2025 half-year results:
Solid operating performance 
Net income in line with announcement made on 1st July 2025

- Revenue: €3,163 million, up 9.6% driven by traffic growth and strong momentum in retail activities, with Extime Paris spend/PAX reaching €31.9 (up 0.5%);
- Recurring EBITDA: €1,025 million, up 8.7%;
- Attributable net income: €97 million, affected by unfavourable factors, as announced on 1st July 2025: abnormally high volatility in exchange rates (TRY and INR vs. EUR) generating €104 million in non-cash impacts and a €64 million non-recurring income tax contribution for large corporations;
- Net debt: €8,702 million, with a net debt/recurring EBITDA ratio of 4.0x [1];
- 2025 traffic assumptions, forecasts and targets confirmed;
- Adjustment to the 2025 dividend policy: payout ratio unchanged at 60% of attributable net income and introduction of a floor of €3.00 per share [2].

Unless otherwise indicated, all changes are expressed in comparison with the 2024 half-year results.
Assumptions, forecasts and targets for 2025 are summarised on page 16 of this document. Definitions of operating and financial indicators are set out in Appendix 2.
The 2025 half-year financial statements were approved by the Board of Directors of Aéroports de Paris at its meeting on 30 July 2025. They have been subject to a review by the Statutory Auditors, and the review report is currently being issued.

Key data

Philippe Pascal, Chairman and Chief Executive Officer:
"Groupe ADP delivered a solid operating performance in the first half of 2025 despite a challenging economic environment. We have welcomed 179.1 million passengers in all of the Group's airports, a year‑on-year increase of 5.1%. At Paris Aéroport, traffic was up 4.5%, with 51.3 million passengers. Spend per Extime Paris passenger rose by 0.5%. These trends, which are in line with our assumptions, translated into solid 9.6% growth in consolidated revenue to €3,163 million, and an 8.7% increase in recurring EBITDA to €1,025 million. Our 2025 financial targets have been confirmed.
As we announced on 1st July, attributable net income has been affected by the accounting impact of abnormally high volatility in exchange rates and by the temporary tax increases in France. In this context, the Board of Directors recommends, subject to shareholder approval at the General Meeting, an adjustment to the dividend distribution policy of paying out 60% of attributable net income for 2025 by introducing a floor of €3.00 per share.
As regards our Parisian hubs, we are pursuing an ambitious development strategy supported by major projects and based on a sustainable vision. The aim of the CDG & VOUS public consultation, which ended on 8 July, was to share and expand on our vision for 2050. The outcomes of the consultation will be presented in the autumn. At the same time, the signing of the "Connect France" partnership with Air France aims to strengthen the attractiveness and competitiveness of Paris-Charles de Gaulle as a world-class airport hub in the face of international competition.
Lastly, we are actively pursuing work to draw up the next Economic Regulation Agreement, which will provide a framework for the future development of Paris airports. The Group plans to table its proposal by the end of the year, for possible entry into force in early 2027."  

Download the release for more content

[1] Net debt compared to recurring EBITDA on a rolling twelve-month basis.
[2] Subject to shareholder approval at the General Meeting.
[3] Group traffic includes traffic from airports operated by Groupe ADP in full ownership (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.