Aeroports de Paris : 2026 half-year results. A resilient performance in a challenging environment

About this update from Aeroports De Paris

2026 half-year results Revenue: €3,215 million , up by 1.6%; Recurring EBITDA: €1,015 million , down by 1.0%; Attributable net income: €312 million , tripled; Net debt: €9,052 millio n, with a net debt/recurring EBITDA ratio of 3.9x [1] . 2026 outlook As the conflict in the Middle East extends beyond the initially anticipated duration, and the most recent traffic trends reflect a more uncertain environment, the group is updating its assumptions regarding the following operational indicators: Assumption of annual t raffic growth at Paris Aéroport in 2026 of around 0.5% (vs. 1.5% to 2.5% previously) as announced in the press release of 16 July 2026, Assumption that Extime Paris's spend per passenger is around €32 (compared with over €32 previously); The Group now expects recurring EBITDA to be in the range of €2,300 to €2,350 million and a net debt/recurring EBITDA ratio of around 3.8x (compared with 3.7x or less previously). This resilience is underpinned by cost-saving measures, the roll-out of which began as early as the second quarter. These measures are aimed at slowing the growth in operating expenses expected for 2026, with an estimated positive impact of between €40 million and €60 million. Most of this offsetting effect is expected in the second half of the year; The dividend policy remains unchanged , i.e., a payout ratio of 60% of attributable net income, with a floor of €3 per share. The impact of the sale of shares in GMR Airports [2] on net income attributable to owners of the parent company in 2026 will be excluded from the calculation of the "ordinary" dividend for the year. Unless otherwise indicated, all changes are expressed in comparison with the 2025 half-year results. Assumptions, forecasts and targets for 2026 are summarised on page 18 of this document. Definitions of operating and financial indicators are set out in Appendix 2. The 2026 half-year financial statements were approved by the Board of Directors of Aéroports de Paris at its meeting on 29 July 2026. They have been subject to a review by the Statutory Auditors, and the review report is currently being issued. Key figures OPERATING INDICATORS First-half 2026 First-half 2025 2026/2025 change Groupe ADP traffic [3] 179.2 mPAX 179.1 mPAX +0.1 mPAX +0.2% o/w Paris Aéroport traffic 51.6 mPAX 51.3 mPAX +0.3 mPAX +0.5% Extime Paris spend/PAX €31.0 €31.9 -€0.9 -2.7% FINANCIAL RESULTS (In millions of euros) First-half 2026 First-half 2025 2026/2025 change Revenue €3,215m €3,163m +€52m +1.6% Recurring EBITDA €1,015m €1,025m -€10m -1.0% Operating income from ordinary activities €743m €441m +€302m +68.5% Net financial income (expense) €(225)m €(168)m -€57m +33.9% Attributable net income €312m €97m +€215m +221.6% As at 30 June 2026 As at 31 Dec. 2025 2026/2025 change Net debt €9,052m €8,625m +€427m +5.0% Net debt/recurring EBITDA 3.9x 3.7x +0.2x - Philippe Pascal, Chairman and Chief Executive Officer : "Despite a challenging geopolitical environment, Groupe ADP posted a resilient performance in the first half of 2026. We have welcomed 179.2 million passengers in all of the Group's airports, a year-on-year increase of 0.2%. In Paris, traffic was up 0.5%, with 51.6 million passengers. Against this backdrop, in the first half of the year, consolidated revenue rose by 1.6% to €3,215 million, whilst recurring EBITDA fell by 1.0% to €1,015 million. Taking into account the cost-saving measures implemented since March 2026, the benefits of which are expected to be felt mainly in the second half of 2026, the Group now forecasts recurring EBITDA of between €2,300 million and €2,350 million in 2026. Attributable net income amounted to €312 million, three times higher than in the first half of 2025, partly driven by the gains generated by the first stage of the partial disposal of Groupe ADP's stake in GMR Airports, which was agreed upon on 23 April. Furthermore, the agreement reached with the French government on a joint proposal for the 2027-2034 Economic Regulation Agreement marks a major step towards our next industrial cycle in Paris. This project aims to provide Groupe ADP with the visibility it needs to launch the most ambitious investment programme ever undertaken in Paris, with a view to enhancing the competitiveness of the Paris airports, whilst maintaining the economic and financial balance needed for their sustainable development." Download the release for more content [1] Net debt compared to recurring EBITDA on a rolling twelve-month basis. [2] See press release dated 23 April 2026 . [3] Group traffic includes traffic from airports operated by Groupe ADP in full ownership (including Almaty) or under concession, receiving regular commercial passenger traffic, excluding airports under management contracts. Historical data from 2019 onwards is available on the Company's website .

View stock analysis, news, and events for Aeroports De Paris