Aéroports de Paris SA - 2025 Interim Financial Report

TABLE OF CONTENTS

1 STATEMENT OF THE OFFICERS IN CHARGE OF THE INTERIM FINANCIAL REPORT                                                                                                   3

2 INTERIM REPORT ON ACTIVITY                                                                                                                                                                         5

3 STATUTORY AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION                                                                                        29

4 FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND HALF-YEAR 2025 FINANCIAL STATEMENTS                                                31

1 STATEMENT OF THE OFFICERS IN CHARGE OF THE INTERIM FINANCIAL REPORT

1.1                 Officers in charge of the interim financial report                                     4               1.2 Statement                                                                                                                            4

STATEMENT OF THE OFFICERS IN CHARGE OF THE INTERIM FINANCIAL REPORT OFFICERS IN CHARGE OF THE INTERIM FINANCIAL REPORT

1.1                  Officers in charge of the interim financial report

Philippe Pascal, Chairman and Chief Executive officer.

Christelle de Robillard, Executive Director, Finance, Strategy and Development.

1.2          Statement

We certify that, to the best of our knowledge, the condensed consolidated interim financial statements have been drawn up in accordance with the relevant accounting standards and give a true and fair view of the assets and liabilities, financial position and revenue of the company and of all entities included within the consolidation scope, and that the interim report on activity in page 5 presents a faithful picture of the significant events that occurred during the first six months of the financial year, their impact on the condensed consolidated interim financial statements and the principal transactions between related parties as well as a description of the principal risks and principal uncertainties for the remaining six months of the financial year.

2 INTERIM REPORT ON ACTIVITY

2.1                                                     HIGHLIGHTS OF FIRST-HALF 20252.4                                                        RISK FACTORS

2.2                         GROUPE ADP’S 2025 HALF-YEAR RESULTS                                               2.5                       EVENTS HAVING OCCURRED SINCE 30 JUNE                        

               PRESENTATION                                                                                                                                   2025

2.3                      FOLLOW UP OF THE 2025 PIONEERS                                            25                2.6                     MAIN RELATED PARTY AGREEMENTS                                           28

STRATEGIC ROADMAP INDICATORS

INTERIM REPORT ON ACTIVITY

HIGHLIGHTS OF FIRST-HALF 2025

Comments on Group developments since 1 January 2025

New developments not appearing in the first-quarter 2025 trading update are marked [new], while those previously mentioned and now updated are marked [update].

Changes in governance

Appointment of Chairman and Chief Executive Officer of Aéroports de Paris

On 20 January 2025, the Office of the French President issued a press release stating that the President was planning to appoint Philippe Pascal as Chairman and Chief Executive Officer of Aéroports de Paris. On 5 and 12 February 2025 respectively, the relevant committees of the French National Assembly and the French Senate gave their opinion on the proposed appointment, in accordance with the conditions set out in article 13, paragraph 5 of the French Constitution.

At the Board of Directors' meeting on 18 February 2025, Philippe Pascal was appointed Chairman and Chief Executive Officer with effect from that date^[1].

Appointment to the position of Deputy Chief Executive Officer

On the recommendation of the Chairman and Chief Executive Officer, the Board of Directors meeting on 18 February 2025, appointed Justine Coutard as Deputy Chief Executive Officer, and corporate officer of the Company.

Appointments within Groupe ADP and changes to internal governance

On 14 March 2025, upon decision by Philippe Pascal, Chairman and Chief Executive Officer, Groupe ADP announced a change in internal governance, effective immediately, aimed at strengthening agility, collegiality, and cross-functionality in decisionmaking. This reorganisation has two main focuses:

u Grouping the departments into five divisions to improve coordination, collaboration and coherence in dealing with internal and external challenges: u Development, environment and stakeholders, reporting to Justine Coutard, Deputy Chief Executive Officer.

u Operations and innovation, reporting to Régis Lacote, appointed Executive Vice President on 14 March 2025. He remains

Managing Director of Paris-Charles de Gaulle Airport; u Finance, strategy and development, under the responsibility of Christelle de Robillard, who took office as

Executive Vice President on 7 April 2025; u Simplification, transformation and human resources, under the responsibility of Loïc Aubouin, appointed

Executive Vice President on 14 March 2025. He remains General Counsel and Chief Insurance Officer; u Retail and hospitality, under the responsibility of Mathieu Daubert, appointed Executive Vice President on 14 March 2025.

u The creation of a General Management Committee, comprising the Chairman and Chief Executive Officer, the Deputy Chief Executive Officer and the four Executive Vice Presidents, to accelerate strategic decision-making and render the organisation more transparent.

The Executive Committee retains its role in defining and implementing Groupe ADP's strategy. This change does not entail any changes to the scope of responsibility, targeted headcount, or skills. It is designed to streamline decision-making processes, enhance cross-disciplinary expertise and optimise the effectiveness of governance.

Strategic initiatives

Voluntary public consultation related to the CDG & VOUS project _[update]

From 8 April 2025 to 8 July 2025, Groupe ADP conducted a voluntary public consultation, entitled "CDG & VOUS", with the aim of involving all stakeholders in the development vision for Paris-Charles de Gaulle airport. The consultation process provided an opportunity to gather the views of local residents, employees, partners and stakeholders on the main outlines of the project: strengthening intermodality with train services, speeding up the decarbonisation of the aviation sector, better integrating the airport into its neighbouring areas and creating a positive contribution for all stakeholders.

Thanks to the 55 events organised in almost 800 towns and cities, this opportunity for dialogue has helped to lay foundations for the transformation of Groupe ADP, as leader in developing a new airport model based on the environmental transition of the aviation sector and quality of service.

The elements of the project presented on this occasion, particularly the specifications, phasing and investment amounts, are working assumptions and are likely to evolve following consultation as well as during the subsequent environmental authorisation procedures.

The outcome of the consultation, which ended on 8 July, will be shared in October with a view to improving preparations of the future investment plan in a way that is both acceptable and sustainable.

INTERIM REPORT ON ACTIVITY

HIGHLIGHTS OF FIRST-HALF 2025

"Connect France”: Air France and Groupe ADP join forces, with the support of the French State, to better connect and benefit France _[New]

On 20 June 2025, at the 55^th International Paris Air Show at Le Bourget, Air France and Groupe ADP, with the support of the French State, announced the launch of Connect France, a strategic partnership designed to make the Paris-Charles de Gaulle hub the global benchmark for connectivity, customer experience and decarbonisation.

This joint initiative is based on an ambitious roadmap to meet the challenges of international competition, preserve France's air sovereignty and enhance the country's economic and tourist appeal. Connect France aims to strengthen existing cooperation between Air France and Groupe ADP at Paris-Charles de Gaulle airport, building on their respective strengths and rolling out concrete projects. These projects include:

u the introduction of a short connection pass, from summer 2025, to create a smoother journey for passengers with short connections in Paris;

u a revamp, by the end of 2026; of the Paris-Charles de Gaulle terminal names to make the passenger journey easier to

navigate;

u the creation of a new stop-over offering to showcase Paris and the Île-de-France region; u the transformation of Terminal 2E Hall K,  showcasing French know-how.

The two groups are also committed to accelerating the development of sustainable aviation fuels, and to deepening their cooperation on operational performance, innovation and environmental issues.

This partnership marks a new era of close collaboration between the two major players in the French aviation sector, supporting the competitiveness of the Air France hub.

Recognition of the quality of service provided by Groupe ADP in the Skytrax 2025 ranking

According to the World Airport Awards 2025, announced on 9 April 2025 by Skytrax, eight Groupe ADP airports are among the top 100 best airports in the world. Among them, Paris-Charles de Gaulle was voted "Best European Airport" for the fourth consecutive year and ranks 7^th worldwide, while Paris-Orly retains its 30^th place among the best airports in the world.

These results recognise the commitment of Groupe ADP's teams to quality of service and demonstrate the Group's strengths in becoming a global benchmark in airport hospitality.

2025 Pioneers strategic roadmap _[update]

In the first half of 2025, the actions undertaken as part of the 2025 Pioneers roadmap continued in line with the ambitions set out. At the end of June 2025, the progress review showed that 6 indicators were achieved out of the 20 monitored, two of which had already been achieved by the end of 2024, namely, KPI 14, "Support the generalisation of continuous descent procedures between 2023 and 2025 at Paris-Charles de Gaulle and Paris-Orly" and KPI 18, "Include an ESG element in the compensation of 100% employees". The four indicators that have now also been achieved are:

u KPI 6 “Deploy the Extime Retail and Hospitality concept in Paris and initiate the deployment of the franchise in two terminals outside the Parisian hubs”,

u KPI 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 eight additional public transport lines to connect the Parisian airports to the neighbouring areas”,

u KPI 10 “Preserve 25% of land for biodiversity at Paris-Charles de Gaulle 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”,

u KPI 15 “Promote the completion of 80% of local purchases in the Paris region, including 20% from SMEs, in compliance with public procurement legislation”.

With regard to the two KPI 4 indicators: “Provide 50% of international passengers at Paris-Orly and Paris-Charles de Gaulle with biometric facilitation in their departure journey” and KPI 16: "Deploy 120 experiments in societal, environmental and operational innovations by 2025, 30 of which will lead to industrialisation", their trajectory suggests that they will not be fully achieved by the end of 2025, in line with the indications shared at the end of 2024^[2].

The periodic assessment also showed that five indicators were performing well at the end of June 2025, but are currently considered to be at risk and may only be partially achieved by the end of 2025:

u KPI 1 "Ensure that 65% of flights depart on time or within 15 minutes of the scheduled time", although the level of punctuality is up at Paris-Charles de Gaulle and Paris-Orly compared with the trend seen in recent years, there is still a significant risk in the second half of the year due to the strong seasonal effect.

u KPI 2 "Reduce average carbon emissions per flight by 7% at Paris-Charles de Gaulle and Paris-Orly", the objective should be achieved for Paris-Charles de Gaulle (all aircraft categories) and for medium-body airliners at Paris-Orly, but remains compromised for wide-body airliners at Paris-Orly, due to refurbishment work that began in 2025.

u KPI 5 “Achieve an ACI/ASQ score of 4 for passenger satisfaction”, although significant progress has been made, the objective may prove difficult to achieve by end-2025.

u KPI 7 “Set the Parisian hubs at the best European level in terms of train-air connection by increasing the number of trainaircraft connecting passengers by 50% at Paris-CDG and by doubling it at Paris-Orly”, the objective has already been achieved at Paris-Orly with the commissioning of the metro line 14 in 2024. At Paris-Charles de Gaulle, on the other hand, the objective will only be partially achieved, despite a number of additional initiatives already underway. These include the CDG Express, which will significantly boost the multimodal offering by 2027.

INTERIM REPORT ON ACTIVITY

HIGHLIGHTS OF FIRST-HALF 2025

u KPI 20 "Educate 100% of employees on good ethical and compliance practices", despite a high percentage of employees having been trained to date, natural employee attrition is compromising the achievement of this objective.

The Group remains attentive to the progress made on all the objectives, including those that cannot be achieved within the planned timeframe, and will continue its efforts beyond the 2025 Pioneers roadmap.

All the other objectives measured by the 2025 Pioneers roadmap indicators should be achieved by the end of 2025. The revised dashboard for all the indicators is set out on page 17 of this press release.

The non-financial rating agency ESG Score raises Groupe ADP's rating to AAA+ _[New]

Following a rating request submitted to the ESG Score rating agency, Groupe ADP saw its rating upgraded to AAA+ [92/100] in June 2025, compared to AA+ (89/100) in December 2023.

For the agency, whose evaluation method is based on international standards and a database of ESG best practices, "the pursuit of projects linked to the energy transition and the control of the environmental impact of our activities has been made possible thanks to the quality of the CSR plan underway." Launched in 2022, Groupe ADP's "2025 Pioneers for Trust" plan covers all its non-financial responsibilities.

Financial items

New bond issue

On 13 March 2025, Aéroports de Paris successfully completed a new bond issue totalling €1 billion, divided into two tranches:

u a first tranche of €500 million, with an eight-year maturity and a fixed coupon of 3.500%; u a second tranche of €500 million, with an 11-year maturity and a fixed coupon of 3.750%.

The net proceeds from this issue were used to finance the buyback and redemption of bonds as well as the repayment of other borrowings.

Partial bond buyback

On 21 March 2025, Aéroports de Paris completed the buyback of €250 million of its bonds maturing in 2026 and bearing a coupon of 2.125%. This buyback offer, launched on 13 March 2025, follows the settlement-delivery of €1 billion of bonds in two tranches and is in line with the Company's policy of active management of its debt profile. Following this transaction, €750 million of bonds maturing in 2026 remain outstanding.

S&P Global Ratings confirms Groupe ADP's credit rating at A-, with a stable outlook _[New]

On 16 May 2025, S&P Global Ratings confirmed Groupe ADP's credit rating at A-, with a stable outlook. This decision reflects the solidity of the business model, the strategic geographical positioning of Groupe ADP outside of the French capital, and its ability to generate robust earnings in an uncertain macroeconomic environment. S&P highlighted the resilience of passenger traffic, the central position of the Paris hub in the European landscape and the quality of the international portfolio. The report also introduces a positive change in the methodology for analysing the risk associated with international activities, which is now based on operating cash flow rather than EBITDA, which more accurately reflects the business model of Aéroports de Paris and its holdings. Lastly, the agency indicated that an improvement in regulatory visibility, particularly in the context of the future Economic Regulation Agreement, expected from 2027, could support a positive change in the rating.

Adjustment to the 2025 dividend distribution policy _[New]

As announced in the press release dated 1^st July 2025, attributable net income for the first half of 2025 was affected by the temporary increase in taxation in France and by accounting impacts linked to abnormally high volatility in exchange rates. In this context, the Board of Directors of Aéroports de Paris, at its meeting on 30 July 2025, decided to propose, subject to shareholder approval at the General Meeting, an adjustment to the dividend distribution policy of paying out 60% of attributable net income for 2025 by introducing a floor of €3.00 per share. The introduction of said floor in the Group's 2025 dividend policy provides shareholders, subject to their decision at the General Meeting, with a minimum return by limiting the risk of downward volatility in dividends.

2.2                          GROUPE ADP’S 2025 HALF-YEAR RESULTS PRESENTATION

2.2.1                  Presentation of Groupe ADP’s 2025 half-year results

Financial results

Revenue

Groupe ADP's consolidated revenue for the first half of 2025 totalled €3,163 million, an increase of 9.6% or €276 million compared to first-half 2024, mainly driven by traffic growth:

u Revenue for Aviation activities in Paris was up 7.6% or €74 million, to €1,043 million; u Revenue for Retail and Services in Paris was up 12.4% or €115 million, to €1,039 million; u Revenue for the International and Airport Developments segment, notably TAV Airports, was up 10.1% or €89 million, to €972 million.

Inter-segment eliminations amounted to €162 million, stable compared to first-half 2024.

Recurring EBITDA

The Group's recurring operating expenses amounted to €2,178 million in first-half 2025, up 8.7% or €174 million, breaking down as follows:

u Purchases used in production amounted to €461 million, up 4.3% or €19 million, as a result of business growth, leading to an increase in purchases and goods sold, as well as by the inclusion of expenses incurred by P/S and PEG. u External services came to €738 million, up 7.0% or €48 million, due mainly to:

u a 10.3% (€33 million) increase in expenses related to subcontracting, in particular to security services and fees for assistance for disabled persons and persons with reduced mobility (welcoming and assisting persons with reduced mobility), due to higher activity levels in Paris;

u a 3.5% (€9 million) increase in other external services and expenses. The increase in miscellaneous expenses was partially offset by lower expenses related to the partnership with the Paris 2024 Olympic & Paralympic Games Organising Committee, recognised in the first half of 2024.

u Personnel costs amounted to €664 million, up 13.1% or €77 million, with the increase being chiefly attributable to:

u TAV Airports personnel costs, which were up 18.2% or €44 million, due to inflation-driven salary increases in Turkey, and to a lesser extent, a rise in headcount;

u the unfavourable impact of changes in the scope of consolidation resulting from the inclusion of P/S and PEG in the Group's consolidated financial statements.

u Taxes other than income taxes stood at €268 million, up by 9.4% or €23 million, mainly due to the increase in property taxes in Paris, reflecting:

u a €7 million unfavourable effect of the revaluation of tax bases on property in line with inflation; u an €8 million unfavourable base effect of a property tax rebate recognised in the first half of 2024.

u Other operating expenses amounted to €48 million, up by 20.0% or €8 million.

Other income and expenses represented net income of €40 million, down 33.3% or €20 million, owing to:

u the unfavourable base effect of a €13 million provision reversal relating to the hosting of the 2024 Olympic and Paralympic

Games, recognised in the first half of 2024; u a fall in compensation relating to the CDG Express project, in line with the project’s progress.

Over the first half of 2025, consolidated recurring EBITDA came out at €1,025 million, up 8.7% or €82 million. EBITDA margin stood at 32.4% of revenue in the first half of 2025, down 0.3 percentage points.

Excluding the impact of one-off items, the Group's recurring EBITDA came to €1,023 million in the first half of 2025 versus €941 million in the first half of 2024, an increase of 8.7% or €82 million. Excluding one-off items, recurring EBITDA margin stood at 32.4% of revenue in the first-half of 2025, down 0.2  percentage points compared to first-half 2024. The list of one-off items for the first half of 2025 and 2024, and the calculation of EBITDA excluding these items, are detailed below:

First semester 2024 excluding one-offs

First semester 2025 excluding one-offs

Net result attributable to the group

Depreciation, amortisation and impairment of property, plant and equipment and intangible assets stood at €474 million, up 80.9% or €212 million due to an unfavourable base effect linked to the €152 million impairment reversal recognised in the first half of 2024, relating to the extension of the Amman airport concession period.

The loss from equity-accounted companies amounted to €110 million, a deterioration of €110 million, due in particular to abnormally high volatility in exchange rates (TRY and INR vs. EUR) that generated unfavourable non-cash accounting impacts:

u the depreciation of the Turkish lira, which exceeded local inflation, gave rise to a deferred tax expense in the financial statements of TAV Airports' equity-accounted subsidiaries, notably TAV Antalya, impacting the share of these companies' profit^[3];

u the depreciation of the Indian rupee against the euro, generated a foreign exchange loss that weighed on GMR Airports³ share of profits.

Taking all these factors into account, operating income from ordinary activities was down 35.2% or €240 million, to €441 million, while operating income fell 35.4% or €243 million, to €444 million.

Net financial expense came out at €168 million, an increase of 112.7% or €89 million, due especially to:

u the depreciation of the Turkish lira against the euro and the US dollar, generating foreign exchange losses for TAV Airports³; u an unfavourable base effect of foreign exchange gains and income on cash and cash equivalents recognised in the first half of 2024, for €20 million and €21 million, respectively;

u the change in fair value of the FCCBs (Foreign Currency Convertible Bonds) and associated options implemented since 2023 as part of the merger of GIL and GAL^[4], for a negative €13 million.

Income tax  amounted to €205 million, compared with €149 million in 2024, due to the following unfavourable effects:

u the application in 2025 of the non-recurring corporate income tax contribution for large corporations, amounting to €64 million in the first half of 2025. The accounting treatment of this tax contribution had a more pronounced impact in the first half of the year³;

u the depreciation of the Turkish lira, which exceeded local inflation, in the financial statements of certain TAV Airports companies, generating a deferred tax expense³.

Net income came in at €71 million for first-half 2025, a decrease of 84.6% or €389 million compared to first-half 2024.

Net income attributable to non-controlling interests was down 123.0% or €139 million, representing a loss of €26 million, due to the drop in profit recorded by TAV Airports, 46.12%-owned, and AIG, 51%-owned, impacted respectively by currency impacts and by the unfavourable base effect of the impairment reversal recorded in 2024.

Given all these items, attributable net income came out at €97 million, down 72.0% or €250 million compared to first-half 2024, due to the negative impacts described above, particularly the abnormally high volatility in exchange rates³, for €104 million.

Excluding the impact of one-off items, attributable net income totalled €171 million in first-half 2025, compared with €291 million in first-half 2024, i.e., a decrease of 41.2% or €120 million. The list of one-off items for the first half of 2025 and 2024, and the calculation of attributable net income excluding these items, are detailed below:

First semester 2024 excluding one-offs

First semester 2025 excluding one-offs

ANALYSIS BY SEGMENT

Aviation – Parisian platforms

In first-half 2025, Aviation segment revenue, which relates solely to the airport activities carried out by Aéroports de Paris as operator of the Parisian hubs, was up 7.6% or €74 million, to €1,043 million.

Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was up 8.7% or €50 million, to €628 million, reflecting growth in traffic and the 4.5% average increase in fee rates since 1 April 2025^[5]. It includes:

u revenue from passengers fees was up 11.6% or €43 million due to the increase in passenger traffic (up 4.5%) as well as the increase in the proportion of international traffic (up 0.9 percentage points);

u revenue from landing fees was up 4.0% or €5 million, due to the increase in aircraft movements (up 4.6%); u revenue from parking fees was up 2.4% or €2 million.

Revenue from ancillary fees (ancillary fees and fees for assistance for disabled persons and persons with reduced mobility) was up 14.1% or €18 million year on year to €146 million. This increase is mainly due to the growth in traffic and fee increases, particularly fees for assistance for disabled persons and persons with reduced mobility⁶, which have risen by around 25% since 1 April 2025.

Revenue from airport safety and security services was up 2.0% or €5 million, to €257 million. In accordance with the 2025 Finance Act, the share of costs related to airport safety and security activities not covered by the airport safety and security tax and thereby payable by Aéroports de Paris (known as the "co-payment rate" or "ticket modérateur") has been increased to 8%⁷. Accordingly, in the first half of 2025, business growth was partially offset by widening of this shortfall.

Other income was up 9.1% or €1 million, to €12 million. This income mostly consisted in re-invoicing to the French Air Navigation Services Division of leasing for the use of terminals and aeronautical areas and other services performed for third parties.

Recurring EBITDA for the segment was up 14.2% or €31 million, to €250 million.

Operating income from ordinary activities was up 72.7% or €16 million, to €38 million over first-half 2025.

Retail and services – Parisian platforms

In the first half of 2025, revenue from the Retail and Services segment rose 12.4% or €115 million, to €1,039 million. Compared to the same period in 2024, the segment now includes the contributions of the companies P/S and PEG, acquired in October 2024, and of SDA Croatia, reclassified to the segment since the end of 2024. Excluding these effects, the segment's revenue would increase by €17 million (1.8%).

Revenue from retail activities consists of revenue received from airside and landside shops, bars and restaurants, banking and foreign exchange, and car rental companies, as well as revenue from advertising. In the first half of 2025, revenue from retail activities was up 24.5% or €141 million, to €717 million, due to:

u revenue from Extime Duty Free Paris, Extime Travel Essentials, and Other Shops and Bars and Restaurants, which were up €25 million, €9 million and €1 million, respectively, driven by traffic growth, particularly international traffic (up 6.5%);

u revenue from advertising, which was down €1 million, due to the unfavourable base effect from the high demand in the run-up

to the Paris 2024 Olympic and Paralympic Games in first-half 2024;

u revenue from SDA Croatia, now recognised in this segment, amounting to €10 million; u revenue from hospitality and other revenue was up €97 million, mainly due to the consolidation of P/S and PEG, which were acquired in October 2024, and the reclassification of hospitality services within this caption since the end of 2024.

Revenue from car parks was stable at €88 million, with the effect of increased traffic offset by the shift of some passengers to public transportation, particularly metro line 14, which has been serving Paris-Orly since June 2024.

Revenue from industrial services (supply of electricity and water) was up 7.5% or €8 million, to €114 million.

Rental revenue (leasing of spaces within terminals) was up by 5.1% or €5 million, to €104 million.

Other revenue (primarily internal services) was down 71.7% or €38 million, to €15 million, reflecting:

u the decrease in revenue from re-invoicing of studies and works relating to SGP (Société des Grands Projets) projects, particularly following delivery of the Orly Airport Metro Station in June 2024;

u the reclassification of hospitality activities to the "Hospitality and other revenue" caption since the end of 2024.

Recurring EBITDA for the segment was up 9.1% or €31 million, to €372 million.

Operating income from ordinary activities rose by 5.5% or €15 million, to €290 million, impacted by higher amortisation charges linked to the acquisition of P/S and PEG.

Real Estate – Parisian platforms

In the first half of 2025, revenue for the Real Estate segment, which solely comprises the Parisian activities, was up 8.6% or €15 million, to €189 million.

External revenue generated with third parties, was up 6.5% or €10 million, to €163 million, mainly due to the additional rents of buildings delivered, acquired or leased to third parties in 2024, and the effect of rent indexation, despite the slowdown in the underlying indexes.

Internal revenue was up by 23.8% or €5 million, to €26 million.

Recurring EBITDA for the segment was up 0.8% or €1 million, to €120 million.

Operating income from ordinary activities was down 7.7% or €7 million, to €84 million, due to the impairment of a real estate asset.

International and airport developments

In the first half of 2025, revenue from the International and Airport Developments segment rose 10.1% or €89 million, to €972 million.

Compared to the same period in 2024, the segment no longer includes ADP Ingénierie, sold in October 2024, and SDA Croatia, which has been reclassified to the Retail and Services segment since the end of 2024. Excluding these effects, the segment's revenue would have increased by €106 million or 12.2%.

Revenue from TAV Airports was up 12.4% or €91 million, to €823 million, mainly due to the effect of 3.9% growth in TAV Airports passenger traffic and price increases for services rendered. Revenue growth was driven in particular by:

u TAV Airports' service companies, notably BTA (airport catering), up 29.3% or €19 million, Havas (ground handling), up 11.3% or €14 million, TAV IT, up 43.9% or €11 million, and TAV OS (airport lounges) up 11.4% or €9 million;

u TAV Airports' airport assets, notably in Georgia, up 15.7% or €9 million. and in Almaty, up 3.3% (€8 million).

AIG revenue amounted to €141 million, boosted by solid traffic growth (up 6.1%) despite the escalation of geopolitical tensions in the Middle East in June, and by a solid commercial performance, thanks in particular to favourable regulatory changes for duty free activities.

Recurring EBITDA for the segment was up 12.8% or €31 million, to €273 million, of which:

u recurring EBITDA for TAV Airports, which increased by 10.1% or €21 million, to €234 million; u recurring EBITDA for AIG, which increased by 3.9% or €2 million, to €45 million. Revenue growth and disciplined cost control were partially offset by the increase in concession rents, linked to higher business levels.

The loss from equity-accounted companies for the segment came out at €112 million, a deterioration of €113 million, due in particular to abnormally high volatility in exchange rates (TRY and INR vs. EUR), generating the following unfavourable non-cash impacts^[6]:

u the depreciation of the Turkish lira, which exceeded local inflation, leading to a deferred tax expense that impacted the share of these companies' profit;

u the depreciation of the Indian rupee against the euro, generating a foreign exchange loss that weighed on GMR Airports' share of profit.

Operating income from ordinary activities for the segment came out at €31 million, down €251 million, due to a fall in profit from equity-accounted companies, as well as an unfavourable base effect linked to the €152 million impairment reversal recognised in the first half of 2024, relating to the extension of the Amman airport concession period.

Other activities

In the first half of 2025, revenue for the Other Activities segment was down 12.6% or €12 million, to €83 million, mainly due to the end of certain Hub One contracts and the delivery of a project by Hologarde.

Recurring EBITDA for the segment fell by 54.5% or €12 million, to €10 million, as a result of the above impacts and the fall in compensation relating to the CDG Express project, in line with the project's progress.

Operating income from ordinary activities for the segment was down €13 million compared to first-half 2024, and represented a net operating loss of €2 million.

2.2.2 First-half 2025 traffic changes Group traffic^[7]:

Paris Aéroport traffic

Geographical breakdown of traffic

The airport charges applicable to the various geographical breakdown are available on theCompany’s website.

2.2.3                 2025 traffic assumptions, forecasts and targets

As part of the 2025 Pioneers strategic roadmap broadcasted on 16 February 2022, Groupe ADP has set out targets for 2025.

These targets have been built on the assumptions of no new restrictions or airport closures linked to a health crisis, of stability of the economic model in Paris and of an absence of abnormally high volatility in terms of exchange rates and inflation rates.

The final adjustments to the 2025 assumptions, targets and forecasts were made on 19 February 2025, as part of the publication of the 2024 annual results (see press release) and they have remained unchanged since then. They were built on the basis of the consolidation scope at the end of February 2024.

It is specified that any further changes to the assumptions on which the Group's targets are based could have an impact on the volume of traffic and the 2025 financial indicators.

At its meeting on 30 July 2025, the Board of Directors of Aéroports de Paris decided to propose, subject to shareholder approval at the General Meeting, an adjustment to the dividend distribution policy of paying out 60% of attributable net income for 2025 by introducing a floor of €3.00 per share. The introduction of said floor in the Group's 2025 dividend policy provides shareholders, subject to their decision at the General Meeting, with a minimum return by limiting the risk of downward volatility in dividends.

2.2.4 Consolidated financial statement as of 30 June 2025

Assets

Equity and liabilities

2.2.5                  2025 half-year consolidated statement of cash flows

2.2.6            FINANCIAL DEBT

Cash and investments

As of 30 June 2025, Groupe ADP had €1,741 million in cash, down €217 million or 11.1% compared to 31 December 2024. Cash flows from operating activities amounted to €774 million. The main transactions with a cash impact were:

u the bond issue by Aéroports de Paris on 13 March 2025 for €1,000 million, the proceeds of which were used to finance

the following bond transactions and other debt repayments;

u the buyback by Aéroports de Paris of existing bonds on 21 March 2025 for €250 million; u the redemption by Aéroports de Paris of a €500 million bond issue on 7 April 2025; u the buyback by GMR Entreprises from Aéroports de Paris of a portion of the €20 million principal amount of FCCBs issued by GMR Airports;

u payment by Aéroports de Paris on 5 June 2025, of a dividend to its shareholders, for an amount of €3.00 per share or a total payout of €296 million.

In view of its available cash and expected needs for 2025, the Group considers its liquidity to be satisfactory in the current macroeconomic context to meet its operating needs and financial commitments as they fall due.

Purchases of property, plant, equipment and intangible assets amounted to €478 million for first-half 2025, (including €371 million for ADP SA), compared with €471 million in first-half 2024 (including €337 million for ADP SA). The main investment projects concerning Parisian hubs completed and ongoing in the first half of 2025 are:

u the rehabilitation and EASA compliance^[10] of runway 1 and taxiways at Paris-Charles de Gaulle; u the extension of aeronautical areas and the refurbishment of aircraft stands to optimise capacity at Paris-Orly-4; u the renovation of departure and check-in facilities at Paris-Charles de Gaulle Terminal 2A;

u the continuation of various projects such as the extension of the rainwater discharge pipe from Paris-Charles de Gaulle to the Marne river and the renovation of the concourse in Orly's P2 car park.

Net debt

Groupe ADP's net debt stood at €8,702 million as of 30 June 2025, compared to €8,572 million as of 31 December 2024. As of 30 June 2025, net debt/EBITDA ratio stood at 4.0x on a rolling twelve-month basis, compared to 4.1x EBITDA at the end of 2024.

It is specified that debt includes the derivatives on the FCCB convertible bonds subscribed by the Group in March 2023 as part of the merger between GIL and GAL:

u the call option held by GMR-E (derivative with a negative fair value), enabling it to purchase the FCCB convertible bonds at any time;

u the put option held by ADP (derivative with a positive fair value), enabling the Group to sell the FCCB convertible bonds to GMR-E, or to a third party designated by GMR-E.

The fair values of the call and put options were €488 million and €5 million respectively as of 30 June 2025 (compared to €530 million and €8 million respectively as of 31 December 2024).

Excluding the fair value of these derivatives, which will be settled at the same time as repayment of the FCCB convertible bonds (nominal + interest), net debt would have amounted to €8,219 million as of 30 June 2025, or 3.9x recurring EBITDA over the last 12 months (compared with €8,050 million as of 31 December 2024 and 3.9x 2024 recurring EBITDA).

INTERIM REPORT ON ACTIVITY

FOLLOW UP OF THE 2025 PIONEERS STRATEGIC ROADMAP INDICATORS

2.3                FOLLOW UP OF THE 2025 PIONEERS STRATEGIC ROADMAP INDICATORS

Follow up of the 2025 Pioneers strategic roadmap KPIs

The table below summarises all 2025 Pioneers strategic roadmap KPIs. KPIs revised in June 2024 are shown in bold (see press release dated 23 July 2024on the 2024 half-year results) Legend:

The blue bars symbolise the deployment dynamics of the actions concerned. The greater the number of bars, the greater the momentum.

KPIs already achieved at the date of this document.

KPIs that will not be achieved by the end of the 2025 deadline.

INTERIM REPORT ON ACTIVITY

RISK FACTORS

2.4                RISK FACTORS

The main risks and uncertainties facing the Group are described in chapter 2 "Risk factors and internal control" of the Document d'Enregistrement Universel 2024, filed with the Autorité des Marchés Financiers on April 11, 2025 under number D.24-0280. The table below shows the risks and their evolution at the date of publication of this half-year financial report, compared with the description of risk factors in chapter 2.1 of the Document d'Enregistrement Universel 2024.

The forward-looking information contained in this report is subject to change and remains subject to risk factors and uncertainties.

Risk factors are presented in categories, with no hierarchy between them. Within each category, risks are ranked in descending order of importance.

The ADP Group's risk factors are grouped into five risk categories (risks to the economic and social model, risks of external threats, risks related to the maintenance and robustness of airport capacities, risks related to development projects for the Group's platforms, risks related to compliance and corporate culture). Each of these five categories includes one or more risk factors, with a total of 18 risk factors.

INTERIM REPORT ON ACTIVITY

RISK FACTORS

 +++  High criticality     ++  Medium criticality      +  Low criticality Change in % vs. 2024: ì Increase è Stable

Detailed description of the risk factor:

As a result of its international activities, the Group is exposed to currency risks arising from fluctuations in exchange rates between the euro and various foreign currencies, in particular the Turkish lira (TRY), the Indian rupee (INR) and the US dollar (USD). This exposure may arise in particular from commercial transactions, investments or financing when these operations are denominated in currencies other than those used functionally by the Group entities concerned: subsidiary, joint venture or equity-accounted company.

Exchange rate fluctuations affect assets, liabilities, income and expenses denominated in foreign currencies, generating exchange differences in the income statement of the consolidated financial statements.

Within TAV's scope of consolidation, most revenues are denominated in EUR and USD, while expenses are mainly incurred in local currency (TRY).

Changes in the INR on the euro-denominated FCCB debt in GAL's accounts also have a mechanical impact on the ADP Group's share of income from equity-accounted companies, but, from an economic point of view, do not constitute a direct currency risk for the ADP Group (with no effect on the Group's cash position).

Main risk mitigation measures:

Currency risk management is a key component of the Group's financial policy, which is based on : u Identify and monitor its main currency risk exposures on an ongoing basis, and mitigate them when necessary; u Implement, where relevant, mechanisms to hedge or mitigate the impact of currency fluctuations on its financial results; u Optimize its financing structure locally to reduce net exposure to currency fluctuations; u Adapt its operating and financial practices to take account of the economic environment and macroeconomic trends in the geographical areas concerned.

INTERIM REPORT ON ACTIVITY

EVENTS HAVING OCCURRED SINCE 30 JUNE 2025

2.5                      EVENTS HAVING OCCURRED SINCE 30 JUNE 2025

All recent events are detailed in the section “Comments on Group developments  since January 1 2025”.

2.6                   MAIN RELATED PARTY AGREEMENTS

As of 30 June 2025, the information relating to related parties is identical to that of 31 December 2024 (see 2024 Universal

Registration Document)

3 STATUTORY AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

STATUTORY AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

STATUTORY AUDITOR'S REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

To the Shareholders,

In compliance with the assignment entrusted to us by your annual general meeting and in accordance with the requirements of Article L. 451-1-2 III of the French Monetary and Financial Code (Code monétaire et financier), we hereby report to you on:

u the review of the accompanying condensed interim consolidated financial statements of Aéroports de Paris, for the period from January 1 to June 30, 2025;

u the verification of the information presented in the interim management report.

These condensed interim consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

1.      Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted by the European Union applicable to interim financial information.

2.      Specific verification

We have also verified the information presented in the interim management report on the condensed interim consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed interim consolidated financial statements.

Paris-La Défense, July 30, 2025

The Statutory Auditors

French original signed by

                                          DELOITTE & ASSOCIES                                                                                                                              ERNST & YOUNG Audit

                                           Guillaume Troussicot                                                                                             Antoine Flora                                                       Alban de Claverie

4 FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND HALF-YEAR 2025 FINANCIAL STATEMENTS

4.1               GROUPE ADP CONSOLIDATED FINANCIAL                    32

STATEMENTS AS OF 30 JUNE 2025

                                                                                                                          4.1.3 Consolidated Statement of Financial Position                                   36

Key figures4.1.4 Consolidated Cash flow Statement

Glossary4.1.5 Consolidated Statement of Changes in Equity

4.1.1              Consolidated Income Statement

4.1.2 Consolidated Statement of Comprehensive Income

4.1.6 Notes to the consolidated financial statements                                              39

4.1          GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2025

KEY FIGURES

1                                    See note 9.4.2 – Recurring Ebitda  calculated on a rolling 12-month basis.

                       2025         2024

Operating income from ordinary

                         2025         2024

           2025         2024

Net income attributable to owners of the parent company

           2025         2024

GLOSSARY

u Revenue refers to revenues from the ordinary activities of selling goods and services and leasing activities as a lessor. It also includes financial revenues linked to operational activity.

u Recurring EBITDA¹ is an accounting measure of the operating performance of fully consolidated group 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.

u Operating income from ordinary activities presents the group's recurring operating performance excluding the impact of non-recurring operations and events during the period. It comprises recurring EBITDA, depreciation and impairment of property, plant and equipment and intangible assets (excluding goodwill), the share of profit or loss in associates and joint operations, and the gain or loss on disposal of assets in the real estate segment.

u The share of profit or loss in equity-accounted companies concerns the share of profit or loss from investments in associates and joint ventures over which the group exercises significant influence or joint control. This caption also includes the gain or loss on the sale of shares in equity-accounted companies as well as fair value adjustments to shares in equity-accounted companies in the event of a loss of significant influence.

u Operating income is the sum of operating income from ordinary activities and other non-recurring operating income and expenses, which are considered unusual and significant in terms of the consolidated performance. This may involve the disposal of assets or activities, goodwill impairment, costs incurred related to a business combinations, restructuring costs or costs related to oneoff transactions.

u Net income from discontinued operations, in accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, Groupe ADP discloses a single amount under net income from discontinued operations, all components that have been disposed of by the group (discontinued operations) or that are classified as held for sale.

u Operating cash flow before change in working capital and tax refers to all the internal cash flows generated by the Company in its operating activities. It includes operating income and expenses with a cash impact. This can be found in the consolidated statement of cash flows.

u Purchase of property, plant and equipment corresponds to the acquisition or construction of property, plant and equipment that the group expects to be used over more than one year and that are recognised only if it is probable that the future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.

u Purchase of intangible assets corresponds to the acquisition of identifiable non-monetary assets without physical substance, controlled by the entity and from which future economic benefits are expected to flow to the group.

u 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 noncurrent liabilities).

u 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.

u Gearing corresponds to: net debt/total equity (including non-controlling interests).

u Net debt/recurring EBITDA is the ratio corresponding to: net debt divided by recurring EBITDA, which measures the Company's ability to repay its debt based on its recurring EBITDA.

u 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.

u Adjusted gearing corresponds to: adjusted net debt/ equity (including non-controlling interests).

u Adjusted net debt/recurring EBITDA corresponds to: adjusted net debt divided by recurring EBITDA.

u Non-controlling interests correspond to minority interests in subsidiaries. Non-controlling interests form part of total equity in the consolidated statement of financial position, and are presented separately from attributable equity. On the face of the income statement, net income is divided between the portion attributable to owners of the group and the portion attributable to non-controlling interests.

u Non-current assets (as opposed to current assets, which are intended to be consumed, sold or realised during the financial year, held for sale within twelve months or considered as cash) comprise all assets held over an extended period, including property, plant and equipment, intangible and financial assets and all other non-current assets.

u Non-current liabilities (as opposed to current liabilities) include any liability that will not be settled within a normal operating cycle, i.e., within twelve months.

1

 The group specifies the nature of EBITDA in the heading. The definition remains unchanged.

4.1.1                CONSOLIDATED INCOME STATEMENT

4.1.2                     CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

4.1.3                     CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets

Shareholders’ equity and liabilities

4.1.4                  CONSOLIDATED CASH FLOW STATEMENT

Cash flows for the period include:

u Cash flows from investing activities: €540 million in acquisitions of property, plant and equipment and intangible assets

(including fixed asset suppliers) and €6 million in financial investments; u Cash flows from financing activities: €296 million in dividend paid to ADP SA’s shareholders.

4.1.5                     CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

1         Details of change is consolidated shareholder’s equity and the detail of other equity items are given in note 7.

In 2024, the change in scope was related to the impact of the transaction with the minority shareholders of 50% of Extime Travel Essentials for €22 million, offset by other changes in the scope of consolidation.

4.1.6                      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE  1                                             BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

1.1                   Basis of preparation of financial statements

Statement of compliance

The interim condensed consolidated financial statements at 30 June 2025 have been prepared in accordance with the international financial reporting standard IAS 34 - Interim Financial Reporting. They do not contain all of the information required for full annual financial statements should be read in conjunction with the group's consolidated financial statements for the year ended 31 December 2024.

Aéroports de Paris SA (hereafter "the Company") is a company housed in France. The group’s shares have been traded on the Paris stock exchange since 2006. Aéroports de Paris SA is listed on Euronext Paris Compartment A.

The accounting policies used to prepare the condensed interim consolidated financial statements are identical to those used for the year ended 31 December 2024, with the exception of the changes in accounting standards described in note 1.3 below.

The consolidated financial statements of the group as at and for the first six months ended 30 June 2025 comprise the Company and its subsidiaries (the whole of which is referred to as "the group"). With regard to the financial statements of GMR Airports Ltd closed on 31 March, the group uses the situation as of 31 March in accordance with IAS 28.33-34 and takes into account the significant effects between this date and 30 June.

The condensed interim consolidated financial statements were approved by the Board of Directors on 30 July 2025.

The consolidated financial statements currency is euro. The values in the tables are in millions of euros. The use of rounded figures may sometimes leads to an insignificant gap on the totals or the variations.

Seasonality

Group's revenue and operating income on main segments is subject to seasonal effects, in particular:

u Aviation activities follow the same trend of passenger traffic with a peak activity that occurs between May and

September, and; u Retail & Services activities, which follow the evolution of passenger traffic as well but also the evolution of passenger expenses in terminal's shops which are more important around Christmas holidays.

Basis for the preparation of the financial statements

Preparing financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions which affect the application of accounting policies and the amounts of assets and liabilities, income and expenses or disclosures in the notes.

The underlying estimates and assumptions are based on historical experience and on the basis of the information available, or situations prevalent at the date of preparation of the accounts. Depending on changes in those assumptions and situations, estimated amounts accounted in the financial statements could differ from actual values.

The significant estimates used for the preparation of the financial statements relate mainly to:

u The measurement of the recoverable value of intangible assets, property, plant and equipment and investment properties (see note 6) and other non-current assets, in particular investments accounted for using the equity method (see note 4.9);

u The measurement of the fair value of assets acquired and liabilities assumed in the context of a business combination;

u The qualification and valuation of employee benefits (pension plans, other post-employment benefits and termination benefits) (see note 5);

u The valuation of the fair value of investment properties

(see note 6.3.2);

u The measurement of provisions for risks and disputes (see note 8);

u The valuation of non capitalized carry-forward tax losses

(see note 11.6); u The valuation at fair value of the convertible bonds (FCCBs - Foreign Currency Convertible Bond) subscribed by ADP SA as part of the proposed merger between GIL and GAL and the related put and call options;

u Valuation of receivables (see note 4.4);

In addition to the use of estimates, the group's Management has made use of its judgment when certain accounting issues are not dealt with precisely by the standards or interpretations in force. The group has exercised its judgment to:

u Analyze and assess the nature of the control (see note 3.1); u determine whether agreements contain leases.

1.2              Environmental policy

The group's environmental policy is characterized by an ambition beyond the scope of direct responsibility, an extension beyond the impact of operations (life cycle), and an inclusive approach with local communities. This environmental policy covers 23  group airports worldwide.

The four strategic axes of this policy are as follows:

u move towards zero environmental impact operations, for example by aiming for carbon neutrality with offsetting by 2030 for all signatory airports, or by reducing the biodiversity footprint of our value chain;

u actively participate in the environmental transition in the aviation sector, and propose airside solutions in particular. For example, Paris airports already have access to sustainable aviation fuels, and Groupe ADP is working to ensure their wider deployment, and is committed to support the development of hydrogen-powered aircraft to enable the advent of low- carbon aviation by the middle of the century;

u promote the integration of each airport into a system of local resources: by favoring short circuits, encouraging the circular economy and developing the production of resources on site (geothermal heat network, solar panels, recycling of building materials, etc.);

u reducing the environmental footprint of airport development projects (low-carbon design, construction and renovation of infrastructure and buildings).

The group is already taking these environmental objectives into account when defining future investments, as well as when establishing the significant estimates and judgement presented above in the preparation of the financial statements.

Groupe ADP’s teams are fully mobilized to implement “2025 Pioneers”, the 2022-2025 strategic roadmap for building a sustainable airport model. Over the next three years, and up to 2025, the group’s ambition is to build the foundations of a new airport model oriented towards sustainability and performance, in line with societal and environmental expectations. The financial and extra-financial trajectory and targets set for 2025 reflect the group’s focus on creating value for all stakeholders.

In the half-year 2025, the Groupe ADP’s ambition to decarbonize its operations  has resulted, in particular, in :

u the commissioning of the Le Donjon solar power plant (annual production of 25 GWh of electricity), thus completing the portfolio of carbon-free electricity generation assets that ADP SA. acquires via Corporate

PPA contracts; u commissioning of the solar photovoltaic power plant at Amman's Queen Alia airport in Jordan.

Finally, in terms of capital expenditure, the group’s ambition to decarbonize has resulted in the continuation of the following projects by the half-year 2025, in line with the policy already pursued over the past few years:

u modernization and reinforcement of electrical capacities to support increased electrification of activities;

u strengthening existing and future geothermal production facilities, and more generally modernizing thermal and refrigeration capacities;

u renewal of lighting and beaconing as part of a global transition to LED lighting and beaconing technologies;

u the installation of recharging stations and other facilities for passengers and airside and landside activities, as part of the development of electric vehicles.

u continued studies and work on the deployment of solar photovoltaic power plants at Paris and TAV international airports (Ankara in Turkey, Enfidha in Tunisia).

In October 2024, the SBTi (Science Based Target initiative), a joint program of CDP, the United Nations Global Compact, the World Resources Institute (WRI) and WWF, publicly validated Aéroports de Paris  SA's commitment to reducing its carbon footprint and that of its value chain, with the aim of achieving net-zero greenhouse gas emissions by 2050. This SBTi approach certifies that the strategy for reducing internal emissions (Scopes  1 and  2) and external emissions (Scope  3 relating to emissions from stakeholders) is in line with the objective of limiting global warming to 1.5°C set by the Paris Agreement.

The commitment validated by the SBTi for Aéroports de Paris  SA is the so-called Net Zero commitment, which corresponds to an absolute reduction in GHG emissions of 90% in 2050 compared with emissions in the reference year 2019, for Scopes  1, 2 and 3. The residual emissions from Scopes 1 and 2 will be offset by carbon capture projects.

Therefore the targets validated by the SBTi are : Overall commitment u Aéroports de Paris  SA is committed to achieving net-zero greenhouse gas emissions throughout its value chain by 2050.

Concerning the internal emissions (scopes 1 and 2) :

u In the short term: a 68% reduction in GHG emissions by

2030 compared with 2019; u In the long term: a 90% reduction in GHG emissions by 2035 compared with 2019;

Concerning external emissions relating to our stakeholders

(scope 3), u In the short term: a 27.5% reduction in GHG emissions by

2030 compared with 2019; u In the long term: a 90% reduction in GHG emissions by 2050 compared with 2019.

In its Sustainability Report, Groupe ADP carries out carbon accounting from which it is possible to measure progress in decarbonization.

Groupe ADP ensures transparent communication on the levers and actions implemented to achieve its decarbonization objectives. Their financial impact and their effect on the achievement of decarbonization objectives will be communicated within the framework of the CSRD directive.

In parallel with its environmental transition plan, Groupe ADP is defining and deploying a strategy for adapting to climate change.

In 2022, Groupe ADP undertook an assessment of current and future physical climate risks for all its assets, taking into account two IPCC global warming scenarios - SSP2-4.5 (the so-called median scenario) and SSP5-8.5 (the most pessimistic scenario) for 2030 and 2050. The worst-case scenario, SPP5-8.5, was chosen for the long-term analysis in order to prepare the group for a high-emissions climate scenario. As a first step, Groupe ADP conducted a gross risk analysis to identify the most critical sites and map the most impacting climatic perils (based on the European taxonomic classification of climate-related risks). The initial analysis of gross climate risks shows that flooding and heat-related risks play the main role in the group's portfolio risk exposure. We continue to assess the exposure of our assets to physical risks by analyzing the net physical climatic risks for the group's controlled airports. This second stage of the analysis involves site visits. The aim is to take account of existing and planned mitigation and adaptation measures in qualifying the risk. The analysis includes an assessment of the cost of additional risk mitigation and adaptation measures that could be put in place, as well as an evaluation of the impact of net risk on asset values. This analysis of physical risks is complemented by a study of the transition risks and opportunities associated with the transition to a low-carbon economy. The results of these studies, and the approach taken to structuring the group's climate change adaptation plan, are detailed in the Sustainability Report. The analysis of financial effects - impacts on the trajectory of investments, expenses, revenues - linked to climate change will be established within the framework of the CSRD directive.

An impairment test of our assets, taking into account climate issues, has already been carried out for the Paris platforms. The results are communicated in the latest Extra-Financial Performance Declaration report.

In 2020, Aéroports de Paris S.A. signed 3 electricity purchase contracts with the producer Urbasolar for a period of 20 years. The 3 solar power plants have been fully operational since the 2nd quarter of 2024, representing an annual production of 45 GWh of electricity, i.e. 10% of Aéroports de Paris S.A.'s electricity consumption.  In 2024, a 20-year contract was signed with producer Photosol, leading to the commissioning of the Donjon solar power plant in early 2025, representing an annual production of 25 GWh of electricity.

The analysis carried out by the group revealed that these contracts should be considered as derivatives falling within the scope of IFRS 9. However, as long as the absence of significant resale is verified, the group has opted to benefit from the exemption for own use provided for by the standard and recognizes the costs of these contracts as expenses when they are incurred.

Aéroports de Paris S.A. operates power generation units with an installed capacity of over 20 MW, and is therefore subject to Directive 2003/87/EC of 13 October 2003 on greenhouse gas emission quotas. 3 production units are subject to this obligation:

u CTFE  principal (main electric thermal refrigeration plant)

CDG

u CTFE Bis (ancillary electric thermal refrigeration plant)

CDG

u ORY energy production unit

The French Ministry of Ecological Transition has issued a decree setting the amount of free allocations of emission allowances for the period 2021-2025. Quotas are issued on the basis of decrees updated each year, and correspond to the right to emit one ton of CO2 per allowance.  In 2024, Aéroports de Paris S.A received 10,433 CO2 allowances In April 2025, Aéroports de Paris S.A returned 33,759 CO2 allowances for the year 2024. Following this return, Aéroports de Paris S.A has a stock of 143,638 quotas.

CO2 quotas are intangible rights valued according to the cost model. Insofar as CO2 quotas are allocated free of charge, they are recorded at zero value. With regard to the annual obligation to surrender quotas, no provision has been recognized at this stage, as the settlement cost (i.e. the paid value of the obligation) will be nil at 30 June 2025.

1.3              Accounting policies

1.3.1      Application            of            IFRS        standards              as adopted by the European Union

The consolidated financial statements are prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union as at 30 June 2025.

This framework is available on the European Commission’s web site at the following address:

http://ec.europa.eu/finance/company-reporting/ifrs- financial-statements/index_en.htm

These principles do not differ from the International Financial Reporting Standards as published by the IASB to the extent that the texts published by the IASB have been adopted by the European Union and have no significant impact on the ADP Group.

On 29 December 2023, the Finance Law for 2024 transposed into French law the European Directive 2022/2523 of 14 December 2022 introducing the international tax reform known as “OECD Pillar 2” for application from 1 January 2024.

This international tax reform aims to ensure that large multinational companies with annual consolidated revenue exceeding €750 million pay a minimum tax of 15% on profits generated in each of the jurisdictions where they are established.

In this context, and as a reminder, the ADP Group carried out analyses in 2023 aimed to:

u make the financial aggregates of its Country-by-Country Reporting (CBCR) more reliable, in order to qualify for the purposes of safe harbor measures ;

u review the scope of entities covered by the reform, their qualification for the needs of Pillar 2, and any obligations that could arise as top-up tax payers ; and

u determine which jurisdictions should a priori benefit from the safe harbor transitional measures and which, on the contrary, should be subject to detailed calculations for a possible top-up tax.

In the framework of the process implemented following the above-mentioned work, and based on financial data as at 30 June 2025, no significant impact has been identified further to the review of safe harbor measures so that no topup tax has been recognized by the ADP Group in its financial statements as at 30 June 2025.

1.3.2      Standards,              amendments        and interpretations adopted by the European Union, mandatory for financial years beginning on or after 1 January 2025

The amendments of mandatory application standards from 1 January 2025 and not applied in advance correspond to :

u Amendments to IAS 21 – The effects of changes in foreign exchange rates. On 15 August 2023, the IASB published amendments to IAS 21 - The effects of changes in foreign exchange rates, which will require companies to provide more useful disclosures in their financial statements when a currency cannot be exchanged for another currency. The amendments will require companies to apply a consistent approach to determining whether a currency can be exchanged for another currency and, where this is not the case, to determining the exchange rate to be used and the disclosures to be made.

The above-mentioned amendments do not have an impact on the group’s consolidated financial statements.

1.3.3      Standards,              amendments        and interpretations published by the IASB, applicable to financial years beginning after the 1 January 2025  and not early adopted by Groupe ADP.

The group has not applied the following amendments that are not applicable as of 1 January 2025:

u Amendments to IFRS 9 and IFRS 7:

u Contracts referencing electricity dependent on nature. These amendments, published on 18 December 2023, specify under which circumstances an entity may demonstrate an intention to use electricity for its own consumption (“own use”) and other disclosure requirements to be provided in the notes to the financial statements for such contracts. They are mandatory from 1 January 2026, subject to their adoption by the European Union.

u Classification and Measurement. These amendments to IFRS 9 aim to clarify, on the one hand, the application modalities of the "SPPI" test (solely payments of principal and interest), and on the other hand, the accounting treatment of financial assets and liabilities with a settlement feature via electronic payment. Additionally, certain disclosure requirements under IFRS 7 are either added or modified. These amendments are mandatory from 1 January 2026, subject to their adoption by the European Union.

u Annual Improvements to IFRS Standards – Volume 11. These improvements, published on 18 July 2023, bring editorial clarifications notably to IFRS 1, IFRS 7, IFRS 9, and IAS 7, without substantial modification of the underlying principles. These amendments are mandatory for financial years beginning on or after 1 January 2026, subject to their adoption by the European Union.

u IFRS 18 - Presentation and disclosure in financial statements. On 9 April 2024, the International Accounting Standards Board (IASB) published IFRS 18, which aims to improve the usefulness of disclosures in primary financial statements and notes. This standard will provide investors with more transparent and comparable financial information. The standard will be mandatory from 1 January 2027, subject to its adoption by Europe.The analysis of the impact of the application of these amendments are in progress.

1                                    All departing, arriving and transiting passengers welcomed by the airport.

2.1.2                Exceptional corporation tax contribution

The French Finance Act for 2025 introduced, for the fiscal year 2025 only, an exceptional contribution applicable to French companies or groups of companies with turnover exceeding €1 billion for the fiscal year 2024 or fiscal year 2025.

This contribution is based on average corporate income tax relating to taxable income for fiscal year 2024 and fiscal year 2025, before the offset of tax credits and any tax receivables.

For the tax consolidation group of which ADP SA is the parent company, the rate has been set at 41.2%, bringing the effective tax rate applicable to overall income to 36.13%.

This exceptional and temporary contribution meets the definition of an income tax charge within the meaning of IAS

12.

As the accounting operative event for the component based on the fiscal year 2024 current tax is the realization of fiscal year 2024 results, the contribution is recognized at 30 June 2025, the first accounting period closed after 15 February 2025, the date of enactment of the law. In addition, its component based on the fiscal year 2025 current tax is recognized progressively over the financial year 2025.

At 30 June 2025, the exceptional corporate tax contribution amounts to €64 million (€46 million corresponding to the 2024 current tax component and €18 million corresponding to the 2025 current tax component determined on the basis of results as at 30 June 2025).

2.1.3      Change of fuel storage and distribution operator at Paris-CDG

On 4 June 2025, Exolum began operating fuel storage and distribution activities at Paris-CDG for a period of 20 years. The operator will invest more than €200 million in infrastructure maintenance and development of new capacity. The accounting treatment of the rent and investments paid by Exolum results in the recording of financial receivables and deferred income for Groupe ADP. This deferred income will be spread over 20 years in revenue.

NOTE  3                SCOPE OF CONSOLIDATION

3.1                   Accounting principles related to the scope

The accounting principles related to the scope are identical to those applied at 31 December 2024 (cf. statement of compliance in note 1.1).

3.2                  Changes in the scope of consolidation

3.2.1           Main changes in 2025

No significant changes were observed during the period.

3.2.2             Reminder of the changes 2024

No significant changes were observed in the half-year 2024.

NOTE  4                        INFORMATION CONCERNING THE GROUP’S OPERATING ACTIVITIES 

4.1              Segment reporting

Revenue and net income of Groupe ADP break down as follows:

                                                                                                                           Revenue                                                                                   Recurring EBITDA

Amortisation,

                                                           and intangible assets net impairment of tangible depreciation and Share of profit or loss in associates and joint ventures                                                                                                                  Operating income from ordinary activities

of reversals

Over half-year 2025, Groupe ADP’s consolidated  revenue  amounts to €3,163 million, an increase of 10% compared with june 2024, mainly due to the traffic growth on:

u revenues from aviation activities in Paris, up €+74 million to €1,043 million and from the retail and services segment

in Paris, up €+115 million to €1,039 million;

u TAV Airports’ revenues, which reached €823 million, up € +91 million. Those figures take into account the activities in Kazakhstan for €244 million for half-year 2025 in comparison with €235 million for half-year 2024;

u AIG revenues amounts to €141  million, in progress, driven by strong traffic momentum (+6.1%) despite the escalation of geopolitical tensions in the Middle East in June, and by good sales momentum supported by regulatory changes in duty-free outlets.

Depreciation, amortization and impairment of assets amounted to €-474 million, up 80.9% (€-212 million) due to an unfavorable base effect linked to the reversal of impairment of €152 million recorded in the first half of 2024, following the extension of the duration of the Amman airport concession.

Share of profit of associates is discussed in note 4.9.1.

REVENUE Half-year 2025

€3,163 million

Real estate, 189

Recurring EBITDA AND OPERATING INCOME FROM

ORDINARY ACTIVITIES Half-year 2025

Recurring EBITDA : € 1,025 million

Operating income from ordinary activities : €441 million

developments

Recurring EBITDA

Operating income from ordinary activities

REVENUE Half-year 2024

€2,887 million

Recurring EBITDA AND OPERATING INCOME FROM

ORDINARY ACTIVITIES Half-year 2024

Recurring EBITDA : €943 million

Operating income from ordinary activities : € 681 million

developments

Recurring EBITDA

Operating income from ordinary activities

The breakdown of revenues by country of destination is as follows:

The breakdown of fixed assets by country is as follows:

4.2           Revenue

The breakdown of the group’s revenue per segment after eliminations is as follows:

Half-year 2025

⁽¹⁾ of which Variable rental income                                                                         -                                   267                                        5                                           78                                     -                              350

The Groupe ADP’s  consolidated revenue amounts to €3,163 million in the  half-year 2025, an increase of €+276 million compared with the half-year 2024, mainly due to :

u higher revenues in the Aeronautical Activities segment, which corresponds to the airport activities carried out by Aéroports de Paris as manager of the Paris hubs, from aeronautical fees (per passenger, landing and parking fees) linked to the increase in passenger traffic and aircraft movements. As revenues related to airport security and safety are determined by the partially fixed costs of these activities, revenues are growing at a lower rate than passenger traffic;

u higher sales in the Retail and Services segment, which relates to the Paris hubs, is linked to visitor numbers and the good performance of sales/Pax Extime compared to half-year 2024 ;

u higher International and Airport Development sales due to TAV Airports, driven by passenger traffic and the commercial revenues in half-year 2025.

Half-year 2024

⁽¹⁾ of which Variable rental income                                                                         -                                   201                                        7                                           68                                     -                                 276

The breakdown of the group’s revenue per major client is as follows:

1 Passenger and other customers mainly consist of revenue generated from passengers, rental companies, and advertisers, each of whom individually accounts for less than 1% of the group’s consolidated sales.

4.3                Other current operating income

The breakdown of other current operating income is as follows :

1                    Construction leases/Temporary Occupation Authorization.

As a reminder, in half-year 2024 other income included €14 million in compensation for the CDG Express project. In 2025, the compensation is €3 million.

4.4                 Receivables and related accounts

Trade receivables and related accounts break down as follows:

1 The receivable from Direction Générale de l'Aviation Civile (DGAC) amounts to €421 million. This receivable does not include an advance of €221 million paid by Agence France Trésor (AFT) to cover operating expenses (see note 4.8 Other payables and deferred income). Impairment losses applied in accordance with the IFRS 9 have changed as follows:

The group classifies receivables by risk of customer default with which a percentage of impairment is associated depending on the age of the claim. A review of risk levels was carried out after the recognition of bad debts.

4.5               Current operating expenses

4.5.1           Consumed purchases

The consumed purchases are detailed as follows:

The increase in purchases consumed of €+19 million compared with half-year 2024 is mainly attributable to the cost  of goods in line with increased activity. Discounts, rebates, previously recorded under other purchases have been reclassified as a reduction of the cost of goods account for an amount of €+35 million in the  half year of 2024 and €+39 million in the  half year of 2025.

4.5.2 Other current operating expenses

The other current operating expenses are detailed as follow:

BREAKDOWN OF OTHER SERVICES AND EXTERNAL CHARGES