Aéroports de Paris (ADP) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue rose 12.2% year-over-year to €1,486M, driven by strong international and Paris Aéroport traffic, retail growth, and positive scope effects from acquisitions and reclassifications.

• Group traffic reached 82.1 million passengers (+6.7% year-over-year), with Paris Aéroport at 23.0 million (+4.5%), led by international segments.

• Management confirmed the 2025 outlook, supported by robust operational performance, strategic milestones, and governance changes including a new Chairman and Deputy CEO.

• Eight group airports are now in the Skytrax top 100, with Paris-CDG ranked best in Europe for the fourth consecutive year and 7th worldwide.

• Strategic progress includes the launch of the CDG & Vous consultation, new management structure, and international tariff revisions and capacity expansions.

Financial highlights

• Aviation revenue in Paris up €33M (+7.4%), reflecting traffic growth and a 4.5% tariff increase.

• Retail & Services revenue up €63M (+14.8%), driven by international traffic and higher sales per passenger (+2.2% to €33.4).

• International and airport development revenue up €62M (+15.9%), with TAV Airports up €57M (+17.8%) and AIG up €13M (+22.8%).

• Real Estate revenue up €7M (+7.2%) due to new buildings and rent indexation.

• Other activities revenue declined €3M (-7.0%) mainly from Hub One.

Outlook and guidance

• 2025 targets confirmed: Paris traffic growth +2.5% to +4.0% vs. 2024; Extime Paris SPP growth +4.0% to +6.0% vs. 2023; Recurring EBITDA growth >+7.0% vs. 2024.

• Net debt/recurring EBITDA targeted at 3.5x–4.0x; Group capex up to €1.4B; ADP SA investments up to €1.0B; 60% dividend payout maintained.

• TAV Airports 2025 guidance: revenue €1,750–1,850M, total pax 110–120M, EBITDA €520–590M, net debt/EBITDA 2.5–3.0x.