Aéroports de Paris (ADP) H2 2025 earnings summary

Executive summary

• Achieved all 2025 financial and operational targets, with strong performance across Paris and international assets, and strategic progress in economic regulation, service quality, and expansion.

• Employee engagement and retention improved through a successful shareholder plan (73% participation, 1.8%–2% ownership) and compensation modernization.

• Major infrastructure projects completed or advanced, including Paris runway refurbishments, geothermal plant, terminal upgrades, and international expansions in Antalya, Delhi, and Georgia.

• New management team and governance structure implemented, fostering cultural alignment and talent retention.

• Strategic partnerships and initiatives launched to enhance Paris hub competitiveness and global standards.

Financial highlights

• Revenue rose 8.9% to €6.7 billion, driven by traffic growth, retail, and international expansion.

• Recurring EBITDA increased 12.3% to €2,322 million, reflecting disciplined cost control and margin expansion.

• Net income attributable to parent company grew 11.7% to €382 million, impacted by FX and tax effects; excluding one-offs, net income was €494 million (down 22.6% year-over-year).

• Net debt at year-end was €8.6 billion, with net debt/EBITDA improving to 3.7x.

• Board proposes a €3.00 per share dividend, maintaining a 60% payout ratio with a floor.

Outlook and guidance

• 2026 recurring EBITDA expected above €2.35 billion, mainly driven by international assets.

• CapEx planned at €1.45 billion, with €1 billion at ADP SA.

• Dividend policy unchanged: 60% payout, minimum €3 per share.

• Paris Aéroport passenger traffic forecast to grow 1.5%–2.5%, with retail spend per passenger targeted above €32.

• Net debt/EBITDA targeted at or below 3.7x.