Aeroports de Paris S.A.

Group revenue increased 1.6% to EUR 3.2 billion in H1 2026. Recurring EBITDA was just above EUR 1 billion, down 1% year on year. Attributable net income reached EUR 312 million, more than 3x last year, mainly due to the EUR 257 million gain from the partial monetization of GMR Airports and a more favorable financial result. Paris traffic rose 0.5% in H1; TAV traffic grew 1.2%, GMR traffic grew 0.6%, and AIG traffic fell 15%. Extime Paris spend per passenger was EUR 31 in H1. Net debt was EUR 9.1 billion and leverage was 3.9x recurring EBITDA at end-June. For the full year, 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, CapEx of around EUR 1.45 billion, and net debt around 3.8x recurring EBITDA. The company also expects EUR 40 million to EUR 60 million of cost savings in 2026.

Philippe Pascal framed the quarter as one of resilience in a tougher operating environment, saying the group reacted quickly with targeted cost and efficiency measures while continuing to execute on strategic priorities. He emphasized the partial monetization of GMR Airports as both a value crystallization event and a deleveraging step, and he highlighted the progress made on the future economic regulation framework for 2027 to 2034. His tone was confident that the revised ERA proposal now addresses the regulator’s main concerns and gives ADP a credible path to signature before year-end.

Christelle Robillard focused on the numbers and the updated outlook. She said the weaker second-half traffic assumption leads to full-year Paris traffic growth of around 0.5%, recurring EBITDA of EUR 2.3 billion to EUR 2.35 billion, Extime spend per passenger of about EUR 32, and CapEx of around EUR 1.45 billion, while still targeting net debt of around 3.8x recurring EBITDA. She also noted net debt of EUR 9.1 billion and leverage of 3.9x at June 30, and said roughly half of the EUR 40 million to EUR 60 million 2026 savings should be structural, with the rest largely temporary deferrals. On the ERA, she outlined EUR 8.2 billion of regulated investment, around EUR 650 million of cumulative savings over 8 years, and a tariff path of CPI plus 4 points in the first 2 years then CPI plus 1.5 points thereafter.

Analysts focused heavily on the Economic Regulation Agreement, asking whether the revised proposal really justifies a 5.8% WACC, how much leverage ADP has with the regulator, and what happens if ART approves with conditions. Management answered that the revised framework increases ADP’s business risk through higher traffic assumptions, more investment risk, and stronger service-quality incentives, while still protecting against exogenous risks, and that the proposal is fully aligned with ART methodology. There were also questions on the cost allocation changes, traffic rebasing, and timing; ADP said it transferred around EUR 50 million of OpEx and EUR 65 million of regulated assets out of the regulated perimeter and moved to a symmetrical traffic adjustment factor without a corridor. Other questions covered India, Noida airport, EES impacts in Paris, retail weakness, and the timing of a potential capital markets day, with management saying no material EES impact is seen, Noida is not a threat to Delhi hub traffic, retail is improving modestly with FX easing and luxury renewals, and a broader strategic update is likely in early 2027.