Universal Registration Document 2024

2 RISK FACTORS AND INTERNAL CONTROL RISK FACTORS

2 – B: GEOPOLITICAL AND MACROECONOMIC RISKS Geopolitical events that may cause changes in the global economic situation are likely to affect Groupe ADP's activities. Criticality +++ Change in 2024 è Detailed description of the risk factor Groupe ADP, a leading player in the airport industry, operates and develops a network of 26 airports across all continents. Hence, political, economic or social instability in or near the countries where the Group operates or provides services could adversely affect its business. The occurrence of a serious crisis or conflict, whether political, economic or military, could have an unfavourable impact on:

Potential effects for the Group u Loss of visibility on the entities’ local activities and global reporting difficulties u Loss or decline in activities within an entity u Damage to the Group's image if implicated in a political conflict u Additional OpEx and CapEx costs and loss of revenue u Increased dissatisfaction u Damage to persons and property Interconnected risks u Risks related to the economic trajectory u Cybersecurity risks u Safety and security risks u Risks related to network management u Liquidity risks u Risks of corruption and business integrity

u air traffic at airport hubs, in particular due to occasional closures of air routes and postponements or cancellations of passenger travel plans because of uncertainty or risks at local/regional level; u the safety of people, employees and customers of the Group, and goods; u the conduct of business; u the profitability, the financing or even the continuation of activity of certain hubs; u the availability or even the integrity of the infrastructure. In 2024, the continuation of the conflict resulting from the invasion of Ukraine by Russia, as well as the application of international sanctions against Russia, continued to negatively affect air traffic with Russia and Ukraine and to force many airlines to bypass Russia and Ukraine when connecting Europe to Asia. In addition, following the terrorist attacks of 7 October 2023 on Israeli soil, the French Ministry of Foreign Affairs advises against visiting Israel and Lebanon. Some airlines have suspended flights to Israel and Libya until further notice, resulting in a decrease in traffic in the region. Travel to the region, including Jordan, is subject to numerous postponements or cancellations. The domestic situation in some countries deteriorates from time to time or over long periods, leading to security conditions that jeopardise the Group's ability to conduct business in the country concerned ( e.g. , Guinea, Haiti). Similar events may occur in other countries. On a more general level, the evolution of the geopolitical context has led to economic disruptions, including a significant increase in energy costs and inflation rates reaching high levels. Groupe ADP is thus exposed to a risk of inflation on specific cost items, mainly materials and service provision costs and energy costs, and other purchases such as electronic equipment. These fluctuations may have a negative impact on the Group's operating expenses (renewal of supplier contracts, energy purchases) and capital expenditure (cost of materials). Lastly, possible changes in taxes on gas and electricity purchases, and the possible expiry in 2026 of the ARENH protection mechanism, could have a negative impact on these expenses.

MAIN RISK MANAGEMENT SYSTEMS To deal with these exogenous risks, Groupe ADP monitors country risks and implements systems for reporting alerts, crisis management, business continuity and employee protection internationally. Investment decisions are made on the basis of the Strategic Investment Committee and the Group Investment Committee or the Group Commitments Committee at ADP SA. The latter is also in charge of the contractualisation of services, particularly in the event of a security issue (detailed in the “Risk management and internal control systems relating to the development and handling of financial and accounting reports” section of this chapter, see “Strategy and investment approval process”).

It is important to note that Groupe ADP’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 geopolitical 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 the consequences, including from a legal standpoint, over the short, medium and long term. The same applies to developments in the Middle East and other regions where the Group is present.

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