Universal Registration Document 2024

FINANCIAL INFORMATION 6

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

Consideration of climate change in the Group's business plans underlying impairment tests Impact on traffic forecasts Firstly, among the key assumptions used for the impairment tests on non-financial assets, the Group paid particular attention to the existing links between traffic forecasts, the risk of climate change/global warming and environmental protection. With regard to the Paris airports, which currently represent the Group's main asset in terms of value, the traffic assumptions in the base case take into account adjustment factors that enable the air traffic forecast to be modified, both in terms of demand and supply and ultimately in terms of average annual growth rates. This enables the Group to capture the impact of measures related to the environmental transition of the air transport sector described in the emissions reduction roadmap set for the sector in France. There are three types of adjustment factors: behavioural, regulatory and economic. In the base case related to medium- and long-term air traffic forecasts for the Paris airports, the following factors were taken into account in the Group's reference trajectory: u changes in behaviour leading to a more pronounced modal shift of passengers towards rail travel for domestic traffic, reducing demand and supply in this segment. For example, the Group considered the impact of the extension of the Bordeaux-Toulouse TGV line on air traffic demand from "Origin/Destination" passengers to/from Toulouse at Paris Orly; u changes relating to the uptake of sustainable alternative fuels (SAF) for all flights departing from Paris and other airports in the European Union, in line with the EU's "Fit for 55" legislative package for 2025-2050. The impact of these regulatory developments on demand depends on three factors: i) the SAF uptake rate in Paris, in accordance with EU SAF mandates and the French emissions reduction roadmap for the air transport sector, ii) the increase in airfares as a result of the increase in aviation fuel prices, and iii) price/demand elasticity; u from 2035, development of a fleet of hydrogen-powered aircraft able to serve airports within 2,000 nautical miles of Paris. The consequences of this development on air travel demand are modelled using a method similar to that described for SAF, with specific assumptions about the rate at which the new hydrogen-powered aircraft will be introduced; u regulatory developments relating to the revision of the EU - ETS, with an impact on flights within the EU from 2024 and flights to/from the French overseas territories from 2030. The trigger is the rapid decrease in the allocation of free emissions allowances to airlines from 2024 onwards, moving to full auctioning for the sector by 2026. The impact of these regulatory developments on Paris airports will be visible from 2025, gradually increasing until 2040, and then decreasing as the SAF uptake mandates gather pace.

Overall, the Group estimates that in a traffic forecast excluding the above-mentioned adjustment factors, the average annual growth in passenger traffic in Paris would be between 2.0% and 2.5% over 2024-2050 ( i.e. , between 175 million and 200 million passengers by 2050). However, once these different adjustment factors are taken into account, the Group estimates that this same average annual growth in passenger traffic in Paris would be between 1.0% and 1.5% (i.e. , between 135 million and 155 million passengers by 2050). The Group adopted this latter scenario as its traffic base case in the business plan underlying the impairment tests. The possible impacts of future climate change or global warming on traffic volumes and types, both in terms of passengers and aircraft movements, were also taken into account beyond the Parisian platforms. For example, the business plan for Amman airport, operated by AIG, assumes that the air route between Amman and Aqaba (a coastal city in southern Jordan, 330 km from Amman) will only be used by passengers connecting to international flights departing from Amman, given that domestic transport alternatives will make the direct link between the two cities. However, no specific adjustment for regulatory constraints was included in the traffic forecasts for assets owned by TAV Airports or AIG, as these countries are not subject to specific regulations as is the case in the European Union. Impact on the Group's investment trajectory The business plans of the assets and investments tested for impairment, and more generally the Group’s business plan, also take into account investments in relation to the carbon neutrality commitments made as part of the 2025 Pioneers roadmap and the 2022-25 environmental policy. In addition to the 2025 Pioneers roadmap, the Group is also committed to taking into account and reducing climate risks through several accreditations such as LEED (Leadership in Energy and Environmental Design certification promoting high environmental quality standards for buildings), ISO 14001/14064/50001 relating to the management of environmental impacts, greenhouse gas emissions and energy, and the Airport Carbon Accreditation. The latter, obtained by 17 of the 26 airports operated by the Group, aims at strong and continuous improvement in the following areas, among others: u carbon neutralisation; u green certification for solar energy deployment projects; u deployment of a continuous analysis programme for water

and pollution (especially water and soil); u other green energy deployment projects.

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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS