FRANCE. Groupe ADP today reported consolidated revenue for the first quarter of 2026, with the figure of €1,472 million down by -0.9% year-on-year. Separately, the airports group has agreed the sale of a partial stake in GMR Airports back to partner GMR Group in India (see below).
Commenting on Q1 performance, ADP blamed the conflict in the Middle East and its impact across business segments.
This included Retail and Services, for which revenue slipped -1% to €484 million. Within this, revenue from retail activities alone was down -6.3% to €310 million.
Key factors included a fall in revenue from Extime Duty Free Paris (-5.8%) and from Other Shops and Bars and Restaurants (-8.8%), which were each affected by works in some terminals, the appreciation of the Euro compared to the beginning of 2025, a slowdown in growth in the luxury goods sector, and during March, reduced traffic to and from Middle Eastern countries. Against this backdrop, revenue from Extime Travel Essentials rose €2 million, supported by some retail area openings and renovations.
Group passenger traffic climbed by +2.3% year-on-year to 83.9 million. Within this, traffic at the major Paris airports rose +2.6% to 23.6 million.
The key figure of spend per passenger across commercial channels at Extime Paris slipped -5.7% to €31.50.
Groupe ADP Chairman & CEO Philippe Pascal said, “During the first quarter of 2026, Groupe ADP demonstrated good resilience. Despite the crisis in the Middle East, Group-wide traffic grew by +2.3% compared with the same period in 2025.
“In the context of a sudden and rapid deterioration in the geopolitical and economic environment, which weighed on our retail and international activities, consolidated revenue was down 0.9% to €1,472 million. The current economic climate is accompanied by unfavourable exchange rate impacts, which weighed on our retail activities.
“We are closely monitoring how the geopolitical situation is unfolding and the potential impact on air transport in the short, medium and long term. At this stage, and in the light of recent trends, the savings measures initiated by the Group and the assumption that disruptions will be short-lived, we confirm our forecasts and financial objectives for 2026.”
To add context, traffic between Paris airports and the Middle East amounted to 5.7 million passengers in 2025, or 5% of traffic in Paris. In addition, customers travelling to the Middle East account for 11.5% of sales in airside stores.
For TAV Airports, Middle East traffic amounted to 7.9 million passengers, or 7% of passengers. For GMR Airports, traffic from the Middle East represented around 8% and 11% of passenger traffic at Delhi and Hyderabad airports respectively. At Amman Airport in Jordan, traffic to destinations in the Middle East accounted for 75% of traffic.
In other moves, on 24 April Groupe ADP agreed to sell part of its stake in GMR Airports Ltd to GMR Group in three separate arrangements. First is a 3.4% stake sale for €256 million. GMR Group has also been granted call options and Groupe ADP a corresponding put option, exercisable respectively for the acquisition and sale of shares representing 3.9% of GMR Airports’ share capital for an estimated amount of €285 million.
Any sale resulting from the exercise of these options must be completed by 30 April 2027, at the latest. Third, the early purchase by GMR Group of convertible bonds for a nominal amount of €301 million, plus accrued interest at the date of sale, which will take place no later than 31 March 2027.
Pascal added that the partial sale of ADP’s stake in GMR Airports, six years after its acquisition, will enable the company “to crystallise part of the value created with our partner GMR Group, while retaining significant economic exposure to the high-potential Indian aviation market”. ✈
