Aéroports de Paris SA's revenues for the first 9 months of 2023.

Financial information

Group Aéroports de Paris SA reported that its consolidated revenue ratio for the first nine months of 2023 rose 21.8% year-on-year to €4.121 billion compared to the same period in 2022. Full year predictions and financials confirmed.

The head and CEO of ADP Group, Augustin de Romanet, said: "Traffic recovery in Paris continues during the third quarter of 2023, reaching 91.4% of traffic for the first nine months of the year compared to 90.0% for the same period in 2019 at the end of June. Since the beginning of the year, our airports have welcomed 254.7 million passengers, 23.9% more than in the first nine months of 2022. Consolidated revenues for the first nine months of the year amounted to €4.121 billion, an increase of 21.8% compared to the same period in 2022. All segments are performing as expected and we can confirm our full year 2023 forecasts and financial targets. I would like to thank once again the teams at Groupe ADP, whose commitment and expertise in hospitality ensure the best experience for passengers traveling through our airports. We continue to focus on our preparations for the Olympic and Paralympic Games in Paris in 2024 and on the industrial and environmental transformation underway as part of Pioneer's 2025 strategic roadmap. "

Promote the GIL & GAL< merger project/strong>

In accordance with the agreement between Groupe ADP and GMR Enterprises to create an airport holding company listed on Indian stock exchanges in the first half of 2024 (see "GIL & GAL

"). press release dated March 19, 2023), several steps were completed during the third quarter of 2023. A final NCLT court order, following approval from shareholders and creditors of both companies, is expected to be issued in the first half of 2024, leading to the completion of the merger.

TAV Airports is selling part of its stake in Medina Airport.

The Board of Directors of TAV Airports has approved the sale of 24% of the share capital of Timbah Airports Development, the company operating Medina Airport in Saudi Arabia, in which TAV Airports held a 50% stake and which is accounted for by the method of participation in the group's financial statements, as disclosed in its half-yearly financial report for 2023. Following this decision, the interested interests, as well as the balance attributable to these securities and the shareholder loan to Timbah, TAV Airports suffered reclassification as assets held for sale within the meaning of IFRS 5 as of June 30, 2023.

TAV Airports announced on September 5, 2023 that the financial transactions have closed and the sale of the stake has taken place. This transaction was reflected in the accounts of TAV Airports and fully consolidated in the group consolidated accounts, resulting in a gain of 83 million euros. After minorities are taken into account, the impact on the consolidated net result attributable to the group is estimated at 38 million euros.

New tax applicable to ADP SA

Groupe ADP has taken note of the tax project for 2024. The project would impose a new tax on French transportation infrastructure companies, including Aéroports de Paris SA.

The French antitrust authority's decision on Extime Food & Beverage Paris

Groupe ADP takes note of the decision of the French Competition Authority authorizing the creation of the joint venture "Extime Food & Beverage Paris", jointly managed by Aéroports de Paris and Select Service Partner, which manages the catering outlets at Paris-Charles De Gaulle and Orly airports (cf. press release dated September 11, 2023).

Detailing consolidated revenue for the first nine months of 2023

Dynamics of revenue by segments

Aviation segment - Paris platforms

In the first nine months of 2023, aviation segment revenues, which relate solely to airport activities carried out by Aéroports de Paris as operator of the Paris platforms, grew by 18.2% to €1.447 billion.

Revenues from airport charges (passenger charges, landing and parking fees) rose 18.5% to €870 million thanks to:

• Revenues from ancillary fees increased by 21.7% to €181 million, due to an increase in passenger traffic.

We would like to remind you that the fares applicable to the Paris platforms are available on the company's website and their changes since the 2022 fare period are presented in Annex 2 of this document.

• Revenues from airport security and safety services increased by 16.4% to €368 million. Because these revenues are driven in part by the fixed costs of these activities, they are growing slower than the rate of passenger traffic.

Other revenue, mainly consisting of the re-billing of the French Air Navigation Services division for leasing terminal use and other work to third parties, grew 13.2% to €28 million.

Retail and services - Paris platforms

In the first nine months of 2023, revenue in the Retail & Services segment, which includes only Paris assets, grew by 27.1% to €1.297 billion.

• Revenues from retail activities amounted to €837 million and grew by 30.1% thanks to:

• Revenues from parking lots rose by 18.9% to €131 million, driven by an increase in passenger traffic.

• Revenues from industrial services (electricity and water supply) increased by 33.0% to EUR 151 million.

• Revenues from rental services (rental of space within terminals) increased by 14.2% to EUR 119 million.

Other revenue (mainly internal services) grew by 19.7% to €59 million.

Real Estate - Paris platforms

For the first nine months of 2023, revenue from the real estate segment is expected to increase by 1.7% and amounted to 59 million euros.

The one-time re-invoicing of internal services recorded in the third quarter offset the decrease in internal office utilization associated with the implementation of the new flexible office organization. The vacated space will eventually be leased to third parties.

International and airport development

In the first nine months of 2023, international and airport development revenue grew by 25.9% to €1.231 billion, mainly driven by increased revenue from TAV Airports and AIG.

• AIG's revenue rose 13.5% to €217 million, mainly due to a 24.3% increase in passenger traffic at Amman.

• Revenues at TAV Airports rose 30.6% to €979 million, primarily due to a 24.1% increase in passenger traffic at TAV Airports.

Other activities

Revenues from other activities grew by 7.6% to €132 million in the first nine months of 2023.

Traffic dynamics for the first nine months of 2023.

Group traffic results

Traffic at Paris Aéroport

For the first nine months of 2023, traffic at Paris Aéroport grew by 18.4% to a total of 75.6 million passengers, corresponding to 91.4% of traffic in the same period of 2019.

The number of flights at Paris Aéroport grew by 10.8% to 491,650 airlift movements, of which kA detailed breakdown of "Europe" traffic in three categories - "Schengen area", "UK and EU excluding Schengen" and "Other Europe". Traffic from "French overseas territories" is treated separately from "international" traffic included before the November 2022 traffic release. Please note that the rates applicable to these various categories are available on the company's website.

Reminder of traffic forecasts, projections and financial targets for 2023-2025

As part of Pioneer's 2025 strategic roadmap presented on February 16, 2022, Groupe ADP has set targets for the period to 2025. These targets are based on the assumption that no new restrictions or airport closures will be imposed due to the health crisis, the economic model in Paris will remain stable, and there will be no normally high volatility in exchange and inflation rates. They are also based on the composition of consolidation at the end of 2021 with an assumption of no change by 2025.

It is emphasized that any further changes to the assumptions on which the group's targets are based could affect Pioneer's 2025 traffic volumes and financial performance.