Earnings call transcript: Groupe ADP Q3 2025 shows steady growth

Groupe ADP reported robust financial results for the third quarter of 2025, maintaining steady revenue growth and confirming its positive outlook for the year. The company achieved €5 billion in revenue for the first nine months, marking a 9.4% increase compared to the same period last year. According to InvestingPro data, the company has maintained impressive gross profit margins of 48.39% and demonstrated consistent profitability over the last twelve months. Despite the stable revenue, ADP’s stock saw a modest increase of 0.24% in pre-market trading, reflecting investor confidence in the company’s long-term strategy. The stock is currently trading near its 52-week high, with a market capitalization of $114.05 billion.

Key Takeaways

• Groupe ADP’s revenue grew by 9.4% year-over-year, reaching €5 billion.
• The aviation, retail, and international segments all reported revenue increases.
• ADP’s stock price increased by 0.24% in pre-market trading.
• The company confirmed its 2025 outlook and announced a dividend floor of €3 per share.

Company Performance

Groupe ADP demonstrated strong performance across its business segments, with notable growth in aviation, retail, and international sectors. The company’s strategic focus on enhancing operational efficiency and expanding its international footprint has paid off, as evidenced by a 4% increase in group traffic and a 3.5% rise in Paris traffic. InvestingPro analysis reveals the company maintains a strong financial health score of GOOD, with particularly robust profitability metrics. The completion of the CDG Evoque public consultation and the launch of a short connection pass with Air France highlight ADP’s commitment to innovation and customer service. For deeper insights into ADP’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.

Financial Highlights

• Revenue: €5 billion, up 9.4% YoY
• Aviation segment revenue increased by €106 million
• Retail and services segment revenue rose by €178 million
• International segment revenue grew by €149 million

Outlook & Guidance

Groupe ADP confirmed its outlook for 2025, with expectations for moderate traffic growth in 2026. Based on InvestingPro data, the company’s current P/E ratio of 28.23 and Fair Value analysis suggest the stock may be slightly overvalued at current levels. The company plans to announce its 2026 targets in February and is preparing for a new Economic Regulation Agreement starting in January 2027. A dividend floor of €3 per share has been set, reflecting confidence in future cash flow and profitability, supported by the company’s strong revenue growth of 7.07% over the last twelve months.

Executive Commentary

Christelle De Robillard, Group CFO, emphasized the company’s focus on value creation, stating, "Our focus is on value creation, not expansion for the sake of scale." This strategic approach aims to optimize existing resources and enhance shareholder value.

Risks and Challenges

• Potential impacts of political changes on international operations.
• Retail performance slowdown, with a slight decline in spending.
• Ongoing challenges in the Delhi airport market.
• Regulatory changes affecting airport tariffs and operations.
• Managing CAPEX and ensuring regulatory compliance.

Q&A

During the earnings call, analysts inquired about the challenges in the Delhi airport market, the reasons behind the retail performance slowdown, and potential impacts of political changes. The company’s management addressed these concerns, highlighting their strategic initiatives to mitigate risks and enhance operational efficiency.

Overall, Groupe ADP’s Q3 2025 earnings call demonstrated the company’s robust financial health and strategic foresight, positioning it well for future growth amid a dynamic global market.

Full transcript - Aeroports de Paris SA (ADP) Q3 2025:

Conference Moderator: Welcome to the 2025 nine-month revenue presentation of Groupe ADP. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing the pound key 5 on their telephone keypad. Now, I will hand the conference over to Cécile Combeau, Head of Investor Relations, to begin today’s conference. Please go ahead.

Cécile Combeau, Head of Investor Relations, Groupe ADP: Good morning, everyone, and thank you for joining us for our nine-month revenue presentation. I’m here with Christelle De Robillard, Group CFO, who will go through some prepared remarks before the Q&A session. Before we start, as usual, I remind you that certain information to be discussed on today’s call is forward-looking and is subject to risks and uncertainties that could cause actual performance to differ materially. For these, I refer you to the disclaimer statement included in our press release and on slide 30 of our presentation. I will now leave the floor to our CFO, Christelle De Robillard.

Christelle De Robillard, Group CFO, Groupe ADP: Thank you, Cécile, and good morning, ladies and gentlemen. Thank you for joining us to discuss our 2025 nine-month revenue. Let me now turn to slide three for our key highlights. The left part of the slide showcases two solid figures we have recorded over the first nine months, despite a demanding context, as I will comment later. Group traffic is up 4%, while consolidated revenue grew 9% to above €5 billion. This enables us to confirm our 2025 outlook and targets. On strategic matters, we continue to move forward on the key projects that will shape our competitiveness and long-term development. You already know about most of them. The Connex France partnership with Air France, which is delivering its first tangible results, including the short connection pass launched this summer.

The CDG Evoque public consultation completed in July, which has provided valuable insights for our long-term development plan for Paris CDG. Last but not least, our work towards the next Economic Regulation Agreement is progressing well. I’m pleased to announce that our proposal will be unveiled on December 10, marking the start of the formal process that should lead to a new multi-year regulatory agreement starting in January 2027. I will come back to this important topic in a few minutes. On slide four, a few words on our airport tariffs. On October 17, the group submitted its tariff proposal for 2026, corresponding to a 1.5% increase. As a reminder, our two previous tariff hikes for 2024 and 2025 have fully offset the impact of the infrastructure tax on the regulated scope.

We will now be awaiting the approval decision by the regulator within two months, as per the usual timeline. Let’s jump to slide six. Traffic in the nine months evolved broadly in line with our assumption, despite a less favorable context in some geographies. In Paris, traffic was up 3.5% year-on-year. That is a 2% growth in Q3. While domestic traffic remains on the decline, international traffic has been driving growth since the beginning of the year. Traffic with North America remains above 2019 levels, with growth normalizing at 2%. Traffic with Africa is up 5.5%, driven by VFR demand being well above 2019 traffic, reaching 121%. Traffic with Asia-Pacific, still in recovery, is the most dynamic, growing 8%, exceeding 90% of pre-COVID levels. Among these, China catches up, but capacities are not expected to increase further.

At the group level, trends are mixed but showcase strong underlying growth dynamics, up 4%, despite headwinds in some markets. Groupe ADP’s airport traffic is up 5%, especially driven by its international assets, while Turkey saw less dynamism. GMR Airports traffic grew by 3%, largely driven by Hyderabad, while Delhi faced a difficult Q2 and Q3, given geopolitical tensions, runway works, and the partial grounding of Air India fleet. Lastly, despite its unstable geopolitical context, AIG recorded a significant growth of 7.5%. Let me now turn to slide seven, retail performance. As mentioned, headline spend surpassed SPP at €31.3, 5.3% above 2023 levels, but down 0.3% year-on-year. After an outstanding Q1 and muted Q2, this confirms the sequential slowdown we had commented upon. As a reminder, our full-year outlook guided for an underlying 1% decline or growth in SPP versus 2024.

As discussed earlier this year, the cause of this trend is twofold. Previously flagged effects inherent to Groupe ADP’s 2025 situation, the adverse comparison against the Olympics-driven advertising in 2024, ongoing works in Terminal 2EG, and reopening of terminals with lesser retail performance, but also external headwinds, namely the slowdown in the luxury sector driven by the appreciation of euro against foreign currencies and adjustment in brand pricing policies. Observing these transitory effects, we stand cautious but remain confident in our underlying retail strategy and offering. Moving on to slide eight, revenue reached just above €5 billion in the first nine months of 2025, a solid growth of 9.4% compared to the same period in 2024. This increase is driven by various trends in each of our segments. In Paris, the aviation segment is up €106 million, reflecting both our tariff hike and the continued traffic growth.

The retail and services segment is up €178 million, which is largely due to scope effects from the acquisition of PS and PEG in late 2024. Excluding those effects, the segment saw subdued growth due to the headwinds I mentioned and the end of reinvoicing linked to line 14. International is up €149 million. TAV Airports delivered double-digit revenue growth thanks to its international assets and services companies, while AIG continued its recovery despite geopolitical tensions. Now, let’s go through the outlook. Quickly on slide 10, to confirm our outlook for 2025 unchanged since the last publication. You have already noted the reaffirmed statement of the dividend floor of €3 per share for 2025. Looking forward, I can highlight that our 2026 outlook and targets will be provided upon our 2025 full-year publication in February next year.

Now on to slide 11, to conclude this presentation with a word on our next Economic Regulation Agreement. We can now share a clearer timeline for the start of the process. Groupe ADP will release its public consultation document on December 10, which will officially kick off the negotiation and approval process. The rest of the timetable remains unchanged. Discussion with the French state and regulator’s opinion will unfold in 2026, with the objective to launch the new contract in January 2027. To give you a comprehensive view of our industrial project and the key assumptions, parameters, and causes of our proposal, we will host an investor teaching in Paris on December 11. This half-day meeting will feature a plenary session followed by deep-dive workshops with management and plenty of time for Q&A and direct exchanges.

The plenary will be livestreamed for those who cannot attend in person, but we very much hope to welcome many of you in Paris and discuss the details of our proposal face-to-face. That’s all for this section. Let’s now open the line for your question.

Conference Moderator: Ladies and gentlemen, if you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Eric Lemarié from CircAsie Market Solutions. Please go ahead.

Yes, good morning, first of all. Thanks for taking my question. I got three, if I may. The first one on India. Maybe could you update us on Delhi and the difficulties the airport is currently dealing with? Do you see a better Q4, in particular for Delhi? What about Noida Airport? I think it is open now. Are you still comfortable with the situation and with the competition from Noida? Do you see any risks there? My second question on Xtime. Could you maybe tell us more on your guidance given the performance so far in 2025? How do you see Q4 so far? The last question on the regulation. Do you see the current political situation as a risk for your future economic agreement negotiation? Maybe a risk of delay? I don’t know.

In particular, would it be an issue for you if the Minister of Transport, for instance, changed sometime in 2026? Thank you.

Christelle De Robillard, Group CFO, Groupe ADP: Thanks, Eric, for all these questions. Maybe beginning with India and the Delhi difficulties. Indeed, there were some conjunctural difficulties in Delhi regarding the traffic over the past few months, but this is something more conjunctural, as I highlighted in the presentation, especially, unfortunately, the impact of the crash of Air India, which leads to have some check on the aircraft. The second element, some works on the runways, which are now finalized and should help to increase the traffic in the months to come. Lastly, some geopolitical tension due to the conflict with Pakistan, which can also lead to decrease the traffic. All in all, we are confident that all of these elements are more conjunctural and that we will have still an important exposure to traffic growth in the midterm. Regarding your second question in India for Noida, this is not the airport is still open.

It will be the case in a few weeks. Just to remind you that Noida Airport is located 75 kilometers from Delhi City Center, which implies a two or three-hour journey by car, so not so easy. With an initial capacity of 12 million passengers, it will primarily address the catchment area located in its direct vicinity, like Noida and other cities from the state of Uttar Pradesh. With the opening of the new Terminal 1, Delhi Airport has a 100 million passenger capacity. Airlines do not have any development constraints in Delhi Airport. Noida Airport, as for itself, may primarily host some freight flights and short haul flights operated by regional or low-cost airlines. All in all, we are confident that there won’t be any impact on Delhi traffic due to competition.

Regarding your second question in terms of retail, indeed, there was a slowdown this Q3, especially due to the luxury sector impacted by the significant euro appreciation against the US dollar first, but also against Chinese renminbi. That leads to have our prices much less competitive in this context. All the more, as brands have not readjusted fully their pricing and prefer to maintain momentum in the local markets impacted by this FX move. Conversely, we can also notice at the same time that there is a strong momentum in categories driven by Xtime, especially beauty. On top of this macroeconomic element, there is also the impact of specific elements due to Groupe ADP previously flagged and supportive headwinds.

I mentioned in my presentation the rebasing of advertising post-Olympics, the works in Terminal 2 EK, the full-year impact on summary of opening of some terminals which are less performant in terms of retail. All in all, our performance is consistent with the outlook for the full year, and we have confirmed our guidance, which is a growth between 4% to 6% compared to 2023. Lastly, on your question regarding regulation, clearly, we do not expect the current political context to affect the ERA discussion, which are, you know, more technical discussions than political ones. We are still in a position to have technical discussion with the different technical services. Regarding specifically the regulator, as you know, it’s an independent authority, so clearly no issue here.

Regarding your specific question of the Transport Minister, we are confident that there is continuity of the state so that there will always be a government representative to sign an ERA. Thank you.

Thank you.

Conference Moderator: The next question comes from Andrew Lobbenberg from Barclays. Please go ahead.

Hi. Can I ask two questions? Just coming back to that last point on regulation where you say that you think that the ERA debate is technical. When you present your plan to us on the 10th of December, it will reflect plans to expand the airport. Surely, decisions over airport expansion are not technical, but they are policy. You know how highly any one government weights the environmental agenda compared to a growth agenda or something like that does become very political. I’d just be curious to see what you say to that. My other question again, sorry, it’s going to come back to the retail. It seems that you guys have been guiding us to expect weakness in your sales per passenger for about a decade because of 2AC and 4K. It never came, and it never came, and it never came.

Suddenly, this quarter, we do see that weakness. I’m just wondering about the timing of these headwinds. Is it that they’ve just started appearing and we should expect the headwinds to be material for the coming quarters? Or perhaps is it the case that the headwinds have been there in previous quarters, but underlying trading was so strong that it overcame them? How should we think about the timing or the duration of the headwinds on retail? Thanks.

Christelle De Robillard, Group CFO, Groupe ADP: Thank you, Andrew, for your question. You’re totally right. The discussion around capacity expansion is not technical and can have some political impact. For that, we are totally confident because, as you know, we have shared and we have launched over the past few months two consultations regarding the target vision both for Air France and CDG. Speaking specifically of CDG, the consultation generated over 20,000 contributions across more than 700 municipalities, giving us a clear view of stakeholders’ expectations and the long-term vision for 2050. We can consider that this political debate has already been addressed through this consultation. We have different priorities that have emerged from this consultation: mobility and intermodality, quality of service, accessibility, sustainability and low-carbon energy, and local integration and employment. All this insight that we have received directly feeds into our industrial roadmap, strengthening our priorities, environmental ambition, passenger experience, and territorial integration.

All this process that we have voluntarily conducted reinforces the legitimacy of our future ERA proposal as it demonstrates broad stakeholder engagement and secures common alignment on our long-term priorities. That’s why we are kind of confident on this political debate. Regarding your second question in terms of retail and the specific headwinds for Groupe ADP, indeed, we have spoken of these headwinds for a long time, but clearly, we now really begin to feel the impact. The work at 2EK will spread over a long period since the boarding lounges will be renovated in a second phase. Just to say that works in Terminal 2EK will be continuing in 2026. We have just begun a new phase of work leading to the closure of the beauty and cosmetics area.

Some boarding gates are closed due to construction work, as I mentioned, which will lead to transfer to all L and M of the terminal, which will continue to have an impact. There will still be clearly an impact on those headwinds in the months to come. Thank you.

Cécile Combeau, Head of Investor Relations, Groupe ADP: Thanks.

Conference Moderator: The next question comes from Dario Maglione from BNP Paribas. Please go ahead.

Hi. Good morning. Thanks for taking my questions. I have three, if I may. First one, based on the consultation, the outcome of the consultation for Charles de Gaulle expansion and works, and you published that in the beginning of this month. Shall we expect some major works to road access or rail access to the airport? Will this be included in the CAPEX for the next regulatory period? Second question, still related to what’s coming in terms of regulation. Of course, there are debates in France about the French corporate tax rate. How would you deal with this uncertainty in the next regulatory period? Third question, about traffic, which in Paris, which in September was quite weak. If you can explain why. What shall we expect for the winter, also based on the plans by airlines? Thanks.

Christelle De Robillard, Group CFO, Groupe ADP: Thank you for these three questions. Beginning with the consultation of CDG, as I mentioned, it’s generated many, many contributions, and we have already tried to feed those feedbacks in our industrial roadmap. Regarding specifically your question in terms of road access, no, that’s not a major part of our industrial project. We will give you much more color, and this will be the whole point of the presentation in mid-December. Clearly, there is not the same topic as it used to be the case, sorry, when we were talking of a brand new Terminal 4, which led to an important investment in terms of road access.

Regarding your second question of the French corporate tax and the impact it can have on regulation, just to tell you that the regulated work we are taking into account is based on the current corporate tax rate, excluding any temporary surcharge or one-off additional contribution. For the next economic regulation, you know that this work will be fixed over the entire duration of the ERA. Of course, we are totally aware that given the current context in France, we could be exposed to tax volatility. That’s why we are exploring adjustment mechanisms that could partially offset any gap between the forecast and actual tax burden. Let’s have this conversation more in detail on the 11th of December. Cécile, you want to take the third one?

Cécile Combeau, Head of Investor Relations, Groupe ADP: Yeah. On September traffic, indeed. As we pointed out in previous disclosure, we were expecting a progressive softness in traffic evolution. In September, what you might have noticed in particular is in CDG reflects mainly capacity reallocation, not an issue regarding underlying demand. Several airlines actually reduced or shifted some traffic from Schengen and North America, which were previously allocated to CDG to Orly, and they did that after the summer. That’s what is reflected in the September traffic. That weighed on CDG’s short haul traffic while long haul growth, North America and Asia, kind of paused at the same time, reflecting here as well some elements that we had largely commented upon. These capacity evolutions are seen as short-term adjustments.

Comparison as well for the rest of the year will ease towards year-end because ATC disruptions that you had seen at the beginning of the year, as well as Middle East tensions from the late of last year, 2024, will fade from the comparison basis, improving the comparison. Thank you.

Thanks.

Conference Moderator: The next question comes from Tobias Fromm from Bernstein. Please go ahead.

Good morning. I have two questions, please. One more on retail. Xtime beauty segment, duty-free was essentially flat year-over-year in Q3. Just to sort of quantify what you had said before, is that the trajectory that we should expect also for Q4 and maybe going into 2026? The second one on aviation. Your tariff increase proposal for 2026 is 1.5%, which you know we all expect to sign off, which very simplistically gives us a unit revenue increase by 1.5% for sort of airport fees. Could you give us a steer on how you see aviation OPEX operating cost on a per unit base evolving in 2026? Thank you.

Christelle De Robillard, Group CFO, Groupe ADP: Thanks for this question. Clearly, regarding the SPP, we remain confident but conscious of the macro environment that could still play on the performance and impact the performance for the rest of the year. Looking forward in 2026, it’s a little bit early to comment. As I was mentioning, the specific headwinds that weigh on Groupe ADP performance will be continuing in 2026, especially the works in Terminal 2AK. As I was mentioning, we are entering a more important phase in terms of works with the closure of the beauty and cosmetics area. That should also weigh on 2026 performance. For the rest of the year, for 2025, we are, nevertheless, totally confident in our capacity to reach the guidance, which is a growth between 4% to 6% growth compared to 2023.

Regarding your second question, in terms of the increase in tariff and the link with the evolution in terms of OPEX, as you know, the main driver of our OPEX basis is the opening of new infrastructure and the surfaces. Having said that, when you look specifically on each of our items, external services, the evolution will be driven by the increased burst in traffic growth for specific items and also our efforts towards quality of service. Regarding also the staff cost, which is an important item in our OPEX basis, it should remain dynamic in Paris, reflecting both the structural salary increase baseline of 2.5% as you know, on average per year, as well as the impact of the last recruitments we made over the past 12 months.

Regarding the specific items in terms of taxes, we will continue to follow the impact of the finance project bill that could have an impact, but it’s clearly too early to say as the process is ongoing. All in all, the proposal we made with a tariff increase of 1.5% is in line with our OPEX evolution assumption for 2026. Thank you.

Thank you.

Conference Moderator: As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Cristian Nedelcu from UBS. Please go ahead.

Hi. Thank you very much for taking my questions. Maybe can I start one with the CAPEX for the next regulatory period? I think in the press release last night, you mentioned that during the consultations, the stakeholders appreciated your modular approach to CAPEX. Are you trying to signal here that there will be no meaningful CAPEX increase over the next years? It’s rather a very lengthy that the CAPEX comes gradually over the years. We know no meaningful increase. Is this what you’re trying to say? Secondly, just could I ask you for a bit more detail around the tariff increase for next year? Can you tell us what’s the actual regulatory return you’re expecting to achieve this year? My impression was that you will be very close to the WACC upper limit of the regulator.

In that context, I’m trying to think how does the math work for next year? You’re going to have traffic growth of a couple of percentage points. You’re asking for a 1.5%. That suggests to me your regulatory return goes up even further. Is your hope the WACC increases for next year already, or am I missing any other moving parts there? Can I also ask you, looking at the next regulatory period, there’s a lot of adjustments that you’ve been talking about, adjusting for risk, adjusting for traffic risk, potentially for the tax rates. I think in the past, there are also adjustments for the CAPEX that you generate or some buffers in place to protect you. I guess my question is all that the more adjustments we put in there, the lower the WACC at the end of the day.

I guess my question is, how do you think about balancing the risks that you are willing to take over the next regulatory period versus the rewards, which comes via a higher WACC and a higher tariff? If you could talk a bit about the approach there. Thank you.

Christelle De Robillard, Group CFO, Groupe ADP: Yes. Thank you for this suggestion. Beginning maybe with the first one in terms of CAPEX. Yes, clearly, as you mentioned, we have a modular approach. We have a totally different approach than the one we had before the COVID crisis to have an industrial project, more modular, more feasible, to build inside the existing, to find capacity inside the existing capacity first before going and expanding new capacity outside the existing terminal. Having said that, regarding your question of if there is no meaningful CAPEX increase, as you know, it’s a little bit early to comment on a precise figure. Having said that, we have always mentioned that we will have important commitments in terms of maintenance, especially because of the aging of our infrastructure. We will have also all the investment dedicated to new capacity. All in all, we know that the investment will be kind of important.

Let’s discuss our proposal and the precise figure on the 10th of December. Once again, it’s not easy to give you a precise figure for the CAPEX without giving you the full picture and especially the way they are financed. This will really be the objective of the public consultation document to give you a comprehensive view on the economic balance. Regarding the tariff increase and the expected return on roadshow, as usual, you know, we don’t disclose our expectation in terms of roadshow for next year. Having said that, the underlying WACC used for this 2026 tariff proposal is consistent with the regulator WACC methodology. This is important to ensure constructive dialogue with the regulator while securing a tariff approval within the current one-year framework, which is the last one before the future multi-year framework.

The parameters we have taken into account for 2026 tariff approval are not indicative of the level that we will apply for the Economic Regulation Agreement. In regulator view, the level of WACC and the, sorry, regarding your third question and the way we can balance the risk and the higher WACC, in regulator view, the level of WACC and adjustment factor are not linked. In the methodology of the regulator, there is an approach regarding the quantitative estimation to calculate each parameter. On top of this quantitative approach comes some qualitative criteria. In those qualitative criteria, there is no link with the adjustment factor. On the contrary, in those qualitative criteria, I think it’s important to remind that the duration of the ERA and the fact to be in a multi-year approach leads to higher WACC at the end of the day.

Yes, we are working and exploring some specific works on the adjustment factor so as to have a fair sharing of the ring as much as possible. At the end of the day, our objective is to reach a balanced outcome, to have the right industrial project by the right return condition, to ensure at the end of the day that the capital invested is fairly remunerated with a fair level of WACC, while at the same time keeping the system sustainable for all stakeholders. All the work on the adjustment factor are part of this objective to reach a balanced outcome. Ultimately, all parties in this negotiation have the same goal, a framework that enables the delivery of the right infrastructure at the right cost. We are confident that we will find this alignment.

Thank you. Thank you very much. If you allow me, could I ask a quick last one in terms of capital allocation? A few quarters back, you were talking about potential M&A in developing markets if interesting opportunities arise. Is that still something in the plan for the next years? Does the current investment in Paris mean that that is out of the question? Thank you.

Yes, thank you for this additional question. Regarding our M&A policy, as you know, and this has always been the case, we remain disciplined and selective. Our focus is on value creation, not expansion for the sake of scale. Clearly, should we look at some new opportunities, we would analyze very carefully the impact on our balance sheet, the impact on our balance sheet, and the impact in terms of rating. It’s something important for us, and this strategy will remain the same in the future.

Very much.

Conference Moderator: The next question comes from Ashish Ketan from Citigroup. Please go ahead.

Good morning, everyone. Thanks for taking my question. Can you please help us provide some early thoughts on the traffic growth for Paris in 2026? My second question is with regards to TAV. You mentioned that traffic growth has been slower in Turkey so far. How do you see that evolving in Q4? Thank you.

Christelle De Robillard, Group CFO, Groupe ADP: Okay. Thanks for these two questions. Regarding the traffic growth in Paris in 2026, maybe just a word before regarding the end of 2025. Just to remind you that we expect to have trends similar to those we noticed in the last few months. This means, as I mentioned in my presentation, sequence will slow down in traffic growth because there is a comparison basis that was easier earlier in the year because of air traffic modernization system at the beginning of 2024. Secondly, French domestic traffic should remain down, as you saw at the end of September, and international traffic should remain also the growing factor. Having said that, we expect also this same trend in terms of domestic traffic and international traffic for 2026. At this stage, non-winter capacity is encouraging to this outlook and for further progression into 2026.

We remain, of course, attentive as airlines are just at the moment setting up their schedules and adjusting them to actual demand. All in all, we confirm our guidance for 2025, but we should be in a position to give you more precise 2026 outlooks during our full-year 2025 results because we will have more visibility by then. Maybe on the second question, I’ll let Antoine answer.

Thank you. On your question regarding traffic in TAV, just coming back to 2025 figures, we saw indeed a relatively soft performance in Turkish assets, first due to a tougher comparison basis at the start of the year with the weather effect, and followed by a deterioration of macroeconomics, strong inflation in the country, and geopolitical events, a combination of which affected both domestic and international traffic. Conversely, traffic in TAV’s international assets, Georgia and Almaty, remained quite strong. Looking forward, we do expect some growth in TAV traffic for the rest of the year and 2026. With macroeconomic policies being stable in Turkey, we expect some growth to happen, probably moderate. We remain very confident also in the performance in the international assets, again, Georgia and Almaty for the traffic of TAV.

Thank you.

Conference Moderator: The next question comes from Dario Maglione from BNP Paribas. Please go ahead.

Thanks for allowing me to ask some follow-up questions. I have two quick ones. One on the Terminal 2EK. Can you confirm when you expect the works to finish? You said 2026, but when should the work finish? What are you exactly doing there and why? What kind of uplift could you expect in terms of passenger? My second question, on the budget under discussion in France, is there any discussion about changing the rate on infrastructure tax that would impact an ADP bounce in a flash? Thanks.

Christelle De Robillard, Group CFO, Groupe ADP: Yes. Thank you for these two additional questions. Regarding Terminal 2EK, as I mentioned, and as you understand, we have talked about that for long. It can seem long, but clearly, the work will still spread over a slightly longer period. In 2026, all those works will continue. As I explained, we are entering a new phase, which could have more impact because we are closing the beauty and cosmetics area. It should last over 2026. We don’t disclose a specific impact in terms of uplift, but maybe more generally, what I could say is that Xtime is clearly central to our retail and hospitality strategy. It will still continue to play a central role in driving our profitability.

Regarding your second question, in terms of possible changing evolution in terms of rates of tax infrastructure, maybe just to give you a global overview, given the current composition of the parliament, this year’s finance bill debate will be especially volatile. There are plenty of measures that will be put forward, amended, or canceled between now and the final text. There was to be a clear specific amendment two days ago on a possible evolution of this tax rate regarding tax infrastructure. As the whole text was not adopted so far in the current version, there is no evolution regarding that. Of course, we will continue to monitor all those elements and their potential impact. It can really change between the current version and the final version.

Thank you.

Conference Moderator: Thank you, ladies and gentlemen. That concludes our Q&A session. I give the floor back to the speakers for any closing comments.

Cécile Combeau, Head of Investor Relations, Groupe ADP: Thank you all for joining and for all your questions. Our next major communication milestone will come in December, as you all noticed, with the release of our ERA proposal and the investor teaching on December 11th. We truly hope to see many of you in person in Paris on that occasion. It will be a great opportunity to engage and discuss our project in more detail. Invitations allowing you to register for the teaching will be sent out in the coming weeks. Before that date, and in line with our disclosure policy, we will enter a quiet period starting November 11th, included ahead of the publication of the public consultation document. During this period, we will refrain from engaging with the market in order to avoid the risk of disclosing any sensitive information.

Of course, until then, Elliot and I at the Investor Relations team will remain fully available to answer your questions if you have any. Don’t hesitate to reach out. With these few housekeeping remarks, let me thank you again for your time and wish you all a very good day. Talk to you soon.

Conference Moderator: Thank you for your participation. You may now disconnect.

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