PRESS RELEASE

Paris, 10 December 2025



Groupe ADP 2027-2034 Economic Regulation Agreement
(ERA) proposal:
A proposal to successfully transform Paris airports
and enhance their global competitiveness

CONTEXT AND KEY ELEMENTS OF THE PROPOSAL
______________________________



◆ Groupe ADP1, like the entire French aviation sector, is currently facing urgent and
demanding challenges: successfully decarbonising the sector, tackling increased
competition between hubs against a backdrop of regulatory and fiscal pressure in
France, continuing to develop and support traffic growth, albeit more moderate, and
increasing the attractiveness and distinctiveness of its hubs compared to its competitors.

◆ With an unprecedented €8.4 billion investment programme2, Groupe ADP intends to play
a key role in transforming the sector. Its core mission is to invest and grow with a long-term
vision, while taking responsibility for preparing for the future and creating value for all.

◆ Groupe ADP is therefore proposing an industrial project based on an acceptable
approach to development, one which is more efficient, more modular and more
progressive, while also strengthening the competitiveness of the Paris airport market.

◆ The project is demanding, with targeted developments phased over time, requiring eight
years to achieve full success. To enable the proposed investments to be made, Groupe
ADP is proposing to enter into an Economic Regulation Agreement (ERA), covering the
2027-2034 period, to provide visibility and stability for all stakeholders.




1 Throughout this document, Groupe ADP refers to Aéroports de Paris, a public limited company governed by article L. 6323-1 of the
French Transport Code (Code des transports). The name "Groupe ADP" is used here for communication purposes only and has no
legal consequences.
2 In 2025 constant euros.

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◆ As stipulated by law, in order to be
economically viable, the project must
provide for a fair return on the capital
employed for the regulated scope, i.e.,
it must be profitable without excess
" The industrial project that we are
presenting today is an essential
element in guaranteeing that Paris
airports develop in a reasoned and
return. Accordingly, the proposed 2027- sustainable manner. Our goal is to
2034 ERA aims for convergence successfully transform Paris airports,
decarbonise the sector and
between the regulated return on capital increase the competitiveness of the
employed (regulated ROCE) and the entire airport ecosystem in Paris. We
weighted average cost of capital for see this as our responsibility and our
this scope (regulated WACC) at 5.9% on core business.
To successfully carry out this
average over the term of the
transformation, the historic
Agreement. investments - averaging more than
€1 billion a year over eight years -
◆ This proposal is based on: would be financed by a new
economic regulation agreement.
o a moderate traffic growth The draft Agreement presented
seeks to strike the right balance
assumption of 1.6% per year on between an unprecedented level of
average; investment, the profitability of which
o an unprecedented €8.4 billion is both guaranteed and capped by
law, and fees applicable to airlines
investment plan to create capacity
1
which, after the proposed increase,
for 18 million additional passengers, will remain in the lower range of fees
with a focus on progressive and applied by our competitors.
It aims to place us firmly in line with
modular developments;
our competitors: thanks to our ability
o cost-saving measures within the to create the conditions for growth
regulated scope, with a savings plan and increased efficiency for airlines,
and to improve service quality for
target of around €130 million by
passengers in a context that requires
2034, to limit growth in costs to the efficiency to be placed at the heart
harmonised consumer price index of development and a fair
economic balance between airlines
(CPI) of +1.2 point on average per
and Groupe ADP.
year over the period (compared In addition to the Economic
with a nominal trajectory estimated Regulation Agreement, in 2027, our
at CPI +2.4 points); future strategic plan will embody our
long-term vision of value creation
o a proposed average increase in across all our activities, so that
airport charges of CPI +2.6 points for Groupe ADP can fully assume its role
the period 2027-2034, proportional as an economic, social and regional



"
driver of France's influence.
to the amount of the investment;
o additional measures to preserve
value and share the risks inherent in Philippe Pascal,
a multi-year commitment. Chairman and Chief
Executive Officer of
Groupe ADP.




1 In 2025 constant euros.
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◆ This industrial project, designed to enhance the competitiveness of Paris airports, and the
proposed ERA will strengthen Groupe ADP’s business model and safeguard its ability to:

o invest in non-regulated growth drivers (retail, miscellaneous real estate, international
activities);
o distribute a dividend of 60% of the Group’s attributable net income, with a floor of €3
per share;
o maintain an unchanged credit rating1.



For more information, please see:

The 2027-2034 ERA public consultation Investor and financial analyst
document: presentations on the industrial project
and the proposed ERA:



Here Here




***




1 Excluding significant key development transactions.
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THE PROPOSAL IN MORE DETAIL
______________________________




I- An ambitious investment plan that is both gradual and
responsible

Pages 4-8

a- New challenges to be tackled through investments
b- An intentionally efficient and progressive industrial project to support
capacity requirements
c- A project that benefits airlines, passengers and the entire airport ecosystem


II- Seeking the fairest economic balance for all stakeholders

Pages 9-12

d- For Groupe ADP: fair return on capital employed
e- For airlines: investments that boost competitiveness combined with a
proportional fee policy
f- Balanced risk-sharing in the event of unforeseen events




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I- An ambitious investment plan that is both gradual
and responsible

a- New challenges to be tackled through investments


France's aviation industry is facing a host of challenges.

◆ A successful ecological transition is needed to guarantee the acceptability and future
of aviation activities. Groupe ADP intends to continue playing a driving and leading role
for all its partners.
→ The need to invest in accelerating the environmental transition of airport operations
and access.


◆ A loss of competitiveness in the Paris aviation sector amid growing international
competition. The Paris-Charles de Gaulle hub posted a 10-point decline in connecting
traffic in 2023 compared with 2019 and now ranks 7th worldwide in terms of connectivity
(4th in 2019), behind hubs in the Middle East. The competitiveness of Paris-Charles de
Gaulle is also being undermined by rising costs linked to inflation and increased sectoral
taxation.
→ The need to invest to remain competitive, to support airline performance (punctuality,
reliability, etc.), and to improve service quality so that Paris-Charles de Gaulle remains
one of the top 10 airports in the world.


◆ Moderate growth in traffic that is increasingly international. Groupe ADP expects air
passenger traffic in Paris to grow by an average of 1.6% per year between 2026 and 2034
(compared with 2.3% per year between 2005 and 2019). This downturn mainly reflects the
increase in ticket prices, resulting from the cost of using more sustainable aviation fuels
and higher taxes applicable to the aviation sector. International traffic, which creates
more value, is expected to grow by an average of 2.7% per year over the period and
should account for 56% of traffic at Paris airports in 2034, compared with 51% in 2019.
→ The need to invest wisely in capacity development, while meeting airlines' needs, in
particular for international traffic.


◆ Infrastructure modernisation to enhance performance, even while terminals are
becoming increasingly obsolete, and comply with new regulatory requirements. The
terminals must be upgraded to accommodate new security control technologies, such
as new scanners at security checkpoints, and to fully implement the European Entry/Exit
System (EES). This modernisation will enhance operational performance, optimise
operating costs and ensure a high level of service quality.
→ The need to invest in the modernisation of airport assets to ensure their robustness, and
compliance with new European standards and equipment reliability.




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In this context, an Economic Regulation Agreement is the most appropriate framework for
financing the industrial project, while also providing visibility for all stakeholders: for Groupe ADP,
by securing its investments and the fair return on capital employed; for airlines, by sharing the
conditions for efficient and predictable development; for the regions, by providing concrete
examples of growth, in the form of jobs, and respect for the environment.




Our responsibility:
investing to promote the country's
economic momentum and attractiveness

__________________________


Paris airports play an essential role in the country:

◆ The gateway to France and its capital region
◆ 11% of the value of international trade passes through Paris-Charles de Gaulle
to 119 connected countries
◆ Paris airports currently account for 120,000 jobs
◆ By 2035: 13,000 new direct and indirect jobs created at the two Paris airports
(excluding construction jobs)




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b- An intentionally efficient and progressive industrial project to support capacity
requirements


The industrial project is the fruit of two voluntary public consultations, Paris-Orly 2035 and
CDG&Vous, initiated by Groupe ADP in 2024 and 2025, which involved all stakeholders: airlines,
partners and public and local authorities.

This proposal confirms the new approach to development adopted during the consultations:
modular and gradual development, optimisation of existing infrastructure before deploying new
infrastructures, capacity creation keeping pace with traffic momentum without outpacing it.
This approach guarantees the acceptability of the industrial project, which cannot be carried
out without various environmental authorisations.

These choices also make the project particularly demanding, justifying its eight-year timeframe.
Most of the proposed developments will be carried out on existing infrastructure, meaning that
each project will have to be phased in such a way as to limit any disruption to airport operations.
This constraint extends the overall duration of the works and increases their complexity.

The eight-year timeframe enables coordination of complex, interconnected projects, subject to
environmental authorisations. For Paris-Charles de Gaulle, this period covers the entire phase of
densifying existing infrastructure and creating new infrastructure to the east of the airport.

The industrial project is being rolled out in three phases, corresponding to three objectives, in
order to create an additional capacity of 18 million passengers across the two Paris airports:


Improving the flow and streamlining passenger journeys (2027-2030)
The first phase aims at making passenger journeys smoother, by increasing
capacity at border control areas, rolling out the latest generation of technology
for security checks, redesigning the busiest areas and streamlining walkways.

Major developments:
 Border areas of Terminals 1 and 2E at Paris-Charles de Gaulle and Orly 4 at
Paris-Orly.



Densifying and optimising existing infrastructures (2030-2032)
The second phase focuses on densifying and optimising existing infrastructure to
help boost airline performance, and involves increasing terminal capacity - check-
in counters, security checkpoints, boarding facilities and baggage delivery. This
phase also includes targeted airside extensions, by optimising and extending
several aircraft aprons and transforming aircraft stands that are currently operated
remotely into contact stands. Finally, the modernisation of baggage sorting
systems and the increase in baggage storage capacity at Paris-Charles de Gaulle
will enhance operational efficiency and support growth.

Major developments:
 Densifying the number of security and baggage delivery areas in Terminal 3,
and creating a new Schengen and international boarding lounge.

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 Creating the first part of the new satellite to the east of Paris-Charles de Gaulle,
a new 28,000 sq.m. international boarding lounge, and extending the LISA
shuttle to link it.
 Pooling the Orly 1A and 1B security checkpoints and expanding the Orly 1B
boarding lounge.



Creating new infrastructure and developing intermodality (2032/2034)
The third phase consists of creating new infrastructure to offer new contact
boarding capacity, improve the experience for connecting passengers at Paris-
Charles de Gaulle and facilitate air-rail journeys. This will mean building new
boarding lounges, simplifying and modernising routes between train stations and
terminals, and improving connectivity with the surrounding area.

Major developments:
 Creating the second part of the new satellite to the east of Paris-Charles de
Gaulle, following the demolition of Terminal 2G.
 Implementing a new connecting train (airport people mover), located after
border control checkpoints, providing an efficient link throughout the entire
hub.
 Creating a new intermodal hall at the CDG2 train-station to improve air-rail
connections and create new aircraft check-in capacity.
 At Orly, creation of a new boarding lounge connected to Orly 2 by a
skybridge, the first of its kind in France.




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c- A project that benefits airlines, passengers and the entire airport ecosystem


The proposed Economic Regulation Agreement creates value for all stakeholders.

For airlines, rapid and measurable operational and economic gains:

◆ Increased capacity

◆ Improved performance of existing facilities

◆ Increase in the number of aircraft at contact stands, with direct boarding via an
airbridge

◆ Decrease in incidents due to obsolete infrastructure



 Smoother, more timely and more efficient operations
 Prospects for growth and winning back market share
 Over €550 million in cumulative gains for airlines over the term of the Agreement.


These gains represent the strong commitments made by Groupe ADP in terms of service quality:

◆ Equipment availability

◆ Passenger waiting time at security checkpoints

◆ Customer satisfaction


For passengers, the investments will optimise the fluidity of passenger journeys, enhance the
comfort of our facilities and improve accessibility for people with disabilities, which leads to
improved service quality and attractiveness making Paris airports the preferred choice for
passengers.

For the regions, with almost €1 billion of investment per year, economic and employment
momentum will be strong: 13,000 new jobs to be created by 2035 at the two Paris airports
(excluding construction jobs)1.

*




1
Estimate by Groupe ADP as part of the Orly 2035 and CDG&VOUS consultation processes.
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II- Seeking the fairest economic balance
for all stakeholders

a- For Groupe ADP: a fair return on capital employed


The proposed industrial project involves significant investments, which are essential to meet the
new operational, environmental and regulatory standards, and to maintain the attractiveness
of Paris airports in a highly competitive international environment.

Amounting to €8.4 billion1, the investment programme favours the densification, modularity and
optimisation of existing infrastructure, as this approach limits execution risks and enables a more
gradual allocation of capital.

In accordance with the legislative framework, i.e., articles L. 6325-2 and L. 6327-3 of the French
Transport Code, Groupe ADP’s economic proposal aims at achieving a fair return on capital
employed for the regulated scope. The proposed economic trajectory ensures convergence,
assessed on average over the term of the Agreement, between the return on capital employed
for the regulated scope (regulated ROCE) and the weighted average cost of capital in the
same scope (regulated WACC). Calculated in accordance with French Transport Regulatory
Authority (Autorité de Régulation des Transports – ART) guidelines and taking into account the
specific features of Groupe ADP's business model and draft Agreement, the regulated WACC is
estimated at 5.9%.

The economic trajectory adopted by Groupe ADP reflects its financial discipline, which is
essential in order to balance:

◆ an ambitious investment programme;

◆ a moderate average increase in airport charges over the term of the Agreement;

◆ the preservation of value for Groupe ADP, as regulation gives the right to a fair return on
capital employed for the regulated scope.


This trajectory implies substantial efforts to improve performance and control costs despite
strong pressure on operating costs.

Without corrective action, the mechanical growth in costs - driven by the increase in traffic, the
delivery of new capacity, ageing infrastructure and the electrification of operations - would
have led to an annual increase of around 2.4 percentage points above the harmonised index
of consumer prices.
Groupe ADP is therefore rolling out a savings plan of around €130 million between now and 2034,
which will make it possible to contain the increase in regulated expenses, as an annual average,
to around 1.2 points above the harmonised index of consumer prices.

This will mainly be achieved through purchasing performance and structural cost control, as well
as a gradual increase in the workforce, limited to almost 3% over the duration of the Agreement


1 In constant euros.
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- compared with a 14% increase in traffic over the period - and through controlling the average
salary level, thanks in particular to a significant generational renewal.

In total, these efforts will reduce the cost per additional passenger arriving at Paris airports by
30%, excluding inflation, by 2034, compared with 2026, thereby supporting a more efficient and
competitive business model that will benefit the entire ecosystem.



b- For airlines: investments that boost competitiveness combined with a proportional
airport charges policy


The airport charges applied by Groupe ADP have been rising steadily, moderately, and
smoothly for many years, providing transparency for all stakeholders.

Over the 2009-2024 period, Paris airports had, on average, the lowest and most regular fee
increase compared with comparable European airports, including Amsterdam-Schiphol,
Frankfurt, London-Heathrow and Madrid.

For the 2027-2034 period, Aéroports de Paris is proposing an average annual increase in airport
charges equal to the harmonised index of consumer prices of +2.6 points. This fee trajectory,
which is consistent with the ambitious level of investment, will preserve the competitiveness of
Paris airports by keeping airport charge levels at the lower end of the range applied at
comparable airports.

The trajectory is accompanied by a renewed fee structure to better support international and
overseas traffic and encourage practices that are more conscious of the environment and local
residents.

The changes to the fee structure have three objectives: to maintain the competitiveness of Paris
airports and modernise the fee structure; to optimise infrastructure use and to reduce the
environmental impact of the Group’s activity and promote regional cohesion.

In order to maintain the competitiveness of Paris airports versus other hubs, in particular for the
international segment, and to modernise the fee structure, the following is proposed:

◆ a reduction in the airport charges gap between "Mainland France/Schengen" and
"International" fees: the ratio of the difference in fees between these routes, currently set
at x2.5, will gradually decrease to x2.0 by 2030, to the benefit of international travel;

◆ 40% reduction in connecting passenger fees maintained;

◆ in the first year of the Agreement, inclusion in parking fees of aircraft stand power supply
(400 Hz/50 Hz) service costs, and then of preconditioned air unit service costs, once the
equipment has been fully deployed.



The following is proposed for optimising infrastructure use:

◆ an increase in the difference in fees for a turnaround in over 50 minutes, compared to
under 50 minutes;

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◆ an annual discount on passenger fees for airlines with load factors higher than the
average for the previous year.

To reduce the environmental impact of the Group’s activity and promote regional cohesion, the
following is proposed:

◆ inclusion in landing fees of environmental adjustment costs to take account of particles
and nitrogen oxide emissions, coupled with an incentive to use sustainable aviation
fuels;

◆ a gradual increase in the fee differential between the least noisy aircraft and the rest;

◆ alignment of the fee applied to French overseas destinations and regions with the fee
applicable to mainland France, thereby contributing to regional cohesion.



c- Balanced risk-sharing in the event of unforeseen events

Groupe ADP’s proposal provides for four adjustment factors to ensure a balanced sharing of
risks in the event of economic or operational contingencies.

◆ The passenger traffic adjustment factor is designed to adjust the annual cap on fee
increases when actual revenue from the airport fund differs from forecast revenue.

◆ The service quality adjustment factor is designed to adjust the annual fee increase cap
in line with Groupe ADP’s service quality commitments.

◆ The investments adjustment factor is designed to adjust the annual fee increase cap
according to the actual completion of the investment programme as a whole and the
achievement of milestones for the delivery of major infrastructure.

◆ The regulatory adjustment factor is designed to ensure fair compensation for the
economic impact of new legislative, regulatory or administrative obligations (e.g.,
environmental, tax, etc.) arising after the start of the Agreement.



***




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Warning
This document does not constitute an offer to purchase financial securities within the United States or in any other country.
Forward-looking disclosures (including forecasts and objectives, where applicable) are included in this document. These forward-
looking disclosures are based on data, assumptions and estimates deemed reasonable at the diffusion date of the present
document but could be inaccurate and are, either way, subject to risks. There are uncertainties about the realisation of predicted
events and the achievements of forecast results. Detailed information about these potential risks and uncertainties that might trigger
differences between considered results and obtained results are available in the latest Universal Registration Document published
and filed with the French financial markets authority (Autorité des marchés financiers – AMF) and, if applicable, in the half-year
financial report, both available online on the AMF website www.amf-france.org or the Aéroports de Paris website
www.parisaeroport.fr.
Aéroports de Paris does not commit and shall not update forecast information contained in the document to reflect facts and
circumstances occurring after the presentation date.




Contacts Relations Investisseurs : Cécile Combeau +33 6 32 35 01 46 et Eliott Roch +33 6 98 90 85 14 - invest@adp.fr
Contact Presse : Justine Léger, responsable pôle Médias et Réputation + 33 1 74 25 23 23
Le Groupe ADP exploite et conçoit les aéroports de manière responsable à Paris et dans le monde. En 2024, il a accueilli près de 364 millions de
passagers sur son réseau de 26 aéroports, dont plus de 103 millions sur les trois plateformes franciliennes - Paris-Charles de Gaulle, Paris-Orly et Paris-Le
Bourget - où l'expérience passagers est portée par Paris Aéroport. Le Groupe ADP, fort des expertises de l'ensemble de ses collaborateurs à travers le
monde dont près de 6 000 à Paris, est déterminé à offrir le meilleur niveau de qualité de service et d'hospitalité à ses passagers tout en poursuivant
une stratégie de performance et de décarbonation de toutes ses activités aéroportuaires. Il transforme ses aéroports en hub m ulti-énergies et
multimodaux, pour rendre possible l'aviation décarbonée dans son ensemble et mieux connecter les territoires. A l'international, le Groupe ADP a deux
partenariats stratégiques aux géographies complémentaires : TAV Airports en Turquie et au Moyen-Orient et GMR Airports en Inde et Asie du Sud-est.
En 2024, le chiffre d'affaires du groupe s'est élevé à 6 158 millions d'euros et le résultat net part du groupe à 342 millions d'euros.
Aéroports de Paris SA au capital de 296 881 806 euros. Siège social : 1 rue de France, Tremblay-en-France 93290. RCS Bobigny 552 016 628.
Retrouvez nos actualités sur www.groupe-adp.com| @GroupeADP | Groupe ADP




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