Aéroports de Paris
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Aéroports de Paris (ADP) investor relations material

Aéroports de Paris H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved all 2025 financial targets with strong operational and financial performance, including revenue growth, EBITDA gains, and strategic progress across Paris and international assets.

  • Advanced key priorities: economic regulation, service quality, Extime model rollout, international asset contribution, and corporate culture transformation, including new management and compensation reform.

  • Launched successful employee shareholder plan, reaching 1.8% of capital with 73% participation.

  • Major infrastructure projects completed or advanced: runway refurbishments, geothermal plant, terminal upgrades, and baggage system improvements at Paris airports.

  • International expansion continued with Antalya, Delhi, and Georgia airport extensions, and TAV Airports' dividend resumption.

Financial highlights

  • Revenue rose 8.9% to €6.7 billion, driven by strong traffic, aviation, retail, and international business growth.

  • Recurring EBITDA increased 12.3% to €2,322 million, reflecting business growth and disciplined cost execution.

  • Net income attributable to the group was €382 million, up 11.7%, despite FX and tax headwinds; excluding one-offs, net income was €494 million.

  • Net debt stood at €8.6 billion, with net debt/EBITDA ratio improved to 3.7x.

  • Proposed dividend of €3.00 per share, maintaining a 60% payout ratio with a floor.

Outlook and guidance

  • 2026 Paris Aéroport passenger traffic expected to grow 1.5%–2.5%, led by international segments.

  • Extime Paris spend per passenger targeted above €32.0.

  • Recurring EBITDA forecast above €2,350 million; group CapEx planned at €1,450 million, with €1,000 million for ADP SA.

  • Dividend policy unchanged: 60% payout, minimum €3 per share.

  • Net debt/EBITDA targeted at or below 3.7x.

ERA proposal: What ROCE/WACC convergence is sought?
Connect France: Decarbonization initiatives?
2026 Finance Bill: Estimated tax surplus impact?
ERA WACC/cost allocation impact on CapEx plan?
Extime levers to stabilize 2026 SPP
Portfolio review: key criteria for asset decisions
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Q1 2026 TU28 Apr, 2026
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Q1 2026 TU28 Apr, 2026

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Frequently asked questions

Aéroports de Paris SA is a French corporate group which operates airports worldwide. It owns and operates three airports in France, namely Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget; and manages and operates 20 additional airports around the world.

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