Paris Airports: Revenue Down 0.9% in Q1 2026 Despite Increased Traffic

Revenue Decline Offset by Traffic Increase

ADP Group's consolidated revenue amounted to 1,472 million euros in Q1 2026, down 14 million euros compared to Q1 2025. The group welcomed 83.9 million passengers, an increase of 1.8 million passengers (+2.3%) compared to the same period last year, with 23.6 million passengers at Paris Airport (+2.6%).

Three segments present a contrasting balance. The Paris Aeronautical Activities segment saw an increase of 5.0% (+24 million euros), reaching 504 million euros, driven by passenger traffic growth and an average tariff increase of 4.5% since April 1, 2025. The Retail and Services segment decreased by 1.0% (-5 million euros), to 484 million euros, particularly affected by the decline in duty-free shop revenues (-5.8%, -11 million euros) and bars and restaurants (-8.8%, -3 million euros).

The International and Airport Developments segment experienced the most significant contraction, with a decrease of 6.0% (-27 million euros), amounting to 424 million euros. TAV Airports, the main contributor, saw its revenue decrease by 4.5% (-17 million euros) to 361 million euros, despite a traffic growth of 7.2%. This decline is mainly related to the activities in Almaty (-14 million euros, -11.4%) due to market changes in fuel sales and the Georgian airports of TAV, more exposed to Middle Eastern traffic.

Impact of the Middle Eastern Conflict on Commercial Revenues

The revenue per passenger (CA / Pax Extime Paris) stood at 31.5 euros in Q1 2026, down 5.7% (-1.9 euros) compared to Q1 2025. This decrease results from two factors: the unfavorable evolution of exchange rates, particularly the appreciation of the euro, and the impact of the Middle East conflict that began on February 28, 2026.

In 2025, traffic between Parisian airports and the Middle East accounted for 5.7 million passengers (5% of the total traffic at Paris). The clientele departing to this region generated 11.5% of the revenue from shops in the reserved area. In the first quarter of 2026, this conflict led to adjustments in flight schedules and restrictions on access to certain airspaces, affecting several platforms of the group. For comparison, at TAV Airports, Middle Eastern traffic represents 7% of passenger traffic, while at Amman Airport, it accounts for 75% of the total traffic.

The group emphasizes that the effects of the conflict remain uncertain regarding traffic diversions and the impact of rising fuel prices.

Confirmation of 2026 Objectives Despite Disruptions

Paris Airports confirms its financial objectives for 2026, despite the context of geopolitical disruptions. The group anticipates passenger traffic growth at Paris Airport to be between +1.5% and +2.5%, a revenue per passenger (CA / Pax Extime Paris) above 32 euros, and a current EBITDA above 2,350 million euros.

This confirmation is based on the assumption that disruptions related to the Middle Eastern conflict will be short-lived, as well as on the cost-saving measures initiated by the group. The group's investments are estimated at about 1,450 million euros for 2026, of which approximately 1,000 million are for Parisian activities alone. The group also maintains a net financial debt / current EBITDA ratio of less than or equal to 3.7x and a dividend payout rate of 60% of net income, with a minimum of 3 euros per share.

Furthermore, the partial divestment of the group's stake in GMR Airports Ltd will generate approximately 924 million euros in cash. The agreements signed on April 24, 2026, provide for a partial divestment in three stages: an initial divestment already completed, an option covering 3.9% of the capital exercisable no later than April 30, 2027, and the early redemption of convertible bonds to occur no later than March 31, 2027.