Universal Registration Document 2024

2024 HIGHLIGHTS 5

ANALYSIS OF 2024 CONSOLIDATED FINANCIAL STATEMENTS

International and airport developments

2024 1,971

2023 1,630

2024/2023 change

(in millions of euros)

REVENUE

+€341M

+20.9%

ADP International

307 277

298 277

+€9M +

3.0%

Including AIG

- €M -€4M

- %

of which ADP Ingénierie

12

16

-25.0 % +27.2%

TAV Airports

1,660

1,305

+€355M

Société de Distribution Aéroportuaire Croatie

21

18

-€M

- %

RECURRING EBITDA

546

422

+€124M

+29.4%

Share of profit or loss in equity-accounted companies OPERATING INCOME FROM ORDINARY ACTIVITIES

-294

74

-€368M

-497.3 %

99

324

-€225M +7.8 pts

-69.4 %

Recurring EBITDA/revenue

27.7%

25.9%

-

Operating income from ordinary activities/ revenue

5.0%

19.9%

+11.1 pts

-

In 2024, revenue from the International and Airport Developments segment rose 20.9% (€341 million), to €1,971 million, due to: u revenue from TAV Airports' was up 27.2%, (€355 million) to €1,660 million, mainly due to the effect of the traffic increase of 17.3% of TAV Airports passenger traffic and price increases for services delivered. Revenue growth was driven in particular by: u international assets of TAV Airports, especially in Almaty, up 18.5% (€75 million), in Georgia, up 28.8% (€29 million) and up 30.6% (€11 million) in Tunisia, u TAV Airports' Turkish assets, especially in Ankara, up 26.7% (€22 million) and Izmir, up 24.6% (€13 million); u TAV Airports' services companies, especially Havas (ground handling), up 26.7% (€61 million), BTA (airport catering) up 22.2% (€28 million) and TAV OS (airport lounges) up 69.0% (€74 million). TAV OS revenue growth is notably supported by the scope effect of the 100% acquisition, in Q1 2024, of Paris Lounge Network, the operator of airport lounges in Paris, whose accounts are now fully consolidated. Excluding this acquisition, TAV OS revenue would be up 41.0% (€44 million); u AIG revenue was stable at €277 million. The decline in aeronautical revenue, linked to the 4.4% drop in traffic in Amman, was offset by the resilience of the commercial rental business;

u revenue from ADP Ingénierie was down 25.0% (€4 million), to €12 million. Following the sale of ADP Ingénierie on 15 October 2024, the Company is no longer included in the consolidated financial statements with effect from that date. It should be noted that revenue from Merchant Aviation, a US airport engineering company and fully owned subsidiary of ADP International, was previously included in revenue from ADP Ingénierie. Recurring EBITDA for the segment was up 29.4% (€124 million), to €546 million, of which: u recurring EBITDA for TAV Airports, up 27.2% (€103 million) to €484 million; u recurring EBITDA for AIG, up 13.3% (€11 million) to €96 million, thanks to strong discipline on recurring operating expenses and to provision reversals. The share of profit or loss from equity-accounted companies for the segment represented a net loss of €294 million, a deterioration of €368 million, mainly due to the €330 million non-cash charge recognised in the second half of the year in connection with the GIL/GAL merger, which includes the favourable impact of remeasuring the FCCB convertible bonds in GAL's financial statements. Taking all these factors into account, and despite the AIG impairment reversal representing income of €152 million, operating income from ordinary activities for the segment would came out at €99 million, down -69.4%, or €225 million.

Other activities

2024

2023

2024/2023 change

(in millions of euros)

Income

189 168

180 163

+€9M +€5M +€8M +€8M

+5.0% +3.1% +26.7% +88.9%

Hub One

Recurring EBITDA

38

30

Operating income from ordinary activities

17

9

Recurring EBITDA/revenue

20.1%

16.7%

+3.4 pts

0

Operating income from ordinary activities/ revenue

9.0%

5.0%

+4.0 pts

0

In 2024, income from the Other Activities segment was up 5.0% (€9 million), to €189 million. Revenue from Hub One was up 3.1% (€5 million), to €168 million.

Recurring EBITDA for the segment was up 26.7% (€8 million), to €38 million. Operating income from ordinary activities for the segment was up 88.9% (€8 million), to €17 million.

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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS