Slides
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2025 9-Months Revenue October 23rd, 2025
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HIGH-SPEED RAIL STATION PARIS-CDG 9-months 2025 highlights 01
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9M 2025 REVENUE GROUPE ADP 9M 2025 : solid revenue growth, FY 2025 targets confirmed 3 9-MONTHS HIGHLIGHTS ◆ Fully on track, despite subdued operating trends ◆ Traffic in line with assumptions: up 3.5% in Paris and up 5.2% at TAV Airports ◆ Extime Paris Spent Per Pax (SPP) at 31.3€, up 5.3% vs. 9M 2023 ◆ CDG&VOUS consultation, public feedbacks presented on October 9th ◆ 2026 Paris regulated tariffs submitted to ART with a 1.5% fee increase ◆ Looking forward: ◆ 2025 outlook confirmed ◆ Economic Regulation Agreement proposal to be unveiled on Dec. 10th ◆ Investor teach-in on ERA proposal and industrial project on Dec. 11th all X.X% vs. 9M 2024, unless otherwise stated KEY FIGURES 286.3 Mpax 81.2 Mpax +4.0% +3.5% Group traffic Paris traffic €31.3 +5.3% vs. 9M 2023 Extime Paris SPP €5,037M +9.4% Consolidated revenue
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9M 2025 REVENUE GROUPE ADP 2026 regulated tariff proposal for Paris 4 2 0 2 6 T a r i f f p r o p o s a l +1.5% fee increase in Paris-CDG & Paris-Orly, excepted PRM fee1, increasing +15% 1. Passenger assistance fee for passengers with disabilities or reduced mobility. A p p r o v a l t i m e l i n e ◆ ADP’s proposal to the ART made on October 17th ◆ ART’s decision on the proposal to be made 2 months later, by mid-December ◆ New tariff period: starting on April 1st 2026
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TERMINAL 2E-K PARIS-CDG 9-Months 2025 Key indicators 02
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9M 2025 REVENUE GROUPE ADP 9M 2025 traffic: growing in line with our assumptions despite less favorable trends 6 Paris Aéroport traffic1 Paris Aéroport: driven by international traffic Note 2025/2024 variation is skewed by disruptions linked to the 4-Flight ATC system and by the leap day in 2024. Excluding these effects, traffic would be up 3,0% ◆ Structural decline in mainland domestic traffic (-2.3%) ◆ Steady traffic with N. America (+2.0%), at 106.8% of 9M 2019 ◆ Strong momentum with Africa (+5.5%), at 120.9% of 9M 2019 ◆ Reaching near recovery with Asia-Pacific (+8.0%) at 90.1% of 9M 2019 Group traffic2 82.7 2019 2020-2023 78.4 2024 81.2 2025 9M 108.0 103.4 257.6 2019 2020-2023 271.7 2024 286.3 2025 9M 337.1 359.2 … … +4.0% +3.5% Group : continued growth despite headwinds ◆ TAV Airports (+5.2%) driven by its international assets (+8.5%), despite slower dynamics in Turkey (+3.4%) ◆ GMR Airports (+3.1%), experiencing operational and geopolitical headwinds, notably in Delhi (-0.4%), despite solid underlying traffic dynamics ◆ Amman airport (+7.5%), in a strong recovery trend except during disruptions in June due to geopolitical escalation 1. Detailed indicators on Paris Aéroport’ traffic are available on slide 13. 2. Detailed indicators on Group traffic are available on slide 14. In Mpax / all X.X% vs. 9M 2024
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9M 2025 REVENUE GROUPE ADP uyuyyuè Extime Paris sales per pax1 at €31.3, in line with our expectations 7 €XX.X Resilient retail performance, in a challenging context: ◆ Terminal 2AC: negative rebasing effect from its reopening in mid-2024 ◆ Intensifying works in terminal T2EK ◆ Normalization of Advertising and Extime Travel Essentials revenues after strong 2024 levels, supported by the Paris Games ◆ Luxury: slower momentum since Q2, after an outstanding Q1, with unsupportive currency effects from USD and CN. Quarterly SPP 1. Extime Paris Sales/Pax: 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. 2023 2024 2025 Q1 Q2 Q3 Q4 FY €32.1 FY €30.6 Yearly SPP FY €XX €29.7 €31.4 €31.3 YTD SPP +5.3% -0.3% SPP outlook unchanged of 4% to 6% vs. 2023 (i.e. €31.8 - €32.4)
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9M 2025 REVENUE GROUPE ADP Revenue delivering a solid 9.4% growth 8 ◆ AVIATION in Paris up €106M (+6.9%) reflecting traffic growth at Paris Aéroport (+3.5%) and tariffs increase by an average of +4.5% ◆ RETAIL & SERVICES up €178M (+12.4%). Increase in Retail revenue is driven by international traffic growth and positive scope effects from acquisitions and reclassifications. Other services are down due to reclassifications and lower reinvoicing of works & studies relating to SGP (Société des Grands Projets) projects. ◆ INTERNATIONAL up €149M (+10.1%). TAV Airports’ revenue is up €158M (+12.8%), both from its service companies (BTA +€51M, Havas +€21M, TAV IT +€13M, TAV OS +€12M…) and its airports assets (Georgia +€13M, Almaty +€9M, etc.). AIG’s revenue is up €18M (+8.5%), supported by the traffic recovery at Amman (+7.5%) despite its geopolitical context. Other international activities are impacted by scope effects from reclassifications & cessions. 106 Aviation Retail activities Other retail & services 23 Real estate 158 TAV Airports AIG 9M 2025 Revenue Other activities and eliminations (24) Other International 4,605 5,037 201 (23) 18 (27) 9M 2024 Revenue Retail & Services International and airport development In €M / all X.X% vs. 9M 2024
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TERMINAL 2E-L PARIS-CDG Outlook 03
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9M 2025 REVENUE GROUPE ADP 10 F i n a n c i a l o u t l o o k DIVIDEND 60% payout Dividend floor at 3.00€ per share1 GROUP CAPEX Up to 1.4 billion euros ADP SA CAPEX Up to 1.0 billion euros 2025 targets confirmed NET DEBT / REC. EBITDA 3.5x – 4.0x incl. selected international growth projects EXTIME PARIS SPP GROWTH +4.0% to +6.0% vs. 2023 i.e. SPP of €31.8 to €32.4 REC. EBITDA GROWTH >+7.0% vs. 2024 PARIS TRAFFIC GROWTH +2.5% to +4.0% vs. 2024 2026 outlook 2026 targets will be set and communicated at the time of the FY 2025 results CAPITAL ALLOCATION TARGETS Supporting increasing investments through: ◆ Organic growth ◆ Strategic focus ◆ Financial discipline → Balanced capital allocation including unchanged 60% dividend payout 1. As proposed by the Board of Directors of 30 July 2025. See 2025 half-year financial results.
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9M 2025 REVENUE GROUPE ADP E R A I n d i c a t i v e t i m e l i n e ◆ December 10th: Public Consultation Document release (after market) ◆ By early Q2 2026: expect. ART non-binding opinion ◆ 2027: contemplated start of the ERA 11 Investor teach -in on ERA proposal and industrial project I n v e s t o r t e a c h- in ◆ Presentation of our detailed ERA proposal ◆ Long term industrial vision for our Parisian platforms and main development objects ◆ Details on key assumptions underlying our proposal, ERA parameters and adjustment factors S a v e t h e d a t e : D e c . 1 1th in P a r i s In-person conference followed by interactive workshops (Plenary session to be webcasted live)
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ORLYVAL PARIS-ORLY Appendices 04
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9M 2025 REVENUE GROUPE ADP Paris Aéroport: traffic growth LOAD FACTOR 84.8% +0.2 pt ◆ 2025/2024 variation is skewed by disruptions linked to the 4-Flight ATC system and by the leap day in 2024. Excluding these effects, traffic would be up 3.0% ◆ Structural decline in mainland domestic traffic (-2.3%) ◆ Continued trends in traffic with North America: - USA: up 1.2%, 8.5% of Paris traffic - Canada: up 7.1 %, 2.7% of Paris traffic ◆ Asia Pacific traffic growing overall with: - China up 8.6%, 1.4% of Paris traffic, (i.e 65% recovery vs. 2019) Currently c.55 weekly frequencies vs. c.79 in winter 2019. Going forward: no material increase expected - Japan: down 3.4%, 0.8% of Paris traffic vs. 9M 2024 13 CONNECTING RATE1 LOW-COST TRAFFIC 20.1% -0.6 pt 29.9% +0.7 pt vs. 9M 2024 Mainland France French Overseas T. Europe Africa North America Asia-Pacific Latin America Middle-East Paris Aéroport Other international 81.2 Mpax (2.3)% +8.0% +3.4% +3.3% +5.5% +2.0% +11.4% +8.6% +3.5% +5.5% 9M 2025 Traffic growth vs. 9M 2024 10.6% 4.6% 45.2% 39.6% 13.8% 12.0% 2.9% 5.1% 5.9% Share of 9M 2025 traffic 1 Number of connecting pax. out of the number of departing pax.
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9M 2025 REVENUE GROUPE ADP Delhi Hyderabad Medan Goa GMR Airports -0.4% +14.4% -1.6% +3.1% +3.1% TAV AIRPORTS 1 Antalya Ankara Izmir Almaty TAV Airports +1.6% +5.8% +8.7% +6.6% +5.2% GMR AIRPORTS TAV AIRPORTS: VARIED TRENDS ◆ Turkish Airports: up 3.4%, with subdued international traffic (+1.3%), notably at Antalya, offset by dynamic domestic traffic (+7.1%), notably in Ankara, and Izmir. ◆ International assets: up 8.5%, especially in Georgia (+15.5%) and Tunisia (+9.5%) GROUP TRAFFIC2 EXCLUDING PARIS AÉROPORT TRAFFIC +4.2% 1. Traffic figures for all of TAV Airports’ assets appear in the appendices of this presentation 2. Group traffic includes traffic from airports operated by Groupe ADP in freehold or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical traffic data since 2019 is available on the company's website 57.3 MPax 14 23.2 MPax 5.3 MPax 3.6 MPax 89.5 MPax 31.3 MPax 10.5 MPax 9.6 MPax 9.1 MPax 87.4 MPax 205.1 Mpax Traffic at TAV Airports & GMR Airports vs. 9M 2024 GMR AIRPORTS: RESILIENT, DESPITE HEADWINDS ◆ Delhi traffic down -0.4%, impacted since Q2 by temporary reduction in Air India’s operations, a runway closure for works, and geopolitical tensions. ◆ Hyderabad up 14.4%, benefiting from strong underlying trends and additional capacity.
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9M 2025 REVENUE GROUPE ADP Finance law for 2025: reminder of estimated effects 15 WHAT’S NEW? VS. FINANCE ACT 2024 WHO PAYS? WHEN DOES IT APPLY? WHAT IMPACT ON ADP FINANCIALS? IS THERE A PASS-THROUGH? I n f r a s t r u c t u r e t a x I n c o m e t a x s u r p l u s No change Temporary income tax increase ADP SA (parent company) ADP’s French tax consolidation group1 since 2024 in 2025 c.€130-140M additional opex c.€110-120M in 20252 add. income tax expense €64M booked in H13 Regulated portion (c.75%) offset via higher reg. tariffs No Security activities funding Reduction of State coverage of security costs ADP SA (parent company) from 2025 c.€12M add. revenue shortfall No S o l i d a r i t y t a x o n a i r t i c k e t s Tax increase on air tickets Passengers from 2025 Indirect impact (traffic impact depending on price-elasticity) N/A 1. Corporate Income Tax is calculated on the taxable result of the ADP tax consolidation group, encompassing the parent company Aéroports de Paris SA and its >95%- held French subsidiaries. 2. Estimate built based on an effective tax rate combining the income tax and the social contribution on profits, with the exceptional contribution introduced in the 2025 finance bill leading to income tax rates of 36.125% for fiscal year 2025 (from 25.83%) 3. For details on Income tax accounting, see financial release from 1st July 2025 and financial release from 30th July 2025.
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9M 2025 REVENUE GROUPE ADP Passenger traffic 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 54,500,290 +3.0% 356,666 +2.9% Paris-Orly 26,712,460 +4.7% 163,641 +4.3% Total Paris Aéroport 81,212,750 +3.5% 520,307 +3.3% Antalya 31,334,474 +1.6% 182,256 +1.6% Almaty 9,098,635 +6.6% 72,193 +6.2% Ankara 10,464,382 +5.8% 66,643 +3.6% Izmir 9,586,467 +8.7% 58,757 +9.1% Bodrum 3,762,108 +1.6% 23,198 +0.6% Gazipaşa 802,596 -1.8% 5,163 -6.0% Medina 8,507,537 +6.6% 56,658 +3.4% Tunisia 2,616,847 +9.5% 17,451 +9.0% Georgia 5,050,969 +15.5% 47,738 +19.4% North Macedonia 2,585,096 +6.2% 20,141 +2.8% Zagreb 3,584,832 +9.8% 39,297 +4.2% Total TAV Airports 87,393,943 +5.2% 589,495 +4.9% New Delhi 57,298,941 -0.4% 333,038 -0.2% Hyderabad 23,223,701 +14.4% 158,254 +12.7% Medan 5,296,324 -1.6% 39,422 -1.7% Goa 3,632,548 +3.1% 25,398 +5.1% Total GMR Airports 89,451,514 +3.1% 556,112 +3.3% Santiago de Chile 19,918,753 +3.0% 121,747 +0.1% Amman 7,302,682 +7.5% 59,268 +4.7% Madagascar1 986,877 +18.0% 10,931 +19.4% GROUPE ADP 286,266,519 +4.0% 1,857,860 +3.7% Group traffic1 in 9M 2025 161. Antananarivo & Nosy Be airports
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9M 2025 REVENUE GROUPE ADP Aviation – 9M 2025 17 Revenue: up €106M driven by: ◆ The increase in revenue from airport and ancillary fees, up 7.8% and 12.6% respectively, linked to the increase in traffic in Paris up 3.5% and the average increase of +4,5% in aeronautical fees applicable since 1st April 2025, including notably the increase by 25% of the PRM fee1 ; ◆ The increase in revenue from airport safety and security services, up 1.3% despite the lower share of costs from these activities covered by the French State, as per the Finance law for 2025. In €M / all X.X% vs. 9M 2024 (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 1,640 1,534 +106 +6.9% Airport fees 1,000 928 +72 +7.8% Passenger fees 662 599 +63 +10.5% Landing fees 207 200 +7 +3.5% Parking fees 130 130 - - % Ancillary fees 223 198 +25 +12.6% Revenue from airport safety and security services 397 392 +5 +1.3% Other income 20 16 +4 +25.0% 63 25 9M 2024 Revenue Passengers fees 7 Landing fees 0 Parking fees Ancillary fees 5 Revenue from airport safety and security services 4 Other income 9M 2025 Revenue 1,534 1,640 1. Passenger assistance fee for passengers with disabilities or reduced mobility. +6.9%
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9M 2025 REVENUE GROUPE ADP Retail and services – 9M 2025 18 Revenue: up €178M, now including the contributions of P/S and PEG acquired in 2024 and SDA Croatie whose accounts have been reclassified since FY 2024. Excl. these scope effects, the revenue would be up €26M. ◆ Retail activities: up €201M mainly driven by scope effects, and the increase in international traffic. ◆ Car parks and access roads: up €1M (+0.7%) the effect of increased traffic is partially offset by the transfer of certain passengers to public transport ◆ Other income: up €152M, mainly due to the integration of P/S and PEG turnover acquired in October 2024, the reclassification of hospitality services within these products since the 2024 annual results. In €M / all X.X% vs. 9M 2024 159 9M 2024 Revenue 33 Extime Duty Free Paris 9 Extime Travel Essentials Paris Other retail activities 1 Car parks and access roads 11 Industrial services 9 Rental income (44) Others 9M 2025 Revenue 1,434 1,612 (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 1,612 1,434 +178 +12.4% Retail activities 1,125 924 +201 +21.8% Extime Duty Free Paris 631 598 +33 +5.5% Extime Travel Essentials Paris 148 139 +9 +6.5% Other Shops and Bars & restaurants 98 96 +2 +2.1% Advertising 45 56 (11) (19.6)% Société de Distribution Aéroportuaire Croatie 16 - - - Hospitality and other retail revenue 187 35 +152 +434.3% Car parks and access roads 137 136 +1 +0.7% Revenue from Industrial services 166 155 +11 +7.1% Rental income 159 150 +9 +6.0% Other income 23 67 (44) (65.7)% +12.4%
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9M 2025 REVENUE GROUPE ADP Company Activity Notes Ownership as of 30/09/2025 Consolidation method Functional Currency Extime Duty Free Paris (ex. Société de Distribution Aéroportuaire) Retail JV with Lagardère Duty Free 51% Full consolidation EUR Extime Travel Essentials (ex. Relay@ADP) Travel Essentials JV with Lagardère Travel Retail 50% Full consolidation EUR Extime Média (ex. Média ADP) Advertising JV with JC Decaux 50% Full consolidation EUR Extime Food & Beverage Paris Bars & restaurants JV with Select Service Partner (SSP) 50% Equity accounting EUR Paris Experience Group Touristic Experiences Acquisition in October 2024 100% Full consolidation EUR P/S (ex. Private Suite) Private terminals Acquisition in October 2024 100% Full consolidation USD RETAIL SUBSIDIARIES & JVS DEVELOPMENTS OVER THE PAST YEAR ◆ Epigo merged with Extime Extime Food & Beverage Paris on July 8th 2024 ◆ Acquisition of 100% of Paris Experience Group and of P/S in October 2024 for a combined €360M. 19 Retail and services subsidiaries
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9M 2025 REVENUE GROUPE ADP Real estate – 9M 2025 20 Revenue: up €23M, driven by: ◆ External revenue up €13M notably from buildings acquired and commissioned, and from the effect of rent indexation, despite the slowdown in the underlying indices. ◆ Internal revenue, up €10M In €M / all X.X% vs. 9M 2024 (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 274 251 +23 +9.2% External revenue 233 220 +13 +5.9% Land 97 93 +4 +4.3% Buildings 92 84 +8 +9.5% Others 44 43 +1 +2.3% Internal revenue 41 31 +10 +32.3% 8 10 9M 2024 Revenue Land Buildings 1 Other external revenue Internal revenue 9M 2025 Revenue 251 274 4 +9.2%
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9M 2025 REVENUE GROUPE ADP International and airport development – 9M 2025 21 Revenue: up €149M, not including ADP Ingénierie anymore, sold in October 2024, and SDA Croatie, reclassified into Retail & Services since FY 2024. Excluding these scope effects, the revenue would be up €176M, driven by : ◆ TAV Airports revenue, up 12.8%, linked with the traffic growth (+5.2%), and strong growth in service companies. ◆ AIG revenue, up 8.5% driven by a strong start of the year despite geopolitical tensions in the Middle East in June. In €M / all X.X% vs. 9M 2024 158 9M 2024 Revenue 18 AIG TAV Airports (27) Others 9M 2025 Revenue 1,482 1,631 +10.1% (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 1,631 1,482 +149 +10.1% ADP International 241 235 +6 +2.6% of which AIG 230 212 +18 +8.5% TAV Airports 1,389 1,231 +158 +12.8%
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9M 2025 REVENUE GROUPE ADP TAV Airports main assets & subsidiaries 22 Company Activity Expiration date 2024 Traffic Ownership (by TAV) Consolidation method Functional Currency(1) AIRPORT COMPANIES TAV Kazakhstan Airport Operator, Fuel, F&B, Lounges, Ground Handling, Cargo - 11.4 Mpax 100%(2) Full consolidation USD TAV Ege Izmir airport terminal services 2034 11.5 Mpax 100% Full consolidation EUR TAV Georgia TAV Tbilisi Tbilisi airport operator & ground handling services 2027 5.7 Mpax 80% Full consolidation GELBatumi Airport Batumi airport operator 2027 76% TAV Ankara Ankara airport terminal services 2050 9.9 Mpax 100% Full consolidation EUR TAV Macedonia Skopje & Ohrid airport operator & ground handling services 2032 3.2 Mpax 100% Full consolidation EUR TAV Milas Bodrum Bodrum airport terminal services 2037 4.4 Mpax 100% Full consolidation EUR TAV Tunisia Enfidha & Monastir aiport management & ground handling 2047 2.9 Mpax 100% Full consolidation EUR TAV Latvia Riga airport commercial areas operator - - 100% Full consolidation EUR TAV Gazipasa Gazipasa aiport operator 2036 1.1 Mpax 100% Full consolidation EUR TAV Antalya Antalya airport terminal services 2026 38.3 Mpax 50%(3) Equity accounting EUR TIBAH Development Medina airport operator 2041 10.9 Mpax 26%(4) Equity accounting(5) SAR MZLZ Zagreb airport operator 2042 4.3 Mpax 15%(6) Equity accounting HRK TAV Antalya Inv. (New Antalya) Antalya airport terminal services (Future concession) 2027 - 2051 - 50%(7) Equity accounting EUR Services companies Havas Ground handling services 100% Full consolidation EUR BTA Food & beverage services 100% Full consolidation TRY TAV Technologies (TAV IT) Software & system services 100% Full consolidation USD TAV OS Operations & Maintenance and Lounge Services 100% Full consolidation TRY TAV Security Security Services 100% Full consolidation TRY ATU Duty Free Services 50% Equity accounting EUR TGS Ground handling services 50% (indirect) Equity accounting TRY 1. Mentioned companies may have local subsidiaries using other functional currencies. 2. The TAV Group holds an 85% stake in Almaty International Airport JSC and has a call and put option agreement on the remaining 15%. The analysis of this agreement leads to retain 100% ownership interest. 3. The 49% stake of TAV Airports in TAV Antalya gives the same governance rights as Fraport, as well as 50% of dividends. 4. In application of IAS 28, income or loss of Tibah Development will be netted-off from TAV’s loan to Tibah Development, as financial income or expense and are not accounted under equity accounted investees. 5. MZLZ is a 100%-owned subsidiary of ZAIC-A, in which TAV Airports holds 15,81% of the capital, and ADP International holds 20.8%, bringing the total Groupe ADP interest at 35.8%. 6. The 51% stake of TAV Airports in TAV Antalya Invest give the same governance rights as Fraport, as well as 50% of dividends.
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9M 2025 REVENUE GROUPE ADP TAV Airports: 2025 guidance 23 2025 New Guidance(1)(3) 2025 Previous Guidance(1)(3) Revenue (€M) 1,750 – 1,850 1,750 – 1,850 Total Pax (M) 110 – 120 110 – 120 Intl Pax (M) 75 – 83 75 – 83 EBITDA (€M) 520 – 590 520 – 590 Capex (€M) 220 - 240 140-160 (+Almaty Investment Plan 2025)(2) Net Debt/EBITDA 2.5 – 3.0 2.5 – 3.0 (1) Our 2025 outlook is based on an assumption of no mobility restrictions, normal business conditions, no other force majeure or security related events and no unexpected volatility or other abnormal conditions in foreign exchange markets. Deviations from these assumptions could have material effects on our expected passenger volume and financial results for 2025. Passenger outlook includes joint venture airports. Due to equity accounting, revenue, EBITDA and Capex outlook does not include joint venture entities. (2) Almaty investment Plan is expected to total around €315m and be mostly completed by the end of 2027, Almaty 2025 investment is expected to be €70m. (3) In 2025, we expect higher amortization costs and higher interest expenses (previously capitalized) from completed investments such as New Antalya, New Ankara and Almaty new international terminal. We also expect lower net income from Antalya 1 due to the amortization (non-cash effect) of the remaining Purchase Price Allocation. Moreover, strong TL may also result in a drop in the net income of TGS and ATU. In addition, we expect rent amortization from Ankara, BTA Antalya and TAV OS new NY lounge. As a result of the combined effect of these movements below EBITDA, we do not expect 2025 net income to be higher than 2024.
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9M 2025 REVENUE GROUPE ADP GHIAL Hyderabad Airport PT Angkasa Pura Av. Medan Airport GADL Engineering 74%2 49% DIAL Delhi Airport 74%1 Assets under development GGIAL Goa Airport c.100%3 100% Groupe ADP GMR Group Incl. GMR Enterprises Public 32.3% CAPITAL 45.7% ECO. INTEREST* 33.8% CAPITAL 27.1% ECO. INTEREST* 33.9% CAPITAL 27.2% ECO. INTEREST* GNIAL Nagpur Airport Listed - ISIN: INE776C01039 GMR Airports Limited GMR Airports: main assets & subsidiaries STRUCTURE Company Activity 2024 Traffic Ownership (New GIL) Consolidation method (by GAL) Functional Currency(1) Capacity End of concession Delhi International Airport Ltd. (DIAL) Delhi airport management 77.8 Mpax 74%1 Full consolidation INR 100 Mpax 2036+30y Hyderabad International Airport Ltd. (GHIAL) Hyderabad airport management 27.8Mpax 74%2 Full consolidation INR 34 Mpax 2068 PT Angkasa Pura Aviasi Medan airport management 7.1 Mpax 49% Equity accounting IDR 10 Mpax 2047 GMR Airport Developers Limited (GADL) Airport project management - 100% Full consolidation INR - - GMR Goa International Airport Limited (GGIAL) Goa airport management 4.7 Mpax c.100%3 Full consolidation INR 8 Mpax 2059+20y GMR Nagpur Inter. Airport Limited (GNIAL) Nagpur airport management - - Full consolidation INR 4 Mpax 2055 MAIN ASSETS 24 * incl. OCRPS Preference Shares, convertible in ordinary shares and giving right to dividend 1. Completed acquisition of 10% stake of DIAL from Fraport Group, taking GAL’s ownership to 74%, see March 7th 2025 announcement. 2. Completed acquisition of 11% stake of GHIAL from MAHB Group, taking GAL’s ownership to 74%, see January 26th 2024 announcement. 3. Government of Goa owns one share Brownfield asset: pending operations takeover
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9M 2025 REVENUE GROUPE ADP 25 Groupe ADP 33.8% CAPITAL 33.9% CAPITAL POST MERGER SHARE CAPITAL STRUCTURE* 32.3% CAPITAL POST MERGER ECONOMIC INTEREST* Groupe ADP 27.1% ECO. INTEREST 45.7% ECO. INTEREST Listed - 13,163,416,832 shares GMR Airports Limited Listed - 10,558,975,952 shares GMR Airports Limited *excl. FCCBs1 & OCRPS conversion *excl. FCCBs conversion2 Public GMR Group Incl. GMR Enterprises Public Our stake is structured in two types of instruments : Ordinary shares & Preference shares (OCRPS) Ordinary shares Tradable on the stock markets – no lockup period Ordinary shares & OCRPS as if converted (Optionally Convertible Redeemable Preference Shares) Right to dividend & convertible1 in ord. shares Positioning our partner GMR Group as the largest single shareholder in management control… … while maintaining Groupe ADP’s substantial economic interest (45.7%) GMR Group Incl. GMR Enterprises 27.2% ECO. INTEREST 3,410,614,011 ord. shares (25.9%) + 2,604,440,880 OCRPS (19,8%) 3,410,614,011 ordinary shares GMR Airports: capital & economic interest structure 1 - Convertible at any point if necessary to maintain the agreed “shareholding ratio“ with GMR, or at maturity. 2 - In the event the convertible bonds “FCCBs”, issued by GIL in March 2023, are converted into ordinary shares, 5-8% ownership could be assigned depending on conversion date ; economic interest of other parties would evolue accordingly.
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9M 2025 REVENUE GROUPE ADP Other activities– 9M 2025 26 Revenue: down €(14)M due to the end of certain Hub One contracts and the delivery of a project by Hologarde In €M / all X.X% vs. 9M 2024 9M 2024 Revenue (5) Hub One (9) Others 9M 2025 Revenue 138 124 -10.1% (in millions of euros) 9M 2025 9M 2024 9M 2025/9M 2024 Revenue 124 138 (14) (10.1)% Hub One 117 122 (5) (4.1)%
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9M 2025 REVENUE GROUPE ADP 2025 Pioneers strategic roadmap indicators 27 N° Key Performance Indicator Scope ONE AMBITION 1* Make that 65% of flights depart on time or within 15 minutes of the scheduled time Airports controlled within Groupe ADP 2* Reduce average taxiing emissions per flight by 7% at Paris-CDG and Paris-Orly Paris-CDG & Paris-Orly 3 Set a carbon budget for the life cycle of all investment projects over €5 million ADP SA, TAV Airports 4* Provide 50% of international passengers at Paris-Orly and Paris-CDG with biometric facilitation in their departure journey 5 Aim for excellence in hospitality: - Place Paris-CDG in the top 10 of the Skytrax ranking of the world's best airports, as well as 4 airports in the Top 50 and 8 airports in the Top 100 - Achieve an ACI/ASQ score of 4 for passenger satisfaction All of the group's airports Airports controlled within Groupe ADP with more than 3 million passengers 6* Deploy the Extime Retail and Hospitality concept in Paris and initiate the deployment of two lines of Extime businesses outside the Parisian platforms 7 Set the Parisian platforms at the best European level in terms of train-air connection by increasing by 50% the number of train- aircraft connecting passengers at Paris-CDG and by doubling it at Paris-Orly 8 Using 10% of low-carbon energy in terminals and airside, almost doubling compared to 2019, and 40% excluding landing and take-off Airports controlled within Groupe ADP with an ACA ≥ 3 in 2021 9 Open the new multimodal hub at Paris-Orly, with the opening of the line 14 station, in 2024 and make it possible to open or build 8 additional public transport lines to connect the Parisian airports to the neighboring territories 10 Preserve 25% of land for biodiversity at Paris-CDG and 30% at Paris-Orly and Paris-Le Bourget, and set a course for the group's airports to improve their biodiversity index by 2030 The 23 airports of the group committed to the Airports for trust charter ONE GROUP 11 Stabilize the average maturity of our concession portfolio at 30 years All of the group's airports under concession, excluding Paris 12 Opening 100 additional international routes to increase the connectivity of our territories All of the group's airports 13 Develop the smartization of the Group's airports with three airports at "full" level and 100% of the others at "friendly" level Airports controlled within Groupe ADP1 with more than 4 million passengers 14 Support the generalization of continuous descent procedures between 2023 and 2025 at Paris-CDG and Paris-Orly 15 Promote the realization 80% of local purchases in the Paris region, including 20% from SMEs, in compliance with public procurement legislation ADP SA SHARED DYNAMICS 16 Deploy 120 experiments in societal, environmental and operational innovations by 2025, 30 of which will leading to industrialization ADP SA, TAV Airports, Hub One 17 Carry out at least one employee shareholding operation by 2025 ADP SA 18 Include a ESG element in the remuneration of 100% of employees ADP SA, TAV Airports, AIG 19 Increase the number of employee civic engagement days by a factor of five, to 5,000 over the period 2022-2025 ADP SA 20 Educate 100% of employees on good ethical and compliance practices ADP SA, TAV Airports, AIG * Revised indicators, see H1 2024 results
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9M 2025 REVENUE GROUPE ADP Financial indicators: ◆ 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. ◆ EBITDA margin corresponds to: recurring EBITDA/revenue. ◆ Gross debt as defined by Groupe ADP includes long- and short-term borrowings and debt (including accrued interest and any related hedging derivatives with a negative fair value and lease liabilities), liabilities related to minority puts (presented in Other payables and Other non-current liabilities). ◆ Net debt as defined by Groupe ADP refers to gross debt less any related hedging derivatives with a positive fair value, cash and cash equivalents and restricted bank balances. ◆ Adjusted net debt as defined by Groupe ADP refers to net debt less the fair value of derivative instruments granted to third parties which, if exercised, do not involve an outflow of cash for the Group. ◆ Net debt/recurring EBITDA is the ratio corresponding to: net debt/recurring EBITDA, which measures the Company's ability to repay its debt based on its recurring EBITDA. Definition and accounting of Alternative Performance Measures (APM) as well as the segmentation of Group activities presented in this press release are fully published in the Group's Universal Registration Document. It is available on the Group’s website: https://www.parisaeroport.fr/en/group/finance/amf- information Operating indicators: ◆ Extime Paris spend/pax or Spend per Extime Paris passenger corresponds to: Revenue in airside activities: shops, bars and restaurants, foreign exchange and tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area/departing passengers at Paris Aéroport. ◆ Group traffic includes traffic from airports operated by Groupe ADP in full ownership (including Almaty) or under concession, receiving regular commercial passenger traffic, excluding airports under management contracts. As of the date of this press release, it includes traffic from the following airports. Historical data from 2019 onwards is available on the Company’s website. 28 Definitions
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9M 2025 REVENUE GROUPE ADP Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS 2025 Full-Year results GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date JP Morgan Back to school - Virtual 07 January 2026 Barclays Back to school - Virtual 07 January 2026 ODDO BHF ODDO BHF Forum – Lyon 08-09 January 2026 October traffic 29 February 18th, 2026 November 17th, 2025 NEXT EVENT Investor teach-in on ERA proposal and industrial project In person in Paris December 11th, 2025 8:30am to 2:30pm CET(Quiet period from 10 November to 10 December)
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9M 2025 REVENUE GROUPE ADP 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. About Groupe ADP 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 Investor Relations contacts: Press contact Cécile Combeau Eliott Roch Justine Léger + 33 6 32 35 01 46 + 33 6 98 90 85 14 +33 1 74 25 23 23 invest@adp.fr finance.groupeadp.fr Pictures: © Aéroports de Paris – Groupe ADP 30