Aéroports de Paris (ADP) Q2 2024 earnings summary

Executive summary

• Revenue rose 13.4% year-over-year to €2,887M, with EBITDA up 9.3% to €943M and net result up 64.5% to €347M, driven by strong international performance and traffic growth.

• 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.

• Successfully managed operational challenges for the Paris Olympic Games, including infrastructure upgrades and terminal reopenings.

• Final steps underway for the GIL and GAL merger in India, expected to close soon, forming a listed Indian airport holding company.

• Strategic roadmap adjusted for external factors, with continued focus on decarbonization and service quality.

Financial highlights

• H1 2024 EBITDA reached €943M, up 9.3% year-over-year; excluding one-offs, EBITDA up 12%.

• Net result group share at €347M, up 64.5% compared to last year, boosted by one-off impairment reversal from Amman Airport concession extension.

• Consolidated revenue at €2,887M, up 13.4% year-over-year.

• EBITDA margin at 32.7%; operating income from ordinary activities up 51.7% to €681M.

• Adjusted net income (excluding one-offs) was €291M, up 29.4% year-over-year.

Outlook and guidance

• 2024-2025 traffic and financial guidance confirmed: Paris traffic growth of 3.5%-5%, group traffic above 8%, and at least 4% EBITDA growth.

• 2025 group traffic growth targeted at 2.5%-4.0% vs. 2024; EBITDA growth >7% vs. 2024.

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

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

• Dividend payout policy at 60% of net income, with a €3 per share floor.