Groupe ADP closed 2025 with record group-wide traffic and its strongest EBITDA performance in years, then used the first half of 2026 to reshape its international portfolio and secure the regulatory foundation for its next investment cycle in Paris. A landmark partial sale of its stake in India's GMR Airports, a finalised €8.2 billion Economic Regulation Agreement (ERA) with the French State, and a resilient but more cautious first half of 2026 define the Group's current trajectory.

Group traffic reached 379.0 million passengers in 2025, up 4.2% year-on-year and 110.9% of 2019 levels [S1]. Paris Aéroport (CDG and Orly combined) carried 107.0 million passengers, up 3.4%: CDG reached 72.0 million (+2.5%, 94.6% of 2019), while Orly hit 34.9 million (+5.5%, nearly 110% of 2019) [S1]. Internationally, TAV Airports served a record 113.1 million passengers (+6.3%) and GMR Airports 121.3 million (+3.0%) [S1].

Financially, Group consolidated revenue rose 8.9% to €6,704 million, recurring EBITDA grew 12.3% to €2,322 million (a 34.6% margin), and attributable net income rose 11.7% to €382 million [S2]. Net debt stood at €8,625 million, with net debt/EBITDA improving to 3.7x from 4.2x [S2]. Extime Paris retail spend per passenger held at €31.7, and all 2025 financial targets were met [S2].

H1 2026 brought a more mixed picture. Group traffic was roughly flat at 179.2 million passengers (+0.2%), with Paris Aéroport up 0.5% to 51.6 million [S3]. Revenue rose 1.6% to €3,215 million, but recurring EBITDA slipped 1.0% to €1,015 million as an escalating Middle East conflict weighed on traffic assumptions; ADP has since cut its full-year 2026 Paris traffic growth guidance to around 0.5%, from 1.5–2.5% previously [S3]. Attributable net income nonetheless tripled to €312 million, largely on gains from the GMR stake sale, and cost-savings measures rolled out since Q2 are expected to offset €40–60 million of cost growth in the second half [S3].

The standout strategic move came in April 2026, when Groupe ADP agreed to sell securities representing an aggregate 7.3% of GMR Airports Ltd (GAL) to its partner, the GMR promoter family, in three steps: an immediate 3.4% equity stake for €256 million; a 3.9% option exercisable by 30 April 2027 for an estimated €285 million; and the early redemption of ADP's convertible bonds (€301 million face value) by 31 March 2027 — together worth an estimated €924 million [S4]. The transaction, priced at roughly 4x ADP's original 2020 investment, reduces the Group's economic interest in GAL from 45.7% to 39.8% once the option is exercised, while ADP retains unchanged governance rights and "co-promoter" status [S4]. Proceeds will fund deleveraging and a special dividend of €0.8 per share, on top of the ordinary €3 floor, taking the total 2025 dividend to €3.8 per share [S4]. CEO Philippe Pascal called it an opportunity to "crystallise part of the value of its investment" while "maintaining a significant economic exposure" to GAL's growth [S4].