| INTEGRATED REPORT | 2 |
| MESSAGE FROM AUGUSTIN DE ROMANET | 2 |
| GROUPE ADP, A GLOBAL LEADER | 5 |
| OUR CHALLENGES | 15 |
| THE STRATEGIC RESPONSE | 21 |
| GOVERNANCE | 38 |
| RISK MANAGEMENT | 47 |
| BUSINESS MODEL | 50 |
| 1. PRESENTATION OF THE GROUP | 53 |
| 1.1 GROUP ACTIVITIES | 54 |
| 1.1.1 GENERAL PRESENTATION | 54 |
| 1.1.2 STRATEGY | 58 |
| 1.1.3 ACTIVITIES | 64 |
| 1.2 MAIN PLATFORMS | 98 |
| 1.2.1 PARIS REGION PLATFORMS | 98 |
| 1.2.2 INTERNATIONAL PLATFORMS | 113 |
| 1.3 COMPETITIVE POSITION | 135 |
| AVIATION | 135 |
| CARGO ACTIVITIES | 135 |
| COMMERCIAL AND SERVICE ACTIVITIES OF THE PARIS REGION’S AIRPORTS | 136 |
| REAL ESTATE ACTIVITIES IN ÎLE-DE-FRANCE | 136 |
| HUB ONE ACTIVITIES | 136 |
| INTERNATIONAL ACTIVITIES | 136 |
| 1.4 REGULATORY ENVIRONMENT | 137 |
| CHICAGO CONVENTION | 137 |
| EUROPEAN COMMUNITY REGULATIONS | 137 |
| NATIONAL LEGISLATION | 137 |
| AIRPORT FEE REGULATIONS | 138 |
| OPENING OF AIRFIELDS TO PUBLIC AIR TRAFFIC | 138 |
| WORKS ON AIRFIELDS | 138 |
| OWNERSHIP OF AÉROPORTS DE PARIS ASSETS | 139 |
| AIRPORT SAFETY LEGISLATION | 139 |
| ALLOCATION OF TAKE-OFF AND LANDING SLOTS | 140 |
| AÉROPORTS DE PARIS SPECIFICATIONS | 140 |
| OTHER REGULATIONS SPECIFICALLY APPLICABLE TO AIRPORT ACTIVITIES | 141 |
| 2. RISK AND RISK MANAGEMENT | 143 |
| 2.1 RISK FACTORS | 144 |
| 2.1.1 SUMMARY OF THE MAIN RISKS AND METHOD | 144 |
| 2.1.2 RISKS FOR THE BUSINESS MODEL | 146 |
| 2.1.3 RISKS OF EXTERNAL THREATS | 149 |
| 2.1.4 RISKS RELATED TO THE MAINTENANCE AND ROBUSTNESS OF AIRPORT CAPACITIES | 151 |
| 2.1.5 RISK RELATED TO THE DEVELOPMENT PROJECTS OF THE GROUP’S PLATFORMS | 153 |
| 2.1.6 COMPLIANCE RISKS | 154 |
| 2.2 INTERNAL CONTROL AND RISK MANAGEMENT | 157 |
| 2.2.1 GENERAL PRESENTATION | 157 |
| 2.2.2 DESCRIPTION OF THE SYSTEM | 158 |
| 2.2.3 GROUP’S GENERAL INSURANCE POLICY | 162 |
| 2.3 LEGAL AND ARBITRATION PROCEEDINGS | 163 |
| REGULATORY LITIGATION FOR NEW DELHI AIRPORT | 163 |
| TAX LITIGATION IN TURKEY | 163 |
| ADP INTERNATIONAL INITIATES ARBITRATION PROCEEDINGS AGAINST THE REPUBLIC OF CHILE | 163 |
| END OF THE 12-MONTH EXCLUSION PERIOD OF ADP INTERNATIONAL FROM TENDERS FOR PROJECTS FINANCED BY THE WORLD BANK GROUP RESULTING FROM A TRANSACTIONAL AGREEMENT WITH THE INTERNATIONAL FINANCE CORPORATION | 164 |
| 3. CORPORATE GOVERNANCE | 167 |
| 3.1 CORPORATE GOVERNANCE REPORT ADOPTED BY THE BOARD OF DIRECTORS ON 15 FEBRUARY 2023 | 168 |
| 3.1.1 COMPENSATION | 168 |
| 3.1.2 GOVERNANCE | 175 |
| 3.1.3 BOARD OF DIRECTORS | 177 |
| 3.1.4 SPECIAL CONDITIONS GOVERNING SHAREHOLDER PARTICIPATION IN THE GENERAL MEETING | 208 |
| 3.1.5 ITEMS LIKELY TO HAVE AN IMPACT IN THE EVENT OF A PUBLIC OFFER | 208 |
| 3.2 ADDITIONAL INFORMATION ON THE BOARD OF DIRECTORS | 211 |
| 3.2.1 PERSONAL INFORMATION CONCERNING THE MEMBERS OF THE BOARD OF DIRECTORS | 211 |
| 3.2.2 COMPANY SHARES HELD BY DIRECTORS AND NON-VOTING MEMBERS | 212 |
| 3.2.3 CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORS SINCE 1 JANUARY 2023 | 212 |
| 3.3 EXECUTIVE COMMITTEE | 213 |
| 4. SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY INFORMATION | 219 |
| 4.1 ENVIRONMENTAL, SOCIAL, AND CORPORATE GOVERNANCE (ESG) CHALLENGES AT THE HEART OF AÉROPORTS DE PARIS’ CORPORATE PROJECT | 220 |
| 4.1.1 THE GROUP’S ESG VISION | 220 |
| 4.1.2 ESG POLICY | 220 |
| 4.1.3 MATERIALITY ANALYSIS | 220 |
| 4.2 PROVIDING THE GROUP AND ITS EMPLOYEES WITH THE MEANS TO CARRY OUT THE TRANSFORMATIONS NECESSARY FOR ITS SUSTAINABILITY AND ATTRACTIVENESS IN LINE WITH ITS SOCIAL AND ENVIRONMENTAL RESPONSIBILITY | 229 |
| 4.2.1 HR POLICY AND CHALLENGES, RISK ANALYSIS | 229 |
| 4.3 LEAD THE ENVIRONMENTAL TRANSITION OF THE AIRPORT AND SUPPORT THAT OF AIR TRANSPORT | 244 |
| 4.3.1 THE 2022-2025 ENVIRONMENTAL POLICY | 244 |
| 4.3.2 EMPLOYEES AND STAKEHOLDERS AWARE OF ENVIRONMENTAL AND CLIMATE ISSUES | 267 |
| 4.3.3 GROUPE ADP ENVIRONMENTAL INDICATORS | 268 |
| 4.4 TAXONOMY | 275 |
| 4.4.1 OBLIGATIONS AND METHODOLOGY OF THE TAXONOMY REGULATION | 275 |
| 4.4.2 ANALYSIS OF GROUPE ADP’S ACTIVITIES FOR REPORTING ON THE 2022 FINANCIAL YEAR | 276 |
| 4.4.3 2022 KEY PERFORMANCE INDICATORS FOR GROUPE ADP | 279 |
| 4.5 ACTING FOR THE ATTRACTIVENESS OF OUR REGIONS, AT THE SERVICE OF ALL – RESIDENTS, EMPLOYEES AND THE COMMUNITIES OF OUR AIRPORTS | 286 |
| 4.5.1 ACTIVELY CONTRIBUTE TO REDUCING NOISE EXPOSURE | 286 |
| 4.5.2 BUILD A LONG-TERM RELATIONSHIP OF TRUST WITH THE REGIONS AND LOCAL PLAYERS | 287 |
| 4.5.3 MAKE THE REGIONS THE PRIMARY BENEFICIARIES OF AIRPORT ACTIVITIES (TRAINING, INTEGRATION AND EMPLOYMENT) | 288 |
| 4.5.4 COMMITMENT TO HELPING LOCAL POPULATIONS | 290 |
| 4.6 DEVELOP A CULTURE OF RESPONSIBILITY AND ETHICS FOR THE BENEFIT OF ALL OUR STAKEHOLDERS | 292 |
| 4.6.1 OFFERING A QUALITY SERVICE | 292 |
| 4.6.2 DEPLOYING A SUSTAINABLE PURCHASING POLICY | 292 |
| 4.6.3 ACTING ETHICALLY AND RESPONSIBLY | 294 |
| 4.7 METHODOLOGICAL NOTE ON SOCIAL, SOCIETAL AND ENVIRONMENTAL REPORTING | 309 |
| 4.7.1 SOCIAL SECTOR | 309 |
| 4.7.2 ENVIRONMENTAL AND SOCIETAL AREA | 309 |
| 4.7.3 RELEVANCE AND CHOICE OF INDICATORS, CHANGE IN SCOPE | 310 |
| 4.7.4 EXCLUSIONS, METHODOLOGICAL LIMITATIONS AND SPECIFICITIES | 311 |
| 4.7.5 CONSOLIDATION AND INTERNAL CONTROL | 312 |
| 4.7.6 EXTERNAL CONTROLS | 312 |
| 4.8 2022-2025 ESG STRATEGY | 313 |
| 4.8.1 CORRELATION OF THE NON-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 ESG | 313 |
| 4.9 REPORT OF THE INDEPENDENT THIRD PARTY ON THE VERIFICATION OF THE CONSOLIDATED NON-FINANCIAL PERFORMANCE STATEMENT | 314 |
| 5. BUSINESS OVERVIEW FOR THE YEAR 2022 AND FORWARD-LOOKING INFORMATION | 319 |
| 5.1 SIGNIFICANT EVENTS FOR THE YEAR 2022 | 320 |
| EVOLUTION OF COMMERCIAL ACTIVITIES | 320 |
| SIGNING OF A PROFIT-SHARING AGREEMENT FOR THE EMPLOYEES OF AÉROPORTS DE PARIS SA | 320 |
| TWO SALARY INCREASE AGREEMENTS SIGNED FOR THE EMPLOYEES OF AÉROPORTS DE PARIS SA | 320 |
| GROUPE ADP’S COMMITMENT IN THE SCIENTIFIC VALIDATION PROCESS OF ITS GREENHOUSE GAS EMISSION REDUCTION OBJECTIVES | 321 |
| 2022 SKYTRAX RANKING | 321 |
| COMMISSIONING OF THE CAVEIRAC SOLAR FARM AS PART OF THE ENERGY PURCHASING POLICY OF AÉROPORTS DE PARIS | 321 |
| UNWINDING PROCESS OF THE CROSS-SHAREHOLDINGS WITH ROYAL SCHIPHOL GROUP | 322 |
| AÉROPORTS DE PARIS ANNOUNCES THE IMPLEMENTATION OF ITS FIRST EURO MEDIUM TERM NOTES PROGRAM (EMTN) | 322 |
| TAV AIRPORTS WON THE TENDER FOR THE RENEWAL OF THE ANKARA AIRPORT CONCESSION | 322 |
| SUCCESSFUL LAUNCH OF THE 2025 PIONEERS STRATEGIC ROADMAP | 323 |
| MANDATORY ANNUAL NEGOTIATIONS (NÉGOCIATIONS ANNUELLES OBLIGATOIRES “NAO”): SIGNING OF A SALARY INCREASE AGREEMENT FOR THE EMPLOYEES OF AÉROPORTS DE PARIS SA | 323 |
| SITUATION IN INTERNATIONAL ASSETS | 323 |
| 5.2 GROUPE ADP’S 2022 FULL-YEAR RESULTS PRESENTATION | 324 |
| 5.2.1 ANALYSIS BY SEGMENT | 327 |
| 5.2.2 GROUPE ADP’S CASH FLOW | 331 |
| 5.3 2022 TARGETS ACHIEVEMENT | 333 |
| 5.4 INVESTMENTS | 334 |
| 5.4.1 INVESTMENTS DURING THE PERIODS COVERED BY THE FINANCIAL INFORMATION PRESENTED | 334 |
| 5.4.2 ONGOING INVESTMENTS | 336 |
| 5.4.3 AÉROPORTS DE PARIS’ PROJECTED INVESTMENT PROGRAM IN 2022-2025, EXCLUDING FINANCIAL INVESTMENTS | 336 |
| 5.4.4 INVESTMENTS IN JOINT VENTURES OR IN SIGNIFICANT HOLDINGS | 336 |
| 5.4.5 ENVIRONMENTAL IMPACT OF INVESTMENTS MADE AND IN PROGRESS | 336 |
| 5.5 RECENT EVENTS | 338 |
| SIGNIFICANT CHANGE IN FINANCIAL OR BUSINESS SITUATION SINCE 31 DECEMBER 2022 EVENTS OCCURING AFTER THE BOARD OF DIRECTORS 16 FEBRUARY 2023 | 338 |
| PRECISIONS FOLLOWING THE ANNOUNCEMENT MADE ON MONDAY 9 JANUARY 2023, BY THE FRENCH COMPETITION AUTHORITY | 338 |
| GROUPE ADP AND GMR ENTERPRISES (GMR-E) ENTER INTO AGREEMENT TO FORM AN AIRPORT HOLDING COMPANY LISTED ON INDIAN STOCK EXCHANGES BY THE FIRST HALF OF 2024 | 338 |
| 5.6 OUTLOOK | 341 |
| TRAFFIC ASSUMPTIONS, FORECASTS AND TARGETS 2023-2025 | 341 |
| 6. FINANCIAL INFORMATION | 343 |
| 6.1 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2022 | 344 |
| KEY FIGURES | 344 |
| GLOSSARY | 345 |
| 6.1.1 CONSOLIDATED INCOME STATEMENT | 346 |
| 6.1.2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 347 |
| 6.1.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 348 |
| 6.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS | 349 |
| 6.1.5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 350 |
| 6.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 351 |
| 6.1.7 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 430 |
| 6.2 COMPANY FINANCIAL STATEMENTS AND NOTES OF AÉROPORTS DE PARIS SA AT 31 DECEMBER 2022 | 434 |
| 6.2.1 INCOME STATEMENT | 434 |
| 6.2.2 BALANCE SHEET | 435 |
| 6.2.3 CASH FLOW STATEMENT | 436 |
| 6.2.4 NOTES TO THE COMPANY FINANCIAL STATEMENTS | 437 |
| 6.2.5 STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS | 470 |
| 6.3 CORPORATE RESULTS FOR THE LAST FIVE FINANCIAL YEARS | 475 |
| 6.4 SCHEDULE OF SUPPLIER AND CLIENTS PAYMENTS RELATING TO EXISTING LIABILITIES AT THE YEAR-END | 476 |
| INVOICES RECEIVED, NOT SETTLED AT THE BALANCE SHEET DATE OF THE FISCAL YEAR | 476 |
| INVOICES ISSUED AND OUTSTANDING AT THE BALANCE SHEET DATE OF THE FISCAL YEAR ENDING | 477 |
| 7. SHARE CAPITAL AND SHAREHOLDING STRUCTURE | 479 |
| 7.1 SHAREHOLDING | 480 |
| 7.1.1 SHAREHOLDING | 480 |
| 7.1.2 DOUBLE VOTING RIGHTS | 481 |
| 7.1.3 CONTROL OF THE COMPANY | 481 |
| 7.1.4 END OF THE HUBLINK INDUSTRIAL COOPERATION AND UNWINDING OF THE 8% CROSS-SHAREHOLDINGS HELD BY AÉROPORTS DE PARIS AND ROYAL SCHIPHOL GROUP, RESPECTIVELY | 481 |
| 7.2 FINANCIAL CALENDAR | 482 |
| 7.2.1 PROFIT/LOSS, REVENUE AND GENERAL MEETING | 482 |
| 7.2.2 MONTHLY TRAFFIC FIGURES | 482 |
| 7.3 DIVIDENDS | 483 |
| 7.3.1 DIVIDEND DISTRIBUTION POLICY | 483 |
| 7.4 ADDITIONAL INFORMATION ON THE SHARE CAPITAL AND STATUTORY PROVISIONS | 484 |
| 7.4.1 INFORMATION CONCERNING THE SHARE CAPITAL | 484 |
| 7.4.2 STATUTORY PROVISIONS | 488 |
| 8. ADDITIONAL INFORMATION | 493 |
| 8.1 COMPANY INFORMATION | 494 |
| 8.1.1 COMPANY INFORMATION | 494 |
| 8.1.2 INFORMATION ON ACQUISITIONS | 494 |
| 8.2 CONTRACTS | 495 |
| 8.2.1 MATERIAL CONTRACTS | 495 |
| 8.2.2 RELATED-PARTY AGREEMENTS | 496 |
| 8.2.3 INFORMATION ON THE DOWNGRADING OF REGULATED AGREEMENTS | 512 |
| 8.2.4 OPERATIONS WITH RELATED PARTIES | 512 |
| 8.3 STATUTORY AUDITOR | 513 |
| 8.3.1 PRINCIPAL STATUTORY AUDITORS FOR THE 2022 FINANCIAL YEAR | 513 |
| 8.4 DOCUMENTS AVAILABLE TO THE PUBLIC | 514 |
| 8.5 PERSONS RESPONSIBLE FOR THE URD INCLUDING THE AFR | 515 |
| 8.5.1 PERSON RESPONSIBLE FOR THE 2022 UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT | 515 |
| 8.5.2 DECLARATION BY THE PERSON RESPONSIBLE | 515 |
| 8.6 CROSS-REFERENCE TABLES | 516 |
| 8.6.1 CROSS-REFERENCE TABLE BETWEEN THE UNIVERSAL REGISTRATION DOCUMENT AND ANNEX 1 OF REGULATION (EC) NO. 2019/980 | 516 |
| 8.6.2 CROSS-REFERENCE TABLE BETWEEN THE UNIVERSAL REGISTRATION DOCUMENT AND THE MANAGEMENT REPORT | 520 |
| 8.6.3 CROSS-REFERENCE TABLE BETWEEN THE UNIVERSAL REGISTRATION DOCUMENT AND THE ANNUAL FINANCIAL REPORT | 523 |