Universal Registration Document 2024

2 RISK FACTORS AND INTERNAL CONTROL RISK FACTORS

2.1.2 RISKS FOR THE BUSINESS AND SOCIAL MODEL

1 – A: RISKS RELATED TO THE ECONOMIC TRAJECTORY In a changing macroeconomic context, the uncertainties weighing on the growth of air traffic and its recovery to that of 2019 and its moderate long-term pace are weighing on Groupe ADP’s activities Criticality +++ Change in 2024 è Detailed description of the risk factor

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

In response to the lasting consequences of the Covid-19 crisis, Groupe ADP must adapt its business and social model. Expected changes in passenger behaviour and macro-economic and geopolitical instability could disrupt the Group's economic and financial balance in the long term. Some activities/entities may be forced to adopt new strategic and industrial orientations likely to significantly change their business model.

MAIN RISK MANAGEMENT SYSTEMS In Paris, the expected change in passenger behaviour could lead to a more rational use of airplanes in favour of other modes of transport on short or medium-distance journeys. As a result, the share of the domestic and Schengen routes at Paris airports could decrease in favour of that of the international routes (outside Europe), which is more profitable. In addition, the development projects under study are more modular and phased in order to (i) support traffic without anticipating it, (ii) gain flexibility in terms of project completion and thus control over the management of investments. As part of its targeted acquisitions and development policy, Groupe ADP takes into account regulatory and behavioural adjustment factors and price/demand elasticity in its investment decisions and financial models, as they may slow traffic growth. Groupe ADP regularly reviews the financial trajectories of its assets or groups of assets in France and abroad. Discussions are still ongoing with some of the counterparties involved (grantors, banks) with the aim of maintaining financial and operational viability, in particular by requesting various forms of compensation, such as extending the concession period or amending concession contracts.

Additionally, the initiatives undertaken by the Santiago de Chile Airport 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 concession holder for Amman airport in Jordan, has finalised negotiations with its grantor and lenders concerning the economic and financial rebalancing of the concession, resulting in the negotiation of an extension of its duration to 2039 and the strengthening of AIG's financial structure, in particular through a loan from shareholders. Regarding risks related to the macro-economic and geopolitical situation, the diversification of the portfolio of activities and airports operated by the Group limits the impact of the aforementioned risks. For example, the war in Ukraine and the geopolitical context in the Middle East had a limited impact on the Group's business in 2024.

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AÉROPORTS DE PARIS w UNIVERSAL REGISTRATION DOCUMENT 2024