Aéroports de Paris (ADP) H1 2025 earnings summary

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, reflecting strong operational performance despite macroeconomic and geopolitical volatility.

• Net income attributable to owners fell 72% to €97 million, significantly impacted by non-cash FX effects (€104 million) and a temporary increase in French corporate tax (€64 million).

• Passenger traffic reached 179.1 million (+5.1% year-over-year), with Paris Aéroport traffic up 4.5% to 51.3 million, driven by international routes.

• Strategic initiatives included the Connect France partnership with Air France, completion of a major public consultation for Charles de Gaulle’s long-term development, and progress on the 2025 Pioneers roadmap.

• Major governance changes included new CEO and Deputy CEO appointments and a reorganization to enhance agility and decision-making.

Financial highlights

• Revenue: €3,163M (+9.6% vs. H1 2024); recurring EBITDA: €1,025M (+8.7%).

• Operating income from ordinary activities dropped 35.2% to €441 million, mainly due to non-cash impacts from currency volatility and a temporary tax increase.

• Net income attributable to owners: €97M (-72%); excluding one-off items, net income was €171M (-41.2%).

• Net debt at €8,702M as of June 30, 2025; net debt/recurring EBITDA at 4.0x, improved from 4.1x at year-end 2024.

• Dividend policy adjusted to 60% payout with a €3.00/share floor.

Outlook and guidance

• 2025 Paris Aéroport traffic expected to grow 2.5–4.0% over 2024; recurring EBITDA targeted to grow over 7% year-over-year.

• Extime Paris spend per passenger targeted at €31.8–€32.4 (4–6% above 2023).

• Net debt/EBITDA expected between 3.5x and 4.0x; group capex up to €1.4B.

• Dividend payout ratio maintained at 60% of attributable net income, with a minimum floor of €3.00 per share.

• Economic Regulation Agreement proposal to be unveiled by year-end, with 2026 targets to be set in 2027.