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Eiffage, Vinci shares fall as France plans motorway and airport tax hike
Eiffage and Vinci shares fell sharply on Tuesday after the French government proposed a significant increase in the tax on motorway concessions and major airports. Eiffage shares fell 3.4% to €102.35, while Vinci shares dropped 2.8% to €108, with both stocks trading near their 52-week lows. The government plans to raise the tax on long-distance transport infrastructure, known as TEITLD, to as much as 12.2% from 4.6%, a measure expected to raise about €800 million in additional annual revenue and take total proceeds to roughly €1.4 billion from around €600 million currently. The proposal would apply a progressive rate based on operator profitability, with the current tax applying to companies generating more than €120 million in infrastructure revenue and with average profitability above 10%, and the government said it would be included in its 2027 budget proposal. The planned increase is particularly relevant to Vinci Autoroutes and Eiffage's motorway concession business, whose APRR and AREA networks generated €1.46 billion of toll revenue in the first half of 2026, and the government said it would prevent motorway operators from passing the higher tax through to toll prices, while airport operators have greater scope to reflect the tax in customer pricing. The additional revenue is intended to fund a new "Ambition transports" fund for maintaining, modernising and adapting existing transport infrastructure.
DG.PA · Regulation · Negative France's proposed TEITLD tax hike to as much as 12.2% would hit Vinci Autoroutes' motorway concession profits, with pass-through to tolls barred.
FGR.PA · Regulation · Negative The planned motorway concession tax increase directly targets Eiffage's APRR/AREA networks, and operators are barred from passing it to toll prices.
APRR · Regulation · Negative APRR, Eiffage's motorway concession arm, faces the higher TEITLD tax on its €1.46bn toll revenue without being able to pass it through to tolls.