Paris Airports: Regulator Rejects 1.5% Tariff Increase
The Transport Regulation Authority has rejected the ADP Group's proposal for an increase in airport charges for the period from April 1, 2026, to March 31, 2027. The operator of the Parisian platforms has one month to submit a new tariff proposal.
ADP Group has acknowledged the decision number 2025-092 from the Transport Regulation Authority, dated December 16, 2025, as stated in a press release published on December 17. This decision refuses to approve the airport charges tariffs which anticipated a 1.5% increase for the tariff period starting in April 2026. However, the regulator has approved a 15% increase in the tariffs for assistance to disabled and reduced mobility persons, the group specifies.
Free · Every morning
Technical market signals, before the opening bell.
Bullish and bearish momentum, analyst changes, stocks to watch — automatically computed from Euronext data.
✓ Before 9 AM every morning✓ Euronext data✓ AI-powered analysis
Almost there! Check your inbox.
A confirmation email has been sent. Click the link to confirm your subscription.
An error occurred.
Indicative data. No investment advice. Unsubscribe at any time.
According to the press release, Paris Airports is already preparing a new tariff proposal which it will transmit to the regulator within the one-month period stipulated by the regulations, no later than January 16, 2026. In accordance with Article R.6325-34 of the transport code, the ART will then have a one-month period from the effective notification of the new tariffs to make a decision. Should there be no approval, the tariffs in effect since April 1, 2025, will remain applicable, the group indicates.
ADP Group operates the three Ile-de-France platforms, namely Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget, which welcomed more than 103 million passengers in 2024, according to the company's data. Globally, the group recorded nearly 364 million passengers across its network of 26 airports the same year. In 2024, the group's revenue amounted to 6,158 million euros, and the net income attributable to the group was 342 million euros, as per the press release.
SectorInfrastructures · Transports›Services de Transport
Context
Period
Period: 2025
Key reported figures
Revenue: 6 704 millions d'euros
Revenue growth: 8,9 %
EBITDA: 2 322 millions d'euros
EBITDA margin: 34,6 %
Net income: 382 millions d'euros
Net debt: 8 625 millions d'euros
Dividend per share: 3,00 €
Payout ratio: 60,0 %
Guidance from the release
L’année 2025 a été marquée par l’impulsion d’une nouvelle dynamique au sein du Groupe ADP et l’amorce d’une transformation structurelle de notre modèle.
Résultats annuels 2025 : chiffre d’affaires de 6 704 millions d’euros, EBITDA courant de 2 322 millions d’euros, RNPG de 382 millions d’euros; dette nette de 8 625 millions d’euros et dividende proposé de 3,00 euros par action. Le groupe atteint ses objectifs 2025 et prévoit une distribution de dividendes conforme à 60% du RNPG.
Outlook / guidance
Expected EBITDA: supérieur à 2 350 millions d'euros
Management commentary: Pour 2026, l’EBITDA courant est attendu au-delà de 2 350 millions d’euros; le ratio Dette Nette / EBITDA courant visé est inférieur ou égal à 3,7x; capex autour de 1 450 millions d’euros, dont environ 1 000 millions pour ADP SA; politique de distribution de dividendes à 60% du résultat net part du groupe avec un plancher de 3,00 euros par action; trafic attendu en croissance autour de 1,5% à 2,5% et CA par Pax Extime Paris supérieur à 32 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.
