Paris Airports: Rejection of the 2026 Tariff Proposal by the ART
Paris Airports has been notified of the refusal by the Transport Regulation Authority (ART) to approve its tariff proposal for the 2026-2027 period. Consequently, the tariffs in effect since April 2025 will remain applicable from April 1, 2026.
ADP Group submitted two proposals to the ART. The first, notified on October 17, 2025, proposed a uniform tariff increase of 1.5% for the fees at Paris-Charles de Gaulle and Paris-Orly platforms, along with a 15% increase for the fee assisting disabled and reduced mobility persons. The ART rejected this initial proposal on December 16, 2025, except for the fee for disabled and reduced mobility assistance, which was approved. A second proposal was submitted on January 15, 2026, which suggested a freeze on average tariffs and a continuation of the 2025 tariffs, with an adjustment in the difference between fare bands for passengers. This second proposal was also rejected by the ART on February 10, 2026.
Continuation of Existing Tariffs
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In accordance with the provisions of the transport code, the airport fee tariffs in force since April 1, 2025, will remain applicable for the new tariff period starting April 1, 2026. The only exception is the previously approved 15% increase in the fee for assistance to disabled and reduced mobility persons, which will apply.
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.
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