ADP has released a good set of FY22 results, with top-line growth (+68.8%) driven by a strong recovery in traffic, which more than offset increased operating expenses allowing the group to report a 36.4% EBITDA margin. For 2023, the company has proposed a tariff freeze in this current inflationary scenario due to regulatory disagreement although estimates point towards further growth as ADP expects an EBITDA at least equal to the 2019 level.