SMTPC: Net income up 5.7% in first half of 2026 despite virtually stable revenue
The Société Marseillaise du Tunnel Prado Carénage, concessionaire of the Prado-Carénage tunnel and operator of the Prado Sud tunnel, closed its accounts for the first half of 2026 on September 23, 2026. With virtually stable traffic and a base toll unchanged since early 2025, the company increased its net income through the control of operating expenses, while its revenue remained nearly stable.
Virtually stable revenue, net income up 5.7%
In the first half of 2026, the Société Marseillaise du Tunnel Prado Carénage (SMTPC) recorded revenue of 19.158 million euros, compared to 19.117 million euros a year earlier. The press release also indicates a decline of 0.2% essentially linked to a drop in traffic, contradicting the figures shown in the accounts table. The tunnel was used by 7,000,802 light vehicles during the period, down 0.1% compared to the first half of 2025. The base toll for passage excluding discounts remained unchanged since the beginning of 2025. Operating income came to 7.925 million euros, compared to 7.513 million euros a year earlier. Net income stood at 5.7 million euros on June 30, 2026, up 5.7% compared to the first half of the previous year.
Control of operating expenses at the origin of the increase
The increase in net income occurred in a context of stable revenues, reflecting the effect of the control of operating expenses cited by the company. Current income before tax and employee profit-sharing reached 7.764 million euros, compared to 7.372 million euros in the first half of 2025, while financial income stood at -0.160 million euros, compared to -0.141 million euros a year earlier. This business model is based on a toll concession activity expiring in January 2033, at which date SMTPC will return the facility free of charge to the Aix-Marseille-Provence Metropolis.
Dividends paid and continuation of debt repayment
On the balance sheet, current assets declined, notably due to a decrease in available funds. This decline is explained on one hand by the payment of dividends decided for the allocation of the 2025 financial year results (13.4 million euros) and the continuation of debt repayment on June 30, 2026 (3.9 million euros), and on the other hand by the positive cash flows generated by operating cash (+12.2 million euros in the first half). Shareholders' equity stood at 62.961 million euros on June 30, 2026, compared to 70.726 million euros on December 31, 2025, and total debt declined to 43.054 million euros, compared to 47.632 million euros, as a result of loan repayment.
