FRANCE. Groupe ADP has revealed first-half results to 30 June, with Retail & Services revenue climbing by +12.4% year-on-year to €1,039 million.
Within this, revenue from retail (which includes airside and landside shops, bars and restaurants, banking and foreign exchange, advertising and car rental) leapt +24.5% to €717 million. The increase compared favourably to the +4.5% rise in passenger traffic at Paris airports Charles de Gaulle and Orly to 51.3 million. At group level, passenger volumes hit 179.1 million, up +5.1%.
The Extime Duty Free Paris business (a joint venture with Lagardère Travel Retail) posted a +6.5% revenue rise to €407 million, while Extime Travel Essentials Paris (also a Lagardère JV) delivered a +9.8% increase to €90 million.
The airport company said that retail continued to grow despite a series of localised and wider market headwinds.
These include a negative rebasing effect from the opening of Paris CDG Terminal AC in mid-2024; upgrading work continuing in T2E Hall K; a normalisation of advertising and essentials income after the highs delivered around the Paris Olympic Games plus a slowing of luxury sales momentum in Q2 after a strong Q1. This was caused by “unsupportive currency effects from US Dollar and Chinese Yuan, and varied trends at brand level,” said ADP.
A key contributor to the retail performance came from hospitality and other revenue, which surged more than fourfold to €119 million. This was mainly due to the consolidation of P/S and Paris Experience Group acquisitions since the end of last year, after their purchase in October 2024.
Extime Paris spend per passenger reached €31.90 in the half, up by +0.5% year-on-year but +7.7% higher compared to 2023. For the full year, ADP confirmed its target of a +4% to +6% rise in SPP compared to 2023, with the target figure of €32.40.
Group revenue climbed by +9.6% to €3,163 million with recurring EBITDA up +8.7% to €1,025 million. Excluding one-offs, net income fell -41% to €171 million, though the reported result was €97 million compared to €347 million a year ago.
Click here for the latest results from TAV Airports and here for GMR Airports, in each of which ADP has a major shareholding. ✈
