Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Q3 2026 Earnings Presentation
27 slides from Aeroports De Paris's earnings presentation, Oct 23, 2026
Slide 1: 2026 9-months revenue
2026 9-months revenue October 22nd , 2026 conference call on October 23rd , 2026
Slide 2: 9-months highlights & revenue
01 01 2 0 2 5 F u l l - y e ar H i g h l i g h t s 9-months highlights & revenue 9M 2026 REVENUE GROUPE ADP 2
Slide 3: Growth supported by international activities, in a difficult environment
Growth supported by international activities, in a difficult environment KEY FIGURES 9M HIGHLIGHTS Operational trends: Group traffic Paris traffic Revenue growth primarily driven by TAV Airports 287.3 80.9 Traffic growth impacted by persistent geopolitical and operational disruptions Mpax Mpax +
Slide 4: 9M 2026 traffic: diversified portfolio supporting resilience
9M 2026 traffic: diversified portfolio supporting resilience In Mpax / all X.X% vs. 9M 2025 Paris Aéroport1: down 0.4%, impacted by softer demand and operational constraints 107.0 -0.4% Gradual recovery of Middle East routes since May Lower demand, higher fuel costs and airline capacity adjustme
Slide 5: Extime Paris sales per pax stabilizing, with Q3 surpassing Q2
Extime Paris sales per pax1 stabilizing, with Q3 surpassing Q2 (0.7)% 9M Q3 SPP grew year-on-year and showed sequential €31.3 improvement vs Q2 level… €31.1 Encouraging trends at selected luxury brands Negative FX effect from euro appreciation creating a tough year-on year comparison, progressiv
Slide 6: Revenue up 1.4% to €5,106M
Revenue up 1.4% to €5,106M In €M / all X.X% vs. 9M 2025 AVIATION in Paris, up €26M (+1.6%) reflecting the effect of 2025 airport fee increase by +4.5% on Q1 2026 and tariff freeze since April 2026, the cumulative impact of the PRM fee increases in Q1 2025 (full-year effect) and in Q1 2026 despite lo
Slide 7: Outlook
02 03 Outlook Outlook 9M 2026 REVENUE GROUPE ADP 7
Slide 8: 2026 traffic assumptions, forecasts and targets
2026 traffic assumptions, forecasts and targets 1 The outlook presented below accounts for the cost-saving and efficiency measures implemented by the group as well as for the prolonged nature of the Middle-East conflict and its broader consequences ASSUMPTIONS & TARGETS CAPITAL ALLOCATION Outlook Gr
Slide 9: 2027-2034 ERA reaching final approval stage
2027-2034 ERA reaching final approval stage and laying the foundations for Groupe ADP’s next strategic cycle The Economic Regulation Agreement will provide the visibility required to invest with discipline, enhance the performance of Paris airports and support their decarbonisation and competitivene
Slide 10: Appendices
03 04 A pp e n d i c e s Appendices 2026 9-months revenue 9M 2026 REVENUE GROUPE ADP 10
Slide 11: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of 9M 9M 2026 Traffic growth 2026 traffic vs. 9M 2025 vs. 9M 2025 Mainland France 10.9% + 2.5 % LOAD FACTOR CONNECTING RATE LOW-COST TRAFFIC 84.1% 20.2% 30.8% French Overseas T. 4.6 % (0.7)% -0.7 pt +0.1 pt +0.9 pt Europe 45.4 % 0.0 % 1 Number of connecting pax.
Slide 12: Group traffic in 9M 2026
Group traffic in 9M 2026 Passenger traffic 26/25 change (in %) Aircraft movements 26/25 change (in %) Paris-CDG 54,406,286 -0.2% 357,317 +0.2% Paris-Orly 26,479,545 -0.9% 163,696 0.0% Total Paris Aéroport 80,885,831 -0.4% 521,013 +0.1% Antalya 30,144,861 -3.3% 173,713 -4.2% Almaty 9,467,687 +4.1% 75
Slide 13: Aviation – 9M 2026 Income statement
Aviation – 9M 2026 Income statement REVENUE (€M) +1.6% 1,666 1 14 1,640 12 (1) 9M 2025 Revenue Airport fees Ancillary fees Revenue from Other products 9M 2026 Revenue airport safety and security services Revenue: up €26M driven by: (in millions of euros) 9M 2026 9M 2025 9M 2026/9M 2025 Revenue 1,666
Slide 14: Retail and services – 9M 2026 Income statement
Retail and services – 9M 2026 Income statement REVENUE (€M) +0.2% 1 612 1 615 (26) 29 2 (18) 11 2 3 9M 2025 Extime Duty Extime Travel Other retail Car parks Industrial Rental Others 9M 2026 Revenue Free Paris Essentials activities and access services income Revenue Paris roads (in millions of euros)
Slide 15: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Functional Company Activity Notes Ownership Consolidation method Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essentials Travel Essent
Slide 16: Real estate – 9M 2026 Income statement
Real estate – 9M 2026 Income statement REVENUE (€M) +1.1% (1) 277 274 7 (3) 9M 2025 Revenue Land Buildings Other external Internal revenue 9M 2026 Revenue revenue (in millions of euros) 9M 2026 9M 2025 9M 2026/FY 2025 Revenue 270 274 +3 +1.1% Revenue: up €3M, driven by: External revenue 237 233 +4 +
Slide 17: International and airport development – 9M 2026 Income statement
International and airport development – 9M 2026 Income statement REVENUE (€M) +2.7% 1,675 0 1,631 72 (28) 9M 2025 Revenue AIG TAV Airports Others 9M 2026 Revenue (in millions of euros) 9M 2026 9M 2025 9M 2026/FY 2025 Revenue: up €44M, driven by : Revenue 1,675 1,631 +44 +2.7% TAV Airports revenue,
Slide 18: TAV Airports main assets & subsidiaries
TAV Airports main assets & subsidiaries Expiration Ownership Functional Company Activity 2025 Traffic Consolidation method date (by TAV) Currency(1) AIRPORT COMPANIES Airport Operator, Fuel, F&B, Lounges, Ground Handling, TAV Kazakhstan - 12.0 Mpax 100%(2) Full consolidation USD Cargo TAV Ege Izmir
Slide 19: TAV Airports: 2026 guidance
TAV Airports: 2026 guidance Verifier avec TAV 2025 2026 Actual Guidance(1) (1) Our 2026 outlook is based on an assumption of no mobility restrictions, normal business conditions, no other force majeure or Total Pax (m) 113 112 - 118 security related events and no unexpected volatility or other abnor
Slide 20: GMR Airports Ltd (GAL): main assets & subsidiaries
GMR Airports Ltd (GAL): main assets & subsidiaries STRUCTURE Groupe ADP GMR Group Public Incl. GMR Enterprises 30.7% 37.9% 43.0% 29.6% ECO. INTEREST* CAPITAL 26.3% 32.5% ECO. CAPITAL ECO. CAPITAL INTEREST* Listed - ISIN: INTEREST* INE776C01039 GMR Airports Limited 74%1 74% 49% c.100%3 c.100%3 c.100%
Slide 21: Partial disposal of the stake in GMR Airports Ltd (GAL)
Partial disposal of the stake in GMR Airports Ltd (GAL) Part 1 Part 2 Part 3 Sale of a 3.4% stake in GAL for €256M Options to sell a 3.9% stake in GAL for Early repayment of the FCCBs issued by on April 23, 2026 c.€285M1 by April 2027 GAL for €291M plus interest, by March 2027 Transaction rationale
Slide 22: GAL: Conversion of OCRPS into ordinary shares
GMR Airports Ltd (GAL): Conversion of OCRPS1 into ordinary shares highlighting ADP’s substantial economic exposure to GAL Following the April 2026 transaction, part of ADP's OCRPS were converted into ordinary shares to maintain the agreed shareholder structure while preserving economic exposure 23 A
Slide 23: Other activities – 9M 2026 Income statement
Other activities – 9M 2026 Income statement PRODUCTS (€M) -1.6% 124 120 (10) 6 9M 2025 Products Hub One Others 9M 2026 Products Products: down €2M (in millions of euros) 9M 2026 9M 2025 9M 2026/9M 2025 Products 120 124 (2) (1.6)% Hub One 107 117 (10) (8.5)% 9M 2026 REVENUE GROUPE ADP 24
Slide 24: Cash & Debt position as of 30 June 2026
Cash & Debt position as of 30 June 2026 Principal repayment schedule Available cash excluding interest as of 30/06/2026 in €M 500 Groupe ADP excl. TAV Airports and AIG RCF TAV Airports Cash & cash equivalent Other debts 2 531 1,650 1,514 616 765 813 752 763 517 513 513 520 323 192 54 59 1 129 159 11
Slide 25: Definitions
Definitions Financial indicators: Definition and accounting of Alternative Performance Recurring EBITDA (previously referred to as “EBITDA”) is an accounting Measures (APM) as well as the segmentation of Group activities measure of the operating performance of Aéroports de Paris and its presented
Slide 26: Financial calendar
Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS October traffic November 16th, 2026 2026 Full-Year February 10th, 2027 GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date CIC 9-months lunch – Paris 05 November 2026 JP Morgan Group Investor trip – P
Slide 27: Disclaimer
Disclaimer This presentation does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures (including, if so, forecasts and objectives) are included i