Universal Registration Document 2024

FINANCIAL INFORMATION 6

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

Valuation of the recoverable amount of intangible assets (see Notes 6.1 “Intangible assets” and 6.4 “Impairment of property, plant and equipment, intangible assets and investment property” to the consolidated financial statements)

Risk identified

Our response

As at December 31, 2024, the net carrying amount of your Group’s intangible assets amounted to M€3,214. This includes, in particular, concession rights to operate airports amounting to M€2,393 and goodwill amounting to M€462. Your Group’s Management performs impairment tests on these assets when impairment indicators arise, and at least once a year for goodwill and intangible assets with indefinite useful lives. The criteria considered by Management to assess whether impairment indicators exist may include underperformance relative to forecasts, a decline in traffic, a significant adverse change in market data or in the regulatory environment— particularly in relation to climate-related matters—unexpected obsolescence or physical deterioration not anticipated in the amortization plan. It is also noted that the conflicts in Ukraine and the Middle East impact on air traffic to certain destinations. As at December 31, 2024, impairment tests were thus performed on certain concession rights and goodwill. These tests resulted in the recognition of net reversals of impairment losses, after depreciation charges and deferred taxes, amounting to M€77. We consider the assessment of the recoverable amount of intangible assets to be a key audit matter due to (i) their significant value in the consolidated financial statements, and (ii) the assumptions made by Management to estimate their recoverable amount based on expected and discounted future cash flows, particularly forecasts relating to traffic, revenue, and profitability, in a context affected by the conflicts in Ukraine and the Middle East, inflation, and interest rate developments, all of which create uncertainty over short and medium-term economic prospects. Your Group recognizes its investment properties at historical cost less accumulated depreciation and any impairment losses, resulting in a net carrying amount of M€ 693 as at December 31, 2024. The fair value of these properties is disclosed in Note 6.3.2 to the consolidated financial statements and amounts to M€ 3,574 as at December 31, 2024. This note states that the fair value of investment properties is systematically based on valuations performed by independent real estate appraisal firms, except for land reserves, which are valued internally. The fair value measurement of investment property requires significant judgment to determine appropriate assumptions, the most critical of which relate to discount or capitalization rates, market rental values, and lease incentives granted to tenants. We consider the fair value measurement of investment properties to be a key audit matter, due to (i) the significant value disclosed in the notes to the consolidated financial statements and (ii) the high degree of Management judgment involved in its determination. Risk identified

Our work mainly consisted of: u obtaining an understanding of the internal control procedures relating to the identification of impairment indicators and the performance of impairment tests; u examining the forecasted cash flows and the key assumptions used in determining the recoverable amount of the assets; u assessing the sensitivity of the valuations to those assumptions; u verifying the calculations performed by your Group’s Management, with the support of our valuation specialists. With respect to key assumptions, we focused in particular on: u traffic forecasts, by comparing them with available external data (for example, projections published by the International Air Transport Association "IATA" or Eurocontrol); u revenue and profitability forecasts, by comparing them with the budget data reviewed by the governance bodies of the relevant companies; u cost of equity or discount rates, by assessing the methodology used to determine them and their consistency with the underlying market assumptions. In addition, we: u tested, on a sample basis, the arithmetical accuracy of the valuations performed by your Group’s Management; u assessed the appropriateness of the disclosures provided in the notes to the consolidated financial statements, particularly with regard to sensitivity analyses. Our work, which involved a member of our audit team with specific expertise in the real estate sector, primarily consisted of: u assessing the competence and independence of the real estate appraisal firms engaged by your Group; u meeting with the external real estate appraisal firms to understand and critically analyze the market parameters (such as exit yield, discount rates, and market rental values) and the valuation methodologies used, with the involvement of our real estate valuation specialists during these meetings; u assessing how the external real estate appraisal firms reflected the impact of inflation risk in the valuation of the assets; u on a sample basis, comparing the data used in the valuation process with existing documentation, such as lease agreements or information provided by Management to the real estate appraisal firms; u reviewing, for the main investment properties, whether the fair value movements during the year were consistent with changes in the key underlying assumptions; u assessing the disclosures provided in Note 6.3.2 to the consolidated financial statements. Our response

Fair value measurement of investment properties (see Note 6.3 “Investment Properties” to the consolidated financial statements)

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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS