FINANCIAL RELEASE
1 July 2025

Aéroports de Paris SA
Preliminary information on 2025 half-year financial results


◆ Operational and financial estimates for the first half of 2025 are solid, allowing Groupe ADP to
confirm all its 2025 targets:
- Paris traffic up between 2.5% to 4% in 2025, compared to 2024;
- Extime Paris Spend Per Pax up between 4% to 6% in 2025, compared to 2023;
- Recurring EBITDA up by more than 7% in 2025, compared to 2024;
- Group investments up to 1.4 billion euros in 2025, of which up to 1 billion for ADP SA;
- Net debt between 3.5x and 4x recurring EBITDA in 2025.
◆ The net result (group share) is however unfavourably impacted in the first half of 2025, due to:
- the abnormally high variations in exchange rates (TRY, INR vs. EUR), leading to non-cash
impacts for an estimated amount between 90 to 110 million euros;
- the exceptional contribution on income tax for large companies for an estimated amount
between 60 and 70 million euros.
◆ Apart from the exceptional contribution on income tax, these items are non-cash and do not
impair the group's capacities to invest or to distribute dividends.
◆ In this context, a proposal will be made to the Board of Directors to adjust the distribution
policy as to offset the effect that these items may have on the dividend calculation for 2025.
The assumptions, forecasts and targets are presented on Page 3.
This document contains unaudited financial data.
The aggregates presented are those usually used and communicated to the markets by Aéroports de Paris SA.


The operational and financial estimates in the first half of 2025 are solid (Paris and group traffic, Extime Paris
Spend Per Pax, and operating expenses) and, on this basis, we confirm all the 2025 financial targets.

Moreover, in an abnormally volatile market context, exchange rates variations of the Turkish lira (TRY) and the
Indian rupee (INR) against the euro (EUR) since 1 January 2025 will lead the group to record non-cash charges,
unfavourably weighing on the 2025 half-year net result (group share) for an estimated amount between 90 and
110 million euros. These effects are described in the table appearing in Appendix n°1 of this release.

The accounting of these effects related to exchange rates variations occurs concurrently with the exceptional
contribution on income tax for large companies for an estimated amount between 60 to 70 million euros in the
first half of 2025. The applicable accounting for this exceptional and temporary contribution is reminder below,
in Appendix n°2.

The board of directors approving the 2025 half-year results will be held of 30 July 2025. The board will be
proposed to adjust the dividend distribution policy as to offset the effect these charges may have on the
dividend calculation basis for 2025.

The 2025 half-year accounts will be published on 30 July 2025, after market closing.

Christelle de Robillard, Executive Vice-President in charge of Finance, Strategy and Development will comment
on this release and answer questions to financial analysts in a conference call held on 2 July 2025 at 8am (CET).
The conference call can be access at the following link : registration.

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Appendices

APPENDIX 1 – The table below presents the impacts to be recorded in the first half of 2025 due to exchange
rates variations.

Cause Effect Accounting charge Impacted income Impact
statement lines on cash
position

TRY depreciation: For Turkish companies with Currency exchange Deterioration: None
-21.2% vs. EUR the Turkish lira (TRY) as their loss corresponding to - financial result
-10.7% vs. USD functional currency and the increase in the - Profit/loss from equity-
since 01/01/25 having issued debts in TRY value of debts accounted companies
foreign currencies (EUR,
USD), the depreciation of
the Turkish lira leads to the
increase in the value of
those debts in their
accounts
For Turkish companies with Deferred tax loss Deterioration: None
the euro as their functional - Profit/loss from equity-
currency (Antalya, Ankara, accounted companies
Izmir), if the depreciation - Income tax
of the TRY is stronger than
the local inflation (as
measured by the
hyperinflation index) the
value of their future tax
benefits (deferred tax
assets) decreases
INR depreciation: When the Indian rupee Currency exchange Deterioration of the None
-12.0% vs. EUR (INR) depreciates, the loss corresponding to profit/loss from equity-
since 01/01/25 value of the FCCBs1 the increase in the accounted companies
convertible bonds (euro- INR value of the
denominated) in GMR FCCBs in GMR
Airports' accounts (stated Airport's accounts
in rupees) increases.


APPENDIX 2 – Accounting of the exceptional and temporary contribution on income tax

The Finance Law for 2025 introduced, for the 2025 fiscal year only, an exceptional contribution for
companies recording revenue of more than 1 billion euros for the 2024 or 2025 fiscal years.
This contribution is calculated based on the average income tax related to the fiscal result of the 2024
and 2025 fiscal years, and before allocation of tax credits, tax reductions, and tax receivables of all kinds.
For ADP SA's fiscal integration group, its rate is set at 41.2%, raising the effective applicable tax rate at
36.13% of the total result.
This exceptional and temporary contribution meets the definition of an income tax charge under IAS 12.
The triggering event of the portion of the contribution based on the 2024 income tax being the completion
of the 2024 results, it must be accounted for as of 30 June 2025, the first accounting period closed
subsequent to the law's enactment on 15 February 2025. The portion based on the 2025 income tax is
recognized over the course of 2025.




1FCCBs (Foreign Currency Convertible Bonds) and associated options implemented in 2023 in preparation for the GIL/GAL merger preparation,
completed on 26 July 2024.


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Traffic assumptions, forecasts and targets 2025
As part of the 2025 Pioneers strategic roadmap communicated on 16th February 2022, Groupe ADP has set out targets up to 2025.
These targets have been built on the assumptions of no new restrictions or airport closures linked to the health crisis, of a stability of
the economic model in Paris and of an absence of abnormally high volatility in terms of exchange rates and inflation rates. They
have also been built on the basis of the consolidation scope at the end of 2023, with no assumption of changes up to 2025.
Approaching its 2019 traffic level in Paris and exceeding it internationally, while having already surpassed its 2019 consolidated
current EBITDA, the group expects to gradually return to growth rates close to those experienced before the Covid-19 crisis. In
addition, the introduction, starting in 2024, of the new tax applicable to major transport infrastructure in France has an impact on
the group's financial trajectory. For these reasons, Groupe ADP has updated on 14th February 2024 (see press release) its assumptions,
forecasts and targets 2024 - 2025 and is returning to a selection of indicators allowing for a direct reading of the evolution of its
performance, without reference to 2019.
These items are unchanged since the 2024 full-year results publication on 19 February 2025. It is specified that any further changes
to the assumptions on which the group's targets are based could have an impact on the volume of traffic and the 2025 financial
indicators.

2025 Current Status


Paris Aéroport traffic Growth from +2.5% to +4.0%
Confirmed assumption
% year-on-year growth compared with 2024 compared to 2024


Extime Paris Sales / Pax Growth of +4,0 à + 6,0 % compared to 2023
Confirmed assumption
% growth compared to 20232 i.e., a level between €31.8 and €32.4


Recurring EBITDA3 Growth of more than +7.0%
Confirmed target
% year-on-year growth compared with 2024 compared with 2024


Group investments
Up to 1.4 billion euros Confirmed forecast
(excl. financial investments)


ADP SA investments
(excl. financial investments, regulated and Up to 1.0 billion euros Confirmed forecast
non-regulated)


Net Financial Debt/ EBITDA ratio
3.5x – 4.0x Confirmed target
incl. selected international growth projects


Confirmed policy
With a proposal to adjust the
Dividends
dividend distribution policy as to
In % of the NRAG for the year 2025 60% payout ratio
offset the effect of the
paid in 2026
aforementioned charges on the
dividend calculation basis for 2025.




2 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP
reception, advertising, and other paid services in the airside area.
3 Recurring EBITDA (previously referred to as “EBITDA”) is an accounting measure of the operating performance of Aéroports de Paris and its subsidiaries.

It comprises revenue and other recurring operating income less operating purchases and expenses from ordinary activities, excluding depreciation
and impairment of property, plant and equipment and intangible assets.
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Disclaimer
This presentation does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase
financial securities within the United States or in any other country. Forward-looking disclosures (including, if so, forecasts and
objectives) are included in this press release. These forward-looking disclosures are based on data, assumptions and estimates
deemed reasonable at the diffusion date of the present document but could be unprecise and are, either way, subject to risks.
There are uncertainties about the realization of predicted events and the achievements of forecasted results. Detailed information
about these potential risks and uncertainties that might trigger differences between considered results and obtained results are
available in the latest available universal registration document, filed with the French financial markets authority, and if applicable
updated in the latest half-year financial report, both retrievable online on the AMF website www.amf-france.org or Aéroports de
Paris website www.parisaeroports.fr.
Aéroports de Paris does not commit and shall not update forecasted information contained in the document to reflect facts and
posterior circumstances to the presentation date.




Investor Relations contacts: Cécile Combeau +33 6 32 35 01 46 and Eliott Roch +33 6 98 90 85 14 - invest@adp.fr
Press contact: Justine Léger, Head of Medias and Reputation Department +33 1 74 25 23 23
Groupe ADP designs and operates airports responsibly in Paris and around the world. In 2024, it welcomed nearly 364 million passengers across its
network of 26 airports, including more than 103 million at its three airports in the Paris region, Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget,
where the passenger experience is provided by Paris Aéroport. Boasting extensive expertise thanks to its international workforce – including a team of
almost 6,000 in Paris – Groupe ADP strives to offer its passengers the highest standards of service and hospitality, while pursuing a strategy focused on
performance and the decarbonisation of all its airport activities. The Group is transforming its airports into multi-energy, multi-modal hubs to pave the
way for a low-carbon aviation industry and better connect France’s regions. Internationally, Groupe ADP has two strategic partnerships with a
complementary geographic presence: TAV Airports in Turkey and the Middle East and GMR Airports in India and South-East Asia. In 2024, Group
revenue stood at €6,158 million and attributable net income at €342 million.
Registered office: 1 rue de France – 93290 Tremblay en France, France. A public limited company (Société Anonyme) with a share capital of €296 881
806 euros. Registered in the Bobigny Trade and Company Register under no. 552 016 628.
Find our news on www.groupe-adp.com| @GroupeADP | Groupe ADP
groupeadp.fr




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