Q3 trading update showed revenues/EBITDA adj/net at E219m/E153m/E94m or +1.5%/-2.0%/-4.6% yoy. Air revenues at E167m (-2.9%), against 11.1m pax (+4.7%), imply E15.0/pax (-7.3% yoy) in Q3 and E15.2 in 9M (-3.7% yoy). This reflects rebates…
There were no surprises in H1 revenues/adj EBITDA/net income growth of +5%/-1%/-5% yoy, or in the updated guidance/outlook shared by management. With pax growth stronger than expected in 2025 (5%-6%), air revenues/pax need to decline (by 6%-7%) on a full year basis to offset the carry forward balance by year end.
AIA reported +11% growth in clean FY 2024 net income; confirmed a 100% payout ratio (E236m/9% yield); and announced (up to E240m) capital increase by 2028 to expedite /co-finance its terminal expansion program while lifting its regulatory capital.
This is our BoP Greek equities briefing. We have not made many changes compared to our semi-annual one in July: we downgraded Alpha and Helex; and upgraded Eurobank. Plus, we re-visited GEK, reiterating OI and replacing its soon-to-be-delisted RES subsidiary, Terna Energy.