Universal Registration Document 2024

6 FINANCIAL INFORMATION

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

Overall, the 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 traffic volume in Paris 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 falling over the year, at 31 December 2024 discount rates remained relatively high compared to pre-2022, impacted by 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 above factors justify the Group's decision to carry out impairment tests on airport concessions and service activities previously impaired or presenting a proven risk of impairment, as well as on its Paris assets, with the aim of providing the best possible information on the valuation of the Group's assets considering all known factors to date. More specifically, in light of developments since December 2023, and after a broad review of financial trajectories, the concessions operated by TAV Airports in Gazipasa (Turkey) and in Monastir and Enfidha (Tunisia), and by AIG in Jordan, as well the assets of the Paris airport platforms, were tested for impairment. International and Airport Developments segment In the current situation, the Group may have to negotiate with grantors and project lenders. In addition, business plans are based on concessions contractual term except in the case of an extension of the concession during the negotiation process and considered as highly probable. The impairment tests carried out are based on traffic assumptions established for each concession in light of the uptrend observed since 2019, seasonality and the mix of domestic and international flights, and Eurocontrol/IATA medium-term traffic forecasts for the regions concerned. TAV Tunisia traffic exceeded 2019 levels at Monastir in 2024 while Enfidha is expected to be in line with 2019 levels by 2025, together with TAV Gazipasa. Although AIG already exceeded 2019 traffic levels in 2023, its trajectory was adversely affected by geopolitical tensions in the region since October 2023. However, the improvement in the concession's financial trajectory thanks to the completion of its restructuring in May 2024 (seven year extension and debt rescheduling) led the Group to reverse the full amount of impairment in the first half of 2024.

These impairment tests showed the need for a net reversal of impairment losses totalling €77 million. Based on analyses of sensitivity to discount rates, a 100 basis point increase in the discount rate applied to concessions tested would reduce the impairment reversal of €19 million. Analyses were also carried out to test the sensitivity of the value of international airport concessions to a decline in traffic. A discount of 100 basis points applied to the average annual growth rate in traffic over the residual period of operation for each of the concessions tested would reduce the impairment reversal of €10 million. With regard to the TAV Airports sub-group, goodwill recognised upon the acquisition of TAV Airports Holding, valued at €125 million at 31 December 2024, was tested using the sum-of-the-parts method. Under this method, each CGU is tested individually, and the sum of the difference between the recoverable amount of each CGU and its carrying amount is compared with the value of goodwill. At 31 December 2024, no impairment had been recognised on TAV Airports Holding goodwill. Sensitivity analyses showed that an increase of 100 basis points in the discount rates would not give rise to an impairment loss against the goodwill, nor would the application of a discount of 100 basis points to the average annual growth rate for traffic over the remaining concession period. Parisian platforms An impairment test was also carried out on the assets of the Parisian platforms and showed that the recoverable amount remains higher than the carrying amount. This test used a long-term growth rate of 2.0%, which is in line with the rate used by analysts to value Groupe ADP, and an recurring EBITDA margin on revenue slightly lower than the levels observed over the 2016-2019 period. No impairment was recognised on these assets based on the impairment test. Consideration of climate issues As discussed in notes 6.4 and 4.9.2, intangible assets, property, plant and equipment, investment property and investments in equity-accounted companies are tested for impairment whenever the Group identifies one or more indications of impairment likely to impact the estimated future cash flows from these assets or investments. When an asset or investment is tested, its future cash flows are estimated on the basis of a business plan which, in terms of the time horizon, is defined over the useful life of the asset or investment when this is known in advance, or through a medium-term business plan covering between 10 and 20 years, extrapolated using the Gordon-Shapiro method when the useful life is presumed to be infinite or at least indefinite at the time of testing. Performing impairment tests therefore involves taking into account the various real risks and major impacts that may occur in the short, medium and long term so that they can be incorporated into the estimate of future cash flows in some way and hence into the business plan underlying the test. Among the risks mentioned above, those relating to potential future global warming or climate change are likely to impact the business plans of the assets or investments tested. In order to assess the value of the assets and investments tested as accurately as possible, the Group incorporated climate risks into its impairment tests in several respects. Business plans therefore directly or indirectly incorporate the impacts of climate change, which at this stage are mainly reflected in traffic forecasts and investment plans.

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