Aeroports De Paris Sa

Welcome to Group ADP 2025 Full Year Results Presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to Cecil Combo, Head of Investor Relations, to begin today's conference. Please go ahead.

Thank you and good morning everyone. Thank you for joining us for our 2025 full year results presentation. I am here with Philippe Pascal, our Chairman and CEO, and Christelle de Robillard, Executive VP for Finance, Strategy and Development, who will first both go through prepared remarks for about 20 minutes before the Q&A session for which we will aim for 40 minute duration. Before we start, and as usual, I remind you that certain information to be discussed today during this call is forward-looking and is subject to risks and uncertainties that could cause actual revenue and results to differ materially. For these, I refer you to the disclaimer statement included in our press release and on slide 46 of our presentation. I will now leave the floor to our Chairman and CEO, Philippe Pascal.

Thank you, Cecile, and good morning, ladies and gentlemen. Thank you for joining us to discuss our 2025 full-year results. Let me first turn to slide 3 for our key highlights. 2025 has been a strong year for the Group and a key step in preparing our next strategic cycle. When I took office as chairman and CEO a year ago, I set clear priorities. Reinforcing our economic model in Paris through an economic regulation contract, deliver the best possible quality of service and accelerate the rollout of the X-Time model, secure the contribution of our international activities, and support all this with more agile and engaged corporate culture. With the new management team, we made solid progress on each of these priorities. We launched a very successful employee shareholder plan and modernized our composition structure at EDPSA level. We improved quality of service day after day, started the Connect France partnership with Air France in June, and announce the renaming of Paris Charles de Gaulle's infrastructure by 2027. We deliver key projects, our international asset and resume dividend payment from TAV. And of course, we submit our proposal for eight years economic relations agreement, now awaiting the regulator's first opinion. These achievements are combined with a strong operating performance in 2025, with all of our financial targets met, allowing the Board to propose a dividend of €3 per share to the next General Meeting after our dividend police. About our financial performance on slide 4. Revenue reached €6.7 billion, up nearly 9%. This reflects strong traffic during the years, and the continued development of our service businesses included the scoped effect from the acquisition of PS and Paris Experience Group at the end of 2024. EBITDA also showed solid growth, up 12%. This performance comes from higher revenue and from discipline cost execution leading to further margin expansion. Finally, net reserve came at 382 million euros. It was affected by FX non-cash item and tax impact in 2025, but remains 12% compared with 2024. Let me now move to slide five about our employee-related achievements, which are key drivers of long-term value creation. Our employee shareholding operation was a clear success, with three out of four employees subscribing. Employee ownership now represents almost 2% of the company's capital, showing strong internal alignment and confidence in the group's trajectory. It also creates collective incentives by sharing future value creation. Just a few weeks ago, we also reached an agreement with trade unions to modernize our composition framework and employee status. The goal is to build a more consistent, financially sustainable, and performance-driven model. The impact of this reform is already reflected in our 2026 outlook. This measure will support our long-term cost trajectory, the same that was underlying our Cost Discipline Economic Reduction Agreement proposal. A quick word now on slide 6 about the simplification and renaming plan for Paris-Chaldeau-Goulerport announced at the end of 2025. Our objective is simple, make the passenger journey clearer and smoother, especially for connecting travelers. In March 2027, when the CDG Express high speed link opens, all terminals will adapt to a single numbering system and boarding area will be renamed using specific letters. This will bring Paris back in line with the best standards of major international hubs. This renaming is a visible step, but it is only one of the many projects we will continue to roll out to reinforce the attractiveness of Paris Hub and the will of initiatives such as the ones included in our Connect France partnership with Air France. On slide 7 now. Still, on the performance of our Paris assets, we continue to support it with several infrastructure projects delivered in 2025. First, the refurbishment of runway 1 at Paris-Charles de Gaulle, which now meets best-in-class industry standards. Second, the commissioning of our geothermal plant for Paris-Charles de Gaulle airport, a key milestone in our decarbonization roadmap. Third, the restructuring and extension air side area at Paris-Orly, unlocking additional aircraft capacity and improving operational fluidity. And finally, the upgrade of baggage landing system in terminal 2E and 2C at Charles de Gaulle, enhancing regulability. This project illustrates our ongoing efforts to maintain the high-performing and resilient Paris hub. Finally, let me turn to slide 8 and highlight the key achievements in our international asset. We delivered several major infrastructure projects in 2025, including the expansion of Antalya Airport in Turkey and the expansion of Delhi Airport in India. Both platforms are now ready to support further traffic growth and to capture more retail potential thanks to new commercial areas. Both Antalya and GMI Airport secure refinancing operations. At the same time, TAV Airport successfully negotiated a five-year concession expansion for BBC Airport, which is a highly contributive asset. And on the back of solid performance and deliveraging, TAV announced it will resume dividends payments this year, 3.61 Turkish Lira per share, or roughly 10 million euros for EDPSA to be paid in 2026. Overall, 2025 has been a year of strong execution and reinforce our foundation for the next strategic cycle. I will now hand over to Christelle. We will take you through the 2025 financial performance in detail.