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).
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“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 …