Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Q1 2026 Earnings Presentation
34 slides from Aeroports De Paris's earnings presentation, Apr 29, 2026
Slide 1: 2026 First quarter revenue
2026 First quarter revenue April 28th, 2026 conference call on April 29th, 2026
Slide 2: Highlights
01 Hig hlights Q1 2026 REVENUE GROUPE ADP 2
Slide 3: Delivering strategic milestones amid a challenging context
Delivering strategic milestones amid a challenging context KEY FIGURES Q1 HIGHLIGHTS Group traffic Paris traffic Operational trends: 83.9 23.6 ◆ Positive traffic momentum, demonstrating resilience despite reduced Middle-East flows Mpax Mpax +2.3% +2.6% ◆ Continued excellence in service quality reaff
Slide 4: Groupe ADP honored once again by Skytrax 2026
Groupe ADP honored once again by Skytrax 2026 8 airports of the Group within the Top 100, including the entry of Almaty and Amman Paris - CDG remaining Europe’s best airport for the 5th year in a row, becoming the world’s 6th best airport Paris - Orly Europe’s best regional airports for the 2nd year
Slide 5: ART non-binding opinion: a constructive step toward an 8-year ERA
ART non-binding opinion: a constructive step toward an 8-year ERA 2027-2034 Economic Regulation Agreement process Key confirmations from the regulator Key workstreams ahead of binding opinion Clearer framework on return & risk sharing A multi-year ERA is the right framework Economic trajectories: AR
Slide 6: Partial monetisation of GAL: crystallising value while preserving economic exposure
Partial monetisation of GAL: crystallising value while preserving significant economic exposure to future growth potential Agreements with GMR Group TRANSACTION RATIONALE AND KEY OUTCOMES providing 3 separate arrangements Sale of 3.4% of GAL’s ordinary shares I. REBALANCING ECONOMIC EXPOSURE II. STR
Slide 7: First quarter key figures
02 First quarter key figures Q1 2026 REVENUE GROUPE ADP 7
Slide 8: Q1 2026 traffic: resilient traffic, despite geopolitical context
Q1 2026 traffic: resilient traffic, despite geopolitical context In Mpax / all X.X% vs. Q1 2025 Paris Aéroport1: up +2.6%, still driven by international traffic 130.0 ◆ Recovery in mainland domestic traffic (+2.4%) ◆ Steady traffic with N. America (+1.5%), at 111.9% of FY 2019 ◆ Strong momentum with
Slide 9: Focused update on Middle-East conflict impact and progressive recovery
Focused update on Middle-East conflict impact and progressive recovery all X.X% vs. March 2025 IMPACT IN MARCH TRENDS IN APRIL OUTLOOK COST DISCIPLINE actual data based on preliminary data for the rest of the year Paris Aéroport Traffic up +3.4% Gradual recovery Short term bookings Proactive cost di
Slide 10: Extime Paris sales per pax at €31.5
Extime Paris sales per pax1 at €31.5 Challenging retail performance, -5.7% facing headwinds and a disrupted context €33.4 €31.5 Global slowdown in luxury momentum over the past quarters Unsupportive currency effect from EUR appreciation, compared to early 2025 FY €31.7 Continued works in terminal T2
Slide 11: Revenue down 0.9% to €1,472M
Revenue down 0.9% to €1,472M In €M / all X.X% vs. Q1 2025 AVIATION in Paris, up €24M (+5.0%) reflecting traffic growth (+2.6%) and airport fee increase by an average of +4.5% RETAIL & SERVICES down €5M (-1.0%), impacted by various headwinds compared to Q1 2025, including accounting base effects. INT
Slide 12: Outlook
03 Outlook Q1 2026 REVENUE GROUPE ADP 12
Slide 13: 2026 traffic assumptions, forecasts and targets
2026 traffic assumptions, forecasts and targets All X.X% vs. FY 2025 The outlook below include savings measures initiated by the group, and are based on the hypothesis of short-term conflict-related disruptions ASSUMPTIONS & TARGETS CAPITAL ALLOCATION Paris traffic growth Group Capex BETWEEN +1.5% A
Slide 14: Q&A
04 Q&A Q1 2026 REVENUE GROUPE ADP 14
Slide 15: 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 Signature of the ERA consultation By Groupe ADP and the French Minister in charge of civil aviation September November April 9th 2027 2026 START ERA dis
Slide 16: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of Q1 2026 Traffic growth Q1 2026 traffic vs. Q1 2025 vs. Q1 2025 Mainland France 10.8% +2.4% LOAD FACTOR CONNECTING RATE1 LOW-COST TRAFFIC 83.0% 22.7% 28.3% French Overseas T. 5.5% (0.3)% +0.1 pt +0.1 pt +0.7pt Europe 43.5% +3.2% 1 Number of connecting pax. out
Slide 17: Traffic at TAV Airports & GMR Airports
Traffic at TAV Airports & GMR Airports vs. Q1 2025 T A V A I R P OR TS 1 GMR AIRPORTS Antalya 3.1 +5.2% 21.2 MPax Delhi MPax +2.7% 3.4 7.3 Ankara MPax +13.2% Hyderabad -7.4% MPax 2.6 1.8 Izmir MPax +12.1% Medan MPax +2.4% +0.4% 2.7 1.5 Almaty MPax Goa MPax +21.3% TAV Airports 19.0 +7.2% 31.8 MPax GM
Slide 18: 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 19: Group traffic in Q1 2026
Group traffic in Q1 2026 Passenger traffic 26/25 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 15,932,205 +0.2% 107,235 +0.3% Paris-Orly 7,632,928 +8.0% 47,574 +8.1% Total Paris Aéroport 23,565,133 +2.6% 154,809 +2.6% Antalya 3,138,499 +5.2% 20,889 +1.3% Almaty 2,656,468 +0.4% 21,61
Slide 20: Aviation – Q1 2026 Income statement
Aviation – Q1 2026 Income statement REVENUE (€M) +5.0% 504 0 6 0 4 3 480 11 Q1 2025 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products Q1 2026 Revenue airport safety and security services (in millions of euros) Q1 2026 Q1 2025 Q1 2026 / Q1 2025 Revenue: up €
Slide 21: Retail and services – Q1 2026 Income statement
Retail and services – Q1 2026 Income statement REVENUE (€M) -1.0% 489 484 (11) 2 7 (12) 6 2 1 Q1 2025 Extime Duty Extime Travel Other retail Car parks Industrial Rental Others Q1 2026 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euros) Q1 20
Slide 22: 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 23: Real estate – Income statement
Real estate – FY 2025 Income statement REVENUE (€M) -% 104 104 2 (7) 5 0 Q1 2025 Revenue Land Buildings Other external Internal revenue Q1 2026 Revenue revenue (in millions of euros) Q1 2026 Q1 2025 Q1 2026/Q1 2025 Revenue 104 104 - -% Revenue : stable overall due to: External revenue 91 91 - -% ◆ E
Slide 24: International and airport development – Income statement
International and airport development – FY 2025 Income statement REVENUE (€M) -6.0% 451 (11) (17) 424 1 Q1 2025 Revenue AIG TAV Airports Others Q1 2026 Revenue (in millions of euros) Q1 2026 Q1 2025 Q1 2026/Q1 2025 Revenue: down €27M Revenue 424 451 -27 -6.0% ◆ TAV Airports revenue down 4.5%, linked
Slide 25: 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 26: 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 27: GMR Airports: main assets & subsidiaries
GMR Airports: main assets & subsidiaries STRUCTURE Groupe ADP GMR Group Public Incl. GMR Enterprises 30.7% 38.3% 43.0% 28.9% ECO. INTEREST* CAPITAL 26.3% 32.8% 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 28: 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 (43.0%) in manageme
Slide 29: Notes to slide 5 - Partial monetisation of GAL
Notes to slide 5 - Partial monetisation of GAL 1. Post-tax amounts, based on an INR/USD = 93.3 as of 22 April 2026 and USD/EUR = 1.17 as of 23 April 2026 2. In ordinary or preference shares (OCRPS). 3. Special dividend of €0.8 per share in addition to the ordinary dividend of €3 per share for the 20
Slide 30: Other activities – Income statement
Other activities – FY 2025 Income statement PRODUCTS (€M) -5.0% 40 (2) (1) 37 Q1 2025 Products Hub One Others Q1 2026 Products (in millions of euros) Q1 2026 Q1 2025 Q1 2026/Q1 2025 Products: down €(2)M due to a full year effect of Products 37 40 -3 -7.5% contracts ending in 2025. Hub One 37 39 -2 -
Slide 31: 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 32: 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 33: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS April traffic May 18th, 2026 General meeting May 21st, 2026 Ex-dividend date1 June 4th, 2026 Dividend payment1 June 6th, 2026 2026 Half-year results July 29th, 2026 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS B
Slide 34: 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