Half Year 2024 Aeroports de Paris SA Earnings Call Transcript
Key Points
- Aeroports de Paris SA (AEOXF) reported a strong EBITDA of EUR943 million, which is 9% above last year, driven notably by an outstanding performance at TAV Airports.
- Traffic is developing in line with expectations, both in Paris and in international assets, with international traffic growing by 8.5%.
- The company successfully finalized preparations for the Paris Olympic Games, ensuring smooth operations and welcoming delegations in good conditions.
- The new international terminal at Almaty Airport in Kazakhstan, part of TAV Airports portfolio, opened in June, increasing capacity to 14 million passengers.
- Aeroports de Paris SA (AEOXF) confirmed its EBITDA growth guidance of at least 4% for the year, reflecting confidence in continued strong performance.
- Domestic traffic in Paris showed a decline of 6%, reflecting the impact of the 4-flight air traffic management system in January and February.
- The company expects the over-performance in the first half to soften in the second half due to increased operational expenses.
- Higher operational expenses in Paris driven by staff costs, electricity costs, and subcontracting costs are expected to continue impacting EBITDA in the second half.
- The reopening of Terminal 2A and 2C at Charles de Gaulle Airport is expected to create a downward pressure on sales per passenger (SPP) due to less powerful retail offerings.
- The geopolitical conflict in the Middle East has negatively impacted traffic with the region, which is down 3.1%.
Hello, and welcome to the Groupe ADP 2024 half year results call. Please note this conference is being recorded. (Operator Instructions)
I will now hand you over to your host, Cecile Combeau, Head of Investor Relations, to begin today's conference. Thank you.
Thank you, Francois, and good evening, everyone. Thank you for being with us tonight for our half year results presentation. Today with me are Augustin de Romanet, Chairman and CEO; Edward Arkwright, Deputy CEO; and Philippe Pascal, CFO. We will start the session with some prepared remarks from the management before the Q&A session.
As a reminder, certain information to be discussed on today's call is forward-looking and is subject to risks and uncertainties that could cause actual results to differ materially. For these, I refer you to the disclaimer statement included in our press release and on slide 48 of our presentation.
And with that, let me hand it over to our Chairman and CEO, Augustin de Romanet.
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