Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Q3 2025 Earnings Presentation
30 slides from Aeroports De Paris's earnings presentation, Oct 24, 2025
Slide 1: 2025 9-Months Revenue
2025 9-Months Revenue October 23rd, 2025
Slide 2: 9-months 2025 highlights
01 9-months 2025 highlights HIGH-SPEED RAIL STATION PARIS-CDG
Slide 3: 9M 2025: solid revenue growth, FY 2025 targets confirmed
9M 2025 : solid revenue growth, FY 2025 targets confirmed all X.X% vs. 9M 2024, unless otherwise stated KEY FIGURES 9-MONTHS HIGHLIGHTS Group traffic Paris traffic 286.3 81.2 ◆ Fully on track, despite subdued operating trends Mpax Mpax ◆ Traffic in line with assumptions: up 3.5% in Paris and up 5.2%
Slide 4: 2026 regulated tariff proposal for Paris: +1.5% fee increase
2026 regulated tariff proposal for Paris Approval timeline ◆ ADP’s proposal to the ART made on 2026 Tariff proposal October 17th +1.5% fee increase ◆ ART’s decision on the proposal to be made in Paris-CDG & Paris-Orly, excepted 2 months later, by mid-December PRM fee1, increasing +15% ◆ New tariff p
Slide 5: 9-Months 2025 Key indicators
02 9-Months 2025 Key indicators TERMINAL 2E-K PARIS-CDG
Slide 6: 9M 2025 traffic: growing in line with our assumptions despite less favorable trends
9M 2025 traffic: growing in line with our assumptions despite less favorable trends In Mpax / all X.X% vs. 9M 2024 Paris Aéroport traffic1 Group traffic2 108.0 359.2 103.4 337.1 +4.0% +3.5% 9M 82.7 81.2 271.7 286.3 78.4 9M 257.6 … … 2019 2020-2023 2024 2025 2019 2020-2023 2024 2025 Paris Aéroport: d
Slide 7: Extime Paris sales per pax at €31.3, in line with our expectations
Extime Paris sales per pax1 at €31.3, in line with our expectations +5.3% -0.3% €29.7 €31.4 €31.3 Resilient retail performance, in a challenging context: ◆ Terminal 2AC: negative rebasing effect from its reopening in mid-2024 ◆ Intensifying works in terminal T2EK FY FY uyuyyuè ◆ Normalization of Adv
Slide 8: Revenue delivering a solid 9.4% growth
Revenue delivering a solid 9.4% growth In €M / all X.X% vs. 9M 2024 5,037 158 18 (27) (24) 201 (23) 23 4,605 106 Retail & Services International and airport development 9M 2024 Aviation Retail activities Other retail Real estate TAV Airports AIG Other Other activities 9M 2025 Revenue & services Inte
Slide 9: Outlook
03 Outlook TERMINAL 2E-L PARIS-CDG
Slide 10: Financial outlook
Financial outlook 2025 targets confirmed 2026 outlook PARIS TRAFFIC GROWTH +2.5% to +4.0% vs. 2024 2026 targets will be set and EXTIME PARIS TARGETS SPP GROWTH +4.0% to +6.0% vs. 2023 i.e. SPP of €31.8 to €32.4 communicated at the time of the FY 2025 results REC. EBITDA GROWTH >+7.0% vs. 2024 NET DE
Slide 11: Investor teach-in on ERA proposal and industrial project
Investor teach-in on ERA proposal and industrial project Investor teach-in ◆ Presentation of our detailed ERA proposal ◆ Long term industrial vision for our Parisian platforms and main development objects ◆ Details on key assumptions underlying our proposal, ERA parameters and adjustment factors Sav
Slide 12: Appendices
04 Appendices ORLYVAL PARIS-ORLY
Slide 13: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of 9M 2025 Traffic growth 9M 2025 traffic vs. 9M 2024 vs. 9M 2024 Mainland France 10.6% (2.3)% LOAD FACTOR CONNECTING RATE1 LOW-COST TRAFFIC 84.8% 20.1% 29.9% French Overseas T. 4.6% +3.4% +0.2 pt -0.6 pt +0.7 pt Europe 45.2% +3.3% 1 Number of connecting pax. out
Slide 14: Traffic at TAV Airports & GMR Airports
Traffic at TAV Airports & GMR Airports vs. 9M 2024 T A V A I R P OR TS 1 GMR AIRPORTS Antalya 31.3 +1.6% 57.3 MPax Delhi -0.4% MPax 10.5 23.2 Ankara MPax +5.8% Hyderabad MPax +14.4% 9.6 5.3 Izmir MPax +8.7% Medan -1.6% MPax 9.1 +6.6% 3.6 Almaty MPax Goa MPax +3.1% TAV Airports 87.4 +5.2% 89.5 MPax G
Slide 15: 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 16: Group traffic in 9M 2025
Group traffic1 in 9M 2025 Passenger traffic 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 54,500,290 +3.0% 356,666 +2.9% Paris-Orly 26,712,460 +4.7% 163,641 +4.3% Total Paris Aéroport 81,212,750 +3.5% 520,307 +3.3% Antalya 31,334,474 +1.6% 182,256 +1.6% Almaty 9,098,635 +6.6%
Slide 17: Aviation – 9M 2025
Aviation – 9M 2025 In €M / all X.X% vs. 9M 2024 +6.9% 1,640 5 4 25 7 0 63 1,534 9M 2024 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other income 9M 2025 Revenue airport safety and security services (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue: up €
Slide 18: Retail and services – 9M 2025
Retail and services – 9M 2025 In €M / all X.X% vs. 9M 2024 +12.4% 1 11 9 (44) 1,612 159 1,434 9 33 9M 2024 Extime Duty Extime Travel Other retail Car parks and Industrial Rental income Others 9M 2025 Revenue Free Paris Essentials Paris activities access roads services Revenue (in millions of euros)
Slide 19: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 30/09/2025 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essenti
Slide 20: Real estate – 9M 2025
Real estate – 9M 2025 In €M / all X.X% vs. 9M 2024 +9.2% 274 10 1 8 251 4 9M 2024 Revenue Land Buildings Other external Internal revenue 9M 2025 Revenue revenue (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 274 251 +23 +9.2% Revenue: up €23M, driven by: External revenue 233 220 +13
Slide 21: International and airport development – 9M 2025
International and airport development – 9M 2025 In €M / all X.X% vs. 9M 2024 +10.1% (27) 1,631 158 1,482 18 9M 2024 Revenue AIG TAV Airports Others 9M 2025 Revenue Revenue: up €149M, not including ADP Ingénierie anymore, sold in (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 October 2024, an
Slide 22: 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 23: TAV Airports: 2025 guidance
TAV Airports: 2025 guidance (1) Our 2025 outlook is based on an assumption of no mobility restrictions, normal business conditions, no other force majeure or security related events and no unexpected volatility or other abnormal conditions in foreign exchange markets. Deviations from these assumptio
Slide 24: 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 25: 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 26: Other activities – 9M 2025
Other activities– 9M 2025 In €M / all X.X% vs. 9M 2024 -10.1% 138 (5) (9) 124 9M 2024 Revenue Hub One Others 9M 2025 Revenue (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue: down €(14)M due to the end of certain Hub One contracts and Revenue 124 138 (14) (10.1)% the delivery of a proj
Slide 27: 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 28: 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 29: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS NEXT EVENT October traffic November 17th, 2025 Investor teach-in on ERA proposal and In person in Paris industrial project December 11th, 2025 2025 Full-Year results February 18th, 2026 (Quiet period from 10 November to 10 December)
Slide 30: 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