Universal Registration Document 2024

FINANCIAL INFORMATION 6

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

6.3.1 Analysis of investment properties Investment property is detailed as follows:

Land, improvements of land and substructure

Non-current assets in progress, related advances and prepayments

Buildings

Total 1,122 (461)

(in millions of euros)

Gross value

115

977

30

Accumulated depreciation and impairment

(65)

(396)

–

Carrying amount as at 1 Jan. 2024

50

581

30

661

Purchases and change in advances and prepayments

–

1

4

5

Depreciation and impairment Change in consolidation scope

(2)

(36)

–

(38)

1

2

1

4

Transfers to and from other headings Carrying amount as at 31 Dec. 2024

4

48

9

61

53

596

44 44

693 1,191

Gross value

120

1,027 (431)

Accumulated depreciation and impairment

(67)

–

(498)

Transfers to and from headings include reclassifications of other fixed asset headings, returns to full ownership of assets from construction leases and borrowing costs capitalised in accordance with IAS 23 revised. 6.3.2 Fair value of investment properties

Rate of immediate return

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

(in millions of euros)

BUILDINGS Offices Paris-Charles de Gaulle & Orly Cargo Paris-Charles de Gaulle Hangars Paris-Charles de Gaulle

257 667 230 166

255 5.0% - 638 5.0% - 187 9.0% - 155 5.0% - 94 8.0 % - 160 5.0% -

13.0 % 11.0 % 13.0 % 6.0 % 11.0 % 11.0 % 11.0 % 9.2 % 6.2 % 9.0 % 12.0 % 13.0 % 12.0 % 10.0 %

Hotels/shops Paris-Orly and Charles de Gaulle

Hangars/freight Paris-Orly

96

Activity Paris-Orly and Charles de Gaulle Paris-Le Bourget and general aviation airfields TOTAL OF EXTERNAL RENTED BUILDINGS

201

161

151

8.0 % -

1,778

1,640

GROUND LEASES Offices Paris-Charles de Gaulle

97

85 6.1 % - 15 6.0 % - 547 5.0% - 69 6.0 % - 190 6.0% - 137 6.0% - 154 5.0% - 291

Offices Paris-Orly

16

Cargo Paris-Charles de Gaulle Hangars Paris-Charles de Gaulle

582

74

Hotels/shops Paris-Orly and Charles de Gaulle

306 204

6.0% 7.2%

Hangars/freight Paris-Orly

Activity Paris-Orly and Charles de Gaulle Paris-Le Bourget and general aviation airfields TOTAL OF EXTERNAL GROUND LEASES

142 154

1,575

1,488

TOTAL OF LAND RESERVES

221

220

TOTAL OF INVESTMENT PROPERTY

3,574

3,348

Several economic and cyclical factors had a significant impact on the real estate market in 2024. Firstly, central banks’ ongoing tight monetary policies pushed interest rates higher. The real estate market was also affected by the geopolitical crisis in 2024. International tensions led to uncertainty on financial markets, which impacted foreign investors and their appetite for real estate assets in France. Overall, these events prompted real estate investors to adopt a cautious approach in 2024, resulting in fewer transactions and lower prices in most regions. However, there were some variations in the market depending on the

asset class and city, with some areas enjoying strong demand and rising prices, while the accelerating rise in discount rates and yields, differentiated by asset class and location, largely contained the rise in indexation. The fair value of investment properties stood at €3,574 million on 31 December 2024, compared with €3,348 million at 31 December 2023, representing an increase of around 7%. On a like- for-like basis (adjusted for new projects and new additions and disposals over the period), investment properties rose by 4%.

595

UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS