Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — FY 2025 Earnings Presentation
46 slides from Aeroports De Paris's earnings presentation, Feb 19, 2026
Slide 1: 2025 Full-year results
2025 Full-year results February 18th, 2026 conference call on Feb. 19 th, 2026
Slide 2: 2025 Full-year Highlights
01 2025 Full-year Highlights FY 2025 RESULTS GROUPE ADP 2
Slide 3: A successful 2025, preparing for our next strategic cycle
A successful 2025, preparing for our next strategic cycle Laying the foundations Advancing Fostering a more agile Steering operational for long-term visibility international assets and aligned culture performance in Paris across the value cycle New management team Continued recognition of Accepted I
Slide 4: FY 2025 results: strong EBITDA growth
FY 2025 results: strong EBITDA growth In €M - all X.X% vs. FY 2024 REVENUE REC. EBITDA1 NET INCOME PARENT COMP. Up +11.3% excl. P/S & PEG +8.9% 6,704 integration 6,158 +8.9% 2,322 2,068 +12.3% +11.7% 382 342 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2025 RESULTS GROUPE ADP 1. See definition
Slide 5: Fostering long-term alignment and talent retention
Fostering long-term alignment and talent retention Successful employee shareholder operation Reform in compensation structure 4,388 employees (73% of ADP SA’s) subscribing to Rebalancing compensation items and reforming the the plan employee status, for a more consistent and sustainable salary profi
Slide 6: Simplification and renaming plan at Paris-CDG
Simplification and renaming plan at Paris-CDG Simplification of the passenger journey, especially for connections Matching industry standards in major international hubs Numbered Terminals & Lettered Departure lounges Renaming scheduled upon the commissioning of the CDG Express, direct train link to
Slide 7: Disciplined capex supporting performance and transformation in Paris
Disciplined capex supporting performance and transformation in Paris Refurbishment of runway 1 in Paris-CDG Renovation of Paris-CDG runway 1 and of 23 associated taxiways to reach best industry standards, for €94M Commissioning of a geothermal plant in Paris-CDG Deployment of a deep geothermal syste
Slide 8: International assets moving from disciplined development to value delivery
International assets moving from disciplined development to value delivery TAV AIRPORTS Extension & refinancing of Georgia concession extension TAV Airports 2025 results Antalya airport (April 2025) (January 2026) 2025 net income of €51M (at 100%, as published by TAV Airports) Capacity increased to
Slide 9: 2025 Full-year results
02 2025 Full-year results FY 2025 RESULTS GROUPE ADP 9
Slide 10: FY 2025 traffic: continued traffic growth, varying by platform
FY 2025 traffic: continued traffic growth, varying by platform In Mpax / all X.X% vs. FY 2024 Paris Aéroport1: up +3.4%, driven by international traffic +3.4% Note 2025/2024 variation is skewed by disruptions linked to the 4-Flight ATC system and by the leap day in 2024. Excluding these effects, tra
Slide 11: Extime Paris sales per pax at €31.7
Extime Paris sales per pax1 at €31.7 +3.6% Resilient retail performance, (1.2)% in a disrupted context €30.6 €32.1 €31.7 Terminal 2AC: negative rebasing effect from its reopening in mid-2024 Intensified works in terminal T2EK since Q2 Advertising and Extime Travel Essentials revenues returning to no
Slide 12: Revenue up 8.9% to €6,704M
Revenue up 8.9% to €6,704M In €M / all X.X% vs. FY 2024 AVIATION in Paris, up €138M (+6.9%) reflecting traffic growth (+3.4%) and airport fee increase by an average of +4.5% RETAIL & SERVICES up €229M (+11.9%). Retail revenue driven by international traffic growth and positive scope effects from acq
Slide 13: Recurring EBITDA up 12.3% to €2,322M
Recurring EBITDA up 12.3% to €2,322M In €M / all X.X% vs. FY 2024 Opex up +5.6%, reflecting good cost control to mitigate: ◆ Increased consumables and external services volumes from traffic growth, service quality efforts, and full infrastructure opening ◆ Continued rise in staff costs, notably at T
Slide 14: Net income at €382M, including income tax surplus and non-cash FX charges
Net income at €382M, including income tax surplus and non-cash FX charges In €M / all X.X% vs. FY 2024 AMORTIZATION & IMPAIRMENT down €(212)M, driven by the +€152M AIG impairment reversal in 2024 Base effect from non-cash accounting impact from GIL and GAL merger for €(330)M Non-cash FX IMPACTS1 fro
Slide 15: Improved leverage, with net debt at 3.7x rec. EBITDA
Improved leverage, with net debt at 3.7x rec. EBITDA In €M Liability management at ADP SA: €1,000M bond issuance on 13 March, partly offset by the €500M bond repayment on 21 March and €250M repurchase of existing notes on 21 March Proceeds from GMR Entreprises’ partial purchase, for €30M in principa
Slide 16: Focus on regulated activities in Paris
Focus on regulated activities in Paris 2025 regulated scope performance 2026 airport charges Estimated figures as of FY 2025 publication1 Initial proposal, of a 1.5% increase in airport charges, rejected on Dec. 16th due to divergences in : Revenue: €2,569M, up €202M appreciation of cost allocation
Slide 17: Outlook
03 Outlook
Slide 18: 2026 traffic assumptions, forecasts and targets
2026 traffic assumptions, forecasts and targets All X.X% vs. FY 2025 ASSUMPTIONS & TARGETS CAPITAL ALLOCATION Paris traffic growth Group Capex BETWEEN +1.5% AND +2.5% c.1,450 MILLION EUROS Extime Paris SPP Growth of which ADP SA Capex ABOVE €32.0 c.1,000 MILLION EUROS Rec. EBITDA Net debt / Rec. EBI
Slide 19: An ERA proposal providing a framework for stability and sustainable performance
An ERA proposal providing a framework for stability and sustainable performance A moderate A progressive, tailored A long-term traffic growth investment plan modular project TRAFFIC GROWTH REGULATED INVESTMENTS DURATION +1.6% €8.4 billion1 8 years 2026-2034 CAGR Measures to A coherent and proportion
Slide 20: Process for drawing up the Economic Regulation Agreement
Process for drawing up the Economic Regulation Agreement P R O V I S I O N A L T I M E L I N E – [ u n c h a n g e d v s . D e c . 1 0 th] 1st user consultation done: Positive opinions of airlines on the duration and contents of the proposal Signature of the ERA By Groupe ADP and the French Minister
Slide 21: 2026, a year dedicated to preparing the 2027-2030 strategic plan
2026, a year dedicated to preparing the 2027-2030 strategic plan ERA ELABORATION CULTURAL TRANSFORMATION CSR DEVELOPMENT PORTFOLIO REVIEW ◆ Negotiation of the Economic ◆ Ongoing transformation to ◆ Alignment with long-term ◆ Strategic review of non- Regulation Agreement support social and environmen
Slide 22: Appendices
04 Appendices FY 2025 RESULTS GROUPE ADP 22
Slide 23: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of FY 2025 Traffic growth FY 2025 traffic vs. FY 2024 vs. FY 2024 Mainland France 10.6% (2.0)% LOAD FACTOR CONNECTING RATE1 LOW-COST TRAFFIC 84.4% 20.3% 29.7% French Overseas T. 4.6% +3.4% -0.3 pt -0.6 pt +0.7pt Europe 45.0% +3.3% 1 Number of connecting pax. out
Slide 24: Traffic at TAV Airports & GMR Airports
Traffic at TAV Airports & GMR Airports vs. FY 2024 T A V A I R P OR TS 1 GMR AIRPORTS Antalya 39.1 +2.7% 78.2 MPax Delhi MPax +0.4% 14.0 31.1 Ankara MPax +8.3% Hyderabad MPax +10.5% 12.7 7.0 Izmir MPax +10.0% Medan -1.4% MPax 12.0 +4.4% 5.1 Almaty MPax Goa MPax +7.8% TAV Airports 113.1 +6.3% 121.3 M
Slide 25: Finance law for 2026: items relevant to ADP SA
Finance law for 2026: items relevant to ADP SA Update Reminder Income tax surplus Infrastructure tax 2025 measure extended in 2026 Unchanged in the 2026 budget 2026 income surplus: Tax rate : 41.2% of income tax 4.6% of ADP SA revenue unchanged from 2025 budget 2026 estimated surplus tax: Tax expens
Slide 26: Group traffic in 2025
Group traffic in 2025 Passenger traffic 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 72,029,407 +2.5% 473,798 +2.8% Paris-Orly 34,928,909 +5.5% 216,101 +6.1% Total Paris Aéroport 106,958,316 +3.4% 689,899 +3.8% Antalya 39,160,491 +2.7% 228,910 +2.8% Almaty 11,930,941 +4.4% 95
Slide 27: FY 2025 consolidated income statement
FY 2025 consolidated income statement In millions of euros FY 2025 FY 2024 FY 2025 / FY 2024 Revenue 6,704 6,158 +546 +8.9% Operating expenses (4,450) (4,210) (240) +5.7% Other income & expenses 68 120 (52) (43.3)% Recurring EBITDA 2,322 2,068 +254 +12.3% Amortisation and impairment of tangible and
Slide 28: Rec. EBITDA excluding one-offs up 13.2%
Rec. EBITDA excluding one-offs up 13.2% In €M / all X.X% vs. FY 2024 FY 2024 REC. EBITDA UNDERLYING GROWTH FY 2025 REC. EBITDA excluding one-offs REC. EBITDA EXCLUDING ONE-OFFS excluding one-offs 2,068 2,337 2,337 4 2,064 2,064 +13.2% 2,322 15 FY 2024 One-offs FY 2024 Rec. FY 2024 FY 2025 FY 2025 On
Slide 29: Net income excluding one-offs down –22.6%
Net income excluding one-offs down –22.6% In €M / all X.X% vs. FY 2024 FY 2024 NET INCOME UNDERLYING GROWTH FY 2025 NET INCOME excluding one-offs NET INCOME EXCLUDING ONE-OFFS excluding one-offs 638 638 494 -22.6% 494 382 111 296 342 FY 2024 Net One-offs FY 2024 Net FY 2024 FY 2025 FY 2025 Net One-o
Slide 30: One-off items – Rec. EBITDA and Net result
One-off items – Rec. EBITDA and Net result One-offs in FY 2024 rec. EBITDA One-offs in FY 2025 rec. EBITDA €M One-off items €M One-off items One-offs items (4) One-offs items 15 of which current expenses 9 Invoice reversal, correcting previous year of which Revenue - 2024 Olympics-related expenses ;
Slide 31: Aviation – FY 2025 Income statement
Aviation – FY 2025 Income statement REVENUE (€M) +6.7% 2,192 8 2 35 13 0 79 2,054 FY 2024 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products FY 2025 Revenue airport safety and security services (in millions of euros) FY 2025 FY 2024 FY 2025/FY 2024 Revenue 2
Slide 32: Retail and services – FY 2025 Income statement
Retail and services – FY 2025 Income statement REVENUE (€M) +11.9% 10 2 159 18 (16) 3 173 1 930 29 13 FY 2024 Extime Duty Extime Travel Other retail Car parks Industrial Rental Others FY 2025 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euro
Slide 33: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 31/12/2025 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essenti
Slide 34: Real estate – FY 2025 Income statement
Real estate – FY 2025 Income statement REVENUE (€M) +7.8% 358 11 2 332 9 4 FY 2024 Revenue Land Buildings Other external Internal revenue FY 2025 Revenue revenue (in millions of euros) FY 2025 FY 2024 FY 2025/FY 2024 Revenue 358 332 +26 +7.8% External revenue 305 290 +15 +5.2% Revenue: up €26M, driv
Slide 35: International and airport development – FY 2025 Income statement
International and airport development – FY 2025 Income statement REVENUE (€M) +8.9% (17) 2,147 163 1,971 30 FY 2024 Revenue AIG TAV Airports Others FY 2025 Revenue (in millions of euros) FY 2025 FY 2024 FY 2025/FY 2024 Revenue 2,147 1,971 +176 +8.9% Revenue: up €176M, not including ADP Ingénierie an
Slide 36: TAV Airports main assets & subsidiaries
TAV Airports main assets & subsidiaries Expiration Ownership Functional Company Activity 2025 Traffic Consolidation method date (by TAV) Currency(1) AIRPORT COMPANIES Airport Operator, Fuel, F&B, Lounges, Ground Handling, TAV Kazakhstan - 12.0 Mpax 100%(2) Full consolidation USD Cargo TAV Ege Izmir
Slide 37: TAV Airports: 2026 guidance
TAV Airports: 2026 guidance 2025 2026 (1) Our 2026 outlook is based on an assumption of no mobility Actual Guidance(1) restrictions, normal business conditions, no other force majeure or security related events and no unexpected volatility or other Total Pax (m) 113 116 – 123 abnormal conditions in
Slide 38: 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% 49% c.100%3 100% DIAL GHIAL PT Angka
Slide 39: 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 40: Other activities – FY 2025 Income statement
Other activities – FY 2025 Income statement PRODUCTS (€M) -6.9% 189 (5) (8) 176 FY 2024 Products Hub One Others FY 2025 Products (in millions of euros) FY 2025 FY 2024 FY 2025/FY 2024 Products: down €(13)M due to the end of certain Products 176 189 (13) (6.9)% Hub One contracts and the delivery of a
Slide 41: Debt position & repayment schedule
Debt position & repayment schedule Principal repayment schedule excluding interest as of 31/12/2025 in €M 1,513 615 Groupe ADP excl. TAV Airports and AIG 1,050 765 813 TAV Airports 763 763 515 513 513 459 Other debts 138 152 176 56 110 129 133 119 106 93 2026 2027 2028 2029 2030 2031 2032 2033 2034
Slide 42: 2025 Pioneers strategic roadmap indicators
2025 Pioneers strategic roadmap indicators No. Key performance indicator and 2025 objective Scope ONE AMBITION – Imagining the sustainable airport of tomorrow The strategic axis One Ambition aims for (i) excellence and sustainability of operational and construction methods, (ii) innovation in hospit
Slide 43: 2025 Pioneers strategic roadmap indicators
2025 Pioneers strategic roadmap indicators ONE GROUP – Building a global, integrated and responsible group The strategic axis One Group aims to (i) consolidate the Group's network (ii) mobilise and pool the Group's expertise by strengthening business lines and (iii) develop a multi-local Group, resp
Slide 44: 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 45: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS February traffic March 16th, 2026 2026 First-quarter revenue April 28th, 2026 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date UBS Business Services, Leisure and Transport Conference - Virtual 04 M
Slide 46: 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