Aéroports de Paris (ADP) H1 2024 earnings summary

Executive summary

• Revenue rose 13.4% year-over-year to €2,887M, driven by strong international traffic, retail momentum, and robust performance at TAV Airports.

• EBITDA increased 9.3% to €943M, with margin at 32.7% (34.9% excluding new infrastructure tax); net income attributable to the Group surged 64.5% to €347M, boosted by a one-off gain from the Amman airport concession extension.

• Group traffic grew 9.7% to 170.2M passengers, with Paris Aéroport traffic up 4.4% to 49.1M, reaching 93.9% of 2019 levels.

• Paris airports fully reopened and prepared for the Olympics, with new infrastructure and enhanced passenger services.

• 2024-2025 traffic and financial guidance confirmed, with continued focus on decarbonization, service quality, and strategic projects such as the GIL-GAL merger and Paris Experience Group acquisition.

Financial highlights

• Consolidated revenue at €2,887M (+13.4% year-over-year); EBITDA at €943M (+9.3%); net result at €347M (+64.5%).

• Aviation revenue up 5.4% to €969M; retail and services up 13% to €924M; international and airport developments up 24.5% to €883M.

• Operating income from ordinary activities rose 51.7% to €681M; adjusted net income (excluding one-offs) was €291M, up 29.4% year-over-year.

• Net financial debt at €8,571M (4.2x EBITDA); adjusted net debt at €7.8B (3.9x EBITDA) excluding FCCB derivatives.

• Dividend of €3.82/share paid in June 2024; payout policy at 60% of net result group share, minimum €3/share.

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 growth targeted at 2.5%-4.0% vs. 2024; EBITDA growth of at least 4% in 2024 and >7% in 2025.

• CapEx trajectory unchanged, with €900M average annual spend at ADP SA and €1.3B at group level through 2025.

• Net financial debt/EBITDA ratio targeted at 3.5x–4.0x; dividend payout policy remains at 60% of net result group share, minimum €3/share.

• Overperformance in H1 expected to soften in H2 due to OPEX pressures, but guidance remains unchanged.