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 revenue grew 9.4% to over €5 billion in the first nine months of 2025, driven by international traffic and segment expansion, despite retail headwinds and ongoing terminal works. 2025 outlook and dividend floor are reaffirmed, with ERA negotiations and modular CapEx plans progressing.
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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% year-over-year in Q1 2025, driven by strong traffic and retail performance, with guidance reaffirmed for traffic, EBITDA, and CapEx. Strategic projects and modular CapEx planning support long-term growth amid regulatory and tax changes.
Fiscal Year 2024
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Record revenue and EBITDA were achieved, with robust international growth and strong retail performance. Net result was impacted by a one-off GMR charge, but adjusted profit rose 16%. 2025 guidance anticipates continued growth in spend per passenger and stable free cash flow.
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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.