Aeroports de Paris : Financial information of 2021 9 months revenue

FINANCIAL RELEASE AS OF 30 SEPTEMBER 20211

October 22nd, 2021

Aéroports de Paris SA

Consolidated revenue over the first 9 months of 2021

driven by the gradual recovery of traffic in line with the group's forecasts

Consolidated revenue of Groupe ADP2

• Groupe ADP traffic3: up by +14.5%, at 104.9 million passengers over the first 9 months of 2021, compared to the same period in 2020, standing at 39.1% of the level of the first 9 months of 2019;
• Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): down by -5.5%, at 26.3 million passengers over the first 9 months of 2021, compared to the same period in 2020, standing at 31.8% of the level of the first 9 months of 2019;
• Consolidated revenue: up by +11.9 %, at 1,868 million euros over the first 9 months of 2021, compared to the same period in 2020, mainly due to the effect of the recovery on the revenue of TAV Airports (+55.2%) and of AIG (+75.3%). Revenues from the Aviation and Real Estate segments remain stable, while revenue from the Retail and Services segment was up by +4.9%, at 534 million euros.

	(in millions of euros - unless otherwise stated)			9M 2021			9M 2020			2021/2020
	Revenue			1,868		1,669		+11.9%
	Aviation			687		686		+0.1%
	Retail and services			534		509		+4.9%
	of which Société de Distribution Aéroportuaire			186		176		+5.7%
	of which Relay@ADP			21		17		+22.7%
	Real estate			210		213		-1.2%
	International and airport developments			488		334		+46.2%
	of which TAV Airports(1)			353		227		+55.2%
	of which AIG			106		60		+75.3%
	Other activities			122		101		+20.8%
	Inter-sector eliminations			(173)		(174)	-0.2%
	Paris Sales/Pax (€)(2)			21.1		18.6		+13.4%

1. The accounts of the management company of Almaty airport have been integrated into TAV Airports' consolidated accounts from May 2021 onwards (on the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results, published on July 28th, 2021).
2. Sales in airside shops divided by the number of departing passengers (Sales/PAX) in Paris.

Reminder of the 2021 assumptions and forecasts, unchanged since the publication of the 2021 half-year results4:

• Groupe ADP traffic assumption in 2021 between 40% and 50% of the 2019 group traffic;
• Paris Aéroport traffic assumption in 2021 between 30% and 40% of the 2019 Paris Aéroport traffic;
• EBITDA / Group revenue ratio forecast estimated between 15% and 20% in 2021;
• Annual investments amount in Paris, regulated and non-regulated (excluding financial investment) for 2021-2022, estimated between €500 and €550 million on average per year;
• Net financial debt ratio/EBITDA from 6x to 7x by the end of 2022.

Augustin de Romanet, Chairman and CEO, stated:

"After a first half of 2021 still strongly impacted by the persistence of the Covid-19 pandemic, the recovery of traffic intensified over the 3rd quarter of the year, in line with the group's forecasts, stabilizing to a level slightly above 50% compared to 2019. Groupe ADP's traffic was thus up by +14.5% compared to the first 9 months of 2020, with a total of 104.9 million passengers, or 39.1% of the first 9 months of 2019 traffic. Over the same period, Paris Aéroport traffic was down by -5.5%, with 26.3 million passengers, or 31.8% of the first 9 months of 2019 traffic. Consolidated revenue over the first 9 months of 2021 was up by +11.9%, at 1,868 million euros, mainly due to the effect of the gradual recovery of traffic, more pronounced abroad, on the revenues of TAV Airports and AIG. In Paris revenue from the Retail and services segment has been supported by sales per passenger in airside shops, up by +13.4%, at 21.1 euros, reassuring the group in the effectiveness of its retail business model. Regarding some of the group's international assets, several actions are ongoing, including in the context of international arbitrations, towards the involved stakeholders in order to restore the economic balance of the projects. Groupe ADP is pursuing its efforts aiming at stabilizing its financial situation and maintains a satisfying cash position. Groupe ADP confirms its traffic assumptions and forecasts for 2021."

1. This document is voluntarily made by Aéroports de Paris in compliance with the AMF recommendation. See AMF recommandation - Guide de l'information permanente et de la gestion de l'information privilégiée - DOC-2016-08.
2. Unless otherwise stated, percentages and variations mentioned compare data from the first 9 months of 2021 to equivalent data for the first 9 months of 2020. To be noted that the variations are calculated on a basis that includes the months of January and February 2020, which were not yet impacted by the crisis.
3. Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1st January 2019. It also includes the traffic of Almaty airport as of 1st May 2019, 2020 & 2021. Excluding the integration of Almaty, the group traffic would stand at 102.1 million of passengers over the first 9 months of 2021.
4. See the 2021 half-year results financial release, published on July 28th, 2021.

1

First 9 months of 2021 consolidated revenue - Analysis by segment

Aviation - Parisian platforms

	(in millions of euros)			9M 2021			9M 2020			2021/2020
	Revenue		687		686		+0.1%
	Airport fees		341		338		+0.8%
	Passenger fees		167		181		-7.5%
	Landing fees		99		93		+6.5%
	Parking fees		74		64		+15.7%
	Ancillary fees		67		71		-5.5%
	Revenue from airport safety and security services		255		253		+0.9%
	Other income		24		24		-0.3%

Over the first 9 months	of	2021, aviation	segment	revenue,	which	includes	only Parisian	activities,
was stable, at 687 million euros.	It	does note vary in	the same	proportion	as the	passenger	traffic in Paris	Aéroport

over the same period (-5.5%), due notably to the increase in revenue from certain airport fees and to the rigidity of revenue from airport safety and security.

Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was stable, at 341 million euros, due to the decrease in revenue from passenger fees by -7.5%, linked to the decrease in passenger traffic, compensated by the increase in revenue from landing fees by +6.5%, linked to the increase in aircraft movements (+4.1%), and the increase in revenue from parking fees by +15.7%.

As a reminder, the average tariff increase for 2021 was of +2.2% as of April 1st, 2021. The integration of the computerized check-in and boarding fee (CREWS system) to the per-passenger fee as of the 2021-2022 tariff period has no impact on tariffs.

Revenue from ancillary fees was down by -5.5%, at 67 million euros, due to the decline in passenger traffic.

Revenue from airport safety and security services was stable, at 255 million euros.

Other income, mostly consisting in re-invoicing the French Air Navigation Services Division, leasing associated with the use of terminals and other work services made for third parties, was stable at 24 million euros.

2

Retail and services - Parisian platforms

	(in millions of euros)			9M 2021			9M 2020			2021/2020
	Revenue		534		509		+4.9%
	Retail activities		258		253		+2.0%
	Société de Distribution Aéroportuaire		186		176		+5.7%
	Relay@ADP		21		17		+22.7%
	Other Shops and Bars and restaurants		21		24		-9.8%
	Advertising		11		21		-45.6%
	Other products		18		15		+17.4%
	Car parks and access roads		60		64		-5.5%
	Industrial services revenue		95		76		+24.2%
	Rental income		90		88		+2.7%
	Other income		31		28		+9.9%

Over the first 9 months of 2021, revenue from the segment Retail and services, which includes only Parisian activities, was up by +4.9%, at 534 million euros.

Revenue from retail activities1 consists in rents received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising. Over the first 9 months of 2021, revenue from retail activities was slightly up by +2.0%, at 258 million euros.

As a reminder, this figure takes into account the full consolidation of Société de Distribution Aéroportuaire which revenue stood at 186 million euros, up by +5.7% compared to the first 9 months of 2020, and of Relay@ADP which revenue stood at 21 million euros, up by +22.7% compared to the first 9 months of 2020.

Over the	first 9 months of 2021, the Sales/Pax2	of airside shops stood	at 21.1 euros, up by +13.4% compared
to the first	9 months of 2020, despite the closure of	non-essential businesses	between March 20th and May 19th, 2021.

Over the same period, the Sales/Pax at terminal 2EK of Paris-Charles de Gaulle airport stood at 55.0 euros, up by +26.5% compared to the first 9 months of 2020, reassuring Groupe ADP in the effectiveness of its retail business model.

The revenue from car parks was down by -5.5%, at 60 million euros.

Revenue from industrial services (supply of electricity and water) was up by +24.2%, at 95 million euros.

Rental revenues (leasing of spaces within terminals) were up by +2.7%, at 90 million euros.

Other revenues (primarily constituted of internal services) were up by +9.9%, at 31 million euros.

Real estate - Parisian platforms

	(in millions of euros)			9M 2021			9M 2020		2021/2020
	Revenue			210			213		-1.2%
	External revenue			173			177		-1.9%
	Land			83			89		-6.8%
	Buildings			56			51		+9.6%
	Others			34			37		-6.0%
	Internal revenue			37			36		+2.3%
Over the first 9 months of 2021, real	estate revenue, which includes only Parisian	activities, was	nearly stable
at 210 million euros.

External revenue3 was slightly down by -1.9%, at 173 million euros.

1. See chapter 7 of the 2020 Universal Registration Document, filled on March 18th, 2021.
2. Sales in airside shops divided by the number of departing passengers (Sales/PAX) in Paris.
3. Generated with third parties (outside the group).

3

International and airport developments

(in millions of euros)	9M 2021	9M 2020	2021/2020
Revenue	488	334	+46.2%
ADP International	130	103	+25.7%
of which AIG	106	60	+75.3%
of which ADP Ingénierie	18	31	-42.8%
TAV Airports(1)	353	227	+55.2%
Société de Distribution Aéroportuaire Croatie	5	4	+29.0%

1. The accounts of the management company of Almaty airport have been integrated into TAV Airports' consolidated accounts from May 2021 onwards (on the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results, published on July 28th, 2021).

Over the first 9 months of 2021, revenue from International and airport developments stood at 488 million euros, up by +46.2% compared to the same period over 2020, mainly due to the increase in revenue from TAV Airports and AIG, despite the decrease in revenue from ADP Ingénierie by -42.8%, at 18 million euros.

AIG's revenue was up by +75.3%, at 106 million euros, due notably to the effect of the increase by +80.4% of the traffic recorded in Amman on the airport fees for +30 million euros, the commercial revenue for +10 million euros and rental income for +6 million euros.

TAV Airports' revenue was up by +55.2%, at 353 million euros, due to:

 the integration in the group's accounts of the management company of Almaty airport in Kazakhstan1 as of May 1st, 2021, for +57 million euros;

• the effect of the increase in traffic on the revenue from the assets operated by TAV Airports, notably TAV Georgia for +19 million euros, TAV Milas Bodrum for +9 million euros and TAV Ege for +8 million euros;
• the increase in revenue from Havas (a company specialized in ground handling), for +20 million euros, due to the rise in flights served, and BTA (a company specialized in bars and restaurants), for +6 million euros, due to the rise in frequentation.

Other activities

(in millions of euros)	9M 2021	9M 2020	2021/2020
Products	122	101	+20.8%
of which Hub One	114	98	+17.0%

Over the first 9 months of 2021, other activities segment products are up by +20.8% at 122 million euros. Hub One sees its revenue up by +17.0% at 114 million euros, due to the gain of new customers.

1 On the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results, published on July 28th, 2021.

4

Highlights of the period since the publication of the 2021 half-year results, on 28 July 2021

Change in passenger traffic over the first 9 months of 2021:

• Group traffic:

Information regarding the suspension of

Trafic(1)

2021/ 2020

Level

commercial flights and infrastructures

Status as of 30 September 2021

compared

(mPax)

change(1)

closures as of 30 September 2021

to 2019(1)

Paris-CDG:

Open terminals: 2A, 2B, 2D, 2E (halls K, L, M

for arrivals only), 2F.

Paris Aéroport

Terminal 3 closed since 23/03/2020,

Paris-CDG

&

Paris-Orly:

Open

to

26.3

-5.5%

31.8%

Terminal 1 closed since 30/03/2020,

domestic and international commercial

(CDG+ORY)

Terminal 2C closed since 01/12/2020,

flights.

Terminal 2G closed since 23/03/2021.

Paris-Orly: all sectors are open except

Orly 1B closed since 26/01/2021.

Zagreb

Border

closure

to

non-European

citizens

Open

to

domestic

and

international

0.9

+11.8%

33.4%

from 19/03/2020 to 11/05/2020.

commercial flights.

Jeddah-Hajj

Complete closure since 20/03/2020.

Terminal closed since 20/03/2020.

0.0

-

-

Suspension of domestic commercial flights

Amman

from 17/03/2020 to 06/06/2020.

Open

to

domestic

and

international

3.1

+80.4%

44.5%

Suspension

of

international

commercial

commercial flights.

flights from 17/03/2020 to 08/09/2020.

Mauritius

Suspension

of

international

commercial

Traffic restrictions. Border closure except

0.1

-90.5%

3.2%

flights from 19/03/2020 to 01/10/2020.

for repatriation flights since March 2021.

Conakry

Complete

closure

from

22/03/2020

to

Open

to

international

commercial

0.3

+99.9%

75.2%

17/07/2020.

flights.

Santiago de

Suspension

of

international

commercial

Open

to

domestic

and

international

flights from 17/03/20 to 01/10/20.

commercial flights,

with

circulation

5.9

-13.6%

31.7%

Chile

Border

closure

to

non-residents

since

05/04/2021.

restrictions.

Suspension of domestic commercial flights

from 20/03/2020 to 06/06/2020 and from the

Antananarivo: strong traffic restrictions.

end of March 2021 to the beginning of June

0.1

-45.5%

13.3%

Madagascar

2021.

Suspension

of

international

Nosy

Be:

airport

closed

since

commercial flights from 20/03/2020 to

29 March 2021.

01/10/2020

and

from

the

beginning

of April 2021.

New Delhi -

Suspension of domestic and international

Open to domestic and international

commercial

flights

from

22/03/2020

to

commercial

flights

(limited

to

the

23.4

+11.5%

46.9%

GMR Airports

25/05/2020.

countries

India has

signed

bilateral

agreements with).

Hyderabad -

Suspension of domestic and international

Open to domestic and international

commercial

flights

from

22/03/2020

to

commercial

flights

(limited

to

the

7.6

+14.5%

46.8%

GMR Airports

25/05/2020.

countries

India has

signed

bilateral

agreements with).

Cebu -

Continuation of domestic and international

Open

to

domestic

and

international

0.8

-70.8%

8.0%

commercial

flights

(albeit

with

travel

commercial flights,

with restrictions

on

GMR Airports

restrictions).

traffic.

Suspension of domestic commercial flights

Almaty -

from the end of March to the end of April

Open

to

domestic

and

international

2.8

+117.4%

88.8%

TAV Airports

2020.

Resumption

of

international

commercial flights.

commercial flights since June 2020.

Antalya -

Suspension

of

international

commercial

Open

to

domestic

and

international

16.3

+129.7%

55.5%

TAV Airports

flights from 27/03/2020 to July 2020.

commercial flights.

Ankara

Suspension

of

international

commercial

Open to domestic and international

5.0

+22.5%

47.2%

Esenboga -

commercial flights.

TAV Airports

flights from 27/03/2020 to July 2020.

Izmir -

Suspension

of

international

commercial

Open

to

domestic

and

international

5.4

+28.2%

57.1%

TAV Airports

flights from 27/03/2020 to July 2020.

commercial flights.

Other platforms

Open

to

domestic

and

international

7.8

+38.6%

35.1%

-

commercial flights,

with

circulation

- TAV Airports(2)

restrictions.

GROUP TOTAL(1)

-

-

104.9

+14.5%

39.1%

1. Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport since January 1st, 2019. It includes the traffic of Almaty International Airport since May 1st, 2019, 2020 and 2021.
2. Turkey (Milas-Bodrum & Gazipaşa), Croatia (Zagreb), Saudi Arabia (Medinah), Tunisia (Monastir & Enfidha), Georgia (Tbilisi & Batumi), and North Macedonia (Skopje & Ohrid).

5