Analysis Group Supports Corsair in European Commission Review of State Aid
April 29, 2026
Analysis Group was retained on behalf of French airline Corsair in connection with the European Commission’s (EC’s) review of state aid granted to the airline by the French government. The review assessed whether the aid was compliant with EC guidelines for governmental aid to restructure companies in financial distress.
A team led by Managing Principal Antoine Chapsal and Managers Zsolt Udvari and Krisztina Horvath worked alongside Emmanuel Combe, former Vice President of the French Competition Authority and an airline industry specialist, to assess the economic impact of the state aid. The Analysis Group team submitted several reports to the EC’s Directorate-General for Competition (DG COMP) over the course of the proceedings.
The team’s economic analysis included:
- An econometric study of airline fares under a counterfactual scenario in which Corsair ceased its activity
- A simulation analysis of the economic impact of this counterfactual scenario on particular regions where Corsair operates
- An analysis of entry barriers and incentives on certain central airline routes
- An evaluation of the likely impact of a modernization plan on Corsair’s revenues
- A financial analysis (including WACC estimation and financial benchmarking) demonstrating that Corsair would meet DG COMP’s viability criteria by the end of the restructuring period
DG COMP approved the restructuring state aid granted to Corsair and cited several findings from the Analysis Group reports in its decision.