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Aéroports de Paris (ADP) investor relations material
Aéroports de Paris H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 9.6% year-over-year to €3,163 million in H1 2025, with recurring EBITDA up 8.7% to €1,025 million, driven by traffic growth and strong performance in aviation, retail, and international segments despite challenging macroeconomic and geopolitical conditions.
Net income attributable to owners fell 72% to €97 million, significantly impacted by €104 million in non-cash FX effects and a €64 million temporary French corporate tax, leading to a year-on-year decline.
Passenger traffic grew 5.1% group-wide and 4.5% at Paris Aéroport, with international segments and retail spend per passenger supporting growth.
Strategic initiatives included the "Connect France" partnership with Air France, progress on the Charles de Gaulle long-term plan, and major governance changes with new CEO and Deputy CEO appointments.
Dividend policy updated to a 60% payout ratio with a €3.00 per share floor, subject to shareholder approval.
Financial highlights
Revenue reached €3,163 million (+9.6% year-over-year); recurring EBITDA was €1,025 million (+8.7%).
Net income excluding one-offs was €171 million, down 41.2% year-over-year.
Retail and services revenue grew 12.4–13%, driven by higher spend per passenger and acquisitions.
Net debt stood at €8,702 million; net debt/EBITDA improved to 4.0x from 4.1x at year-end 2024.
Basic earnings per share dropped to €0.98 from €3.52 year-over-year.
Outlook and guidance
2025 targets confirmed: Paris Aéroport traffic growth of 2.5–4.0%, spend per passenger of €31.8–€32.4, and recurring EBITDA growth over 7%.
Dividend payout ratio maintained at 60% with a €3.00 per share floor.
Net debt/EBITDA targeted at 3.5x–4.0x; group investments up to €1.4 billion.
Economic Regulation Agreement proposal expected by year-end 2025 or in 2026.
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