Aeroports de Paris S.A.

H1 revenue increased 1.6% to EUR 3.2 billion. Recurring EBITDA was just above EUR 1 billion, down 1% year on year. Attributable net income was EUR 312 million, helped by a EUR 257 million gain from the partial monetization of GMR Airports. Paris traffic grew 0.5% in H1, Extime Paris spend per pax was EUR 31, and net debt ended June at EUR 9.1 billion, equal to 3.9x recurring EBITDA. For 2026, management now expects Paris traffic growth of around 0.5%, Extime spend per passenger broadly stable at EUR 32, recurring EBITDA of EUR 2.3 billion to EUR 2.35 billion including EUR 40 million to EUR 60 million of savings, and CapEx of around EUR 1.45 billion. The company expects net debt around 3.8x recurring EBITDA.

Philippe Pascal said the first half reflected a more challenging operating environment, with indirect consequences from the Middle East conflict affecting traffic and airline behavior, but he emphasized that the group responded quickly with targeted cost and efficiency measures and continued to execute its strategic roadmap. He highlighted the partial monetization of GMR, new operational investments, and the agreement on the future economic regulation framework as evidence of resilience and long-term value creation. His tone was confident and constructive, stressing that uncertainty around the regulation process has been significantly reduced.

Christelle Robillard said Paris traffic grew 0.5% in H1, but softer demand and higher fuel costs led to a more cautious full-year traffic view of around 0.5%. She detailed H1 revenue of EUR 3.2 billion, recurring EBITDA just above EUR 1 billion, and net income of EUR 312 million, while noting net debt of EUR 9.1 billion and leverage of 3.9x recurring EBITDA. She also said the cost-saving plan should deliver EUR 40 million to EUR 60 million in 2026, with roughly half of that amount structural, and reiterated the updated outlook of EUR 2.3 billion to EUR 2.35 billion recurring EBITDA and around EUR 1.45 billion of CapEx.

Analysts focused heavily on the economic regulation agreement, asking about the new risk-sharing terms, the likelihood of a binding opinion by year-end, and how much leverage the stronger proposal gives management with the regulator. Management said the revised framework addresses the ART’s main concerns through changes to allocation keys, traffic assumptions, risk-sharing factors, and a stronger link between remuneration and delivery of major projects, while still aiming for a 5.8% regulated WACC. Questions also covered India traffic, EES, retail recovery, and cost savings; management said India traffic has not yet been affected by social unrest or the new Noida airport, EES is not creating material operational issues, and retail is seeing some improvement as FX headwinds ease and luxury renewals begin to help.