Aeroports de Paris SA

ADP: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ADP Earnings: Middle East Conflict Weighs on International Assets and Retail Spend per Passenger

Jack Fletcher-Price

Apr 29, 2026

ADP reported mixed Q1 2026 results. At initiation on 14 April 2026, we flagged ADP as having the highest direct exposure to the Middle East conflict, which largely explains revenue below consensus estimates. ADP maintained 2026 guidance, reliant on a swift resolution to conflict-related disruptions.

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Aeroports de Paris SA

ADP Earnings: Middle East Conflict Weighs on International Assets and Retail Spend per Passenger

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