Universal Registration Document 2024

6 FINANCIAL INFORMATION

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

4.9 Investments in equity-accounted companies

Principal investments in companies over which the Group exercises significant influence or joint control are described below: GMR Airports: Groupe ADP holds 45.7% of GMR Airports following the merger on 25 July 2024 (see note 2 Significant events). GMR Airports, a leading listed Indian airport group, has a portfolio of world class assets comprising seven airports in three countries (India, Indonesia and Greece) and a subsidiary in project management (GADL). The two main concessions, Delhi and Hyderabad, initially had a term of 30 years renewable once which began on 3 May 2006 and 23 March 2008 respectively. Renewable at GMR Airports’ discretion, the Hyderabad concession was renewed in 2022. The right to operate the concession is amortised over the concession term, i.e. , until March 2068. Regarding Delhi concession, renewal presupposes that certain financial and operating conditions are still met at the end of the first 30-year period, which are in particular quality of services conditions provided in the concession contract. Thus, as long as these conditions are met,

renewal is at the discretion of GMR Airports. As a result, the right to operate the Delhi concession is amortised over a period that takes into account the period covered by the renewal option, i.e. , until May 2066. TAV Antalya: 51%-owned by TAV Airports and 49%-owned by Fraport, which operates Antalya International Airport in Turkey. The consortium won the tender in 2021 for the renewal of the airport concession for a period of 25 years, between 1 January 2027 and 31 December 2051. The current operating conditions of the airport remain unchanged until 31 December 2026. TGS and ATU, 50%-owned joint ventures by TAV Airports, specialising in ground handling and duty-free respectively. Sociedad Concesionaria Nuevo Pudahuel, joint-venture 45%-owned by ADP International, 40%-owned by Vinci Airports and 15%-owned by Astaldi, operating the concession of Santiago International Airport for a period of 20 years (until 2035) and with the objective to ensure the financing, design and construction of a new 175,000-sq.m. terminal.

4.9.1 Profit (loss) from equity-accounted companies The amounts included in the income statement are broken down by segment as follows:

2023

2024 (294)

(in millions of euros)

International and Airport Developments

74 (2)

Retail and Services

(1)

Real Estate

3

1

Other Activities

-

2

PROFIT (LOSS) FROM EQUITY-ACCOUNTED COMPANIES

(292)

75

Profit (loss) from equity-accounted companies in the International segment includes the €398 million loss on the GIL and GAL merger, and the positive €68 million impact of the reduction in the fair value of FCCB convertible bonds in GMR Airports’ financial statements (see note 2 Significant events). In the absence of an obligation or intention to cover the losses of the investments accounted by the equity method, the Group stops recognising the share of losses of equity accounted companies when the investments accounted by the equity method are at zero.

The share of cumulative unrecognised losses amounts €298 million including €24 million as at 31 December 2024. Loans granted to these investments are impaired to the extent of their share of unrecognised losses of companies accounted for by the equity method.

4.9.2 Impairment tests on investments in equity-accounted companies

Investments in equity-accounted companies are tested for impairment when the Group identifies one or more indices of impairment likely to have an impact on the future estimated cash flows from these investments. An impairment test is also performed for previously impaired investments. An impairment loss is recognised if the recoverable value of the investment falls below its carrying value.

The recoverable amount of investments in equity accounted companies is estimated by discounting either the Group's share of cash flows after debt servicing or dividends paid at the cost of capital. Regarding the discount rate, data used by Groupe ADP is based on averages for the past 3 months, for the risk-free rate and the market premium. The carrying amount used for the impairment test corresponds to the acquisition cost increased by profit or loss from equity-accounted companies, as well as capitalised interest on shareholder loans when applicable.

580

AÉROPORTS DE PARIS w UNIVERSAL REGISTRATION DOCUMENT 2024