Summary: Aeroporti di Roma has placed a €500 million sustainability-linked bond with an eight-year tenor, a 3.625% fixed coupon and performance-linked step-ups tied to emissions targets, reinforcing ADR’s ESG debt portfolio.

Aeroporti di Roma (ADR) has completed a €500 million sustainability-linked bond placement, directly connecting the company’s cost of debt to specific sustainability outcomes. The offering, aimed at institutional investors, carries an eight-year tenor and is structured to support ADR’s long-term infrastructure and decarbonisation plans at Rome Fiumicino and Ciampino airports.

Bond terms and issuance details

The issuance was launched under ADR’s EMTN Programme as supplemented on 6 February 2026 and will be listed on the Irish Stock Exchange. The bond features a bullet repayment scheduled for 17 February 2034 and an annual fixed-rate coupon of 3.625%. The issue price was 99.530%, giving an effective yield to maturity of 3.694%, with settlement slated for 17 February 2025.

  • Amount: €500 million
  • Tenor: 8 years (bullet repayment 17 February 2034)
  • Coupon: 3.625% fixed
  • Issue price: 99.530% (yield to maturity 3.694%)
  • Settlement date: 17 February 2025
  • Expected ratings: Moody’s Baa1, S&P BBB-, Fitch BBB

Strong investor demand and ESG positioning

The placement attracted significant international interest: demand exceeded supply by more than three times and over 80% of the allocation went to foreign investors. ADR said the transaction included notable participation from investors specialising in ESG strategies. The company also noted the issuance increases the share of its ESG-labelled debt to more than 78%, following its 2020 Green Bond and three prior sustainability-linked bonds issued in 2021, 2023 and 2025.

Rome Fiumicino Airport runway and terminals with solar panels and airport infrastructure
Rome Fiumicino Airport is central to ADR’s sustainable development plan and emissions targets

Sustainability targets tied to the bond

The bond’s pricing is linked to two Sustainability Performance Targets (SPTs) measured via Key Performance Indicators (KPIs). ADR has committed to fully abate Scope 1 and 2 CO₂ emissions by 2030 and to cut Scope 3 CO₂ emissions per passenger from aircraft landing and take-off activities — including taxiing — by 18.9% by 2030 versus a 2024 baseline. These targets form part of Mundys’s ESG strategy and are certified by the Science Based Targets initiative (SBTi).

“The new bond issue – as declared by Aeroporti di Roma’s CEO Marco Troncone – testifies the strength of ADR’s Sustainable Financing strategy, welcomed by a growing consensus in international capital markets. The investor’s trust confirms the credibility of the Rome airport system’s future development potential, and the capability of ADR to constantly fulfil it. The sustainable development plan for Rome Fiumicino Airport aims to strengthen Italy’s competitiveness and its ability to serve new and ever-growing high-quality traffic flows, which in 2025 set the historical record for the highest number of passengers ever at Leonardo da Vinci, placing it among the top 10 most connected airports in the world”.

How ADR plans to meet targets

To reach Net Zero for Scope 1 and 2 by 2030, ADR is expanding photovoltaic capacity — including the Solar Farm inaugurated in January 2025, described as the largest built within the grounds of a European airport — electrifying vehicles and using biofuels. The Scope 3 reduction relies on measures that support airlines’ decarbonisation programmes, addressing emissions from aircraft operations at Rome Fiumicino.

If ADR fails to meet one or both SPTs, the bond includes coupon step-ups: an additional 20 basis points per annum if one SPT is missed, or 25 basis points per annum if neither target is achieved, impacting coupons payable in 2032, 2033 and 2034.

Investment programme and broader context

The transaction supports ADR’s multi-year capital plan. Over the past decade the company invested more than €3 billion, and it expects over €400 million in capital expenditure in 2026. These investments feed into a fully self-financed €9 billion sustainable development programme to expand infrastructure while aligning with projected medium- and long-term passenger growth at Rome Fiumicino, which ADR highlights as a leading European hub for traffic growth and connectivity.

The placement was managed by a syndicate of joint active bookrunners including Banca Akros, Barclays, BNP Paribas CIB, Crédit Agricole CIB, IMI-Intesa Sanpaolo, Mediobanca, Natixis, Société Générale and UniCredit (B&D). Crédit Agricole CIB acted as Sustainability Structuring Agent. Legal documentation was assisted by Legance and A&O Shearman.

What this means for travelers and the industry

For passengers and aviation stakeholders, the deal signals ADR’s commitment to upgrading infrastructure while reducing the carbon footprint of airport operations. Investments in renewable power, electrification and airline decarbonisation measures are intended to improve operational resilience and support growth in high-quality traffic at Rome's airports.

So what? The bond demonstrates how airport operators are using sustainability-linked finance to fund expansion while holding themselves accountable for emissions reductions — a relevant trend for investors and travellers tracking green infrastructure development.