Athens International Airport SA: Issues for debate post 1Q26 results

Research evidence excerpt

Athens International Airport SA: Issues for debate post 1Q26 results

Barclays | Athens International Airport SA

capacity changes if fuel prices rise materially or supply availability tightens? What risks does AIA

see to demand or schedules if the Middle East conflict remains prolonged?

Scrip dividend, regulatory equity base and capital structure. AIA completed the second year

of its four-year scrip dividend programme on 15 May 2026, with 87.64% take-up and €83.25m of

proceeds allocated to Air Activities Capital. After this issuance, how much flexibility remains

within the programme, and how should investors think about the trade-off between dividend

cash-out and regulatory capital formation? Does management expect similarly high

participation in future years, and how material is the scrip programme as a funding tool for Air

Activities investments?

Network development. AIA’s traffic growth remains resilient overall, but the Middle East

disruption has slowed growth into March and April and remains an important variable for the

FY26 outlook. How is management thinking about network development in this environment,

particularly for international and longer-haul routes? Are airlines still adding capacity broadly in

line with prior expectations, or is geopolitical uncertainty starting to affect route planning,

frequency decisions or the pace of recovery in affected markets?

Runway works, operational resilience and capacity constraints. AIA has flagged higher

provisions for planned heavy maintenance of runways, taxiways and airfield lighting. How

should investors think about the timing and operational impact of these works? Could

maintenance activity constrain growth or service levels during any part of FY26, and what

mitigation measures are in place to limit disruption?