Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — H1 2025 Earnings Presentation
41 slides from Aeroports De Paris's earnings presentation, Jul 31, 2025
Slide 1: 2025 Half-Year Results
2025 Half-Year Results July 30th, 2025
Slide 2: Half-year 2025 highlights
01 Half-year 2025 highlights TERMINAL 1 2 PARIS-CDG
Slide 3: H1 2025 results: solid operational performance
H1 2025 results: solid operational performance all X.X% vs. H1 2024, unless otherwise stated Revenue FIRST HALF HIGHLIGHTS Solid operational performance, in spite of a challenging environment € 3,163M ◆ ◆ Traffic in line with assumptions, up 4.6% in Paris and up 3.6% at TAV +9.6% ◆ Extime Paris SPP
Slide 4: CDG&VOUS: local dialogue paving the way for sustainable airport growth
CDG&VOUS: local dialogue paving the way for sustainable airport growth A 2050 VISION BUILT ON 5 PILLARS CDG&Vous Multimodality / Modular dev. / Low carbon energy / Consultation Sustainable real estate / Freight optimization Multiple forms of dialogue ◆ Meetings with the public ◆ Workshops with exper
Slide 5: Connect France: making Paris-CDG a reference in connectivity, quality of service and decarbonization
Connect France: making Paris-CDG a reference in connectivity, quality of service and decarbonization A strategic response to rising global hub competition: ◆ Paris-CDG is facing increased competition from non-European hubs, diverting traffic with more attractive tax and regulatory conditions ◆ Group
Slide 6: Connect France: 10 game-changing initiatives to reinforce the hub together
Connect France: 10 game-changing initiatives to reinforce the hub together Connectivity Quality of service Decarbonization #3Connecting Passenger – Connecting Passenger Experience Experience #1Hub – Hub Infrastructures Infrastructures #7Sustainable Aviation – Sustainable Fuel Aviation Fuel #5Stop-Ov
Slide 7: H1 2025 results: as per July 1st announcement, with solid operational performance
H1 2025 results: as per July 1st announcement, with solid operational performance In €M - all X.X% vs. H1 2024 REVENUE REC. EBITDA1 NET INCOME PARENT COMP. Incl. €104M non-cash 3,163 impact linked to FX2 2,887 +9.6% 1,025 943 +8.7% 347 (72.0)% 97 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 20
Slide 8: 2025 Half-year results
02 2025 Half-year results ORLY 3 8 PARIS-ORLY
Slide 9: H1 2025 traffic: growing in line with our assumptions despite less favorable trends
H1 2025 traffic: growing in line with our assumptions despite less favorable trends In Mpax / all X.X% vs. H1 2024 Paris Aéroport traffic1 Group traffic2 108.0 363.7 103.4 337.1 +4.5% +5.1% H1 52.3 49.1 51.3 H1 158.1 170.2 179.1 … … 2019 2020-2023 2024 2025 2019 2020-2023 2024 2025 Paris Aéroport: d
Slide 10: Extime Paris sales per pax at €31.9, up 7.7% vs. 2023
Extime Paris sales per pax1 at €31.9, up 7.7% vs. 2023 +7.7% +0.5% €31.9 Continued retail growth despite headwinds: €31.7 €29.6 ◆ Terminal 2AC: negative rebasing effect from its reopening in mid-2024 ◆ Intensifying works in terminal T2EK ◆ Normalization of Advertising and Extime Travel Essentials re
Slide 11: Revenue delivering a solid +9.6% growth
Revenue delivering a solid +9.6% growth In €M / all X.X% vs. H1 2024 3,163 91 15 (17) (17) 141 (26) 15 2,887 74 Retail & Services International and airport development H1 2024 Aviation Retail activities Other retail Real estate TAV Airports AIG Other Other activities H1 2025 Revenue & services Inter
Slide 12: Recurring EBITDA up 8.7% to €1,025M
Recurring EBITDA up 8.7% to €1,025M In €M / all X.X% vs. H1 2024 +8.7% In million euros H1 2025 H1 2024 Change Revenue 3,163 2,887 +276 31 1,025 31 1 Operating Expenses (2,178) (2,004) -174 31 -12 943 11 Consumables (461) (442) -19 of which integration of P/S & PEG External services (738) (690) -48
Slide 13: Net income at €97M, impacted by the income tax surplus and non-cash charges linked to FX
Net income at €97M, impacted by the income tax surplus and non-cash charges linked to FX, as previously communicated1 In €M / all X.X% vs. H1 2024 In million euros H1 2025 H1 2024 Change Recuring EBITDA 1,025 943 +82 82 347 Amortization and impairment (474) (262) -212 164 Associates and joint ventur
Slide 14: Net income excluding one-offs down -41.2%
Net income excluding one-offs down -41.2% In €M / all X.X% vs. H1 2024 H1 2024 NET INCOME UNDERLYING GROWTH H1 2025 NET INCOME excluding one-offs NET INCOME EXCLUDING ONE-OFFS excluding one-offs 347 291 171 -41.2% 56 291 74 171 97 H1 2024 Net One-offs H1 2024 Net H1 2024 H1 2025 H1 2025 Net One-offs
Slide 15: Improved leverage, with net debt at 4.0x rec. EBITDA
Improved leverage, with net debt at 4.0x rec. EBITDA In €M 178 8,702 522 8,572 296 478 (39) (9) 8,219 8,050 (483) (774) 3.9x1 4.1x 4.0x 3.8x1 Restated FCCBs-related Reported Cash-flows Capex & Dividends Interest paid FCCBs-related Others Reported FCCBs-related Restated net debt options fair Net debt
Slide 16: Outlook
03 Outlook TERMINAL 2E-M 16 PARIS-CDG
Slide 17: Financial outlook
Financial outlook 2025 targets confirmed 2026 outlook PARIS TRAFFIC GROWTH +2.5% to +4.0% vs. 2024 2026 targets will be determined EXTIME PARIS TARGETS SPP GROWTH +4.0% to +6.0% vs. 2023 i.e. SPP of €31.8 to €32.4 as part of the preparation of an Economic Regulation Agreement REC. EBITDA GROWTH >+7.
Slide 18: ADP will unveil its Economic Regulation Agreement proposal by year-end
ADP will unveil its Economic Regulation Agreement proposal by year-end ERA framework ERA parameters ERA execution #3 – Connecting Passenger Agreement between Built on a business case Adjustment factors to preserve Groupe ADP and the French State Experience ◆ #1 – Hub Infrastructures incl. traffic fo
Slide 19: Appendices
04 Appendices LISA APM PARIS-CDG
Slide 20: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of H1 2025 Traffic growth H1 2025 traffic vs. H1 2024 vs. H1 2024 Mainland France 10.9% (1.4)% LOAD FACTOR CONNECTING RATE1 LOW-COST TRAFFIC French Overseas T. 4.6% +3.0% 84.5% 20.5% 29.6% +0.0 pt +0.1pt +0.8 pt Europe 45.1% +4.4% vs. H1 2024 Other international
Slide 21: Traffic at TAV Airports & GMR Airports
Traffic at TAV Airports & GMR Airports vs. H1 2024 T A V A I R P OR TS 1 GMR AIRPORTS (GAL) Antalya +0.2% 14.5 Delhi 39.7 +3.1% MPax MPax 6.4 +2.1% 15.9 Ankara MPax Hyderabad +19.0% MPax 5.9 +5.8% 3.5 Medine MPax Medan -0.7% MPax Almaty 5.7 +8.0% +0.6% 2.5 MPax Goa MPax TAV Airports 47.7 +3.9% GMR A
Slide 22: Finance law for 2025: reminder of estimated effects
Finance law for 2025: reminder of estimated effects Infrastructure Income tax Security activities Solidarity tax tax surplus funding on air tickets WHAT’S NEW? Temporary income Reduction of State Tax increase No change coverage of security costs VS. FINANCE ACT 2024 tax increase on air tickets ADP S
Slide 23: Group traffic in H1 2025
Group traffic1 in H1 2025 in Mpax Group traffic (Pax) 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 34,600,139 +4.3% 229,181 +4.8% Paris-Orly 16,747,041 +5.0% 102,593 +4.3% Total Paris Aéroport 51,347,180 +4.5% 331,774 +4.6% Antalya 14,537,325 +0.2% 88,788 +0.8% Almaty 5,673,0
Slide 24: H1 2025 consolidated income statement
H1 2025 consolidated income statement In millions of euros H1 2025 H1 2024 H1 2025 / H1 2024 Revenue 3,163 2,887 +276 +9.6% Operating expenses (2,178) (2,004) (174) +8.7% Other income & expenses 40 60 (20) (33.3)% Recuring EBITDA 1,025 943 +82 +8.7% Amortisation and impairment of tangible and intang
Slide 25: Rec. EBITDA excluding one-offs up 8.7%
Rec. EBITDA excluding one-offs up 8.7% In €M / all X.X% vs. H1 2024 H1 2024 REC. EBITDA UNDERLYING GROWTH H1 2025 REC. EBITDA excluding one-offs REC. EBITDA EXCLUDING ONE-OFFS excluding one-offs 943 941 1,023 1,025 1,023 2 941 +8,7% 2 H1 2024 One-offs H1 2024 Rec. H1 2024 H1 2025 H1 2025 One-offs H1
Slide 26: One-off items – Rec. EBITDA and Net result
One-off items – Rec. EBITDA and Net result One-offs in H1 2024 rec. EBITDA One-offs in H1 2025 rec. EBITDA €M One-off items €M One-off items One-offs items (2) One-offs items (1) of which revenue +6 Profit on equity of which Revenue 1 P/S contribution for 2024 recorded in 2025 Property tax rebates i
Slide 27: Aviation – H1 2025 Income statement
Aviation – H1 2025 Income statement REVENUE (€M) +7.6% 1,043 5 1 18 5 2 43 969 H1 2024 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products H1 2025 Revenue airport safety and security services (in millions of euros) H1 2025 H1 2024 H1 2025/H1 2024 Revenue 1,04
Slide 28: Retail and services – H1 2025 Income statement
Retail and services – H1 2025 Income statement REVENUE (€M) +12.4% 0 8 5 (38) 1,039 107 924 9 25 H1 2024 Extime Duty Extime Travel Other retail Car parks Industrial Rental Others H1 2025 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euros) H1
Slide 29: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 30/06/2025 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essenti
Slide 30: Real estate – H1 2025 Income statement
Real estate – H1 2025 Income statement REVENUE (€M) +8.6% 189 5 0 5 174 5 H1 2024 Revenue Land Buildings Other external Internal revenue H1 2025 Revenue revenue (in millions of euros) H1 2025 H1 2024 H1 2025/H1 2024 Revenue 189 174 +15 +8.6% External revenue 163 153 +10 +6.5% Revenue: up €15M, drive
Slide 31: International and airport development – H1 2025 Income statement
International and airport development – H1 2025 Income statement REVENUE (€M) +10.1% (17) 972 91 883 15 H1 2024 Revenue AIG TAV Airports Others H1 2025 Revenue (in millions of euros) H1 2025 H1 2024 H1 2025/H1 2024 Revenue: up €89M, not including ADP Ingénierie anymore, sold in October 2024, and SDA
Slide 32: TAV Airports main assets & subsidiaries
TAV Airports main assets & subsidiaries Expiration Ownership Functional Company Activity 2024 Traffic Consolidation method date (by TAV) Currency(1) AIRPORT COMPANIES Airport Operator, Fuel, F&B, Lounges, Ground Handling, TAV Kazakhstan - 11.4 Mpax 100%(2) Full consolidation USD Cargo TAV Ege Izmir
Slide 33: TAV Airports: 2025 guidance
TAV Airports: 2025 guidance 2024 Results 2025 Guidance(1)(3) Revenue (€M) 1,660 1,750 – 1,850 Total Pax (M) 106.5 110 – 120 Intl Pax (M) 71.2 75 – 83 EBITDA (€M) 489.4 520 – 590 EBITDA Margin (%) 29.5 – 140-160 Capex (€M) 255.6 (+Almaty Investment Plan 2025)(2) Net Debt/EBITDA 3.52 2.5 – 3.0 1. TAV
Slide 34: GMR Airports: main assets & subsidiaries
GMR Airports: main assets & subsidiaries STRUCTURE Groupe ADP GMR Group Public Incl. GMR Enterprises 27.2% 33.9% 45.7% 32.3% ECO. INTEREST* CAPITAL 27.1% 33.8% ECO. CAPITAL ECO. CAPITAL INTEREST* Listed - ISIN: INTEREST* INE776C01039 GMR Airports Limited 74%1 74%2 49% c.100%3 100% DIAL GHIAL PT Angk
Slide 35: GMR Airports: capital & economic interest structure
GMR Airports: capital & economic interest structure Our stake is structured in two types of instruments : Ordinary shares & Preference shares (OCRPS) Positioning our partner GMR Group … while maintaining Groupe ADP’s substantial as the largest single shareholder economic interest (45.7%) in manageme
Slide 36: Other activities – H1 2025 Income statement
Other activities – H1 2025 Income statement PRODUCTS (€M) -12.6% 95 (5) (7) 83 H1 2024 Products Hub One Others H1 2025 Products (in millions of euros) H1 2025 H1 2024 H1 2025/H1 2024 Products: down €(12)M due to the end of certain Products 83 95 (12) (12.6)% Hub One contracts and the delivery of a p
Slide 37: Debt position & repayment schedule
Debt position & repayment schedule Principal repayment schedule excluding interest as of 30/06/2025 in €M 1,513 615 1,050 813 Groupe ADP excl. TAV Airports and AIG 785 763 763 515 513 513 TAV Airports 490 177 163 Airport International Group 53 10 26 27 87 12 117 10 1 127 134 118 88 91 2025 2026 2027
Slide 38: 2025 Pioneers strategic roadmap indicators
2025 Pioneers strategic roadmap indicators N° Key Performance Indicator Scope 1* Make that 65% of flights depart on time or within 15 minutes of the scheduled time Airports controlled within Groupe ADP 2* Reduce average taxiing emissions per flight by 7% at Paris-CDG and Paris-Orly Paris-CDG & Paris
Slide 39: Definitions
Definitions Financial indicators: Definition and accounting of Alternative Performance ◆ Recurring EBITDA (previously referred to as “EBITDA”) is an accounting Measures (APM) as well as the segmentation of Group activities measure of the operating performance of Aéroports de Paris and its presented
Slide 40: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS July traffic August 18th, 2025 2025 third quarter revenue October 23rd, 2025 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date Kepler Cheuvreux Roadshow – New York, Chicago, Toronto 26-28 August 202
Slide 41: Disclaimer
Disclaimer This presentation does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures (including, if so, forecasts and objectives) are included i