The airport operator falls mid-session in a declining Paris market. The drop follows several rebound sessions and comes as French macroeconomic indicators significantly deteriorate.
Drop in Stock Following a CAC 40 Weighed Down by PMI Indicators
Aéroports de Paris loses 1.95% at €110.90, while the CAC 40 is down 1.03% and the SBF 120 by 1.01%. The decline erases part of the recent rebound, but the stock still maintains a gain of 6.33% over the week. Over three months, the performance remains negative at -6.49%.
The French S&P Global Flash Composite PMI index fell to 43.5 in May, its lowest level since November 2020, from 47.6 in April. The volume of new business has seen its sharpest contraction since November 2020, while external demand records its strongest decline in eighteen months. Inflationary pressures are re-emerging concurrently, with cost inflation reaching its highest since March 2023, driven by rising oil and energy prices.
For the airport group, this context prolongs an already complicated environment due to the conflict in the Middle East, which had impacted April's traffic (-4.9% for the group, -1.3% for Paris Airport), as detailed in the traffic report published on May 19.
The Stock Clings to Its Short-Term Averages but Still Struggles Below the MM200
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Despite today's decline, ADP maintains a position above its MM20 (€106.48, a gap of +4.15%) and MM50 (€107.57, a gap of +3.10%). However, the MM200 at €114.13 remains above the current price (a gap of -2.83%), confirming the medium-term break initiated at the end of April after the post-quarterly drop. The RSI at 61 indicates a still decent momentum after the weekly rebound, without excess. The resistance at €114.50 coincides with the 200-day average and represents the next technical hurdle in case of continued recovery, while the support at €100.80 limits the downside risk.
On the fundamentals side, the first quarter revenue published on April 29 showed a decline of 0.9% to €1,472 million, despite a 2.3% increase in traffic. At the annual results announcement for 2025 (on March 13, 2026), the group aimed for a current EBITDA of more than €2,350 million in 2026, with traffic growth between 1.5% and 2.5%. Crossing the MM200 remains the next technical step to observe to confirm a lasting exit from the consolidation phase.
SectorConstruction et infrastructures›Infrastructures
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 5 106 millions d'euros
Quarterly revenue: 5 106 millions d'euros
Revenue growth: 1,4 %
Guidance from the release
Whilst taking these measures into account, Groupe ADP is monitoring the latest traffic forecasts and the prolonged nature of the tensions in the Middle East
Risks mentioned
Disruptions to the operating environment related to the conflict in the Middle East, particularly affecting international traffic flows
Traffic continues to be adversely affected by reduction in IndiGo's flight schedules and airlines facing rising fuel prices
Works taking place at Paris-Orly airport leading to reduction in flight schedules and limited transfers to Paris-Charles de Gaulle
Opportunities identified
Extension of Tbilisi airport concession period to 31 December 2031 with USD150 million investment planned
GMR Airports commences operations at Nagpur and Bhogapuram airports with significant capacity for future growth
Opening of two new P/S private terminals in Dallas-Fort Worth and Miami to expand private aviation services
Outlook / guidance
Expected EBITDA: 2 300 millions d'euros
Management commentary: « compte tenu d'un environnement opérationnel toujours difficile, le Groupe anticipe un EBITDA courant pour 2026 dans le bas de la fourchette de 2 300 à 2 350 millions d'euros »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
