ADP: strong increase in profit in H1

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THE airport manager ADP presented half-year revenue up by 26.9% and a winning group share net profit 31.8% to 211 million euros. A result in line with forecasts but which disappointed analysts. The 2023-2025 assumptions in terms of finance or traffic are confirmed.

In its presentation of the results for the first half on July 27, 2023, ADP unveils a turnover at €2.545 billion up 26.9%, “under the effect of the increase in traffic, both in Paris and internationally, and the strong momentum of commercial activities”, with Extime Paris revenue per passenger reaching €29.6 (+€4.1 compared to last year, +€7.1 compared to H1 2019). EBITDA reached 863 million euros, up 22.9%; the EBITDA margin at 33.9% of turnover “reflects the combined effect of the seasonal nature of the activity, the trend in current expenses, and a normalization of Almaty’s performance” .

ADP posted current operating income of €449 million, up 31.6%, and net income Group share (NIPG) of €211m, up 31.8%. Net financial debt: is at 8.089 billion euros, “i.e. a debt ratio of 4.3x EBITDA over 12 rolling months”.

The group confirmed in the wake of its “traffic hypotheses, forecasts and financial objectives for 2023-2025”.

Augustin de Romanet, Chairman and CEO, said: “ The results for the first half of 2023 are in line with our expectations. Since the beginning of the year, we have welcomed 155.4 million passengers throughout our airport network, including 47.1 million in Paris (…). The Group’s activities are, by nature, seasonal activities alternating peaks in traffic at our airports during holiday periods and weeks of more moderate traffic. Post-covid, as activity resumes, we are seeing in the offer of airlines a strengthening of the effect of seasonality could further boost performance in the second half. Our assumptions remain unchanged with expected traffic in 2023 up to 93% of 2019 level at Paris Aéroport, and at a level close to that of 2019 at group level. Our financial forecasts are confirmed, with an EBITDA margin expected this year between 32 and 37% of sales “.

The leader added: I would like to salute the commitment of the Groupe ADP teams who, in a demanding context, mobilize their expertise and their sense of hospitality to prepare thehosting major sporting events to come to France, and for the continuation of the decarbonization of aviation with the 2025 Pioneers roadmap. During the summer of 2024 in particular, it is in our airports that for many the Games will begin and end: it is a magnificent challenge for the entire airport community as well as for our territories, and a unique opportunity to testify of our know-how and our commitment “.

ADP: strong increase in profit in H1 1 Airlines and Destinations

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