Aéroports de Paris SA - 2022 and 2023 traffic outlook confirmed

FINANCIAL RELEASE

October 3rd, 2022 – 7:30am (CET)

Aéroports de Paris SA
2022 AND 2023 TRAFFIC OUTLOOK IN PARIS CONFIRMED

In view of the questions that have arisen on the subject of traffic outlook in Paris for 2022 and 2023, Groupe ADP wishes to confirm the assumptions made and published on July 18^th1:

• 2022 traffic for Paris Aéroport between 72% and 82% of 2019 level (and between 74% and 84% for the Group);
• 2023 traffic for Paris Aéroport between 85% and 95% of 2019 level.

Groupe ADP expects the good traffic dynamics recorded since the beginning of the year to be maintained in the second half of 2022 and in 2023, driven both by the gradual recovery of traffic with Asia and by the realisation of trips, hampered for two years due to COVID crisis. Groupe ADP remains confident about these prospects in view of the current flight schedule communicated by the airlines.

The assumptions and guidance for 2022 to 2025², set out in appendix, are therefore unchanged.

Augustin de Romanet, Chairman and CEO of Groupe ADP, commented:
"Groupe ADP recorded very good levels of traffic this summer, both in Paris and in the rest of the world, and this dynamic has been confirmed in the recent weeks as well. I would like to thank the Groupe ADP's teams and the entire airport community, whose full mobilisation made it possible to welcome all these passengers. In an uncertain macro-economic context, the Group anticipates that traffic in the coming months will be driven primarily by the gradual return of travellers to and from Asia, but also by the realisation of trips, which were largely hampered for two years by health restrictions. The Group therefore remains confident and confirms its assumptions of traffic in Paris between 72% and 82% of the 2019 level for 2022 and between 85% and 95% for 2023."

Investor Relations contacts: Cécile Combeau, Eliott Roch - +33 1 74 25 31 33
Press contact: Justine Léger, Head of Medias and Reputation Department - + 33 1 74 25 23 23

Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2021, the group handled through its brand Paris Aéroport more than 41.9 million passengers and 2.1 million metric tons of freight and mail at Paris-Charles de Gaulle and Paris-Orly, and more than 118.1 million passengers in airports abroad. Boasting an exceptional geographic location and a major catchment area, the group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading quality of services; the group also intends to develop its retail and real estate businesses. In 2021, group revenue stood at €2,777 million and net income at -€248 million
Registered office: 1, rue de France, 93290 Tremblay-en-France. Aéroports de Paris is a public limited company (Société Anonyme) with share capital of €296,881,806. Registered in the Bobigny Trade and Company Register under no. 552 016 628.

groupeadp.fr

Appendix - Traffic assumptions, forecasts and targets 2022-2025

Traffic assumptions, forecasts and targets 2022-2025

These forecasts are based on the assumption of no new restrictions or airport closures due to the health crisis, of a stable business model in Paris, and of no abnormally high volatility in exchange rates and inflation rates. Any negative change in relation to these assumptions could have an adverse effect on traffic volumes and the 2025 financial indicators. They are also based on the consolidation scope at the end of 2021, with no assumption of developments up to 2025.

	20223	2023	2024	2025
Group4 traffic In % of 2019 traffic	74% -84%	Return to the 2019 traffic level between 2023 and 2024		-
Traffic at Paris Aéroport In % of 2019 traffic	72% -82%	85% -95%	90% -100%	95% -105%
	Return to the 2019 traffic level between 2024 and 2026, More than 100% as of 2026
Extime Sales / Pax in Paris5 in euros	-	-	-	€27.5
ADP SA operating expenses per passenger, in €	-	-	16€ -18€ / pax
Group EBITDA growth Compared to 2019	-	-	Return to the 2019 level, EBITDA above or equal to €1,772M	-
Group EBITDA margin In % of revenue	Between 32% and 37%		Between 35% and 40%
Net income, attributable to the Group in millions of euros	Positive
Group investments (excl. financial investments)	1 billion euros per year on average between 2022 and 2025 at Group level (ADP SA and subsidiaries) in constant euros
ADP SA investments (excl. financial investments, regulated, non-regulated)	€550M – €600M	€750M – €800M	€650M – €750M	€800M – €900M
Net Financial Debt/ EBITDA ratio	5.5x – 6.5x	-	-	4.5x – 5x
Dividends due for the year N-1 In % of the NRAG	-	60% pay out rate Minimum of €1 per share	60% pay out rate Minimum of €3 per share

Financial calendar

• Next traffic figures publication: Monday, October 17, 2022 - September 2022 traffic
• Next results publication: Thursday, October 27, 2022 - Revenue for the first nine months of 2022

Disclaimer

This presentation 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 press release. These forward-looking disclosures are based on data, assumptions and estimates deemed reasonable at the diffusion date of the present document but could be unprecise and are, either way, subject to risks. There are uncertainties about the realization of predicted events and the achievements of forecasted results. Detailed information about these potential risks and uncertainties that might trigger differences between considered results and obtained results are available in the registration document filed with the French financial markets authority on 14 April 2022 under D.22-0299, and the amendment filed with the AMF on July 1, 2022 under number 22-0299-A01. These documents are retrievable online on the AMF website www.amf-france.org or Aéroports de Paris website www.parisaeroports.fr.
Aéroports de Paris does not commit and shall not update forecasted information contained in the document to reflect facts and posterior circumstances to the presentation date.

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1 Press release dated July 18 2022: June 2022 traffic figures and upward revision of traffic assumptions
2 Press release date July 28, 2022: Half-Year 2022 results (Traffic assumptions, forecasts and targets 2022-2025, page 14)

³ The 2022 financial forecasts are based on the following exchange rate assumptions: EUR/USD = 1.09, EUR/TRY = 17.03, EUR/JOD = 0.77 and EUR/INR = 83.65
⁴ Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL), Mactan-Cebu International Airport and Almaty International Airport traffic as of January 1st, 2019.
⁵ Extime Sales/Pax: Sales per passenger in the airside activities: shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.

 

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• Aéroports de Paris SA - 2022 and 2023 traffic outlook at Paris confirmed