Aéroports de Paris (ADP) H2 2025 earnings summary

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.