ADP Reports Sustained Growth with a 12.3% Increase in EBITDA in 2025
Aéroports de Paris has released its annual 2025 results, marked by a widespread progression in its activities. The group has met all its financial targets, driven particularly by passenger traffic growth and the dynamics of its service activities.
Financial Performance Highlights
ADP Group's revenue reached 6,704 million euros in 2025, an increase of 8.9% year-over-year. This growth reflects increased traffic both in Paris and internationally, as well as strong performance in service activities. The current EBITDA reached 2,322 million euros, recording a rise of 12.3%, resulting from business growth and the group's financial discipline. The current operating result was 1,154 million euros, up by 17.2%. This improvement was supported by business growth and a favorable base effect related to the GIL/GAL merger in India recorded in 2024, amounting to 330 million euros. Unfavorable exchange rate effects of 130 million euros, linked to the appreciation of the euro, partially offset this dynamic. The net income attributable to the group increased by 11.7% to 382 million euros. This result includes an impact of 92 million euros due to the exceptional contribution on the profits of large companies in France. Excluding one-off items, the net income would have reached 494 million euros.
Financial Structure and Dividend Proposal
The net financial debt stood at 8,625 million euros as of December 31, 2025, slightly up by 53 million euros compared to December 2024. The debt-to-EBITDA ratio was 3.7 times, compared to 4.2 times the previous year. The group proposes a dividend distribution of 3.00 euros per share for 2025, subject to the approval of the general meeting of shareholders scheduled for May 21, 2026. Operationally, ADP Group's traffic reached 379 million passengers in 2025, an increase of 4.2% compared to 2024. Paris-Airport welcomed 107 million passengers, an increase of 3.4%. The revenue per passenger (CA/Pax Extime) in Paris was set at 31.7 euros, down by 1.2% year-over-year but up by 3.6% compared to 2023.
Outlook for 2026
For 2026, ADP anticipates passenger traffic growth in Paris between 1.5% and 2.5%. The group projects a revenue per passenger (CA/Pax Extime Paris) higher than 32 euros and a current EBITDA exceeding 2,350 million euros. The net debt to current EBITDA ratio is expected to remain at or below 3.7 times. Investment expenditures are estimated at about 1,450 million euros, with approximately 1,000 million for ADP SA. The dividend distribution policy maintains a payout ratio of 60% of the net income attributable to the group, with a minimum of 3 euros per share. A proposal for an economic regulation contract for the period 2027-2034, currently under discussion, is expected to take effect in 2027 and support the environmental transition of the aviation sector as well as the strengthening of the competitiveness of the Paris hub.
