Universal Registration Document 2024

PRESENTATION OF THE GROUP 1 GROUPE ADP’S ACTIVITIES

In addition, Groupe ADP has significant real estate development opportunities: u certain neighbourhoods offer a strong potential for densification, in particular urban-type neighbourhoods such as the north of the Orly hub, Roissypôle and the Paris-Charles de Gaulle cargo area; u a potential for valuing its land through the asset management policy implemented, which enhances the existing land and real estate portfolio (refurbishment, renovation, demolition, etc.); u reversals of owned assets at the end of long-term leases such as construction leases, civil or commercial leases and temporary occupancy authorisations. When the contracts expire, the Group will be in a position to opt either to have the buildings demolished by the contract beneficiary to regenerate the land for new development or to keep the buildings and become the owner and, therefore the new lessor. This opportunity materialised in 2024 with the decision to take over ownership of the Air France engine maintenance building (building 4500) located to the east of the Paris-Charles de Gaulle hub. 1.1.2.3.3 Real estate strategy In terms of its real estate business, Groupe ADP hopes to perform at the same level as a first-class integrated property operator, making use of the development potential provided by the airport and its proximity to Paris and benefiting from long-term leases, leading to secure revenues over the long term. This goal rests on a development strategy that consists of creating districts offering companies and their employees good quality of life and services (ease of access, sustainable planning, high-quality landscaped areas and a diverse range of shops and services, etc.) within a quarter of an hour from town. The business model of the real estate business is based on two markets (airport real estate and diversification real estate offering medium-term value creation prospects), and three business lines (planner, developer and manager) enabling Aéroports de Paris to be present throughout the value creation chain. The manager business is based on a solid model with diversified asset classes (cargo terminal, hotels, offices, business parks, courier warehouse, aircraft hangars, and shops) and lease maturities offering long-term revenue visibility. Groupe ADP intends to continue to strengthen the quality of service to its customers with the goal of being at the centre of the customer relationship by adapting the Group’s environmental policy with certified buildings, sustainable development of neighbourhoods and modernisation of the park and site security. As part of the 2025 Pioneers 1 strategic roadmap the Group intends to continue its “investor” strategy, on the one hand, and take advantage of the takeover of full ownership of buildings whose leases are expiring. In this context, the real estate policy is based on three fundamentals: u a three-pronged land sobriety approach through (i) densification and verticalisation, (ii) the choice of design and construction methods, and (iii) energy-efficient use of the existing and new portfolio; u a dual perspective, with real estate “facing the inside of the hub” to support the airport ecosystem, and real estate “facing the outside of the hub”, between the airport and the neighbouring regions to support better acceptability of

the Group’s activities by providing real estate products complementary to those present in the regions; u lastly, the deployment of a business line around the uniqueness of the Group’s real estate, first on our Paris hubs, before extending it internationally. In a complex real estate market context increasingly marked by a scarcity of land, Groupe ADP has had to adapt its investment strategy on the most resilient asset classes, in particular in the freight and logistics sectors (freight terminal, business park and courier warehouse), and consider the verticalisation of certain projects for reasons of land sobriety. The Real Estate division also continued its policy of taking back ownership of assets at the end of the contracts and participated in the regeneration of the land by demolishing obsolete buildings or to make room for new projects while modernising the existing portfolio. After analysis of the projects, the choice of acting simply as a developer remains possible if the investment operation proves to be insufficiently profitable or if a marked risk of obsolescence is identified or if the asset envisaged is too specific. Despite the current context of high uncertainty due to the major global impacts arising from the conflict in Ukraine and an increase in key interest rates in Europe in recent years, real estate development benefits from growth prospects in the coming years, linked to the arrival of new public transport, which will contribute to supporting the land and real estate value at Paris-Orly, Paris-Charles de Gaulle and Paris-Le Bourget, and to a general situation of scarcity of land around the airports in the Paris region which will induce a need for new cargo programmes and for business and logistics areas. 1.1.2.3.4 Outlook Groupe ADP will confirm its position as an investor via the construction of new buildings or the acquisition of existing buildings, which may or may not be linked to the airports, in order to expand its customer offering. Thus, Groupe ADP aims to contribute to the creation or densification of its areas, to increasing the value of its land through the conversion of certain industrial areas and obsolete sections of old airport areas, and the rental optimisation of other zones. The development of service offerings will make it possible to meet the expectations of current and future customers. Favouring densification will remain a constant in all the projects studied. In addition, Groupe ADP has the potential for high-profit rental growth by 2033 with the expiry of around 20 contracts such as temporary occupancy authorisations and land leases. Opportunities for taking over or demolishing the assets concerned are studied on a case-by-case basis. BREAKDOWN OF PROJECTS AS AT 31 DECEMBER 2024 1.1.2.3.5 Real estate activities at the Paris - Charles de Gaulle hub The Paris-Charles de Gaulle hub’s real estate consists mainly of buildings allocated to cargo or maintenance and service and hotel activities connected with the development of the districts (Roissypôle). Real estate development is resolutely oriented towards the airport ecosystem and is driven mainly by the endogenous growth of air traffic.

1 As announced at Investor Day of 17 February 2022 (see section 5.1 “Significant events” of this document).

39

UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS