Aéroports de Paris (ADP) Q1 2026 TU earnings summary

Executive summary

• Group traffic rose 2.3% year-over-year to 83.9 million passengers, with Paris traffic up 2.6% to 24 million, despite reduced Middle East flows and strong recovery in Asia-Pacific and Africa.

• Consolidated revenue for Q1 2026 was €1,472 million, down 0.9% year-over-year, mainly due to Middle East conflict impacting retail and international segments.

• Service quality remained a focus, with 10 airports ranked in the global top 100 and Paris CDG named Europe's best airport for the fifth consecutive year.

• Strategic milestones included the extension of the Santiago de Chile airport concession, sale of a 3.4% stake in GMR Airports, and closing of the Ambassador disposal.

• 2026 financial targets are fully confirmed, with resilience in operations, cost-saving measures, and disciplined execution.

Financial highlights

• Aviation segment revenue grew by €24 million (+5.0%) to €504 million, supported by traffic growth and a 4.5% tariff increase.

• Retail and services segment revenue declined 1.0% to €484 million, impacted by FX, luxury demand slowdown, and terminal works.

• International revenues fell by €27 million (-6.0%), with TAV Airports down 4.5% and AIG down 14.8% due to Middle East disruptions.

• Extime Paris sales per passenger fell 5.7% year-on-year to €31.5, impacted by FX, luxury demand, and Middle East traffic mix.

• Real Estate revenue was stable at €104 million.

Outlook and guidance

• 2026 financial targets are reaffirmed: Paris traffic growth of 1.5–2.5%, Extime Paris SPP above €32, Rec. EBITDA above €2,350 million, and net debt/EBITDA ≤3.7x.

• Ordinary dividend payout policy set at 60% of net result, with a floor of €3.00 per share.

• Group investments planned at over €2,350 million, including €1,450 million for ADP SA.

• Guidance assumes short-term conflict scenario, stable summer traffic, and continued recovery.

• Cost discipline measures are in place to preserve margins and financial flexibility.