Universal Registration Document 2024

6 FINANCIAL INFORMATION

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

6.1.1 Airport operating rights

Under the terms of IFRIC 12 “Service Concession Arrangements”, a concession operator has a twofold activity, for which revenue is recognised in accordance with IFRS 15: u a construction activity in respect of its obligations to design, build and finance a new asset that it delivers to the grantor: revenue is recognised in line with the stage of completion; u an operating and maintenance activity in respect of concession assets. In return for its activities, the operator receives remuneration either from: u the users – intangible asset model: The Group recognises an intangible asset arising from a service concession agreement when it receives a right (a license) to charge the public service users. In this model, the right to receive a remuneration is recognised as an intangible asset and is accounted at fair value at initial recognition. This right corresponds to the fair value of the concession sold. Subsequent to initial recognition the intangible asset is measured at cost less accumulated amortisation and accumulated impairment losses. The estimated useful life of an intangible asset;

u asset in a service concession arrangement is the period from when the Group is able to charge the public for the use of the infrastructure to the end of the concession period. Amortisation of airport operation right is calculated based on units of production method over passenger figures for all airports; u the grantor - financial asset model: The Group holds an unconditional contractual right to receive payments from the grantor, independently of the user attendance of the airport. In this model, the activity of the concessionaire lead to the recognition of a financial asset giving right to interests. In statement of financial position, these financial assets are classified under "Other financial assets" and are initially recognised at fair value. Subsequently, the financial assets are accounted for at amortised costs and recovered according to the lease payments received from the grantor. The income computed based on the effective interest rate is accounted for as operating revenue. This model is only for the Ankara Esenboga Airport concession, which will expire in May 2025.

End of contract dates of main airport operating rights are as follows:

Izmir Adnan Menderes International Airport

Monastir and Enfidha International Airport

Skopje and Ohrid International Airport

Milas Bodrum Airport

Esenboga (Ankara) and Gazipasa

Tbilisi and Batumi International Airport

Queen Alia International Airport

Country

Turkey Turkey

Turkey

Georgia

Tunisia Macedonia

Jordan

End of contract date

December 2034

December 2037

May 2050 and May 2036

January 2027 and

November 2039

August 2027 May 2047 June 2032

Airports operating rights amount to €3,429 million as at 31 December 2024 (€2,393 million net carrying amount). They are composed mainly by concession agreements of Queen Alia International Airport, Izmir Adnan Menderes International Airport, Tbilissi and Batumi International Airport, Monastir and Enfidha International Airport, Skopje and Ohrid International Airport and Milas Bodrum Airport. Main concession characteristics are as follows: u fees are defined in the concession agreements and price increases are subject to agreement by the grantor; u users and airlines are at the beginning of fees collection of the contract; u no grants or guarantees are given by the grantor; u infrastructures are returned to the grantor with no consideration at the end of the contract. It should be noted that the amortisation of airport operating rights is calculated on traffic forecasts.

As regard to the concession agreement signed between TAV Esenboğa and the DHMI (Devlet Hava Meydanları Isletmesi) which terminates in May 2025. The Group applies the financial asset model. The financial asset was initially recognised at fair value. As at 31 December 2024, this financial asset is nil (see note 9.5.3 Liquidity risks). Regarding the renewal of the Ankara airport (ex - Esenboğa) concession from May 2025 to May 2050, upfront fee of €119 million payment has been booked as "deposit and guarantees paid" included in other non-current financial assets. In 2025 when the new concession period starts, this deposit will be classified as airport operation right. Additionally, in May 2025, all the concession payments that will occur between 2025 and 2049, will be discounted by using cost of debt and will be booked as concession liability and airport operation right. Airport operation right will be amortised by unit of production method by using passenger numbers during the concession period. Regarding the concession extension of Amman airport, for an additional 7 years, until 2039 (see note 2 Significant events).

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