (Maintenance Repair Overhaul) hangar occupied by Olympic Air (since December 2022) and for the Hellenic Civil Aviation Authority (HCAA) headquarters since January 2023, as well as to the applicable contractual annual increase in rental fees.

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Financial Overview

Revenues and Other Income

Total revenues and other income (excluding the Covid compensation received by the Greek State of €20.05 million for losses incurred due to travel restrictions during the Covid-19 pandemic for the second half of 2020) increased by €106.8 million, or 22.4%, from €476.9 million in 2022 to €583.7 million in 2023, with all revenue streams demonstrating substantial improvement.

In specific, revenues and other income from Air Activities reached €448.9 million, marking an increase of 22.2% vs. prior year. The main contributor of this growth derives from the performance of revenues from Aeronautical charges and ADF income, that amounted at € 353.4 million, higher by 23.4% vs. 2022, driven by the traffic increase, i.e., +24.0% passengers' growth, while the level of aeronautical charges remained constant in 2023.

Moreover, revenues and other income from Non-Air Activities stood at €134.8 million, higher by 23.2% compared to 2022 driven by retail concession activities and car parking services.

5 €16.2 million allocated to Air Activities; €3.8 million allocated to Non-Air Activities

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In 2023 operating expenses reached €201.6 million, increasing by €53.0 million or 35.6% versus prior year. A significant part of this variance derives from the substantial increase of the variable portion of the Grant of Rights Fee (GoRF) to €29.6 million from €5.4 million, calculated on the basis of increased profitability of 2022. Moreover, 2023 operating expenses incorporate the €10.8 million one-off expenses borne by the Company in relation to the IPO. Excluding the variable portion of the GoRF and the extraordinary IPO expenses, operating expenses were by €17.9 million or 12.5% higher than prior year, mainly as a result of:

1. additional resources (in house and outsourced) required to address operational needs compared to last year, which was still significantly impacted by the Covid-19 pandemic and also received the support of the Syn-ergasia state subsidy for work sharing (until May 2022),
2. the necessary adjustments in several outsourcing contract rates (such as security and cleaning) to address the minimum wages increases, along with the pay increases, partly offset by,
3. lower utilities costs mainly due to lower electricity rates this year compared to the respective period last year, plus the benefit from the implementation of the 16MW Photovoltaic Park and respective electricity production for self-consumption since February 2023.

As a result of evolution of operating revenues, the Covid-19 compensation received by the Greek State and operating expenses, overall earnings before interest, tax, depreciation and amortisation (EBITDA)6 in 2023 reached €402.1 million, higher by €73.9 million or 22.5% compared to the previous year.

Depreciation

Depreciation charge was €77.7 million in 2023, lower by €0.5 million vs 2022 of €78.2 million.

Financial Expenses

Net financial expenses stood at €35.6 million presenting a shortfall of €2.5 million or 6.6% versus 2022, reflecting the higher interest income on cash deposits, which was offset to a large extent by the higher cost attributed to the Additional Facility Loan drawn at the end of 2022 and the interest rate hedging cost.

Profitability

2023 Profit before Tax amounted at €288.8 million as compared to €213.2 million in 2022. Income taxes increased by €12.2 million, or 27.0% to €57.3 million in 2023 from €45.1 million in 2022. This result is mainly due to the higher taxable profit recorded in 2023. Therefore, 2023 Profit after Tax was €231.5 million, i.e. €63.5 million higher than prior year.

6 The EBITDA includes the impact of the Greek State compensation of €20.0 million received during 2023 for losses incurred due to travel restrictions during the Covid-19 pandemic for the second half of 2020.

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Segment Performance

The Airport Development Agreement establishes a "dual-till" system which separates regulated Air Activities from unregulated Non-Air Activities. In line with the Airport Development Agreement, revenue generated from Aeronautical Charges and remaining Air Activities are intended to cover costs and expenditures related to Air Activities and generate after tax returns not in excess of the Air Activities ROE Cap7. Meanwhile, Non-Air activities have uncapped profitability.

The table below shows the breakdown of the income statement between Air Activities and Non-Air Activities for 2023:

Revenue and other income arising from our regulated Air Activities represents the greatest component of our total revenue (€465.1 million in 2023, or 77.0%, of our total revenue and other income in the same period). In terms of profitability, the Air Activities profitability accounts for 67.3% of total Company's profitability (Profits after tax).

Moreover, based on the calculation formula for the Cumulative Recoverable Aeronautical Charges, the Carry Forward Amount as of December 31, 2023 amounted to €83.3 million.

Dividend

The Company's BoD intends to propose to the next Annual General Meeting a remaining gross Dividend per Share of €0.33 for FY 2023.

It should be noted that for FY2023 the General Meeting of the Shareholders of the Company, on 14 December 2023, approved the distribution of interim dividends for the financial year 2023 in the amount of €130.0 million or €0.433 per share, out of the net profits for the 9M period of 2023. These were payable in two (2) installments of €65.0 million each, to the shareholders existing prior to the completion of the Greek Public Offering and the Institutional Offering (IPO) and listing of total shares to Athens Exchange. The first installment was paid to the shareholders on 16 January 2024 and the second installment will be paid to the shareholders (the ones existing prior to the Greek Public Offering and the Institutional Offering) immediately after the approval for publication of 2023 Financial Statements by the Board of Directors on 5th March 2024.

7 "Air Activities ROE Cap" means a return of 15% of the equity initially paid-in adjusted for EU inflation, as determined by HICP, such return being calculated in an amount in euros for each relevant period. Unrealized profits of a period are allowed to be recovered in the following years adjusted with EU inflation (Carry Forward Amount)

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Selected Alternative Performance Measures

In assessing the performance of our business, we consider a variety of metrics, i.e., Alternative Performance Measures ("APMs"), including certain financial measures which are not measures of financial performance under IFRS. The following section presents the evolution of such APMs.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA has been provided (i) to include the ADF subsidy to cover borrowing costs, (ii) to include the negative impact of the fixed component of the Grant of Rights Fee, i.e., €15.0 million annually, and (iii) to exclude the €20.0 million Covid-19 compensation, received in 2023. The following tables present the evolution of the Adjusted EBITDA and margin for both Air and Non-Air Activities.

Net Debt and Net Debt to Adjusted EBITDA ratio

Net debt represents the sum of long-terminterest-bearing loans & borrowings and lease liabilities less cash and cash equivalents.

The Net debt and the ratio of Net debt to Adjusted EBITDA as of December 31, 2023 and 2022 are as follows:

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Free Cash Flow

Free Cash Flow, corresponding to Adjusted EBITDA less acquisition of property, plant and equipment and intangible assets, provides an insight into the liquidity left over after accounting for operating expenses including the fixed component of the Grant of Rights fee and capital expenditures but before accounting for net interest (income minus expense), and income taxes. Free cash flow conversion % corresponds to the ratio of Free Cash Flow over Adjusted EBITDA and is depicted in the following table:

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Oultook & Trends

We expect that demand for travel to Greece will continue and we project a modest increase in passenger traffic for 2024, compared to the one experienced in 2023, taking into consideration that in the first months of 2022 travel restrictions were still in place. As part of our airline marketing and traffic development actions, we will continue to support airlines currently operating in Athens and our route development strategy will further focus on markets with high potential and markets with large share of high-spending passengers.

Following the attainment of the terminal capacity thresholds in 2023 set by the Airport Development Agreement (ADA), we are proceeding with the implementation of the 33MAP8 Master Plan. The 33MAP Master Plan is designed to increase our facilities' capacity to 33 million passengers per year, through expansion of the Main and Satellite Terminal Buildings (which will include an increase of commercial spaces by over 60%), construction of additional aircraft parking positions and a new multi-storey car parking facility. We aim to complete construction for entire program by end of 2028.

Until capacity is added through the implementation of the 33MAP Master Plan, we aim to maximise operational passenger traffic capacity through various operational adjustments and infrastructure improvement projects, such as additional operational resources (e.g., increased presence of inhouse terminal staff) and capacity optimization projects (e.g. additional check-in counters, additional departure gates, etc.).

In terms of Air Activities revenues, for 2024 we project stable yield per passenger from Aeronautical Charges and ADF. We intend to modify Aeronautical Charges to substitute the decline in ADF upon the latter's reduction as of November 1st to €3 per departing passenger (from €12 per departing passenger today) in accordance with Law 4465/2017. Thus, total Aeronautical Charges and ADF per passenger will remain at par with today's level.

On the Non-Air Activities segment, we shall continue to implement the successful "Best of Greece" strategy in retail concession activities. We expect further increase of our revenues from traffic growth and pricing re-adjustments, however with minor erosion of per passenger revenue due to saturation of available commercial space. Furthermore, we anticipate an improvement of revenue for car parking during the first 9 months of 2024. A small decrease is expected towards year-end upon commencement of the multi-storey car park facility construction works.

In operations, we expect increased resource requirements to accommodate the traffic levels at the best possible level of service. The increased resources, together with inflationary pressures are expected to bring the opex per passenger (excl. the variable portion of the Grant of Rights Fee) to the levels of 2022. Nevertheless, the Company will maintain operational efficiency, cost competitiveness and value-for-money services. Therefore, we will maintain high EBITDA margins, marginally below the 2023 levels due to the increased opex.

Furthermore, we are undertaking the necessary actions for the financing of 100% of 33MAP Master Plan (total cost estimated at €650m in 2022 prices) and for c. 50% of the mid-term maintenance and capacity optimization capex over next 3 years (total capex c. €220m)

Finally, we are on course for the Net Zero target for Scope 1 and Scope 2 emissions by 2025 ("Route 2025" Roadmap). We will commence on-site construction of the 35.5MW photovoltaic park, which will include an 82MWh battery energy storage system. Towards the Route 2025 Roadmap, a set of actions for vehicle fleet electrification and potential replacement of natural gas consumption with heat pumps are ongoing.

8 MAP: Million Annual Passengers

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