ADP Group: Revenue Up 1.4% Over Nine Months, TAV Compensates for Paris
ADP Group published on October 22, 2026 consolidated revenue of 5,106 million euros over the first nine months of the year, up 1.4% (+ 69 million euros). This publication comes one week after the revision, on October 15, 2026, of the traffic assumption for Paris, now expected to show slight decline over the fiscal year.
The group's growth is based primarily on its international network, and in particular on TAV Airports, whose revenue increased by 5.2%. In Paris, aeronautical fee revenue is stable, due to the combined effect of traffic declining by 0.4% and the maintenance of 2025 tariffs.
Paris: Aeronautical Fees at 999 Million Euros, Extime Duty Free Down 4.1%
The Aeronautical Activities segment increased by 1.6%, to 1,666 million euros. Aeronautical fee revenue declined however by 0.1%, to 999 million euros. Revenue from the per-passenger fee stood at 662 million euros, stable compared to the first nine months of 2025. The Transport Regulatory Authority (ART) having refused to approve the group's two tariff proposals, the tariffs for the 2025 period have remained applicable since April 1, 2026.
The segment's increase derives from specialized fees (+ 5.4%, to 235 million euros), driven in particular by the assistance fee for persons with disabilities and reduced mobility, whose tariffs increased by 15% since April 1, 2026. Revenue related to safety and security increased by 3.5%, to 411 million euros, linked to the rise in costs for these activities.
The Retail and Services segment is nearly flat (+ 0.2%, to 1,615 million euros), with an unfavorable accounting effect of 13 million euros related to the acquisition of P/S. Extime Duty Free Paris revenue declined by 4.1%, to 605 million euros, affected according to the group by works in certain terminals, euro appreciation, the slowdown in the luxury sector and lower international traffic. Extime Paris revenue per passenger stood at 31.1 euros, compared to 31.3 euros a year earlier. Real estate increased by 1.1%, to 277 million euros.
TAV Airports Offsets Decline in Paris Traffic
The International and Airport Development segment showed an increase of 2.7% (+ 44 million euros), to 1,675 million euros. TAV Airports is its main driver, with revenue of 1,461 million euros (+ 5.2%) and traffic growth of 2.6%. Service companies contributed to this increase, notably BTA (+ 18.3%) thanks to a contract in Antalya, while Ankara increased by 20.5% with the full-year effect of the new concession contract.
Conversely, AIG revenue declined by 12.2%, to 202 million euros, following a 9.6% traffic decline in Amman since the escalation of the Middle East conflict. At Paris Airport, traffic to the Middle East (4.5% of total) declined by 12.9%.
Overall, the group's traffic reached 287.3 million passengers (+ 0.1%), compared to 80.9 million in Paris (- 0.4%). Philippe Pascal, Chief Executive Officer, indicated that TAV Airports' growth "offsets the decline observed at Paris Airport".
Current EBITDA Expected in the Lower End of the 2,300 to 2,350 Million Euro Range
The group confirmed updated guidance on October 15, 2026: traffic in Paris showing slight decline over the fiscal year (versus approximately 0.5% growth previously expected) and current EBITDA in the lower end of the 2,300 to 2,350 million euro range. These projections incorporate cost-saving measures estimated between 40 and 60 million euros, primarily in the second half. The net financial debt to current EBITDA ratio is expected around 3.8x and the group's investments around 1,450 million euros.
The main upcoming milestone concerns the 2027-2034 economic regulation contract, for which ART's formal opinion is expected in mid-November. The project provides for an investment program of 8.2 billion euros on the regulated scope, an increase in fees capped on average at 2.1 percentage points above the harmonized consumer price index and a first tariff increase on April 1, 2027, subject to favorable formal opinion and board of directors approval.
As a reminder, the group achieved revenue of 6,704 million euros over fiscal year 2025. Before publication, ADP shares fell nearly 2% during trading on October 22, 2026.
