Revenue for the first 9 months of 2022: sustained growth, driven by a strong traffic dynamic and the rebound of retails activities

Consolidated revenue at €3,384M for the first 9 months, up   81.1% compared to the first 9 months of 2021 (+74.2% excluding the integration of Almaty airport since May 2021):

- Growth in the Aviation and International & airport developments segments continue to be driven by the increase in traffic in Paris and abroad
- The Retail and services segment registered solid growth, benefiting from an Airside Sales per Passenger of 26.1 euros during the first 9 months of the year
- Real estate segment's growth is driven by the additional rents collected for buildings taken over in full ownership in 2021

Adjustments of 2022 traffic forecasts and further improvements of financial guidance for 2022 [1] :

- Groupe ADP expects a traffic recovery rate compared to 2019 in the upper part of the target ranges raised last July: 77% to 83% for the group and 78% to 82% for Paris Aéroport
- EBITDA margin 2022 is now expected to be in the upper part of the target range raised last July, i.e. above 34.5% of 2022 revenue
- Group's financial discipline led to a reduction in capital expenditure, now estimated to be between €500 million and €550 million for ADP SA (vs. €550m to €600 million previously)
- Debt ratio is expected to be down, between 5.0 and 5.5 times EBITDA 2022 [2].

All other objectives of the Pioneers 2025 Roadmap are maintained. 

CONSOLIDATED REVENUE – KEY FIGURES

(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.

Augustin de Romanet, Chairman and CEO, stated: "Revenue for the first nine months of 2022 stood at 3,384 million euros, up 81.1% compared to the same period in 2021. It is driven by the recovery of traffic passengers, specifically in Paris and in TAV Airports, where it reached respectively 77.2% and 78.9% of the traffic for the first nine months 2019. Due to this dynamic and the integration of Almaty airport since May 2021, the International segment saw its revenue double compared to the same period in 2021, to reach 978 million euros. In Paris, the Extime Sales per passenger known a strong rebound in the third quarter and reached, for the first nine months of 2022, 26.1 euros. The indicator is up by +3.4 euros (+15.0%) compared to the first nine months of 2019 and exceeding by 1.4 euros (+5.7%) the level of the same period in 2021. The passengers' traffic and the results recorded since the beginning of the year allow us, for the second time this year, to improve our forecasts and financial guidance for 2022.[6] The traffic recovery rate is expected to be in the upper part of the target ranges raised last July, reaching 77% to 83% of the 2019 traffic for the Groupe ADP scope and 78% to 82% of the 2019 traffic for Paris Aéroport scope. 2022 EBITDA margin is also expected to be at the top end of the target range raised last July, above 34.5% of revenues. Finally, the group's solid cash generation and disciplined investment policy lead us to expect an improvement in the debt ratio to a level between 5.0 and 5.5 times EBITDA [7]. Once again, I would like to thank all of Groupe ADP teams who have been fully engaged to welcoming passengers and serving the interests of all our stakeholders. This winter, Groupe ADP will take all its part in efforts of energy sobriety, while continuing its decarbonization action in the medium and long term. It will continue to roll out its 2025 Pioneers strategic roadmap across its activities"

[1] See "Traffic assumptions, forecasts and objectives for 2022 – 2025" on pages 10 and 11 of this release.
[2] Excluding the unwinding of the cross-shareholdings with Royal Schiphol Group (RSG), which may occur at any time, in one or several occasions, but no later than the end of May 2023 – see release of 16 February 2022, regarding the unwinding process of the cross-shareholdings with RSG.
[3] 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).
[4] Before inter-sector eliminations, see page 2 of this financial release for the details pf the consolidated revenue.
[5] 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.
[6] See "Traffic assumptions, forecasts and objectives for 2022 – 2025" on pages 10 and 11 of this release.
[7] Excluding the unwinding of the cross-shareholdings with Royal Schiphol Group (RSG), which may occur at any time, but no later than the end of May 2023 – see release of 16 February 2022, regarding the unwinding process of the cross-shareholdings with RSG.

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