Universal Registration Document 2024

FINANCIAL INFORMATION 6

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

4.9.3 Impairment of equity-accounted companies by segment

Overall, air traffic handled by the Group in 2024 was significantly higher than in 2023, driven in particular by a dynamic performance from international subsidiaries, with Paris traffic volumes not yet back to 2019 levels. Besides impacting traffic to certain destinations historically dependent on the Russian and Ukrainian markets, the conflict between Russia and Ukraine, which has been ongoing since February 2022, has been the catalyst for a deterioration in the global macroeconomic environment, with a significant energy crisis followed by a surge in inflation worldwide. This had direct or indirect repercussions on interest rates and investor sentiment in 2022 and 2023. Despite a decline that began during the year, discount rates at 31 December 2024 remain relatively high compared with the years prior to 2022, in line with the levels of risk-free rates and country risk premiums. Furthermore, the conflict in the Middle East, which has been ongoing since October 2023, is currently having a significant impact on traffic in the region and represents a source of uncertainty in the medium term. Lastly, for structural or cyclical reasons, the financial profile of some concessions was revised in line with the performance observed in 2024, while other concessions were the subject of discussions with lenders and concession granting authorities. The factors set out above justify the Group's decision to carry out impairment tests on certain equity-accounted investments and to provide the best possible information on the valuation of these investments, considering all information known to date. In view of developments since December 2023, Fraport-TAV Antalya ("FTA1” – an Antalya concession expiring at the end of 2026), Nuevo Pudahuel and Embassair Group US (EGUS) were tested for impairment.

Impairment tests on investments in equity-accounted companies are based on various recovery and traffic growth scenarios. For FTA1, the favourable trend observed post Covid should continue over the last two years of the concession. The trend is also bullish at Santiago de Chile airport, which is operated by Nuevo Pudahuel and where traffic in 2024 exceeded 2019 levels. Embassair Group US (EGUS), whose Miami Opa Locka business terminal opened in 2023, is expected to gradually gain market share as forecast by its business plan. For the entire test scope, the Group used Eurocontrol/IATA medium-term traffic assumptions for the regions concerned. Business plans were based on contractual concession terms. Based on the tests carried out on investments in equity accounted companies and loans granted to those companies, the Group recognised an impairment loss of €47 million. The main sensitivity of the tests is based on the discount rate. An increase of more than 100 basis points in the cost of capital would lead to additional impairment of €4 million. Traffic-related sensitivity analysis have also been conducted for the equity accounted investments that have been tested, consisting in assessing the impact of a 100 basis points discount on the compound annual traffic growth rate for each equity accounted investment. The above-mentioned discount would result in an additional impairment loss of €2 million.

4.9.4 Breakdown of statement of financial position amounts The amounts relating to investments in equity-accounted companies can be analysed as follows:

As at 31 Dec. 2024 As at 31 Dec. 2023

(in millions of euros)

International and Airport Developments

1,400

1,752

Retail and Services

-

1

Real Estate

24

24

Other Activities

2

2

TOTAL INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES

1,426

1,779

The main goodwill recognised and included in the above described investments in associates, amounted to €251 million for the International and Airport Developments segment.

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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS