Finance & governance

2022 Full-Year results ups sharply. All Groupe ADP's objectives were met or exceeded

Strong full-year results:

- Revenue: €4,688M, up +68.8% (+62.9% excluding the integration of Almaty airport since May 2021), driven by the strong traffic recovery, both in Paris and abroad, and the strong momentum of Retail and services activities, with Extime Paris Sales/Pax reaching €27.4 (+8.2% vs. 2021 and +16.9% vs. 2019);
- EBITDA: €1,704M, up +€953M ; EBITDA margin at 36.4% of revenue, in line with the guidance of a margin in the upper part of the 32% to 37% range;
- Operating Income: €936M, up +€964M, of which +€75M improvement in income of equity-accounted companies;
- Net income attributable to the Group: €516M, up +€764M;
- Net financial debt: €7,440M, with a Net Debt to EBITDA ratio better than expected at 4.4x EBITDA (4.6x EBITDA excl. the €420M proceeds from the disposal of the stake held by Groupe ADP in Royal Schiphol Group vs. a guidance of 5.5x to 5.0x, excl. RSG impact);
- Dividend: proposal to distribute a dividend of 60% of the 2022 NRAG, i.e. €3.13 per share [1], a level 3 times higher than the target floor of €1.00 per share.

Unless otherwise indicated, changes are expressed in comparison with the 2021 full-year results. 2022 forecasts and corresponding results are summarized on page 17 of this financial release. Key figures for the full-year 2022 are presented in a table on page 3 of this financial release. Operational and financial indicators definitions appear in appendix 2.

2023-2025 trajectory adjusted:

- Narrower traffic forecasts for 2023:
         Paris Aéroport: between 87% and 93% of the 2019 level (previously 85% to 95%);
         Groupe ADP: between 95% and 105% of the 2019 level;
- Return as early as 2023 to an EBITDA at least equal to 2019 (i.e. equal or above €1,772M), i.e a year earlier than previous forecasts;
- EBITDA margin target range unchanged for 2023 (32% to 37%) and now expected between 35% and 38% in 2024-2025 (previously 35% to 40%);
- Extime Paris Sales Per Pax target upgraded to 29.5 euros in 2025 (previously 27.5 euros).

2023-2025 capital allocation policy refined:

- Capex now capped in current euros (previously in constant euros): ADP SA capex: c.€900M per year on average (previously: capex program divided in a yearly schedule ranging from €650M to €900M in constant euros) / Group capex: c.€1,300M per year on average (previously: €1,000M per year on average in constant euros);
- Dividend policy confirmed: payout of 60% of the NRAG, with a floor at €3.00 per share;
- Net Debt to EBITDA decrease continuing: target lowered to c.3.5x to 4.5x EBITDA in 2025 (previously 4.5x to 5.0x), including selective international growth projects.


Augustin de Romanet, Chairman and CEO of Groupe ADP, stated: "2022 is a year marked by strong growth in Groupe ADP's results. We have welcomed more than 280 million passengers in our entire airport network. In Paris, we have welcomed close to 87 million passengers, more than twice than in 2021. The strong recovery in traffic has been an operational and human challenge and a want to thank our employees and partners for their mobilization. In Paris, Retail & Services activities recorded an outstanding growth, driven by an Extime Paris Sales per Pax [2] reaching 27.4 euros, up +4.0 euros (+16.9%) compared to 2019, and up 2.1 euros (+8.2%) compared to 2021.
This solid performance translates into an EBITDA of 1,704 million euros, with an EBITDA margin of 36.4% of revenue, in the upper part of the target range. Groupe ADP returns to a solid net result, at 516 million euros, leading to propose to the General Meeting a 3.13 euros dividend per share, equivalent to a payout of 60% of the net result attributable to the group. All the 2022 targets have been met or exceeded. Based on an adjusted financial trajectory for the 2023-2025 period, Groupe ADP confirms its commitment to continue deleveraging its balance sheet, targeting a Net Debt to EBITDA ratio lowered again to 3.5x to 4.5x EBITDA in 2025 (the previous target was 4.5x to 5.0x EBITDA), including selective international growth projects.
In 2023, all Groupe ADP teams will continue to be mobilized for the ecological transition of our industry and to welcome travelers in our airports even better. This ambition is set out in our 2025 Pioneers strategic roadmap, serving all our stakeholders."

[1] Subject to the approval of the General Meeting of the Shareholders of May 16th, 2023, approving 2022 accounts.
[2] Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.








2021 [1]

2022/2021 Change











In % of revenue





Operating income from ord. activities





Net result attributable to the group





Net financial debt





Net financial debt/EBITDA [2]





[1] The accounts of the Almaty airport management company have been included in the consolidated accounts of TAV Airports from May 2021 (See section 5.1.6 of the 2021 Universal Registration Document regarding the acquisition of the Almaty airport management company).
[2] Net Financial Debt as of December 31st, 2022, compared to the 2022 EBITDA.

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