| INTEGRATED REPORT | 2 |
| Profil of Groupe ADP | 4 |
| Presentation of Groupe ADP | 12 |
| Writing the future of the airport | 14 |
| Governance | 34 |
| Risk management and control | 40 |
| Sharing with our stakeholders | 42 |
| Financial and non-financial performance | 44 |
| 1. PRESENTATION OF THE GROUP | 48 |
| 1 .1 GROUP ACTIVITIES | 50 |
| 1.1.1 GENERAL PRESENTATION | 50 |
| 1.1.2 AVIATION ACTIVITIES - PARIS REGION AIRPORTS | 54 |
| 1.1.3 RETAIL AND SERVICES - PARIS REGION PLATFORMS | 59 |
| 1.1.4 REAL ESTATE - PARIS REGION PLATFORMS | 68 |
| 1.1.5 INTERNATIONAL AND AIRPORT DEVELOPMENT | 74 |
| 1.1.6 OTHER ACTIVITIES | 87 |
| 1.2 MAIN PLATFORMS | 88 |
| 1.2.1 OVERVIEW | 88 |
| 1.2.2 PARIS CHARLES DE GAULLE | 90 |
| 1.2.3 PARIS-ORLY | 95 |
| 1.2.4 PARIS-LE BOURGET | 99 |
| 1.2.5 ANKARA | 102 |
| 1.2.6 IZMIR | 104 |
| 1.2.7 ANTALYA | 106 |
| 1.2.8 DELHI | 108 |
| 1.2.9 HYDERABAD | 110 |
| 1.2.10 SANTIAGO DU CHILI | 112 |
| 1.2.11 AMMAN | 114 |
| 1.3 COMPETITIVE POSITION | 117 |
| AVIATION | 117 |
| CARGO ACTIVITIES | 117 |
| COMMERCIAL AND SERVICE ACTIVITIES OF THE PARIS REGION’S AIRPORTS | 117 |
| REAL ESTATE ACTIVITIES IN ÎLE-DE-FRANCE | 118 |
| HUB ONE ACTIVITIES | 118 |
| INTERNATIONAL ACTIVITIES | 118 |
| 1.4 REGULATORY ENVIRONMENT | 119 |
| CHICAGO CONVENTION | 119 |
| EUROPEAN COMMUNITY REGULATIONS | 119 |
| NATIONAL LEGISLATION | 119 |
| AIRPORT FEE REGULATIONS | 119 |
| OPENING OF AIRFIELDS TO PUBLIC AIR TRAFFIC | 120 |
| WORKS ON AIRFIELDS | 120 |
| OWNERSHIP OF AÉROPORTS DE PARIS ASSETS | 120 |
| AIRPORT SAFETY LEGISLATION | 121 |
| ALLOCATION OF TAKE-OFF AND LANDING SLOTS | 121 |
| AÉROPORTS DE PARIS SPECIFICATIONS | 122 |
| OTHER REGULATIONS SPECIFICALLY APPLICABLE TO AIRPORT ACTIVITIES | 123 |
| 2. RISK AND MANAGEMENT | 124 |
| 2.1 RISK FACTORS | 126 |
| 2.1.1 INTRODUCTION | 126 |
| 2.1.2 RISKS FOR THE BUSINESS MODEL | 127 |
| 2.1.3 RISKS RELATED TO EXTERNAL THREATS | 129 |
| 2.1.4 RISKS RELATED TO THE MAINTENANCE AND ROBUSTNESS OF AIRPORT CAPACITIES | 130 |
| 2. 1.5 RISK RELATED TO THE GROUP’S PLATFORM DEVELOPMENT PROJECTS | 131 |
| 2.1.6 RISKS RELATED TO COMPLIANCE | 131 |
| 2.2 RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM | 133 |
| 2.2.1 GENERAL PRESENTATION | 133 |
| 2.2.2 DESCRIPTION OF THE SYSTEM | 134 |
| 2.2.3 GROUP’S GENERAL INSURANCE POLICY | 137 |
| 2.3 LEGAL AND ARBITRATION PROCEEDINGS | 138 |
| ADP INTERNATIONAL INITIATES ARBITRATION PROCEEDINGS AGAINST THE REPUBLIC OF CHILE | 138 |
| REGISTERED OFFICE | 138 |
| 3. CORPORATE GOVERNANCE | 140 |
| 3.1 GOVERNANCE PRESENTATION | 142 |
| 3.1.1 GOVERNANCE SYSTEM | 142 |
| 3.1.2 CORPORATE GOVERNANCE CODE | 143 |
| 3.2 ADMINISTRATIVE AND MANAGEMENT BODIES | 144 |
| 3.2.1 THE BOARD OF DIRECTORS | 144 |
| 3.2.2 EXECUTIVE MANAGEMENT | 161 |
| 3.2.3 EXECUTIVE COMMITTEE | 162 |
| 3.2.4 THE DEVELOPMENT AND PERFORMANCE COMMITTEE | 165 |
| 3.3 PREPARATION AND ORGANIZATION OF THE WORK OF THE BOARD OF DIRECTORS | 166 |
| 3.3.1 OPERATION | 166 |
| 3.3.2 MISSION AND ACTIVITY | 168 |
| 3.4 THE BOARD OF DIRECTORS' COMMITEES | 172 |
| 3.4.1 OPERATION OF THE BOARD OF DIRECTORS’ COMMITTEES | 172 |
| 3.4.2 AUDIT AND RISK COMITEE | 172 |
| 3.4.3 STRATEGY AND INVESTMENT COMMITEE | 173 |
| 3.4.4 COMPENSATION, APPOINTMENTS AND CORPORATE GOVERNANCE COMITEE | 174 |
| 3.4.5 THE CORPORATE SOCIAL RESPONSIBILITY COMMITTEE | 175 |
| 3.5 COMPENSATION | 176 |
| 3.5.1 COMPENSATION POLICY FOR 2022 OF THE EXECUTIVE CORPORATE OFFICER REFERRED TO IN ARTICLE L. 22-10-8 OF THE FRENCH COMMERCIAL CODE | 176 |
| 3.5.2 COMPENSATION POLICY FOR NON-EXECUTIVE CORPORATE OFFICERS REFERRED TO IN ARTICLE L. 22-10-8 OF THE FRENCH COMMERCIAL CODE | 178 |
| 3.5.3 AMOUNT OF THE COMPENSATION PAYABLE AND PAID TO CORPORATE OFFICERS DURING THE 2021 FINANCIAL YEAR: INFORMATION REFERRED TO IN ARTICLE L. 22-10-9 OF THE FRENCH COMMERCIAL CODE | 178 |
| 3.5.4 COMPANY SHARES HELD BY DIRECTORS AND NON-VOTING MEMBERS | 182 |
| 3.5.5 COMPENSATION OF EXECUTIVE COMMITTEE MEMBERS | 182 |
| 4. SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY INFORMATION | 184 |
| 4.1 CORPORATE SOCIAL RESPONSIBILITY (CSR) CHALLENGES AT THE HEART OF AÉROPORTS DE PARIS’ CORPORATE PROJECT | 186 |
| 4.1.1 THE GROUP’S CSR VISION | 186 |
| 4.1.2 MATERIALITY ANALYSIS | 186 |
| EXTRA-FINANCIAL RISK ANALYSIS | 187 |
| 4.1.3 ORGANISATION AND IMPLEMENTATION OF THE CSR POLICY | 190 |
| 4.2 PROVIDING THE GROUP AND ITS EMPLOYEES WITH THE MEANS TO CARRY OUT THE TRANSFORMATIONS NECESSARY FOR ITS SUSTAINABILITY, ATTRACTIVENESS AND SOCIAL RESPONSIBILITY | 193 |
| HR POLICY AND CHALLENGES, RISK ANALYSIS | 193 |
| 4.3 IMPROVING OUR ENVIRONMENTAL PERFORMANCE | 206 |
| 4.3.1 ENVIRONMENTAL POLICY | 206 |
| 4.3.2 REDUCING OUR CLIMATE FOOTPRINT | 208 |
| 4.3.3 ENVIRONMENTAL INDICATORS FOR THE GROUP | 216 |
| 4.4 TAXONOMY | 218 |
| OBLIGATIONS AND METHODOLOGY OF THE TAXONOMY REGULATION | 218 |
| ANALYSIS OF GROUPE ADP’S ACTIVITIES FOR 2022 REPORTING ON THE 2021 FINANCIAL YEAR | 219 |
| 4.5 INVOLVING LOCAL REGIONS IN DIALOGUE AND CONSTRUCTION PLAN | 224 |
| 4.6 OPERATING IN AN EXEMPLARY MANNER | 228 |
| 4.7 METHODOLOGICAL NOTE ON SOCIAL, SOCIETAL AND ENVIRONMENTAL REPORTING | 243 |
| SOCIAL REPORTING | 243 |
| ENVIRONMENTAL AND SOCIETAL AREA | 243 |
| RELEVANCE AND CHOICE OF INDICATORS, CHANGE IN SCOPE | 244 |
| EXCLUSIONS, METHODOLOGICAL LIMITATIONS AND SPECIFICITIES | 244 |
| CONSOLIDATION AND INTERNAL CONTROL | 245 |
| EXTERNAL CONTROLS | 245 |
| 4.8 2022-2025 CSR STRATEGY | 246 |
| 4.9 CROSS-REFERENCE TABLE | 247 |
| CORRELATION OF THE EXTRA-FINANCIAL PERFORMANCE STATEMENT AND THE PROVISIONS OF ARTICLES L. 225 102/R. 225-105 OF THE FRENCH COMMERCIAL CODE WHICH REGULATE THE CONTENT OF THE MANAGEMENT REPORT IN TERMS OF CSR | 247 |
| 4.10 REPORT OF THE INDEPENDENT THIRD PARTY ON THE VERIFICATION OF THE CONSOLIDATED STATEMENT OF EXTRA-FINANCIAL PERFORMANCE | 248 |
| 5. BUSINESS OVERVIEW FOR THE YEAR 2021 AND FORWARD-LOOKING INFORMATION | 252 |
| 5.1 SIGNIFICANT EVENTS | 254 |
| 5.1.1 IMPACT OF THE COVID-19 PANDEMIC | 254 |
| 5.1.2 APPROVAL OF THE 2021 AIRPORT FEES OF AÉROPORTS DE PARIS BY THE TRANSPORT REGULATION AUTHORITY | 255 |
| 5.1.3 GROUPE ADP ENGAGES IN A TRANSFORMATION PROJECT FOR THE PARIS-CHARLES DE GAULLE PLATFORM TO PROMOTE ECOLOGICAL TRANSITION | 256 |
| 5.1.4 ABANDONMENT OF THE PROCEEDING TO ANNUL THE NOTICE ISSUED BY THE TRANSPORTS REGULATION AUTHORITY (ART) ON 27 FEBRUARY 2020 | 256 |
| 5.1.5 GROUPE ADP ANNOUNCES THE COMPLETION BY TAV AIRPORTS OF THE ACQUISITION OF THE MANAGEMENT COMPANY OF ALMATY INTERNATIONAL AIRPORT IN KAZAKHSTAN | 256 |
| 5.1.6 TAV AIRPORTS GROUP SUCCESSFUL IN THE RENEWAL OF THE ANTALYA AIRPORT CONCESSION FOLLOWING A COMPETITIVE BIDDING PROCESS | 257 |
| 5.1.7 THE END OF THE HUBLINK INDUSTRIAL COOPERATION MARKS THE BEGINNING OF THE PROCESS OF THE ORDERLY DISPOSAL OF THE 8 % CROSS-SHAREHOLDINGS HELD BY AÉROPORTS DE PARIS AND ROYAL SCHIPHOL GROUP RESPECTIVELY | 257 |
| 5.2 ANALYSIS OF THE 2021 CONSOLIDATED RESULTS | 259 |
| 5.2.1 2021 CONSOLIDATED ACCOUNTS | 259 |
| 5.2.2 ANALYSIS BY SEGMENT | 262 |
| 5.2.3 FINANCIAL STRUCTURE | 266 |
| 5.3 INVESTMENTS | 269 |
| 5.3.1 INVESTMENTS DURING THE PERIODS COVERED BY THE FINANCIAL INFORMATION PRESENTED | 269 |
| 5.3.2 ONGOING INVESTMENTS | 271 |
| 5.3.3 AÉROPORTS DE PARIS’ PROJECTED INVESTMENT PROGRAMME IN 2022-2025, EXCLUDING FINANCIAL INVESTMENTS | 271 |
| 5.3.4 INVESTMENTS IN JOINT VENTURES OR IN SIGNIFICANT HOLDINGS | 271 |
| 5.3.5 ENVIRONMENTAL IMPACT OF INVESTMENTS MADE AND IN PROGRESS | 271 |
| 5.4 REMINDER OF THE 2021 FORECASTS | 273 |
| REMINDER OF THE 2021 FORECASTS | 273 |
| 5.5 EVENTS SINCE 31 DECEMBER 2021 | 274 |
| ADP INTERNATIONAL SIGNS A SETTLEMENT AGREEMENT WITH IFC UNDER WHICH IT IS DEBARRED FOR 12 MONTHS FROM CALLS FOR TENDERS FOR PROJECTS FINANCED BY THE WORLD BANK GROUP | 274 |
| APPROVAL OF THE 2022 TARIFFS FOR AÉROPORTS DE PARIS BY THE INDEPENDENT SUPERVISORY AUTHORITY FOR AIRPORT CHARGES | 274 |
| ADOPTION OF THE “2025 PIONEERS” STRATEGIC ROADMAP BY THE BOARD OF DIRECTORS ON 16 FEBRUARY 2022 | 274 |
| DIVIDEND DISTRIBUTION POLICY | 275 |
| FEBRUARY 2022 TRAFFIC FIGURES | 275 |
| THE BOARD OF DIRECTORS OF AÉROPORTS DE PARIS AUTHORIZES THE COMPANY TO USE ITS VETO RIGHT AND THE BUYBACK OF ITS OWN SHARES IN ORDER TO BE ABLE TO EXERCISE ITS PREEMPTION RIGHT AS PART OF THE UNWINDING PROCESS OF THE CROSS-SHAREHOLDINGS WITH ROYAL SCHIPHOL GROUP | 275 |
| “2025 PIONEERS”: THE 2022-2025 STRATEGIC ROADMAP OF GROUPE ADP TO BUILD A NEW SUSTAINABLE AIRPORT MODEL | 276 |
| EVENTS OCCURING AFTER THE BOARD OF DIRECTORS 16 FEBRUARY 2022 | 277 |
| SIGNIFICANT CHANGE IN FINANCIAL OR BUSINESS SITUATION SINCE 31 DECEMBER 2021 | 277 |
| 5.6 PROSPECTS, FORECASTS AND OBJECTIVES | 278 |
| PROSPECTS | 278 |
| TRAFFIC ASSUMPTIONS, FORECASTS AND TARGETS 2022-2025 | 278 |
| 6. FINANCIAL INFORMATION | 280 |
| 6 .1 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021 | 282 |
| KEY FIGURES | 282 |
| GLOSSARY | 283 |
| 6.1.1 CONSOLIDATED INCOME STATEMENT | 284 |
| 6.1.2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 285 |
| 6.1.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 286 |
| 6.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS | 287 |
| 6.1.5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 288 |
| 6.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 289 |
| 6.1.7 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS | 368 |
| 6.2 COMPANY FINANCIAL STATEMENTS AND NOTES OF AÉROPORTS DE PARI S SA AT 31 DECEMBER 2021 | 372 |
| 6.2.1 INCOME STATEMENT | 372 |
| 6.2.2 BALANCE SHEET | 373 |
| 6.2.3 CASH FLOW STATEMENT | 374 |
| 6.2.4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AÉROPORTS DE PARIS SA | 375 |
| 6.2.5 STATUTORY AUDITORS’ REPORT TO THE ANNUAL GENERAL MEETING OF AÉROPORTS DE PARIS | 410 |
| OPINION | 410 |
| JUSTIFICATION OF ASSESSMENTS – KEY AUDIT MATTERS | 410 |
| SPECIFIC VERIFICATIONS | 412 |
| OTHER VERIFICATIONS AND INFORMATION PROVIDED FOR IN THE LEGAL AND REGULATORY TEXTS | 413 |
| RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS | 413 |
| STATUTORY AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS | 413 |
| 7. CAPITAL AND SHAREHOLDING STRUCTURE | 416 |
| 7.1 SHAREHOLDING | 418 |
| 7.1.1 MAIN SHAREHOLDERS | 418 |
| 7.1.2 DOUBLE VOTING RIGHTS | 419 |
| 7.1.3 CONTROL OF THE COMPANY | 419 |
| 7.1.4 END OF THE HUBLINK INDUSTRIAL COOPERATION AND INITIATION OF A PROCESS FOR THE ORDERLY SALE OF THE CROSS-SHAREHOLDINGS OF 8% HELD RESPECTIVELY BY AÉROPORTS DE PARIS AND ROYAL SCHIPHOL GROUP | 419 |
| 7.2 FINANCIAL CALENDAR | 420 |
| RESULTS, REVENUE AND GENERAL MEETING | 420 |
| MONTHLY TRAFFIC FIGURES | 420 |
| 7.3 DIVIDENDS | 421 |
| DIVIDEND DISTRIBUTION POLICY | 421 |
| 7. 4 ADDITIONAL INFORMATION ON THE SHARE CAPITAL AND STATUTORY PROVISIONS | 422 |
| 7.4.1 INFORMATION CONCERNING THE SHARE CAPITAL | 422 |
| 7.4.2 PROVISIONS OF THE ARTICLES OF ASSOCIATION | 426 |
| 8. ADDITIONAL INFORMATION | 430 |
| 8.1 COMPANY INFORMATION | 432 |
| 8.1.1 COMPANY INFORMATION | 432 |
| 8.1.2 INFORMATION ON ACQUISITIONS | 432 |
| 8.2 CONTRACTS | 433 |
| 8.2.1 MATERIAL CONTRACTS | 433 |
| 8.2.2 REGULATED AGREEMENTS | 434 |
| AGREEMENTS SUBMITTED FOR APPROVAL TO THE ANNUAL GENERAL MEETING | 434 |
| AGREEMENTS PREVIOUSLY APPROVED BY THE SHAREHOLDERS’ MEETING | 436 |
| APPENDIX 1.1: LIST OF NEW LEASES AND AMENDMENTS CONCLUDED DURING FINANCIAL YEAR 2021 WITH THE STATE PURSUANT TO FRAMEWORK AGREEMENTS AUTHORISED BY THE BOARD OF DIRECTORS OF AÉROPORTS DE PARIS | 443 |
| APPENDIX 1.2: LIST OF LEASES CONCLUDED PRIOR TO FINANCIAL YEAR 2021 WITH THE STATE PURSUANT TO FRAMEWORK AGREEMENTS AUTHORISED BY THE BOARD OF DIRECTORS OF AÉROPORTS DE PARIS AND CONTINUED DURING FINANCIAL YEAR 2021 | 444 |
| 8.2.3 INFORMATION ON THE DOWNGRADING OF REGULATED AGREEMENTS | 448 |
| 8.2.4 OPERATIONS WITH RELATED PARTIES | 448 |
| 8.3 COMPANY RESULTS FOR THE LAST FIVE FINANCIAL YEARS | 449 |
| 8.4 SCHEDULE OF SUPPLIER PAYMENTS ON EXISTING DEBTS AT THE BALANCE SHEET DATE | 450 |
| INVOICES RECEIVED AND NOT PAID AT THE CLOSING DATE OF THE FINANCIAL YEAR WHOSE TERM HAS EXPIRED | 450 |
| INVOICES ISSUED BUT NOT PAID AT THE CLOSING DATE OF THE FINANCIAL YEAR WHOSE TERM HAS EXPIRED | 450 |
| 8.5 PERSONS RESPONSIBLE FOR THE URD INCLUDING THE RFA | 451 |
| PERSON RESPONSIBLE FOR THE 2021 UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT | 451 |
| REPORT OF THE PERSON RESPONSIBLE | 451 |
| 8.6 CROSS-REFERENCE TABLES | 452 |
| 8.6.1 CROSS-REFERENCE TABLE WITH ANNEX I OF REGULATION (EC) NO. 2019/980 | 452 |
| 8.6.2 CROSS-REFERENCE TABLES FOR THE MANAGEMENT REPORT | 456 |
| 8.6.3 CROSS-REFERENCE TABLE FOR THE CORPORATE GOVERNANCE REPORT | 458 |
| 8.6.4 CROSS-REFERENCE TABLE FOR THE ANNUAL FINANCIAL REPORT | 460 |