Aeroports de Paris : 2023 Interim financial report

Translation provided solely for information purposes

Aéroports de Paris SA Interim financial report as of 30 June 2023

This interim financial report was drawn up in accordance with III. of article

L.451-1-2 of the French Monetary and Financial Code ("Code Monétaire et financier")

and 222-4 of the AMF General Regulation ("Autorité des marchés financiers").

Aéroports de Paris

Public limited company (Société Anonyme) with share capital of €296,881,806

Registered office: 1, rue de France

93290 Tremblay-en-France

R.C.S. Bobigny B 552 016 628

Table of contents
1	STATEMENT OF THE INTERIM FINANCIAL REPORT	3
2	INTERIM REPORT ON ACTIVITY	4
3	STATUTORY AUDITOR'S REVIEW REPORT ON THE HALF-YEAR FINANCIAL INFORMATION	27
4	FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND 2023 FINANCIAL STATEMENTS	29

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

Officers in charge of the interim financial report

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

1.1 Officers in charge of the interim financial report

Augustin de Romanet, Chairman and Chief Executive Officer.

Philippe Pascal, Executive Director, Finance, Strategy and Administration

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 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.

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INTERIM REPORT ON ACTIVITY 2

Significant events of the 1st half of 2023

2 INTERIM REPORT ON ACTIVITY

2.1 Significant events of the 1st half of 2023

Contemplated merger between GIL & GAL

Following the announcement of the agreement between Groupe ADP and GMR Enterprises to form an airport holding company listed on Indian Stock Exchange by the first half of 2024 (see press release of March 19th, 2023), some preparatory steps to the contemplated merger have been realized during 1st semester 2023:

• Groupe ADP subscribed to 330,817 bonds of Foreign Currency Convertible Bonds (FCCBs), issued by GMR Airports Infrastructure Ltd (GIL) and allocated on 24th March 2023, for a total of 331 million euros.
• Groupe ADP also proceeded to the early settlement of earn-outs, for a total of 62 million euros. Initial impact of this payment, negative on group's net debt in the 1st half of 2023 will be gradually neutralized by the extinction of the liabilities associated with these earnouts over the period until the completion of the contemplated merger.
• On 12 June 2023, BSE Limited and National Stock Exchange of India Limited, the Indian financial markets where GIL is currently listed, issued a no-objection certificate to the merger application filed by GIL on 12 April 2023;
• On 12 April 2023 the merger application has been submitted for approval to the Securities and Exchange Board of India (SEBI), whose clearance is expected in the coming weeks;
• The merger application will then be filed for approval with the National Company Law Tribunal (NCLT).

As previously announced, the NCLT's final decision, following approval by the shareholders and creditors of both companies, is expected in the 1st semester 2024, and would lead to the completion of the merger transaction.

Renewal of Ankara Airport concession agreement

Following the success of TAV Airports in the auction for the renewal of Ankara Airport concession agreement for 2025-2050 period (see press release of December 20th, 2022), TAV Airports signed the 1st February 2023 the concession agreement with the Turkish Sate Airports Authority (DHMI). As such, TAV Airports paid on 27 April 2023, the sum of 119 million euros to DHMI, representing the upfront payment of 25% of the concession rent.

Works on expanding the capacities of the airport have been initiated during the 2nd quarter 2023. As a reminder, the necessary investments are estimated at around 300 million euros, of which two thirds will be conducted between 2023 and 2026 and the remaining third to be engaged by 2038.

Ranking results of Skytrax 2023

In 2023, 5 airports of the group are among the 100 best airports in the world in terms of service quality according to the

Skytrax World Airport Awards.

Paris-Charles de Gaulle retains its position as the best airport in Europe and is now the 5th best airport in the world (compared to 6th in 2022). Paris-Orly continues its progression, ranking 39th in the world (against 46th in 2022 and 76th in 2021).

Abroad, 3 other airports in the network are among the 100 best airports: Indira Gandhi in Delhi in 36th position (up +1 rank), Rajiv Gandhi in Hyderabad in 65th position (down - 2 ranks) and Medina in 52nd position (up + 6 ranks).

Introduction of a waiting time barometer for borders controls in Paris

Groupe ADP has initiated, in collaboration with the French Border Police, the implementation of a barometer of waiting time at borders controls in our Parisian airports (see press release of March 29th, 2023).

It report monthly the percentage of passengers who waited less than 10 minutes in Paris-CDG and Paris-Orly; the number of events resulting in waiting times of more than 30 minutes and specify the reason for the most disruptive events; and lastly, give details by terminal on the percentage of departing and arriving passengers who waited by 10-minute intervals. This tool enable to measure, report and steer improvements.

The data is extracted from sensors installed in the border controls areas of our Parisian airports. This initiative is part of a global action plan conducted alongside the French Border Police to reduce waiting times at borders controls (recruitment of contractual staff by this summer, reinforcement of PARAFE (Automated Rapid Crossing of External Borders...) and, as a result, improve the quality of service and contribute to the performance of the Parisian platforms.

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INTERIM REPORT ON ACTIVITY 2

Significant events of the 1st half of 2023

Regulated scope performance in 2022

As of 31 December 2022, the regulated ROCE, stood at 4.72%1, against -3.47% as of 31 December 2021. It corresponds to the ratio between the operating income of the regulated scope2 less standard corporate tax and the regulated asset base and is used to assess the performance of the regulated scope as per Article L. 6325-1 of the Transportation Code.

The operating income of the regulated scope for 2022 was of 369 million euros, before tax against - 204 million euros in 2021.

The sum of the regulated asset base, corresponding to the net book value of tangible and intangible assets relating to the regulated scope and the working capital requirement was 5,800 million euros as of 31 December 2022 against 5,870 million euros as of 31 December 2021.

Launch of Abelia, Aéroports de Paris SA new employee shareholding scheme

Following the approval of the Annual General Meeting of Shareholders on May 16th, 2023, Aéroports de Paris launched its new employee shareholding operation on June 21st, 2023, the roll-out of which will be phased in 2023 and 2024. Entitled ABELIA, the transaction involves a maximum of 305,985 shares (or around 0.3% of the capital), corresponding to the 296,882 shares bought back from Royal Schiphol Group in December 2022 (see press release of December, 6th2022) and 9,103 shares remaining from the employee shareholding plan implemented in 2016.

ABELIA is part of "2025 Pioneers" roadmap (see press release of February 16th, 2022) which provides for Aéroports de Paris to carry out at least one employee shareholding operation by 2025. It will be divided into two parts:

• A free allocation of shares of the company to employees of Aéroports de Paris SA which, depending on the choices made, may be up to a maximum of 16 shares per beneficiary.
• An offer to acquire shares of the company on preferential terms, reserved for employees who are members of the Group Savings Plan (PEG). This offer will be deployed in spring 2024 and will benefit employees who have been on the payroll for at least 3 months prior to the end of the subscription period.

This operation is part of the development of a new culture of value sharing, involving employees in the company's performance.

The financial impact of this transaction to be booked in 2023 and 2024 is estimated at around 27 million euros in ADP SA's personnel expenses, of which 4 million euros were booked at June 30th, 2023.

New salary measures from July 1st, 2023

To reward the involvement and commitment of Aéroports de Paris employees during this period of strong recovery in activity and major challenges ahead, the company has initiated new unilateral salary measures. They come on top of measures already taken or planned since July 2022.

From July 1st, 2023, these new measures provide for a 1.5% general increase in base salary for all Aéroports de Paris employees.

Project for TAV Airports to sell part of its stake in Medina airport

On June 22nd, 2023, the Board of Directors of TAV Airports approved the sale of 24% of the capital of Tibah Airports Development, the company operating Medina airport in Saudi Arabia, in which TAV Airports holds a total stake of 50% and which is accounted for under the equity method in the Group's financial statements.

Following this decision, these equity-accounted shares, together with the balance attributable to these shares of the shareholder loan granted to Tibah by TAV Airports, have been reclassified, as of June 30th, 2023, as assets held for sale within the definition of IFRS 53.

See Events since June 30th, 2023, on page 26 of this press release for the agreement signed on July 7th, 2023.

1. Data for the regulated scope at the end of 2022 have been approved by the auditors on May 31st, 2023. Previously to this review, the regulated ROCE for 2022, as publish in section 1.1.3.1.1 of the 2022 Universal Registration Document, was estimated at 4.67%.
2. Regulated scope as defined by the 1st article of the decree of September 16th, 2005, relating to fees for services rendered in airports.
3. IFRS 5 accounting standard "Non-current assets held for sale and discontinued operations" sets out the requirements for the classification, measurement and presentation of non-current assets held for sale. This standard is intended to prepare the reader of the financial statements for the future removal of the asset from the company's balance sheet, and for the impending disappearance of income and cash flow items.

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