2022 Universal Registration Document

R i sk and r i sk management 2 Risk factors

2 - B: GEOPOLITICAL RISKS Geopolitical events that may cause changes in the global economic situation are likely to affect Groupe ADP’s activities. Criticality +++ Change in 2022 Detailed description of the risk factor The Groupe ADP, a leading player in the airport industry, is currently active (all activities and subsidiaries combined) at some 125 airports worldwide in 50 countries.

Potential effects for the Group — Loss of visibility on the entities’ local activities and global reporting difficulties — Loss or decline in activities within an entity — Additional opex and capex costs and loss of revenue — Increased dissatisfaction — Damage to persons and property Interconnected risks — Risks related to the economic trajectory — Cybersecurity risks — Safety and security risks — Risks related to network management — Liquidity risks — Risks of corruption and business integrity

To achieve this, the Group relies on a unique network of 27 airports, operated under management contracts or concessions, and on a pool of skills and expertise serving customer projects around the world. Hence, political, economic or social instability in or near the countries where the Group operates could adversely affect its business. The occurrence of a serious crisis or conflict, whether political or military, could have an unfavourable impact on: — air traffic at airports that are forced to close occasionally due to local/regional unrest; — the security of people and goods; — the conduct of business; — the profitability or even the continuation of activity of certain hubs; — the availability of the infrastructure in the event of attacks by a third country. In 2022, in the context created by the invasion of Ukraine by Russia, international sanctions were imposed on Russia, leading in particular to a decrease in air traffic with Russia and Ukraine and forcing many airlines to bypass Russia and Ukraine when connecting Europe to Asia. In addition, the evolution of the geopolitical context has led to malfunctions including a significant increase in energy costs and inflation rates at levels higher than they have been for decades. Groupe ADP is thus exposed to a risk of inflation on specific cost items, mainly the cost of materials and services and energy costs.

MAIN RISK MANAGEMENT SYSTEMS To deal with these risks, which are mainly exogenous, the Group has implemented measures such as: ◆ country risk monitoring; ◆ systems for reporting alerts, crisis management, ensuring business continuity and protecting international employees; ◆ a structured investment decision-making process, based in particular, for the Group, on the Strategic Investment Committee (CSI) and the Group Investment Committee or the Group Commitments Committee at ADP SA (COE) (detailed in the “Risk management and internal control systems relating to the preparation and processing of accounting and financial information” section of this chapter, see “Strategy and investment validation process”). It is important to note that the Group’s activities are spread mainly over four geographical areas (in Europe, Asia, Africa and South America), which favours a geographical balance of activities with regard to regional political risks. In the context created by Russia’s invasion of Ukraine and the international sanctions imposed on Russia, the Group is monitoring the situation to assess consequences over the short, medium and long term. In 2019, traffic with Ukraine and Russia amounted to 1.4% of Paris Aéroport’s total traffic, as well as to 17.1% of TAV Airports’ total traffic, i.e. 27.9%, 11% of TAV Airports’ international traffic. In 2022, TAV Airports’ Turkish airport traffic was up 35.1% compared to 2021, representing 80.8% of the 2019 traffic level. Although traffic with Russia and Ukraine represented 53.4% and 2.1% of

their respective levels of 2019, totalling 6.0 million passengers, the recovery in TAV Airports’ Turkish airports is supported by other routes, notably traffic with the United Kingdom and Germany, which stood at 152.8% and 108.7%, respectively, of the 2019 level, totalling 12.9 million passengers. Finally, in Almaty, Kazakhstan, traffic was up by +18.5% compared to 2021, at 7.2 million passengers, i.e. 112.6% of the level of traffic in 2019. The recovery is also supported by an increase in the number of cargo flights served, resulting from the ban on overflight of Russian airspace. In addition, the effect of the increase in energy prices and, more generally, inflation has so far been limited thanks to the following measures: ◆ ADP SA contractually secured, from 2020, the purchase price of its electricity and gas consumption until December 2023; ◆ the majority of contracts signed with suppliers include indexation clauses that are not directly correlated to inflation or that provide for fixed prices. Aéroports de Paris is currently working on the preparation of the new energy purchasing policy that will be rolled out for the needs of 2024 and subsequent years. The continuation of the increase in prices or their stagnation in 2023 could have a negative impact, beyond 2023, on the operating expenses (renewal of supplier contracts, energy purchases) as well as on the investments (costs of materials) of the Group.

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AÉROPORTS DE PAR I S / UN I VERSAL REG I STRAT I ON DOCUMENT 2022