Universal Registration Document 2024

2 RISK FACTORS AND INTERNAL CONTROL RISK FACTORS

1 – E: LIQUIDITY RISKS Groupe ADP’s cash level must remain sufficient to meet its contractual and financial commitments. Criticality ++ Detailed description of the risk factor The Group must be able to meet its contractual and financial commitments on an ongoing basis and must therefore have cash flow calibrated accordingly. In addition to the risk of a lack of liquidity, there is the risk of additional financing costs for Groupe ADP, which could be exposed to an increase in its medium-term financial expenses due to future refinancing at higher interest rates than current ones. Faced with the persistence of inflation caused by the geopolitical context since 2022 (supply chain malfunction, energy and commodity market malfunction (see also, risk 2 – B)), central banks, which have made fighting inflation their priority, have continued their key rate increases, causing all base rates to rise. The Group must be able to meet its contractual and financial commitments on an ongoing basis and must therefore have cash flow calibrated accordingly to counter any risk of illiquidity. An increase in financing costs could also have a negative impact on financial income in the medium term, as future refinancing could be subject to higher interest rates than those currently prevailing. Faced with the fall in inflation caused by the geopolitical context since 2022 (supply chain disruptions, disruption on the energy and commodities markets (see also risk 2 – B)), central banks have begun to cut their key short-term rates, but long-term rates remain higher than in the previous period. The increase constitutes a risk of the Group having to finance itself at a higher cost. Groupe ADP had a cash position of €1.96 billion as of 31 December 2024, of which €0.352 billion was held by TAV Airports.

Change in 2024 è

Potential effects for the Group u Inability to honour commitments u Recourse and litigation

u Damage to the image/reputation u Loss of stakeholder confidence Interconnected risks u Risks related to the economic trajectory u Geopolitical risks

MAIN RISK MANAGEMENT SYSTEMS In view of its long-term credit rating (A- stable outlook by the Standard & Poor’s agency since 10 June 2024) and the level of available cash at the end of 2024, Groupe ADP ensures that, in the event of a significant deterioration in the economic environment, it would be able to meet its commitments by drawing on its immediate cash resources (cash available without delay) and using additional financing. Aéroports de Paris set up its first Euro Medium Term Notes (EMTN) programme in 2022 to enable it to launch bond issues within a short period of time. TAV issued a bond for an amount of USD400 million on 30 November 2023, thus strengthening the level of liquidity available within its scope. This transaction also demonstrates the Group’s good ability to access available liquidity on the financial markets.

On 7 May 2024, the Group raised a new €500 million bond issue to refinance a €500 million bond maturing on 11 June 2024, which carried a coupon rate of 3.125%. Due to the limited difference in rates (coupon rate of 3.375% for the new issue), the subsequent increase in Groupe ADP's debt servicing was contained. Likewise, the fixed portion of Groupe ADP's debt remains high, at around 90%, thereby limiting the impact of interest rate increases on outstanding debt (see note 9.5.3 "Analysis of risks related to financial instruments" to the Group's consolidated financial statements at 30 June 2024, which sets out the breakdown of fixed-rate/variable-rate financial debt). Similarly, for its main subsidiary TAV, Groupe ADP aims to control liquidity risks by gradually securing long-term project financing for its main assets. Lastly, the Group uses management tools to monitor its cash flow on a daily basis and produces a consolidated cash flow forecast table.

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AÉROPORTS DE PARIS w UNIVERSAL REGISTRATION DOCUMENT 2024