Solid annual results
2024 targets met

2024 annual results:

• Revenue: €6,158 million, up 12.1%, driven by growth in traffic - especially international traffic - and strong momentum in Retail activities, with Extime Paris spend/pax [1] at €32.1 (up 4.9%);
• Recurring EBITDA [2]: €2,068 million, up 5.7%, ahead of target, driven by TAV Airports;
• Operating income from ordinary activities: €985 million, down 20.5%, due to the non-cash accounting impact of the GIL and GAL merger in India, which reduced this figure by €330 million;
• Attributable net income: €342 million. Excluding one-off items [3], including the above-mentioned impact, this figure comes out at €638 million.
• Net debt: €8,572 million, with a net debt/recurring EBITDA ratio of 4.1x, or 3.9x based on adjusted net debt (excluding derivative instruments, see page 12);
• Dividend: proposed dividend for 2024 of €3.00 per share [4], corresponding to the target dividend floor;
• All 2024 financial targets and forecasts have been met [5].

 2025 outlook:

• Traffic forecasts for Paris Aéroport in 2025 unchanged: annual growth [6] between 2.5% and 4.0%;
• Spend per pax for Extime Paris in 2025 now expected to grow between 4.0% and 6.0% versus 2023 (as compared to between 3.0% and 5.0% previously versus 2023);
• Recurring EBITDA: outlook confirmed for annual growth [6] of over 7.0% in 2025;
• Net debt/EBITDA: leverage expected in the same target range of 3.5x to 4.0x in 2025, taking into account tax increases in France;
• Average yearly investment spending (capex) for 2025: up to €1 billion for ADP SA and €1.4 billion for the Group as a whole (previously forecast at €1.2 billion and €1.8 billion, respectively);
• Dividend policy: payout ratio of 60% of attributable net income;
• Economic regulation for Paris Aéroport:
       - approval of airport fees for the 2025 tariff period, representing a 4.5% rise on average;
       - launch of preparatory work ahead of an Economic Regulation Agreement (contrat de régulation économique).

Unless otherwise indicated, variations are expressed in comparison with the 2023 annual results.
Key figures are presented in a table on page 2 of this press release.
Assumptions, forecasts and targets are summarised on page 21 of this press release, while the outlook is described on page 22.
Definitions of operating and financial indicators are set out in Appendix 2.

The 2024 full-year results were approved by the Board of Directors on 19 February 2025, further to their review by the Audit Committee on 14 February 2025. The Statutory Auditors have performed their audit procedures on the consolidated financial statements. The audit report will be issued after: (i) review of subsequent events, (ii) the finalisation of the specific verifications required by legal and regulatory texts, (iii) the finalisation of work on the presentation required in the annual financial report of the financial statements in ESEF format.

Key data

(1) Group traffic includes airports operated by Groupe ADP in freehold (including Almaty) or under concession, receiving regular commercial passenger traffic, excluding airports under management contracts. Historical data from 2019 onwards is available on the Company’s website.

Philippe Pascal, Chairman and Chief Executive Officer:

“First and foremost, on behalf of the Board of Directors and the entire Company, I would like to express our sincere thanks to Augustin de Romanet for everything he has achieved over the past 12 years at the helm of Groupe ADP. Through his vision and commitment, he has been a key player in the Company's transformation, shaped by international expansion, the transition to a low-carbon model and the roll-out of major hospitality initiatives. Under his leadership, the Company successfully navigated critical periods such as that triggered by the Covid-19 pandemic, as well as embracing exciting challenges like the launch of CDG Express and the successful hosting of the Olympic and Paralympic Games at Paris airports in 2024. It is with great pride that I succeed him as Chairman and CEO of Groupe ADP, and together with all our teams, we stand ready to tackle the challenges that lie ahead.

In 2024, we welcomed almost 364 million passengers across our airport network, 8.1% more than in 2023.  In Paris, traffic was up by 3.7% to 103 million passengers, and the Retail and Services business continued to deliver outstanding growth, driven by record-high spend per pax at Extime Paris of €32.1.

Groupe ADP is once again reporting strong financial metrics. All its 2024 objectives have been met. Consolidated revenue rose by 12.1% to an all-time high of €6.2 billion. Recurring EBITDA topped €2 billion for the first time, climbing 5.7% despite the introduction of the long-distance transport infrastructure tax in France in 2024. The fall in net attributable income is due to a one-off accounting impact that will not recur in 2025. In line with our payout policy, a dividend of €3 per share will be proposed for approval at the next Annual General Meeting.

2025 marks 80 years since the Company was founded. Our strengths and solid teams stand us in good stead for the future. The foundation laid by the Pioneers 2025 strategic roadmap should now enable us to accelerate the Group's transformation.

We intend to increase our investment in infrastructure, underpinned by a long-term vision. This is essential for Paris Aéroport, where we are partnering the sector's ecological transition, adapting our infrastructure to the evolving nature of air traffic, and supporting the performance of our airline customers. I want to unite all airport and regional stakeholders around a common project set to forge a new industrial and human dynamic. It’s with this in mind that we are launching work to prepare for a new Economic Regulation Agreement. Implementation of this agreement at the beginning of 2027 will enhance visibility and heighten the need to deliver operational performance.

Our two other priorities will be securing the financial contribution of our international activities along with the development of the Extime model – both in Paris and internationally.

Within this framework, Groupe ADP will be able to leverage its organic growth and financial discipline to ensure the balanced allocation of its capital, including an unchanged dividend payout policy representing 60% of net attributable income. We confirm our financial targets for 2025. The outlook for 2026, as the year leading up to the launch of an Economic Regulation Agreement envisaged for 2027, will be determined as part of our preparations for the public consultation.

I am determined to carry out my duties with an open mind and a concern for the long term.”

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[1] Spend per passenger in airside activities, including shops, bars and restaurants, foreign exchange and tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
[2] With effect from this publication, the financial indicator previously referred to as "EBITDA" is referred to as "Recurring EBITDA" to better reflect the fact that the items included in the calculation of this indicator arise exclusively in the course of ordinary activities. The definition of recurring EBITDA set out in Appendix 2 of the press release, along with its calculation, remain unchanged.
[3] Details of one-off items are provided in Appendix 3 of this press release.
[4] As proposed by the Board of Directors on 19 February 2025, subject to approval by the Annual General Meeting called to approve the 2024 financial statements, scheduled for 15 May 2025, and to be convened at a later date by the Board of Directors.
[5] The achievement of forecasts and targets for 2024 is discussed on page 20 of this press release.
[6] Growth compared to previous year.