Aeroports De Paris Sa

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Good morning, everyone, and thank you for joining us for our 2026 half-year results presentation. I'm here with the management team, Philippe Pascal, chairman and CEO, Justine Coutard, deputy CEO, and Christelle de Robillard, group CFO. Philippe and Christelle will first go through prepared remarks on H1 and on our economic regulation agreement project before we open the line for a Q&A session. Before we begin, I would like to remind you, as usual, that today's discussion may include forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially. For more details, please refer to the disclaimer included in our press release and on the last slide of our presentation. And I will now hand over to our Chairman and CEO, Philippe Pascal.

Thank you, Cécile, and good morning, ladies and gentlemen. Thank you for joining us to discuss our 2026 half-year results and progress on our Economic Regulation Agreement project. Let me first start with the key message for the first half on slide 3. The first half reflects two realities. First, the operating environment became progressively more challenging While the direct impact of the Middle East conflict has gradually faded since April, its indirect consequences have spread more broadly affecting traffic rules and airline behavior and ultimately demand trends. Second, the group demonstrated resilience. We reacted quickly by implementing targeted cost and efficiency measures This section will help protect margin while preserving our strategic investment and our quality of service. At the same time, we continue to deliver on our industrial roadmap and strategic priorities. We completed the partial monetization of GMR Airports, crystallizing 257 million euros of value, while continuing to prepare the group's next strategic plan. We also reached an important milestone on the future economic regulation framework, which will provide greater visibility for the 2027 to 2034 period. I will come back to this important topic in the last part of this presentation. As a result, while we are revising our traffic-aimed big-bag items to reflect the current environment, we remain confident in the strength of our business model and in our ability to deliver long-term value creations. Price for all shows that despite the challenging environment, we delivered key investments. In Paris Saint-Laurent, we commissioned a new baggage-on-link system at Terminal 2. In India, GMR added two airports to its portfolio. And in the US, PS opened two new premium terminals. These achievements illustrate our continued focus on operational efficiency, growth, and customer experience. Turning now to our first art present on slide 5. Revenue increased by 1.6% while recurring EBITDA remains above 1 million euros and attributable net income reached 312 million euros supported by the partial modification of GMR report. These numbers show that despite a significantly more challenging environment, we deliver resilient results, took decisive action to protect profitability and continue to execute our strategic priorities. will now take you through the details of this result.