ADP Shares Jump 15% on GMR Sale Gain
Aeroports de Paris SA (ADP) saw its shares rise as much as 14.9% in early trading on 30 July 2026, reaching the highest intraday level since 17 December 2025. The rally followed the release of first‑half 2026 results that showed a sharp improvement in profitability.
Attributable net income for the first half climbed to €312 million, nearly three times the €97 million recorded a year earlier. The surge was driven primarily by a €257 million capital gain realized on the partial disposal of a 3.4% stake in GMR Airports Ltd, a transaction agreed on 23 April 2026.
Revenue increased 1.6% year‑on‑year to €3.22 billion, supported by a 3.0% rise in the Aviation segment, which generated €1.07 billion. Recurring EBITDA slipped 1.0% to €1.02 billion from €1.03 billion, while personnel costs rose 9.8% to €729 million, reflecting higher wages in Turkey at TAV Airports and the implementation of a compensation reform at ADP.
Net debt stood at €9.05 billion as of 30 June 2026, up from €8.63 billion at the end of 2025, pushing the net‑debt‑to‑recurring‑EBITDA ratio to 3.9× from 3.7×.
The company revised its full‑year 2026 outlook, citing the prolonged conflict in the Middle East. It now expects annual traffic growth at Paris Aeroport of around 0.5%, down from the previous 1.5%‑2.5% range, and forecasts full‑year recurring EBITDA of €2.30‑2.35 billion, slightly below the earlier guidance of more than €2.35 billion. The net‑debt‑to‑EBITDA ratio is projected to be about 3.8×, compared with a prior target of 3.7× or lower.
ADP announced cost‑saving initiatives implemented since the second quarter, including adjustments to outsourced services, reduced discretionary spending, more selective recruitment, and postponement of non‑critical projects. These actions are expected to generate savings of €40‑60 million, mainly in the second half of 2026.
Group traffic rose modestly 0.2% to 179.2 million passengers, while Paris Aeroport traffic increased 0.5% to 51.6 million passengers. Average spend per passenger at Paris Aeroport fell 2.7% to €31.0 from €31.9.
ADP also disclosed an agreement with the French government on a draft Economic Regulation Agreement for 2027‑2034, which includes an €8.2 billion investment programme over eight years and caps any increase in airport charges at an average of 2.1 percentage points above the harmonised consumer price index.
The dividend policy remains unchanged, with a payout ratio of 60% of attributable net income and a minimum dividend of €3 per share.
Chairman and Chief Executive Officer Philippe Pascal said the group delivered a resilient first‑half performance despite the challenging geopolitical environment, highlighting that the attributable net income was three times higher than in the first half of 2025, largely due to the gain from the GMR stake disposal.