Aéroports de Paris (ADP) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 revenue rose 1.4% to €5,106M; network traffic reached 287.3M passengers, up 0.1%, as international growth offset softer Paris traffic.

• Paris traffic declined 0.4% to 80.9M amid softer demand and operational constraints.

Financial highlights

• Revenue increased €69M to €5,106M; international and airport development revenue rose 2.7% to €1,675M.

• Paris aviation revenue rose 1.6% to €1,666M; retail and services grew 0.2% to €1,615M, and real estate rose 1.1% to €277M.

• TAV Airports revenue rose 5.2% to €1,461M; AIG revenue was €202M, down 11.2%.

• Other activities revenue fell 1.6% to €120M; retail and services included a negative €13M P/S acquisition-accounting effect.

Outlook and guidance

• FY 2026 Paris traffic is expected to decrease slightly YoY, revised from prior guidance for ~0.5% growth; Extime Paris SPP target remains ~€32.

• Recurring EBITDA guidance is €2,300M–€2,350M, with expectations at the lower end; forecasts exclude potential 2027 Finance Bill effects.

• Cost-saving measures target €40M–€60M; FY 2026 net debt/recurring EBITDA target is ~3.8x.

• Group capex target is ~€1,450M, including almost €1,000M for ADP SA; dividend policy targets a 60% payout with a €3/share floor.