Aéroports de Paris (ADP) H2 2024 earnings summary

Executive summary

• Group traffic exceeded 2019 levels, rising 8.1% year-over-year, with Paris showing strong international momentum and robust operational performance during the Paris Games, supported by automation and inclusivity initiatives.

• Retail spend per passenger hit a record €32.1, with flagship terminals nearing €90 per passenger; Extime model expanded in Paris and internationally via acquisitions.

• TAV Airports and GMR Airports delivered double-digit traffic growth, with new terminals and lounges commissioned, and successful restructuring of GMR holding company.

• Sustainability efforts advanced, with Delhi Airport reaching Level 5 Airport Carbon Accreditation and Paris decarbonization trajectory validated by SBTi; new renewable energy projects launched.

• Both revenue and EBITDA reached record highs; adjusted net result up 15.6% to €638 million, despite a reported net result decline due to a €330 million non-cash charge from the GMR/GIL-GAL merger.

Financial highlights

• Revenue reached €6,158 million, up 12.1% year-over-year; aviation segment grew 7.5%, retail and services up 9.3%, and real estate up 6.1%.

• Recurring EBITDA rose 5.7% to €2,068 million, surpassing targets; organic EBITDA growth in Paris offset by new infrastructure tax, with most growth from international assets.

• Net result group share at €342 million, impacted by a €330 million non-cash charge from the GMR/GIL-GAL merger; excluding one-offs, net result up 15.6% to €638 million.

• Board proposed a dividend of €3.00 per share, maintaining a 60% payout policy.

• Net debt at €8,572 million, with net debt/recurring EBITDA at 4.1x; €500 million bond issued and €500 million repaid, maintaining strong liquidity.

Outlook and guidance

• 2025 Paris traffic expected to grow 2.5%-4.0%, with international segments driving growth; China traffic capped at 65%-70% of 2019 levels.

• Spend per passenger in 2025 expected to be 4%-6% higher than 2023, despite headwinds from terminal works and post-Olympics normalization.

• Recurring EBITDA growth targeted at over 7% in 2025; net debt/EBITDA to remain 3.5x-4.0x.

• Group capex up to €1.4 billion, ADP SA capex up to €1.0 billion, with continued 60% dividend payout policy.

• Multi-year investment plan for Paris under consultation, with details to be finalized and disclosed later.