Aéroports de Paris (ADP) H2 2024 earnings summary

Executive summary

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

• Recurring EBITDA rose to €2,068 million (+5.7%), surpassing targets, mainly due to TAV Airports' performance, but operating income declined due to higher costs.

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

• All 2024 financial targets were met, with group traffic up 8.1% and Paris Aéroport traffic up 3.7%.

• Major international and sustainability initiatives advanced, including decarbonization projects and new renewable energy investments.

Financial highlights

• Revenue: €6,158 million (+12.1% vs. 2023); Recurring EBITDA: €2,068 million (+5.7%); Operating income: €985 million (-20.5%).

• Net income attributable to owners: €342 million; Basic EPS: €3.45 (down from €6.39 in 2023).

• Net debt: €8,572 million (+8.0%), with net debt/EBITDA at 4.1x (3.9x adjusted for derivatives).

• Cash and equivalents at year-end: €2.0 billion, down 16.4% from 2023.

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

Outlook and guidance

• 2025 Paris Aéroport traffic expected to grow 2.5%-4.0%; Extime Paris spend per passenger to rise 4%-6% vs. 2023.

• Recurring EBITDA growth targeted at over 7% in 2025; net debt/EBITDA to remain 3.5x-4.0x.

• Capex for 2025: up to €1.0 billion for ADP SA, €1.4 billion for the group.

• Dividend payout policy confirmed at 60% of attributable net income.

• Economic Regulation Agreement preparations underway for 2027.