Universal Registration Document 2024

2024 HIGHLIGHTS 5 OUTLOOK

RETAILING AT PARIS AÉROPORT Extime Paris revenue/PAX is now expected to grow between 4% and 6% in 2025 compared with 2023 ( i.e. , between €31.80 and €32.40). The deployment of Extime's strategy and ecosystem in Paris should continue to bear fruit and contribute to drive the profitable growth of commercial activities and the achievement of this target. Certain adverse effects are likely to temporarily affect this performance: u the reopening of Terminals 2C and 2A at Paris-Charles de Gaulle on 28 May and 2 July 2024, respectively, with a more limited retail offering than Terminals 1 or 2-E. This

difference will represent an unfavourable basis for comparison for retail performance in the first half of 2025; u continued intensification in 2025 of renovation work at Terminal 2-E, hall K, at Paris-Charles de Gaulle. While this work will not lead to the closure of the terminal, it will give rise to the temporary closure or relocation of certain stores. These effects should nevertheless be more than offset by the very strong underlying performance of retail activities, driven by the Extime model, the ramp-up of the digital ecosystem, and the performance of Extime Exclusive reception lounges, which opened in summer 2024.

FINANCIAL IMPACT OF THE 2025 FRENCH FINANCE LAW Group ADP has estimated below the impact on its business and financial results resulting from the application the main provisions of the 2025 French Finance Law concerning it. The French Finance Law will only be enacted once it has been examined by the Constitutional Court.

Long-distance transport infrastructure tax The 2025 French Finance Law does not introduce any changes to this tax, which was introduced by French Finance Law 2023-1322 of 29 December 2023. In 2024, the expense related to this tax as calculated based on ADP SA's revenue 1 amounted to €131 million. Exceptional income tax levy for large corporations The 2025 French Finance Law introduces an exceptional income tax levy for large corporations, equal to 41.20% of the average income tax due for 2024 and 2025, representing a theoretical effective tax rate of 36.125%. As the taxable earnings of the ADP SA tax consolidation group for 2024 and 2025 are accounted for under French GAAP, they may differ materially from Groupe ADP’s consolidated figures. Co-payment rates ( ticket modérateur ) The 2025 French Finance Law also increases to 8% 2 the proportion of costs relating to airport safety and security activities not covered by airport tax and thereby payable by Aéroports de Paris (co-payment rate, or ticket modérateur ). Solidarity tax on airline tickets Lastly, the 2025 French Finance Law amends and increases the solidarity tax on airline tickets. This tax, which airlines have to pay for each passenger departing from France, has no direct impact on Groupe ADP’s financial statements.

It should be noted that the portion of this tax attributable to the regulated scope has been gradually offset by the increases in airport fees applicable as from the 2024 and 2025 tariff periods. The net impact of this tax on the Group's recurring EBITDA is therefore limited to the non-regulated scope.

This exceptional levy, estimated at between €110 and 120 million, will be recognised during 2025 and paid in the second half of 2025. This one-off increase in taxation in 2025 cannot be offset by an increase in airport fees, as these have already been approved for the 2025 tariff period.

This measure, which will result in lower revenue, represents an estimated loss of revenue of around €12 million for Groupe ADP from 2025 onwards.

However, depending on price elasticity, the tax could have an impact on traffic growth, the competitiveness of Paris as a connecting hub and the performance of the airlines operating out of Paris airports.

1

See press release of 27 September 2023.

2

From 6% previously.

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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS