MONTREAL, Nov. 4, 2025 /CNW/ - ADM Aéroports de Montréal (the "Corporation") today announced its consolidated operating results for the third quarter and nine-month period ended September 30, 2025. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
- Passenger numbers at YUL totalled 6.5 million in the third quarter of 2025, down 2.3% compared with 2024. A total of 17.1 million passengers passed through YUL in the first nine months of 2025, down 1.1% compared with 2024. Of note is the growth in the domestic and international sectors, which posted increases of 1.6% and 0.9%, respectively, compared with the same period in 2024. The transborder sector was down by 8.8% compared with the corresponding period in 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 $139.4 million for the third quarter of 2025, a decrease of $7.2 million compared with EBITDA of $146.6 million for the same period in 2024. For the cumulative period ended September 30, 2025, EBITDA was $335.4 million, a decrease of $25.9 million compared with EBITDA of $361.3 million for the first nine months of 2024.
- Capital investments (net of subsidies) were $197.8 million in the third quarter of 2025, compared with $110.9 million for the corresponding period of 2024, an increase of $86.9 million, or 78.4%. Capital investments for the nine months ended September 30, 2025, totalled $488.0 million ($282.0 million in 2024), an increase of $206.0 million, or 73.0%. For the first nine months of 2025, investments in the Airport Program amounted to $391.0 million ($221.6 million in 2024) and those for the airport REM Station totalled $97.0 million ($60.4 million in 2024).
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"Despite the slight decline in traffic during the last quarter, which was inevitably affected by the current geopolitical context, it was a busy summer at YUL Montréal-Trudeau International Airport. A large number of passengers passed through our international airport, and we saw growth in both the domestic and international sectors," said Yves Beauchamp, President and CEO of ADM. "The ADM teams remain active and focused on the Flight Plan, the ambitious development plan for the airport site. Major work is underway, including reconfiguring the road network leading to the terminal and closing the multi-level parking facility. This will ultimately allow us to add new lanes and triple the capacity of the pick-up and drop-off areas in front of the terminal. More than ever, travelling to YUL will require patience, concentration, and observation. With all these changes, I would like to thank the ADM teams and airport community employees once again for their dedication and excellent work."
Financial results
Consolidated revenues were $266.4 million for the third quarter of 2025, an increase of $1.0 million, or 0.4%, compared with the same quarter in 2024. Cumulative revenues to September 30, 2025, increased by 1.5%, from $707.4 million to $718.1 million in 2025. These results are attributable to the AIF rate increase on March 1, 2024 and the annual increase in aeronautical fees, partially offset by lower passenger traffic and the implementation of incentive and promotional programs to continue diversifying our destinations for our travellers.
Operating expenses totalled $86.1 million for the third quarter of 2025, an increase of $8.2 million, or 10.6%, compared with the same period of 2024. For the nine months ended September 30, 2025, operating expenses increased by $35.1 million, or 15.0%, to $268.9 million compared with $233.8 million for the same period in 2024. The increase is primarily due to costs associated with preliminary studies to enable implementation of the airport facilities development plan, costs related to passenger services -- particularly to mitigate the impact of construction on airport traffic flow during peak periods -- increased information technology expenses as the Corporation transitions to cloud-based solutions, and increased headcount compared with the same period in 2024.
Transfers to governments (payments in lieu of municipal taxes [PILT] and rent to Transport Canada) remained stable for the quarter under review at $40.9 million compared with the previous year and represented 15.4% of ADM revenues (15.4% in 2024). For the first nine months of 2025, transfers amounted to $113.8 million, an increase of $1.5 million compared with the same period in 2024, representing 15.8% of ADM's total revenues (15.9% in 2024).
Depreciation and impairment of property and equipment and right-of-use assets was $47.1 million for the third quarter of 2025, an increase of $5.5 million, or 13.1%, from the same period in 2024. As at September 30, 2025, these expenses increased by $8.9 million, or 7.2%, to $132.2 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 as well as the commissioning of the P4 parking in March 2024.
Net financial expenses totalled $25.2 million for the quarter under review, up $2.8 million, or 12.6%, from the same period in 2024. Cumulative net financial expenses at September 30, 2025 totalled $75.3 million compared with $66.0 million for 2024, an increase of $9.3 million, or 14.1%, over the previous year. This variance is primarily due to lower interest income on surplus cash.
Net income was $67.1 million for the third quarter ended September 30, 2025, compared with $82.9 million for the same period in 2024, a decrease of $15.8 million, or 19.1%. Net income was $128.1 million at September 30, 2025, a decrease of $44.5 million, or 25.8%, compared with the same period in 2024.
Financial situation
ADM's net debt at September 30, 2025, was $2.4 billion, compared with $2.2 billion at December 31, 2024; see the "Non-GAAP Measures" section for more information. The change is primarily 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 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
| |
Third quarter |
Cumulative to September 30 |
||||
| (in millions of dollars) |
2025 |
2024 |
Variance (%) |
2025 |
2024 |
Variance |
| Revenue |
266.4 |
265.4 |
0.4 |
718.1 |
707.4 |
1.5 |
| Operating costs |
86.1 |
77.9 |
10.6 |
268.9 |
233.8 |
15.0 |
| Payments in lieu of municipal taxes (PILT) |
11.2 |
10.9 |
1.4 |
33.6 |
33.1 |
1.2 |
| Transport Canada rent |
29.7 |
30.0 |
(0.6) |
80.2 |
79.2 |
1.3 |
| Depreciation and impairment of property and equipment and right-of-use assets |
47.1 |
41.6 |
13.1 |
132.2 |
123.3 |
7.2 |
| Net financial expenses |
25.2 |
22.4 |
12.6 |
75.3 |
66.0 |
14.1 |
| Total expenses |
199.3 |
182.8 |
9.0 |
590.2 |
535.4 |
10.2 |
| Net income before equity pickup and income taxes |
67.1 |
82.6 |
(18.8) |
127.9 |
172.0 |
(25.7) |
| Share in the results of joint ventures |
- |
0.3 |
(89.9) |
0.3 |
0.7 |
(51.8) |
| Income taxes |
- |
,- |
- |
(0.1) |
(0.1) |
49.4 |
| Net income |
67.1 |
82.9 |
(19.1) |
128.1 |
172.6 |
(25.8) |
| EBITDA |
139.4 |
146.6 |
(5.0) |
335.4 |
361.3 |
(7.2) |
| The % variances in the above table are calculated with figures detailed in thousands. |
Capital investments
In the third 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 and the Canada Infrastructure Bank.
| |
Third quarter |
Cumulative as at September 30 |
||||
| (in millions of dollars) |
2025 |
2024 |
Variance (%) |
2025 |
2024 |
Variance |
| Airport program |
166.6 |
80.2 |
107.7 |
391.0 |
221.6 |
76.4 |
| REM station |
31.2 |
30.7 |
1.6 |
97.0 |
60.4 |
60.6 |
| Total capital investments 1 |
197.8 |
110.9 |
78.4 |
488.0 |
282.0 |
73.0 |
| 1 Capital investments are net of subsidies from sources including Canada's Airport Critical Infrastructure Program (ACIP). For the third quarter of 2025, no subsidies were received for the Airport Program ($0.7 million in 2024). For the first nine months of 2025, subsidies received totalled $1.9 million for the Airport Program ($5.5 million for the same period in 2024) and nil for the REM Station ($7.2 million in 2024). |
Net debt (in billions of dollars)
| September 30, 2025 |
December 31, 2024 |
Variance (%) |
| 2.4 |
2.2 |
8.6 |
| The % variance in the above table is calculated with figures detailed in thousands. |
Passenger traffic
For the third quarter of 2025, traffic at YUL totalled 6.5 million passengers, a decrease of 2.3% compared with the same period in 2024. International traffic increased by 1.2%, while domestic and transborder (U.S.) traffic decreased by 0.6% and 12.2%, respectively, compared with the third quarter of 2024.
For the first nine months of 2025, passenger traffic totalled 17.1 million, down 1.1% compared with the same period in 2024. Transborder traffic (U.S.) declined by 8.8%, while international and domestic traffic increased by 0.9% and 1.6%, respectively, compared with the same period in 2024. During the period, service at YUL was also enhanced with the addition of new destinations, including Cincinnati, Edinburgh, Bermuda, Naples, and Valencia.
Total passenger traffic*
| (in thousands) |
2025 |
2024 |
Variance |
| 2025 vs. |
|||
| January |
1,664.8 |
1,673.8 |
-0.5 % |
| February |
1,492.5 |
1,570.4 |
-5.0 % |
| March |
1,773.4 |
1,786.6 |
-0.7 % |
| April |
1,747.6 |
1,681.4 |
3.9 % |
| May |
1,886.0 |
1,882.2 |
0.2 % |
| June |
2,060.0 |
2,067.8 |
-0.4 % |
| July |
2,341.6 |
2,337.9 |
0.2 % |
| August |
2,192.0 |
2,355.6 |
-6.9 % |
| September |
1,945.9 |
1,938.6 |
0.4 % |
| Total |
17,103.8 |
17,294.3 |
-1.1 % |
| *Total passenger traffic includes both revenue and non-revenue passengers and is calculated with figures detailed in thousands. |
| Source: Aéroports de Montréal |
Sustainability at ADM
During this quarter, ADM implemented the following initiatives to pursue its commitment to sustainability. The organization has notably:
- Reached an agreement in principle with the City of Dorval to preserve the operation of the Dorval Golf Club at the YUL site by negotiating a 15-year lease. By ensuring the longevity of the golf club, ADM is continuing its mission to contribute to the prosperity of the community by embodying the vitality of Greater Montréal.
- Reached a major milestone with the announcement of funding for the YMX Express shuttle by the Québec government. This is the first project funded by the Ministry of Transport and Sustainable Mobility's Collective Partnerships program, a structuring initiative that relies on public-private collaboration to improve access to employment hubs. For the past year, more than 1,300 passengers, including YMX employees and visitors, have been using the shuttle service from the Montmorency metro station every week.
- Supported the very first flight of an Airbus A220 powered by 50% sustainable aviation fuel (SAF) at the YMX site. Thanks to this sustainable fuel, more than 25 tons of CO₂ were avoided over the entire life cycle of the flight to Paris.
- Hosted the 17th edition of the 48-HOUR RIDE to benefit Make-A-Wish Canada at its YMX International Aerocity of Mirabel site. Fifty-three ADM employees joined more than 3,000 cyclists who rode hundreds of kilometres, day and night, to raise more than $3.7 million and make the dreams of children with serious illnesses come true.
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.
SOURCE Aéroports de Montréal
Source: ADM Aéroports de Montréal, Public Affairs 514 394-7304, [email protected]
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