2023 Full-year results - Groupe ADP records strong growth in net result. All targets set for 2023 are met.

Full-year results:

- Revenue: €5,495M, up +17.2% driven by traffic growth, both in Paris and abroad, and strong momentum in retail activities, with Extime Paris Sales/Pax [1] reaching €30.6 (+€3.2 vs. 2022 and +€7.1 vs. 2019);
- EBITDA: €1,956M, up +14.8%; EBITDA margin at 35.6% of revenue, in line with 2023 EBITDA margin targeted range of 32% to 37%;
- Operating income from ordinary activities: €1,239M, up +4%;
- Net income attributable to the Group: €631M, up +2%;
- Net financial debt: €7,934M, with a Net Debt to EBITDA ratio of 4.1x, improved by 0.3x EBITDA compared to 2022;
- Dividend: proposed dividend of 60% of the 2023 net result group share at €3.82 per share [2], above floor of €3.00 per share and the €3.13 dividend paid for 2022.

Updated assumptions, forecasts and financial targets for 2024-2025:

Approaching its 2019 traffic level in Paris and exceeding it abroad, while having already surpassed its 2019 consolidated EBITDA, the group expects to gradually return to growth rates close to those experienced before the Covid-19 crisis. In addition, the introduction of the new tax applicable to major transport infrastructure in France has an impact on the group's financial trajectory.
For these reasons, Groupe ADP is updating its assumptions, forecasts and targets 2024 - 2025 and is returning to a selection of indicators allowing for a direct reading of the evolution of its performance, without reference to 2019.

- Passenger traffic assumptions:
Paris Aéroport: yearly growth [3] range of +3.5% to +5.0% in 2024 and +2.5% to +4.0% in 2025;
Groupe ADP: yearly growth [3] above +8.0% in 2024;
- Sales per Pax Extime Paris now expected to grow between +3.0% to +5.0% in 2025 compared with 2023;
- EBITDA: yearly growth [3] above +4.0% in 2024 and above +7.0% in 2025;
- Net debt/EBITDA: net debt to EBITDA ratio now expected in a range between 3.5x to 4.0x EBITDA in 2025, including selected external growth projects in international geographies.

Other capital allocation policy elements unchanged:

- Average yearly investments (capex) over the 2023-2025 period: €900M for ADP SA and c.€1.3bn at group level;
- Dividend policy: payout ratio of 60% of NRAG, with a floor of €3.00 per share in 2024 and 2025.

Key data

OPERATIONAL INDICATORS

FINANCIAL RESULTS

Augustin de Romanet, Chairman and CEO of Groupe ADP, stated:
" Groupe ADP had a very good year in 2023, with more than 336 million passengers welcomed across our airport network, including nearly 100 million at Paris Aéroport. In Paris, the success of the new Extime hospitality brand materializes intro an outstanding retail performance: Extime Paris sales per passenger reached a record level of 30.6 euros, an increase of +11.6% compared to 2022. All in all, this strong growth and operating performance translate into a consolidated EBITDA of 1,956 million euros, representing an EBITDA margin of 35.6% of revenue, in line with the 2023 target. Net result group share reaches 631 million euros, enabling us to propose a dividend of 3.82 euros per share to the Annual General Meeting, in line with our policy of paying out a dividend of 60% of this result.
2024 will be a historic year for all Groupe ADP employees: we will celebrate the 50 years of Paris-Charles de Gaulle airport in March, we will inaugurate the arrival of metro line 14 at Paris-Orly airport in June, and we will welcome the Olympic and Paralympic Games this summer. Our airports will be the France's first and last image: we will live up to our responsibility. This year, we will initiate the transformation of the parisian airports, in line with the new airport model set out in our 2025 Pioneers strategic roadmap. The project for Paris-Orly, a model of a low-carbon and responsible airport, anchored in its territory, will be presented during a voluntary public consultation starting on February 26th."

[1] 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.
[2] As proposed by the Board of Directors of February 14, 2024, subject to approval by the General Meeting of shareholders Meeting approving the 2023 financial statements, scheduled for May 21, 2024, and to be subsequently convened by the Board of Directors.
[3] Growth compared to previous year.
[4] Changes vs. 2022 and traffic % vs. 2019 hereabove are calculated on a like-for-like basis, by comparing 2023 traffic data with historical traffic data for the current scope (see Appendix 3 of this press release), except from Goa airport in 2023, opened on January 5th, 2023.
[5] Group traffic includes airports operated by Groupe ADP in freehold (incl. Almaty) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data since 2019 is available on the company's website.
[6] Net financial debt compared to EBITDA over the last 12 months.

Download the release for more content