ADP shares among the largest decliners in the SBF 120, +11.5% over one month
The airport operator is losing ground in a Paris market that is otherwise well oriented. The decline follows a rebound of several weeks that had brought the stock back above its main moving averages, in a context where Paris traffic remains the group's sensitive point.
A 1.86% decline places ADP at the bottom of the SBF 120
ADP shares fell 1.86% to €115.90 intraday, while the SBF 120 rose 0.33%.
The stock is among the largest decliners in the index, behind EssilorLuxottica and Edenred. This drop barely dents the gains of recent weeks: the stock is still up 11.76% over one month, after crossing €114.80 at the beginning of November. It remains above its three moving averages, with a gap of 2.99% from the MM20 and 5.67% from the MM50.
The RSI at 59 remains neutral, and the resistance at €118.20 was not reached this morning.
Paris traffic remains the key factor framing the group's results release
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On October 15, ADP lowered its Paris traffic assumption, now expected to decline slightly over the financial year, and is targeting the lower end of its EBITDA range.
Revenue for the first nine months, published on October 22, came in at €5,106 million (+1.4%), with growth driven mainly by TAV. In its press release, the group cited Middle East tensions and works at Orly among the risks.
ACI Europe figures for August point to the same reading: Paris-CDG traffic fell 1.1%, while Ankara rose 13.3% and Skopje 34.8%. On the debt front, the 10-year OAT stood at 4.66% in the latest reading of November 10, with a spread of 1.42 points over the Bund.
SectorConstruction et infrastructures›Infrastructures
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 5 106 millions d'euros
Quarterly revenue: 5 106 millions d'euros
Revenue growth: 1,4 %
Guidance from the release
Whilst taking these measures into account, Groupe ADP is monitoring the latest traffic forecasts and the prolonged nature of the tensions in the Middle East
Risks mentioned
Disruptions to the operating environment related to the conflict in the Middle East, particularly affecting international traffic flows
Traffic continues to be adversely affected by reduction in IndiGo's flight schedules and airlines facing rising fuel prices
Works taking place at Paris-Orly airport leading to reduction in flight schedules and limited transfers to Paris-Charles de Gaulle
Opportunities identified
Extension of Tbilisi airport concession period to 31 December 2031 with USD150 million investment planned
GMR Airports commences operations at Nagpur and Bhogapuram airports with significant capacity for future growth
Opening of two new P/S private terminals in Dallas-Fort Worth and Miami to expand private aviation services
Outlook / guidance
Expected EBITDA: 2 300 millions d'euros
Management commentary: « compte tenu d'un environnement opérationnel toujours difficile, le Groupe anticipe un EBITDA courant pour 2026 dans le bas de la fourchette de 2 300 à 2 350 millions d'euros »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
