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