Slides
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2026 Half-year results & update on Economic Regulation Agreement proposal for 2027-2034 July 29th, 2026 conference call on July 30 th, 2026
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H1 2026 RESULTS GROUPE ADP 2 2025 Full -year Highlights 01 Highlights 01
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H1 2026 RESULTS GROUPE ADP 3 Update on operational trends in Paris: ◆ Traffic hypothesis: c.+0.5% growth ◆ Extime SPP Paris: c.€32 Group financial targets: ◆ Cost-saving & efficiency: €40M - €60M ◆ EBITDA 2026 expected in the range €2,300M - €2,350M H1 2026: Protecting performance while advancing strategic priorities ◆ Traffic growth hindered by geopolitical and operational disruptions ◆ Softer retail performance in Paris reflecting conjunctural headwinds ◆ Targeted cost-saving and efficiency measures to protect EBITDA ◆ GMR Airports network expansion with two additional airports ◆ Continued investments supporting operational efficiency and service quality in Paris ◆ Two new premium terminals opened by P/S in the US ◆ €257M value crystallised through partial monetisation of GMR Airports Ltd ◆ Preparation of the Group's next strategic plan underway ◆ Draft contract agreed with the French State, paving the way of long-term visibility for 2027 – 2034 → Dedicated Section 4 of this slideshow NAVIGATING A CHALLENGING ENVIRONMENT DELIVERING INDUSTRIAL MILESTONES EXECUTING OUR STRATEGIC PRIORITIES 2026 outlook
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H1 2026 RESULTS GROUPE ADP 4 Delivering growth & performance investments across our network ◆ Substituting 3 existing BHS ◆ 3,200 bags per hour Paris-CDG: new baggage handling-system (BHS) for short connections commissioned in T2 Miami ◆ 30 June 2026 ◆ 5 suites ◆ 61-pax salon Dallas-Fort Worth → ◆ 3 June 2026 ◆ 6 suites ◆ 64-pax salon GMR Airports: two airports added to the portfolio P/S: two new private terminals Nagpur 4Mpax capacity 30y + 30y concession Bhogapuram 6Mpax capacity 27y + 20y concession Operational efficiency Further growth in India Increased premium offering
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H1 2026 RESULTS GROUPE ADP 5 H1 2026 results: reflecting a challenging environment REVENUE REC. EBITDA ATTRIBUTABLE NET INCOME H1 2025 H1 2026 3,163 3,215 H1 2025 H1 2026 1,025 1,015 97 312 H1 2025 H1 2026 In €M - all X.X% vs. H1 2025 See definitions of financial indicators on slide 56 +1.6% x3 NET DEBT H1 2025 H1 2026 8,625 9,052 3.7x 3.9x -1.0% +4.9%
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H1 2026 RESULTS GROUPE ADP 6 2025 Full -year Highlights 01 2026 Half-year results 02
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H1 2026 RESULTS GROUPE ADP 7 +6.2% +3.7% +0.6% +3.2% +1.2% -3,5% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 +22.5% +10.8% -53.9% -46.6% -30.7% -14.7% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 1. Detailed indicators on Paris Aéroports’ traffic are available on slide 35. H1 2026 Paris traffic1: up 0.5%, with Middle East traffic recovering but broader demand softening weighing on outlook In Mpax / all X.X% vs. H1 2025 2025 H1 2026 107.0 51.3 51.6 +X.X% ◆ Sharp decline in traffic with Middle East (-16.3%) followed by gradual recovery and increase in flight load factors ◆ Slowdown in traffic with North-America (-0.6%) and Latin America (-2.4%) ◆ Long-haul demand pressure amid higher fuel and ticket prices ◆ Impact of Airside Works at Paris-Orly since April 2026 Broader Paris traffic softening 5% of Paris traffic +0.5% Revised FY traffic outlook Now expecting c.+0.5% y-o-y traffic growth (vs. +1.5 - +2.5% previously) Despite improving Middle East traffic trends, softer underlying demand across other destination markets is weighing on outlook YoY weekly growth Paris Aéroport traffic YoY weekly growth Middle East = Middle East traffic recovering
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H1 2026 RESULTS GROUPE ADP 8 4.4 2025 3.7 H1 2026 9.8 61.7 2025 62.0 H1 2026 121,3 47.7 2025 48.2 H1 2026 113.1 +3.3% +0.9% -9,6% -7,0% +11.4% +2.8% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 1. IndiGo flight cancellations related to implementation of pilot's flight duty limitations (since Dec 2025) and closure of Pakistan airspace to Indian airlines (since May 2025). Group traffic: resilient overall performance, despite geopolitical and operational headwinds In Mpax / all X.X% vs. H1 2025 +1.3% +0.6% (15.0)% ◆ Traffic impacted by the Middle-East conflict ◆ Strong positive base effect in June due to the 12-day conflict in 2025 ◆ Temporary operational disruptions and geopolitical impacts1 ◆ Favourable May comp. base related to the slowdown observed at the same time in 2025 ◆ Airports with significant exposure to Middle-East traffic (especially Georgia & Medina) were affected ◆ Calendar shifts introduced volatility across March and April ◆ Softer tourism trends in Turkey TAV Airports GMR Airports AIG (Amman airport) +20.3% +15.7% -45,9% -52,4% -19,6% +43.4% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 +6.2% +7.9% +2.4% -4,1% -1,5% -3,0% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 YoY weekly growth
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H1 2026 RESULTS GROUPE ADP 91. 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. Extime Paris sales per pax1 at €31.0 Quarterly SPPH1 SPP €31.9 Resilient retail performanceamid a disrupted context, with Q2 SPP flat year-on-year 2025 2026 Q1 Q2 Q3 Q4 Global slowdown in luxury momentum over the past quarters, gradually recovering Unsupportive currency effect from EUR appreciation, compared to Q1 2025 Continued works in terminal T2EK, having intensified since Q2 2025, impairing performance Tough year-on-year comparison, as early-2025 reached historically elevated levels Since March: impact from the Middle-East conflict on high- contribution passenger flows. €31.0 (2.7)%
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H1 2026 RESULTS GROUPE ADP 10 Revenue up 1.6% to €3,215M AVIATION in Paris, up €31M (+3.0%) reflecting the effect on 2025 airport fee increase by +4.5% on Q1 2026 and tariff freeze since April, the cumulative impact of the PRM fee increases in Q1 2025 (full-year effect) and in Q1 2026, and traffic growth (+0.5%) RETAIL & SERVICES up €2M (+0.2%) impacted by retail slowdown and including a negative accounting effect of €(13)M compared to H1 2025 related to the acquisition of P/S, offset by the growth in other regulated activities (car parks, industrial services, rental revenue) INTERNATIONAL up €18M (+1.9%) : ◆ TAV Airports’ revenue up €44M (+5.3%), thanks to supportive services companies’ revenue (HAVAS +€3M, BTA +€17M, TAV OS +€2M) except TAV IT (-€20M) and mixed performance in airports assets, with varying exposure to Middle-East (Ankara +€9M, Almaty +€23M). ◆ AIG’s revenue down €27M (-19.1%), due to a bad traffic momentum at Amman (-15.0%) because of its geographical exposure. 44 31 Aviation (34) Retail activities 36 Other retail & services 5 Real estate H1 2026 Revenue Other activities and eliminations (4) Other International 1 AIG (27) TAV Airports 3,163 3,215 H1 2025 Revenue Retail & Services International and airport development In €M / all X.X% vs. H1 2025
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H1 2026 RESULTS GROUPE ADP 11 Recurring EBITDA down 1.0% to €1,015M In million euros H1 2026 H1 2025 Change Revenue 3,215 3,163 +52 Recurring operating expenses (2,234) (2,178) (56) Purchase used in production (461) (461) - External services (730) (738) +8 Personnel costs (729) (664) (65) Taxes other than income taxes (278) (268) (10) Other operating expenses (37) (48) +11 Other incomes and expenses 35 40 (5) Rec. EBITDA 1,015 1,025 (10) Opex up (2.6)%, reflecting inflationary pressures in Turkey and anticipated staff cost increases: ◆ Stable consumables, with higher fuel prices in Almaty offsetting lower commercial activity in Paris ◆ External services, down 1.1% (+8M€), mainly driven by lower AIG concession rent following traffic decline ◆ Staff costs increase, driven by continued activity growth, inflation in Turkey at TAV Airports and the effective implementation of the salary reform at ADP SA, as expected. Other incomes and expenses down notably due to unfavorable base effect linked to reversals of provisions recorded in the first half of 2025. 9 H1 2025 Rec. EBITDA Aviation Retail & Services Real estateInternational H1 2026 Rec. EBITDA 1,025 (-8) (-3) (-8) 1,015 In €M / all X.X% vs. H1 2025 (1.0)% Rec. EBITDA excl. one-offs appears in the appendix (slide 38). Group-wide cost-saving and efficiency measures effects primarily benefitting H2 2026 (see slide 16)
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H1 2026 RESULTS GROUPE ADP 12 Net income tripled to €312M, factoring in GMR partial monetization 97 312 75 67 257 124 H1 2025 Attributable Net inc. 10 Change in EBITDA 20 Change in D&A Change in income from JVs (excl. GMR partial sale) Change in Financial result (exl. GMR-related instruments) Change in Income taxes, minorities & others Capital gain on GMR partial sale2 Fair value change of GMR-related instruments2 H1 2026 Attributable Net inc. 30 AMORTIZATION & IMPAIRMENT up €(20)M, primarily due to higher amortization of intangible assets at TAV Airports. EQUITY ACCOUNTED RESULT includes both the capital gain on the sale of a 3.4% stake in GMR Airports (+€257M), the sale of Embassair (+€7M), and favorable comparison with the FX impacts in H1 2025. FINANCIAL RESULT includes: ◆ the favorable base effect from FX impacts in H1 2025 ; ◆ An impairment reversal of 28 million euros, following the extension of the concession for Santiago de Chile Airport ; ◆ the change in fair value, amounting to (124) million euros, of financial instruments related to GMR Airports: FCCBs 1 issued by GAL and the associated options, as well as the options related to the expected sale of a 3.9% stake in GMR Airports by April 2027. INCOME TAX charge up €(1)M, including income tax surplus in France up €(3)M In €M / all X.X% vs. H1 2025 1 Foreign Currency Convertible Bonds 2 Before tax +€82M +€133M
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H1 2026 RESULTS GROUPE ADP 13 568 548 376 205 138 109 Reported Net debt Cash-flows from operations Capex Dividends paid Proceeds from GMR partial monetization 8,057 8,625 (693) (256) 9,052 (706) 8,346 Interest paid GMR-related options fair value Reported Net debt OthersFCCBs- related options fair value Net debt at 3.9x rec. EBITDA reflecting continued investments and GMR-related items 3.5x As of 31 Dec. 2025 As of 30 June 2026 3.7x 3.9x 3.6x 1. net debt adjusted for financial instruments related to GMR Airports (call options recorded as a derivative liabilities & put options as a derivative assets). 2. Before tax Net debt / 12-months Rec. EBITDA Adjusted net debt1 / 12-months Rec. EBITDA X X €600M bond issued by ADP SA on 10 June Proceeds from GMR Entreprises’ partial purchase, for €10M in principal, of FCCBs issued by GMR Airports and held by ADP Sale of a 3.4% capital stake in GMR Airports for €256M net of taxes on 23 April Dividend payment of €376M i.e., €3.80 per share distributed to Aéroports de Paris’ shareholders, on 5 June Integration of new options related to the sale of a 3.9% stake in GMR Airports by April 2027, with a fair value of €(122)M as of 30 June In €M Adjusted net debt1 Adjusted net debt1 Incl. €122M new options fair value Change in FV of GMR- related options2
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H1 2026 RESULTS GROUPE ADP 14 Partial disposal of the stake in GMR Airports Ltd (GAL) Transaction rationale Part 1 Part 2 Part 3 Sale of a 3.4% stake in GAL for €256M on April 23, 2026 Options to sell a 3.9% stake in GAL for c.€285M1 by April 2027 Early repayment of the FCCBs issued by GAL for €291M plus interest, by March 2027 Additional dividend of €0.8/share paid on 4th June 2026, for FY25 Potential additional dividend of €1.0/share2 in 2027, for FY26 or FY27 924 568 Net debt as of 2025-end Cash proceeds1 178 Dividend distributions to shareholders2 Extinction of FCCB-related derivatives3 Pro forma net debt4 8,625 7,311 I. Rebalancing economic exposure III. Material value crystallization IV. Balanced capital allocation II. Strategic partnership preserved + And partial return to shareholders: Strong improvement of Groupe ADP net debt by April 20273 Groupe ADP’s illustrative net debt All things being equal, pending completion of all steps and AGM approval on dividend distributions 1. Post-tax amounts, based on an INR/USD = 93.3 as of 22 April 2026 and USD/EUR = 1.17 as of 23 April 2026. 2. Subject to completion of the 2nd step of the agreement, and to the vote by ADP' shareholders in the AGM approving the 2026 results. As a special dividend for FY 2026, or as interim dividend for FY 2027 to ADP shareholders, depending on the closing date of the transaction. 3. As of 31 December 2025, net debt includes the fair value of derivatives related to the FCCB convertible bonds (call option held by GMR-E and put option held by ADP) corresponding to a net liability of c.€568m. These will be extinguished upon completion of Step 3. 4. Illustrative 2025 net debt restated as if all planned steps of the agreement were completed, based on FX rates as of agreement date. 3.7x 3.1x Net debt/ 2025 rec. EBITDA In €M
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H1 2026 RESULTS GROUPE ADP 15 Outlook 03 Outlook 03
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H1 2026 RESULTS GROUPE ADP 16 Protecting margins in response to increased uncertainty Prioritisationof investments ESTIMATED FY 2026 OPEX SAVINGS €40M-€60M primarily benefitting H2 2026 Group-wide cost-saving and efficiency measures designed to slow down opex growth, focused on discretionary spending while preserving strategic expenditure & investments SPENDING PRIORITISATION Non-critical expenditure deferral Reassessment of hiring needs & timing HIRING Selective recruitment Consulting, communication campaigns, events, branded items, travels EXTERNAL SPEND Reduction of discretionary spending Welcoming agents, cleaning, non-essential maintenance SUBCONTRACTING Targeted reduction of outsourced services
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H1 2026 RESULTS GROUPE ADP 17 2026 traffic assumptions, forecasts and targets All X.X% vs. FY 2025 Dividend payout: 60% of net result Dividend floor at €3.00 per share of which ADP SA Capex c.1,000 MILLION EUROS (unchanged) Group Capex c.1,450 MILLION EUROS (unchanged) Net debt / Rec. EBITDA C.3.8x (previously ≤3.7x) Incl. selected international growth projects ASSUMPTIONS & TARGETS CAPITAL ALLOCATION Ordinary dividend policy : Ordinary dividend calculation to exclude any impact from GMR Airports equity sale Previous outlook Updated outlook Paris traffic growth 1.5%-2.5% c. +0.5% Extime Paris SPP Above €32.0 c.€32.0 Cost savings & efficiency - €40M-€60M Rec. EBITDA Above €2,350m €2,300M-€2,350M The outlook presented below accounts for the cost-saving and efficiency measures implemented by the group as well as for the prolonged nature of the Middle-East conflict and its broader consequences
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Outlook 03 2027 – 2034 Economic Regulation Agreement Project 04
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H1 2026 RESULTS GROUPE ADP 19 An agreement between the French State and Groupe ADP, as a decisive step towards the signing of the 2027–2034 Economic Regulation Agreement NEXT STEPS Formal consultation with airlines September 2026 ART binding opinion November 2026 Intended date of entry into force January 2027 PROGRESS SINCE DECEMBER Negotiations with French civil aviation authority (DGAC), ongoing dialogue with users and regular discussions with the French Transport Regulatory Authority (ART) Between mid-April and the end of June In-depth technical work, organised around the key topics highlighted by the regulator: • economic assumptions and trajectories • allocation keys • adjustment factors Agreement with the French State on the terms of the agreement, whilst addressing the key issues identified by the ART Publication of the Public Consultation Document Initial proposal from Groupe ADP 10 December 2025 ART simple opinion 9 April 2026
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20H1 2026 RESULTS GROUPE ADP Confirmation of the fundamentals of our industrial project Investment programme maintained • Competitiveness of Paris airports • Efficiency of operations • Service quality improvement • Decarbonisation A fair return on capital employed in line with the risks assumed over the term of the agreement
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2121H1 2026 RESULTS GROUPE ADP A balanced economic trajectory Productivity measures initiadedfrom 2026, with the 2027–2034 target confirmed REGULATED EXPENSES -€140m by 2034 (vs. trend) [-€130mby 2034] 1. In constant 2025 euros. 2. Harmonised index of consumer prices. Updated traffic forecasts more in line with those of the ART TRAFFIC GROWTH +1.9% 2026–2034 CAGR [+1.6% 2026–2034 CAGR] Investment programme maintained, duration unchanged, more precise cost estimate REGULATED INVESTMENTS €8.2bn1 over eight years [€8.4bn1] An airport charges trajectory that ensures economic sustainability AVERAGE AIRPORTS CHARGES INCREASE CPI2 +2.1pts [CPI +2.6pts] Differentiated risk-sharing: external vs. internal risks 5 ADJUSTMENT FACTORS for the airport charges cap [4 adjustment factors] CONVERGENCE BETWEEN REGULATED ROCE AND REGULATED WACC AT 5.8% ON AVERAGE OVER THE TERM OF THE AGREEMENT– EIGHT YEARS [convergence between regulated ROCE and regulated WACC at 5.9% on average over the term of the agreement] Joint draft economic regulation agreement [Initial proposal from the Public Consultation Document] Analytical allocation rules adjusted to take account of the ART’s recommendations COSTS TRANSFERRED TO NON-REGULATED SCOPE €50m vs. 2024 [€9m vs. 2024] ASSET BASE TRANSFERRED TO NON-REGULATED SCOPE €64m vs. 2024 [€26m vs. 2024]
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22 H1 2026 RESULTS GROUPE ADP Duration of eight years maintained, with a mandatory mid-term review clause 2027 START OF ERA 2028 Signature of ERA by Groupe ADP and the French Minister in charge of civil aviation Review Renegotiation of the agreement when discrepancies are significant enough to threaten economic balance Termination Early termination as a last resort if the review fails or in the event of extreme shocks 2029 2030 2031 2032 2033 2034 Review clause Mandatory review after 4 years: decision to continue, revise or terminate the agreement, in accordance with the provisions of the draft decree of the Conseil d’État End of ERA Decree on the review clause expected to be published by autumn 2026. Public consultation on the review clause launched in June 2026 by the ART, leading to guidelines to be published in September 2026
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23 A regulated WACC at 5.8%, in the upper part of the range calculated using the ART’s methodology Basis for calculation: range derived from the ART’s simple opinion Updating market parameters to current levels in accordance with the ART’s methodology: risk-free rate, risk premium, beta Eight-year agreement:higher risk Increased exposureto certain operational risks, whilst maintaining hedging of tax risks 5.6%ART’s simple opinion range (April 2026)4.6% Upper limit 5.9% Lower limit 5.1% Range updated at the end of June 5.8% Regulated WACC selected Positioned in the upper end of the range, in line with the risks assumed Resulting remuneration range: 5.1%-5.9%, at the end of June1 5.5% Mid-range 1. This range will be updated by the ART upon the submission of the ERA for a binding opinion, which is scheduled for next september.H1 2026 RESULTS GROUPE ADP
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24 H1 2026 RESULTS GROUPE ADP A change in the cost accounting keys, in line with regulator expectations Review of area keys with emphasis on mixed-use areas, where costs are shared 2024 regulated operating expenses -50 Adjustments to non-regulated scope Pro-forma 2024 regulated operating expenses 2,043 1,993 RAB 2024 -64 Adjustments to non-regulated scope Pro-forma RAB 2024 6,304 6,240 Regulated operating expenses Regulated asset base (RAB) Estimated impact of the proposed key changes to the 2024 regulated accounts Cost allocation of connecting journeysto reflect their use by non-regulated activities Two main changes to the keys compared with the 10 December 2025 proposal
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1. Harmonised index of consumer prices. 25 H1 2026 RESULTS GROUPE ADP 2026 2027 2028 2029 2030 2031 2032 2033 2034 Confirmed control of regulated operating expenses Aiming toachieve around€140m in savings by 2034 CPI1 +2.5 pts CPI1 CPI1 +1.3 pts CAGR 2026-2034 Inflation alone Optimised Trend Trend Expected change in operating expenses €140m in cost savings by 2034 Main leversfor savings Optimising purchasing during contract renewals Optimising infrastructure operations and maintenance Increased performance in support functions Controlling salaries Decrease in unit costs per additional passenger of around 30% in 2034 vs. average cost per passenger in 2026 1. Harmonised index of consumer prices. Accelerating the roll-out of cost-saving measures from the start of the agreement Materialisingthe underlying trajectoryand savings with the regulator currently underway Cumulative savings totalling around €650m over the duration of the agreement
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26 H1 2026 RESULTS GROUPE ADP A revised traffic forecast, reflecting an upward revision to growth prospects Confirmation of the traffic forecast despite the conflict in the Middle East Traffic trajectory for 2026–2034 updated: mPAX, Paris-CDG and Paris-Orly Réalisé Prévision actualisée Revised forecasts Impact of pricing from sustainable fuel costson short-haul flights to be more limited than expected 80 85 90 95 100 105 110 115 120 125 130 Updated forecast Achieved Impact of the downward revision to the 2026 traffic forecast: +0.2pts 2026–2034 trends Lower 2026 entry point and traffic recovery momentumat the start of the agreement Upward revision of traffic for Domestic, Schengenand, to a lesser extent, International Connecting rate revised upwards CAGR 2026-2034 +1.9% CAGR +1.2% CAGR +2.5% 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E CAGR +1.9%
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27 H1 2026 RESULTS GROUPE ADP A regulated €8.2bn1 investment programme, planned in phases and enhancing value Breakdown of 2027-2034 investments(€m1) KEY ITEMS MAINTAINED TARGETED ADJUSTMENTS TO SEQUENCING, SIZING THE TIMETABLE ◼ Future capacity2 200 ◼ Supporting aviation activities3 1,027 ◼ Capacity 4,577 ◼ Access and intermodality 464 Total 8,234 of which €2.3bn to maintain performance Creating new infrastructure Densifying and optimising Streamlining and improving ◼ Passenger journeys 1,966 956 849 749 2027 2028 2029 2030 2031 2032 2033 2034 1,122 1,122 1,259 1,164 1,013 In €m1 Average €1,030m per year passenger journeys existing infrastructure and developing intermodality 1. In constant 2025 euros. 2. Preparatory work to continue the industrial project beyond 2034. 3. Supporting aviation activities: support buildings, energy production and water management, information systems.
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A consistent fee trajectory and a suitable fee structure Proposed 2027-2034 airport charges trajectory 1. Harmonised index of consumer prices. 2. SAFs: Sustainable aviation fuels. 3. Person with reduced mobility The signature of the ERA leads to approval of the 2027 fee proposal CPI1 +2.1 pts +/- adjustment factors ◆ Profile supporting regulated ROCE and regulated WACC convergence, with a larger airport charges increase at the start of the period Adjusted fee structure compared with the December 2025 proposal ◆ Alignment of airport charges between other EU countries/UK with domestic/Schengen/DROM-COM fees ◆ Discount for connecting passengers increased from 40% to 60% ◆ Removal of certain provisions relating to emissions and uses of SAFs2 ◆ PMR3 assistance fees: multi-year protection of the number of services provided, in exchange for a commitment to control unit costs Year 2027 2028 2029 2030 2031 2032 2033 2034 Airport charge: CPI+... +4 pts +4 pts +1.5 pt +1.5 pt +1.5 pt +1.5 pt +1.5 pt +1.5 pt Annual cycle: (according to the annual airport charges cap, excluding the effects of adjustment factors) 28 H1 2026 RESULTS GROUPE ADP
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29 H1 2026 RESULTS GROUPE ADP An adjusted draft agreement that ensures a fair return on capital employed Sequencing of airport charges trajectory to support the average convergence between regulated ROCE and regulated WACC 5.0% 2027E 5.7% 2028E 6.0% 2029E 6.0% 2030E 5.6% 2031E 5.9% 2032E 6.1% 2033E 6.3% 2034E Average ROCE 5.8% Regulated WACC5.8% Regulated ROCE CONVERGENCE BETWEEN REGULATED ROCE & REGULATED WACC AT 5.8% ON AVERAGE OVER THE TERM OF THE AGREEMENT
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30 H1 2026 RESULTS GROUPE ADP Adjustment factors to ensure the visibility and sustainability of the trajectory An agreement that assumes a greater share of inherent risks Maintaining hedging against external risks, particularly tax-related risks [QDS] Service Quality Heavier penalties in the event of underperformance according to the level of service provided by Groupe ADP [DD] Sustainable Development New adjustment factor depending on Groupe ADP’s achievement of environmental targets Addition of a bonus or penalty based on the recorded cost of certain projects [TRAF] Traffic Removal of the “buffer”: symmetrical adjustment in the event of any deviation if the revenue recorded in the aeronautical till differs from forecast revenue [ITN] Taxation of any kind Refocused on tax risks in the event of a change in taxation (excluding corporate tax) that has a significant impact on expenses 75% coverage of changes in corporate tax rate [INV] Investments according to the development of the investment plan and meeting delivery costs and deadlines for certain aspects of the programme
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31 H1 2026 RESULTS GROUPE ADP NEXT STEPS Formal consultation with airlines September 2026 ART binding opinion November 2026 Intended date of entry into force January 2027 A CREDIBLE PATHWAY TOWARDS SIGNATURE BY THE END OF 2026 A CONFIRMED INDUSTRIAL PROJECT AND ECONOMIC FUNDAMENTALS AVERAGE CONVERGENCE BETWEEN REGULATED ROCE AND REGULATED WACC CONFIRMED OVER THE EIGHT-YEAR PERIOD CAPACITY TO INVEST in unregulated growth drivers Confirmed CAPACITY TO DISTRIBUTE a dividend of 60% of attributable net income, with a floor of €3 per share Confirmed an unchanged credit rating1 Confirmed CAPACITY TO MAINTAIN 1. Except new, unregulated development opportunities. Ongoing capacity to implement Groupe ADP's future strategic plan A revised proposal that reduces uncertainty regarding the next steps Major progress made towards achieving a robust and predictable economic framework
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H1 2026 RESULTS GROUPE ADP 32 Appendices 04 Appendices 2026 Half-year result 05
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H1 2026 RESULTS GROUPE ADP 33 Paris Aéroport: traffic growth LOAD FACTOR 83.9% -0.6 pt ◆ Recovery in mainland domestic traffic (+3.3%) ◆ Mixed trends in traffic with North America: - USA: down 3.3%, 7.9% of Paris traffic - Canada: up 3.6%, 2.5% of Paris traffic ◆ Asia Pacific traffic growing with: - China up 4.7%, 1.5% of Paris traffic, (i.e 69.6% recovery vs. 2019) Currently c.55 weekly frequencies vs. c.92 in summer 2019. Going forward: new request by Air China for more frequences to be decided by DGAC. - Japan: up 4.1%, 0.8% of Paris traffic vs. H1 2025 CONNECTING RATE LOW-COST TRAFFIC 20.7% +0.2 pt 30.6% +1.0 pt vs. H1 2025 Mainland France French Overseas T. Europe Africa North America Asia-Pacific Latin America Middle-East Paris Aéroport Other international 51.6 Mpax +3.3% +5.3% (0.7)% +1.2% +2.4% (0.6)% (2.4)% (16.3)% +0.5% (0.9)% H1 2026 Traffic growth vs. H1 2025 11.2% 4.6% 45.4% 38.8% 13.8% 11.2% 3.0% 4.3% 6.4% Share of H1 2026 traffic 1 Number of connecting pax. out of the number of departing pax.
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H1 2026 RESULTS GROUPE ADP 34 Finance law for 2026: items relevant to ADP SA Infrastructure taxIncome tax surplus 2026 income surplus: 41.2% of income tax unchanged from 2025 budget 2026 ADP SA effective rate 36.125% 2026 estimated surplus tax: €90-100M coming on top of the baseline (25.83%) income tax Unchanged in the 2026 budget Tax expense in 2025 €134M Tax rate : 4.6% of ADP SA revenue Update Reminder 2025 measure extended in 2026
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H1 2026 RESULTS GROUPE ADP 35 Passenger traffic 25/24 change (in %) Aircraft movements 25/24 change (in %) Paris-CDG 34,525,011 -0.2% 229,495 +0.1% Paris-Orly 17,078,513 +2.0% 105,248 +2.6% Total Paris Aéroport 51,603,524 +,0.5% 334,743 +0.9% Antalya 13,654,494 -5.5% 82,836 -5.8% Almaty 5,761,269 +1.6% 47,385 +4.8% Ankara 6,894,765 +7.5% 43,109 +3.5% Izmir 5,994,584 +8.8% 36,969 +7.9% Bodrum 1,519,084 +0.1% 9,628 -1.6% Gazipaşa 341,213 -10.5% 2,291 -10.4% Medina 5,893,477 -,0.8% 41,001 +2.4% Tunisia 1,239,117 +3.3% 8,354 +1.9% Georgia 2,746,888 -,2.2% 28,526 +2.4% North Macedonia 1,955,648 +27.9% 13,167 +7.6% Zagreb 2,219,558 +3.1% 24,105 -2.2% Total TAV Airports 48,220,097 +1.3% 337,371 +0.9% New Delhi 41,588,830 +4.7% 241,806 +6.3% Hyderabad 14,346,911 -9.8% 95,144 -11.5% Medan 3,382,562 -4.3% 26,574 -0.9% Goa 2,705,962 +8.1% 17,844 +4.6% Total GMR Airports 62,024,265 +0.6% 381,368 +0.7% Santiago de Chile 13,087,297 -2.4% 80,374 -1.5% Amman 3,744,901 -15.0% 32,311 -11.1% Madagascar1 556,502 -0.1% 6,671 +0.7% GROUPE ADP 179,236,586 +0.2% 1,172,838 +0.3% Group traffic in H1 2026 1. Antananarivo & Nosy Be airports
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H1 2026 RESULTS GROUPE ADP 36 H1 2026 consolidated income statement In millions of euros H1 2026 H1 2025 H1 2026 / H1 2025 Revenue 3,215 3,163 +52 +1.6% Operating expenses (2,234) (2,178) (56) +2.6% Other income & expenses 35 40 (5) (12.5)% Recurring EBITDA 1,015 1,025 (10) (1.0)% Amortisation and impairment of tangible and intangible assets (494) (474) (20) +4,2% Share of profit or loss in associates and joint ventures 222 (110) +332 +301.8% Operating income from ordinary activities 743 441 +302 +68.5% Other non-recurring operating income and expenses 0 3 (3) (100.0)% Operating income 743 444 +299 +67.3% Net financial expense (225) (168) (57) +33.9% Income before tax 518 276 +242 +87.7% Income tax expense (206) (205) (1) +0,5% Net income from continuing activities 312 71 +241 +339.4% Net income from discontinued activities - - - € -% Net income 312 71 +241 +339.4% Net income attributable to non-controlling interests - (26) +26 +100.0% Net income attributable to owners to the parent company 312 97 +215 +221.6%
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H1 2026 RESULTS GROUPE ADP 37 312 221 H1 2026 Net income (91) One-offs items H1 2026 Net income excl. One-offs Net income excluding one-offs up 33.3% UNDERLYING GROWTH NET INCOME EXCLUDING ONE-OFFS H1 2025 NET INCOME excluding one-offs H1 2026 NET INCOME excluding one-offs 97 171 74 H1 2025 Net income One-offs items H1 2025 Net income excl. One-offs 171 221 H1 2025 H1 2026 +29.2% Net income excluding one-off items corresponds to reported Net income to the parent company adjusted for one-off items which are detailed in the appendix (slide 38) In €M / all X.X% vs. H1 2025
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H1 2026 RESULTS GROUPE ADP 38 One-offs in H1 2025 rec. EBITDA One-offs in H1 2025 Net income att. to the parent comp. €M One-offs item (net of minorities) One-offs items (91) of which Share of profit or loss in associates and joint ventures (264) Partial disposal in GMR Airports + Embassair disposal of which financial result 93 Change in the fair value of options related to GMR + reversal of provision Santiago de Chile of which income tax 80 Corporate tax surcharge in France and elsewhere One-offs in H1 2026 Net income att. to the parent comp. €M One-off items One-offs items (1) of which revenue 1 Invoice reversal, correcting previous year of which other income and expenses (2) PS’s 2024 contribution recorded in 2025 €M One-offs item (net of minorities) One-offs items 74 of which Rec. EBITDA one-offs 0 of which D&A 7 Depreciation of real estate and international assets of which financial result (2) Supplement to an international provision of which income tax 69 Corporate tax surcharge in France and elsewhere One-off items – Rec. EBITDA and Net result One-offs in H1 2026 rec. EBITDA Groupe ADP did not identify any significant one-time items affecting EBITDA for the first half of 2026.
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H1 2026 RESULTS GROUPE ADP 39 Revenue: up €31M driven by: ◆ The increase in revenue from airport and ancillary fees, up 1.3% and 5.5% respectively, linked to the increase in traffic in Paris up 0.5% 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 since April 1, 2025, and 15% since April 1, 2026 ; ◆ The increase in revenue from airport safety and security services, up 5.4% despite the lower share of costs from these activities covered by the French State, as per the Finance law for 2025. Rec. EBITDA: down €8M Operating income from ordinary activities down €22M. Aviation – H1 2026 Income statement 6 8 14 H1 2025 Revenue Passengers fees 2 Landing fees 0 Parking fees Ancillary fees Revenue from airport safety and security services 1 Other products H1 2026 Revenue 1,043 1,074 REVENUE (€M) +3.0% (in millions of euros) H1 2026 H1 2025 H1 2026/H1 2025 Revenue 1,074 1,043 +31 +3.0% Airport fees 636 628 +8 +1.3% Passenger fees 419 413 +6 +1.5% Landing fees 133 131 +2 +1.5% Parking fees 84 84 - - Ancillary fees 154 146 +8 +5.5% Revenue from airport safety and security services 271 257 +14 +5.4% Other income 13 12 +1 +8.3% Rec. EBITDA 242 250 (8) (3.2)% Operating income from ordinary activities 16 38 (22) (57.9)% Rec. EBITDA / Revenue 22.5% 24.0% (1.5)pt - Op. income from ordinary activities / Revenue 1.5% 3.6% (2.1)pt - 1. Fee for assistance for disabled persons and persons with reduced mobility
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H1 2026 RESULTS GROUPE ADP 40 Retail and services – H1 2026 Income statement Revenue: up €2M, driven by: ◆ Extime Duty Free Paris, down 5.7% driven by construction work at certain terminals, the appreciation of the euro compared to early 2025, the overall slowdown in growth in the luxury goods sector, and reduced traffic with Middle Eastern countries ◆ Advertising, up €7M due to the intensification of certain campaigns early in the year ◆ Hospitality and other retail revenue, down €22M due to a negative accounting effect of (13) million euros compared to the first half of 2025 related to the acquisition of P/S, and a negative contribution from PEG, primarily due to a decline in business activity amid an unfavorable geopolitical environment. Rec. EBITDA, down €3M Operating income from ordinary activities down €9M 9 23 H1 2025 Revenue (23) Extime Duty Free Paris 2 Extime Travel Essentials Paris Other retail activities 3 Car parks and access roads Industrial services Rental income Others H1 2026 Revenue 1,039 1,041 (13) 1 +0.2% (in millions of euros) H1 2026 H1 2025 H1 2026/FY 2025 Revenue 1,041 1,039 +2 +0.2% Retail activities 683 717 (34) (4.7)% Extime Duty Free Paris 384 407 (23) (5.7)% Extime Travel Essentials Paris 94 92 +2 +2.2% Other Shops and Bars & restaurants 65 63 +2 +3.2% Advertising 33 26 +7 +26.9% Société de Distribution Aéroportuaire Croatie 10 10 - - Hospitality and other retail revenue 97 119 (22) (18.5)% Car parks and access roads 91 88 +3 +3.4% Industrial services revenue 115 114 +1 +0.9% Rental income 113 104 +9 +8.7% Other income 36 15 +21 +140.0% Rec. EBITDA 369 372 (3) (0.8)% Operating income from ordinary activities 281 290 (9) +3.1% Rec. EBITDA / Revenue 35.4% 35.8% (0.4)pt - Operating income from ordinary activities / Revenue 27.0% 27.9% (0.9)pt - REVENUE (€M)
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H1 2026 RESULTS GROUPE ADP 41 Retail and services subsidiaries Company Activity Notes Ownership as of 31/12/2025 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 Expérience 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 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.
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H1 2026 RESULTS GROUPE ADP 42 Real estate – H1 2026 Income statement Revenue: up €5M, driven by: ◆ External revenue up €5M notably from buildings acquired and commissioned, and from the effect of rent indexation, despite the slowdown in the underlying indices. ◆ Internal revenue, stable Rec. EBITDA: up €9M, supported by the full-year effect related to the acquisition of AOT, which was finalized in May 2025. Operating income: up €12M. 10 H1 2025 Revenue (3) Land (2) Buildings Other external revenue 0 Internal revenue H1 2026 Revenue 189 194 (in millions of euros) H1 2026 H1 2025 H1 2026/FY 2025 Revenue 194 189 +5 +2.6% External revenue 168 163 +5 +3.1% Land 64 67 (3) (4.5)% Buildings 59 61 (2) (3.3)% Others 45 35 +10 +28.6% Internal revenue 26 26 - - Rec. EBITDA 129 120 +9 +7.5% Operating income from ordinary activities 96 84 +12 +14.3% Rec. EBITDA / Revenue 66.5% 63.5% 3.0pts - Op. income from ordinary activities / Revenue 49.5% 44.4% 5.1pts - REVENUE (€M) +2.6%
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H1 2026 RESULTS GROUPE ADP 43 International and airport development – H1 2026 Income statement 44 H1 2025 Revenue (27) AIG TAV Airports 1 Others H1 2026 Revenue 972 990 +1.9% Revenue: up €18M, driven by : ◆ TAV Airports revenue, up 5.3%, thanks to the increase in revenue for airport services and airport assets companies within TAV Airports ◆ AIG revenue, down 19.1%, due to the decline in traffic (-15.0%) since geopolitical tensions in the Middle East escalated in March. Rec. EBITDA down €8M Operating income: up €318M (in millions of euros) H1 2026 H1 2025 H1 2026/FY 2025 Revenue 990 972 +18 +1.9% ADP International 122 148 (26) (17.6)% of which AIG 114 141 (27) (19.1)% TAV Airports 867 823 +44 +5.3% Rec. EBITDA 265 273 (8) (2.9)% Share of profit or loss in associates and JVs 220 (112) +332 - Operating income from ordinary activities 349 31 +318 +1025.8% Rec. EBITDA / Revenue 26.8% 28.1% (1.3)pt - Op. income from ordinary activities / Revenue 35.3% 3.2% +32.1pt - REVENUE (€M)
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H1 2026 RESULTS GROUPE ADP 44 TAV Airports main assets & subsidiaries Company Activity Expiration date 2025 Traffic Ownership (by TAV) Consolidation method Functional Currency(1) AIRPORT COMPANIES TAV Kazakhstan Airport Operator, Fuel, F&B, Lounges, Ground Handling, Cargo - 12.0 Mpax 100%(2) Full consolidation USD TAV Ege Izmir airport terminal services 2034 12.7 Mpax 100% Full consolidation EUR TAV Georgia TAV Tbilisi Tbilisi airport operator & ground handling services 2031 6.7 Mpax 80% Full consolidation GELBatumi Airport Batumi airport operator 2027 76% TAV Ankara Ankara airport terminal services 2050 14.0 Mpax 100% Full consolidation EUR TAV Macedonia Skopje & Ohrid airport operator & ground handling services 2032 3.5 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 3.2 Mpax 100% Full consolidation EUR TAV Latvia Riga airport commercial areas operator - - 100% Full consolidation EUR TAV Gazipasa Gazipasa aiport operator 2036 1.0 Mpax 100% Full consolidation EUR TAV Antalya Antalya airport terminal services 2026 39.2 Mpax 50%(3) Equity accounting EUR TIBAH Development Medina airport operator 2041 11.9 Mpax 26%(4) Equity accounting(5) SAR MZLZ Zagreb airport operator 2042 4.7 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. On 28 July 2026, TAV Airports signed a contract to acquire a 15% stake in Almaty Airport from its co-shareholder for USD133 million, thereby increasing its stake to 100% upon closing. 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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H1 2026 RESULTS GROUPE ADP 45 TAV Airports: 2026 updated guidance (1) Our 2026 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 2026. Passenger outlook includes joint venture airports. Due to equity accounting, revenue, EBITDA and Capex outlook does not include joint venture entities. 2025 Actual 2026 Previous Guidance(1) 2026 New Guidance(1) Total Pax (m) 113 116 – 123 112 - 118 Intl Pax (m) 75 78 - 83 72 - 77 Revenue (€m) 1.823 1.880 – 1.980 1.880 – 1.980 EBITDA (€m) 560 590 – 650 580 - 630 Capex (€m) 201 less than 330 Less than 300
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H1 2026 RESULTS GROUPE ADP 46 GHIAL Hyderabad Airport PT Angkasa Pura Av. Medan Airport GADL Engineering 74% 49% DIAL Delhi Airport 74%1 Assets under development GGIAL Goa Airport c.100%3 100% Groupe ADP GMR Group Incl. GMR Enterprises Public 28.9% CAPITAL 43.0% ECO. INTEREST* 32.8% CAPITAL 26.3% ECO. INTEREST* 38.3% CAPITAL 30.7% ECO. INTEREST* GNIAL Nagpur Airport Listed - ISIN: INE776C01039 GMR Airports Limited GMR Airports: main assets & subsidiaries STRUCTURE Company Activity 2025 Traffic Ownership (New GIL) Consolidation method (by GAL) Functional Currency(1) Capacity End of concession Delhi International Airport Ltd. (DIAL) Delhi airport management 78.2 Mpax 74%1 Full consolidation INR 100 Mpax 2036+30y Hyderabad International Airport Ltd. (GHIAL) Hyderabad airport management 31.1Mpax 74% Full consolidation INR 34 Mpax 2068 PT Angkasa Pura Aviasi Medan airport management 7.0 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 5.1 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 * incl. OCRPS Preference Shares, convertible in ordinary shares and giving right to dividend and excl. FCCBs conversion2 1. Completed acquisition of 10% stake of DIAL from Fraport Group, taking GAL’s ownership to 74%, see March 7th 2025 announcement. 2. In the event the convertible bonds “FCCBs”, issued by GAL (erstwhile GIL) in March 2023, are converted into ordinary shares, 5-8% ownership could be assigned to the bond holders depending on conversion date ; economic interest of other parties would evolve accordingly. 3. Government of Goa owns one share Operated by GMR since 25 June 2026 c.100%3
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H1 2026 RESULTS GROUPE ADP 47 Groupe ADP 32.8% CAPITAL 38.3% CAPITAL POST MERGER SHARE CAPITAL STRUCTURE* 28.9% CAPITAL POST MERGER ECONOMIC INTEREST* Groupe ADP 26.3% ECO. INTEREST 43.0% 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 (43.0%) GMR Group Incl. GMR Enterprises 30.7% 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 GAL (erstwhile GIL) in March 2023, are converted into ordinary shares, 5-8% ownership could be assigned to the bond holders depending on conversion date ; economic interest of other parties would evolue accordingly.
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H1 2026 RESULTS GROUPE ADP 48 Products: down €(3)M Rec. EBITDA: stable Op. income: up €3M, thanks to a decrease in depreciation and write-offs. Other activities – H1 2026 Income statement 3 H1 2025 Products (6) Hub One Others H1 2026 Products 83 80 -3.6% (in millions of euros) H1 2026 H1 2025 H1 2026/H1 2025 Products 80 83 (3) (3.6)% Hub One 72 78 (6) (7.7)% Rec. EBITDA 10 10 - - Operating income from ordinary activities 1 (2) +3 (150.0)% Rec. EBITDA / Products 12.5% 12.0% 0.5pt - Op. income from ordinary activities / Products 1.3% (2.4)% 3.7pt - PRODUCTS (€M)
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H1 2026 RESULTS GROUPE ADP 49 Debt position & repayment schedule 30/06/2026 31/12/2025 30/06/2025 Net debt (€M) of which ADP SA 9,052 7,099 8,625 7,238 8,702 7,143 Adjusted net debt1 excluding fair value of FCCB derivatives 8,346 8,057 8,219 Share of fixed-rate debt2 of which ADP SA 92% 98% 89% 98% 89% 98% Average maturity of which ADP SA 5.5 years 5.3 years 5.9 years 5.5 years 6.4 years 6.0 years Average cost of which ADP SA 3.0% 2.2% 2.9% 2.1% 2.9% 2.1% Rating (S&P) A- / Stable A- / Stable A- / Stable Principal repayment schedule excluding interest as of 30/06/2026 in €M 520 323 159 192 178 616 765 513 763 513 813752 517 5954 2026 1291 2027 2028 2029 2030 115 2031 105 2032 94 2033 2034 2035-2038 1,514 1,650 Groupe ADP excl. TAV Airports and AIG TAV Airports Other debts 1. See definitions in the appendix of this presentation and in the Universal Registration Document. 2. After rate swap NET DEBT POSITION AS OF 30/06/2026 2,531 500 Cash available RCF (available from 23/07/2026) Cash & cash equivalent Reinforced liquidity
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H1 2026 RESULTS GROUPE ADP 50 Appendices 04 Appendices 2027–2034 Economic Regulation Agreement project 06
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H1 2026 RESULTS GROUPE ADP 51 A regulated WACC at 5.8%, at the upper limit of the range calculated using the ART’s methodology ( 1,0) - 1,0 2,0 3,0 4,0 5,0 Risk-free rate +0.3 pt +0.1pt Beta +0.2 pt +0.1pt Market risk premium +0.1pt +0.1pt Update to the market premium using the ART’s methodology: 4.60% → 4.75%. Impact of exceptional market returns in 2025. Update to the beta figures using comparators strictly from the ART’s methodology: ADP, AENA, Fraport, Zurich, Bologna. These changes are explained by the recent volatility in betas. 5-year average: 1-year average: 3.4% → 3.6% 2.3% → 2.7% French Treasury bonds updates & trends (10-year rate) Updated parameters Range updated at the end of June 5.1% 5.9% Simple opinion range 4.6% 5.6% This range will be updated by the ART when the binding opinion is given, which is scheduled for next September 5.8% selected WACC Positioned in the top end of the range, in line with the risks assumed Lower limit Upper limit
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H1 2026 RESULTS GROUPE ADP 52 2027 2028 2029 2030 2031 2032 2033 2034 Revision Forecastbaseline revenue Bandwidth range ±4% ±6% ±7% ±8% ±8% ±8% ±8% ±8%Revision Airport fund revenue forecast Bandwidth ±0.2% ±0.5% ±0.7% ±0.9% ±1.2% ±1.4% ±1.7% ±1.9% Adjustment factor: Traffic incorporating a “bandwidth” principle Methodology Comparisonbetween actual revenuefrom airport charges and forecast revenue. Share of 75% of the differencewhen the baseline trajectory falls within the “bandwidth”, then 50% thereafter. Review clause of the agreement if the revision threshold is breeched for three consecutive years General principles Revised projected revenue for the aeronautical till, in line with traffic levels. Definition of a “bandwidth” in relation to predicted revenue, with a central reference trajectory. Removal of the “buffer”: symmetrical adjustment as soon as there is any deviation from the central trajectory.
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H1 2026 RESULTS GROUPE ADP 53 Adjustment factors: Service Quality and Sustainable Development Inclusion of sustainable development indicators General principles Adjustment of the airport charges cap based on the achievement of targets relating to service quality and sustainable development. Methodology Setting the objectives for a range of indicators Application of a bonus/penalty ranging from -€25m to +€8m A p r o p o s a l a g r e e d w i t h a l l s t a k e h o l d e r s t h r o u g h o u t t h e p r o c e s s Customer satisfaction Passenger satisfaction (ACI-ASQ) on departure and for connecting passengers PRM assistance Passenger assistanceon arrival Availability & operational efficiency 11 indicators covering all equipment at the airports 2 indicators: ◆ consumption of renewable energy ◆ waste recovery from investment projects Service Quality Sustainable Development [-€17m;+€2m][-€2m;+€2m][-€4m;+€4m] [-€2m]
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H1 2026 RESULTS GROUPE ADP 54 Adjustment factor: Investments INV1 Adjustment based on deviations in the financial execution of the investment programme Adjustment of gaps between actual and forecast capital costs 75% coverage of gaps arising from changes in corporation tax rates INV2 Incentive adjustment for meeting the commissioning deadlines for the programme’s key projects Financial penalties for failure to meet the delivery deadline for 14 major projects A penalty proportional to the number of quarters of delay recorded, amounting to 1.6% per annum of the project’s capital costs INV3 Incentive adjustments for effective cost management INV3a Annual overruns capped at 7% of projected capital expenditure INV3b Bonus/penalty system based on the gap between the final cost and the target cost of 14 major projects
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H1 2026 RESULTS GROUPE ADP 55 Generalprinciples Methodology Changes to taxation Financial impact > €5M Full adjustment Adjustment factors: Taxation of any kind Focus on tax risks Comparison of operating expenses gaps arising from a change in norms/standardswith the assumptions used in the agreement’s provisional business plan. When the €5 million thresholdis achieved, the ITN factor covers 100% of cost differences(additional costs or lower costs), from the first euro. Symmetrical adjustment in the event of any change in tax legislation, excluding corporate tax (covered by the INV1 factor), applicable to Aéroportsde Paris. Adjustment applicable to changes in tax regulations, each generating an impact in excess of €5 million. Non-tax regulatory changes no longer give rise to an automatic adjustment and are only covered where their impact exceeds 50 basis points of ROCE.
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H1 2026 RESULTS GROUPE ADP 56 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. Definitions
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H1 2026 RESULTS GROUPE ADP 57 Financial calendar (Subject to change) NEXT FINANCIAL PUBLICATIONS 2026 9-month revenue GROUPE ADP IS SCHEDULED TO ATTEND THE FOLLOWING CONFERENCES/EVENTS Broker Event Date JP Morgan Back to school - Virtual 03 September 2026 Kepler Chevreux Autumn conference – Paris 08 September 2026 UBS Business Services, Leisure & Transport conference - London 09-10 September 2026 July traffic October 22nd, 2026 August 17th, 2026
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H1 2026 RESULTS GROUPE ADP 58 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 2025, it welcomed nearly 379 million passengers across its network of 26 airports, including more than 106 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 more than 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 2025, Group revenue stood at €6,704 million and attributable net income at €382 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