Atlas Arteria (ASX: ALX) is managing an unexpected tax extension in France while delivering solid operational performance across its global toll road portfolio. The Company confirmed on 3 February 2026 that the French Parliament adopted the Finance Law for 2026, extending a temporary supplemental tax initially expected to apply for only one year.
Figure 1: Atlas Arteria corporate logo [Source: Atlas Arteria]
The development comes as Atlas Arteria shares are in focus after an update on the French temporary supplemental tax, with investors weighing the financial impact against strong fourth-quarter results. The Melbourne-based toll road operator maintains its 2025 distribution guidance of 40 cents per share despite the extended tax obligation.
French Parliament Extends Temporary Supplemental Tax Beyond Original Timeline
Atlas Arteria noted the Finance Law for 2026 was adopted by the French Parliament on 2 February 2026. The temporary supplemental tax was introduced in the Finance Law for 2025 and was initially expected to apply for a single-year period.
The tax rate is anticipated to be assessed based on revenue for the current and prior year. For companies with revenue between EUR 1.5 billion and EUR 3.0 billion in either 2025 or 2026, the rate is 20.6% of the average corporate income tax due.
For companies with revenue equal to or exceeding EUR 3.0 billion in either 2025 or 2026, the rate climbs to 41.2% of the average corporate income tax due. A payment of 98% of the anticipated tax amount must be made in December 2026.
The remainder is due in May 2027. The Finance Law is expected to come into effect once reviewed by the Constitutional Council and signed by the French President, anticipated within the next few weeks.
Atlas Arteria Maintains Distribution Guidance Despite Tax Headwind
Atlas Arteria reiterated its 2025 distribution guidance of 40 cents per share following the tax announcement. The Company continues to target future distributions of at least 40 cents per share, supported by growing free cash flow.
Management emphasised that distribution guidance and targets remain subject to continued business performance. Changes to current taxes, movements in foreign exchange rates and other future events may impact the outlook.
The Company’s ability to maintain distribution levels despite the extended French tax reflects the strength of its diversified toll road portfolio. Atlas Arteria operates assets across France, Germany and the United States, providing multiple revenue streams.
Strong Q4 2025 Performance Supports Resilient Outlook
Atlas Arteria announced a 9.5% increase in proportionate toll revenue for the three months ending 31 December 2025 compared to Q4 2024. Traffic for the quarter was stable, with APRR slightly up and growth at both Dulles Greenway and Chicago Skyway.
For the full year ending 31 December 2025, proportionate toll revenue growth of 9.4% compared to 2024 reflects traffic growth, toll increases and favourable foreign exchange rates. Traffic performance benefited from ongoing growth in France, alongside higher congestion on competing routes near the Dulles Greenway.
Figure 2: Atlas Arteria traffic and toll revenue performance by asset [Source: Atlas Arteria]
On a constant currency basis, proportionate toll revenue increased by 2.2% in Q4 2025 and by 3.0% across the full 2025 financial year. The Company noted that 2024 was a leap year and the impact of one less day in 2025 on traffic and toll revenue performance is around 0.3%.
APRR Group Delivers Steady Traffic Growth in France
Traffic volumes at Atlas Arteria’s APRR Group edged higher by 0.1% during Q4 2025 when compared with the same period last year. Heavy vehicle traffic increased 1.1%, slightly offset by a 0.1% decrease in light vehicle traffic. Quarterly toll revenue rose 1.5%, largely supported by tariff increases that took effect in February 2025.
Over the twelve months to 31 December 2025, total traffic volumes grew by 1.3% on a year-on-year basis. Both light and heavy vehicle traffic increased 1.3% and 1.0%, respectively. Full-year toll revenue recorded a 2.8% increase.
Figure 3: APRR Group traffic volumes by vehicle type [Source: Atlas Arteria]
Strong employment conditions in France continued to underpin household income levels, supporting demand for light vehicle travel. After contractions earlier in the year, French and Spanish trade with the rest of Europe recovered in the second half, supporting heavy vehicle traffic growth.
On the A79, traffic for the full year 2025 increased 10.5% year-on-year. Toll revenue increased 12.3%, primarily driven by a 12.7% increase in light vehicle traffic.
Share Price Performance
Atlas Arteria shares closed at $5.840 on 3 February 2026. The stock trades within a 52-week range of $5.200 to $7.150 per share with a market capitalisation of $4.89 billion.
Figure 4: Atlas Arteria share price performance (ASX: ALX) [Source: Australian Securities Exchange]
About Atlas Arteria
Atlas Arteria is an ASX-listed infrastructure investment company that partners to deliver world-class road experiences. The Company creates long-term value for stakeholders through considered and disciplined management and sustainable business practices.
Headquartered in Melbourne, Atlas Arteria operates toll road businesses in France, Germany and the United States. The Company’s portfolio includes the APRR motorway network in France, the Chicago Skyway and Dulles Greenway in the United States, and the Warnow Tunnel in Germany.
Final Thoughts
Atlas Arteria shares are in focus after an update on the French temporary supplemental tax as investors assess the impact of the extended levy on future distributions. The Company’s ability to maintain its 40 cents per share distribution target reflects the strength of its diversified toll road portfolio and growing free cash flow.
Strong Q4 2025 operational performance across multiple geographies demonstrates the resilience of the business model. Supported by 9.4% proportionate toll revenue growth for the year and improving traffic trends across its US assets, Atlas Arteria is positioned to absorb the extended French tax while continuing to create shareholder value.
FAQs
Q1. What is the Atlas Arteria French temporary supplemental tax rate?
Ans. For companies with revenue between EUR 1.5 billion and EUR 3.0 billion, the rate is 20.6% of the average corporate income tax due.
Q2. When must Atlas Arteria pay the temporary supplemental tax?
Ans. A payment of 98% of the anticipated tax amount must be made in December 2026, with the remainder due in May 2027.
Q3. What is the Atlas Arteria distribution guidance for 2025?
Ans. The Company reiterated 2025 distribution guidance of 40 cents per share and continues to target future distributions of at least 40 cents per share.
Q4. How much did Atlas Arteria toll revenue grow in Q4 2025?
Ans. Proportionate toll revenue increased 9.5% for Q4 2025 compared to Q4 2024.
