2022 Universal Registration Document

R i sk and r i sk management

Risk factors

1 - B: RISKS RELATED TO REGULATION Uncertainties about the legal framework of regulation and the decision-making practices of ART are likely to affect Groupe ADP’s business model. Criticality +++ Change in 2022 Detailed description of the risk factor

Potential effects for the Group — Deterioration of the Group’s financial performance — Reconsideration of the business model — Excessive regulatory compliance costs — Loss of market share Interconnected risks — Risks related to the economic trajectory — Liquidity risks

2

Part of Aéroports de Paris’ activity in the Paris region is regulated. ADP’s economic regulation is based, on a voluntary but preferential basis, on multi-year economic regulation agreements (ERA), signed with the State, which make it possible to establish, in particular, the ceiling for the evolution of the main fees for services rendered in view of a defined investment program, and to set service quality objectives and the associated financial incentive regime. Regardless of whether or not an economic regulation contract exists, airport fee rates are subject to annual control by the Transport Regulatory Authority (ART), which must verify compliance with the user consultation procedure and that the rates and their adjustments comply with the general rules applicable to fees, that they are non-discriminatory, and that their evolution, compared to the rates in force, is moderate. In the absence of an ERA, the ART must ensure that ADP receives a fair return on the capital invested in the regulated scope, assessed with regard to the weighted average cost of capital for this scope, and that the overall income from fees do not exceed the costs of the services rendered. When an ERA has been signed, the ART must ensure compliance with the conditions for changes in tariffs provided for in the contract. In all cases, if the last approval was more than twenty-four months old, the ART may set the rates of the fees and their adjustments for the following pricing period. Following a decision of the Council of State of 28 January 2021, the ART is competent to determine the principles governing the accounting allocation of income, assets and expenses for airports within its scope. The change in cost accounting principles is likely to have an impact on the profitability of each of the regulated and non-regulated scopes, it being recalled that the profitability of airport public service activities (aeronautical fund) is capped since the overall revenue from airport fees may not exceed the cost of services rendered (including return on capital invested). On 11 April 2022, the ART took two decisions relating to the allocation rules: one concerning the general principles relating to cost accounting and the other concerning the guidelines relating to the interpretation and scope of these principles.

MAIN RISK MANAGEMENT SYSTEMS The Economic Regulation Agreement (ERA) for the 2016 -2020 pricing period was terminated in June 2020, and the ERA proposal for the 2021 -2025 period was declared void in May 2020. As a result, since the 2021 pricing period, it is the responsibility of Aéroports de Paris (ADP) to submit an annual pricing proposal for consultation with users and for approval by the Transport Regulation Authority (ART), in line with regulatory requirements. ADP is not bound by multi-year provisions specific to CREs, which may relate, for example, to the implementation of an investment plan. ADP will be able to relaunch a procedure for drawing up an economic regulation contract when all the conditions of industrial and financial visibility are met.

By its decision No. 2022-087 of 8 December 2022, the Transport Regulatory Authority approved the tariffs of charges proposed by Aéroports de Paris for the tariff period 2023-2024 (applicable as of 1 April 2023). This pricing approval decision, which highlights the compliance by Aéroports de Paris with all the principles set by the French Transport Code and the French Civil Aviation Code, may be appealed to the Council of State within two months of its publication, i.e. by 13 March 2023. With regard to the accounting allocation rules, ADP has undertaken, since May 2022, an important consultation process with user representatives. This consultation will continue in 2023. In addition, the ART provides, in its guidelines, for transitional provisions, on an exceptional basis, until 31 December 2025.

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