Aéroports de Paris (ADP) Q3 2024 TU earnings summary

Executive summary

• Revenue for the first nine months of 2024 rose 11.7% year-over-year to €4,605M, driven by strong international traffic, retail performance, and all business segments showing growth.

• Group traffic reached 275.1 million passengers (+8.1%), with Paris Aéroport at 78.4 million (+3.8%), and TAV/GMR Airports showing double-digit growth.

• Strategic milestones include the GMR Airports merger and listing (45.7% stake), two bolt-on acquisitions expanding Extime hospitality, and successful Paris 2024 Olympic operations.

• Full-year 2024 and 2025 financial targets are confirmed, despite Paris traffic expected at the lower end of the initial growth range.

• Paris Aéroport successfully managed the Olympics & Paralympic Games, supporting robust operational performance.

Financial highlights

• Consolidated revenue up €484M (+11.7%) to €4,605M for 9M 2024 compared to 9M 2023, with Parisian activities, retail, and international segments all contributing.

• Aviation revenue up 6.0% to €1,534M; retail & services up 10.6% to €1,434M; real estate up 3.7% to €251M; international & airport developments up 20.4% to €1,482M.

• Extime Paris sales per passenger increased 5.6% to €31.4.

• TAV Airports revenue up 25.7% to €1,231M, driven by strong international traffic, especially at Almaty and Georgia.

• Media and advertising revenue surged nearly 50% due to Olympic campaigns, though this is not expected to repeat.

Outlook and guidance

• 2024 group traffic expected to grow over 8% year-over-year; Paris Aéroport traffic growth forecast at 3.5%–5.0%.

• 2025 group traffic expected to grow 2.5%–4.0% over 2024; Paris Aéroport traffic up 3.0%–5.0% over 2023.

• EBITDA growth targeted at >4.0% in 2024 and >7.0% in 2025 (excluding recent acquisitions).

• Dividend policy confirmed at 60% payout, minimum €3 per share.

• CapEx guidance unchanged, with group investments at ~€1.3bn/year (2023–2025) and ADP SA at ~€900M/year.