Welcome to the Groupe ADP 2026 Nine-Month Revenue Presentation. For the first part of the conference call, all participants will be in listen-only mode. During the question and answer session, participants may ask a question by pressing the pound key, followed by five on their telephone keypad. I will now hand the conference over to Cécile Combeau, Head of Investor Relations, who will begin today's presentation. Please go ahead.
Good morning, everyone. Thank you for joining us for our 2026 nine-month revenue presentation. I am here with Christelle de Robillard, our CFO, who will go through some prepared remarks before the Q&A session. Before we start, and as usual, I remind you that certain information to be discussed on today's call is forward-looking and is subject to risks and uncertainties that could cause actual performance to differ materially. For these, please refer to the disclaimer statement included in our press release and on slide 26 of our presentation. I will now leave the floor to our CFO, Christelle de Robillard.
Thank you, Cécile, and good morning, ladies and gentlemen. Thank you for joining us this morning. Let me first start with the key highlights on slide three. The first nine months of 2026 demonstrated the resilience of our business model. Despite a challenging operating environment with geopolitical tensions, softer demand, and operational disruption, group traffic remained broadly stable at 287 million passengers. In this context, consolidated revenue increased by 1.4% to EUR 5.1 billion. This growth was mainly driven by the strong performance of TAV Airports, and it shows the benefits of our international portfolio, which more than offset a softer traffic environment in Paris. Retail performance showed sign of improvement. Extime sales per passenger reached EUR 31.1, despite a less favorable traffic mix and a weak luxury environment, but with momentum improving during the year. We also achieved an important milestone in the ERA process.
Airline consultation in September resulted in a majority positive vote. Following this important step, the draft agreement was submitted to the regulator, whose binding opinion is now expected by November 18. Moving on to slide four on traffic. We saw varied trends across our platform since the start of the year. Starting with the bottom part of the slide, you can see that TAV Airports traffic increased by 2.6% year on year. This growth is notably supported by a rebound during the summer in spite of persistent inflationary pressures in Turkey. Conversely, in our other platforms, traffic is down. In Paris, the 0.4% decrease reflects operational disruption and softer demand environment observed since spring. Also, the impact on infrastructure works at Paris Orly, leading to capacity reductions. These works are expected to end in December.
In Amman, traffic declined by 9.6%, but trends have recently improved compared with earlier in the year. Finally, traffic at GMR Airports was down 0.4% year-on-year, reflecting airline capacity reductions due to local operational constraints and broader global pressures. Overall, TAV Airports traffic growth helped mitigate the impact of the challenging operating environment. Turning now to slide five. Extime sales per passenger reached EUR 31.1 over the first nine months. This remains slightly below last year level, but performance improved progressively throughout the year despite several headwinds. As commented in previous quarters, we faced a weaker luxury environment, works at Terminal 2E K, foreign exchange effect, and a less favorable traffic mix. Importantly, we saw a gradual improvement in SPP during the year, with the third quarter returning to growth compared with last year.
This reflects both the resilience of our Extime model and the gradual normalization of some of the headwinds that affected performance earlier in the year. In all, this gives us confidence in our ability to achieve our full-year SPP objective of around EUR 32. Turning now to revenue on slide six. Looking first at aviation in Paris, revenue increased by EUR 26 million. As mentioned previously, this reflects traffic trends commented earlier on, mainly offset by revenue from higher fees in the first quarter and in PRM fees all along the year. Retail and services revenue was broadly stable, up EUR 3 million. Headwinds in the hospitality subsidiaries and retail were largely offset by continued growth of regulated services. International revenue increased by EUR 44 million. TAV Airports growth is supported by its traffic, fee increases in Almaty and Ankara, and services companies. AIG revenue remain impacted by the weaker traffic in Amman.
Overall, our balanced business model enabled the group to keep delivering revenue growth despite a challenging global operating environment. Now let's go through the outlook on slide eight. As you know, given the persistent traffic headwinds and based on traffic recorded over the first nine months, Groupe ADP revised last week its 2026 traffic assumption for Paris and now expects a slight decrease compared with 2025. As a result, the group expects recurring EBITDA for 2026 to come in at the lower end of the EUR 2.3 billion-EUR 2.5 billion range announced in July. This incorporates the benefits of the cost-saving and efficiency plan, which are expected in the range of EUR 40 million-EUR 60 million. All other 2026 assumptions and guidance remain unchanged and are therefore confirmed.
The outlook we are providing today does not reflect any potential impact from the French finance bill currently under debate as its final provisions are yet to be determined. Beyond 2026, let me turn to slide nine and the economic regulation agreement project. Following the positive outcome of consultation with airlines in September, the proposed ERA was submitted by the French state to the regulator on September 18th. The regulator is expected to issue its binding opinion by November 18th. Subject to a favorable opinion and board approval, the agreement would be signed thereafter and enter into force on January 1st, 2027. As you know, the first tariff increase under the new framework would take effect on April 1st, 2027. The ERA is a key milestone for Groupe ADP. It will provide the visibility needed to deliver the investment program and to support the competitiveness of the Parisian platform.
When the regulatory framework is finalized, we intend to present in early 2027 our new strategic plan and financial roadmap, setting out how we plan to create sustainable value for our shareholders and stakeholders over the coming years. That is all for our prepared remarks. Let us now open the line for your questions. Thank you.
Ladies and gentlemen, if you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. Two questions at a time should allow all of you to dialogue with the management. The next question comes from Dario Maglione from BNP Paribas. Please go ahead.
Hi, morning everyone. Two questions for me. One on traffic. So this year has been quite weak in Paris. For your ERA proposal, you have proposed a traffic growth of 1.9% CAGR over the next eight years. Yet we see it now and we see no growth in Paris. So is this traffic assumption maybe too optimistic given all is going on with jet fuel, geopolitics and so on? My second question is on retail. You mentioned there were some headwind in Q3 2026, like the works on Terminal 2E, Hall K. Are the works more intense now than last year? Thanks.
Thank you, Dario, for your question. So, regarding the traffic, indeed, we are suffering from some operational disruption and a difficult macroeconomic context in 2026. For the rest of the year, we are expecting that the pressure we saw until now will continue, and so on. That is why we have reassessed our assumption for Paris with a slight decrease compared to 2025. Looking in the mid and long term, indeed, our ERA proposal relies on a 1.9% traffic CAGR for the ERA until 2034. This is mainly based on the main factor that underpins this assumption is the commitment we have in term of sustainable aviation fuel incorporation and the hypothesis around the overcost it will have compared to traditional fuel. That is why we had a technical debate with the regulator on this overcost.
At the end of the day, the assumption we took is a 3.5 x higher cost for SAF compared to a traditional fuel. That is why we revised upward compared to the initial proposal in December, the traffic CAGR. It is difficult to know what will be exactly this precise assumption, but that is why we have built our ERA proposal with factor adjustment that will enable to share finally a possible overperformance or underperformance regarding the traffic compared with the initial trajectory with airlines. There is a bandwidth around the central scenario in which we share 75% first of the gap in revenue terms before moving to 50% thereafter. In case of really a substantial deviation with the traffic, ranging from plus or minus [inaudible] to ± 8% depending on the year.
If three years in a row, we are below or above this corridor, then it can lead to a revision of the contract. That is why we think there are all the protection needed to have a robust trajectory and framework. Regarding your second question in term of SPP. Clearly, we mentioned some headwinds through 2026. Part of those headwinds are the works in Terminal 2E, Hall K. This is not something new. We have already commented on that over the past months. The works will continue through 2026 in two dimension. The continued reshuffling and upgrading of the retail areas, leading to temporary closure and displacement of certain shops and areas which hinder, at the end of the day, the performance slightly. There are still milestone with the beauty and cosmetic areas, which is an important part of the performance.
At the same time, there are also works on the airside areas that reduce the number of available boarding gates, rerouting traffic to Hall L and Hall M. It is difficult to quantify precisely the magnitude of this work on the level of SPP as a whole, but clearly it remains a headwind. We are targeting a full normalization beginning of 2028. Thank you.
Thank you.
The next question comes from Eric Lemarié from CIC CIB. Please go ahead.
Yes, thanks. Good morning. I got two questions. First, on the political risk in France. In 2027, I was wondering, could a new government review amend or maybe cancel the economic regulation agreement that is supposed to start in January next year? The second question on TAV, the Financial Times report in mid-October, if I am not wrong, that Ural Airlines flight have been landing at Antalya Airport, and I understand sanctions prevent European companies from services Ural. I was wondering what is your take on this and if you see a risk here on that. Thank you.
Thank you for those two questions. First, regarding the political risk in 2027. As you know, first of all, we are fully on track on our timeline. That means that we intend to sign the ERA before year-end, so before the presidential election in France. The economic regulation agreement is a contract, so binding both ADP and the French state. In our view, a change of government next year would not in itself allow the state to unilaterally amend its term. Clearly, we are fully confident in the fact that it will have no impact on the ERA once it is signed. There are mechanisms foreseen to revise or to review. The main mechanism for that, for potential changes, is a four-year review, which is conducted by the independent regulator and may involve, at the same time, user consultation, so not the state.
All in all, once again, we are confident that there will be no impact. Regarding your second question about TAV and what the Financial Times reported. You know that TAV Airports is committed to sanctions compliance and maintain rigorous oversight across its entire portfolio of operation in more than 30 countries worldwide. In Turkey, TAV Airports operate passenger terminal under concession agreement and does not have the authority to determine which airline may operate at the airport. The relevant government and civil aviation authorities alone decide airspace access, traffic rights, and slot allocation. That is why in this context, TAV Airports and its affiliate provide only the minimum level of services as required by local regulation and governmental contractual obligation imposed by civil aviation authorities without violating any U.S. or EU sanction requirements. That is why we are fully compliant, and we do not expect any impacts. Thank you.
Thank you. Understood.
The next question comes from Andrew Lobbenberg from Barclays. Please go ahead.
Oh, hi there. Can I come back to the retail, please, and the reiteration of the target of the 32 SPP? That looks from our math to suggest that you expect a continuation and slight strengthening of the year-on-year increase that you saw in Q3 going into Q4. Is that a fair understanding, and what's driving that improvement? You just described how 2E K challenges continue. So what gives you the confidence that we will see this continuing momentum in 3Q? And can you just explain why we did get that momentum in 3Q? Then can I just ask a question, coming back to the traffic, I guess. I think when you previously discussed the closure of Orly, you expected that quite a lot of that traffic would be recaptured by services that were being diverted to Roissy.
Has that not played out in the way you expected? Or looked at another way, how confident are you of the strength of Orly traffic, once you have got full access to the runways? Thanks.
Yes. Thanks. Beginning with the SPP guidance. You are totally right. There has been a sequential and progressive easing of several headwinds, and we have clearly seen, since the beginning of the year, this gradual improvement. You remember that we first posted a declining of 5.7% in Q1 in terms of SPP. Then it was broadly stable in Q2 and before returning to growth in Q3 with an increase of 3%. This is an encouraging sign for the performance despite, of course, the changing environment that we have known that since several months. This gradual improvement makes us confident in achieving, at the end of the day, our spend per pax objective of around EUR 32 in 2026. Clearly, part of the several headwinds we mentioned include adverse FX effect.
This was mainly the one who weighed the more on the performance when we compared Q1 to Q1 2026 and 2025. Weaker long-haul traffic, those ongoing work at Terminal 2E K that I mentioned, and a softer luxury environment. Of course, on the geopolitical context with higher fuel prices also weighs on the performance. But all in all, we are confident and indeed to reach our annual objective, the hypothesis is that this growth will continue in Q4, but the usual seasonality of Q4 and the Q3 momentum that we saw clearly support this confidence in achieving our full-year objective. Once again, the works in Terminal 2E K, even if it is a headwind, is not the major one among all the effect I mentioned. Regarding the traffic and specifically the impact of Orly work.
Indeed, we had embedded in our hypothesis from the beginning of the year the fact that there would be works in Orly, both on Orly 1 airside areas since April as well as on Runway 4 since August, which led to significant reduction of flight schedule in 2026. The works regarding Runway 4 will come to an end in mid-December. Aircraft movement are broadly in line with our expectation. Indeed, load factor were slightly lower than anticipated, and there were also less transfer to CDG compared to what we initially expected.
But overall, on the impacts of the work, remain broadly consistent with what we have observed during similar infrastructure project in the past, and the latest airline schedule and traffic trends at Paris Orly are fully reflected in our revised traffic outlook, which now assume, as you know and as I mentioned, a slight decrease in Paris traffic in 2026 compared with 2025. Thank you.
The next question comes from Cristian Nedelcu from UBS. Please go ahead.
Hi, thank you very much. Could I ask you, in today's environment with French yields more than 5%, what are the arguments for locking in a 5.8% or around that allowed return for next eight years? And secondly, if you allow me, the early next year, the 2027-2031 strategic plan, could you tell us the agenda is? What are you going to talk about at that time? Thank you.
Thank you. So thanks for those two questions. Regarding the first one, in term of WACC level and the fact that indeed on this WACC level will be fixed for the entire period, whereas we are in the context of increasing tax rate. First of all, let me remind you that the range used by the regulator for its binding opinion will be the one updated at the time of the submission. So we made the exercise to update this range and compare to what we said at the end of July, it's now a range expected between 5.2% to 6.2%. So indeed, with our proposal at 5.8%, it gives a buffer to comfort our economic proposal. We believe that it would be misleading to assess the relevance and interest of an ERA solely through the lens of the level of WACC.
When we consider the interest of signing an economic regulation agreement, we really believe that we have to consider all the overall framework, including a front-loaded tariff trajectory, as you may have recall, several protection mechanism, and I can come back and comment them deeper if needed, and lastly, reduce regulatory uncertainty resulting from this framework. Conversely, this framework and the question you are raising should be also assessed against the alternative scenario. What would be the alternative realistic scenario if we don't sign an ERA? From that perspective, it will lead to greater regulatory uncertainty, reduced protection against adverse development, less visibility, and could lead to suboptimal investment decision. All in all, we are totally confident on the fact that the proposed agreement provides a robust framework despite the evolution in financing conditions.
Regarding the agenda for 2027, indeed, we have announced our intention to disclose the strategic plan, which will realize, of course, on the ERA project on the all the regulated activities, but it will be a broader exercise which will encompass all the non-regulated activities. We have not disclosed at this stage a precise agenda, so we just intend to present it in early 2027. The plan will clearly focus on reinforcing operational and financial performance to a reassess that we want to invest with discipline and create sustainable value across all the groups. But a little early to tell more in terms of agenda and content of this plan. Thank you.
Thank you. Thank you very much.
The next question comes from Max Dolbey from Green Street. Please go ahead.
Morning. My question is regarding luxury. The presentation mentioned seeing some encouraging trends, although we've seen French luxury stocks fall again this week. Looking beyond the conclusion of the 2E K works, how do you see the luxury business developing? Could you give us an indication of how much luxury contributes to SPP?
Thank you. Clearly, part in the two main elements that the gradual improvement of our SPP in Q3, there is the fact that there was a normalization of FX rate, but also indeed, as you mentioned, a gradual recovery of the French luxury brands, which are an important component of our SPP performance. Clearly, you know that in our part of our Extime strategy, we want to rely on those luxury brands and to reinforce premiumization of our retail area. But clearly, we do not disclose the precise impact of those luxury brands in the quantification of the SPP improvement. Thank you.
The next question comes from Marcin Wojtal from Bank of America. Please go ahead.
Yes. Thank you, and good morning. Two questions. You mentioned that your revised guidance for 2026 does not reflect any measures from the French 2027 finance bill. But could you perhaps quantify what could be the impact or at least be the order of magnitude? Question number two, going forward to 2027 and beyond, based on the current draft, can you just remind us, do you expecting the infrastructure tax rate at 4.6% or a higher band could apply to ADP? Because as we understand, the tax goes up to 12.2%. So a comment would be helpful. Thank you.
Thank you. Coming back indeed to the current news regarding the finance bill, you are totally right. Our guidance regarding EBITDA clearly excludes explicitly any impact in 2026 of measures from the 2027 finance bill. You have totally noticed that this finance bill for 2027 sets out a new mechanism increasing the tax rate regarding long-distance transportation infrastructure with a proposed progressive mechanism, as you mentioned, which would be based on the profitability of operator. Based on our understanding of the bill, we anticipate that we would bear an additional charge of approximately EUR 40 million for full year 2026. To be very precise, a more literal reading of the bill can lead to a higher estimate of up to EUR 120 million. We believe that this results from a technical oversight in the wording of the finance bill that will be corrected in the legislative process.
Beyond 2026, to answer directly to your second question, structurally and based here also on our current interpretation of the text, when we exclude exceptional items, we do not expect to fall within the higher tax range from 2027 onwards and to remain below the threshold of 20% profitability. Clearly, the process is ongoing. You must really keep it in mind, and we can only be definitive and precise in our answer once the finance bill elaboration will come at an end. But at this stage, for 2026, our understanding and anticipation is a EUR 40 million additional tax if the French bill is promulgated before the end of the year, and beyond 2026, no expected impact above the 4.6 current tax rate. Thank you.
The next question comes from Cristian Nedelcu from UBS. Please go ahead. Cristian Nedelcu, your line is now unmuted. Please go ahead.
Thank you very much. Could I follow up, please, on the OCRPS? I believe you converted 100 million of shares, and you still have 2.5 to convert. What dictates the pace at which you are converting more of these shares? In relation to that, what is the minimum economic interest you intend to hold in GMR as per the agreement with the other shareholders? Is there a threshold there that you cannot go below? The second one, just a technical one, if I may. In retail, in other income, you have this Société Paris works revenues. Could you help us ballpark understand, is the EBITDA margin on these revenues, is this both similar with the divisional EBITDA margin? Is it dramatically lower or dramatically higher than the retail EBITDA margin? Thank you.
Okay. Thank you. Regarding the GMR and the OCRPS, indeed we have converted some OCRPS into a normal and ordinary share, clearly in line with what we had announced at the time of the operation on the third tranche. It will be a gradual conversion. It is gradual because there are some specific legislation in India that prevents from converting more than in a year 5% of the capital. That is why it is a gradual process, but we have already begun with that. To answer the second part of your question, yes, the minimal threshold here also for Indian regulation and legislation is 25%, which would trigger otherwise some impact in term of MTOW. Maybe Cécile, on your second.
Can't get it.
Can you repeat the second question? It was SPP and the margin expected to dilute, but on which activity, sorry?
Yes. So within other income, the other income line in retail, there you mention about these contracts with Société Paris works . I believe this is the reason why this has gone up meaningfully year to date, I think from EUR 23 million to EUR 52 million, if I remember well. But I was just curious if you could help us a bit understand the EBITDA margin in this Société Paris works.
Of course.
Is this similar to retail or much dramatically different?
Thank you, Cristian. Yes, indeed, it is related to Société [inaudible] so it is works linked to the Greater Paris transportation. It is reinvoicing that are made. It is a zero margin actually. So it is really a pass-through.
Okay, that is very helpful.
Thank you.
Apologies, could I come back? You mentioned the 25% in India, the Indian regulation legislation. You talked about a 25% threshold. Did I understand well, that refers to your economic interest, which now is 40%, so it cannot go below 25%? Or were you referring to the actual ordinary share count, which I think you are closer to 20%, 25% or something like that.
The regulation is for ordinary shares.
Correct.
It is linked to the-
Okay
it's MTOW regulations.
Okay. On the economic side, your 40%, is there a threshold there according to your agreement with the other shareholders that you cannot go below? Is it 35% or 40% itself?
No, no specific. Just keep in mind that what we made in this operation with tranche one and tranche two is to rebalance the capital structure between our partner and us to make our partner stronger, because from an economic exposure perspective, it was weaker than us before the operation. So it was an important element for us to have a strong partner in India to be better positioned in the discussion with local authority to capture our future development. But there is no specific rules regarding this economic balance between them and us.
Could I please add one more, or should I just go at the back of the queue?
Yes, go ahead.
Apologies, but the EUR 40 million on the infrastructure tax you mentioned, your initial assessment, just for me to understand. So normally, this incremental EUR 40 million, the way it would work is 75% of it, you would be able to pass it through the tariff in two years' time, and the remainder, 25% of the EUR 40 million, that will not come under the form of a pass-through. So is my understanding correct?
Your understanding is totally correct for 2027 onwards, once the ERA is signed, because you may remember that we incorporated in our ERA project a specific tax adjustment mechanism designed to compensate for the economic impact of new legislative or fiscal measure implemented after the signature of the ERA. But for 2026, to be very clear, should the French finance bill be enacted in 2026 and should there be a charge on this specific exercise, there would be no mechanism to recover the full year 2026 impact through regulated tariff, because 2026 tariff have already been approved, and we are before the implementation of the ERA.
Thank you very much.
Thank you.
The next question comes from Dario Maglione from BNP Paribas. Please go ahead. Dario Maglione, your line is now unmuted. Please go ahead. The next question comes from Eric Lemarié from CIC CIB. Please go ahead.
Oh, yeah. Thanks. I've got two follow-ups, please. Just the first one on the risk in France. At ADP, would you consider speeding up your international expansion in order to rebalance your exposure of ADP and to lower the exposure to France in the future? A second question on GMR. Do you think GMR could be affected by the ongoing protest in India? Thank you.
You know our long-term strategy in term of international activity is not linked to the current specific situation in France. We have always tried to build a balanced business model and to have a level of value creation in the international side. There was an important phase of investment in international between 2017 to 2021, and now time has come also to secure the dividend from those activity to contribute to the financing of our important CapEx program in Paris. We are in this line, regardless of what's happening in France. Regarding your question on GMR, maybe just to remind that GMR also is facing headwinds in term of operational disruption, changing operating environment with flight supply that remain constrained in India with geopolitical disruptions that have added pressure. All those elements have weight on the performance.
I mentioned in the presentation that the traffic was down in GMR, especially in Hyderabad. We have not noticed at this stage and so far a specific impact of the protest in India. But all in all, indeed, the current environment is a little bit complicated, even if we remain clearly confident in the long-term growth prospect of Indian air traffic. It makes a link with the third question that it will be a contributor to value creation in the mid and long term. Thank you.
Thank you.
The next question comes from Andrew Lobbenberg from Barclays. Please go ahead.
Oh, hi, since we're all coming around again. I think you did explain at the half year, but do you want to give us any more color on the cost saving program on a short-term basis? How easily it has come, how challenging it has been to execute through Q3 and looking to the balance of the year, and how sustainable any of those savings can be going forward. Is there any sign yet of an impact on traffic from social unrest at home? Thanks.
Thank you for your question. Indeed, the cost saving program that we have implemented since the beginning of the concession is an important element in the underpinning of our EBITDA guidance. We implemented, as you know, we mentioned it already in July, a EUR 40 million -EUR 60 million savings program in 2026. We expect to be rather in the upper part of this range. This explains why we at the same time expect, given the level of traffic forecast, we expect to be in the lower end of the EBITDA guidances. Broadly speaking about this cost saving program, as mentioned also in July, now we view it as roughly a 50/50 mix between short-term action, such as the deferred recruitment, discretionary spend reduction, and at the same time, some 50/50 with more structural initiative focused on productivity and efficiency.
All in all, a number of action that we implemented this year are just an acceleration of what we intended to do for the ERA to generate lasting benefits beyond 2026. This includes tighter spending discipline, optimization of outsourced services, support function efficiency, maintenance optimization, and process simplification. As a result, what was initially planned out of our EUR 140 million savings measure expected by 2034, are being delivered progressively over the ERA, but have been executed for a part earlier than expected. Thank you.
The next question comes from Harishankar Ramamoorthy from Deutsche Bank. Please go ahead.
Yeah. Hi, morning and thanks for taking my questions. Most of them already addressed, but I just wanted a quick clarification on the infrastructure tax. A distinction between what you're allowed to pass on under the ERA framework versus what is regulated versus unregulated. If I remember right, the last time we had the infrastructure tax increase, we were able to pass on the regulatory impact onto the tariffs. For the EUR 40 million that you're currently estimating for 2026, if it comes to fruition, then irrespective of the ERA, would you be able to pass on the regulatory bits within this or am I completely missing something? Thanks.
Indeed. When the tax was first implemented a few years ago, we managed to pass the impact on the regulated scope in the tariff. Globally speaking, the allocation of the tax between regulated and non-regulated scope is 75% on the regulated and 25% on the non-regulated. We allocate depending on the amount of revenue at ADP SA mother company, as the tax realized is based on the revenue at the mother company. This explains the 75%/25%. Indeed, we cannot clearly pass through the impact on the regulated scope. We expect this key allocation to remain the same. Once again, only once the ERA is implemented, should there be an impact. But once again, at this stage, given the current wording of the tax and the French bill, we do not expect impact beyond 2027.
But should there be an impact, 75% of this impact would be allocated on the regulated scope and could be passed through the tariff thanks to the adjustment factor mechanism we have incorporated in our ERA project. But once again, it would be only from 2027 onward, because for 2026, should there be an impact if the bill is promulgated before the 31st of December, then for 2026, we couldn't be in a position to pass it through as tariff for 2026 have already been secured, and we cannot come back on this. Thank you.
Okay. That's it. Thanks.
Ladies and gentlemen, thank you for your questions. Let me now hand the conference back to the speakers for closing comments.
It is now time to close this call. Thank you all for joining us this morning and for your continued interest in Groupe ADP. Our next scheduled publication will be on February 10 for our full year results, and then we look forward, obviously, to reconnect with many of you during the upcoming conferences and roadshows. As always, Eliott and I remain available for any follow-up questions you may have. Thank you. Enjoy the rest of the day.