ADM REPORTS FIRST QUARTER 2026 FINANCIALS RESULTS
MONTRÉAL, May 7, 2026 /CNW/ - ADM Aéroports de Montréal today announced its consolidated operating results for the quarter ended March 31, 2026. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
- Passenger traffic at YUL totalled 5.1 million for the first quarter of 2026, up 2.9% compared with the same period in 2025. Of note is the growth in the domestic and international sectors, which increased by 6.3% and 6.1%, respectively, compared with the same period in 2025. The transborder sector declined by 8.1% compared with the first quarter of 2025.
- 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 $84.7 million for the first quarter of 2026, a decrease of $5.9 million, or 6.5%, compared with EBITDA of $90.6 million for the same period of 2025.
- Capital investments were $195.6 million for the first quarter of 2026, compared with $138.7 million for the corresponding period of 2025, an increase of $56.9 million, or 41.0%. Investments in the Airport Program totalled $160.7 million ($111.9 million in 2025), while investments for the Airport REM Station totalled $34.9 million ($26.8 million in 2025).
Quote
"While the first quarter ended on a positive note with growth in passenger traffic at YUL Montréal-Trudeau International Airport, our teams are hard at work preparing for the summer season, which is already upon us and promises to be another busy one this year," said Yves Beauchamp, President and CEO of ADM. "In this context, work on the airport site is progressing at a steady pace to ensure an improved experience for visitors. Until the REM station opens in 2027 and the new drop-off points become operational in 2028, accessing the site will be challenging during peak hours. However, mitigation measures, such as our Express drop-off areas, provide effective alternatives for users. Finally, I would like to acknowledge the ongoing dedication of airport community employees throughout these projects. Their exceptional service was recently recognized by the 2026 Skytrax World Airport Awards as being among the best in North America."
Financial results
Consolidated revenues amounted to $223.0 million for the first quarter of 2026, an increase of $3.7 million, or 1.7%, compared with the corresponding quarter in 2025. These results are mainly due to the annual increase in aeronautical fees and higher passenger traffic. They also reflect the impact of the introduction of an airport improvement fee (AIF)applicable to connecting passengers since December 1, 2025. These positive impacts were partially offset by a decrease in parking revenues resulting from the reduction in the number of parking spaces near the terminal following the closure of the multi-level parking facility pending its demolition, a key stage in the airport's facilities development plan.
Operating expenses totalled $101.2 million for the first three months of 2026, an increase of $8.2 million, or 8.8%, compared with the same period in 2025. This increase is attributable to higher operating costs for passenger services, to adverse winter conditions that led to additional site maintenance costs, and to an increase in headcount compared with the same period in 2025. This increase was partially offset by a reduction in professional fees compared with the first quarter of 2025, when several preliminary design studies for the Flight Plan were carried out.
Transfers to governments (payments in lieu of municipal taxes [PILT] and rent paid to Transport Canada) totalled $37.1 million for the period under review, an increase of $1.4 million, or 4.0%, compared with the same period in 2025. These transfers represented 16.6% of ADM's revenues in the first quarter of 2026, compared with 16.3% for the corresponding period in 2025.
Depreciation and impairment of property and equipment and right-of-use assets remained stable, totalling $43.0 million for the first three months of 2026, down by $0.3 million, or 0.7%, compared with the same period in 2025.
Net financial expenses were $26.1 million as at March 31, 2026, an increase of $1.6 million, or 6.6%, compared with the corresponding period in 2025. This variance is mainly due to a decrease in interest income generated on surplus cash, partially offset by the increase in interest capitalized on work in progress.
Net income for the quarter ended March 31, 2026 was $15.9 million, compared with $23.0 million for the same period in 2025, a decrease of $7.1 million, or 31.0%.
Financial situation
ADM's net debt as at March 31, 2026 was $2.7 billion, compared with $2.6 billion at December 31, 2025; see the "Non-GAAP measures" for more information. The variance is attributable to the combined effect of the use of cash and long-term debt to finance 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 March 31 | |||
(in millions of dollars) | 2026 | 2025 | Variance (%) |
Revenues | 223.0 | 219.3 | 1.7 |
Operating expenses | 101.2 | 93.0 | 8.8 |
Payments made in lieu of | 12.2 | 11.3 | 8.1 |
Transport Canada rent | 24.9 | 24.4 | 2.2 |
Depreciation and impairment of property and equipment | 43.0 | 43.3 | (0.7) |
Net financial expenses | 26.1 | 24.5 | 6.6 |
Total expenses | 207.4 | 196.5 | 5.6 |
Earnings before equity pickup | 15.6 | 22.8 | (31.6) |
Share in the results of joint ventures | 0.3 | 0.2 | 43.3 |
Net income | 15.9 | 23.0 | (31.0) |
EBITDA | 84.7 | 90.6 | (6.5) |
The % variance in the above table are calculated with results in thousands. |
Capital investments
Investments in the first quarter of 2026 were financed by operating activities, including AIF, as well as by loans from Investissement Québec and the Canada Infrastructure Bank.
Cumulative March 31 | |||
(in millions of dollars) | 2026 | 2025 | Variance (%) |
Airport Program | 160.7 | 111.9 | 43.6 |
REM Station | 34.9 | 26.8 | 30.2 |
Total capital expenditure | 195.6 | 138.7 | 41.0 |
Net debt (in billions of dollars)
March 31, 2026 | December 31, 2025 | Variance (%) |
2.7 | 2.6 | 3.8 |
The % variance in the above table is calculated with amounts in thousands. |
Passenger traffic
For the first quarter of 2026, traffic at YUL totalled 5.1 million passengers, an increase of 2.9% compared with the same period in 2025. Domestic traffic rose by 6.3%, and international traffic by 6.1%, while transborder traffic (U.S.) fell by 8.1% compared with the first quarter of 2025.
Total passenger traffic*
(in thousands) | 2026 | 2025 | Variance (%) |
January | 1,743.9 | 1,669.6 | 4.4 % |
February | 1,554.5 | 1,497.4 | 3.8 % |
March | 1,795.0 | 1,780.5 | 0.8 % |
Total | 5,093.4 | 4,947.6 | 2.9 % |
*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 the quarter, ADM implemented the following initiatives to pursue its commitment to sustainability:
- Included in the 2026 Top Employers in Montréal ranking, a prestigious accolade awarded by Mediacorp Canada. A total of eight key criteria were used to identify the best employers, including workplace quality, professional atmosphere, employee benefits, training and development, and community engagement.
- Held the 12th edition of the "Premium Kids" event at YUL, in collaboration with Air Transat. This unique day allows children with autism spectrum disorder (ASD) or functional limitations and their families to familiarize themselves with the airport process to ease their apprehension about travelling. This year, nearly 200 participants were able to experience the typical journey through an airport.
- Secured second place in the Best Airport Staff Service category in North America for the YUL airport community's employees at the 2026 Skytrax World Airport Awards. The airport also retained its place in the top 10 of the overall Best Airports category in North America.
- Continued to accelerate the development of YMX Innovation, located at YMX International Aerocity of Mirabel, with a series of major developments confirming the rapid growth of its technology campus. By welcoming its first global leaders, the organization is reaffirming its commitment to stimulating innovation and establishing Québec and Canada in the aerospace industry of the future.
- To learn more about ADM's actions, visit its Sustainability Indicators platform, read its 2025 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.
SOURCE Aéroports de Montréal
Source: ADM Aéroports de Montréal, Public Affairs 514 394-7304, [email protected]
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