Aéroports de Paris (ADP) Q3 2025 TU earnings summary

Executive summary

• Consolidated revenue for the first nine months of 2025 reached €5,037 million, up 9.4% year-over-year, driven by robust traffic growth and strong performance across all business segments.

• Group traffic rose 4.0% to 286.3 million passengers, with Paris Aéroport traffic up 3.5% to 81.2 million passengers.

• 2025 full-year targets are confirmed, with performance in line with assumptions despite subdued operating trends and a challenging environment.

• Strategic projects advanced, including the Connex France partnership with Air France and the completion of the CDG Evoque public consultation, informing long-term development.

• New CEO and Deputy CEO appointed in February 2025; internal governance reorganised to enhance agility and decision-making.

Financial highlights

• Aviation segment revenue increased 6.9% to €1,640 million, driven by traffic growth and a 4.5% average tariff increase.

• Retail and Services revenue grew 12.4% to €1,612 million, mainly from international traffic growth, acquisitions, and strong retail activities.

• International and Airport Developments revenue rose 10.1% to €1,631 million, with TAV Airports up 12.8% and AIG up 8.5%.

• Real Estate revenue increased 9.2% to €274 million, mainly due to new leases and rent indexation.

• Other Activities revenue declined 10.1% due to contract completions and project deliveries.

Outlook and guidance

• 2025 targets reaffirmed: Paris Aéroport traffic growth of 2.5%–4.0%, Extime Paris spend per passenger growth of 4.0%–6.0% vs. 2023, recurring EBITDA growth above 7%, and net debt/recurring EBITDA ratio of 3.5x–4.0x.

• Dividend policy for 2025 set at 60% payout of attributable net income, with a minimum floor of €3.00 per share.

• 2026 outlook and targets will be provided with the 2025 full-year results in February.

• Retail sales per passenger (SPP) guidance for 2025 is 4%-6% growth versus 2023, despite ongoing headwinds.

• Net debt/recurring EBITDA expected at 3.5x–4.0x, with up to €1.4B group capex and a 60% dividend payout ratio.