ADM REPORTS 2025 SECOND QUARTER FINANCIAL RESULTS Français
Highlights
Passenger traffic at YUL totalled 5.7 million in the second quarter of 2025, up 0.9% compared with 2024. A total of 10.6 million passengers transited through YUL during the first half of 2025, down 0.4% compared with 2024. The domestic and international sectors grew by 3.2% and 0.6%, respectively, compared with the first half of 2024. The transborder sector was down by 6.8% compared with the corresponding six months of 2024.
EBITDA (earnings before net financial expenses, income taxes, depreciation and impairment, and share in the results of joint ventures, see the "Non-GAAP measures" section for more information) was $105.4 million for the second quarter of 2025, a decrease of $10.9 million compared with EBITDA of $116.3 million for the same period of 2024. For the six months ended June 30, 2025, EBITDA was $196.0 million, down $18.7 million from $214.7 million for the first six months of 2024.
Capital investments were $151.5 million in the second quarter of 2025 compared with $124.8 million for the corresponding period of 2024, an increase of $26.7 million, or 21.4%. Capital investments for the six months ended June 30, 2025 totalled $290.2 million ($171.1 million in 2024), an increase of $119.1 million, or 69.6%. In the first half of 2025, investments in the Airport Program totalled $224.4 million ($141.4 million in 2024), and those for the airport's REM Station totalled $65.8 million ($29.7 million in 2024).
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"With the summer season in full swing and still bringing significant traffic to YUL Montréal-Trudeau International Airport, ADM's teams are doing their utmost to provide a warm welcome and quality service to visitors," said Yves Beauchamp, ADM's President and CEO. "Despite challenging weather conditions, flight operations have been running smoothly this summer, while major work has already begun. This includes reconfiguring the road network leading to the terminal. With the increasing number of projects over the next few years, our objective remains clear: to improve the way we guide and serve our passengers amid growth and major construction, while providing effective mitigation measures to minimize inconveniences. In this regard, I would also like to highlight the excellent work of the airport community's employees who are helping us build the airport of tomorrow."
Financial results
Consolidated revenues amounted to $232.4 million for the second quarter of 2025, an increase of $3.2 million, or 1.4%, over the corresponding quarter in 2024. Revenues for the six-month period ended June 30, 2025 increased by 2.2%, from $442.0 million to $451.7 million in 2025. These results are attributable to the AIF rate increase on March 1, 2024, and the annual increase in aeronautical fees, partly offset by lower passenger traffic.
Operating expenses totalled $89.8 million for the second quarter of 2025, an increase of $12.4 million, or 16.0%, over the corresponding period of 2024. For the six months ended June 30, 2025, operating expenses increased by $26.9 million, or 17.2%, to $182.8 million, compared with $155.9 million for the same period in 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 $37.2 million for the quarter under review, up $1.7 million over the previous year and represented 16.0% of ADM revenues (15.5% in 2024). For the first six months of 2025, transfers amounted to $72.9 million, an increase of $1.5 million over the same six months of 2024, and represented 16.1% of ADM's total revenues (16.2% in 2024).
Depreciation and impairment of property and equipment and right-of-use assets was $41.8 million for the second quarter of 2025, up $0.8 million, or 2.1%, over the corresponding period of 2024. As at June 30, 2025, these expenses increased by $3.4 million, or 4.2%, to $85.1 million. This increase is mainly due to the revaluation of the remaining useful life of the pick-up and drop-off areas and the multi-level parking facility in front of the airport.
Net financial expenses totalled $25.6 million for the quarter under review, up $3.3 million, or 14.9%, from the corresponding period in 2024. Cumulative net financial expenses at June 30, 2025 totalled $50.1 million, compared with $43.6 million for 2024, an increase of $6.5 million, or 14.8%, over the previous year. This variance is primarily due to a decrease in interest income generated on surplus cash stemming from lower investment rates.
Net income was $38.0 million for the second quarter ended June 30, 2025, compared with $53.0 million for the same period in 2024, a decrease of $15.0 million, or 28.5%. Net income was $61.0 million at June 30, 2025, a decrease of $28.7 million, or 32.0%, compared with the same period in 2024.
Financial situation
ADM's net debt at June 30, 2025 was $2.37 billion, compared with $2.21 billion at December 31, 2024; see the "Non-GAAP measures" section for more 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 net financial expenses, income taxes, 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 (gross balance of long-term bonds, long-term debt, amounts 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
Second quarter
Cumulative to June 30
(in millions of dollars)
2025
2024
Variance
(%)
2025
2024
Variance
(%)
Revenue
232.4
229.2
1.4
451.7
442.0
2.2
Operating costs
89.8
77.4
16.0
182.8
155.9
17.2
Payments in lieu of municipal taxes (PILT)
11.1
9.9
13.0
22.4
22.2
1.1
Transport Canada rent
26.1
25.6
2.0
50.5
49.2
2.6
Depreciation and impairment of property and equipment and right-of-use assets
41.8
41.0
2.1
85.1
81.7
4.2
Net financial expenses
25.6
22.3
14.9
50.1
43.6
14.8
Total expenses
194.4
176.2
10.4
390.9
352.6
10.9
Earnings before equity pickup and income taxes
38.0
53.0
(28.4)
60.8
89.4
(32.0)
Share in the results of joint ventures
0.1
0.1
26.1
0.3
0.4
19.6
Income taxes
(0.1)
(0.1)
(217.6)
(0.1)
(0.1)
58.2
Net income
38.0
53.0
(28.5)
61.0
89.7
(32.0)
EBITDA
105.4
116.3
(9.4)
196.0
214.7
(8.7)
The % variances in the above table are calculated with figures detailed in thousands.
Capital investments
In the second quarter of 2025, investments at YUL and YMX were financed by cashflows generated by operating activities, including AIF, and by the credit facility held with Investissement Québec.
1 Capital investments are net of subsidies, namely from Canada's Airport Critical Infrastructure Program ("ACIP"). For the second quarter of 2025, subsidies received totalled $2.2 million for the Airport Program ($0.5 million in 2024) and nil for the REM Station (nil in 2024). In the first half of 2025, subsidies received totalled $2.5 million for the Airport Program ($4.8 million for the same period in 2024) and nil for the REM Station ($7.2 million in 2024).
Net debt (in billions of dollars)
June 30, 2025
December 31, 2024
Change (%)
2.37
2.21
7.1
The % variance in the above table is calculated with figures detailed in thousands.
Passenger traffic
For the second quarter of 2025, traffic at YUL totalled 5.7 million passengers, up 0.9% compared with the same period in 2024. International and domestic traffic rose by 2.9% and 4.7%, respectively, while transborder traffic (U.S.) was down 7.6% compared with the second quarter of 2024.
For the first six months under review, passenger traffic totalled 10.6 million, down 0.4% compared with the same period in 2024. Transborder traffic (U.S.) was down 6.8%, while international and domestic traffic were up 0.6% and 3.2%, respectively, compared with the corresponding six months of 2024. During the period, YUL also added new destinations, including Cincinnati, Edinburgh, Bermuda, Naples and Valencia.
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 this quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:
Renewed its BOMA BEST Gold-level Sustainable Building certification, which attests to the terminal's good energy and environmental performance at YUL. The airport was recognized for its efforts in several areas, including decarbonization, improved air quality, occupant health, accessibility, equity, and resilience.
Participated in a clean-up operation on the banks of Bouchard Creek for the third consecutive year. As part of the Allô Ruisseaux project, ADM collected 194.8 kilograms of waste. This project, carried out in collaboration with the GRAME organization, aims to improve the health of waterways on the West Island of Montreal through clean-up operations, planting vegetation, and raising awareness among citizens and businesses.
Was awarded the Platinum prize in the Overall Public Relations Program category by the Société québécoise des professionnels en relations publiques (SQPRP) for its communications campaign for the launch of the YMX Express shuttle pilot project. Launched last summer in collaboration with the City of Mirabel and several partners, this was the first public transit project on the YMX site, set up to meet the needs of Aerocity employees, visitors, and part-time workers.
Ranked 36th in the first edition of TIME and Statista's prestigious list of the 125 best companies in Canada for 2025. ADM has distinguished itself in three areas over the past three years to achieve this ranking: employee satisfaction, organizational growth and environmental, social and governance (ESG) management.
To learn more about ADM's actions, visit our Sustainability Indicators platform, read our Sustainability Report 2024 and our 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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("Global X") is a wholly owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae Asset"), the Korea-based asset management entity of Mirae Asset Financial Group. Global X is a corporation existing under the laws of Canada and is the manager and investment manager of the Global X Funds. © 2025 Global X Investments Canada Inc. All Rights Reserved. SOURCE Global X Investments Canada Inc.
