Group ADP
29 July 2026
- The French State and Groupe ADP [1] have reached an agreement on an Economic Regulation Agreement (ERA) with the aim of rolling out an €8.2 billion [2] regulated investment programme over the next eight years, to boost the competitiveness of Paris airports and promote France's global image.
- This agreement is the result of negotiations held with the departments of the French Ministry responsible for Civil Aviation since Groupe ADP published its initial proposal on 10 December 2025 [3].
It also takes into account:
- feedback provided by airlines and their representatives garnered through dialogue since autumn 2025;
- the recommendations issued by the French Transport Regulatory Authority (Autorité de régulation des transports – ART) in its simple opinion of 9 April 2026 [4], which have given rise to in-depth technical discussions.
The key fundamentals have been confirmed: an ambitious eight-year industrial project to boost the competitiveness of airports in the Paris region and support the growth of airlines, alongside airports charges moderation and a fair return on capital employed within the regulated scope, averaging 5.8% over the term of the agreement.
The agreement reached between the French State and Groupe ADP on the proposal represents a major step towards the conclusion of the agreement by the end of the year, with a view to its entry into force on 1 January 2027.
The process is continuing, with a further formal consultation with airlines to take place through Economic Advisory Committees, which are due to meet in September, as well as on the Aéroports de Paris website for any user who requests it. The French Minister responsible for civil aviation will then refer the proposal to the ART for its binding opinion, which is required for the agreement to be signed, and which is expected to be issued by the end of November.
Philippe Pascal, Chairman and Chief Executive Officer:
“The agreement reached between the French State and Groupe ADP is a major step towards the future implementation of the Economic Regulation Agreement for Paris airports. It is the result of extensive work carried out with all stakeholders – negotiations with the Ministry responsible for civil aviation, dialogue with airlines and in-depth technical discussions with the regulator – and sets a balance between investment, competitiveness and fair return on capital employed, averaging 5.8% over the term of the agreement.
At €8.2 billion in total over the duration of the agreement, this is the most ambitious investment programme ever undertaken in Paris. It is set to give a significant boost to the competitiveness of Paris airports which, as major infrastructure, are great assets for the country's appeal and economy.
The proposal strengthens Groupe ADP's business model and safeguards its ability to continue investing in non-regulated growth areas, to pursue its policy of distributing 60% of attributable net income with a minimum of €3 per share and to maintain its credit rating. We are now moving forward with confidence through the next regulatory steps. The aim for the agreement to enter into force on 1 January 2027 remains unchanged.”
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[1] Throughout this document, Groupe ADP refers to Aéroports de Paris, a public limited company governed by
article L. 6323-1 of the French Transport Code (Code des transports). The name “Groupe ADP” is used here for communication purposes only and has no legal consequences.
[2] In constant euros, 2025.
[3] See press release dated 10 December 2025.
[4] See opinion No. 2026-030 of 9 April 2026 (in French), published on 20 April 2026.
