Aéroports de Paris (ADP) Pre-Close Call summary

Executive summary

• Preliminary H1 2025 results indicate solid operating performance, reaffirming full-year 2025 objectives despite significant non-cash FX and tax impacts on net income.

• Net income for H1 2025 is expected to be negatively impacted by EUR 150–180 million, mainly due to FX variations and a surplus corporate tax.

• The Board will consider adjusting the dividend distribution policy to offset these non-cash effects for 2025.

Trading performance and revenue trends

• Paris airport traffic is expected to grow 2.5–4% in 2025 versus 2024, with current reservations and schedules in line with expectations.

• Extime Paris spend per passenger is forecasted to rise 4–6% in 2025 compared to 2023.

• Recurring EBITDA is projected to increase by more than 7% in 2025 over 2024.

• Retail and advertising normalization, as well as terminal changes, are factored into current performance and outlook.

Profitability and margins

• EBITDA remains strong, but net income is significantly affected by non-cash FX losses and surplus tax charges.

• FX impacts are estimated at EUR 90–110 million, and surplus corporate tax at EUR 60–70 million for H1 2025.

• Exchange rate losses stem from TRY and INR depreciation, impacting financial results and equity-accounted companies.