Finance & governance

A Solid first half results, driven by traffic momentum. EBITDA margin and net debt ratio improved for 2022

Solid half-year results:

- Revenue: €2,006M, up by +102.7% (+92.2% excluding the integration of Almaty since May 2021), driven by the recovery in traffic:
     Groupe ADP traffic: up by +134.4%, to 118.2 million passengers, or 71.9% of the 2019 group traffic level.
     Paris Aéroport traffic: up by +249.2%, to 37.5 million passengers, or 71.6% of the 2019 level.

- EBITDA: €702M, up by +€547M; EBITDA Margin at 35.0% of the consolidated revenue, supported by good control of current expenses.
- Operating income from ordinary activities: €340M, up by +€583M, including an improvement in income from companies accounted for by the equity method of +€59M.
- Net income group share: €160M, up by €332M.
- Net Financial debt: €8,309M i.e a debt ratio of 6.4x EBITDA over 12 last months.

Unless otherwise indicated, changes are expressed in comparison with the results for the 1st half of 2021. 

Groupe ADP's 2022 traffic assumptions [1]:
- Groupe ADP: traffic between 74% and 84% of 2019 group traffic.
- Paris Aéroport: traffic between 72% and 82% of 2019 Paris Aéroport traffic.

Improvement of certain 2022 and 2023 financial guidances [2]:
- EBITDA: between 32% and 37% of the revenue in 2022 and 2023 (vs. 30% to 35% previously).
- Net financial debt / EBITDA ratio forecast: 5.5x to 6.5x. en 2022 (vs. 6x to 7x previously).

Deployment of the 2025 Pioneers roadmap:

- Recognition of the improvement in quality of service by Skytrax:
        Paris-Charles de Gaulle elected best airport in Europe and 6th in the world;
        Paris-Orly moved up 27 places in the 2022 ranking to 46th;
        3 airports in the international network ranked in the Top 100.

- Commitment of the Group to the SBTi (Science Based Target Initiative) to define and validate its greenhouse gas emission reduction targets (scopes 1, 2 and 3).

- Deployment of Extime:
         - Lagardère Travel Retail selected as ADP's partner in the future Extime Duty Free Paris joint venture.
        - JC Decaux selected as ADP's partner in the future Extime Media joint venture.

Augustin de Romanet, Chairman and CEO of Groupe ADP, commented: "Groupe ADP recorded a clear improvement in its performance in the 1st half of 2022 and returned to a positive net result, at €160 million. The Group's revenue doubled compared to the 1st half of 2021, driven in particular by the rebound in traffic at Paris Aéroport, which reached 71.6% of the level for the same period in 2019. This recovery momentum in Paris is particularly strong and is close to the one recorded in our international airports. The EBITDA margin reached 35% of revenue, or 702 million euros. This performance has led us to raise the target range for EBITDA margin by 2 points to 32% to 37% of revenue in 2022. The debt ratio is now expected to be between 5.5 and 6.5 times the EBITDA for the year 2022. 
We are proud that the Groupe ADP's commitment to quality of service and hospitality has been recognized in the latest Skytrax rankings. In Paris, the successful combination of our retail and airport hospitality expertise is also reflected in a sales per passenger of €25.4. In a particularly demanding context, Groupe ADP teams, whom I would like to thank for their commitment, are fully mobilized to welcome passengers and serve the interests of all our stakeholders."

The financial statements for the first half of 2022 were approved by the Board of Directors of Aéroports de Paris at its meeting of July 28, 2022. They have been subject to a limited review by the statutory auditors, and the limited review report is currently being issued.

Key figures - Half-year 2022







H1 2022

in% of 2019

Change 2022/2021

Groupe ADP traffic





Paris Aéroport traffic






H1 2022

H1 2021

Change 2022/2021

Extime Paris (1) Sales/PAX





(1) Sales per passenger for activities in the restricted area: stores, bars & restaurants, currency exchange & tax-free offices, commercial lounges, VIP reception, advertising and other paid services in the restricted area.







H1 2022

H1 2021(1)

Change 2022/2021











In % of revenue





Operating income from ordinary activities (2)





Net income group share





Net financial debt





Net financial debt/EBITDA (2)





(2) The accounts of the management company of Almaty airport have been integrated into TAV Airports' consolidated accounts from May 2021 onwards (on the acquisition of the management company of Almaty airport, see section 5.1.6 of the 2021 Universal Registration Document). 
Net financial debt at end of June compared with EBITDA over 12 last months.

[1] As announced in the June 2022 traffic release, published on July 18, 2022, the 2022 traffic assumptions have been revised upwards - see page 15 of this release.
[2] The positive financial impacts resulting from the increase in traffic assumptions for 2022 lead to an increase in the EBITDA margin target range for 2022 and 2023 - see page 15 of this release.

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