Aeroports De Paris Sa

Hello and welcome to the Group ADP 2024 half-year results call. Please note this conference is being recorded and for the duration of the call, your lines will be on listen only. However, you'll have the opportunity to ask questions. This can be done by pressing star 1 on your telephone keypad to register your question. You are currently being asked to limit yourselves to a maximum of two questions. If you require assistance at any point, please press star zero and you'll be connected to an operator. I will now hand you over to your host, Cécile Combo, Head of Investor Relations, to begin today's conference. Thank you.

Thank you, François, and good evening, everyone. Thank you for being with us tonight for our Healthier Resources presentation. Today with me are Augustin de Romanet, Chairman and CEO, Edouard Arcright, 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.

Hello, guys. Thank you, Cecile, and good evening, ladies and gentlemen. Thank you for joining us to discuss our half-year results, 2024. So let's move directly to slide three. We've delivered a consistent set of good operating and financial results in this first half of 2024. First, traffic is developing in line with our expectations, both in Paris and in our international assets. Second, after two years of preparation, this semester we finalized the rehearsals and welcomed the arrival of passengers taking part in the Paris Olympic Games. A special summer has now started. Third, on the international side, we are in the final steps of the Gil-Angal merger in India, checking that all conditions precedent to the merger are completed. Closing of this very important transaction is expected shortly, It's now, hopefully, a matter of days. Fourth, we are posting 19 and 43 million euros EBITDA. That is 9% above last year, driven notably by an outstanding performance at Stade Airport. And fifth, we're expecting that this overperformance will likely soften in the second half on our EBITDA growth guidance of at least plus 4% is fully confirmed as our traffic assumptions on other financial objectives. On slide four, you can see overall traffic evolution in line with our assumptions for Paris and at group level. Philippe Pascal will come back on this data in a few minutes. Let's move to slide five to talk about our operations. In Paris, our news is marked by the 2024 Olympic and Paralympic Games, which will kick off this Friday. It's a fantastic hospitality challenge for which all teams have been preparing for a long time now. We've already started to welcome many delegations in good conditions. Arrivals are intensifying this week with now only three days to go before the opening ceremony and the start of the competition. The second major operational challenge will take place on August 12th when most of the athletes will set off. While Peak day traffic is expected to be higher than the usual peaks in a normal summer. Overall, for July and August, we anticipate a substitution effect between Olympic-related traffic and seasonal tourism. It was the same in London, Athens, Tokyo. Let's move on slide six. Our infrastructures are ready. with a revolution of the access to Orly thanks to the commissioning of the metro station built by ADP and the opening of Metro Line 14 a month ago. Now, Orly is related to the network of Paris Metro in very good conditions. You can reach the center of Paris in less than 25 minutes from Orly. For the first time since 2018, all Parisian terminals are now open. The last two in CDG were Terminal 2C, reopened since May the 23rd, and Terminal A since July the 2nd. Now moving on to slide seven. Our teams. are mobilized and have rehearsed to welcome tourists and delegations. In such events, there is no room for a running period. We rehearsed, and now here we are. To avoid baggage and passenger jams at departure time, we located athletes checking to the Olympic Village. They will unload their bikes the canoes and other vaulting poles, which will be transported directly by special truck to the airport, where security checks will be carried out in a dedicated plant. Athletes will also benefit from a dedicated terminal for their departure from Paris. Now, let's talk about our international operations on slide eight. Among the highlights of this half year, I would like to mention the opening of the new international terminal at Almaty Airport at the beginning of June. Part of TAVRport's portfolio, Almaty in Kazakhstan is experiencing rapid traffic growth and we are delighted to see its capacity increase to 14 million passengers with new retail facilities giving an outlook for announced profitability. Continuing with our international portfolio, I will now move to slide nine about our 51% owned Jordan subsidiary, whose name is AIG. Following COVID-19 disruption, we've negotiated together with our partners and obtained from the lenders and from the government of Jordan, a global restructuring agreement leading to the extension of the concession held by AIJ to manage Amman Airport for an additional seven years until now, November 2039. This renegotiation supports AIJ's financial and operational stability which had been shaken during COVID, as well as its ability to accompany future traffic growth in Jordan. This positive outlook is reflected in the reversal of an impairment, which Philippe Pascal will comment in a few seconds. Now, let's move on the progress made with our strategic roadmap. Actions contributing to the achievement of the 2025 Pioneer Objectives are continuing. You see on the slide some key progressives contributing notably to the decarbonization of our operations. Besides, four out of the 20 objectives of the roadmap have been adjusted to take into account certain external limiting factors such as, first, the speed of change in certain regulatory frameworks, second, some operational constraints linked to air navigation traffic control, third, the speed of renewal of airline fleets, and last, the absence of market opportunities. In the light of the above context, the adjusted objectives set demanding targets and reaffirmed the determination of Group LEP and its commitment to achieve ambitious results. Now, getting back to our half-year results on slide 11, you see here our key figures highlighting our strong performance. And I will now hand it over to Philippe Pascal, who will comment further our operating and financial member figures.