Universal Registration Document 2024

6 FINANCIAL INFORMATION

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

9.4.2 Net debt

Net debt as defined by Groupe ADP corresponds to the amounts appearing on the liabilities of the statement of financial position under the items non-current borrowings and debt, and current loans and debts, debt related to the minority put option, reduced by derivative financial instruments in an asset position, cash and cash equivalents and restricted bank balances.

This net debt appears as follows at the closing date:

As at 31 Dec. 2024

Non-current portion

Current portion

As at 31 Dec. 2023

Non-current portion

Current portion

(in millions of euros)

Borrowings and debt

10,672

8,887

1,785

10,387

8,521

1,866

Debt related to the minority put option (1)

61

61

–

74

56

18

Gross debt

10,733

8,948

1,785

10,461

8,577

1,884

Derivative financial instruments (positive fair value) (2)

65

65

–

66

66

–

Cash and cash equivalents (3) Restricted bank balances (4)

1,958

–

1,958

2,343

– –

2,343

138

138

118

118

Net financial debt Adjusted net debt (5)

8,572 8,050 156 %

8,883 8,361

(311) (311)

7,934 7,402 150 %

8,511 7,979

(577) (577)

NET DEBT/EQUITY (GEARING) ADJUSTED NET DEBT/EQUITY (ADJUSTED GEARING)

146 %

133 %

1

Mainly Almaty.

2 Derivative financial instruments mainly concern interest-rate and currency derivatives and the put option on FCCB bonds set up as part of the merger of GIL and GAL. 3 Including €123 million of cash dedicated to aid to local residents funding collected through the tax on airborne noise nuisances (TNSA) . 4 Restricted bank balances relate to TAV Airports. Certain subsidiaries, namely TAV Tunisia, TAV Macedonia, TAV Milas Bodrum, TAV Ege and TAV Holding ("the Borrowers") opened Project Accounts designated mainly in order to reserve required amount to reimburse project debt or elements defined in the agreements with their lenders (lease payments to DHMI, operational charges, tax...). 5 See Glossary.

9.4.3 Details of bonds and bank loans Details of bonds and bank loans may be analysed in the following way:

Maturity between 1 & 5 years

Maturity < 1 year

Maturity > 5 years

Book value as at 31 Dec. 2024

Fair value as at 31 Dec. 2024 (1)

Currency

(in millions of euros)

Bonds Bonds

EUR USD EUR USD

500

2,834

4,006

7,340

7,368

–

386 339 183

–

386

459

Bank loans Bank loans

591

430

1,360

1,553

34

316

533

675

TOTAL

1,125

3,742

4,752

9,619

10,055

1 Fair value (mark-to-market, or MtM) is calculated by discounting future cash flows using a zero-coupon yield curve.

610

AÉROPORTS DE PARIS w UNIVERSAL REGISTRATION DOCUMENT 2024