MONTRÉAL, March 30, 2026 /CNW/ - ADM Aéroports de Montréal (the "Corporation") announced today its consolidated operating results for the year ended December 31, 2025. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
- Passenger traffic at YUL totalled 5.2 million in the fourth quarter of 2025, up 1.2% compared with 2024. In total, 22.4 million passengers passed through YUL in 2025, down 0.5% compared with 2024. Notably, the domestic and international sectors grew, posting increases of 1.9% and 2.4%, respectively, over the same period in 2024. The transborder sector (U.S.) declined by 9.5% compared to the corresponding period in 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 $442.9 million for fiscal 2025, an increase of $3.8 million over EBITDA of $439.1 million for the previous year.
- Capital investments (net of grants) were $696.5 million in 2025, compared with $439.1 million in 2024, an increase of $257.4 million, or 58.6%. Investments in the Airport program totalled $582.8 million ($352.1 million in 2024), and those for the airport's REM station totalled $113.7 million ($87.0 million in 2024).
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"The year 2025 ended on a relatively stable note, with 22.4 million passengers passing through YUL Montréal-Trudeau International Airport--a volume comparable to that in 2024. Considering the socio-economic context of the past year, this demonstrates the importance of travel, especially for Quebecers," said Yves Beauchamp, President and CEO of ADM. "It is a great privilege for us to welcome such a large number of travellers to YUL and offer them so many opportunities to connect with destinations around the globe. This is precisely why ADM teams must continue to implement Flight Plan, the airport infrastructure development program, to provide users with better service. With construction sites and other work continuing to increase at the airport, I would like to thank our users for their patience and compliance with the mitigation measures put in place. I would also like to recognize the excellent work of the airport community's employees, whose dedication is helping to build the airport of tomorrow."
Financial results
Consolidated revenues totalled $960.8 million in 2025, an increase of $43.6 million, or 4.8%, compared with 2024. These results are attributable to the increase in AIF fees, which took effect on March 1, 2024, as well as the annual increase in aeronautical charges, which were partially offset by the slight decrease in passenger traffic and carrier activity.
Operating expenses for the year under review totalled $369.5 million, an increase of $38.2 million, or 11.5%, compared with 2024. This increase is mainly due to costs associated with preliminary studies that will enable the implementation of the airport facilities development plan, passenger service expenses--particularly to mitigate the impact of construction on traffic flow during peak periods--increased information technology spending as the Corporation transitions to cloud-based solutions, and increased headcount over 2024.
Transfers to governments (payments made in lieu of taxes to municipalities [PILT] and rent to Transport Canada) totalled $148.4 million, an increase of $1.6 million compared with the previous fiscal year and represented 15.4% of ADM's total revenues (16.0% in 2024).
Depreciation and impairment of property and equipment and right-of-use assets were $183.1 million in 2025, an increase of $14.2 million, or 8.4%, from 2024. This increase is mainly due to the commissioning of new assets in 2025 and 2024.
Net financial expenses totalled $100.8 million in 2025, an increase of $12.7 million, or 14.4%, compared with 2024. This variance is mainly due to a decrease in interest income on surplus cash.
Net income was $159.0 million for the fiscal year ended December 31, 2025, compared with $182.0 million in 2024, a decrease of $23.0 million, or 12.7%.
Financial position
ADM's net debt as at December 31, 2025 was $2.6 billion compared with $2.2 billion as at December 31, 2024; see the "Non-GAAP Measures" section for more information. The variance is mainly due 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
Cumulative as at December 31 |
|||
(in millions of dollars) |
2025 |
2024 |
Variance (%) |
Revenues |
960.8 |
917.2 |
4.8 |
Operating costs |
369.5 |
331.3 |
11.5 |
Payments in lieu of taxes to municipalities (PILT) |
41.8 |
43.7 |
(4.4) |
Transport Canada rent |
106.6 |
103.1 |
3.4 |
Depreciation of property and equipment and right-of-use assets |
183.1 |
168.9 |
8.4 |
Net financial expenses |
100.8 |
88.1 |
14.4 |
Total expenses |
801.8 |
735.1 |
9.1 |
Earnings before equity pickup and income taxes |
159.0 |
182.1 |
(12.7) |
Share in the results of joint ventures |
0.6 |
0.7 |
(17.3) |
Income taxes |
(0.7) |
(0.8) |
(7.1) |
Net income |
158.9 |
182.0 |
(12.7) |
EBITDA |
442.9 |
439.1 |
0.9 |
The % variances in the above table are calculated with results in thousands. |
Capital investments
In 2025, investments were financed by operating activities, including AIFs as well as through credit facilities held with Investissement Québec and the Canada Infrastructure Bank.
Cumulative as at December 31 |
|||
(in millions of dollars) |
2025 |
2024 |
Variance (%) |
Airport program |
582.8 |
352.1 |
65.5 |
REM station |
113.7 |
87.0 |
30.7 |
Total capital investments1 |
696.5 |
439.1 |
58.6 |
1Capital investments are net of grants, notably from the Airport Critical Infrastructure Program (ACIP). For 2025, grants received totalled $5.2 million for the Airport program ($10.2 million for 2024) and none for the REM station ($7.2 million in 2024). |
Net debt (in billions of dollars)
December 31, 2025 |
December 31, 2024 |
Variance (%) |
2.6 |
2.2 |
16.2 |
The % variance in the above table is calculated with results in thousands. |
Passenger traffic
For the fourth quarter of 2025, traffic at YUL totalled 5.2 million passengers, an increase of 1.2% compared with the same period in 2024. Domestic and international traffic saw increases of 2.1% and 7.5%, respectively, while transborder traffic (U.S.) declined by 12.1% compared with the fourth quarter of 2024.
In 2025, total traffic was 22.4 million passengers, down 0.5% compared with 2024. Transborder traffic (U.S.) declined by 9.5% while international and domestic traffic increased by 2.4% and 1.9%, respectively, over 2024. During the period, service at YUL was also expanded with the addition of new destinations, including Cincinnati, Edinburgh, Bermuda, Naples, and Valencia.
Total passenger traffic*
(in thousands) |
2025 |
2024 |
Variance (%) |
January |
1,669.5 |
1,674.7 |
-0.3 % |
February |
1,497.2 |
1,571.8 |
-4.8 % |
March |
1,780.0 |
1,787.8 |
-0.4 % |
April |
1,754.0 |
1,682.9 |
4.2 % |
May |
1,892.3 |
1,885.0 |
0.4 % |
June |
2,067.1 |
2,074.9 |
-0.4 % |
July |
2,349.3 |
2,349.5 |
0.0 % |
August |
2,202.6 |
2,367.6 |
-7.0 % |
September |
1,952.7 |
1,946.8 |
0.3 % |
October |
1,864.4 |
1,855.7 |
0.5 % |
November |
1,567.9 |
1,539.7 |
1.8 % |
December |
1,767.2 |
1,742.0 |
1.4 % |
Total |
22,364.3 |
22,478.4 |
-0.5 % |
* Note: Total passenger traffic includes both revenue and non-revenue passengers and is calculated with results in thousands. |
Source: Aéroports de Montréal |
Sustainability at ADM
During this quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:
- Won the Eureka Award in the Transportation Organization category, presented by Écotech Québec, for the development and successful testing of the new ECOWAY50 deicing fluid, developed in collaboration with Electro Carbon.
- Launched a new edition of its "Chez ADM, on Centraide" campaign, through which it contributes to the fight against poverty, exclusion, and inequality. This initiative also enabled some 30 ADM employees to volunteer with three organizations affiliated with Centraide. Thanks to the generosity of employees, a total of $131,540 was donated to Centraide of Greater Montréal and Centraide Laurentides.
- Hosted a blood drive at its YMX site organized in partnership with Héma-Québec, Safran, and ADM. Thanks to the generosity of the YMX airport community, more than 200 patients will benefit from these valuable donations.
- Took a new step forward in its efforts to electrify and decarbonize its operations by introducing five new Nova Bus electric buses at its YUL site. These buses now transport passengers between Parking Lot P4 and the terminal.
To learn more about ADM's actions, visit its Sustainable Indicators platform or consult its Sustainability Report 2024 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.
SOURCE Aéroports de Montréal
Source: Aéroports de Montréal, Public Affairs 514 394-7304, [email protected]
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