Universal Registration Document 2022

R I SK AND R I SK MANAGEMENT 2 RISK FACTORS

2.1 .2 RISKS FOR THE BUSINESS MODEL

1 - A: RISKS RELATED TO THE ECONOMIC TRAJECTORY In an unstable health context, the uncertainties weighing on the growth of air traffic and its recovery to that of 2019 are weighing on Groupe ADP’s activities Criticality +++ Change in 2022 Detailed description of the risk factor

Potential effects for the Group y Loss of revenue Interconnected risks y Liquidity risks y Geopolitical risks y Risks related to the management of major projects

In response to the consequences of the Covid-19 crisis and the lasting upheavals it is causing, the challenge for Groupe ADP is to adapt its economic and social model from one of supporting growth to one of managing recovery from a situation in which activities and investments are reduced. In a macroeconomic and health context under increased vigilance, the Group’s economic and financial balance may be threatened in the long term. Some of its activities/entities may be forced to adopt new strategic and industrial orientations likely to significantly change their business model.

MAIN RISK MANAGEMENT SYSTEMS The Group pursues its investment and development policy, which may include targeted acquisitions, contributing to the Group’s strategic roadmap. It regularly monitors and takes into account regulatory and behavioural adjustment factors in its investment decisions and financial models, as price/demand elasticity may slow traffic growth compared to “pre-Covid” forecasts. Groupe ADP carried out a review of the financial trajectories of its assets or groups of assets in France and abroad, whether they are minority interests or controlled companies. Due to the decrease in traffic due to the Covid-19 pandemic and its adverse economic consequences, in the case of some of the Group’s international assets, discussions had to be opened with the counterparties involved (grantors, banks) in the aim to maintain financial and operational viability, in particular by requesting concession term extensions and debt restructuring. With regard to TAV Airports, a two-year concession extension was obtained on 17 June 2022 for the Macedonian airports of Skopje and Ohrid. In addition, a restructuring agreement was obtained with the lenders for the Izmir airport concession. Discussions initiated by Santiago de Chile airport with its lenders to restructure its debt payment commitments due to the deterioration of traffic assumptions led to the signature of a restructuring agreement. At the same time, the initiatives undertaken by the concession operator and the shareholders with regard to the Chilean authorities are continuing with the

aim of restoring the economic balance of the project. In addition, the local arbitration initiated by the concessionaire company and the claim filed by the Group with the International Centre for the Settlement of Investment Disputes (ICSID) against the Chilean State in the context of the application of the bilateral treaty between France and Chile on the protection of foreign investments (ICSID no. ARB/21/40 dated 13 August 2021) are ongoing. Airport International Group (AIG), the concessionaire of Amman Airport in Jordan, is in active discussions with its grantor to achieve an economic and financial rebalancing of the concession, including the negotiation of an extension of its term. A restructuring of the obligations towards the lenders is being carried out in parallel. In Madagascar, discussions are underway with the lenders to modify certain conditions of the loans contracted by the project company. As a result, the Groupe ADP may be required to provide financial support to these airport management companies in which it is a shareholder. To date, this support is estimated at a maximum of €20 million in the context of restructuring discussions between now and the end of the financial year. In addition, if negotiations aimed at rebalancing the situation of some of its international concessions fail, the Group could be forced to make arbitration decisions, including withdrawing from the project(s).

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