Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — H1 2026 Earnings Presentation
58 slides from Aeroports De Paris's earnings presentation, Jul 30, 2026
Slide 1: 2026 Half-year results & update on Economic Regulation Agreement proposal for 2027-2034
2026 Half-year results & update on Economic Regulation Agreement proposal for 2027-2034 July 29th, 2026 conference call on July 30 th, 2026
Slide 2: Highlights
01 01 2025 Full-year Highlights Highlights H1 2026 RESULTS GROUPE ADP 2
Slide 3: H1 2026: Protecting performance while advancing strategic priorities
H1 2026: Protecting performance while advancing strategic priorities NAVIGATING DELIVERING EXECUTING A CHALLENGING ENVIRONMENT INDUSTRIAL MILESTONES OUR STRATEGIC PRIORITIES ◆ Traffic growth hindered by ◆ GMR Airports network expansion with ◆ €257M value crystallised through partial geopolitical and
Slide 4: Delivering growth & performance investments across our network
Delivering growth & performance investments across our network Paris-CDG: new baggage GMR Airports: two airports P/S: two new private terminals handling-system (BHS) for added to the portfolio short connections Dallas-Fort Worth → commissioned in T2 ◆ 3 June 2026 Nagpur ◆ 6 suites 4Mpax capacity ◆ 6
Slide 5: H1 2026 results: reflecting a challenging environment
H1 2026 results: reflecting a challenging environment In €M - all X.X% vs. H1 2025 See definitions of financial indicators on slide 56 ATTRIBUTABLE REVENUE REC. EBITDA NET INCOME NET DEBT 3,163 3,215 +1.6% 1,025 1,015 -1.0% 312 8,625 9,052 +4.9% x3 97 3.7x 3.9x H1 2025 H1 2026 H1 2025 H1 2026 H1 202
Slide 6: 2026 Half-year results
02 01 2025 Full-year Highlights 2026 Half-year results H1 2026 RESULTS GROUPE ADP 6
Slide 7: H1 2026 Paris traffic: up 0.5%, with Middle East traffic recovering
H1 2026 Paris traffic1: up 0.5%, with Middle East traffic recovering but broader demand softening weighing on outlook In Mpax / all X.X% vs. H1 2025 ◆ Sharp decline in traffic with Middle East (-16.3%) followed by gradual recovery and increase in flight load factors 107.0 ◆ Slowdown in traffic with
Slide 8: Group traffic: resilient overall performance despite headwinds
Group traffic: resilient overall performance, despite geopolitical and operational headwinds In Mpax / all X.X% vs. H1 2025 TAV Airports GMR Airports AIG (Amman airport) 113.1 ◆ Airports with significant 121,3 ◆ Temporary operational 9.8 ◆ Traffic impacted by the exposure to Middle-East disruptions
Slide 9: Extime Paris sales per pax at €31.0
Extime Paris sales per pax1 at €31.0 (2.7)% Resilient retail performance amid a disrupted context, with Q2 SPP flat year-on-year €31.9 €31.0 Global slowdown in luxury momentum over the past quarters, gradually recovering Unsupportive currency effect from EUR appreciation, compared to Q1 2025 Continu
Slide 10: Revenue up 1.6% to €3,215M
Revenue up 1.6% to €3,215M In €M / all X.X% vs. H1 2025 AVIATION in Paris, up €31M (+3.0%) reflecting the effect on 2025 airport fee increase by +4.5% on Q1 2026 and tariff freeze since April, the cumulative impact of the PRM fee increases in Q1 2025 (full-year effect) and in Q1 2026, and traffic gr
Slide 11: Recurring EBITDA down 1.0% to €1,015M
Recurring EBITDA down 1.0% to €1,015M In €M / all X.X% vs. H1 2025 Opex up (2.6)%, reflecting inflationary pressures in Turkey and anticipated staff cost increases: ◆ Stable consumables, with higher fuel prices in Almaty offsetting lower commercial activity in Paris ◆ External services, down 1.1% (+
Slide 12: Net income tripled to €312M, factoring in GMR partial monetization
Net income tripled to €312M, factoring in GMR partial monetization In €M / all X.X% vs. H1 2025 AMORTIZATION & IMPAIRMENT up €(20)M, primarily due to higher amortization of intangible assets at TAV Airports. EQUITY ACCOUNTED RESULT includes both the capital gain on the sale of a 3.4% stake in GMR Ai
Slide 13: Net debt at 3.9x rec. EBITDA reflecting continued investments and GMR-related items
Net debt at 3.9x rec. EBITDA reflecting continued investments and GMR-related items In €M €600M bond issued by ADP SA on 10 June Proceeds from GMR Entreprises’ partial purchase, for €10M in principal, of FCCBs issued by GMR Airports and held by ADP Sale of a 3.4% capital stake in GMR Airports for €2
Slide 14: Partial disposal of the stake in GMR Airports Ltd (GAL)
Partial disposal of the stake in GMR Airports Ltd (GAL) Part 1 Part 2 Part 3 Sale of a 3.4% stake in GAL for €256M Options to sell a 3.9% stake in GAL for Early repayment of the FCCBs issued by on April 23, 2026 c.€285M1 by April 2027 GAL for €291M plus interest, by March 2027 Transaction rationale
Slide 15: Outlook
03 03 Outlook Outlook H1 2026 RESULTS GROUPE ADP 15
Slide 16: Protecting margins in response to increased uncertainty
Protecting margins in response to increased uncertainty Group-wide cost-saving and efficiency measures designed to slow down opex growth, focused on discretionary spending while preserving strategic expenditure & investments SUBCONTRACTING EXTERNAL SPEND HIRING SPENDING PRIORITISATION Targeted reduc
Slide 17: 2026 traffic assumptions, forecasts and targets
2026 traffic assumptions, forecasts and targets All X.X% vs. FY 2025 The outlook presented below accounts for the cost-saving and efficiency measures implemented by the group as well as for the prolonged nature of the Middle-East conflict and its broader consequences ASSUMPTIONS & TARGETS CAPITAL AL
Slide 18: 2027–2034 Economic Regulation Agreement Project
04 03 Outlook 2027 – 2034 Economic Regulation Agreement Project
Slide 19: An agreement between the French State and Groupe ADP
An agreement between the French State and Groupe ADP, as a decisive step towards the signing of the 2027–2034 Economic Regulation Agreement PROGRESS SINCE DECEMBER NEXT STEPS Publication of the Public Consultation Document Initial proposal from Groupe ADP 10 December 2025 ART simple opinion Formal c
Slide 20: Confirmation of the fundamentals of our industrial project
Confirmation of the fundamentals of our industrial project Investment programme maintained • Competitiveness of Paris airports • Efficiency of operations • Service quality improvement • Decarbonisation A fair return on capital employed in line with the risks assumed over the term of the agreement H1
Slide 21: A balanced economic trajectory
A balanced economic trajectory Joint draft economic regulation agreement [Initial proposal from the Public Consultation Document] Updated traffic forecasts more in Investment programme Analytical allocation rules line with those of the ART maintained, duration unchanged, adjusted to take account of
Slide 22: Duration of eight years maintained, with a mandatory mid-term review clause
Duration of eight years maintained, with a mandatory mid-term review clause 2027 START Review OF ERA 2034 Renegotiation of the agreement 2028 2029 2030 2031 2032 2033 when discrepancies are significant enough to threaten economic balance Signature Review clause End of ERA of ERA by Groupe ADP Mandat
Slide 23: A regulated WACC at 5.8%, in the upper part of the range
A regulated WACC at 5.8%, in the upper part of the range calculated using the ART’s methodology Basis for calculation: range derived from the ART’s simple opinion Eight-year agreement: higher risk Updating market parameters to current levels Increased exposure to certain operational risks, in accord
Slide 24: A change in the cost accounting keys, in line with regulator expectations
A change in the cost accounting keys, in line with regulator expectations Two main changes to the keys compared with the 10 December 2025 proposal Review of area keys with emphasis Cost allocation of connecting on mixed-use areas, where costs are journeys to reflect their use shared by non-regulated
Slide 25: Confirmed control of regulated operating expenses
Confirmed control of regulated operating expenses Aiming to achieve Accelerating Materialising the underlying around €140m trajectory and savings the roll-out of cost-saving measures with the regulator currently underway in savings by 2034 from the start of the agreement Expected change in operating
Slide 26: A revised traffic forecast, reflecting an upward revision to growth prospects
A revised traffic forecast, reflecting an upward revision to growth prospects Revised forecasts Confirmation of the traffic Impact of pricing from sustainable CAGR 2026-2034 forecast despite the conflict fuel costs on short-haul flights to be in the Middle East more limited than expected +1.9% Traff
Slide 27: A regulated €8.2bn investment programme, planned in phases
A regulated €8.2bn1 investment programme, planned in phases and enhancing value Breakdown of 2027-2034 Streamlining and Densifying Creating improving and optimising new infrastructure investments (€m1) passenger existing and developing journeys infrastructure intermodality ◼ Capacity 4,577 In €m1 1,
Slide 28: A consistent fee trajectory and a suitable fee structure
A consistent fee trajectory and a suitable fee structure Proposed 2027-2034 airport charges trajectory Adjusted fee structure compared with the December 2025 proposal CPI1 +2.1 pts ◆ Alignment of airport charges between other EU countries/UK +/- adjustment factors with domestic/Schengen/DROM-COM fee
Slide 29: An adjusted draft agreement that ensures a fair return on capital employed
An adjusted draft agreement that ensures a fair return on capital employed 6.3% 6.0% 6.0% 6.1% 5.8% Regulated WACC 5.9% Sequencing of airport charges trajectory 5.7% Average ROCE 5.8% 5.0% 5.6% to support the average convergence between Regulated ROCE regulated ROCE and regulated WACC 2027E 2028E 20
Slide 30: Adjustment factors to ensure the visibility and sustainability of the trajectory
Adjustment factors to ensure the visibility and sustainability of the trajectory An agreement that assumes a Maintaining hedging against external greater share of inherent risks risks, particularly tax-related risks [TRAF] [INV] Traffic Investments if the revenue recorded in the according to the dev
Slide 31: Major progress made towards a robust and predictable economic framework
Major progress made towards achieving a robust and predictable economic framework A revised proposal that reduces uncertainty regarding the next steps NEXT STEPS A CREDIBLE PATHWAY A CONFIRMED INDUSTRIAL AVERAGE CONVERGENCE Formal consultation TOWARDS SIGNATURE PROJECT AND ECONOMIC BETWEEN REGULATED
Slide 32: Appendices
05 04 Appendices Appendices 2026 Half-year result H1 2026 RESULTS GROUPE ADP 32
Slide 33: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of H1 2026 Traffic growth H1 2026 traffic vs. H1 2025 vs. H1 2025 Mainland France 11.2% +3.3% LOAD FACTOR CONNECTING RATE LOW-COST TRAFFIC 83.9% 20.7% 30.6% French Overseas T. 4.6% (0.7)% -0.6 pt +0.2 pt +1.0 pt Europe 45.4% +1.2% 1 Number of connecting pax. out
Slide 34: 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 35: Group traffic in H1 2026
Group traffic in H1 2026 Passenger traffic 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 34,525,011 -0.2% 229,495 +0.1% Paris-Orly 17,078,513 +2.0% 105,248 +2.6% Total Paris Aéroport 51,603,524 +,0.5% 334,743 +0.9% Antalya 13,654,494 -5.5% 82,836 -5.8% Almaty 5,761,269 +1.6% 4
Slide 36: H1 2026 consolidated income statement
H1 2026 consolidated income statement In millions of euros H1 2026 H1 2025 H1 2026 / H1 2025 Revenue 3,215 3,163 +52 +1.6% Operating expenses (2,234) (2,178) (56) +2.6% Other income & expenses 35 40 (5) (12.5)% Recurring EBITDA 1,015 1,025 (10) (1.0)% Amortisation and impairment of tangible and inta
Slide 37: Net income excluding one-offs up 33.3%
Net income excluding one-offs up 33.3% In €M / all X.X% vs. H1 2025 H1 2025 NET INCOME UNDERLYING GROWTH H1 2026 NET INCOME excluding one-offs NET INCOME EXCLUDING ONE-OFFS excluding one-offs 171 221 312 +29.2% 171 (91) 74 221 97 H1 2025 Net One-offs H1 2025 Net H1 2025 H1 2026 H1 2026 Net One-offs
Slide 38: One-off items – Rec. EBITDA and Net result
One-off items – Rec. EBITDA and Net result One-offs in H1 2025 rec. EBITDA One-offs in H1 2026 rec. EBITDA €M One-off items Groupe ADP did not identify any significant one-time items affecting One-offs items (1) EBITDA for the first half of 2026. of which revenue 1 Invoice reversal, correcting previ
Slide 39: Aviation – H1 2026 Income statement
Aviation – H1 2026 Income statement REVENUE (€M) +3.0% 1,074 1 14 8 2 0 1,043 6 H1 2025 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products H1 2026 Revenue airport safety and security services (in millions of euros) H1 2026 H1 2025 H1 2026/H1 2025 Revenue 1,0
Slide 40: Retail and services – H1 2026 Income statement
Retail and services – H1 2026 Income statement REVENUE (€M) +0.2% 1,039 1,041 (23) 23 2 (13) 9 3 1 H1 2025 Extime Duty Extime Travel Other retail Car parks Industrial Rental Others H1 2026 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euros)
Slide 41: 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 42: Real estate – H1 2026 Income statement
Real estate – H1 2026 Income statement REVENUE (€M) +2.6% 194 0 189 10 (3) (2) H1 2025 Revenue Land Buildings Other external Internal revenue H1 2026 Revenue revenue (in millions of euros) H1 2026 H1 2025 H1 2026/FY 2025 Revenue 194 189 +5 +2.6% External revenue 168 163 +5 +3.1% Revenue: up €5M, dri
Slide 43: International and airport development – H1 2026 Income statement
International and airport development – H1 2026 Income statement REVENUE (€M) +1.9% 990 1 972 44 (27) H1 2025 Revenue AIG TAV Airports Others H1 2026 Revenue (in millions of euros) H1 2026 H1 2025 H1 2026/FY 2025 Revenue 990 972 +18 +1.9% Revenue: up €18M, driven by : ADP International 122 148 (26)
Slide 44: 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 45: TAV Airports: 2026 updated guidance
TAV Airports: 2026 updated guidance 2025 2026 2026 (1) Our 2026 outlook is based on an assumption of no mobility Actual Previous New restrictions, normal business conditions, no other force majeure or Guidance(1) Guidance(1) security related events and no unexpected volatility or other abnormal cond
Slide 46: 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 c.100%3 100% DIAL GHIAL
Slide 47: 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 48: Other activities – H1 2026 Income statement
Other activities – H1 2026 Income statement PRODUCTS (€M) -3.6% 83 80 (6) 3 H1 2025 Products Hub One Others H1 2026 Products (in millions of euros) H1 2026 H1 2025 H1 2026/H1 2025 Products: down €(3)M Products 80 83 (3) (3.6)% Hub One 72 78 (6) (7.7)% Rec. EBITDA: stable Rec. EBITDA 10 10 - - Op. in
Slide 49: Reinforced liquidity Debt position & repayment schedule
Reinforced liquidity Debt position & repayment schedule Principal repayment schedule 500 excluding interest as of 30/06/2026 in €M RCF (available Groupe ADP excl. TAV Airports and AIG from 23/07/2026) TAV Airports Cash & cash Other debts equivalent 2,531 1,650 1,514 616 765 813 752 763 517 513 513 5
Slide 50: Appendices 2027–2034 Economic Regulation Agreement project
06 04 Appendices Appendices 2027–2034 Economic Regulation Agreement project H1 2026 RESULTS GROUPE ADP 50
Slide 51: A regulated WACC at 5.8%, at the upper limit of the range
A regulated WACC at 5.8%, at the upper limit of the range calculated using the ART’s methodology Updated parameters Lower limit Upper limit Simple opinion French Treasury bonds updates & trends (10-year rate) 4.6% 5.6% range 5,0 5-year average: 2.3% → 2.7% 4,0 3,0 2,0 1,0 1-year average: 3.4% → 3.6%
Slide 52: Adjustment factor: Traffic
Adjustment factor: Traffic incorporating a “bandwidth” principle General principles Airport fund revenue forecast Revised projected revenue for the aeronautical till, in line with traffic levels. Forecast baseline revenue Definition of a “bandwidth” in relation to predicted revenue, Bandwidth range
Slide 53: Adjustment factors: Service Quality and Sustainable Development
Adjustment factors: Service Quality and Sustainable Development Inclusion of sustainable development indicators General principles Methodology Adjustment of the airport charges cap based on the achievement Setting the objectives for a range of indicators of targets relating to service quality and su
Slide 54: Adjustment factor: Investments
Adjustment factor: Investments INV1 INV2 INV3 Adjustment based on deviations Incentive adjustment for meeting Incentive adjustments for in the financial execution the commissioning deadlines effective cost management of the investment programme for the programme’s key projects Adjustment of gaps bet
Slide 55: Adjustment factors: Taxation of any kind
Adjustment factors: Taxation of any kind Focus on tax risks General principles Methodology Symmetrical adjustment in the event of any change in tax legislation, Comparison of operating expenses gaps arising from a change in excluding corporate tax (covered by the INV1 factor), applicable to norms/st
Slide 56: 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 57: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS July traffic August 17th, 2026 2026 9-month revenue October 22nd, 2026 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date JP Morgan Back to school - Virtual 03 September 2026 Kepler Chevreux Autumn c
Slide 58: 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