Aéroports de Paris (ADP) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 1.6% year-over-year to €3,215 million, with recurring EBITDA down 1.0% to €1,015 million.

• Attributable net income tripled to €312 million, mainly due to gains from the partial disposal of the GMR Airports stake.

• The group implemented cost-saving measures expected to yield €40–60 million in H2 2026.

• Strategic investments continued in Paris, India, and the U.S., with progress on the 2027–2034 Economic Regulation Agreement.

• Passenger traffic at all group airports rose 0.2% to 179.2 million, with Paris Aéroport traffic up 0.5%.

Financial highlights

• Revenue: €3,215 million (+1.6% YoY); Recurring EBITDA: €1,015 million (-1.0% YoY); Net income: €312 million (+221.6% YoY).

• Operating income from ordinary activities rose 68.5% to €743 million, reflecting one-off gains.

• Net debt increased to €9,052 million, with a net debt/recurring EBITDA ratio of 3.9x.

• Dividend payout for 2025 was €3.80 per share, including a €0.80 special dividend from the GMR Airports stake sale.

• Excluding one-off items, attributable net income was €221 million (+29.2% YoY).

Outlook and guidance

• 2026 recurring EBITDA forecast revised to €2,300–2,350 million (previously >€2,350 million).

• Paris Aéroport traffic growth assumption lowered to ~0.5% (from 1.5–2.5%).

• Net debt/recurring EBITDA ratio expected at ~3.8x (previously ≤3.7x).

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

• Investments planned at ~€1,450 million, with nearly €1,000 million for Paris airports.