Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Groupe ADP — Investor Day (December 2025)
55 slides from Aeroports De Paris's investor day presentation, Dec 11, 2025
Slide 1: 2027-2034 Economic Regulation Agreement Proposal
2027-2034 Economic Regulation Agreement Proposal: a proposal to successfully transform Paris airports and enhance their competitiveness Investor Teach-In 11 December 2025 INVESTOR TEACH-IN GROUPE ADP 1
Slide 2: Agenda and speakers
Agenda and speakers 8:30 a.m. 11:00 11:30 a.m. 1 p.m. Main session a.m. Thematic Cocktail presentation Break workshops reception Objectives and proposal Workshop #1 - 11:30 a.m. Philippe Pascal Operational performance levers Chairman and Chief Executive Officer Régis Lacote Executive Vice-President
Slide 3: Objectives and Proposal
01 OBJECTIVES AND PROPOSAL Philippe PASCAL, Chairman and Chief Executive Officer INVESTOR TEACH-IN – GROUPE ADP 3 3
Slide 4: A new cycle for the airport industry
A new cycle for the airport industry 1 2 3 4 Environmental Competitiveness Traffic Real estate regulation transition and modernisation Growing competition More moderate and A key priority and increased taxation structurally reshaped Necessary updates and a collective and construction costs growth an
Slide 5: Key assets for creating sustainable value
Key assets for creating sustainable value Groupe ADP is: A world An airport system A pioneer A powerful A robust business model leader in the Paris region with in decarbonising hospitality brand based on a hybrid till in airport operations unique potential air transport and operational expertise INV
Slide 6: Our vision
OUR VISION Positionning Groupe ADP at the forefront of a socially acceptable, high-performing and differentiating airport model INVESTOR TEACH-IN – GROUPE ADP 6
Slide 7: Boosting the performance of airlines and Groupe ADP through investment
Boosting the performance of airlines and Groupe ADP through investment Reinforcing Developing Improving Accelerating operational airport capacity service quality the energy transition competitiveness in a targeted way and intermodality Gains for airlines: Increasing airport capacity Achieving the hi
Slide 8: A streamlined development model designed for success
A streamlined development model designed for success in a challenging environment Modularity A series of medium-sized projects to fit in with existing Efficiency Choosing a more structures demanding project, Priority given to optimisation requiring operational interface and densification before mana
Slide 9: An industrial choice justified by an exceptional public consultation
An industrial choice justified by an exceptional public consultation PARIS-ORLY 2035 26 February to 26 May 2024 8 April to 8 July 2025 more than more than more than more than more than more than 6,000 100 20 17,000 800 50 people made municipalities consultations people made municipalities consultati
Slide 10: A multi-year regulation framework
A multi-year regulation framework, essential for executing the industrial project Setting a clear course Guaranteeing long-term that is consistent with visibility and stability our industrial vision and objectives for 2050 Aligning investment, operating performance and airport charges INVESTOR TEACH
Slide 11: An eight-year agreement to execute and deliver the 2027-2034 industrial project
An eight-year agreement to execute and deliver the 2027-2034 industrial project A time span consistent with a progressive approach to the industrial project designed around 3 phases: Content of the agreement Investment commitment supported by a controlled fee trajectory 2032-2034 Developing Performa
Slide 12: A fair return on regulated investments
A fair return on regulated investments Convergence of the regulated ROCE with the regulated WACC at 5.9% on average over the term of the agreement (2027-2034), in line with French law INVESTOR TEACH-IN – GROUPE ADP 12
Slide 13: A proposal providing a framework for stability and sustainable performance
A proposal providing a framework for stability and sustainable performance A moderate A progressive, tailored A long-term traffic growth investment plan modular project TRAFFIC GROWTH REGULATED INVESTMENTS DURATION +1.6% €8.4 billion1 8 years 2026-2034 CAGR Measures to A coherent and proportional Ba
Slide 14: A proposal that reinforces Groupe ADP's business model
A proposal that reinforces Groupe ADP’s business model A stronger, more secure regulated Greater financial discipline business model Hybrid till, guaranteeing Cost control within the regulated scope the resilience of the regulated model and savings plans Asset and expense allocation keys Sequenced,
Slide 15: A solid balance sheet and continued capacity to invest and distribute
A solid balance sheet and continued capacity to invest and distribute CAPACITY CAPACITY CAPACITY TO INVEST TO DISTRIBUTE TO MAINTAIN in unregulated a dividend of 60% of an unchanged growth drivers attributable net income, credit rating1 with a floor of €3 per share CONFIRMED 1. Except new, unregulat
Slide 16: An industrial project to match our collective ambition
02 AN INDUSTRIAL PROJECT TO MATCH OUR COLLECTIVE AMBITION Justine COUTARD, Deputy Chief Executive Officer INVESTOR TEACH-IN – GROUPE ADP 16 16
Slide 17: An optimised and coordinated development project
An optimised and coordinated development project, calibrated to reduce risks in a more restricted environment A phased development project An unprecedented consultation An efficient and more responsible that maximises efficiency to ensure the acceptability development model before continuing expansi
Slide 18: Increasing capacity through a gradual approach to development
Increasing capacity through a gradual approach to development 2027-2030 2030-2032 2032-2034 STREAMLINING AND IMPROVING THE FLOW DENSIFYING AND OPTIMISING CREATING NEW INFRASTRUCTURE PASSENGER JOURNEYS EXISTING INFRASTRUCTURE AND DEVELOPING INTERMODALITY Solve border control waiting times Densify ter
Slide 19: Film
FILM INVESTOR TEACH-IN – GROUPE ADP 19
Slide 20: A first phase dedicated to improving the flow and streamlining passenger journeys
A first phase dedicated to improving the flow and streamlining passenger journeys -REGU ON TED ⚫ N LA TED ⚫ N LA ON -REGU Streamlining Improving Improving the border control the customer experience the customer journey process at security checkpoints and experience Reduce waiting times by densifying
Slide 21: Paris-Charles de Gaulle: new border control area
I Paris-Charles de Gaulle Terminal 1 – New border control area under the Alpha taxiway IMPROVING PASSENGER FLOWS Creation of a new departures and arrivals border crossing under an aircraft taxiway Double the surface area dedicated to border controls (5,400 sq.m. vs. 2,300 sq.m.) Double the number of
Slide 22: Paris-Charles de Gaulle: Terminal 2E new arrivals border
I Paris-Charles de Gaulle Terminal 2E – New arrivals border IMPROVING PASSENGER FLOWS Construction of a new 18,500 sq.m building to the east of the central corridor of Terminal 2E Creation of a new arrivals border crossing (1.7x the surface area of the current border crossing) Increase in the number
Slide 23: A second phase for densifying and optimising existing infrastructure
A second phase for densifying and optimising existing infrastructure Improve Densifying Optimising baggage handling terminal capacity airside capacity performance Strengthen existing landside capacities: Optimise and increase the number Increase baggage storage capacity check-in, security checkpoint
Slide 24: Paris-Charles de Gaulle: new eastern satellite phase 1
I Paris-Charles de Gaulle Terminal 2E – New eastern satellite – Phase 1 – Bringing the “AGEN” areas into contact DENSIFYING AND OPTIMISING Construction of a new 28,000 sq.m. international satellite to the east of the airport Bringing the satellite into contact via the LISA automatic shuttle extensio
Slide 25: Paris-Charles de Gaulle: extension of the Hotel areas
I Paris-Charles de Gaulle Remote capacity – Extension of the Hotel areas DENSIFYING AND OPTIMISING Extension of the Hotel areas to the north of the airport Additional capacity of 10 remote wide-body aircraft stands Absorb traffic growth in the medium term while contact capacity is being increased Po
Slide 26: Paris-Charles de Gaulle: terminal densification and extension
I Paris-Charles de Gaulle Terminal 3 – Densification and extension DENSIFYING AND OPTIMISING Creation of a modular, reusable dual-status boarding pier Extension of the “Quebec” areas to the north Densification of the existing terminal to align terminal resources Walking contact for 6 existing aircra
Slide 27: Paris-Orly: new processor in 1A/1B
I Paris-Orly Orly 1 – New processor in 1A/1B DENSIFYING AND OPTIMISING Construction of a new 10,000 sq.m building between Halls 1A and 1B Creation of a new shared security control area with cutting- edge security checkpoints Expansion of 1A and 1B boarding lounges to take advantage of the space free
Slide 28: A third phase for creating new infrastructure and developing intermodality
A third phase for creating new infrastructure and developing intermodality Increasing Transforming Developing the number of aircraft contact connecting intermodality stands available journeys Create new infrastructure offering Improve hub connectivity performance by Encourage a modal shift to lower-
Slide 29: Paris-Charles de Gaulle: new eastern satellite phase 2
I Paris-Charles de Gaulle Terminal 2E - New eastern satellite - Phase 2 - Creation of an international satellite DEVELOPING Construction of a new international satellite on the current site of Terminal 2G to the east of the airport Additional capacity of 9 wide-body aircraft stands Satellite linked
Slide 30: Paris-Charles de Gaulle: new intermodal hall
I Paris-Charles de Gaulle New intermodal hall DEVELOPING Construction of a new building between the CDG2 train station and Terminal 2E A building constructed to extend the Terminal 2E public area, incorporating air terminal capacity to accompany the entry into service of the new satellite to the eas
Slide 31: Paris-Charles de Gaulle: new connecting train
I Paris-Charles de Gaulle New connecting train DEVELOPING Creation of a connecting train linking the hub’s boarding halls, starting from a station shared by Terminal 2E and Terminal 2F and ending at the new boarding satellite to the east of the airport Project to improve connecting performance and t
Slide 32: Paris-Orly: Orly 2-3 new satellite to the west
I Paris-Orly Orly 2-3 - New satellite to the west DEVELOPING Creation of a new boarding satellite to the west of the airport Construction of a skybridge above the taxiways connecting the satellite to Orly 2 and Orly 3 Contact stands for 8 aircraft positions Delivery in 2034 INVESTOR TEACH-IN – GROUP
Slide 33: Paris-Orly: Landside Orly
I Paris-Orly “Landside Orly” – Overhaul of the access model and development of intermodality DEVELOPING Construction of two welcome areas to the north and south of the airport to streamline remote car parking facilities Construction of an internal guideway transport system to connect the various are
Slide 34: A 2027-2034 ERA for a sustainable and balanced model that creates value for all
A 2027-2034 ERA for a sustainable and balanced model that creates value for all stakeholders For the hub and For passengers: For local regions: the airlines: continuous improvement a lever for economic development enhanced competitiveness in service quality Providing visibility on the industrial pro
Slide 35: A balanced economic proposal
03 A BALANCED ECONOMIC PROPOSAL Christelle de ROBILLARD, Executive Vice-President, Finance, Strategy and Development INVESTOR TEACH-IN – GROUPE ADP 35 35
Slide 36: A balanced economic proposal aimed at ensuring a fair return on capital employed
A balanced economic proposal aimed at ensuring a fair return on capital employed Average convergence Regulated for the regulated ROCE 6.1% 6.1% 6.2% WACC 6.0% 6.0% 5.9% and regulated WACC 5.9% of Average ROCE 5.9% 5.0% 5.5% 5.9% Regulated over the duration ROCE of the 2027-2034 Economic Regulation A
Slide 37: A proposal providing a framework for stability and sustainable performance
A proposal providing a framework for stability and sustainable performance A moderate A progressive, tailored A long-term traffic growth investment plan modular project TRAFFIC GROWTH REGULATED INVESTMENTS DURATION +1.6% €8.4 billion1 8 years 2026-2034 CAGR Measures to A coherent and proportional Ba
Slide 38: Moderate long-term traffic growth
Moderate long-term traffic growth Long-term passenger traffic growth of around 1% to 1.5% per year by 2050. This trajectory is consistent with the sector’s decarbonisation objectives, the regulatory changes underway and the economic growth of the markets served by Paris airports. Traffic growth in P
Slide 39: A more value-creating traffic mix
A more value-creating traffic mix Domestic Schengen International Differentiated 2026-2034 traffic growth -1.5% +1.2% +2.7% CAGR CAGR CAGR International share of traffic up 5 points vs. 2019 Growth in the international share (incl. French overseas territories) of passenger traffic in Paris +5pts 55%
Slide 40: A regulated €8.4 billion investment programme
A regulated €8.4 billion1 investment programme, planned in phases and enhancing value Breakdown of 2027-2034 2027-2034 investment phases: €1,055 million on average per year investments (€m1) Streamlining and improving Densifying and optimising Creating new infrastructure ◼ passenger journeys existin
Slide 41: A progressive increase in capacity, based on targeted investment
A progressive increase in capacity, based on targeted investment Breakdown of 2027-2034 Expected change in capacity at Paris-CDG investments (€m1) (mPax) 5 90 4 6 76 2 1 -4 ◼ Paris-CDG 6 201 Total 2025 capacity 1 T1 T2A, 2C T3 T2G Shengen T2E, 2F, 2G (Phase 1 T2E, 2F, 2G (Phase 3) 2034 capacity 8 43
Slide 42: Controlling regulated operating expenses
Controlling regulated operating expenses Expected change in regulated expenses Main levers for savings Optimising purchasing during contract renewals CAGR 2026 - 2034 Optimising infrastructure €130 million in cost savings CPI1 operations and maintenance by 2034 Trend +2.4pts Increased performance in
Slide 43: A regulated WACC of 5.9%, in line with ART methodology
A regulated WACC of 5.9%, in line with ART methodology Quantitative criteria Qualitative criteria justifying a regulated WACC at the top end of the range Regulated WACC range Regulated WACC Main factor retained An 8-year ERA calculated using quantitative parameters in line with ART guidelines 5.9% S
Slide 44: A fee trajectory in line with the investment plan
A fee trajectory in line with the investment plan Proposed average change in Proposed 2027-2034 airport charges trajectory (according to the annual airport charges cap, excluding the effect CPI1 +2.6pts of adjustment factors) +/- adjustment factors +2pts +2pts +2pts Key: +2pts +2pts Visibility for u
Slide 45: A history of attractive and visible fees
A history of attractive and visible fees Controlled and foreseeable airport charges increases Competitive airport charges increases in airport charges for European airports Airport charges positioning of European airports (Base 100 in 2009) (Base ADP 100 in 2009) 240 240 220 220 200 200 180 180 160
Slide 46: An incentive-based fee structure in line with our strategic priorities
An incentive-based fee structure in line with our strategic priorities Maintaining the price Optimising the use Reducing the environmental competitiveness of our airports of our infrastructure impact of our business and and modernising the fee structure encouraging territorial cohesion Passenger fee
Slide 47: Complementary and progressive measures to preserve value and contain risk
Complementary and progressive measures to preserve value and contain risk Adjustment factors Review Termination Automatic adjustment of airport Renegotiation of the agreement Early termination as a last resort charges cap for unforeseen when discrepancies are significant if the review fails or in th
Slide 48: Adjustment factors to promote a balanced regulated performance
Adjustment factors to promote a balanced regulated performance Traffic Investments Service quality Changes in standards Adjusting airport charges Overseeing Measuring Compensating according to the volume the proper execution operational performance for impactful regulatory and nature of traffic of t
Slide 49: A proposal that balances performance, responsibility and competitiveness
A proposal that balances performance, responsibility and competitiveness Proposal subject to stakeholder consultation throughout the process Balanced framework Alignment for a secure financial of financial trajectory trajectory with investment and service quality commitments A FOUNDATION FOR LONG-TE
Slide 50: Conclusion
04 CONCLUSION INVESTOR TEACH-IN – GROUPE ADP 50 50
Slide 51: Process for drawing up the Economic Regulation Agreement
Process for drawing up the Economic Regulation Agreement PROVISIONAL TIMELINE Signature of the ERA By Groupe ADP and the French Minister in charge of civil aviation January April During 2026 September November 2027 2026 START OF ERA User ART ERA User ART consultation Simple opinion negotiations with
Slide 52: 2026, the initial transformation of Paris airports
2026, the initial transformation of Paris airports Simplifying the passenger experience Paris-Charles de Gaulle: Renaming and wayfinding overhaul Terminals will now be Boarding gates will be identified by a unique identified by letters number only, and no longer by a number and/or letter The parking
Slide 53: The ERA, the first step in Groupe ADP's new strategic cycle
The ERA, the first step in Groupe ADP’s new strategic cycle 2026, a year dedicated to preparing the 2027-2030 strategic plan Negotiation of the Review of non-regulated Economic Regulation activities and assets: Agreement clarifying our priorities, growth drivers and portfolio Corporate culture: Soci
Slide 54: Q&A
05 Q&A INVESTOR TEACH-IN – GROUPE ADP 54 54
Slide 55: Forward looking statements
Forward looking statements This document does not constitute an offer to purchase financial securities within the United States or in any other country. Forward-looking disclosures (including, if so, forecasts and objectives) are included in this document. These forward-looking disclosures are based