Retail performance outstrips passenger traffic growth at Paris airports in 2024

FRANCE. Groupe ADP has reported solid financial results for 2024, with Retail and Services division revenue at its Paris airports climbing by +9.3% year-on-year to €1,930 million. This outstripped the +3.7% rise in passenger traffic to 103.4 million at Paris Charles de Gaulle and Orly airports.

Within the commercial performance, revenue from Extime Duty Free Paris increased by +8.3% to €819 million, with Extime Travel Essentials Paris up +52.5% to €180 million. Both are ADP partnerships with Lagardère Travel Retail. Higher footfall and new store openings played a part, said ADP. EBITDA within Retail and Services slipped by -5.5% to €735 million.

Spend per passenger at the group’s retail and hospitality outlets (under the Extime Paris brand) grew +4.9% year-on-year to €32.10, and reached an impressive high of €87.60 in the renovated Terminal 1 (international area).

The company cited a “solid global performance in beauty & luxury, though showing contrasted trends at brand level”, while advertising income outperformed ahead of and during the 2024 Paris Olympic Games.

Group revenue hit a record high of €6,158 million, up +12.1% year-on-year, with recurring EBITDA up +5.7% at €2,068 million, ahead of target and aided by the performance of TAV Airports. Passenger traffic groupwide rose by +8.1% to 363.7 million.

Net profit almost halved in the year to €342 million but excluding one-off items rose +15.6% to €638 million.

Looking to 2025, traffic forecasts for Paris Aéroport are unchanged with +2.5% to +4% growth forecast. Spend per passenger for Extime Paris in 2025 is now expected to grow between +4% and +6% versus 2023 (as compared to between +3% and +5% previously predicted. For recurring EBITDA, the outlook was confirmed for annual growth of over +7% in the year ahead.

Groupe ADP Chairman and Chief Executive Officer Philippe Pascal (who has just succeeded Augustin de Romanet in the role) said: “Groupe ADP is once again reporting strong financial metrics. All its 2024 objectives have been met. Consolidated revenue rose by +12.1% to an all-time high of €6.2 billion. Recurring EBITDA topped €2 billion for the first time, climbing +5.7% despite the introduction of the long-distance transport infrastructure tax in France in 2024. The fall in net attributable income is due to a one-off accounting impact that will not recur in 2025.

“2025 marks 80 years since the company was founded. Our strengths and solid teams stand us in good stead for the future. We intend to increase our investment in infrastructure, underpinned by a long-term vision.

“I want to unite all airport and regional stakeholders around a common project set to forge a new industrial and human dynamic. It’s with this in mind that we are launching work to prepare for a new Economic Regulation Agreement. Implementation of this agreement at the beginning of 2027 will enhance visibility and heighten the need to deliver operational performance.

“Our two other priorities will be securing the financial contribution of our international activities along with the development of the Extime model – both in Paris and internationally.”