Aéroports de Paris (ADP.PA): 1H26 Results Beats Cons; Agreement With French Government on ERA Joint Proposal

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Aéroports de Paris (ADP.PA): 1H26 Results Beats Cons; Agreement With French Government on ERA Joint Proposal

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29 Jul 2026 15:08:42 ET │ 11 pages

Aéroports de Paris (ADP.PA)

1H26 Results Beats Cons; Agreement With French Government on ERA

Joint Proposal

CITI'S TAKE Neutral

Price (29 Jul 26 17:30) €112.20 ADP reported a 1H’26 result that was better than our and cons estimates,

Target price €118.00 largely driven by strong performance of International segment (on the

back of strong results by TAV) and Retail segment, while Aviation segment Expected share price return 5.2%

performance was in line. Extime Paris Sales Per Pax came in €31, down Expected dividend yield 2.7%

2.7% YoY as anticipated. ADP reduced its 2026 recurring EBITDA guidance Expected total return 7.8%

from above €2.35bn to a range of €2.30-2.35 bn, which is better than Market Cap €11,103M

current consensus estimate of €2,258m. Management expects cost- US$12,643M

saving initiatives to generate €40-60m of benefits in 2H26, helping to

offset part of the traffic-related earnings pressure. ADP with the French

government have reached an agreement on a joint draft proposal on

2027-2034 ERA with minor changes in original proposal (details below) Ashish KhetanAC

which we believe would be key topic of discussion on the conference call +91-22-4277-5121

tomorrow. We see LSD upside to consensus EBITDA estimate for FY26. ashish.khetan@citi.com

1H26 Results: — Revenues came in at €3,219m, which was c3% ahead of company

compiled consensus largely driven by a 6% beat in International segment revenues.

EBITDA at €1,015m was c5% above consensus estimate of €967m. Net income at

€312m was ahead of cons est of €238m.

Outlook — ADP lowered its 2026 outlook to reflect the prolonged impact of the