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Investing.com -- Aéroports de Paris (EPA:ADP) stock dropped 4.2% on Thursday after the airport operator reported mixed second quarter results, highlighted by a rare 1% year-over-year decline in Extime spending per passenger (SPP) performance.
The company on Thursday posted EBITDA results that were 2% below consensus estimates but 1% above Morgan Stanley (NYSE:MS) expectations, with an unfavorable business mix contributing to the underwhelming performance.
The Retail and Real Estate segments missed projections, while Aviation and TAV Airports delivered better-than-expected results.
Despite the mixed operational performance, Aéroports de Paris generated solid free cash flow, benefiting from lower capital expenditure and tax payments, along with improved net working capital management.
Groupe ADP reported a 9.6% rise in first-half revenue to €3.16 billion, supported by passenger growth and steady retail spending, though net income was weighed by exchange rate volatility and one-off tax charges.
Recurring EBITDA rose 8.7% to €1.03 billion. The company said it recorded 179.1 million passengers across its airports in the first half of 2025, up 5.1% from a year earlier.
Traffic at Paris Aéroport grew 4.5% to 51.3 million passengers, while spend per passenger in the Extime Paris retail segment edged up 0.5% to €31.9.
Attributable net income came in at €97 million, as previously flagged, after a €104 million non-cash hit from exchange rate fluctuations, mainly in the Turkish lira and Indian rupee, and a €64 million temporary tax charge under France’s large corporation tax rules.
The group confirmed its 2025 traffic and financial targets and said it is adjusting its dividend policy by adding a €3 per share floor while maintaining the 60% payout ratio.
Net debt stood at €8.7 billion, with a net debt-to-EBITDA ratio of 4.0 times.