ADM ANNOUNCES ITS FINANCIAL RESULTS AT MARCH 31, 2025 Français
, May 8, 2025 /CNW/ - ADM Aéroports de Montréal today announced its consolidated operating results for the quarter ended March 31, 2025. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
Passenger traffic at YUL totalled 4.9 million for the first quarter of 2025, down 2.0% compared with the same period of 2024. The domestic sector rose by 1.1% over the same period in 2024. The international and transborder sectors declined by 1.7% and 6.0%, respectively, compared with the first quarter of 2024.
EBITDA (earnings before income taxes, net financial expenses, depreciation and impairment and share in the results of joint ventures, see the "Non-GAAP measures" section for more information) was $90.6 million for the first quarter of 2025, a decrease of $7.8 million over the EBITDA of $98.4 million recorded in the same period of 2024.
Capital investments were $138.7 million for the first quarter of 2025, compared with $46.3 million for the corresponding period of 2024, an increase of $92.4 million, or 199.6%. Investments in the Airport Program totalled $111.9 million ($39.2 million in 2024), while investments for the airport's REM Station totalled $26.8 million ($7.1 million in 2024).
Quote
"After several years of strong growth in passenger traffic at YUL Montréal-Trudeau Airport, new travel habits began to emerge in the first quarter of 2025, particularly due to the current geopolitical and economic context, although it is still too early to speak of a major trend," said Yves Beauchamp, President and CEO of ADM. "That being said, it's shaping up to be a busy summer at YUL and ADM's teams are already working hard to ensure the smoothest possible experience against a backdrop of major work to improve access to the airport site. To avoid any headaches for users, several key summer 2024 measures have been back in place since early May, including express drop-off services and free 40-minute parking in nearly all on-site parking lots. Additional staff and our ambassadors, easily recognizable by their red jackets, will also be present at strategic locations to better guide passengers. Once again, I would like to thank the airport community employees, who were recognized earlier this spring as the best in North America, for their outstanding work."
Financial results
Consolidated revenues amounted to $219.3 million for the first quarter of 2025, an increase of $6.5 million, or 3.0%, over the corresponding quarter of 2024. These results are mainly due to the AIF increase on March 1, 2024 and the annual increase in aeronautical fees, partly offset by lower passenger traffic.
Operating expenses totalled $93.0 million for the first three months of 2025, an increase of $14.5 million, or 18.4%, over the corresponding period of 2024. This increase is namely attributable to the costs associated with the preparation of preliminary studies that will make it possible to implement the airport facilities development plan. The variance is also due to higher information technology expenses as the corporation continues its transition to cloud-based solutions, and to the increase in headcount compared with the same period in 2024.
Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent paid to Transport Canada) totalled $35.7 million for the period under review, a decrease of $0.2 million, or 0.8%, compared with the same period in 2024. These transfers represented 16.3% of ADM's revenues in the first quarter of 2025, compared with 16.9% for the corresponding period of 2024.
Depreciation and impairment of property and equipment and right-of-use assets totalled $43.3 million for the first three months of 2025, an increase of $2.6 million, or 6.4%, compared with the same period of 2024. This increase is mainly due to the revaluation of the remaining useful life of the multi-level parking facility in front of the airport and to the amortization of the P4 parking facility opened in March 2024.
Net financial expenses totalled $24.5 million as at March 31, 2025, an increase of $3.2 million, or 14.8%, compared with the corresponding period of 2024. This variance is mainly due to a decrease in interest income generated on surplus cash, which had a lower balance than in the same period of 2024.
Net income for the quarter ended March 31, 2025 was $23.0 million, compared with $36.7 million for the same period in 2024, a decrease of $13.7 million, or 37.2%.
Financial situation
ADM's net debt as at March 31, 2025 was $2.31 billion, compared with $2.21 billion at December 31, 2024; see the "Non-GAAP measures" section for further information. The variance is mainly attributable to the use of cash for capital investments.
Non-GAAP measures
ADM references financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS"), otherwise called non-GAAP measures. They are therefore unlikely to be comparable to similar measures presented by other entities.
EBITDA
EBITDA is defined by ADM as earnings before income taxes, net financial expenses, depreciation and impairment and share in the results of joint ventures. It is used by management as an indicator to evaluate operating performance. EBITDA is meant to provide additional information and is not intended to replace other performance measures prepared under IFRS.
Net debt
Net debt is the difference between gross debt (long-term bonds, long-term debt, amount drawn on the credit facility and lease liabilities) and cash, cash equivalents, short-term investments as well as the debt service reserve fund.
Key financial measures
The % variance in the above table are calculated with results in thousands.
Capital investments
Investments in the first quarter of 2025 at YUL and YMX were financed by operating activities, including AIF, and by the credit facility with Investissement Québec.
1 Capital investments are net of subsidies, mainly from the Canada Airport Critical Infrastructure Program (ACIP), which totalled $0.3 million for the Airport Program ($4.3 million in 2024) and nil for the REM Station ($7.2 million in 2024).
Net debt (in billions of dollars)
March 31, 2025
December 31, 2024
Variance (%)
2.31
2.21
4.5
The % variance in the above table is calculated with amounts in thousands.
Passenger traffic
For the first quarter of 2025, traffic at YUL totalled 4.9 million passengers, a decrease of 2.0% compared with the same period in 2024. International traffic was down 1.7%, transborder (U.S.) down 6.0%, while domestic traffic was up 1.1% compared with the first quarter of 2024.
Total passenger traffic*
*Total passenger traffic includes both revenue and non-revenue passengers and is calculated with figures detailed in thousands.
Sustainability at ADM
During the quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:
Organized the 11 th edition of YUL Premium Kids, in collaboration with Air Transat. This unique day allows children with autism spectrum disorder (ASD) or functional limitations to familiarize themselves and their families with the airport process and the experience on board an aircraft to ease their apprehension about travelling. This year, nearly 200 participants experienced the typical airport journey.
YUL's airport community employees won first prize once again in the "Best Airport Staff Service" in North America category in the Skytrax World Airport Awards 2025. The airport also topped the "World's Cleanest Airport" in North America category.
Held the 28 days for my health challenge, during which ADM employees were invited to take up four daily challenges for their health and well-being: 30 minutes of physical activity per day, eight hours of sleep per night and zero refined sugar or alcohol. Thanks to the efforts and determination of its employees, ADM was able to donate $5,000 to the Montreal Heart Institute.
To learn more about ADM's actions, visit its Sustainability Indicators platform, read its 2024 Sustainability Report and its Sustainability Plan 1.0.
About ADM Aéroports de Montréal
ADM Aéroports de Montréal is the airport authority for the Greater Montréal area responsible for the management, operation and development of YUL Montréal–Trudeau International Airport, certified 4 stars under the Skytrax World Airport Star Rating program, and YMX International Aerocity of Mirabel.
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