Strong EBITDA growth – Financial targets achieved
18 February 2026
2025 RESULTS SUMMARY
| Indicator | 2025 Result | Change |
| Revenue | €6,704 M | +8.9% |
| Recurring EBITDA | €2,322 M | +12.3% |
| Operating income from ordinary activities | €1,154 M | +17.2% |
| Attributable net income (to parent company) | €382 M | +11.7% |
| Attributable net income excluding one-off items | €494 M | — |
| Net debt (31/12/2025) | €8,625 M | +0.6% |
| Net debt / recurring EBITDA ratio | 3.7x | Improvement |
| Proposed dividend | €3.00 / share | — |
Explanatory Notes
- Growth in traffic in Paris and internationally
- Strong momentum in services activities
- Group’s financial discipline
- Adverse impact of exchange rates in 2025: –€130 M
- Exceptional contribution on large companies in France: –€92 M
2025 FINANCIAL TARGETS
| 2025 Targets | Status |
| Business growth | ✅ Achieved |
| EBITDA growth | ✅ Achieved |
| Debt management | ✅ Achieved |
| Dividend policy | ✅ Compliant |
2026 OUTLOOK
| Indicator | 2026 Assumption |
| Paris Aéroport traffic | +1.5% to +2.5% vs 2025 |
| Extime Paris spend per PAX | > €32 |
| Recurring EBITDA | > €2,350 M |
| Net debt / recurring EBITDA ratio | ≤ 3.7x |
| Capital expenditure (CapEx) | ~€1,450 M (of which ~€1,000 M for ADP SA) |
| Dividend policy | 60% of attributable net income, floor of €3 / share |
OPERATIONAL INDICATORS
Passenger Traffic
| Indicator | 2025 | 2024 | Change |
| Groupe ADP traffic | 379.0 mPAX | 363.7 mPAX | +15.3 mPAX (+4.2%) |
| Paris Aéroport traffic | 107.0 mPAX | 103.4 mPAX | +3.5 mPAX (+3.4%) |
Commercial Spend (Extime Paris)
| Indicator | 2025 | 2024 | 2025/2024 Change | 2025/2023 Change |
| Spend per passenger (€/PAX) | 31.7 € | 32.1 € | –1.2% | +3.6% |
DETAILED FINANCIAL RESULTS
(in millions of euros)
| Indicator | 2025 | 2024 | Change | % |
| Revenue | 6,704 | 6,158 | +546 | +8.9% |
| Recurring EBITDA | 2,322 | 2,068 | +254 | +12.3% |
| Operating income from ordinary activities | 1,154 | 985 | +169 | +17.2% |
| Net financial expense | (337) | (152) | –185 | +121.7% |
| Attributable net income | 382 | 342 | +40 | +11.7% |
FINANCIAL STRUCTURE
| Indicator | 31 Dec 2025 | 31 Dec / 2024 | Change |
| Net debt | €8,625 M | €8,572 M | +53 M (+0.6%) |
| Net debt / recurring EBITDA | 3.7x | 4.2x | –0.5x |
STATEMENT BY Philippe Pascal Chairman and Chief Executive Officer
| Key Topics | Highlights |
| Transformation | Start of industrial, social and operational transformation |
| Partnership | Connect France to strengthen the competitiveness of the Air France hub |
| Traffic | 379 million passengers (+4.2%) |
| Paris | 107 million passengers (+3.4%) |
| EBITDA | €2,322 M (+12.3%) |
| Net income | €382 M, impacted by taxation and exchange rate volatility |
| Dividend | Proposed €3.00 per share |
| Economic regulation | Proposed in December, expected to take effect in 2027 |
| Strategic plan | Preparation of the 2027–2030 plan to align activities with a new value creation cycle |
GOVERNANCE
| Item | Date |
| Approval by Board of Directors | 18 February 2026 |
| Reviewed by Audit Committee | 11 February 2026 |
| Audit certification | In progress (ESEF, subsequent events review, regulatory verifications) |
Source: EBITDA
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