Aéroports de Paris (ADP) H2 2024 earnings summary

Executive summary

• Group revenue reached €6,158 million in 2024, up 12.1% year-over-year, driven by strong international subsidiary performance, robust Paris hub activity, and record retail spend per passenger, with Extime Paris SPP up 4.9% to €32.1.

• Recurring EBITDA rose 5.7% to €2,068 million, surpassing targets, mainly due to TAV Airports' performance, while operating income declined due to higher costs and new taxes.

• Net income attributable to owners fell to €342 million, impacted by a €330–398 million non-cash charge from the GIL/GAL merger; excluding one-offs, adjusted net income rose 15.6% to €638 million.

• Group traffic reached 363.7–364 million passengers (+8.1%), with Paris Aéroport traffic up 3.7% to 103.4 million; international segments and retail drove growth.

• Sustainability advanced with Delhi Airport achieving Level 5 ACA, Paris decarbonization validated by SBTi, and new renewable energy projects.

Financial highlights

• Revenue: €6,158 million (+12.1% year-over-year); recurring EBITDA: €2,068 million (+5.7%); operating income: €985 million (-20.5%).

• Net income attributable to owners: €342 million (down from €631 million); adjusted net result up 15.6% to €638 million, excluding non-recurring items.

• Net debt increased to €8,572 million; net debt/recurring EBITDA at 4.1x; cash and equivalents at €2.0 billion.

• Dividend of €3.00 per share proposed for 2024, maintaining a 60% payout policy.

• Capex in 2024 was €1,089 million, with 2025 guidance up to €1.4 billion.

Outlook and guidance

• 2025 Paris Aéroport traffic expected to grow 2.5%–4.0%, with Extime Paris SPP up 4%–6% versus 2023; recurring EBITDA growth targeted above 7%.

• Dividend payout policy remains at 60% of net income; financial targets for 2025 confirmed.

• Group capex up to €1.4 billion, with ADP SA capex up to €1.0 billion.

• Free cash flow in 2025 projected similar to 2024, with continued CAPEX and tax impacts.

• Multi-year investment plan for Paris under consultation, with details to be finalized.