France · Delayed Price · Currency is EUR Aeroports de Paris Earnings Call Transcripts
Fiscal Year 2026
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Group traffic and Paris volumes grew year-over-year despite Middle East disruptions, with revenue slightly down due to FX and retail headwinds. Strategic asset sales and cost discipline support reaffirmed 2026 targets and a special dividend, while ongoing regulatory discussions shape future returns.
Fiscal Year 2025
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Strong 2025 results with 9% revenue and 12% EBITDA growth, driven by international traffic and disciplined cost control. Regulatory and FX headwinds impacted net income, but outlook for 2026 remains positive with continued investment and stable dividend policy.
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A new eight-year Economic Regulation Agreement is being launched to guide €8.4 billion in phased investments at Paris airports, focusing on operational efficiency, capacity, service quality, and decarbonization. The plan targets a 5.9% WACC, robust risk-sharing, and broad stakeholder support.
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Group traffic and revenue grew solidly in the first nine months of 2025, with international assets and segments driving performance. Retail faced headwinds from currency and sector trends, but guidance for 2025 is reaffirmed. Major regulatory and infrastructure developments are underway.
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Revenue grew nearly 10% to €3.2 billion and recurring EBITDA rose 8.7%, with strong international traffic and retail performance. Net income was impacted by FX and tax effects, but 2025 guidance and a €3 per share dividend floor are confirmed.
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Preliminary H1 2025 results show solid operations but a EUR 150–180 million net income hit from FX and tax effects. Full-year guidance is reaffirmed, with the Board considering a dividend policy adjustment to offset non-cash impacts.
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Revenue grew 12.2% year-over-year to €1.5 billion in Q1 2025, with strong traffic and retail performance. Guidance for traffic, EBITDA, and CapEx is confirmed, while strategic projects and regulatory clarity support long-term growth.
Fiscal Year 2024
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Group traffic and financials hit record highs, with robust international and retail growth. Adjusted net result rose 16% to EUR 638 million, and a EUR 3 per share dividend is proposed. 2025 guidance sees continued growth, with CAPEX focused on maintenance and regulatory needs.
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Revenue rose 11.7% to €4.6 billion, driven by strong international and retail growth, with 2024-2025 guidance confirmed. Recent acquisitions expand luxury hospitality, while cost inflation and regulatory changes remain key risks.
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The merger of GIL and GAL creates a streamlined, listed airport platform with a 45.7% stake now valued at €6.3 billion, significantly increasing value and liquidity. The new entity is well-positioned for growth in India's aviation sector, with robust governance, a clear dividend policy, and ongoing strategic collaboration.
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H1 2024 saw strong revenue and EBITDA growth, driven by robust international traffic and retail performance, with guidance for traffic and EBITDA growth reaffirmed despite expected OPEX pressures in H2. Strategic projects, including the GIL-GAL merger and Paris Experience Group acquisition, are progressing.