MONTRÉAL, March 28, 2025 /CNW/ – ADM Aéroports de Montréal today announced its consolidated operating results for the year ended December 31, 2024. These results are accompanied by passenger traffic data for YUL Montréal-Trudeau International Airport.
Highlights
- Passenger traffic at YUL totalled 5.1 million in the fourth quarter of 2024, up 2.4% from 2023. A total of 22.4 million passengers passed through YUL in 2024, up 5.8% compared with 2023. The domestic and transborder (U.S.) sectors reported sustained growth in the fourth quarter, with increases of 4.1% and 2.3%, respectively, over the same period in 2023. The international sector increased by 1.2% compared with the same period in 2023.
- 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 $439.1 million for fiscal 2024, an increase of $1.2 million over EBITDA of $437.9 million for the previous year.
- Capital investments totalled $456.5 million in 2024, compared with $326.9 million in 2023, an increase of $129.6 million, or 39.6%. Grants, primarily from the Airport Critical Infrastructure Program (ACIP), totalled $17.4 million, compared with $77.2 million the previous year. Capital investments (net of grants) totalled $439.1 million ($249.7 million in 2023).
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“Some 22.4 million passengers transited through YUL Montréal-Trudeau International Airport in 2024, a new record that surpassed the level achieved in 2023. What a pleasure it is to welcome such a large number of travellers and airlines to our facilities and to provide a wide-ranging service offering to the Montréal community and tourists alike,” said Yves Beauchamp, President and CEO of ADM. “Our goal is always to provide our users with the smoothest experience possible. That’s why ADM’s teams are hard at work implementing our ambitious Flight Plan 2028 for a more accessible and connected YUL. Starting this summer, major construction work will begin on the site to build the future of our airport. This new era will bring its share of challenges, but we are fortunate to have dedicated employees and a community that will continue to do everything in their power to guide and serve passengers.”
Financial results
Consolidated revenues reached $917.2 million in 2024, an increase of $69.3 million, or 8.2%, over 2023. These positive results are mainly due to the growth in passenger traffic and the AIF increase in March 2024.
Operating expenses for the year under review totalled $331.3 million, an increase of $58.5 million, or 21.4%, over 2023. This variance is mainly due to the increase in the number of employees combined with statutory salary increases, higher operating costs for passenger services and airport site flow, and professional fees related to medium- and long-term development plans for airport facilities.
Transfers to governments (payments in lieu of taxes to municipalities [PILT] and rent to Transport Canada) totalled $146.8 million in 2024, an increase of 9.6% over the previous year, and represented 16.0% of ADM’s revenues (16.2% in 2023).
Depreciation and impairment of property and equipment and right-of-use assets were $168.9 million in 2024, a decrease of $42.7 million, or 20.2%, from 2023. This decrease is mainly due to the revaluation of certain assets in 2023 as a result of new orientations with regards to the program to improve access to the YUL airport site.
Net financial expenses totalled $88.1 million in 2024, a decrease of $5.2, or 5.6%, compared with 2023. This variance is mainly due to higher interest income on surplus cash.
As at December 31, 2024, net income was $182.0 million, compared with $132.9 million in 2023, an increase of $49.1 million, or 36.9%.
Financial position
ADM’s net debt as at December 31, 2024 was $2.21 billion compared with $2.16 as at December 31, 2023; see the “Non-GAAP Measures” section for more information. The variance is mainly due to the use of a portion of the credit facility with Investissement Québec to finance the REM project.
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) | 2024 | 2023 | Variance (%) |
| Revenues | 917.2 | 847.9 | 8.2 |
| Operating costs | 331.3 | 272.8 | 21.4 |
| Payments in lieu of taxes to municipalities (PILT) | 43.7 | 44.9 | (2.7) |
| Transport Canada rent | 103.1 | 92.3 | 11.7 |
| Depreciation of property and equipment and right-of-use assets | 168.9 | 211.6 | (20.2) |
| Net financial expenses | 88.1 | 93.3 | (5.6) |
| Total expenses | 735.1 | 714.9 | 2.8 |
| Earnings before equity pickup and income taxes | 182.1 | 133.0 | 37.0 |
| Share in the results of joint ventures | 0.7 | 0.6 | 3.1 |
| Income taxes | (0.8) | (0.7) | 13.0 |
| Net income | 182.10 | 132.9 | 36.9 |
| EBITDA | 439.1 | 437.9 | 0.3 |
| The % variance in the above table are calculated with results in thousands. |
Capital investments
In 2024, investments at YUL and YMX were financed by operating activities, grants and the credit facility with Investissement Québec.
| Cumulative as at December 31 | |||
| (in millions of dollars) | 2024 | 2023 | Variance (%) |
| Airport program | |||
| Work completed | 362.3 | 240.5 | 50.6 |
| Grants | (10.2) | (32.5) | (68.6) |
| Sub-total Airport Program | 352.1 | 208.0 | 69.3 |
| REM station | |||
| Work completed | 94.2 | 86.4 | 9.0 |
| Grants | (7.2) | (44.7) | (83.9) |
| Subtotal REM station | 87.0 | 41.7 | 108.6 |
| Total capital investments | 439.1 | 249.7 | 75.9 |
Net debt (in billions of dollars)
| December 31, 2024 | December 31, 2023 | Variance (%) |
| 2.21 | 2.16 | 2.2 |
| The % variance in the above table are calculated with results in thousands. |
Passenger traffic
For the fourth quarter of 2024, traffic at YUL totalled 5.1 million passengers, an increase of 2.4% over the same period in 2023. International traffic rose by 1.2%, transborder (U.S.) traffic by 2.3%, and domestic traffic by 4.1% compared with the fourth quarter of 2023.
In 2024, 22.4 million passengers transited via YUL, an increase of 5.8% over 2023. Transborder traffic (U.S.) grew by 9.9%, international traffic by 7.6%, and domestic traffic remained stable, up 0.1% over 2023.
Total passenger traffic*
| (in thousands) | 2024 | 2023 | Variance2024 vs 2023 |
| January | 1,673.5 | 1,489.0 | 12.4 % |
| February | 1,568.6 | 1,378.5 | 13.8 % |
| March | 1,786.7 | 1,651.9 | 8.2 % |
| April | 1,681.3 | 1,581.4 | 6.3 % |
| May | 1,882.1 | 1,741.1 | 8.1 % |
| June | 2,089.1 | 1,973.3 | 5.9 % |
| July | 2,326.4 | 2,218.5 | 4.9 % |
| August | 2,357.0 | 2,237.5 | 5.3 % |
| September | 1,937.8 | 1,924.0 | 0.7 % |
| October | 1,843.7 | 1,775.9 | 3.8 % |
| November | 1,532.6 | 1,501.4 | 2.1 % |
| December | 1,721.3 | 1,701.4 | 1.2 % |
| Total | 22,400.2 | 21,173.9 | 5.8 % |
| 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 the quarter, ADM implemented the following initiatives to pursue its commitment to sustainability
- Received the prestigious Airports Going Green award from the American Association of Airport Executives for the implementation of its single-use items directive in the terminal at YUL. The award recognizes ADM’s innovative and collaborative approach to waste management. This approach now serves as an example for other airports across North America.
- Integrated innovative and sustainable practices into its winter operations as part of a pilot project using Electro Carbon’s new certified de-icing product, an environmentally-friendly potassium formate-based formulation. This partnership illustrates ADM’s commitment to working with local companies to promote Québec know-how, while setting new standards in safety, efficiency and environmental responsibility.
- Won two distinctions at the Leaders in Sustainable Mobility Awards, namely the Démarche interentreprises award and the Coup de cœur du public award for the YMX Express shuttle, which is the very first public transport project set up by ADM on the YMX site to reduce the use of the single-occupancy cars among employees in the community.
To learn more about ADM’s actions, visit its Sustainability Indicators platform or consult its Sustainability Report 2023 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.