Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — FY2024 Earnings Presentation
48 slides from Aeroports De Paris's earnings presentation, Feb 20, 2025
Slide 1: 2024 Full-year results
2024 Full-year results February 19th, 2025
Slide 2: Foreword: Chairman & CEO and Deputy CEO ambition
REWORD FOREWORD FOREWORD FOREWORD FOREW RD FOREWORD FOREWORD FOREWORD FOREWORD FOREWORD FOREWORD FOREWORD FOREWORD FO Philippe Pascal REWORD FOREWORD Chairman & CEO FOREWORD FOREWORD FOREW RD FOREWORD FOREWORD FOREWORD FOREWORD Justine Coutard FOREWORD Deputy FOREWORD CEO FOREWORD FOREWORD FO “ RD F
Slide 3: Full-year 2024 highlights
01 FULL-YEAR 2024 HIGHLIGHTS FY 2024 RESULTS - GROUPE ADP 3
Slide 4: Solid set of results: 2024 targets met, major milestones achieved
Solid set of results: 2024 targets met, major milestones achieved Traffic Hospitality Decarbonization Groupe ADP Paris Aéroport Successful hosting of the Significant progress on 363.7 103.4 Olympics & Paralympic Games renewable energy projects in Paris & abroad New Extime Exclusive terminal in Mpax
Slide 5: A resounding success in hosting the Paris Games
A resounding success in hosting the Paris Games Unprecedented Enhanced experience mobilization and agility Fully engaged airport teams & Significant accessibility 1,500 employee volunteers to upgrades and tailored support manage passenger peaks for PRMs1 Innovative digital platform to Streamlined bo
Slide 6: Strengthening of the Extime model
Strengthening of the Extime model Continued deployment …and expansion outside of Extime of Paris airports through in Paris Aéroport… two bolt-on acquisitions Outstanding Spend Extime Paris SPP Per Pax growth Extime Rewards loyalty program in 2024 despite operational €32.1 reaching Creator of tourist
Slide 7: TAV Airports continues to grow in airport & services
TAV Airports continues to grow in airport & services Almaty airport new TAV OS Extime Lounge international terminal in Almaty Opened in June, more Opened in November, than doubling capacity leveraging high-end to >14Mpax and increasing international passenger flows retail surfaces by + 3,200 sqm Con
Slide 8: GMR Airports merger and listing underpinning further growth
Merger and listing underpinning GMR Airports for further growth Successful restructuring …and key achievements at holding level… at asset level GMR Airports traffic GMR Airports now directly Filed Delhi airport tariff increase for 117.6 Mpax listed on Indian stock markets approval and stakeholder (G
Slide 9: Sustainability: a core pillar of Groupe ADP's strategic vision
Commitments 2024 main actions Sustainability : 2025 Pioneers a core pillar of Strategic roadmap, 20 KPIs New geothermal plant in Paris-CDG Groupe ADP's and 15 commitments to transform our airports Works underway strategic vision into multimodal connectivity hubs and energy hubs, serving the local co
Slide 10: Groupe ADP releases once again solid financial results
Groupe ADP releases once again solid financial results In €M REVENUE REC. EBITDA1 NET RESULT GROUP SHARE AS REPORTED 631 -€289M* 342 6,158 2,068 5,495 1,956 *incl. €(330)M non-cash impact from +12.1% +5.7% GIL/GAL merger to be reversed by 2028-20332 EXCL. ONE-OFFS3 638 552 +15.6% 2023 2024 2023 2024
Slide 11: 2024 Financial results
02 2024 FINANCIAL RESULTS FY 2024 RESULTS - GROUPE ADP 11
Slide 12: 2024 traffic: in line with expectations, exceeding full recovery
2024 traffic: in line with our expectations, exceeding full recovery at Group level In MPax Paris Aéroport traffic1 Group traffic2 +8.1% +3.7% 108.0 103.4 337.1 363.7 99.7 336.5 … … 2019 2020-2022 2023 2024 2019 2020-2022 2023 2024 Var. vs. 2023 Paris Aéroport: driven by international traffic Group
Slide 13: Extime Paris sales per pax up €1.5 to €32.1
Extime Paris sales per pax1 up €1.5 (+4.9%) to €32.1 +4.9% 2024 performance Higher-than-expected contribution in advertising €32.1 ◆ €30.6 ahead & during the Olympics ◆ Solid global performance in beauty & luxury, though showing contrasted trends at brand level €23.5 ◆ Reopening of Terminal 2AC, and
Slide 14: Delivering an all-time high revenue of €6.2bn
Delivering an all-time high revenue of €6.2bn In €M 6,158 0 (14) (4) 355 37 18 127 5,495 144 Retail & Services International and airport development FY 2023 Revenue Aviation Extime Duty Free Other retail Real estate TAV Airports AIG Other Other activities FY 2024 Revenue Paris and Extime & services
Slide 15: Rec. EBITDA up +5.7% to €2,068M
Rec. EBITDA up +5.7% to €2,068M, in spite of the new infra. tax In €M Segments impacted In million euros 2024 2023 Change by the infrastructure tax 2,068 Revenue 6,158 5,495 +12,1% 8 Operating Expenses (4,213) (3,597) +17.1% 51 Consumables (920) (837) +9.9% 7 (131) 124 External services (1,511) (1,3
Slide 16: Rec. EBITDA excluding one-offs up +5.4%
Rec. EBITDA excluding one-offs up +5.4% 2023 REC. EBITDA UNDERLYING GROWTH 2024 REC. EBITDA excluding one-offs REC. EBITDA EXCLUDING ONE-OFFS excluding one-offs 1,958 2,064 2,068 1,958 (4) 2,064 1,956 2 +5.4% 2023 rec. One-offs items 2023 rec. 2023 2024 2024 rec. One-offs items 2024 recurring EBITDA
Slide 17: Net result at €342M, incl. non-cash impact from GIL/GAL merger
Net result at €342M, incl. €(330)M non-cash impact linked to GIL/GAL merger In €M 1 631 112 (367) 5 75 (94) 342 (21) (367) 2023 Increase in Amortisation Share of profit or Other income Financial result Income tax Result from disc. 2024 Net result, Rec. EBITDA and impairment loss in associates and ex
Slide 18: Net result excluding one-offs up +15.6%
Net result excluding one-offs up +15.6% 2023 NET RESULT UNDERLYING GROWTH 2024 NET RESULT excluding one-offs NET RESULT EXCLUDING ONE-OFFS excluding one-offs 631 638 (79) 552 552 +15.6% 638 296 342 2023 net One-offs items 2023 net 2023 2024 2024 net One-offs items 2024 net result result excl. result
Slide 19: Stable leverage with net debt at 4.1x rec. EBITDA
Stable leverage with net debt standing at 4.1x rec. EBITDA In €M 298 75 8,572 532 7,934 377 8,050 1,449 (10) 7,402 Incl. €100M (522) Capex cash outflow 1,089 related to AIG 360 PEG & P/S restructuring (1,551) Incl. €131M expense linked to the new infra tax 3.8x1 4.1x 4.1x 3.9x1 Restated FCCBs-relate
Slide 20: Outlook
03 Outlook FY 2024 RESULTS - GROUPE ADP 20
Slide 21: Shaping Groupe ADP's long-term trajectory
Shaping Groupe ADP’s long-term trajectory Accelerating investments in our infrastructures with a long-term strategic outlook ◆ Advancing decarbonization initiatives in Paris and across international airports ◆ Adapting infrastructure to evolving air traffic trends Reinforcing our economic model thro
Slide 22: Creating a strong industrial and human dynamic at Paris Aéroport
Creating a strong industrial and human dynamic at Paris Aéroport Bring together all airport and regional stakeholders around a shared project Designing the long-term Strengthening infrastructure to Preparing the next Economic investment program meet tomorrow’s challenges Regulation Agreement (ERA) ◆
Slide 23: 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 +4.0% to +6.0% vs. 2023 i.e. SPP of €31.8 to €32.4 TARGETS as part of the preparation of an SPP GROWTH Prev.: +3.0% to +5.0% vs. 2023 Economic Regulation Ag
Slide 24: Appendices
04 APPENDICES Cargo handling ◆ Gazipasa
Slide 25: Finance act for 2025: update on estimated effects
Finance act for 2025: update on 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 VS. FINANCE ACT 2024 tax increase coverage of security costs on air tickets ADP SA
Slide 26: Group traffic in FY 2024
Group traffic1 in FY 2024 in Mpax Group traffic (Pax) 24/23 change (in %) Aircraft movements 24/23 change (in %) Paris-CDG 70,290,260 +4.3% 460,916 +2.8% Paris-Orly 33,123,027 +2.6% 203,757 (0.9)% Total Paris Aéroport 103,413,287 +3.7% 664,673 +1.6% Antalya 38,254,905 +7.3% 224,426 +5.4% Almaty 11,4
Slide 27: 2024 consolidated income statement
2024 consolidated income statement In millions of euros 2024 2023 2024 / 2023 Revenue 6,158 5,495 +€663M +12.1% Operating expenses (4,210) (3,597) -€613M +17.0% Other income & expenses 120 58 +€62M +106.9% Recuring EBITDA 2,068 1,956 +€112M +5.7% Amortisation and impairment of tangible and intangibl
Slide 28: One-off items – Rec. EBITDA and Net result
One-off items – Rec. EBITDA and Net result One-offs in 2023 rec. EBITDA One-offs in 2024 rec. EBITDA €M One-off items €M One-off items One-offs items 2 One-offs items (4) Operating expenses +12 Olympics-related expenses & others of which Revenue 9 Invoice reversal, correcting previous years Other in
Slide 29: Aviation – 2024 income statement
Aviation 2024 – Income statement REVENUE (€M) +7.5% 2,054 2 37 3 26 7 1,910 70 2023 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products 2024 Revenue airport safety and security services (in millions of euros) 2024 2023 2024/2023 Revenue 2,054 1,910 + 144 +7.5
Slide 30: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of 2024 Traffic growth 2024 traffic vs. 2023 vs. 2023 Mainland France 11.2% (4.9)% LOAD FACTOR CONNECTING RATE1 LOW-COST TRAFFIC French Overseas T. 4.6% +1.2% 84.6% 20.3% 29.0% +0.4pt +0.2pt +1.0pt Europe 45.1% +3.4% vs. 2023 Other international 39.1% +7.2% ◆ Str
Slide 31: Retail and services – Income statement
Retail and services – Income statement REVENUE (€M) +9.3% (15) 1,930 5 23 21 (2) 5 64 1,766 63 2023 Extime Duty Extime Travel SDA Croatie Other retail Car parks Industrial Rental Others 2024 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euros
Slide 32: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 31/12/2024 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essenti
Slide 33: Retail & services – Impact of accounting method changes (1/2)
Retail & services – Impact of changes in accounting method and consolidation scope (1/2) As a reminder, changes were made in 2024 to the accounting To enable comparisons to be made between the 2024 and 2023 financial treatment of the Retail and Services segment: years, the next slide presents the fo
Slide 34: Retail & services – Impact of accounting method changes (2/2)
Retail & services – Impact of changes in accounting method and consolidation scope (2/2) (1) Extime (2) Extime (3) SDA (4) Travel Essentials (5) 2023 Food & Croatie Hospitality Change Change (in millions of euros) FY 2024 FY 2023 Paris restated Beverage Reclassificat Reclassificat (€M) (%) Accountin
Slide 35: Real estate – 2024 income statement
Real estate 2024 – Income statement REVENUE (€M) +6.1% (2) 332 7 313 16 (2) 2023 Revenue Land Buildings Other external Internal revenue 2024 Revenue revenue (in millions of euros) 2024 2023 2024/2023 Revenue 332 313 +19 +6.1% Revenue: +€19M, driven by: External revenue 290 269 +21 +7.8% ◆ External r
Slide 36: International and airport development – Income statement
International and airport development 2024 – Income statement REVENUE (€M) +20.9% 1,971 (18) 8 355 1,630 0 (4) 2023 Revenue AIG ADP Ingénierie TAV Airports SDA Croatie Others 2024 Revenue (in millions of euros) 2024 2023 2024/2023 Revenue 1,971 1,630 +341 +20.9% Revenue: +€341M, driven by: ADP Inter
Slide 37: Traffic at TAV Airports & GMR Airports
Traffic at TAV Airports & GMR Airports vs. 2023 T A V A I R P OR TS 1 GMR AIRPORTS (GAL) Antalya 38.3 +7.3% Delhi 77.8 +7.8% MPax MPax Ankara 12.9 +7.5% Hyderabad 27.9 +14.8% MPax MPax Izmir 11.5 +9.1% Medan -3.6% 7.1 MPax MPax Almaty 11.4 +19.7% Goa 4.7 +24.2% MPax MPax TAV Airports 106.5 +11.5% GM
Slide 38: 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 39: TAV Airports: 2025 guidances
TAV Airports: 2025 guidances 2024 Results 2025 New Guidance(1)(3) 2025 Previous Guidance 14-18% CAGR Revenue (€M) 1,660 1,750 – 1,850 (2022-2025) expected 10-14% CAGR Total Pax (M) 106.5 110 – 210 (2022-2025) expected Intl Pax (M) 71.2 75 – 83 14-20% CAGR EBITDA (€M) 489.4 520 – 590 (2022-2025) expe
Slide 40: GMR Airports - main assets & subsidiaries
GMR Airports - main assets & subsidiaries STRUCTURE Groupe ADP GMR Group Public Incl. GMR Enterprises 27.0% 33.8% 45.7% 32.3% ECO. INTEREST* CAPITAL 27.3% 33.9% ECO. CAPITAL ECO. CAPITAL INTEREST* Listed - ISIN: INTEREST* INE776C01039 GMR Airports Limited 64%1 74%2 49% c.100%3 100% DIAL GHIAL PT Ang
Slide 41: Post merger share capital structure and economic interest
A strong partnership with GMR, in line with Groupe ADP’s multi -local approach 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 i
Slide 42: 2024 non-cash impact on P&L, offset upon FCCBs settlement
2024 non-cash impact on our P&L, to be broadly offset upon FCCBs settlement Upon FCCBs 2024 In-between years settlement merger closing 2025 and onwards (through conversion*) FCCBs fair value positive impact as they exit FCCB’s Fair value GAL’s balance sheet change Sensitive to timing, share price in
Slide 43: Other activities – 2024 income statement
Other activities 2024 – Income statement PRODUCTS (€M) +5.0% 189 4 180 5 2023 Products Hub One Others 2024 Products (in millions of euros) 2024 2023 2024/2023 Products 189 180 +9 +5.0% Products: up +€9M Hub One 168 163 +5 +3.1% Rec. EBITDA 38 30 +8 +26.7% Rec. EBITDA: up +€8M Operating income from o
Slide 44: Financial situation as of 31 December 2024
Financial situation as of 31 December 2024 DEBT REPAYMENT SCHEDULE (principal excluding interest as of 31/12/2024 in €M) 1,363 615 1,513 1,045 Groupe ADP excl. TAV Airports and AIG 786 763 763 515 513 TAV Airports 534 294 Airport International Group 18105 31 83 25 118 13 130 137 122 92 96 13 2025 20
Slide 45: 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 46: 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 47: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS 2025 first quarter revenue April 24th, 2025 February traffic March 17th, 2025 Annual Shareholders' Meeting May 15th, 20251 Dividend payment June 5th, 20252 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Eve
Slide 48: 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