INDIGO GROUP French public limited company (Société anonyme) Immeuble The Curve 48, avenue du Général de Gaulle 92800 Puteaux _______________________________ Statutory auditors' report on the consolidated financial statements For the year ended December 31, 2024 This is a translation into English of the statutory auditors’ report on the financial statements of the INDIGO GROUP Company issued in French and it is provided solely for the convenience of English speaking users. This statutory auditors’ report includes information required by French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. PROXIMA DELOITTE & ASSOCIES 64, boulevard de Reuilly 75012 Paris 6, place de la Pyramide 92908 Paris-La Défense Cedex S.A.R.L. au capital de 50 000 € 402 387 997 RCS Paris S.A.S. au capital de 2 201 424 € 572 028 041 RCS Nanterre Société de Commissariat aux Comptes inscrite à la Compagnie Régionale de Paris Société de Commissariat aux Comptes inscrite à la Compagnie Régionale de Versailles et du Centre INDIGO GROUP French public limited company (Société anonyme) Immeuble The Curve 48, avenue du Général de Gaulle 92800 Puteaux _______________________________ Statutory auditors' report on the consolidated financial statements For the year ended December 31, 2024 _______________________________ To the General Assembly of INDIGO GROUP, Opinion In compliance with the engagement entrusted to us by the Sole Partner and the General Assembly, we have audited the accompanying consolidated financial statements of INDIGO GROUP for the year ended December 31, 2024. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2024 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. The audit opinion expressed above is consistent with our report to the Audit Committee. 1 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors, for the period from January 1, 2024 to the date of our report, and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014. Justification of Assessments – Key Audit Matters In accordance with the requirements of Articles L. 821-53 and R. 821-180 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, approved in the conditions mentioned above, and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements. Measurement of long-term non-financial assets (goodwill, concession intangible assets, property, plant & equipment, concession property, plant & equipment, and investments in companies accounted for under the equity method) (Notes 3.3.1, 3.3.16, 3.3.17, 4, 9.5 and 9.6 to the consolidated financial statements) Risk description Goodwill, concession intangible assets, property, plant & equipment, concession property, plant & equipment, and investments in companies accounted for under the equity method have a net carrying amount as of December 31, 2024 of €1 067,6 million, €1 408,2 million, €1 043,0 million, €186,4 million and €33,0 million respectively. These goodwill, fixed assets and investments may present an impairment risk related to internal and external factors, such 2 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 as for example, performance deterioration, changes in the economic environment, unfavourable market conditions, traffic trends and changes in laws and regulations. For intangible assets with indefinite useful lives and goodwill, an impairment test is performed at least annually and whenever there is an indication of a loss of value. For other long-term non-financial assets and investments in companies accounted for under the equity method, a test is performed when there is an indication of a loss of value. When these tests are performed, the Group determines the recoverable value of these assets and allocated to cashgenerating units (CGU) based on the calculation of the value in use which is based on the present value of the future cash flows expected to be derived from an asset or cash-generating unit. These impairment tests were performed taking into account the uncertainties surrounding the macro-economic outlook and the context of high inflation. The determination of the recoverable value of these assets and any possible losses in value are a key audit matter, given the potentially significant nature of any possible impairment losses and the high level of estimates and judgments required from Management on assumptions as the operational performance, future traffic, long-term growth rates and discount rates used. Our response to the risk For material CGU or those presenting a specific risk, we have: - verified the pertinence of the approach used to determine the CGU at the level of which the impairment tests on the assets are carried out; - analyzed and verified the methods implemented for carrying out these tests and notably the process of approval by the Management; - reconciled the budget data with those approved by the company's management bodies; - reconciled the net carrying amount of the CGU tested with the amounts appearing in the accounting records, - verified the calculation files relating to notably the tested assets and the determination of the recoverable value, - assessed the reasonableness of the main assumptions used, in the current context of the Covid-19 health crisis, in particular, changes in operational performance and traffic, long-term growth rates corroborated by external market data and discount rates used, and by comparing these rates to our internal databases. Concerning goodwill, we have verified the appropriateness of the disclosures given in Note 9.5 to the consolidated financial statements, notably the underlying assumptions and sensitivity analyses with regard to IAS 36 « Impairment of assets ». 3 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 Provisions related to contracts and litigations (Notes 3.3.1, 3.3.21, and 9.11 to the consolidated financial statements) Risk description As part of its business activities, the Group is exposed to different risks, notably, legal risks, litigation and disputes, as well as loss-making contracts. The Group identifies and regularly analyses the risks it may face and where applicable, recognizes provisions based on the best estimate at the balance sheet date: - the expected outflow of resources required to settle the relevant obligation (onerous contracts) - the impact of this litigation on the recoverable value of its assets. Those estimates take into account available information and the range of possible results. These risks and litigation are, when necessary, provided for in provisions recorded in accordance with appropriate accounting standards, notably IAS 37 & IAS 36 and are assessed by the Group depending on its knowledge of the cases. The provisions for risks and litigation are presented in the line “Provisions for other non-current risks” or deducted from the carrying amount of the concerned assets when these provisions relate to the recoverable value of the Group’s assets. The identification of the risks associated to the litigations and the measurement of the provisions recognized for risks and litigation are a key audit matter, given the amounts at stake and the high level of estimates and judgments required from Management to determine these provisions. Our response to the risk In order to have an understanding of existing litigation and the elements of judgment relating thereto, we held discussions with the Group’s legal and financial management teams. For each of the main litigation identified, we have: - held discussions with the Group's legal department and monitored the progress of the main disputes; - examined and verified the procedures implemented by the Group to identify the risks, list and evaluate them and measure and approve the corresponding depreciations of assets and provisions for risks; - substantiated the level of provisions recognized with the responses from lawyers to our requests for information; - carried out a critical review of the internal analyses relating to the probability and possible impact of each risk, by examining the procedural elements (letters, claims, judgments, notifications, etc.) available. We have also exercised our professional judgment to assess the positions adopted by Management within the risk valuation range and the consistency of change in these positions over time. 4 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 Furthermore, concerning loss-making contracts, we have also verified the calculation files used to determine future discounted cash flow forecasts and verified the reasonableness of main assumptions used, in particular, trend in operational performance and traffic, long-term growth rates corroborated by external market data and discount rates used notably by comparing them to our internal databases. Specific Verifications We have also performed, in accordance with professional standards appliable in France, the specific verifications required by laws and regulations of the information pertaining to the Group presented in the Board of directors management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Other Legal and Regulatory Verifications or Information Appointment of the Statutory Auditors Your company was a single-member simplified joint stock company, as of March 26, 2014 for Deloitte & Associés and on October 15, 2014 for Proxima. As at December 31, 2024, Deloitte & Associés was in its 12th year of uninterrupted engagement and Proxima in its 11th year, of which 11 years for the two audit firms since the debt securities of the company were admitted for trading on a regulated market. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. 5 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The consolidated financial statements were approved by the Board of directors. Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Objectives and audit approach Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As specified in Article L. 821-55 of the French Commercial Code, our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: • Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the consolidated financial statements. • Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty 6 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. • Evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on these consolidated financial statements. Report to the Audit Committee We submit to the Audit Committee a report, which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters, that we are required to describe in this report. We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) N° 537/2014, confirming our independence within the meaning of the rules applicable in France such as they are set in particular by Articles L.821-27 to L.821-34 of the French Commercial Code and in the French Code of Ethics (code de déontologie) for statutory auditors. Where appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Paris and Paris La Défense, March 27, 2025 The Statutory Auditors French original signed by PROXIMA DELOITTE & ASSOCIES Franck AUTEF Amnon BENDAVID 7 l INDIGO GROUP l Statutory auditors' report on the consolidated financial statements l For the year ended December 31, 2024 INDIGO GROUP French public limited company with Management Board and Supervisory Board (société anonyme) with share capital of €183,021,628 Registered office: The Curve - 48-50 avenue du Général De Gaulle, 92800 Puteaux Registered with the Nanterre trade and companies register under number 800 348 146 CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2024 CONTENTS OF CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement ........................................................................................ 4 Comprehensive income statement ................................................................................... 5 Consolidated balance sheet ................................................................................................ 6 Consolidated cash-flow statement .................................................................................... 8 Change in consolidated equity ........................................................................................... 9 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. PRESENTATION OF THE GROUP AND THE BACKGROUND FOR PREPARING THE FINANCIAL STATEMENTS ....................................................................................................................................................................... 11 .......... 1.1 Presentation of the Group ......................................................................................................................................................... 11 .......... 1.2 Background for preparing the Group’s consolidated financial statements ..................................................................... 11 .......... 2. KEY EVENTS IN THE PERIOD ............................................................................................................................... 12 .......... 2.1 Key events in the period ............................................................................................................................................................. 12 .......... 2.2 Key events in the previous period ............................................................................................................................................ 15 .......... 3. ACCOUNTING POLICIES AND MEASUREMENT METHODS ..................................................................... 16 .......... 3.1 General principles ....................................................................................................................................................................... 16 .......... 3.2 Consolidation methods .............................................................................................................................................................. 16 .......... 3.3 Measurement rules and methods............................................................................................................................................. 19 .......... 3.4 Financial indicators not defined under IFRSs but used by the Group .............................................................................. 30 .......... 4. SPECIFIC MATTERS.................................................................................................................................................. 31 .......... 5. BUSINESS COMBINATIONS .................................................................................................................................. 32 .......... 5.1 Acquisitions in the period .......................................................................................................................................................... 32 .......... 5.2 Acquisitions in the previous period .......................................................................................................................................... 34 .......... 6. INFORMATION BY OPERATING SEGMENT ..................................................................................................... 35 .......... 7. NOTES TO THE INCOME STATEMENT .............................................................................................................. 38 .......... 7.1 Recurring operating expenses .................................................................................................................................................. 38 .......... 7.2 Depreciation and amortisation................................................................................................................................................. 38 .......... 7.3 Net provisions and impairment of non-current assets and liabilities ............................................................................... 38 .......... 7.4 Other operating items................................................................................................................................................................ 38 .......... 7.5 Share-based payments (IFRS 2) ................................................................................................................................................ 39 .......... 7.6 Financial income and expense .................................................................................................................................................. 39 .......... 7.7 Income tax expense .................................................................................................................................................................... 40 .......... 7.8 Earnings per share ....................................................................................................................................................................... 41 .......... 8. NOTES TO THE CASH FLOW STATEMENT ...................................................................................................... 42 .......... 8.1 Transition from EBITDA to free cash flow.............................................................................................................................. 42 .......... 8.2 Cash Conversion Ratio ............................................................................................................................................................... 42 .......... 8.3 Analysis of cash flow from investing activities........................................................................................................................ 43 .......... 8.4 Impact relating to the treatment of fixed royalties (IFRIC 12) ......................................................................................... 43 .......... 8.5 Impact relating to the treatment of fixed leases (IFRS 16) ................................................................................................ 43 .......... 9. NOTES TO THE BALANCE SHEET....................................................................................................................... 44 .......... 9.1 Concession intangible assets ..................................................................................................................................................... 44 .......... 9.2 Goodwill ........................................................................................................................................................................................ 44 .......... 9.3 Other intangible assets............................................................................................................................................................... 45 .......... 9.4 Property, plant and equipment ................................................................................................................................................. 46 9.5 Impairment tests on other non-current assets ..................................................................................................................... 47 .......... 9.6 Investments in equity-accounted companies ......................................................................................................................... 48 .......... 9.7 Non-current financial assets ...................................................................................................................................................... 52 .......... 9.8 Cash management financial assets and cash .......................................................................................................................... 54 .......... 9.9 Equity ............................................................................................................................................................................................. 54 .......... 9.10 Retirement and other employee-benefit obligations ......................................................................................................... 55 .......... 9.11 Other provisions ........................................................................................................................................................................ 58 .......... 9.12 Other non-current liabilities ................................................................................................................................................... 59 .......... 9.13 Working capital requirement .................................................................................................................................................. 59 .......... 9.14 Net financial debt ...................................................................................................................................................................... 60 .......... 9.15 Financial risk management ..................................................................................................................................................... 65 .......... 9.16 Credit risk and counterparty risk .......................................................................................................................................... 69 .......... 10. MAIN FEATURES OF CONCESSION CONTRACTS ..................................................................................... 70 .......... 10.1 Concession contracts – intangible asset model .................................................................................................................. 70 .......... 10.2 Concession contracts – Financial asset model .................................................................................................................... 70 .......... 11. OTHER NOTES ........................................................................................................................................................ 71 .......... 11.1 Related-party transactions ...................................................................................................................................................... 71 .......... 11.2 Executive compensation .......................................................................................................................................................... 71 .......... 11.3 Off-balance sheet commitments ............................................................................................................................................ 71 .......... 11.4 Workforce ................................................................................................................................................................................... 73 .......... 12. STATUTORY AUDITORS’ FEES ........................................................................................................................... 74 .......... 13. POST-BALANCE SHEET EVENTS ...................................................................................................................... 75 .......... 14. LIST OF CONSOLIDATED COMPANIES AT DECEMBER 31, 2024 ............................................................ 76 .......... Consolidated income statement (in € millions) Notes REVENUE (*) 12/31/2024 12/31/2023 887.0 800.2 Concession subsidiaries’ construction revenue 32.1 26.8 Total revenue 919.1 827.0 Revenue from ancillary activities 13.0 9.7 Recurring operating expenses 7.1 (501.1) (453.4) 430.9 383.3 Depreciation and amortisation 7.2 (248.5) (223.3) Net additions to provisions and impairment of non-current assets 7.3 3.6 2.0 Other operating items 7.4 1.2 (2.1) Share-based payments (IFRS 2) EBITDA 7.5 (7.5) (4.6) Income/(loss) of companies accounted for under the equity method 9.6.1 31.3 (5.6) Goodwill impairment losses 9.5 — — 5.3 5.6 OPERATING INCOME 216.4 155.2 Cost of gross financial debt (128.6) (80.8) 26.4 11.8 (69.0) Impact of changes in scope and gain/(loss) on disposals of shares (**) Financial income from cash investments Cost of net financial debt 7.6 (102.2) Other financial income 7.6 0.9 1.4 Other financial expense 7.6 (2.2) (1.3) Income tax expense 7.7 (28.2) (34.3) NET INCOME FOR THE PERIOD 84.6 52.0 Net income attributable to non-controlling interests (1.7) (3.0) NET INCOME FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT 86.3 55.0 Basic earnings per share (in €) 0.47 0.34 Diluted earnings per share (in €) 0.47 0.34 Earnings per share attributable to owners of the parent 7.8 (*) Excluding concession subsidiaries’ construction revenue. (**) Mainly linked to the exit of Gare de Lausanne (Switzerland) and to the impacts linked to the APCOA and Smovengo acquisitions (see acquisitions for the period). Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 4 Comprehensive income statement (in € millions) Net income Change in fair value of cash-flow hedging instruments (*) Currency translation differences (***) 12/31/2024 12/31/2023 Attributable Attributable to nonto owners of controlling the parent interests Attributable Attributable to nonTotal to owners of controlling the parent interests Total (1.7) 84.6 55.0 (3.0) 52.0 — (0.1) — (0.1) (7.0) (30.9) 8.4 2.7 11.1 86.3 — (23.9) Tax (**) — — — — — Income from companies accounted for under the equity method, net of currency translation differences — — — — — (30.9) 8.3 2.7 11.0 Other comprehensive income that may be recycled subsequently to net income (23.9) (7.0) Actuarial gains and losses on retirement 7.3 — 7.3 (1.9) — (1.9) Tax Income from companies accounted for under the equity method, net Other comprehensive income that may not be recycled subsequently to net income Total other comprehensive income recognised directly in equity Comprehensive income (1.3) — (1.3) 0.5 — 0.5 — — — — 6.0 — 6.0 (1.4) — (1.4) (17.9) (7.0) (24.9) 6.9 2.7 9.6 68.5 (8.7) 59.7 61.9 (0.3) 61.6 (*) Changes in the fair value of cash flow hedges (mainly interest rate hedges) are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss. (**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion). (***) Of which, as of December 31, 2024, -22,5 million euros on BRL, -6,3 million euros on CHF, -1.6 million euros on CAD and -0,4 million on the other currencies used by the group. The impact on the CHF is mainly linked to the outsourcing of conversion differences for 5.5 million euros following the exit of Parking Gare de Lausanne. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 5 Consolidated balance sheet Assets (in € millions) Non-current assets Notes 12/31/2024 12/31/2023 Concession intangible assets 9.1 1,408.2 983.6 Net goodwill 9.2 1,067.6 915.1 Other intangible assets 9.3 148.1 169.9 Property, plant and equipment 9.4 1,043.0 832.4 9.4 186.4 170.6 — — Investments in companies accounted for under the equity method 9.6 33.0 30.7 Financial receivables - Concessions (part at more than 1 year) 9.7 15.2 15.4 Other non-current financial assets 9.7 31.3 34.4 9.7 / 9.15 10.4 5.4 7.7.3 77.2 69.0 4,020.4 3,226.4 Concession property, plant and equipment Investment properties Fair value of derivative financial instruments (non-current assets) Deferred tax assets Total non-current assets Current assets Inventories and work in progress 9.13 18.2 4.9 Trade receivables 9.13 190.5 154.0 Other current operating assets 9.13 135.3 123.8 Other current non-operating assets 4.6 8.1 Current tax assets 13.7 19.2 Financial receivables - Concessions (part at less than 1 year) 0.2 0.3 Other current financial assets 4.4 5.4 Fair value of derivative financial instruments (current assets) 9.15 11.6 — Cash management financial assets 9.8 0.4 0.2 Cash and cash equivalents 9.8 637.1 740.5 — 8.8 Total current assets 1,016.1 1,065.2 TOTAL ASSETS 5,036.5 4,291.6 Assets related to discontinued operations and equity securities (*) (*) Item made up, in 2023, of the net book value of the assets of the company Indigo Infra Odéon and 3 assets held in ownership, in the process of being sold in Canada by the Group Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 6 Consolidated balance sheet Equity and liabilities (in € millions) Equity Notes 12/31/2024 12/31/2023 Share capital 183.0 160.0 Share premiums 471.8 210.8 Consolidated reserves (117.2) (17.4) Currency translation reserves (5.7) 18.2 Net income attributable to owners of the parent 86.3 55.0 Amounts recognised directly in equity 14.6 8.6 632.9 435.3 9.9 Equity attributable to owners of the parent Non-controlling interests (*) Total equity 98.9 105.2 731.8 540.5 21.7 Non-current liabilities Provisions for retirement and other employee benefit obligations 9.10 17.7 Non-current provisions 9.11 15.8 17.4 Bonds 9.14 2,206.1 2,313.2 Other loans and borrowings 9.14 584.4 510.5 Fair value of derivative financial instruments (non-current liabilities) 9.14 — — Other non-current liabilities 9.12 19.9 17.7 Deferred tax liabilities 7.7 173.7 118.4 3,017.7 2,998.9 Total non-current liabilities Current liabilities Current provisions 34.9 29.9 Trade payables 125.9 118.4 Other current operating liabilities 410.7 380.6 Other current non-operating liabilities 46.4 44.9 Current tax liabilities 22.8 19.2 Fair value of derivative financial instruments (current liabilities) 9.15 0.2 0.4 Current borrowings 9.15 646.1 158.6 9.11 — 0.2 Total current liabilities 1,287.0 752.2 TOTAL EQUITY AND LIABILITIES 5,036.5 4,291.6 Liabilities related to discontinued operations and other liabilities held for sale (*) (*) Item made up of the net book value of the liabilities of the company Indigo Infra Odéon and 3 ownerships, currently being sold in Canada by the Group Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 7 Consolidated cash-flow statement (in € millions) Net income for the period (including non-controlling interests) Depreciation and amortisation Net increase in provisions (*) Share-based payments (IFRS 2) and other adjustments Gain or loss on disposals Unrealised foreign exchange gains and losses Impact of discounting non-current receivables and payables Change in fair value of financial instruments Non-temporary loss (AFS) and/or change in value of investments (acquired by stages) Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies Capitalised borrowing costs Cost of net financial debt recognised Current and deferred tax expense recognised Cash flows from operations before tax and financing costs Change in WCR and current provisions Taxes paid Net interest paid - of which impact relating to the accounting treatment of fixed royalties (IFRIC 12) - of which impact relating to the accounting treatment of fixed lease payments (IFRS 16) Dividends received from companies accounted for under the equity method Cash flow (used in)/from operating activities Purchases of property, plant and equipment and intangible assets - of which impact relating to the accounting treatment of fixed lease payments (IFRS 16) Proceeds from sales of property, plant and equipment and intangible assets - of which impact relating to the accounting treatment of fixed royalties (IFRIC 12) - of which impact relating to the accounting treatment of fixed lease payments (IFRS 16) Investments in concession fixed assets (net of grants received) ‘- of which impact relating to the accounting treatment of fixed royalties on new contracts (IFRIC 12) Notes 7.2 8.1 9.13 I 8.3 8.3 8.3 ‘- of which impact relating to the accounting treatment of fixed royalties on existing contracts (IFRIC 12) Change in financial receivables under concessions Operating investments (net of disposals) Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) Net effect of changes in scope of consolidation (***) Net financial investments Dividends received from non-consolidated companies Other (****) Net cash flow (used in)/from investing activities 8.3 8.3 5.1 Capital increase or decrease Non-controlling interests in share capital increases of subsidiaries Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) Amounts received from the exercise of stock options Distributions paid - to shareholders - to non-controlling interests Proceeds from new borrowings - of which impact relating to the accounting treatment of fixed royalties on new contracts (IFRIC 12) - of which impact relating to the accounting treatment of fixed lease payments (IFRS 16) Repayments of borrowings - of which impact relating to the accounting treatment of fixed royalties on existing contracts (IFRIC 12) - of which impact relating to the accounting treatment of fixed lease payments (IFRS 16) Change in borrowings on affiliates (****) Change in credit facilities Change in cash management assets (**) Change in treasury-related derivatives Net cash flow (used in)/from financing activities Other changes (including impact of exchange rate movements) 9.9.1 Net change in net cash position II 9.9.4 9.14 9.14 III IV I + II + III + IV Net cash and cash equivalents at beginning of period Net cash and cash equivalents at end of period (*) Including changes in provisions for retirement and other employee benefits. (**) Figures adjusted for current financial asset accounts (see Note 9.14 Net financial debt). (***) Of which, €44.7 million of incoming cash linked to the acquisition of Parkia Spanish Holding shares in Spain (****) Impact mainly linked to the full consolidation of Parcbrux (€16 million of loans to a subsidiary of the Group) Indigo Group - Consolidated financial statements for the period ended December 31, 2024 12/31/2024 84.6 248.5 (2.9 ) 2.6 (11.5 ) 0.3 — — — 12/31/2023 52.0 223.3 (1.0 ) 4.6 (4.5 ) (0.2 ) — — — (31.7 ) (2.4 ) (0.1 ) 102.2 28.2 420.1 (25.7 ) (33.6 ) (105.4 ) (18.8 ) (6.0 ) 2.6 257.9 (0.2 ) 69.0 34.3 374.9 (9.4 ) (62.4 ) (58.4 ) (16.9 ) (5.0 ) 3.4 248.1 (119.5 ) (50.1 ) 22.8 1.6 — (127.5 ) (44.7 ) (134.6 ) (43.7 ) 7.3 9.9 3.8 (156.9 ) (69.3 ) (3.6 ) (12.6 ) 0.3 (224.0 ) (343.4 ) 13.8 45.9 (283.7 ) — 23.0 (484.6 ) 0.3 (283.9 ) (32.6 ) 4.7 2.2 (25.7 ) — 1.9 (307.8 ) 284.0 — — — (157.2 ) (155.2 ) (2.0 ) 146.3 44.7 49.0 (124.5 ) (46.5 ) (32.5 ) (21.2 ) (0.2 ) 0.1 — 127.2 (3.3 ) — — — — (122.0 ) (120.0 ) (2.0 ) 836.7 69.3 38.5 (203.1 ) (52.6 ) (29.4 ) — — 0.3 — 512.0 1.7 (102.8 ) 454.1 724.7 621.9 270.6 724.7 Page 8 Change in consolidated equity in the year ended December 31, 2024 (in € millions) Equity at 12/31/2023 Net income for the period Other comprehensive income recognised directly in the equity of the controlled companies Other comprehensive income recognised directly in the equity of companies accounted for under the equity method Total comprehensive income for the period Capital increase Decrease in share capital and repurchases of other equity instruments Appropriation of net income and dividend payments Share-based payments (IFRS 2) Impact of acquisitions or disposals of noncontrolling interests after acquisition of control Changes in consolidation scope Other Equity at 12/31/2024 Share Share Other equity Consolidated capital premiums instruments reserves Net income Currency translation reserves Total Amounts attribuable Nonrecognised to owners controlling directly in of the interests equity parent Total 160.0 210.8 — (17.4) 55.0 18.2 8.6 435.3 105.2 540.5 — — — — 86.3 — — 86.3 (1.7) — — — — — (23.9) 6.0 (17.9) — — — — — — — — — — — — — — 86.3 (23.9) 6.0 68.5 (8.7) 59.7 23.0 261.0 — — — — — 284.0 — — — — — — — — — — — — — (100.2) (55.0) — — (155.2) (2.0) (157.2 ) — — — — — — — — — — — — — — — — — — — — — — — (0.1) — — — (0.1) 4.5 4.3 — 183.0 — 471.8 — — 0.5 (117.2) — 86.3 — (5.7) — 14.6 0.5 632.9 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 84.6 (7.0) (24.9) — 284.0 — 0.5 98.9 731.8 Page 9 Change in consolidated equity in the year ended December 31, 2023 Currency translation reserves Total Amounts attribuable Nonrecognised to owners controlling directly in of the interests equity parent (in € millions) Equity at 12/31/2022 160.0 230.0 — 25.9 55.4 9.9 10.1 491.3 108.3 599.6 Net income for the period Other comprehensive income recognised directly in the equity of the controlled companies Other comprehensive income recognised directly in the equity of companies accounted for under the equity method Total comprehensive income for the period — — — — 55.0 — — 55.0 (3.0) 52.0 — — — — — 8.4 (1.5) 6.9 2.7 9.6 — — — — — — — — — — — — — — 55.0 8.4 (1.5) 61.9 (0.3) 61.6 Capital increase — — — — — — — — — — Decrease in share capital and repurchases of other equity instruments — — — — — — — — — — — (19.2) — (45.4) (55.4) — — (120.0) (2.0) (122.0 ) — — — — — — — — — — — — — — — — — — — — — — — 0.8 — — — 0.9 (0.9) — — — — 1.3 — — — 1.3 — 1.3 160.0 210.8 — (17.4) 55.0 18.2 8.6 435.3 Appropriation of net income and dividend payments Share-based payments (IFRS 2) Impact of acquisitions or disposals of noncontrolling interests after acquisition of control Changes in consolidation scope Other Equity at 12/31/2023 Share Other equity Consolidated premiums instruments reserves Net income Share capital Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Total 105.2 540.5 Page 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. PRESENTATION OF THE GROUP AND THE BACKGROUND FOR PREPARING THE FINANCIAL STATEMENTS 1.1 Presentation of the Group Indigo Group (the “Company”) is a public limited company (société anonyme) incorporated under French law. Its registered office is located at The Curve, 48-50 avenue du Général De Gaulle, 92800 Puteaux La Défense. It is registered at the Nanterre Trade and Companies Registry under number 800 348 146. At 31 December 2015, Indigo Group’s parent company Infra Foch Topco was owned by investment funds managed by Ardian Infrastructure (36.9%), Crédit Agricole Assurances via its Predica subsidiary (36.9%), VINCI Concessions (part of the VINCI group, 24.6%) and management (1.6%). On 13 June 2016, Ardian Infrastructure and Crédit Agricole Assurances signed an agreement with VINCI Concessions with a view to buying its 24.6% stake in Infra Foch Topco on a 50/50 basis. The transaction was subject to the approval of the competition authorities and was completed in the third quarter of 2016. On 17 September 2019, Vauban Infrastructure Partners (formerly Mirova, via Core Infrastructure Fund II and its co-investment vehicle) – an asset management company specialising in sustainable investment – and MEAG, a Munich Re group company that manages assets for Munich Re and Ergo, completed the purchase of Ardian’s stake in Infra Foch Topco, which itself owns 99.8% of Indigo Group (the other 0.44% being owned by employees via an employee savings mutual fund) after disclosure to and consultation with Indigo’s Workforce Relations and Economic Committee in France and the approval of the transaction by the competent competition authorities. At December 31, 2024, Infra Foch Topco was 49.4%-owned by Crédit Agricole Assurances, through Predica SA and Crédit Agricole Assurances Retraite, 34.5%-owned by Vauban Infrastructure Partners and 14.9%-owned by MR Infrastructure Investment GmbH (MEAG), and held 0.1% of its own shares in treasury, with the Group’s management owning the remainder of the shares. The group consisting of Indigo Group and its subsidiaries (hereinafter “Indigo Group” or the “Group”) is a global player in parking and urban mobility, managing over 1.7 million parking spaces and providing related services in 10 countries at December 31, 2024 The Group works with various public- and private-sector entities (local authorities, hospitals, stations, airports, shopping centres, stadiums, leisure facilities, tourist facilities, residences, companies, universities, government agencies etc.) to design, build, finance and operate on-street and off-street parking solutions based on concession, owner-occupied and service-provider models. The Group is also engaged in activities in the field of Mobility and Digital Solutions via its Mobility and Digital Solutions Group subsidiary, Smovengo et Indigo Mobility Services (cf. highlights of the period). 1.2 Background for preparing the Group’s consolidated financial statements These consolidated financial statements were prepared as part of the December 31, 2024 full-year accounts closing process. In accordance with IAS 1 “Presentation of financial statements”, the consolidated financial statements for the period ended December 31, 2024 include the following: – the consolidated balance sheet at December 31, 2024 and the consolidated balance sheet at December 31, 2023; – the consolidated income statement and the consolidated comprehensive income statement for the period ended December 31, 2024 and the consolidated income statement and the consolidated comprehensive income statement for the period ended December 31, 2023; – the statement of changes in equity during the period (i.e. from January 1, 2024 to December 31, 2024) and in the previous period (i.e. the period from January 1, 2023 to December 31, 2023); – the cash flow statement for the period in question (i.e. from January 1, 2024 to December 31, 2024) and a statement of comparison with the previous period (i.e. from January 1, 2023 to December 31, 2023). To measure its performance, the Group uses certain indicators that are not defined under IFRSs, particularly for financial reporting purposes, and which are defined in Note 3.4. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 11 2. KEY EVENTS IN THE PERIOD 2.1 Key events in the period 2.1.1 Market position EUROPE France INDIGO announced on June 20, 2024, its commitment as an "Official Supporter for Parking" for the Paris 2024 Olympic and Paralympic Games. In response to the parking needs for the event's organization and its environmental commitments, the Group provided its expertise, quality of service, and physical and digital infrastructure to serve Paris 2024 and spectator travel. The Group made available 1,600 strategically located parking spaces to facilitate the organization of the Games, while offering abundant and adapted parking for the various Olympic sites, and an optimal supporter experience thanks to the digital tools developed by the Group, notably Indigo Neo. As part of the preparation for the Paris 2024 Olympic Games, the Group had to empty and close its Invalides, Concorde, and Joffre car parks. Furthermore, traffic within the city of Paris and its immediate surroundings was heavily impacted due to restrictions imposed by the authorities from the beginning of the preparation until the end of the event, which significantly affected the use of Parisian car parks during this period. Spain On April 29, 2024, INDIGO finalized the acquisition of 100% of the shares of Parkia Spanish Holding SLU and its subsidiaries following the approval of the operation by the Spanish competition authority. This transaction was temporarily financed by the Group's liquidity and overdraft lines, before the Group's shareholders - Crédit Agricole Assurances, Vauban Infrastructure Partners, and MEAG - participated in a 284 million euros capital increase of Infra Foch Topco on October 7, 2024, to maintain a financial structure in line with an Investment Grade rating. In line with its strategy to become one of the leaders in its geographical areas, this acquisition, combining the 3 rd and 4th largest operators in Spain in terms of off-street parking spaces, represented a good opportunity for the Group to significantly consolidate its position in the Spanish and European markets. This operation also saw the Group enter a 10th country, Andorra. The combined entity operates car parks under the INDIGO brand and becomes an important player in the Iberian Peninsula in terms of EBITDA. Parkia was a "pure player" in off-street parking, with a high-quality portfolio of concession contracts and full ownerships, with a remaining duration of 36 years. This acquisition strengthens the INDIGO Group's infrastructure business model. In addition to its fully owned assets, Parkia's portfolio benefits from automatic inflation-indexed clauses, typical of the Spanish market. It is also well diversified in Spain and Andorra, with a significant presence in medium-sized cities. Parkia has experienced strong growth in recent years, as well as a rapid recovery after the COVID-19 pandemic, achieving revenue of over 59 million euros in 2024.Belgium On August 29, 2024, INDIGO finalized the acquisition of APCOA Belgium NV ("APCOA Belgium"), including a 50% stake in ParcBrux BV (the remaining 50% already being held by INDIGO) and a 50% stake in Maatschap Parkeren Leuven. APCOA Belgium operated 36 contracts in four regions of Belgium (Antwerp, Flemish Brabant, Limburg, and East Flanders) and generated over 20 million euros of revenue in 2024. APCOA Belgium's car parks are mainly located in areas where INDIGO was already present, allowing an easy and rapid integration of operations within the organization. This situation, combined with the addition of operational and commercial expertise and a common culture of excellence, creates significant synergies. This transaction allowed INDIGO to expand its contracts portfolio in Belgium, with high-quality assets, and thus consolidate its leading position in this country. It also offers INDIGO the opportunity to accelerate and intensify the deployment of its strategy in Belgium and strengthen its competitive position in the attractive markets of on-street parking and electric vehicle charging. Finally, INDIGO now consolidates 100% of ParcBrux BV. AMERICAS Brazil The state of Rio Grande do Sul in southern Brazil was severely affected in May 2024 by devastating and historic floods. The Group has not suffered any victims among its employees in this state, but its facilities suffered significant material damage, particularly in its Porto Alegre offices, which had to be permanently relocated to another site within the techno-park of one of our main clients, PUC University. A solidarity fund was set up to help the most affected employees, to which the Group made a significant and rapid contribution. Although the damage was significant, the operating result of the subsidiary was not significantly affected. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 12 Canada Ardian, a leading private investment firm, and INDIGO, announced in March 2024 the creation of Clermont, a new Canadian joint venture to invest in parking assets in Canada. As part of this partnership, INDIGO contributed its Canadian properties to Clermont, while retaining the operation of each of them entrusted to INDIGO Park Canada. Ardian and INDIGO then commit to investing, according to the criteria established and defined for Clermont, in long-term parking assets, through acquisitions, concession gains, and long-term leases. These assets will also be managed by INDIGO Park Canada. In this context, Clermont carried out its first operation on June 21, 2024, with the acquisition of the Eau du Soleil parking lot (236 spaces) in Toronto. Colombia INDIGO finalized in April 2024 the takeover of 100% of City Parking, the leading parking operator in Colombia founded 25 years ago in Bogota. The company employs over 850 people and operates over 190 car parks spread across 18 Colombian cities, representing more than 45,000 parking spaces, including over 8,600 spaces for motorcycles and over 7,500 spaces for bicycles. This acquisition is in line with the Group's strategic continuity, aiming to be a leader in the markets where it operates with majority and controlling stakes in the companies it holds. By increasing its stake to 100%, INDIGO demonstrates its confidence in the continued growth of City Parking since the end of the pandemic. In March 2024, City Parking inaugurated Bogotá's first public-private mobility partnership, in the presence of the mayor and municipal authorities. This 28-year contract with the city involves building a two-floor underground car park and reclaiming urban space above ground, thereby contributing to more efficient and sustainable urban mobility. URBAN SHIFT On-street parking enforcement On October 2, 2024, INDIGO finalized the acquisition of Transdev Group's on-street parking activities in France. The entire portfolio represented 37 contracts in France and generated over 25 million euros in revenue in 2024. In France, INDIGO already operated 90 on-street contracts on behalf of 85 cities. The geographical complementarity of the contract’s portfolio, the addition of operational and commercial expertise, the shared culture of excellence, are creating significant synergies, and the combined new structure offers to the 264 new employees welcomed by INDIGO new career prospects and professional mobility. Charging stations for electric vehicles INDIGO is also supporting the decarbonization of the vehicle fleet with a very voluntarist deployment of charging points: by the end of 2024, approximately 10,400 electric vehicle charging points were in service in INDIGO car parks (including approximately 5,700 in France for a consumption of 4.7 GWh and approximately 1,700 in Belgium for a consumption of 3.5 GWh). Additionally, INDIGO is continuing the deployment of ultra-fast charging stations within its assets and now has 4 charging stations for an installed capacity of 2.85 MW. Vélib’ – Smovengo INDIGO, which already held 40% of Smovengo's capital, finalized on December 30, 2024, the acquisition of all shares and shareholders’ loans in Smovengo from its co-shareholders Mobivia, Fifteen, and Marfina, as well as the acquisition from Fifteen of the business assets related to the solutions and equipment necessary to the “Vélib’” self-service bikes. Smovengo has been operating, since 2018, on behalf of the Autolib' Vélib' Métropole Syndicate (now the Agence Métropolitaine des Mobilités Partagées), the Vélib' self-service bikes, in an area that includes the city of Paris and 65 cities of the Greater Paris Metropolitan Aera, until 2032. With 20,000 bicycles, over 1,400 stations, 470,000 subscribers, over 49 million trips, and over 157 million kilometers traveled in 2024, Smovengo is the operator of the world's largest shared bicycle system and a key player in decarbonized mobility in the Greater Paris area. This complete and coherent operation allows INDIGO to own 100% of Smovengo's capital and strengthen Smovengo's control over its entire value chain. Transformation of parking areas INDIGO is also very actively and concretely investing in the transformation of underground parking surfaces and the deployment of new activities in its car parks. Thus, INDIGO has signed a partnership with Shurgard, the European leader in self-storage, aiming at converting car parks into storage spaces to meet the growing demand in city centers. As part of this partnership, INDIGO provides Shurgard with dedicated spaces in car parks located in the heart of France's largest cities. Shurgard has already obtained four building permits for new facilities in Paris and Lyon. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 13 Beyond that, and regarding urban logistics, INDIGO, in partnership with CORSALIS, a real estate operator dedicated to urban distribution, has announced the start of work to completely transform the "Pressoir de Bercy." Located in the heart of the capital, this project aims to transform a car park into a 2,040 m² urban logistics space. This first operation concretely illustrates the Group's vision and conviction that car parks are urban infrastructures that must play a major role in the transformation of cities, by providing strategically positioned surfaces capable of accommodating the services and activities that the city needs to succeed in its transformation. Thus, INDIGO aims to convert certain parking infrastructures into logistics and proximity service spaces, in line with the logistical and environmental strategy of the city of Paris. This model is set to be deployed in other major French and European major cities, with the aim of building more resilient, human, and sustainable cities. These initiatives perfectly illustrate INDIGO's ability to transform existing infrastructures to better meet the needs of businesses and individuals, thereby contributing to making the city more functional and welcoming for all who live, work, or visit there. To materialize its interest in the conversion of urban infrastructures and its desire to advance the necessary expertise, INDIGO has created and signed, in partnership with the “École des Ingénieurs de la Ville de Paris” (EIVP), a chair for teaching and research dedicated to "Circular Urban Infrastructures" (IUC). The ambition is to offer an international-level training and research focused on the current and future uses of parking infrastructure. These are part of the issues of optimizing and sustainably managing urban space. Finally, INDIGO continues to adapt its facilities to accommodate new forms of mobility. Thus, as of December 31, 2024, INDIGO had deployed 106 Cycloparks, totaling over 6,800 spaces, in its car parks. High-service bicycle parks (protected and secure areas, with lockers and first-level maintenance kits), Cycloparks enable to support and facilitate bicycle use in urban areas. 2.1.2 Corporate / Governance - Financing Transfer of Group headquarters On Monday, July 8, 2024, INDIGO's head office teams left the Voltaire tower to move into a new building, The Curve, still located in the La Défense district. With this new head office and its facilities, the Group's employees now have a more modern, pleasantly greened, and better-adapted workspace to new working methods, with large spaces dedicated to conviviality and collaborative work. The National Teleoperation Center (CNTO) is now at the heart of our head office, embodying the central role of operations in our activities. Subscription to rate derivative instruments to vary part of the bond debt On April 24, 2024, INDIGO Group subscribed to two variable rate swaps of respectively 200 million euros in notional amount (maturity April 2030). One year extension of the 300 million euros revolving credit facility On July 27, 2022, INDIGO Group signed a new multi-currency sustainability linked revolving credit facility (RCF) for 300 million euros, with an initial maturity of July 2027 and two additional one-year extension options subject to bank approval. INDIGO Group exercised these options successively in 2023 and in the first half of 2024 and will now benefit from this credit line until July 2029. Capital increase On October 7, 2024, the Group's shareholders - Crédit Agricole Assurances, Vauban Infrastructure Partners and MEAG - injected common equity of 284 million to repay the overdrafts that had been set up to finance the Parkia acquisition last April. This development demonstrates the support of the Group’s shareholders in its strategy and the desire to maintain a solid Investment Grade rating while integrating Parkia acquisition. S&P Global Ratings affirms INDIGO Group's rating at BBB stable outlook On 29 November 2024, S&P Global Ratings confirmed INDIGO's rating at BBB stable outlook. 2.1.3 CSR Extra-financial rating In February 2024, the Sustainalytics extra-financial rating agency assessed the Group in terms of CSR-related financial risks (based on 2022 data). Sustainalytics awarded the Group a rating of 12.61, corresponding to a “low risk” grade, an improvement of 4 points on the previous rating. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 14 Projects supported by the INDIGO Foundation In 2024, the INDIGO Foundation had an annual budget of 306,800 euros, enabling to fund 29 projects in 19 cities in 7 countries (Belgium, Brazil, Colombia, Spain, Estonia, France and Luxembourg). With a strong local base and close collaboration with associations, local authorities and project leaders, it has had an impact on more than 200,000 beneficiaries, thanks to concrete actions in the fields of sport, culture and solidarity. 2023 and 2024 objectives achieved for the sustainability linked credit line As part of the 300 million euros sustainability revolving linked credit subscribed on July 27, 2022, the Group had defined two performance indicators: the reduction in carbon emissions from Scopes 1 & 2 and the cumulative electrical power installed in electric vehicle charging points. As 2023 annual objectives, the 2024 annual objectives have been achieved. 2.2 Key events in the previous period Key events in the previous period are presented in the published 2023 consolidated financial statements. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 15 3. ACCOUNTING POLICIES AND MEASUREMENT METHODS 3.1 General principles These Group consolidated financial statements for the period ended December 31, 2024 were prepared in accordance with International Financial Reporting Standards (IFRSs) as published by the IASB and adopted by the European Union at December 31, 2024. The Group’s consolidated financial statements are presented in millions of euros, rounded to the first decimal place. This may in certain circumstances lead to non-material differences between the sum of the figures and the sub-totals that appear in the tables. Zero values are stated in accounting format. 3.1.1 New standards and interpretations applicable from January 1, 2024 Standards and interpretations mandatorily applicable from January 1, 2024 have no material impact on the consolidated financial statements at December 31, 2024. These are mainly: – Amendments to IAS 1 “Presentation of financial statements” – “Required information on accounting standards” – Amendments to IFRS 16 “Lease liabilities in a sale and leaseback”. – Amendments to IAS 7 and IFRS 7 “Supplier financing agreements”. 3.1.2 Standards and interpretations adopted by the IASB but not yet applicable at December 31, 2024 The Group has not applied early the following standards and interpretations of which application was not mandatory at January 1, 2024: – Amendments to IFRS 9 and IFRS 7 “Classification and valuation of financial instruments”. – Amendments to IAS 21 “Lack of convertibility”. 3.1.3 Basis of preparation The consolidated financial statements were prepared using the historical cost method, except as regards certain financial instruments, which were measured at fair value at the end of each financial reporting period, as explained in the consolidation methods set out below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in a normal transaction between market participants at the measurement date, whether that price is directly observable or estimated using another measurement technique (see Note 3.3.1 Use of estimates for more details). 3.2 Consolidation methods 3.2.1 Consolidation scope The notion of control over an entity is defined on the basis of three criteria: – power over the entity, i.e. the ability to direct the activities that have the greatest impact on its profitability; – exposure to variable returns from the entity, which may be positive in the form of dividends or any other financial benefit, or negative; – and the connection between power and these returns, i.e. the ability to exert power over the entity in order to influence the returns obtained. In practice, companies in which the Group holds, whether directly or indirectly, the majority of voting rights in shareholders’ general meetings, in the Boards of Directors or in the equivalent management bodies, giving it the power to direct their operational and financial policies, are generally deemed to be controlled and are fully consolidated. To assess control, the Group carries out an indepth analysis of the established governance arrangements and of the rights held by other shareholders, to see whether they are purely protective. Where necessary, an analysis is performed in relation to instruments held by the Group or third parties (potential voting rights, dilutive instruments, convertible instruments etc.) that, if exercised, could alter the type of influence exerted by each party. An analysis is also performed if a specific event takes place that may affect the level of control exerted by the Group, such as a change in an entity’s ownership structure or governance, or the exercise of a dilutive financial instrument. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 16 Joint control is established where decisions relating to the entity’s main activities require the unanimous consent of the parties sharing control. Joint arrangements now fall into two categories (joint ventures and joint operations) depending on the nature of the rights and obligations held by each party. That classification is generally determined by the legal form of the project vehicle: – a joint venture is an arrangement where the parties exerting joint control over the entity (joint venturers) have rights to the entity’s net assets. Joint ventures are accounted for under the equity method. – a joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity’s liabilities. Each joint operator must account for the portion of assets, liabilities, income and expenses that corresponds to its interest in the joint operation. Associates are entities in which the Group exerts significant influence. Significant influence is presumed where the Group’s stake is more than or equal to 20%. However, it may arise where the ownership interest is lower, particularly where the Group is represented on the Board of Directors or any equivalent governance body, and therefore takes part in determining the entity’s operational and financial policies and strategy. The Group’s consolidated financial statements include the financial statements of all companies whose impact on the Group’s financial statements is material. A mixed analysis, based on revenue and total balance sheet is carried out on a case-by-case basis, depending on the activity of the company. December 31, 2024 December 31, 2023 (number of companies) Total France Outside France Total France Outside France Controlled companies 150 95 55 137 89 48 Equity method Total 9 1 8 5 2 3 159 96 63 142 91 51 The number of companies making up the Group's scope increased by 17 companies compared to December 31, 2023: The acquisition of the Parkia group led to the integration of 9 Spanish companies and one company in Andorra, all consolidated using the global integration method. In Canada, the Group includes the Clermont Limited Partnership group in its scope, which leads to the integration of 5 new companies, all using the equity method following the acquisition of minority shares. The company Indigo Infra Odéon was sold to Clermont Limited Partnership and therefore moves from a fully consolidated company to a company consolidated using the equity method. In Brazil, 3 companies consolidated using the global integration method were dissolved following the termination of contracts. In Switzerland, the company Parking Gare de Lausanne has been liquidated. In Belgium, the Group acquired the company Apcoa the August 29, 2024 consolidated in full consolidation and 50% of Parcbrux, which moved from a company consolidated by the equity method to full consolidation. The Group purchases the shares of the co-shareholders of Smovengo, which therefore moves from a company consolidated by the equity method to a company consolidated by global integration. At the same time, the group integrated the company Indigo Mobility Services, which recovers the business assets of Fifteen The Group acquired the Transdev Park Voirie group, which led to the integration of 4 new companies, all consolidated using the global integration method. The Group has integrated the companies Salon de Provence Stationnement, Caen Stationnement, Champigny Stationnement and Sarreguemines Stationnement into its French scope following the earned of new contracts. Finally, the Group carried out the TUPs of the French companies Société Auxiliaire de Parcs du Limousin in the Auxiliaire de Parcs company, the Amienoise de Stationnement company in Indigo Infra CGST and of SPS Tarbes and Parc Opéra in Indigo Infra. The movements of the financial year are detailed in the “significant events of the period” section. The consolidated scope is presented in section 14. Audit exemption for the UK subsidiary Les Parcs GTM UK Limited, the Group’s UK-registered subsidiary, used the exemption from auditing its financial statements under 479A of the UK Companies Act 2006. Indigo Group provided a guarantee for its Les Parcs GTM UK Limited subsidiary under article 479C of the UK Companies Act 2006. The guarantee relates to the liabilities of the UK subsidiary and the directors of Indigo Group see a low probability of that guarantee being used. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 17 3.2.2 Intragroup transactions Reciprocal operations and transactions relating to assets and liabilities, income and expenses between consolidated or equityaccounted companies are eliminated in the consolidated financial statements. This is done: – for the full amount if the transaction is between two controlled subsidiaries; – applying the percentage owned of an equity-accounted entity in the case of internal profits or losses realised between a fully consolidated entity and an entity accounted for under the equity method. 3.2.3 Translation of the financial statements of foreign companies and establishments In most cases, the functional currency of foreign companies and establishments is their local currency. The financial statements of foreign companies whose functional currency is different from that used in preparing the Group’s consolidated financial statements are translated at the closing rate for balance sheet items and at the average rate for the period for income statement items. Any resulting currency translation differences are recognised under other comprehensive income. Goodwill relating to foreign entities is considered as comprising part of the assets and liabilities acquired and is therefore translated at the exchange rate in force at the balance sheet date. 3.2.4 Foreign currency transactions Transactions in foreign currency are translated into euros at the exchange rate on the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate. Resulting exchange gains and losses are recognised under foreign exchange gains and losses and are shown under other financial income and expenses in the income statement. Foreign exchange gains and losses arising on loans denominated in foreign currency or on foreign currency derivative instruments qualifying as hedges of net investments in foreign subsidiaries, are recorded under currency translation differences in equity. 3.2.5 Business combinations The Group recognises the identifiable assets acquired and liabilities assumed at their fair value at the dates when control was acquired. The cost of a business combination is the fair value, at the date of exchange, of the assets given, liabilities assumed, and/or equity instruments issued by the acquirer in exchange for control of the acquiree. Contingent price adjustments are measured at fair value at each balance-sheet date. From the acquisition date, any subsequent changes to this fair value resulting from events taking place after control was acquired are recognised in profit or loss. Expenses that are directly attributable to the acquisition, such as professional fees for due diligence and other related fees, are expensed as they are incurred. Non-controlling interests in the acquiree are measured either at their share of the acquiree’s net identifiable assets, or at their fair value (full goodwill method). This option is applied on a case-by-case basis for each acquisition. The cost of acquisition is allocated by recognising the acquiree’s identifiable assets and liabilities assumed at their fair value at that date, except for assets or asset groups classified as held for sale under IFRS 5, which are recognised at their fair value less costs to sell. The positive difference between the cost of acquisition, as defined above, and the fair value of the identifiable assets and liabilities acquired constitutes goodwill. Where applicable, goodwill can include a portion of the fair value of non-controlling interests if the full goodwill method has been selected. The Group has 12 months from the date of acquisition to finalise the accounting for business combinations. In the case of a business combination achieved in stages, previously acquired shareholdings in the acquiree are measured at fair value at the date on which control is acquired. Any resulting gain or loss is recognised in profit or loss. Since 1 January 2020, the Group has applied the amendment to IFRS 3 regarding the definition of a business. The amendment clarifies the definition of a business and creates a clearer distinction between the acquisition of a business and the acquisition of a group of assets, and its main effect is the absence of goodwill recognition in the case of an acquisition of a group of assets. 3.2.6 Transactions between shareholders, acquisitions and disposals of non-controlling interests after acquisition of control Acquisitions or disposals of non-controlling interests, with no impact on control, are considered as transactions with the Group’s shareholders. Under this approach, the difference between the consideration paid to increase the percentage shareholding in an already-controlled entity and the supplementary share of equity thus acquired is recorded under consolidated equity. Similarly, a decrease in the Group’s percentage interest in an entity that continues to be controlled is booked in the accounts as a transaction between shareholders, with no impact on profit or loss. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 18 3.2.7 Discontinued operations (halted or sold) and assets held for sale – Assets held for sale Non-current assets of which the sale has been decided during the period, and the amount of which is regarded as material with respect to the Group’s main financial indicators, are shown on a separate line of the balance sheet whenever the sale is regarded as highly probable and expected to be completed within 12 months. Such assets are measured at the lower of their carrying amount and fair value, which corresponds to the estimated selling price less costs to sell. Income statement and cash flow items relating to assets held for sale are shown on separate lines (for all periods presented) if they also meet the criteria for classification as discontinued operations. – Discontinued operations Whenever discontinued operations (halted or sold) or operations classified as held for sale are: – a business line or a geographical area of business that is material for the Group and that forms part of a single disposal plan; or – a subsidiary acquired exclusively with a view to resale; They are shown on a separate line of the consolidated income statement and the consolidated cash flow statement for all periods presented if their amount is regarded as material with respect to the Group’s main financial indicators. Assets connected with discontinued operations, if held for sale, are measured at the lower of their carrying amount and fair value less costs to sell. 3.3 Measurement rules and methods 3.3.1 Use of estimates The preparation of financial statements under IFRSs requires estimates to be used and assumptions to be made that affect the amounts shown in those financial statements. These estimates are made on a going concern basis and are based on information available at the time they are made. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be different from these estimates. • Values used for provisions The Group identifies and regularly analyses the risks it may face in its business activities, particularly in relation to litigation and lossmaking contracts. Where applicable, the Group measures provisions based on the best estimate at the balance sheet date of the expected outflow of resources required to settle the relevant obligation. Those estimates take into account available information and the range of possible results. • Measurement of retirement benefit obligations The Group is involved in defined contribution and defined benefit retirement plans. Its obligations in connection with these defined benefit plans are measured actuarially, based on assumptions such as the discount rate, future increases in wages and salaries, employee turnover, mortality rates and the rate of increase of health expenses. Most of these assumptions are updated annually. Details of the assumptions used and how they are determined are given in Note 9.10.1, below. The Group considers that the actuarial assumptions used are appropriate and justified in the current conditions. Obligations may, however, change if assumptions change. • Measurement of fair value The Group mainly uses fair value in measuring, on a consistent basis, the derivative instruments, equity instruments, cash management financial assets and identifiable assets and liabilities acquired in business combinations on its balance sheet. Fair value is the price that would be received from selling an asset or paid to transfer a liability in a normal transaction. It is recognised on the basis of the asset or liability’s main market (or the most advantageous market if there is no main market), i.e. the one that offers the highest volume and activity levels. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 19 To determine these fair values, the Group uses the following measurement methods: – market-based approaches, based on observable market prices or transactions; – revenue-based approaches, which convert future cash flows into a single present value; – cost-based approaches, which take into account the asset’s physical, technological and economic obsolescence. The following three-level hierarchy of fair values is used: • – Level 1: price quoted on an active market. Marketable securities, some equity instruments and listed bond issues are measured in this way. – Level 2: internal model using internal measurement techniques with observable factors: these techniques are based on usual mathematical computation methods, which incorporate observable market data (forward prices, yield curves, etc.). The calculation of the fair value of most derivative financial instruments (swaps, caps, floors, etc.) traded over the counter is based on internal models commonly used by market participants to price such financial instruments. Every quarter, the internally calculated values of derivative instruments are checked for consistency with those sent by the counterparties. – Level 3: internal model using non-observable factors. This model applies to customer relationships and contracts acquired through business combinations, as well as to holdings of unlisted shares, which, in the absence of an active market, are measured at their cost of acquisition plus transaction costs. Values used in impairment tests The assumptions and estimates made to determine the recoverable amount of goodwill, intangible assets and property, plant and equipment relate in particular to the forecast cash flows and discount rates used. A change to these assumptions could have a significant impact on the value of the recoverable amount. In this context, the Group establishes detailed assumptions by business and by country to determine the values in use required to conduct the impairment tests. The main assumptions used by the Group are described in Note 9.5 Impairment tests on other non-current assets. 3.3.2 Revenue The Group’s consolidated revenue comprises: – revenue from car parks (owned outright, operated under concession or under service contracts) and ancillary income such as fees for the use of commercial installations and rental advertising space; and – revenue in respect of the construction of new concession infrastructure, for which the corresponding entry in the Group’s balance sheet appears under concession intangible assets or financial receivables. Following the adoption of IFRS 15, revenue: – includes the reimbursement of operating expenditure made by Group entities where they control the arrangements for performing these services (staff secondment contracts for which the Group recruits, trains and controls the teams seconded to its clients); – excludes: ◦ situations where the Group does not have control, in which case the income received as remuneration for its activities is recognised after the deduction of expenditure made to perform the activities concerned (leases in which the Group does not control the service and does not define the performance conditions, such as setting prices and opening hours, managing parking spaces and defining the necessary human resources); ◦ revenue received where expenses are invoiced onward without applying a margin (on a “pass-through” basis). The method for recognising revenue under concession contracts is explained in Note 3.3.4 Concession contracts. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 20 3.3.3 Revenue from ancillary activities Revenue from ancillary activities mainly comprises rental income, study work and fees other than those generated by concession operators. 3.3.4 Concession contracts 3.3.4.1 General principle Under the terms of IFRIC 12 Service Concession Arrangements, a concession operator has a twofold activity: – a construction activity in respect of its obligations to design, build and finance a new asset that it makes available to the grantor: revenue is recognised on a stage of completion basis in accordance with IAS 11; – an operating and maintenance activity in respect of the assets under the concession: revenue is recognised in accordance with IFRS 15. In return for its activities, the operator receives remuneration from either: • Users: the intangible asset model applies.The operator has a right to receive tolls (or other payments) from users in consideration for the financing and construction of the infrastructure. The intangible asset model also applies whenever the concession grantor remunerates the concession operator on the basis of how much users use the infrastructure, but with no guarantees as to the amounts that will be paid to the operator (under a simple pass through or shadow toll agreement). Under this model, the right to receive toll payments (or other remuneration) is recognised in the concession operator’s balance sheet under “Concession intangible assets”. This right corresponds to the fair value of the concession asset plus borrowing costs capitalised during the construction phase. It is amortised over the term of the arrangement in a manner that reflects the pattern in which the asset’s economic benefits are consumed by the entity, starting from the asset’s entry into service. This model applies to most of the car parks managed under concession by the Group. • The grantor: the financial asset model applies. The operator has an unconditional contractual right to receive payments from the concession grantor, irrespective of the amount of use made of the infrastructure. Under this model, the operator recognises a financial asset, attracting interest, in its balance sheet, in consideration for the services it provides (designing, building, operation or maintenance). Such financial assets are recognised in the balance sheet under “Financial receivables - Concessions”, for the amount of the fair value of the infrastructure on first recognition and subsequently at amortised cost. The receivable is settled by means of the grantor’s payments received. The financial income calculated on the basis of the effective interest rate, equivalent to the project’s internal rate of return, is recognised under operating income. This model applies to some of the Group’s contracts. In the case of bifurcated models, the operator is remunerated partly by users and partly by the grantor. The part of the investment that is covered by an unconditional right to receive payments from the grantor (grants and rent) is recognised as a financial receivable up to the amount guaranteed. The unguaranteed balance, of which the amount is dependent on the use of the infrastructure, is recognised as “concession intangible assets”. This model applies to some of the Group’s contracts. 3.3.4.2 Accounting treatment of fixed royalties paid to grantors under concession contracts Under its concession contracts, the Group undertakes to pay the grantor an annual operating fee with respect to its occupation and use of the public domain. Fees can be either fixed or variable (based on revenue or operating income) and are generally index-linked according to variable formulas. As regards fixed royalties, the IFRS Interpretation Committee concluded in March 2013 that payments made by a concession-holder to a grantor for the use of a concession asset falling within the scope of IFRIC 12 and allowing the concession-holder to use the concession asset should be recognised under assets, with a balancing entry under liabilities corresponding to the commitment to pay those fees, provided that they do not depend on the concession-holder’s future activity and do not give the right to goods or services distinct from the service concession agreements. The IFRS Interpretation Committee has confirmed that position, which was published in the January 2016 “IFRIC Update”. In the circumstances, the Group capitalises the fixed royalties in the form of an asset on its balance sheet – i.e. the right to use the public domain (car park) – that is amortised over the term of the contract, with a balancing entry under liabilities corresponding to the commitment to paying the fees. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 21 This accounting treatment of fixed royalties has the following impact on the Group’s consolidated financial statements: – recognition of an intangible asset corresponding to the capitalisation of fees at their present value, which is amortised on a straight-line basis over the contract term, – recognition of a financial liability at amortised cost according to the effective interest-rate method, reduced each year due to the payment of fees and generating an accretion cost recognised under cost of financial debt. Fixed royalties associated with contracts that have become fully enforceable but whose underlying assets are not in service on the accounts closing date for the consolidated financial statement are included in the off-balance sheet commitments presented in Note 11.3 Off-balance sheet commitments 3.3.5 Share-based payments The methods for measuring remuneration based on equity instruments are defined by IFRS 2 “Share-based Payment”. Under the Employee Share Ownership Plan, the Group set up a mutual fund invested in Indigo Group’s unlisted shares (the “Fund”) in 2019. The Fund’s main aim is to track the performance of Indigo Group’s unlisted shares less ordinary expenses. The fund’s net asset value moves, both upward and downward, in line with the valuation of the unlisted Indigo Group shares in proportion to the percentage of its assets invested in those shares. As of December 31, 2024, employees hold 0.44% of Indigo Group shares following a new subscription campaign carried out during the financial year. When subscribing to the plans, employees benefited from a contribution paid by their company. The latter, deemed to be a benefit granted to employees, was recognized as an expense on share-based payments for the period. The settlement of investments made by employees is carried out by payment of cash. Furthermore, the Canadian (in 2020) and Brazilian (in 2023) subsidiaries have implemented long-term compensation plans for certain employees based on equity instruments, also settled by payment of cash, including the value is derived from the enterprise value of the subsidiaries. The method for measuring and recognizing cash settled instruments is as follows: – The value of instruments granted is estimated on the grant date initially, then re estimated at each accounts closing date until the payment date, and the expense is adjusted accordingly at the relevant closing date. – A balancing entry for the expense is made under non current debt on the liabilities side of the balance sheet. The Canadian and Brazilian plans are still in place as of December 31, 2024. Finally, as part of the development of the Group, certain employees of the group’s companies have access to: – bonus shares, allowing beneficiaries to receive a certain percentage of ordinary shares of Infra Foch Topco (the parent company) awarded by reference year depending on an EBITDA-based performance criterion; – a Long Term Incentive Plan (LTIP), allowing beneficiaries to receive a bonus awarded by reference year depending on an EBITDA-based performance criterion. The income-statement impact of those plans is set out in Note 7.5 Share-based payments (IFRS 2). 3.3.6 Cost of net financial debt The cost of net financial debt comprises: – the cost of gross financial debt, which includes the interest expense calculated at the effective interest rate and the accretion cost of the financial liability recognised with respect to the commitment to pay fixed royalties to grantors, gains and losses on hedges of gross debt, and net changes in the fair value of derivatives not designated as hedges; – the line item “financial income from cash management investments”, comprising the return on investments of cash and cash equivalents (interest income, dividends from UCITS, disposal gains and losses, etc.), the impact of interest-rate hedges associated with these investments and changes in their fair value. Investments of cash and cash equivalents are measured at fair value through profit or loss. Net financial debt is defined and detailed in Note 9.14 Net financial debt. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 22 3.3.7 Total other financial income and expense Other financial income and expense comprises mainly foreign exchange gains and losses, the effects of discounting to present value, dividends received from unconsolidated entities, capitalised borrowing costs, and changes in the value of derivatives not allocated to managing interest rate risk. Borrowing costs borne during the construction of assets are included in the cost of those assets. They are determined as follows: – to the extent that funds are borrowed specifically for the purpose of constructing an asset, the borrowing costs eligible for capitalisation on that asset are the actual borrowing costs incurred during the period less any investment income arising from the temporary investment of those borrowings; – when borrowing is not intended to finance a specific project, the interest eligible for capitalisation on an asset is determined by applying a capitalisation rate to the expenditure on that asset. This capitalisation rate is equal to the weighted average of the costs of borrowing funds, other than those specifically intended for the construction of given assets. This does not relate to the construction of concession infrastructure accounted for using the financial asset model (see Note 3.3.22.1 Financial assets). 3.3.8 Income tax expense Income tax is computed in accordance with the tax legislation in force in the countries where the income is taxable. In accordance with IAS 12, deferred tax is recognised on the temporary differences between the carrying amount and the tax base of assets and liabilities. It is calculated using the latest tax rates enacted at the accounts closing date and applied according to the schedule for the reversal of temporary differences. The effects of a change in the tax rate from one period to another are recognised, where they are material, in the income statement in the period in which the change was adopted, in the “Impact from changes in income tax rates” item. Where applicable, deferred tax relating to share-based payments (IFRS 2) is taken to income to the extent that the deductible amount does not exceed the fair value of plans established according to IFRS 2. Whenever subsidiaries have material distributable reserves, a deferred tax liability is recognised in respect of the probable distributions that will be made in the foreseeable future where material. Moreover, shareholdings in equity-accounted companies give rise to recognition of a deferred tax liability in respect of all differences between the carrying amount and the tax base of the shares. Net deferred tax is determined on the basis of the tax position of each entity or group of entities included in the tax group under consideration and is shown under assets or liabilities for its net amount per taxable entity. Deferred tax is reviewed at each balance sheet date to take account in particular of the impact of changes in tax law and the prospect of recovery. Deferred tax assets are only recognised if their recovery is probable. Deferred tax assets and liabilities are not discounted. 3.3.9 Earnings per share Basic earnings per share represent the net income for the period after non-controlling interests, divided by the weighted average number of shares outstanding during the period. In calculating diluted earnings per share, the average number of shares outstanding is adjusted for the dilutive effect of equity instruments issued by the Company. 3.3.10 Concession intangible assets Concession intangible assets correspond to the concession operator’s right to operate the asset in consideration for the investment expenditures incurred for the design and construction of the asset. This operator’s right corresponds to the fair value of the construction of the asset under concession plus the borrowing costs capitalised during the construction phase. It is amortised over the term of the arrangement in a manner that reflects the pattern in which the asset’s economic benefits are consumed by the entity, starting from the date when the right to operate starts to be used. 3.3.11 Goodwill Goodwill is the excess of the cost of a business combination over the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities at the date(s) of acquisition, recognised on first consolidation. Goodwill in fully consolidated companies is recognised under goodwill in consolidated assets. Goodwill relating to companies accounted for under the equity method is included in the line-item “Investments in companies accounted for under the equity method”. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 23 Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication that it may be impaired. Whenever goodwill is impaired, the difference between the carrying amount and recoverable amount is recognised as an operating expense in the period and is not reversible. Negative goodwill is recognised directly in profit or loss in the year of acquisition. 3.3.12 Other intangible assets These are mainly operating rights and software. Other purchased intangible assets are measured at cost less any amortisation or cumulative impairment losses. and are amortised on a straight-line basis over their useful life. The IFRS Interpretation Committee published, on April 27, 2021 a decision relating to SaaS (Software as a Service) contracts made available in the “cloud”. Following this publication, the Group reviewed its accounting policy for configuration and customization costs for this kind of software. As such, an analysis is now performed for each new SaaS solution development project to determine if (1) the configuration and customization services are distinct from access to the SaaS software and if (2) the Group gets control of a new software resource. If these two cumulative criteria are met, the Group recognizes these configuration and customization costs as intangible assets and depreciates them over the term of the SaaS contract. Conversely, if at least one of the two criteria is not met, the configuration and customization costs are calculated as expenses over the period during which the services are provided. 3.3.13 Grants related to assets Grants related to assets are presented in the balance sheet as a reduction of the amount of the asset for which they were received. 3.3.14 Property, plant and equipment and concession property, plant and equipment These assets are recorded at their acquisition or production cost less cumulative depreciation and any impairment losses. They are not revalued. They include in particular concession operating assets that are not controlled by the grantor but that are necessary for operation of the concession such as buildings intended for use in the operation, equipment for toll collection, signage, data transmission and video-surveillance, and vehicles and equipment. Depreciation is generally calculated on a straight-line basis over the period of use of the asset. Accelerated depreciation may however be used when it appears more appropriate to the conditions under which the asset is used. For certain complex assets comprising various components, in particular buildings and constructions, each component of the asset is depreciated over its own period of use. The main periods of use of the various categories of items of property, plant and equipment are as follows: Buildings Fixtures and fittings Office furniture and equipment Between 30 and 50 years Between 7 and 30 years Between 3 and 10 years Depreciation commences on the date when the asset enters service. Land is not depreciated. Estimated useful lives, residual values and the depreciation method are revised at the end of each annual accounts closing, and the impact of any change in estimates is recognised prospectively. 3.3.15 Investment properties Investment properties are those held in order to generate rent or for capital appreciation. Such properties is shown on a separate line in the balance sheet. Investment properties are recorded at its acquisition cost less cumulative depreciation and any impairment losses, in the same way as items of property, plant and equipment. 3.3.16 Impairment of non-financial non-current assets Under certain circumstances, impairment tests must be performed on intangible and tangible non-current assets. For intangible assets with an indefinite useful life and goodwill, a test is performed at least annually and whenever there is an indication of a loss of value. It may in particular be characterized by a deterioration in the performance of an asset, an unfavorable trend in the economic environment or a change in regulations. For other non-current assets, a test is performed only when there is an indication of a loss of value. In accordance with IAS 36, the criteria used to assess indications of a loss of value may be external (e.g. significant change in market date) or internal (e.g. significant decrease in revenue). Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 24 Assets to be tested for impairment losses are grouped within cash-generating units (CGUs) that correspond to homogeneous groups of assets that generate identifiable cash inflows from their use. In France, a CGU corresponds to a group of contracts from a single ordering customer. In other countries, a CGU corresponds to a set of car parks in a single city or consistent geographical area. Whenever the recoverable value of a cash-generating unit is less than its carrying amount, an impairment loss is recognised in operating income. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. The discount rate is determined for each cash-generating unit, taking account of its geographical location and the risk profile of its business. 3.3.17 Investments in companies accounted for under the equity method Investments accounted for under the equity method are initially recognised at the cost of acquisition, including any goodwill arising. Their carrying amount is then increased or decreased to recognise the Group’s share of the entity’s profits or losses after the date of acquisition. Whenever losses are greater than the value of the Group’s net investment in the equity-accounted company, these losses are not recognised unless the Group has entered into a commitment to recapitalise that company or has made payments on its behalf. If there is an indication that an investment may be impaired, its recoverable value is tested as described in Note 3.3.16 Impairment of non-financial non-current assets. Impairment losses shown by these impairment tests are recognised as a deduction from the carrying amount of the corresponding investments. The income or loss of companies accounted for under the equity method is reported on a specific line, between EBITDA and operating income. These shareholdings are in companies in which the Group has significant influence and in jointly controlled entities. 3.3.18 Inventories and work in progress Inventories and work in progress are recognised at their cost of acquisition or of production by the entity. At each balance-sheet date, they are measured at the lower of cost and net realisable value. 3.3.19 Trade receivables and other current operating assets “Trade receivables” and “other current operating assets” are current financial assets classified in the “loans and receivables” category. An estimate of the likelihood of non-recovery is made at each balance-sheet date and an impairment loss is recognised if necessary. The likelihood of non-recovery is assessed in the light of payment delays and guarantees obtained. 3.3.20 Retirement and other employee benefit obligations – Defined-benefit retirement obligations Provisions are taken in the balance sheet for obligations connected with defined-benefit retirement plans, for both current and former employees (people with deferred rights or who have retired). These provisions are determined using the projected unit credit method on the basis of actuarial assessments made at each annual balance-sheet date. The actuarial assumptions used to determine the obligations vary depending on the economic conditions of the country where the plan is operated. Each plan’s obligations are recognised separately. For defined benefit plans financed under external management arrangements (i.e. pension funds or insurance policies), the surplus or shortfall of the fair value of the assets compared with the present value of the obligations is recognised as an asset or liability in the balance sheet. All post-employment benefits granted to Group employees are recognised in the consolidated balance sheet. Interest income from pension plan assets is calculated using the discount rate used to calculate obligations with respect to definedbenefit plans; Impacts of remeasurements are recognised in other comprehensive income: • Actuarial gains and losses on obligations corresponding to the difference between actuarial assumptions adopted and that which has actually occurred and resulting from the effects of changes in actuarial assumptions and from experience adjustments, • Plan asset outperformance/underperformance (i.e. the difference between the effective return on plan assets and the return calculated using the discount rate applied to the actuarial liability) and changes in the asset ceiling effect. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 25 For defined benefit plans, the expense recognised under operating income or loss comprises the current service cost and the effects of any change, reduction or winding up of the plan. The accretion impact on actuarial debt and interest income on plan assets are recognised under other financial income and expenses. The IFRS Interpretation Committee published, on May 24, 2021 a decision relating to the allocation of the cost of services associated with defined benefit retirement plans for which (1) the definitive acquisition of the benefits is conditional on the presence in the company at the time from retirement, (2) the amount of benefits depends on seniority, (3) the amount of benefits is capped at a number of consecutive years of service. This decision has the effect of modifying the determination of the allocation period of the employee benefit for the distribution of the IAS 19 expense. The Group reviewed, when closing its 2021 consolidated financial statements, the method of calculating its provision for defined benefit retirement obligations. – Defined-contribution pension plan obligations Contributions made to defined-contribution pension plans are recognised as an expense where employees have given service entitling them to contributions. – Provisions for other employee benefit obligations Provisions for other employee benefit obligations are taken in the balance sheet and these obligations are measured in accordance with IAS 19. They comprise commitments for long-service bonuses and coverage of medical expenses in some subsidiaries. This provision is assessed using the projected unit credit method. The portion of provisions for retirement and employee-benefit obligations that matures within less than one year is shown under current liabilities. 3.3.21 Provisions A provision is a liability of uncertain timing or amount. Provisions are recognised whenever the Group has a real legal or constructive obligation towards non-Group companies arising from a past event, whenever it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation and whenever a reliable estimate can be made of the amount of the obligation. The amount of a provision is the best estimate of the outflow required to settle the present obligation at the balance-sheet date. The provision is discounted whenever the effect is material and the maturity is after one year. – Non-current provisions Non-current provisions are provisions that are not directly linked with the operating cycle and of which the maturity is generally after one year. They also include provisions for loss-making contracts. Present obligations resulting from loss-making contracts are recognised and measured as provisions. A contract is regarded as lossmaking where the inevitable costs required to meet the contractual obligations are higher than the expected economic benefits from the contract. The portion of non-current provisions that matures within less than one year is shown under current provisions. – Current provisions Current provisions are provisions directly linked to each business line’s own operating cycle, whatever the expected time of settlement of the obligation. Provisions for disputes connected with operations mainly relate to disputes with customers, subcontractors, joint contractors or suppliers. Provisions for restructuring costs, incorporating the cost of redundancy plans and measures to which a commitment has been made, are recognised whenever the Group has a detailed formal plan of which the parties affected have been informed or that has been announced before the balance-sheet date. Provisions for other current liabilities mainly comprise provisions for individual dismissals and for other risks related to operations. 3.3.22 Financial assets and liabilities Financial assets and liabilities are recognised where a Group entity becomes a party to contractual provisions relating to financial instruments. Financial assets and liabilities are initially measured at fair value. Transaction costs directly attributable to the acquisition or issuance of financial assets and liabilities (other than financial assets and liabilities measured at fair value through profit or loss) are, as applicable, added to or deducted from the fair value of financial assets and liabilities at initial recognition. Transaction costs directly attributable to the acquisition of financial assets and liabilities measured at fair value through profit or loss are immediately recognised in profit or loss. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 26 3.3.22.1 Financial assets Financial assets are classified in the following categories: financial assets at fair value through profit or loss, held-to-maturity investments, equity instruments and loans and receivables. The classification depends on the nature and purpose of the financial assets, and is determined at initial recognition. The Group does not use the “held-to-maturity investments” category. Other non-current financial assets comprise equity instruments, the part at more than one year of loans and receivables measured at amortised cost, the part at more than one year of financial receivables under public-private partnership contracts (PPPs) and the fair value of derivative financial instruments designated as hedges maturing after one year (see Note 3.3.25 Derivative financial instruments). – Equity instruments Equity instruments comprise the Group’s shareholdings in unconsolidated entities. At the balance-sheet date, equity instruments are measured at their fair value. The fair value of shares in listed companies is determined on the basis of the stock market price at that balance sheet date. For unlisted securities, if their fair value cannot be determined reliably, the securities continue to be measured at their original cost, i.e. their cost of acquisition plus transaction costs. Changes in fair value are recognised directly in equity Dividends on equity instruments are recognised in income where the Group’s right to receive those dividends is established. Whenever there is an objective indication that this asset is impaired, the corresponding loss is recognised in profit or loss and may not be reversed. • • For securities quoted on an active market, a long-lasting or material decline in fair value below their cost is an objective indication of their impairment. The factors considered by the Group in assessing the long-lasting or material nature of a decline in fair value are generally the following: ▪ the impairment is long-lasting whenever the closing stock market price has been lower than the cost of the security for more than 18 months; ▪ the impairment is material whenever, at the balance sheet date, there has been a 30% fall in the current market price compared with the cost of the financial asset. For unlisted securities, the factors considered are the decrease in value of the share of equity held and the absence of prospects for generating profits. – Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. “Loans and receivables” mainly comprise receivables connected with shareholdings, current account advances to equity-accounted companies or unconsolidated entities, guarantee deposits, collateralised loans and receivables and other loans and financial receivables. They also include financial receivables relating to concession contracts and public-private partnerships whenever the concession operator has an unconditional right to receive remuneration (generally in the form of revenue guarantees or operating subsidies) from the grantor. When first recognised, these loans and receivables are recognised at their fair value less the directly attributable transaction costs. At each balance-sheet date, these assets are measured at their amortised cost using the effective interest method, less any impairment loss. The effective interest-rate method is a way to calculate the amortised cost of a debt instrument and to allocate interest income during the period concerned. The effective interest rate is the rate that exactly discounts future cash payments (including all fees and points paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the debt instrument or, where appropriate, a shorter period to the net carrying amount at the time of first recognition. Interest income is recognised by applying the effective interest rate, except as regards short-term receivables, for which the impact of discounting is negligible. In the particular case of financial receivables coming under the scope of IFRIC 12, the effective interest rate used corresponds to the project’s internal rate of return calculated at inception. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 27 If there is an objective indication of impairment of these loans and receivables, an impairment loss is recognised at the balance sheet date. The impairment loss, corresponding to the difference between the carrying amount and the recoverable amount (i.e. the present value of the expected cash flows discounted using the original effective interest rate), is recognised in profit or loss. This loss may be reversed if the recoverable value increases subsequently and if this positive change can objectively be linked to an event arising after recognition of the impairment loss. The part at less than one year of loans and receivables is included under other current financial assets. – Financial assets at fair value through profit and loss Financial assets are classified as financial assets at fair value through profit or loss where they are held for trading or designated as at fair value through profit or loss. A financial asset is classified as held for trading where: • it was acquired mainly with a view to selling it in the short term; • at initial recognition, it is part of a portfolio of specific financial instruments that are managed together by the Group and show a recent profile of short-term profit-taking; • it is a derivative that is not a designated and effective hedging instrument. Money-market mutual funds acquired for cash management purposes are classified in this category, along with certain non-hedging derivative instruments. 3.3.22.2 Cash management financial assets “Cash management financial assets” comprise, as the case may be, investments in money market securities and bonds, and units in UCITS, made with a short-term management objective, that do not satisfy the IAS 7 criteria for recognition as cash (see Note 3.3.22.3 Cash and cash equivalents). As the Group adopts fair value as being the best reflection of the performance of these assets, they are measured and recognised at their fair value, and changes in fair value are recognised through profit or loss. Purchases and sales of cash management financial assets are recognised at their transaction date. Their fair value is determined using commonly used valuation models or, for non-listed cash management assets, at the present value of future cash flows. In assessing the fair value of listed instruments, the Group uses the market price at the balance sheet date or the net asset value of the UCITS. 3.3.22.3 Cash and cash equivalents This item comprises current accounts at banks and cash equivalents corresponding to short-term, liquid investments subject to negligible risks of fluctuations of value. Cash equivalents may include, as the case may be, monetary UCITS and certificates of deposit with maturities not exceeding three months at the origin. Bank overdrafts are not included in cash and are reported under current financial liabilities. The Group has adopted the fair value method to assess the return on its financial instruments. Changes in fair value are recognised directly in profit or loss. Their fair value is determined using commonly used valuation models or, for non-listed cash management assets, at the present value of future cash flows. In assessing the fair value of listed instruments, the Group uses the market price at the balance sheet date or the net asset value of the UCITS. 3.3.23 Financial liabilities and equity instruments Debt and equity instruments issued by a Group entity are classified as financial liabilities or equity, depending on the substance of the contractual relationships and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that shows a residual interest in an entity’s assets after the deduction of all its liabilities. Equity instruments issued by a Group entity are recognised at the amount of the consideration received minus direct issuance costs. 3.3.24 Financial liabilities (current and non-current) Financial liabilities are recognised at amortised cost using the effective interest method, and do not include embedded derivatives that are not closely linked (particularly with respect to early redemption options). The effective interest rate is determined after taking account of redemption premiums and issuance expenses. Under this method, the interest expense is measured actuarially and reported under the cost of gross financial debt. The benefit of a loan at a significantly below-market rate of interest, which is in particular the case for project finance granted by public-sector organisations, is treated as a government grant and recognised as a reduction of the related investments, in accordance with IAS 20. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 28 The amount of the grant corresponds to the difference between the amounts received under the borrowing and the fair value of the borrowing based on market interest rates currently in force. The part at less than one year of borrowings is included in “current financial liabilities”. The Group derecognises financial liabilities if and only if the Group’s obligations are settled, cancelled or expire. The difference between the carrying amount of the derecognised financial liability and the consideration paid and due is taken to income. 3.3.25 Derivative financial instruments Derivative financial instruments are initially recognised at fair value on the date at which a derivative contract is entered into and are subsequently measured at their fair value at the end of each financial reporting period. The resulting profit or loss is immediately taken to income unless the derivative is a designated and effective hedging instrument. In that case, the time at which it is taken to income depends on the type of hedging relationship. Derivatives embedded in non-derivative host contracts are treated as separate derivatives if they meet the definition of a derivative, if their risks and characteristics are not closely related to the risks and characteristics of the host contracts and if the contracts are not measured at fair value through profit and loss. – Fair value of derivative financial instruments (assets and liabilities) The Group uses derivative financial instruments to hedge its exposure to market risks (mainly interest rates and foreign currency exchange rates). Most interest rate and foreign currency exchange rate derivatives used by the Group are designated as hedging instruments. Hedge accounting is applicable if the conditions provided for in IAS 39 are satisfied: • at the time of setting up the hedge, there must be a formal designation and documentation of the hedging relationship; • the effectiveness of the hedging relationship must be demonstrated from the outset and at each balance sheet date, prospectively and retrospectively. The fair value of derivative financial instruments designated as hedges of which the maturity is greater than one year is reported in the balance sheet under “Other non-current financial assets” or “Other loans and borrowings (non-current)”. The fair value of other derivative instruments not designated as hedges and the part at less than one year of instruments designated as non-current hedges are reported under “Other current financial assets” or “Current financial liabilities”. – Financial instruments designated as hedging instruments Derivative financial instruments designated as hedging instruments are systematically recognised in the balance sheet at fair value (see Note 3.3.1 Use of estimates). Nevertheless, recognition of the variation in their fair value from one period to another varies depending on whether they are designated as: – a fair value hedge of an asset or a liability or of an unrecognised firm commitment to buy or sell an asset; – a cash flow hedge; or – a hedge of a net investment in a foreign entity. ▪ Fair value hedge A fair value hedge enables the exposure to the risk of a change in the fair value of an asset or liability such as fixed-rate loans and borrowings, assets and liabilities denominated in foreign currency or an unrecognised firm commitment, to be hedged. Changes in the fair value of the hedging instrument are recognised in profit or loss for the period. The change in value of the hedged item attributable to the hedged risk is recognised symmetrically in profit or loss for the period (and adjusted to the carrying amount of the hedged item). Except for the ineffective part of the hedge, these two revaluations offset each other within the same line items in the income statement. ▪ Cash-flow hedge A cash flow hedge allows exposure to variability in future cash flow associated with an existing asset or liability, or a highly probable forecast transaction, to be hedged. Changes in the fair value of the derivative financial instrument are recognised net of tax in other comprehensive income, under equity for the effective part and in profit or loss for the period for the ineffective part. Cumulative gains or losses in equity must be reclassified to profit or loss under the same line item as the hedged item – i.e. under operating income and expenses for cash flow from operations and under financial income and expense otherwise – when the hedged cash flow affects profit or loss. If the hedging relationship is interrupted, in particular because it is no longer considered effective, the cumulative gains or losses in respect of the derivative instrument are retained in equity and recognised symmetrically with the cash flows hedged. If the future cash flow is no longer highly probable, the gains and losses previously recognised in equity are immediately taken to profit or loss. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 29 ▪ Hedge of a net investment in a foreign entity A hedge of a net investment denominated in a foreign currency hedges the exchange rate risk relating to the net investment in a consolidated foreign subsidiary. In a similar way as for cash-flow hedges, the effective portion of the changes in the value of the derivative instrument is recorded in equity under currency translation reserves and the portion considered as ineffective is recognised in profit or loss. The change in the value of the derivative instrument recognised in “translation differences” must be reversed through profit or loss when the foreign entity in which the initial investment was made is disposed of. Hedging instrument profits and losses related to the effective portion of the hedge that are accumulated in reserves with respect to translation differences are taken to income when a foreign entity is sold. 3.4 Financial indicators not defined under IFRSs but used by the Group To measure its performance, the Group uses certain financial indicators that are not defined under IFRSs. These indicators are used for the purpose of the Group’s financial communication (press release, financial presentations etc.). 3.4.1 EBITDA The Group uses “earnings before tax, interest, depreciation and amortisation” (EBITDA) as an indicator. It features as an intermediate balance in the presentation of the consolidated income statement. EBITDA consists of operating income before taking into net depreciation, amortisation and additions to provisions for the impairment of non-current assets, net additions to noncurrent provisions, impacts associated with share-based payments (IFRS 2), income from equity-accounted companies and income and expense deemed to be non-recurring, material and unusual, which include: – goodwill impairment losses, – gains or losses on share sales and the impact of remeasuring equity interests at fair value following changes in the type of control exerted over the investee, – other income and expense classified as non-recurring where it is deemed material. 3.4.2 Global proportionate For financial reporting purposes and to present its performance in a way that is more effective and easier to understand, the Group states operational figures (revenue, EBITDA and operating income) on a “global proportionate” basis. These include the Group’s share of joint ventures as if they were consolidated proportionately (before adjustment in accordance with IFRS 11) and not accounted for under the equity method. In the consolidated financial statements, IFRS 11 is applied and the Group’s share of joint ventures is taken into account under the equity method. A reconciliation can be done between “global proportionate” figures – used in particular for financial reporting purposes – and “IFRS” figures presented in the Group’s consolidated financial statements by referring to Note 9.6 Investments in equity-accounted companies, which sets out the contribution of joint ventures to the main balance-sheet and income-statement items. 3.4.3 Free Cash flow Free Cash Flow is a measure of cash flow from recurring operating activities. Free Cash Flow is included as an intermediate balance in the consolidated cash flow statement. It corresponds to EBITDA less: – disbursements related to fixed royalties as part of concession contracts (IFRIC 12), – disbursements related to fixed lease payments after the entry into force of IFRS 16, – maintenance expenditure, – the change in the working capital requirement, – and other operating items that have a cash impact but that are not included in EBITDA. A reconciliation with the figures in the consolidated cash flow statement is presented in Note 8.1 Transition from EBITDA to free cash flow. 3.4.4 Cash Conversion Ratio The Cash Conversion Ratio is Free Cash Flow as a proportion of EBITDA. It shows the proportion of EBITDA that is converted into cash flow and is therefore available for development investments, the payment of tax, debt servicing and the payment of dividends to shareholders. It is presented in Note 8.2 Cash Conversion Ratio. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 30 4. SPECIFIC MATTERS Climatic risks In addition to an analysis of extra-financial risks (social, societal and environmental), the Group continues to analyze its physical and transition risks linked to climate change based on the risk matrix developed by the TCFD - Task Force on Climate-related Financial Disclosures . Thus, certain Group assets may suffer damage resulting from extreme climatic events such as storms or floods, or from increases in sea and ocean levels. These environmental risks are analyzed upon response to calls for tender, with regard to the human, technical, financial and legal issues they represent. Where applicable, the solutions developed and sized with the technical teams take into account these environmental risks as early as possible, such as, from the design of a structure, the raising of potential water inlets (elevator entrance, pedestrian access). , ventilation openings, etc.). On the other hand, technical means of mitigating extreme climatic phenomena are put in place for the car parks concerned (cofferdams, pumps, etc.). Finally, during the operation phase, alert procedures are implemented with local stakeholders. This allows the Group's staff to anticipate these risks, both for users and for the structure, by placing information panels at the access points of the parking lots and by closing as a preventive measure the access points most exposed to aid. cofferdams. At the same time, environmental risks are also taken into consideration with insurance companies. Through its Health, Safety, and Environment Policy, the Group is committed to "minimizing its environmental impacts by reducing its energy consumption, particularly in its facilities, and implementing technologies and solutions to reduce its customers' emissions while facilitating their access to individual mobility options that do not consume fossil fuels." In 2022, the Group confirmed its long-term commitment to sustainable development by joining the UN Global Compact. It also signed a revolving credit line, maturing in July 2027, in which the Group has integrated two environmental indicators—the reduction of Scope 1 & 2 carbon emissions and the cumulative electrical power installed at electric vehicle charging points—which are part of its CSR and ESG strategy, which it has pursued for several years. INDIGO successively exercised these options in 2023 and during the first half of 2024 and will now benefit from this credit line until July 2029. For the years 2023 and 2024, the annual objectives for these two indicators were achieved. The environmental issues linked to the Group's activities and their potential consequences on the environment are detailed more specifically in its sustainability report, resulting from European regulation (EU) 2022/2464 CSRD (Corporate Sustainability Reporting Directive). In addition, the Group has included in its process of closing the accounts the identification of the main climate risks, in order to assess their potential impact on its financial statements. The Group considers that the assessment of climate risks is correctly taken into account and that it is consistent with its commitments in this area. The integration of these elements did not have a significant impact in 2024 on the Group's financial statements. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 31 5. BUSINESS COMBINATIONS 5.1 Acquisitions in the period • Acquisitions of the Group Parkia The Group, through its subsidiary Indigo Infra, acquired on April 29, 2024, 100% of the shares of Parkia Spanish Holding, a company incorporated under Spanish law. This acquisition strengthens the Group's number 2 position on the Spanish market including a portfolio of 71 assets with an average residual life of 35 years. This merger represents the integration of 10 new companies (9 Spanish companies and one company in Andorra) into the consolidated scope. Following the analysis carried out in accordance with IFRS 10, the Group considers that it exercises exclusive control over the new entity and has consolidated Parkia Spanish Holding and its subsidiaries by full consolidation since April 29, 2024. The acquisition of the Parkia Group was financed by the shareholders of Infra Foch Topco (IFT), the parent company of Indigo Group, through a capital increase of €284 million. As of December 31, 2024, the Parkia Group contributed €41.1 million in revenue and €1.5 million in net income to the Group's consolidated financial statements. In accordance with revised IFRS 3, the Group determines the fair values of the identifiable assets and liabilities acquired. An external valuation is underway and the acquisition price has been allocated to the identifiable assets and liabilities. This results in a provisional goodwill of €158.8 million. This allocation will be finalized within a maximum of 12 months from the acquisition date. (In million of euros) Parkia Intangible assets Tangible assets Other non-current assets and current assets Net deferred taxes Net financial debt Other non-current liabilities and current liabilities Net assets acquired Minority interests 442.0 117.0 25.1 -55.8 -376.1 -17.7 134.5 -3.7 Acquisition price 289.6 Provisional goodwill in €m as of December 31, 2024 158.8 • Acquisitions of Clermont Limited Partnership The Group, through its subsidiary Indigo Infra Canada, acquired a 20% stake on March 20, 2024 in Clermont Limited Partnership, a company incorporated under Canadian law. The company is 80% owned by Ardian, a leading private investment company. The purpose of this partnership is to invest in parking assets in the form of full ownership or concessions in North America. Following the analysis carried out in accordance with IFRS 10 and IFRS 11, the Group considers that it exercises significant influence over Clermont Limited Partnership and its subsidiaries and has consolidated them using the equity method since March 21, 2024. The acquisition of the company led to the recognition of goodwill of €0.5 million, recognized in investments in equity-accounted companies. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 32 • Acquisitions of Apcoa and takeover of Parcbrux (Belgium) On 29 August 24, Indigo Park Belgium finalised the acquisition of 100% of the company APCOA (later renamed A+) which itself held 50% of the company ParcBrux, now 100% owned. The two companies have been fully consolidated since August 29. The previously held stake in Parcbrux was deconsolidated, which led to the recognition of income of €5.9 million corresponding to the withdrawal from the company's consolidated reserves. The transaction was carried out through a locked box mechanism for a net assets value of €35.1 million. Through this transaction, Indigo strengthens its leading position in Belgium by acquiring 36 contracts (including 15 concession contracts) for 2024 revenues exceeding €20 million (€8.4 million recorded in the Group's consolidated accounts). APCOA Belgium's parking lots are mainly located in areas where INDIGO Group is already present, facilitating the integration of APCOA Belgium's operations within the INDIGO Group organization. This situation, combined with the addition of operational and commercial expertise and a shared culture of excellence, should create significant synergies. As part of the PPA exercise, the purchase price is allocated to the identified assets and liabilities in proportion to their respective fair values. In this case, the allocation is made by DA, according to the NPVs determined during the due diligence exercise. These valuation differences are recognized as a counterpart to the equity of the entities, without recognition of deferred tax liabilities. No Goodwill has been recognized. (In million of euros) Intangible assets Tangible assets Other non-current assets and current assets Net deferred taxes Net financial debt Other non-current liabilities and current liabilities Net assets acquired • A-PLUS + 50% ParcBrux 1.8 35.3 17.2 1.7 10.9 -31.8 35.1 Acquisitions of the Transdev Group's on-street parking activities Following the acquisition of the on-street parking activities in 2022, the Group, through its subsidiary Indigo Infra, acquired the onstreet parking activities of the Transdev group on October 1, 2024. This acquisition represents a portfolio of 37 contracts (including the Paris road contract) spread across 4 companies, of which one company acquired at 70%. Following the analysis carried out in accordance with IFRS 10, the Group considers that it exercises exclusive control over the new entity and has fully consolidated the 4 companies since October 1, 2024. In accordance with revised IFRS 3, the Group determined the fair values of the assets acquired and liabilities assumed. As of December 31, 2024, this resulted in provisional goodwill of €12.5 million. This allocation will be finalized within a maximum of 12 months from the date of acquisition. (In million of euros) ex-Transdev onstreet activities Tangible assets Other non-current assets and current assets Net deferred taxes Net financial debt Other non-current liabilities and current liabilities Net assets acquired 3.3 6.0 0.1 4.7 -9.9 4.2 Acquisition price at 100% 16.7 Provisional goodwill at 100% in €m as of December 31, 2024 12.5 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 33 • Takeover of Smovengo and acquisition of the Fifteen business On December 30, 2024, the Group acquired all of the shares and current accounts of its co-shareholders and simultaneously purchased the business of supplying Smovengo with the solutions and equipment required for self-service bicycles (integrated into the company Indigo Mobility Services). This combined transaction allows the Group to take control of the company and strengthen its control of the value chain, for a total acquisition price of €18.1 million. Previously, in a context of capital restructuring, Indigo Infra abandoned its current account with Smovengo on December 27, 2024 for an amount of €98.4 million. This current account allowed the subsidiary to finance its development. Until December 27, 2024 the Group deducted Smovengo’s negative net equity to this current financial assets making its net balance nil at each closing. Smovengo is the concessionaire for the operating contract for the “Vélib’” self-service bicycles of the City of Paris. In 2024, the company generated revenues of €65 million, materialized by 49.3 million rides and 470,000 subscriptions. This company was already 40.49% owned by the Group and consolidated using the equity method. As the company is now fully consolidated, the share previously held in the company has been deconsolidated. The outflow of consolidated reserves generated a charge, net of the write-off of debt, of €6.7 million. The transactions were processed in accordance with IFRS 3 and the Group determined the fair values of the assets acquired and liabilities assumed. As a result, as of December 31, 2024, there will be provisional badwill of €17.0 million recognized in the income statement. This allocation will be finalized within a maximum of 12 months from the acquisition date. (In million of euros) Intangible assets Tangible assets Other non-current assets and current assets Net deferred taxes Net financial debt Other non-current liabilities and current liabilities Smovengo & business funds fifteen 3.2 47.9 28.2 0.3 -12.8 -34.9 Net assets acquired 31.9 Total consideration transferred 14.9 Provisional badwill in €m as of December 31, 2024 -17.0 5.2 Acquisitions in the previous period Acquisitions from the previous period are detailed in the published 2023 consolidated accounts. During the first half of 2024, the Group continued its study of the available elements related to the acquisition of BePark (Belgium) and City Parking (Colombia). This did not lead to a change in the goodwill recognized in the Group's consolidated financial statements. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 34 6. INFORMATION BY OPERATING SEGMENT Segment information is presented by geographical area, in accordance with the organization and internal reporting of the Group. The segments presented are as follows: France, with a distinction between operating activities and head office activities or "Corporate" activities, Continental Europe (Belgium, Luxemburg, Switzerland, Spain, Andorre and Poland), Americas (Canada, USA, Brazil and Colombia), and Urban Shift (of which Streeteo, Smovengo and the road parking activity purchased from Transdev the October 1, 2024). For the Group, each area is an operating segment. The segment information as presented is consistent with that presented to the Group’s Executive Management and to the operational decision-makers to help them make decisions concerning the allocation of resources and the assessment of each segment’s performance. It is prepared using the same accounting policies as those used for the Group’s consolidated financial statements. Each segment’s revenue corresponds to revenue from car parks and related activities such as fees for the use of commercial installations. None of the Group’s external clients accounts for more than 10% of the Group’s consolidated revenue. The segment revenue in the tables below represents revenue from external clients. The breakdown of revenue by geographical zone is based on the countries in which services are provided. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 35 12/31/2024 (in € millions) France Of which corporate (*) Of which operating Continental Europe (**) Americas (Brazil, Colombia, Canada, USA) Urban Shift (***) Total 887.0 Income statement 476.3 — 476.3 201.3 201.5 7.8 Concession subsidiaries’ construction revenue 32.1 — 32.1 — — — 32.1 Total revenue 508.5 — 508.4 201.3 201.5 7.8 919.1 Revenue 7.1 — 7.1 5.0 1.0 (0.1) 13.0 (254.7) 3.0 (257.7) (99.4) (140.7) (6.3) (501.1) EBITDA 260.9 3.0 257.8 106.9 61.8 1.4 430.9 Depreciation and amortisation (165.0) — (164.9) (49.7) (32.9) (0.9) (248.5) Net non-current provisions and impairment of noncurrent assets 1.5 (0.1) 1.5 2.1 — — 3.6 Other operating items (2.6) (0.2) (2.4) 0.5 3.2 0.1 1.2 Share-based payments (IFRS 2) (4.1) (1.0) (3.2) (1.1) (2.3) — (7.5) Income/(loss) of companies accounted for under the equity method — — — 2.2 (0.4) 29.6 31.3 Goodwill impairment losses — — — — — — — (1.5) — (1.5) 6.2 0.6 — 5.3 Revenue from ancillary activities Recurring operating expenses Impact of changes in scope and gain/(loss) on disposals of shares Operating income 89.1 1.8 87.3 67.1 30.1 30.1 216.4 Cost of net financial debt (57.6) 13.8 (71.4) (25.0) (18.5) (1.2) (102.2) Other financial income and expense (1.3) — (1.3) — — — (1.3) Income tax expense (6.2) (2.3) (3.9) (6.9) (16.5) 1.4 (28.2) NET INCOME FOR THE PERIOD (including non-controlling interests) 24.0 13.3 10.8 35.1 (4.8) 30.2 84.6 Cash flow statement Cash flow (used in)/from operating activities 159.4 73.3 27.4 (2.1) 257.9 Net operating investments (181.4) (24.1) (17.7) (0.9) (224.0) Free Cash Flow after operating investments (22.0) 49.2 9.7 (3.0) 34.0 Net financial investments and impact of changes in scope (308.0) 34.5 (3.3) (6.9) (283.7) (5.5) 24.5 3.9 — 23.0 Net cash flow (used in)/from investing activities (494.8) 35.0 (17.1) (7.8) (484.6) Net cash flow (used in)/from financing activities 169.4 (47.8) 5.7 — 127.2 — 0.1 (3.4) — (3.3) (166.1) 60.5 12.6 (9.9) (102.8) 2,162.1 1,457.4 327.7 73.1 4,020.4 Current assets 739.1 123.5 98.1 55.4 1,016.1 Total assets 2,901.3 1,581.0 425.8 128.4 5,036.5 Non-current liabilities 2,124.8 770.1 113.4 9.3 3,017.7 968.0 104.6 112.5 101.9 1,287.0 3,092.8 874.7 225.9 111.2 4,304.7 Other Other changes (including impact of exchange rate movements) Net change in net cash position Balance sheet Non-current assets Current liabilities Total liabilities excluding equity Total equity (191.6) 706.3 199.9 17.2 731.8 Total equity and liabilities 2,901.3 1,581.0 425.8 128.4 5,036.5 (2,015.3) (603.0) (111.0) (48.0) (2,777.3) Net financial debt (*) Exclusively Indigo Group holding structure (**) Of which Parkia Group acquired the April 29, 2024 (***) Of which acquisitions of the period: Smovengo, Indigo Mobility Services and Transdev's road activities, all acquired in 2024 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 36 France Of which corporate (*) of which operating Continental Europe Americas (Brazil, Colombia, Canada, USA) Grand International (China) Urban Shift Total 468.9 — 468.9 136.9 186.7 — 7.6 800.2 Concession subsidiaries’ construction revenue 26.8 — 26.8 — — — — 26.8 Total revenue 495.7 — 495.7 136.9 186.7 — 7.6 827.0 3.3 — 3.3 5.3 1.1 — — 9.7 (243.2) 1.8 (245.0) (75.5) (129.1) — (5.6) (453.4) EBITDA 255.8 1.9 254.0 66.8 58.7 — 2.0 383.3 Depreciation and amortisation (161.4) — (161.4) (28.0) (32.9) — (1.1) (223.3) 1.6 (0.1) 1.7 (0.3) — — 0.6 2.0 12/31/2023 (in € millions) Income statement Revenue Revenue from ancillary activities Recurring operating expenses Net non-current provisions and impairment of non-current assets Other operating items 2.5 0.6 1.9 0.3 (4.4) — (0.5) (2.1) Share-based payments (IFRS 2) (3.5) (2.4) (1.2) (0.1) (0.9) — (0.1) (4.6) Income/(loss) of companies accounted for under the equity method — — — 2.4 — — (8.0) (5.6) Goodwill impairment losses — — — — — — — — Impact of changes in scope and gain/(loss) on disposals of shares 0.3 — 0.3 — 5.3 — — 5.6 Operating income 95.4 — 95.3 41.1 25.7 — (7.0) 155.2 Cost of net financial debt (42.4) 5.8 (48.2) (5.8) (19.6) — (1.1) (69.0) — — 0.1 — 0.1 — — 0.1 Income tax expense (15.9) (0.9) (15.0) (9.3) (8.5) — (0.6) (34.3) NET INCOME FOR THE PERIOD (including non-controlling interests) 37.1 4.9 32.1 26.0 (2.3) — (8.8) 52.0 Cash flow (used in)/from operating activities 176.5 — — 49.0 23.2 — (0.6) 248.1 Net operating investments (176.4) — — (58.9) (47.9) — (0.7) (283.9) — — — (9.8) (24.7) — (1.3) (35.8) Net financial investments and impact of changes in scope (13.6) — — (9.5) (2.6) — — (25.7) Other Other financial income and expense Cash flow statement Free Cash Flow after operating investments (1.8) — — (0.1) 3.8 — — 1.9 Net cash flow (used in)/from investing activities (191.9) — — (68.5) (46.7) — (0.7) (307.8) Net cash flow (used in)/from financing activities 488.7 — — 7.0 16.3 — (0.1) 512.0 Other changes (including impact of exchange rate movements) 0.9 — — 0.4 0.4 — — 1.7 474.2 — — (12.0) (6.7) — (1.4) 454.1 3,226.4 Net change in net cash position Balance sheet 2,224.2 — — 695.8 393.7 — (87.4) Current assets 903.5 — — 67.5 90.2 — 4.0 1,065.2 Total assets 3,127.7 — — 763.3 484.0 — (83.4) 4,291.6 Non-current liabilities 2,610.9 — — 258.6 128.5 — 1.0 2,998.9 517.7 — — 77.0 126.6 — 30.9 752.2 3,128.5 — — 335.6 255.1 — 31.9 3,751.1 Non-current assets Current liabilities Total liabilities excluding equity (0.8) — — 427.7 228.9 — (115.3) 540.5 Total equity and liabilities 3,127.7 — — 763.3 484.0 — (83.4) 4,291.6 Net financial debt -1853.4 0.0 0.0 -204.7 -149.3 0.0 -29.2 -2236.7 Total equity (*) Exclusively Indigo Group holding Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 37 7. NOTES TO THE INCOME STATEMENT 7.1 Recurring operating expenses (in € millions) 12/31/2024 12/31/2023 Purchases consumed (37.4 ) (44.2 ) External services (244.8 ) (222.9 ) Temporary employees (11.9 ) (9.3 ) Subcontracting (14.0 ) (17.8 ) Construction expenses for concession companies (32.1 ) (26.8 ) Taxes and levies (38.1 ) (37.7 ) Employment costs (*) (232.5 ) (207.1 ) Impact relating to the accounting treatment of fixed lease payments (IFRS 16) 39.7 35.8 Impact relating to the treatment of fixed royalties (IFRIC 12) 64.9 60.5 Other recurring operating items 5.1 16.2 (501.1 ) (453.4 ) Total (*) Including provisions for retirement benefit obligations 7.2 Depreciation and amortisation Net depreciation and amortisation breaks down as follows: (in € millions) 12/31/2024 (*) 12/31/2023 (*) Intangible assets (24.3) (25.3) Concession intangible assets (60.5) (46.6) Impact relating to the treatment of fixed royalties (IFRIC 12) (54.0) (51.4) Concession property, plant and equipment and intangible assets (74.6) (68.5) Impact relating to the accounting treatment of fixed lease payments (IFRS 16) (35.1) (31.5) — — (248.5) (223.3) Investment properties Total (*) of which negative valuation difference of €(30.7) million as of December 31, 2024, compared with €(22.1) million as of December 31, 2023. 7.3 Net provisions and impairment of non-current assets and liabilities Net provisions and impairment of non-current assets and liabilities are an integral part of the company’s operations, and break down as follows: (in € millions) Provisions for losses on lossmaking contracts 12/31/2024 Other noncurrent Impairment of contingency assets and loss provisions Total Net additions to non current-assets and liabilities 0.7 5.6 (2.8) 3.6 Total 0.7 5.6 (2.8) 3.6 The €3.6 million of net allocations to provisions for non-current risks and charges are mainly composed of a recovery of €5.1 million dealing with the acquisition of Smovengo. . (in € millions) Provisions for losses on lossmaking contracts 12/31/2023 Other noncurrent Impairment of contingency assets and loss provisions Total Net additions to non current-assets and liabilities (0.4) (1.0) 3.4 2.0 Total (0.4) (1.0) 3.4 2.0 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 38 7.4 Other operating items In 2024, other operating items resulted in a €1.2 million gain as opposed to a €(2.1) million loss in 2023. The item is made up of costs supported by the Group for its acquisition and disposal projects for a total amount of €(5.0) million. This charge is offset by interest on current accounts of companies consolidated using the equity method for €6.6 million. 7.5 Share-based payments (IFRS 2) Share-based payment net expense amounted to €(7.5) million for 2024 (as opposed to €(4.6) million with respect to 2023) and related in particular to the phantom share plan existing in Canada and Brazil for €(2.1) million, the free shares plans existing in France and international for €(3.2) million and the abondement of the Group linked to the subscription of the mutual fund during the first semester 2024 for €(1.9) million. 7.6 Financial income and expense Financial income and expense break down as follows by accounting category of assets and liabilities: 12/31/2024 Financial income and expense recognised in income (in € millions) Cost of net financial debt (102.7) — — Impact relating to the treatment of fixed royalties (IFRIC 12) (18.8) — — Impact relating to the accounting treatment of fixed rents (IFRS 16) (6.0) Liabilities at amortised cost — Assets and liabilities at fair value through profit or loss — — — Derivatives designated as hedges: assets and liabilities — — — Derivatives at fair value through profit and loss: assets and liabilities (1.1) — — Other (*) 26.4 — — Foreign exchange gains and losses — 0.7 (1.3) (0.6) Effect of discounting to present value — — (0.9) (0.9) Borrowing costs capitalised — 0.1 — 0.1 (102.2) 0.9 (2.2) (1.3) Total financial income and expense Financial income Total other and Other Other financial expense financial financial income and income (1) expense (2) expense recognised (1)+(2) in equity — — (*) Consists of cash investment income The cost of net financial debt increases by €32.1 million over 2024. This growth is mainly explained by Parkia’s existing debt acquired (+€16 million) and by the effect of the early refinancing of the 2025 bond issue carried out in 2023 (+€24 million). 12/31/2023 Financial income and expense recognised in income (in € millions) Cost of net financial debt Financial income Total other and Other Other financial expense financial financial income and income (1) expense (2) expense recognised (1)+(2) in equity (58.1) — — — — Impact relating to the treatment of fixed royalties (IFRIC 12) (16.9) — — — — Impact relating to the accounting treatment of fixed rents (IFRS 16) (4.9) — — — — Assets and liabilities at fair value through profit or loss — — — — — Derivatives designated as hedges: assets and liabilities — — — — — Derivatives at fair value through profit and loss: assets and liabilities (0.9) — — — (0.1) Other (*) Liabilities at amortised cost 11.8 — — — — Foreign exchange gains and losses — 1.1 (0.6) 0.6 — Effect of discounting to present value — 0.1 (0.7) (0.6) — Borrowing costs capitalised — 0.2 — 0.2 — (69.0) 1.4 (1.3) 0.1 (0.1) Total financial income and expense (*) Consists of cash investment income Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 39 Gains and losses on derivative financial instruments used for hedging break down as follows: (in € millions) 12/31/2024 12/31/2023 Net interest on derivative instruments designated as fair value hedges (1.4) (0.4) Change in fair value of derivative instruments designated as fair value hedges 5.1 5.4 Change in value of financial debt covered by fair value hedges (5.1) (5.4) — — Reserve recycled through profit or loss in respect of cash flow hedges Ineffective portion of cash flow hedges 0.3 (0.5) (1.1) (0.9) 12/31/2024 (37.2) 8.9 12/31/2023 (41.3) 6.9 9.0 7.8 of which tax losses and tax credits — (0.9) Equity taxes Total income tax expense 0.1 (28.2) 0.1 (34.3) Income/loss from derivative hedging instruments 7.7 Income tax expense 7.7.1 Breakdown of net tax expense (in € millions) Current tax Deferred tax of which timing differences — of which changes in tax rate and other In 2024, there was net tax expense of €28.2 million as opposed to a net tax expense of €34.3 million in 2023. The downward variation, compared to the previous financial year, is explained in particular by a decrease in contributions from French companies that are members of the tax consolidation for 4 million euros and permanent differences on deconsolidation during the period for a cumulative effect of 4.5 million euros. 7.7.2 Effective tax rate (in € millions) 12/31/2024 Income before tax and income/(loss) of companies accounted for under the equity method 12/31/2023 81.5 91.9 Theoretical tax rate in France 25.83 % 25.83 % Theoretical tax expense expected (21.0) (23.7) — — Impact of taxes due on income taxed at lower rate — Impact of changes in scope Impact of tax loss carryforwards and other timing differences that are not recognised or that have previously been subject to limitation Difference in tax rates on foreign income or loss (2.5) (6.0) 0.1 (0.2) Permanent differences and miscellaneous (4.8) (4.4) Total tax recognised (28.2) (34.3) Effective tax rate 34.67 % 37.27 % Companies in the Indigo Group are part of the tax consolidation group headed by Infra Foch Topco. The Indigo Group’s theoretical tax rate is 25.83%, corresponding to the standard tax rate in France at December 31, 2024. The effective tax rate was 34.67% in the period ended December 31, 2024. This effective tax rate includes in particular the effects of the non-activation of Indigo Group's own tax deficits, given the absence of any prospect of a positive tax result for the Company, the result of which is mainly made up of dividends received from the share of its subsidiaries, which are not taxable, while the Company bears the cost of financing its subsidiaries. Since tax consolidation takes place at the Infra Foch Topco level, the net amount of tax paid by the Group (€33.6 million) does not include the tax saving generated by Indigo Group and its subsidiaries which amounts to €6.7 million. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 40 7.7.3 Breakdown of deferred tax assets and liabilities (in € millions) 12/31/2024 Net income Changes Equity Other (*) 12/31/2023 Deferred tax assets Losses carried forward and tax credits 122.4 (3.9) (6.6) 2.0 130.9 Retirement benefit obligations 4.5 0.6 (1.9) 0.3 5.5 Temporary differences on provisions 9.3 (1.4) (0.3) 1.3 9.7 Fair value adjustment on financial instruments 0.1 — — — 0.1 Fees 11.3 2.2 (0.2) — 9.3 Fixed lease payments 2.2 0.4 — 0.1 1.7 Non-current assets 39.8 (0.5) (0.4) 2.4 38.3 Other 15.5 0.6 (0.7) 3.3 12.3 Total 205.1 (2.0) (10.1) 9.4 207.8 Losses carried forward and tax credits — — — — — Retirement benefit obligations — — — — — (2.4) 0.3 — (0.9) (1.8) Fair value adjustment on financial instruments — — — — — Finance leases — (167.7) 9.4 0.2 (62.2) (115.1) Other (3.5) (2.4) 0.6 (0.2) (1.5) Total (173.6) 7.3 0.8 (63.3) (118.4) Deferred tax liabilities Temporary differences on provisions Non-current assets Net deferred tax asset or liability before impairment losses — 31.4 5.3 (9.3) (53.9) 89.3 Unrecognised deferred taxes (128.0) 3.5 7.2 0.1 (138.8) Net deferred taxes (96.5) 8.8 (2.1) (53.8) (49.4) (*) Mainly composed with deferred effects coming from scope entries of the period 7.7.4 Unrecognised deferred taxes Deferred tax assets unrecognised due to their recovery not being certain amounted to €128.0 million at December 31, 2024 (€138.8 million at December 31, 2023). They concerned Indigo Group and some of its French subsidiaries for €88.0 million (including €81.7 million for their loss carryforwards) and foreign subsidiaries for 39.1 million euros (including €37.9 million for their loss carryforwards). 7.8 Earnings per share In 2024: • the average number of ordinary shares used to calculate basic earnings per share was 183,021,628; • the Company did not hold any of its own shares in treasury; • and there were no financial instruments with a dilutive effect. As a result, diluted earnings per share were identical to basic earnings per share in the period ended December 31, 2024, i.e. a loss of €0.47 per share. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 41 8. NOTES TO THE CASH FLOW STATEMENT 8.1 Transition from EBITDA to free cash flow (in € millions) 12/31/2024 12/31/2023 EBITDA 430.9 383.3 Cash items related to operating activities with no impact on EBITDA (10.8 ) (8.4 ) Cash flow from operations before tax and financing costs (*) 420.1 374.9 Change in WCR and current provisions (25.7 ) (9.4 ) Fixed royalties (IFRIC 12 - see Note 8.4) (64.9 ) (60.5 ) of which net interest paid (18.8 ) (16.9 ) of which investments in concession fixed assets in relation to new contracts (44.7 ) (69.3 ) of which investments in concession fixed assets in relation to existing contracts (3.6 ) (12.6 ) of which disposals of property, plant and equipment and intangible assets 1.6 9.9 of which new borrowings 47.2 80.9 of which repayments of borrowings Fixed rents (IFRS 16 - see Note 8.5) (46.5 ) (52.6 ) (39.7 ) (35.8 ) of which net interest paid (6.0 ) (5.0 ) of which purchases of property, plant and equipment and intangible assets (50.1 ) (43.7 ) — 3.8 of which proceeds from sales of property, plant and equipment and intangible assets of which new borrowings 49.0 38.5 (32.5 ) (29.4 ) Maintenance investments (undertaken) (34.2 ) (42.7 ) Free Cash Flow 255.6 226.5 of which repayments of borrowings (*) Corresponds to “Cash flow from operations before tax and financing costs” as presented in the consolidated cash flow statement. 8.2 Cash Conversion Ratio (in € millions) 12/31/2024 12/31/2023 EBITDA (1) 430.9 383.3 Free Cash Flow (2) 255.6 226.5 Cash Conversion Ratio (2) / (1) 59.3 % 59.1 % The Cash Conversion Ratio (see Note 3.4.4 Cash Conversion Ratio) is Free Cash Flow as analysed in Note 8.1 above as a proportion of EBITDA. It was 59.3% in 2024, up from 59.1% in 2023. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 42 8.3 Analysis of cash flow from investing activities (in € millions) 12/31/2024 12/31/2023 Purchases of property, plant and equipment and intangible assets (119.5 ) (134.6 ) of which impact relating to the treatment of fixed lease payments (IFRS 16) (50.1 ) (43.7 ) Proceeds from sales of property, plant and equipment and intangible assets 22.8 7.3 of which impact relating to the treatment of fixed royalties (IFRIC 12) 1.6 9.9 of which impact relating to the treatment of fixed lease payments (IFRS 16) — 3.8 Investments in concession fixed assets (net of grants received) (127.5 ) (156.9 ) of which impact relating to the treatment of fixed royalties on new contracts (IFRIC 12) (44.7 ) (69.3 ) of which impact relating to the treatment of fixed royalties on existing contracts (IFRIC 12) (3.6 ) (12.6 ) Change in financial receivables under concessions 0.3 0.3 Operating investments (net of disposals) (*) (224.0 ) (283.9 ) (96.9 ) (111.9 ) (127.1 ) (172.0 ) of which growth investments (undertaken) (100.4 ) (152.2 ) of which car park maintenance investments (undertaken) (34.9 ) (36.8 ) 8.2 17.0 of which net impact relating to the treatment of fixed royalties and lease payments Operating investments (net of disposals) excluding the impact relating to the accounting treatment of fixed royalties and lease payments — of which other maintenance investments (undertaken) of which change in payables and receivables relating to non-current assets (*) Corresponds to “Operating investments (net of disposals)” as presented in the consolidated cash flow statement. When monitoring performance, the Group distinguishes between maintenance and growth investments. Maintenance investments (car parks, electric vehicle charging stations and other) mainly include investments intended to keep assets in line with current standards and technologies. Growth investments correspond to the acquisition, construction or renewal of car parks. 8.4 Impact relating to the treatment of fixed royalties (IFRIC 12) Under its concession contracts, the Group undertakes to pay the grantor an annual operating fee with respect to its occupation and use of the public domain. The Group capitalises the fixed royalties in the form of an asset on its balance sheet – i.e. the right to use the public domain – that is amortised over the term of the contract, with a balancing entry under liabilities corresponding to the commitment to paying the fees. This accounting treatment of fixed royalties, described in detail in Note 3.3.4 Concession contracts” to the 2024 consolidated financial statements, has the following impact on the Group’s consolidated financial statements: – recognition of an intangible asset corresponding to the capitalisation of fees at their present value, which is amortised on a straight-line basis over the contract term, – recognition of a financial liability at amortised cost according to the effective interest-rate method, reduced each year due to the payment of fixed royalties and generating an accretion cost recognised under cost of financial debt. In the consolidated cash flow statement, the €(64.9 )million total impact of adjusting for fixed royalties paid to concession grantors with respect to 2024 (as opposed to €(60.5 )million in 2023) is analysed as follows: – a cash outflow of €(46.1) million in 2024 (compared with €(43.7) million in 2023), corresponding to net debt repayments for the period. The figure comprises €(46.5 )million of debt repayments (versus €(52.6 )million in 2023), offset by €0.4million of net outflows relating to investments (versus €8.9million of inflows in 2023). – a cash outflow of €(18.8 )million corresponding to net financial expenses relating to accretion costs in 2024 (versus €(16.9 )million in 2023) and presented in the cash flow statement under “net interest paid”. 8.5 Impact relating to the treatment of fixed leases (IFRS 16) In the consolidated cash flow statement, the €(39.7 )million impact of adjusting for fixed lease payments made to lessors in 2024 (versus €(35.8 )million in 2023) is mainly due to: – a cash outflow of €(33.7) million in 2024 (compared with €(30.8) million in 2023), corresponding to net debt repayments for the period. The figure comprises €(32.5 )million of debt repayments (versus €(29.4 )million in 2023), of which including €(1.2) million of net outflows relating to investments (versus €(1.4) million of inflows in 2023). – a cash outflow of €(6.0 )million corresponding to net financial expenses relating to accretion costs in 2024 (versus €(5.0) million in 2023) and presented in the cash flow statement under “net interest paid”. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 43 9. NOTES TO THE BALANCE SHEET 9.1 Concession intangible assets (in € millions) Total Gross 12/31/2022 1,315.1 Acquisitions during the period 46.0 Disposals during the period (42.1) Net investments relating to the accounting treatment of fixed royalties (IFRIC 12) 41.4 Changes in consolidation scope — Other movements 8.3 12/31/2023 1,368.7 Acquisitions during the period 35.2 Disposals during the period (21.3) Net investments relating to the accounting treatment of fixed royalties (IFRIC 12) 23.5 Changes in consolidation scope (**) 442.8 Other movements (*) 12/31/2024 19.6 1,868.5 Amortisation and impairment losses 12/31/2022 (363.7) Depreciation for the period (47.6) Disposals during the period 39.4 Impairment losses 7.3 Net investments relating to the accounting treatment of fixed royalties (IFRIC 12) — Changes in consolidation scope — Other movements 0.3 12/31/2023 (385.1) Depreciation for the period (61.6) Disposals during the period 19.1 Impairment losses Net investments relating to the accounting treatment of fixed royalties (IFRIC 12) Changes in consolidation scope Other movements (*) 12/31/2024 3.5 (30.6) — (5.6) (460.3) Net 12/31/2022 951.4 12/31/2023 983.6 12/31/2024 1,408.2 (*) including 9.1 million euros of reclassification from other intangible assets (**) Mainly explained by the acquisition of Parkia Spanish Holding (see note 5.1) The main features of concession Public-Private Partnership contracts reported using the intangible asset model or the bifurcated model are described in Note 3.3.4 Concession contracts, to the consolidated financial statements for the period ended December 31, 2024. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 44 9.2 Goodwill Changes in the period were as follows: (in € millions) 12/31/2024 915.1 171.5 — (19.0) — — 1,067.6 Net at beginning of period Goodwill recognised during the period Impairment losses Currency translation differences Changes in consolidation scope Other movements Net at end of period 12/31/2023 884.5 25.5 — 5.1 — — 915.1 The Goodwill recorded for the financial year corresponds to the acquisition of the Parkia Group for €159 million allocated to the Continental Europe zone and to the acquisition of Transdev Voirie for €12.5 million allocated to the France zone. At December 31, 2024, goodwill broke down by segment as follows: France 528.9 € million Continental Europe 365.5 € million Americas 160.8 € million Urban Shift 12.5 € million 1067.6 € million Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 45 9.3 Other intangible assets Changes in the period were as follows: Software Patents, Licences and other Total 12/31/2022 69.1 139.1 208.1 Acquisitions during the period 13.3 29.5 42.7 Disposals during the period (0.3) (4.6) (4.9) Changes in consolidation scope 0.3 5.6 5.9 Other movements (1.3) 8.0 6.7 12/31/2023 81.0 177.6 258.6 Acquisitions during the period 12.6 19.7 32.3 Disposals during the period (0.2) (1.4) (1.6) (in € millions) Gross Changes in consolidation scope (**) 1.0 3.1 4.2 Other movements (*) (2.7) (39.7) (42.3) 12/31/2024 91.8 159.4 251.2 Amortisation and impairment losses 12/31/2022 (45.0) (18.4) (63.4) Depreciation for the period (9.6) (15.7) (25.3) Additions to impairment losses — — — 0.1 Reversals of impairment losses — — Disposals during the period 0.2 2.6 2.8 Changes in consolidation scope (0.2) (0.7) (0.9) Other movements (0.2) (1.8) (2.0) 12/31/2023 (54.8) (34.0) (88.7) Depreciation for the period (10.3) (14.0) (24.3) Additions to impairment losses — (6.9) (6.9) Reversals of impairment losses — — — Disposals during the period 0.1 1.4 1.5 Changes in consolidation scope — — — Other movements 1.3 13.9 15.2 (63.6) (39.6) (103.2) 12/31/2022 24.1 120.7 144.8 12/31/2023 26.3 143.7 169.9 12/31/2024 28.3 119.8 148.1 12/31/2024 Net (*) including €(17.3) million of translation difference and €(9.1) million of reclassification in concession intangible assets (**) Including acquisition of Parkia Spanish Holding (see note 5.1) Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 46 9.4 Property, plant and equipment 9.4.1 Change during the period (in € millions) Concession operating fixed assets Land Buildings Plant, Right-of-use equipment assets and fixtures Total Gross 12/31/2022 245.4 45.4 616.8 112.0 220.1 Acquisitions during the period 53.4 1.1 49.2 18.0 39.8 1,239.7 161.5 Disposals during the period (24.8) (0.5) (29.6) (7.1) (13.7) (75.8) — 0.4 — 1.4 2.4 4.2 Other movements (3.5) (1.6) (24.6) 8.1 1.6 (20.1) 12/31/2023 1,309.5 Changes in consolidation scope 270.4 44.7 611.8 132.4 250.2 Acquisitions during the period 51.5 1.3 28.0 21.2 49.3 151.3 Disposals during the period (23.4) (3.0) (17.2) (11.7) (32.0) (87.3) Changes in consolidation scope (**) 5.6 32.0 79.4 75.9 22.9 215.8 Other movements (*) (9.8) 0.8 (3.3) 4.0 (2.8) (11.1) 12/31/2024 294.4 75.8 698.7 221.8 287.6 1,578.2 12/31/2022 (84.7) (0.3) (29.5) (52.7) (87.2) (254.4) Depreciation for the period (31.7) — (20.7) (15.9) (31.7) (100.0) Impairment losses (1.2) — (3.3) (0.6) — (5.1) Disposals during the period 23.7 — 15.7 4.4 10.1 53.8 — — — — — — (5.9) 0.1 6.8 (1.0) (0.9) (0.8) 12/31/2023 (99.8) (0.2) (31.0) (65.9) (109.6) (306.5) Depreciation for the period (31.3) — (22.3) (20.5) (35.7) (109.7) Impairment losses 0.9 — (6.9) (0.4) — (6.5) Disposals during the period 22.8 — 7.7 9.1 32.0 71.6 — — 0.2 0.1 — 0.3 (0.5) — (1.4) 2.8 1.2 2.1 (107.9) (0.2) (53.8) (74.8) (112.1) (348.7) 12/31/2022 160.7 45.2 587.3 59.2 133.0 985.3 12/31/2023 170.6 44.6 580.8 66.5 140.6 1,003.0 12/31/2024 186.4 75.6 645.0 147.0 175.5 1,229.5 Depreciation and impairment losses Changes in consolidation scope Other movements Changes in consolidation scope Other movements (*) 12/31/2024 Net (*) including €(3.2) million of translation differences (**) The detail concerning changes in consolidation scope is readable in note (5.1) Property, plant and equipment included €95.8 million of assets under construction and not yet in service at December 31, 2024 (€89.4 million at December 31, 2023). Following the opening of car parks during the financial year, assets under construction have been reallocated partially to concession intangible assets through the line “other movements”. 9.5 Impairment tests on other non-current assets 9.5.1 Impairment tests on goodwill At December 31, 2024, the amount of goodwill tested on Indigo Group’s balance sheet amounted to €1,067.6 million. The assumptions used for the various scopes (constant, renewal, development) were defined with operational departments and validated by the Group’s Executive Management. They factor in the effects of the Covid-19 pandemic. The valuation corresponds to the present value per country of forecast cash flow over the next seven years plus a terminal value based on an exit EBITDA multiple of 11x in the central scenario. The intrinsic multiple used is lower than that observed in transactions involving sector companies in recent years. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 47 The methodology used by the Group to determine average growth rates by country is identical to that presented for impairment tests on tangible and intangible assets. Cash flows are discounted at the weighted average cost of capital (WACC). The WACC is calculated for each country and corresponds with the minimum return required by providers of funds to the company (shareholders and creditors). It is calculated on the basis of a financial position that is standard for the industry. The average after-tax WACC weighted, for each country, by Global Proportionate EBITDA less fixed rents and fixed royalties, was 7.6% for 2024. For information purposes, the pre-tax WACC figures used by segment are as follows: France Continental Europe 7.3 % 8.0 % Americas 13.6 % 9.5.2 Sensitivity of goodwill figures to assumptions made At December 31, 2024, the group’s valuation was much higher than the carrying amount of goodwill. The following table shows the sensitivity of goodwill figures by segment to assumptions made: (in € millions) Goodwill France Goodwill Continental Europe Goodwill Americas Change in the terminal value Change in forecast operating multiple cash flows (before tax) -0.50% 10.00% -10.00% 1.0x -1.0x 84.2 272.6 (272.6) 205.3 (205.3) 43.9 149.7 (149.7) 102.8 (102.8) 19.5 59.6 (59.6) 52.0 (52.0) Discount rate for cash flows 0.50% (81.2) (42.3) (18.8) At December 31, 2024: – An increase (or decrease) of 50 basis points in the assumptions adopted regarding each country’s WACC would not lead to an impairment of goodwill in the Group’s consolidated financial statements. – A 10% increase or decrease in forecast operating cash flows would not lead to an impairment of goodwill in the Group’s consolidated financial statements. – A 1.0x increase or decrease in the terminal value multiple would not lead to an impairment of goodwill in the Group’s consolidated financial statements. 9.5.3 Impairment tests on other non-current assets The recoverable amounts of cash-generating units (CGUs) are based on a value-in-use calculation. Within the Group, a CGU corresponds to a group of contracts from a single ordering customer in France and located in the same city or geographical region outside France. The value in use of CGUs is determined on the basis of the present value, discounted using the CGU country’s WACC, of forecast operating cash flows over the remainder of contracts included in the CGU. The assumptions used to calculate the discount rate and determine Free Cash Flow by CGU take into account the latest macroeconomic trends such as high inflation. These assumptions were made on a country by country basis. The forecast cash flow growth rates used by country are based on management estimates and supported by consensus forecasts published by the IMF, Oxford Economics, the Economist Intelligence Unit and Markit, among others, and presented below: France Belgium Spain Switzerland Luxembourg Poland Brazil Colombia Canada Average growth rate (years n+1 to n+7) 1.92 % 2.00 % 1.94 % 0.95 % 1.98 % 2.76 % 3.17 % 3.00 % 2.08 % Growth rate (terminal value) 2.00 % 2.00 % 2.00 % Non applicable 2.00 % Non applicable 2.00 % Non applicable 2.00 % The Group has also assumed specific price increases for car parks where it is free to set prices, particularly those it owns outright, along with specific traffic growth figures for car parks in Spain and in France outside Paris. At December 31, 2024, the Group recognised a net €-7.3 million increase to provisions on other non-current assets. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 48 9.6 Investments in equity-accounted companies For the periods presented, the Group had joint control over most companies accounted for under the equity method (joint ventures) and had significant influence over a few entities (associates). 9.6.1 Movements during the period (in € millions) 12/31/2024 12/31/2023 30.7 29.7 Value of shares at beginning of period Increase in share capital of companies accounted for under the equity method 0.9 — Group share of profit or loss for the period (**) 31.3 (5.6) Dividends paid (2.6) (3.4) Changes in consolidation scope and currency translation differences (27.2) 3.0 Net change in fair value of financial instruments — — Change in method — — Goodwill impairment — — Reclassifications (*) (0.2) 7.0 Value of shares at end of period 33.0 30.7 (*) In 2023, reclassification corresponding to the share of equity-accounted securities with a negative net position deducted from current financial assets including Smovengo in the amount of €(8) million (see note 9.6.2 ). (**) Of which €39.9 million related to the abandon of current account advantaging Smovengo 9.6.2 Financial information on companies accounted for under the equity method (joint ventures and associates) Investments in joint ventures and associates are as follows: (in € millions) 12/31/2024 12/31/2023 Gespar 0.6 0.6 Parking du Centre-Flon 29.2 29.8 — — Smovengo (*) — — Belgian Parking Register 0.3 Parcbrux (*) Clermont Limited Partnership (**) Investments in equity-accounted companies 2.9 — 33.0 30.7 (*) Company full consolidated method at December 31, 2024 (**) Company acquired in March, 2024 The list of equity-accounted companies and the Group’s percentage shareholdings are given in Note 14. List of consolidated companies at December 31, 2024. Material equity-accounted companies (joint ventures) are, Parking du Centre-Flon, Gespar and Clermont Limited Partnership in Canada. – Gespar is an unlisted French company owned at 50% at December 31, 2024. The main activity of this company is the operation of leased parking spaces. – Parking du Centre-Flon is an unlisted Swiss company in which the Group owned a 50% stake at December 31, 2024. Its main business consists of operating car parks in Lausanne, Switzerland. – ParcBrux is an unlisted belgian company in which the Group owned a 50% stake until August 27, 2024. Its main business consists of operating car parks in Belgium. In the August 28, 2024, the Group acquired the remaining 50% of ParcBrux in buying the company APCOA Belgium (renamed A-PLUS). Scince, ParcBrux become a fully consolidated company. – Smovengo is a simplified joint-stock corporation (société par actions simplifiée) in which the Group owned a 40.49% stake until December 29, 2024. Since 1 January 2018, this joint venture has provided self-service bicycles in the city of Paris under a new 15-year contract. In the December 29, 2024, the Group proceeded to the acquisition of the remaining 59.51% owned by co-shareholders of Smovengo and became a fully consolidated company. Clermont Limited Partnership is a simplified joint-stock corporation owned by 20% at December 31, 2024. the main activity of this company is the holding of freehold parking lots in Canada. – To finance Smovengo’s development, Indigo Infra granted its subsidiary a cash advance of €98.4 million. Until December 27, 2024 the Group deducted Smovengo’s negative net equity to this current financial assets making its net balance nil at each closing. The December 27, 2024, in the context of the capital restructuring of its subsidiary, Indigo Infra has abandoned its entire current account. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 49 The main financial data on equity-accounted companies are as follows (figures attributable to owners of the parent): 12/31/2024 GESPAR PARKING DU CENTREFLON SMOVENGO MEE (**) PARCBRUX MEE (***) BELGIAN PARKING REGISTER Total Joint Ventures Associates (Clermont Limited Partnership ) (*) Total companies accounted for under equity method Revenue — 4.4 26.3 4.8 0.4 35.9 — 35.9 EBITDA — 3.2 5.2 1.7 0.2 10.3 — 10.3 — — 0.5 — — 0.5 — 0.5 Operating income — 2.8 34.5 0.1 0.2 37.6 (0.4) 37.2 Net income — 2.3 29.6 (0.3) 0.1 31.8 (0.4) 31.4 Non-current assets 0.6 12.6 — — — 13.2 0.9 14.2 Current assets — 0.6 — — 0.3 1.0 — 1.0 Equity 0.6 9.7 — — 0.3 10.6 0.9 11.6 Non-current liabilities — 1.5 — — — 1.5 — 1.5 Current liabilities — 2.0 — — 0.1 2.1 — 2.1 Net financial debt — (1.6) — — 0.3 (1.3) — (1.3) — — — — — — — — — (2.5) — — (0.1) (2.6) — (2.6) 1.3 19.5 — — 0.5 21.3 11.9 33.1 50 % 50 % 40 % 50 % 50 % 0.6 9.7 — — 0.3 10.6 2.4 13.0 — 19.4 — — — 19.4 0.5 20.0 0.6 29.2 — — 0.3 30.1 2.9 33.0 (in € millions) Income statement Of which IFRS 16 (fixed rents) Balance sheet Of which IFRS 16 (fixed rents) Dividends received from companies accounted for under the equity method Group’s share of the net assets of companies accounted for under the equity method Net assets of companies accounted for under the equity method Group’s ownership percentage Group’s share of the net assets of companies accounted for under the equity method Goodwill Carrying amount of the Group’s interests in companies accounted for under the equity method (*) Company acquired in the first semester 2024 (**) Company full consolidated starting from December 30, 2024 (***) Company full consolidated since August 28, 2024 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 50 12/31/2023 (in € millions) GESPAR PARKING CITY DU SMOVENGO PARKING CENTRE(***) SAS (*) FLON OTHERS (**) Total Joint ventures Associates Total companies accounted for under equity method Income statement Revenue — 4.4 2.4 25.1 7.3 39.2 — 39.2 EBITDA — 3.4 0.3 6.8 2.8 13.2 — 13.2 — — — 0.5 — 0.5 — 0.5 Operating income — 2.9 0.1 (3.8) 0.3 (0.5) — (0.5) Net income — 2.4 — (8.0) — (5.6) — (5.6) Non-current assets 0.6 13.3 — — 11.8 25.8 — 25.8 Current assets — 0.8 — 16.5 3.4 20.7 — 20.7 Equity 0.6 10.1 — (89.0) — (78.3) — (78.3) Non-current liabilities — 1.7 — 4.0 7.6 13.3 — 13.3 Current liabilities — 2.3 — 101.6 7.5 111.4 — 111.4 Net financial debt — (1.6) — — 1.5 — — — Of which IFRS 16 (fixed lease payments) — — — (2.7) — (2.7) — (2.7) Dividends received from companies accounted for under the equity method — (3.3) — — — (3.4) — (3.4) 1.3 20.2 — — 0.4 21.9 — 21.9 50 % 50 % 0.5 0.4 — — — — 0.6 10.1 — — 0.2 10.9 — 10.9 — 19.8 — — — 19.8 — 19.8 0.6 29.8 — — 0.2 30.7 — 30.7 Of which IFRS 16 (fixed lease payments) Balance sheet Group’s share of the net assets of companies accounted for under the equity method Net assets of companies accounted for under the equity method Group’s ownership percentage Group’s share of the net assets of companies accounted for under the equity method Goodwill Carrying amount of the Group’s interests in companies accounted for under the equity method (*) Company full consolidated scince April 26, 2023 (**) ParcBrux.and Belgian Parking Register (***) The Group’s share of Smovengo’s negative net equity (€89 million) is reclassified as a deduction from the Group’s current financial assets (€89.2) 9.6.2.1 Share of unrecognised losses at joint ventures and associates There is no share of unrecognised loss in respect of companies accounted for under the equity method. 9.6.2.2 Undertakings with respect to joint ventures and associates As part of shareholder agreements linking Infra Foch Topco, parent company of Indigo Group, or certain of its subsidiaries, to its partners in the capital of City Parking in Colombia and BePark in Belgium, option mechanisms have been implemented. place, which allow the Group, in certain cases, to take control and then repurchase all of these companies at specific dates, and on the basis of predetermined valuation parameters, generally based on a multiple of EBITDA. These shareholder agreements also provide, where applicable, for specific provisions in the event of a change of indirect control of the Group. On April 25, 2024, the Group fulfilled its commitment to acquire the entire residual stake in City Parking (Colombia), i.e. 12.5% of the capital held by the co-shareholder until that date and valued at 0.9 million euros as of December 31, 2023 on the basis of a preestablished valuation formula. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 51 9.7 Non-current financial assets (in € millions) 12/31/2024 12/31/2023 Equity instruments 2.1 2.3 Loans and receivables at amortised cost 44.3 47.5 of which financial receivables - Concessions 15.2 15.4 Non-current assets excluding the fair value of derivatives 46.5 49.8 Fair value of derivative financial instruments (non-current assets) (*) 10.4 5.4 Non-current assets including the fair value of derivatives 56.9 55.1 (*) See Note 9.15 Financial risk management. Equity instruments amount to 2.1 million euros at December 31, 2024. They were 2.3 million euros at December 31, 2023. These mainly comprised unlisted shareholdings in Group subsidiaries that do not meet the Group’s minimum financial criteria for consolidation (see Note 3.2.1 Consolidation scope). Loans and receivables, measured at amortised cost, amounted to €44.3 million at December 31, 2024 (€47.5 million at December 31, 2023). In addition to guarantee deposits and sureties relating to service provision contracts and loans to equity-accounted subsidiaries, loans to grantors and they include the financial receivables relating to concession contracts managed by Group subsidiaries for €15.2 million at December 31, 2024 as opposed to €15.4 million at December 31, 2023. There is no part at less than one year of non-current financial assets at December 31, 2024. Equity instruments and loans and receivables at amortized cost break down as follows: Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 52 Equity instruments Loans and receivables at amortised cost Financial Other nonreceivables / current financial Concessions assets Equity instruments Other equity instruments 12/31/2022 1.9 — 15.6 30.6 48.2 Acquisitions during the period 0.1 — — (3.8) (3.8) Disposals during the period (0.4) — (0.3) 4.3 3.6 Changes in consolidation scope 0.9 — — — 0.9 Currency translation differences 0.1 — — 1.3 1.4 Other movements — — — 0.1 0.1 12/31/2023 2.5 — 15.4 32.6 50.5 Acquisitions during the period — — — — — Disposals during the period — — (0.2) (6.7) (6.9) Changes in consolidation scope (0.1) — — 9.4 9.3 Currency translation differences — — — (2.2) (2.3) (in € millions) Total Gross Other movements — — (3.3) (3.3) 12/31/2024 2.4 — 15.2 29.8 47.4 (1.3) Impairment losses (0.8) — (0.3) (0.2) Additions to provisions — — — — — Impairment losses — — — (0.3) (0.3) Reversals of impairment losses 0.6 — 0.3 — 0.9 Disposals during the period — — — — — Changes in consolidation scope — — — — — Currency translation differences — — — — — Other movements — — — — — (0.3) — — (0.5) (0.7) 12/31/2022 12/31/2023 Impairment losses — — (0.3) (0.3) Reversals of impairment losses — — — — — Disposals during the period Changes in consolidation scope — — Currency translation differences 0.1 0.1 Other movements — — (0.2) — — (0.7) (0.9) 12/31/2022 1.1 — 15.3 30.4 46.9 12/31/2023 2.3 — 15.4 32.1 49.8 12/31/2024 2.1 — 15.2 29.2 46.5 12/31/2024 Net The main concession contracts reported using the financial asset model and the related commitments are described in Note 10.2 Concession contracts – Financial asset model. Loans and receivables measured at amortised cost break down by maturity date as follows: (in € millions) Financial receivables / Concessions Maturity 12/31/2024 between 1 and 5 years 15.2 1.1 after 5 years 14.0 Other non-current financial assets 29.2 20.8 1.3 Loans and receivables at amortised cost 44.3 21.9 15.3 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 53 Maturity 31/12/2020 between 1 and 5 years (in € millions) after 5 years Financial receivables / Concessions 15.4 2.8 Other non-current financial assets 32.1 2.7 12.6 5.6 Loans and receivables at amortised cost 47.5 5.5 18.2 9.8 Cash management financial assets and cash Cash management financial assets and cash break down as follows: (in € millions) 12/31/2024 12/31/2023 Cash management financial assets – non-cash equivalents 0.4 0.2 Cash management financial assets 0.4 0.2 Cash equivalents 441.5 625.0 Cash 195.7 115.5 Cash and cash equivalents 637.1 740.5 Cash management financial assets and cash are shown as a deduction from gross debt, and are detailed in Note 9.14 Net financial debt. The “Cash equivalents” item consists of excess cash placed in remunerated bank accounts. These investments have drawdown periods of less than 90 days. 9.9 Equity 9.9.1 Share capital The Company’s share capital consists solely of fully paid-up ordinary shares with a nominal value of €1 each. At December 31, 2024, the Company is 99.6% owned by Infra Foch Topco (0.4% owned by employees via an employee savings mutual fund that acquired 800,221 Indigo Group shares. Changes in the share capital and share premiums in the period from January,1st to December 31, 2024 were as follows: (in € millions) Balance at December 31, 2023 Change in share capital and share premiums Balance at December 31, 2024 Number of shares Share capital Share premiums Total 160,044,282 160.0 210.8 370.9 22,977,346 23.0 261.0 284.0 183,021,628 183.0 471.8 654.9 On october 7, 2024, the Group carried out a capital increase of €284 million. The total share capital and share premium amounts to 654.9 million euros as of December 31, 2024. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 54 9.9.2 Amounts recognised directly in equity (in € millions) 12/31/2024 12/31/2023 Reserve at beginning of period — — Changes in fair value in the period — — Impairment losses recognised in profit or loss — — Changes in fair value recognised in profit or loss on disposal — — Changes in consolidation scope and miscellaneous — — — — Reserve at beginning of period — 0.1 Changes in fair value relating to companies accounted for under the equity method — — Other changes in fair value in the period — — Fair value items recognised in profit or loss — — Changes in consolidation scope and miscellaneous — (0.1) — — Equity instruments Gross reserve before tax effect at balance sheet date I Cash-flow hedging Gross reserve before tax effect at balance sheet date II — of which gross reserve relating to companies accounted for under the equity method — — — — — — 8.6 10.0 Actuarial gains and losses recognised in the period 7.3 (1.9) Associated tax effect (1.3) 0.5 Total gross reserve before tax effects (items that may be recycled to profit or loss) I + II Associated tax effect Reserve net of tax (items that may be recycled to profit or loss) III Actuarial gains and losses on retirement benefit obligations Reserve at beginning of period — — IV 14.6 8.6 III + IV 14.6 8.6 Changes in consolidation scope and miscellaneous Reserve net of tax (items that may not be recycled to profit or loss) Total amounts recognised directly in equity 9.9.3 Distributions Indigo Group proceeded with the distribution of €155.2 million, taken from the “retained earnings” item compared to €120.0 million in 2023. 12/31/2024 12/31/2023 Amount of distribution (**) 155.2 120.0 Distribution per share (*) 0.8 0.7 Recognised during the period (*) In € (**) In million € 9.10 Retirement and other employee-benefit obligations At December 31, 2024, provisions for retirement and other employee-benefit obligations amounted to €19.8 million (including €2.1 million for the part at less than one year) against €23.6 million at December 31, 2023 (including €1.9 million for the part at less than one year). They comprise provisions for retirement-benefit obligations (lump sums payable on retirement and supplementary pensions) for €17.6 million at December 31, 2024 versus €21.2 million at December 31, 2023, and provisions for other employee benefits for €2.2 million at December 31, 2024 versus €2.4 million at December 31, 2023. The part at less than one year of these provisions is reported under other current non-operating liabilities. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 55 9.10.1 Retirement-benefit obligations The Group’s supplementary retirement-benefit obligations under defined-benefit plans comprise obligations borne by the Company’s subsidiaries, provided for in the consolidated balance sheet, and corresponding to lump sums payable on retirement. The retirement benefit obligations covered by provisions relate to France. Provisions have been calculated using the following assumptions: Eurozone 12/31/2024 12/31/2023 Discount rate 3.44 % 3.33 % Inflation rate 1.10 % 3.80 % Rate of salary increases Probable average remaining working life of employees 1,5%-2% 2%-2,5% 16 - 27 years 19 - 29 years Discount rates have been determined on the basis of the yield on private-sector bonds with a rating of AA and whose maturities correspond to the plans’ expected cash flows. The discount rates finally adopted are based on the various rates applicable to each maturity. The other local actuarial assumptions (economic and demographic assumptions) are set on the basis of the conditions in each of the countries in question. Where appropriate, financial assets are measured at fair value. Based on the actuarial assumptions mentioned above, retirement benefit obligations, the provision recognised on the balance sheet and retirement-benefit expenses recognised during the period break down as follows: Reconciliation of obligations and provisions on the balance sheet 12/31/2024 12/31/2023 17.6 Outside France — 17.6 21.2 Outside France — Plan assets at fair value — — — — — — Surplus (or deficit) 17.6 — 17.6 21.2 — 21.2 France (in € millions) Actuarial liability from retirement benefit obligations Total France Total 21.2 Provisions recognised under liabilities on the balance sheet Surplus management reserves I 17.6 — 17.6 21.2 — 21.2 II — — — — — — Asset-capping effect (IFRIC 14) III — — — — — — I - II - III 17.6 — 17.6 21.2 — 21.2 Total Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 56 Change in actuarial debt and plan assets during the period (in € millions) 12/31/2024 12/31/2023 21.2 17.3 Actuarial liability from retirement benefit obligations Balance at the beginning of the period — — Current service cost 1.6 1.2 Actuarial liability discount cost 0.7 0.6 Past service cost (plan changes and curtailments) 0.3 0.9 of which obligations covered by plan assets Plan settlements Actuarial gains and losses recognised in other comprehensive income — — (7.3) 1.9 of which impact of changes in demographic assumptions 0.1 — of which impact of changes in financial assumptions (6.4) 3.1 of which experience gains and losses (1.0) (1.2) Benefits paid during the period (0.5) (0.6) Employee contributions — — Effect of exchange-rate fluctuations — — Changes in consolidation scope and other (*) 1.5 (0.2) 17.6 21.2 — — Balance at the beginning of the period — — Interest income during period — — Actuarial gains and losses recognised in other comprehensive income (*) — — Plan settlements — — Benefits paid during the period — — Contributions paid to funds by the employer — — Contributions paid to funds by employees — — Translation adjustment — — Balance at the end of the period I of which obligations covered by plan assets Plan assets — — Balance at the end of the period II — — Deficit (or surplus) I - II 17.6 21.2 Changes in consolidation scope and other Indigo Group estimates the payments to be made in 2025 in respect of retirement benefit obligations and relating to benefits paid to retired employees at €1.9 million. Change in provisions for retirement benefit obligations during the period (in € millions) 12/31/2024 12/31/2023 21.2 17.3 Total charge recognised with respect to retirement benefit obligations 2.7 2.8 Actuarial gains and losses recognised in other comprehensive income (7.3) 1.9 Benefits paid to beneficiaries by the employer (0.5) (0.6) Contributions paid to funds by the employer — — Currency translation differences — — Changes in consolidation scope and other 1.4 (0.2) Balance at the beginning of the period — Plan curtailments Balance at the end of the period Indigo Group - Consolidated financial statements for the period ended December 31, 2024 17.6 21.2 Page 57 Breakdown of expenses recognised in respect of defined benefit plans (in € millions) 12/31/2024 12/31/2023 Current service cost during the financial year (1.6) (1.2) Actuarial liability discount cost (0.7) (0.6) Interest income on plan assets — — Past service cost (plan changes and curtailments) (0.3) (0.9) Impact of plan settlements and other — — Past service cost - rights vested — — Other — — Total (2.7) (2.8) 9.10.2 Other employee benefits Long-service bonuses are covered by a provision. At December 31, 2024, this provision amounted to €2.2 million (€2.4 million at December 31, 2023) and related to France. It is calculated using the same actuarial assumptions as for retirement-benefit obligations. 9.11 Other provisions Changes in provisions reported in the balance sheet were as follows in the period: (in € millions) 12/31/2023 Non-current Provisions for provisions financial risks (1) (2) 17.2 0.2 Total nonTotal current provisions for provisions current risks (1) + (2) (*) 17.4 29.9 Total provisions 47.3 Provisions taken 2.9 2.9 2.4 5.3 Provisions used (11.6) (11.6) (7.7) (19.2) Other reversals — — — — (8.7) (5.3) (14.0) Total impact on operating income (8.7) — Provisions taken — — — Provisions used — — — Other reversals — Total other income statement items — Currency translation differences — Changes in consolidation scope and miscellaneous 3.3 Change in the part at less than one year of non-current provisions 12/31/2024 2.5 14.3 — — 1.3 1.5 — — — — — (0.7) (0.7) 4.6 13.4 18.0 2.5 (2.5) — 15.8 34.9 50.7 (*) of which part at less than one year of non-current provisions for €0.0 million at December 31, 2024 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 58 Changes in provisions reported in the balance sheet were as follows for the period ended December 31, 2023: (in € millions) Non-current Provisions for provisions financial risks (1) (2) 12/31/2022 Total nonTotal current provisions for provisions current risks (1) + (2) (*) 21.0 Total provisions 19.7 1.2 42.1 63.1 Provisions taken 5.6 — 5.6 0.5 6.1 Provisions used (5.6) — (5.6) (15.8) (21.4) Other reversals — — — — — Total impact on operating income — — — (15.3) (15.2) Provisions taken — — — — — Provisions used — — — — — Other reversals — — — — — Total other income statement items — — — — — Currency translation differences 0.1 — 0.1 0.3 0.3 Changes in consolidation scope and miscellaneous Change in the part at less than one year of non-current provisions (0.3) (1.0) (1.3) 0.5 (0.8) (2.3) — (2.3) 2.3 — 12/31/2023 17.2 0.2 17.4 29.9 47.3 (*) of which part at less than one year of non-current provisions for €2.5 million at December 31, 2023 The Group is sometimes involved in litigation arising from its activities, particularly with concession-granting authorities. The related risks are assessed by the Group on the basis of its knowledge of the cases, and provisions may be taken in consequence. 9.11.1 Operational non-current provisions Provisions for other non-current risks mainly include: – provisions for loss-making contracts; – provisions at more than one year relating to disputes and arbitration notably with concession grantors; – other provisions for other risks (non-current). 9.11.2 Current provisions Current provisions (including the part at less than one year of non-current provisions) are directly connected with the operating cycle. They mainly include: – provisions for restoring the condition of assets at the end of contracts; – provisions for workforce-related litigation; – provisions relating to disputes and arbitration notably with concession grantors with outcomes expectd in a short term. 9.12 Other non-current liabilities (in € millions) 12/31/2024 12/31/2023 Liabilities relating to long-term remuneration plans based on equity instruments 7.0 11.0 8.0 7.9 Other 1.9 1.8 19.9 17.7 Puts held by non-controlling interests in City Parking and Be Park Other non-current liabilities The decrease in the minority debt item is explained by the Group's exercise in 2024 of the repurchase of the remaining 12.5% of City Parking, in accordance with the agreement concluded in 2023. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 59 9.13 Working capital requirement 9.13.1 Change in working capital requirement (in € millions) 12/31/2024 18.2 190.5 Inventories and work in progress (net) Trade receivables 12/31/2023 4.9 154.0 Other current operating assets 135.3 123.8 Inventories and operating receivables (I) 344.1 282.7 Trade payables (125.9) (118.4) Other current operating liabilities (410.7) (380.6) Trade and other operating payables (II) (536.6) (498.9) Working capital requirement (excluding current provisions) (I + II) (192.5) (216.2) Current provisions (34.9) (29.9) — (2.5) (227.4) (246.1) of which part at less than one year of non-current provisions Working capital requirement (including current provisions) The working capital requirement connected with operations comprises current assets and liabilities related to operations except for current tax assets and liabilities and other current assets and liabilities of a financial nature. The working capital surplus stands for €192.5 million compared with €216.2 million at December 31, 2023. The component parts of the working capital requirement by maturity are: Within 1 year 12/31/2024 Inventories and work in progress (net) 18.2 1 to 3 months 11.8 Trade and other receivables 190.5 174.2 (in € millions) Other current operating assets Inventories and operating receivables I Trade payables Other current operating liabilities 3 to 6 months 3.1 14.3 Between 1 6 to 12 and 5 years months 3.2 0.2 1.7 0.2 After 5 years — 0.1 135.3 109.5 2.5 19.1 1.8 2.5 344.1 295.5 19.9 24.0 2.2 2.6 (125.9) (125.0) — (0.3) (0.5) — (410.7) (219.0) (14.5) (130.4) (19.2) (27.6) Trade and other operating payables II (536.6) (344.0) (14.5) (130.7) (19.8) (27.6) Working capital requirement connected with operations II - I (192.5) (48.5) 5.4 (106.8) (17.6) (25.1) 9.13.2 Trade receivables (in € millions) 12/31/2024 12/31/2023 Trade receivables 149.8 132.8 Provisions for trade receivables (16.2) (16.4) Trade receivables, net 133.6 116.4 At December 31, 2024, trade receivables between 6 and 12 months past due amounted to €6.4 million (compared with €8.7 million at December 31, 2023). €1.2 million of provisions were taken in consequence (€1.1 million at December 31, 2023). Trade receivables more than one year past due amount to €20.9 million (€15.3 million at December 31, 2023) and provisions of €13.7 million have been taken in consequence (€9.5 million at December 31, 2023). Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 60 9.14 Net financial debt Net financial debt as defined by the Group breaks down as follows: (in € millions) Accounting categories Bonds (***) Other bank loans and other financial debt Total long-term financial debt excluding fixed royalties and fixed rents Financial debt related to the adjustment of fixed royalties (IFRIC 12) Financial debt related to the adjustment of fixed leases (IFRS 16) Total long-term financial debt (**) Other current financial liabilities Bank overdrafts Financial current accounts – liabilities I - Gross financial debt Assets held at Financial current accounts, assets Cash management financial assets fair value through profit Cash equivalents or loss Cash II - Financial assets Derivative financial instruments – liabilities Derivatives Derivative financial instruments – assets III - Derivative financial instruments Net financial debt (I + II + III) Liabilities at amortised cost 12/31/2024 NonCurrent (*) current (2,206.1) (514.8) Total (2,720.9) 12/31/2023 NonCurrent (*) current (2,313.2) (27.2) Total (2,340.4) (98.6) (40.3) (138.9) (89.0) (46.0) (135.0) (2,304.7) (555.1) (2,859.8) (2,402.2) (73.2) (2,475.4) (337.8) (45.6) (383.4) (307.3) (41.3) (348.5) (148.0) (29.8) (177.8) (114.3) (28.3) (142.5) (2,790.5) — — — (2,790.5) — — — — — — 10.4 10.4 (2,780.1) (630.5) (0.4) (1.8) (13.5) (646.1) — 0.4 441.5 195.7 637.5 (0.2) 11.6 11.4 2.8 (3,421.1) (0.4) (1.8) (13.5) (3,436.7) — 0.4 441.5 195.7 637.5 (0.2) 22.0 21.9 (2,777.3) (2,823.7) — — — (2,823.7) — — — — — — 5.4 5.4 (2,818.3) (142.8) (0.1) (0.7) (15.1) (158.6) — 0.2 625.0 115.5 740.7 (0.4) — (0.4) 581.7 (2,966.5) (0.1) (0.7) (15.1) (2,982.3) — 0.2 625.0 115.5 740.7 (0.4) 5.4 5.0 (2,236.7) (*) The current part includes accrued interest not matured. (**) Including the part at less than one year. (***) Including +358.8 million euros linked to the entry into the consolidated scope of Parkia entities At December 31, 2024, Indigo Group’s net financial debt amounted to €(2,777.3) million. Liabilities associated with undertakings to buy out non-controlling interests, earn-out payments relating to acquisitions and liquidity guarantees granted to the employee savings mutual fund are recognised under “Other non-current liabilities” and are not included in net financial debt (see Note 9.12 Other non-current liabilities). Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 61 9.14.1 Detail of long-term financial debt Financial debt breaks down as follows: 12/31/2024 Annual contractual interest rate 12/31/2023 Gross Changes amount Net debt Acrrueds Impact of in (nominal + Cumulative on the interest Maturity amortised consoligross fees repayments balance not costs (*) dation +/- gross sheet matured scope premiums (in € millions) (a) I - Bonds (b) (a)+(b)+( c) (c) 2,306.9 — 13.3 2,320.2 (d) Total balance sheet (including accrued interests not matured) Carrying amount (a)+(b)+(c)+ (d)+(e) (e) 41.9 358.8 2,720.9 2,340.4 of which: 2025 issue: €469.9 million 2.125% Apr-25 476.9 — (6.8) 470.1 7.1 — 477.2 477.9 2028 issue: €800 million 1.625% Apr-28 791.4 — 5.9 797.3 9.1 — 806.4 805.3 2029 issue: €100 million 2.000% Jul-29 99.0 — 0.6 99.6 1.0 — 100.6 100.5 2030 issue: €650 million 3.050% Apr-30 639.5 5.5 645.0 6.0 2032 issue: €25 million 3.511% May-32 24.9 — — 24.9 0.5 — 25.4 Parkia: €370 million 5.744% mars-33 — — — — — 358.8 358.8 2036 issue: €10 million 3.858% May-36 10.1 — — 10.1 0.2 — 10.3 10.2 2037 issue: €125 million 2.951% Jul-37 124.5 — 0.2 124.7 1.6 — 126.3 126.2 2039 issue: €150 million 2.250% Jul-39 651.1 25.5 140.5 — 2.1 142.6 1.7 — 144.3 143.8 174.9 (39.0) (0.1) 135.8 3.1 — 138.9 135.1 Mar-31 10.8 (3.7) — 7.1 — — 7.1 1.1 Juil.-29 (1.0) — 0.5 (0.5) 0.1 — (0.4) (0.6) 165.2 (35.3) (0.6) 129.2 3.0 — 132.2 134.5 2,481.8 (39.0) 13.2 2,456.0 45.0 358.8 2,859.8 2,475.5 383.3 — — 383.3 0.1 — 383.4 348.5 180.5 (3.5) — 177.0 0.9 — 177.9 142.5 3,045.6 (42.5) 13.2 3,016.3 46.0 358.8 3,421.1 2,966.5 II - Other borrowings of which: City advances Revolving credit facility (unamortised cost + charges) Miscellaneous bank borrowings Total long-term financial debt excluding fixed royalties and liabilities relating to right-of-use assets (I + II) III. Financial debt related to the adjustment of fixed royalties (IFRIC 12) IV. Financial debt related to the adjustment of fixed lease rents (IFRS 16) Total long-term financial debt (I + II + III + IV) (*) The impact of amortised cost also includes amortisation of premiums/discounts, amortisation of expenses allocated to the €300 million credit facility and the impact of fair-value hedging. 9.14.1.1 Borrowings from financial institutions and other loans and borrowings On 9 October 2014, €950 million of bonds (€500 million of bonds with a 6-year maturity and €450 million of bonds with a 10.5year maturity) were subscribed by a syndicate of European investors. Concomitantly, drawing facilities had been renegotiated into a single €300 million facility carrying no particular guarantees. On 7 May 2015, Indigo Group carried out a new bond issue. The issue, in a nominal amount of €200 million, involved tapping the initial €450 million tranche of bonds maturing in April 2025 and carrying a coupon of 2.125%, issued in October 2014 (see above). The bonds were issued at a spread of 107bp over the mid-swap rate and generated an issue premium of €10.2 million. This bond of 650 million was partially repaid in 2022 (121.5 million euros) and in 2023 (58.6 million euros) (see below). In July 2017, Indigo Group carried out two new bond issues in the form of private: on 6 July 2017, €100 million of 12-year bonds with a coupon of 2%, and on 27 July, €125 million of 20-year bonds with a coupon of 2.951%. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 62 On 19 April 2018, Indigo Group launched a new €700 million issue of bonds with a 10-year maturity (April 2028) and a fixed coupon of 1.625%. The funds raised allowed Indigo Group to repay early, in May 2018, €500 million of bonds due to mature in 2020 by exercising its “make whole” clause, as well as the €100 million shareholder loan from Infra Foch Topco. On 26 June 2019, €100 million of bonds were issued by tapping the initial €700 million of bonds due to mature on 19 April 2028, paying a coupon of 1.625%. On 4 July 2019, €150 million of German NSV bonds (maturing on 4 July 2039) paying an annual coupon of 2.250% were issued through a private placement. On May 5, 2022 the success of its partial tender offer for its bonds issued on October 16, 2014 and May 7, 2015 for a total nominal amount of €650 million maturing on April 16, 2025. Holders have validly tendered Existing Bonds for an aggregate nominal amount of €121,5 million at a repurchase price of 100.684%. Following this transaction, the residual nominal amount of the Existing Bonds stands at €528.5 million. On May 25, 2022, the Group issued two private placements in a German NSV format of respectively €25 million maturing May 25, 2032 and an annual coupon of 3.511% and €10 million maturing May 26, 2036 and annual coupon of 3.858%. On July 27, 2022, the Group signed a new sustainability linked multi-currency revolving credit line for an amount of €300 million with an extended maturity until July 2027 (with two additional one-year extension options subject to bank approval) to replace the previous one which was due to mature in October 2023. After a one-year extension carried out in July 2023, the last one-year extension option was activated by the Group during the first half of 2024 to extend the maturity of the credit line to July 2029. At December 31, 2024, this line was not released. The Group's Brazilian companies contracted, in 2023, 3 loans for an amount of R$410 million with maturities in 2026. The Group acted as guarantor for one of these financing lines. These loans were supplemented, during the first half of 2024, by two new loans for an amount of R$280 million with maturities in 2027 with the aim of securing medium-term financing while controlling the cost of financing. On October 11, 2023, Indigo Group S.A. placed new unsecured senior bonds in the amount of €650 million, bearing interest at a fixed annual rate of 4.500%, maturing on April 18, 2030. On October 19, 2023, Indigo Group once again carried out a partial repurchase of its bonds issued in October 2014 and May 2015 maturing on April 16, 2025 and whose residual amount in circulation amounted to 528.5 million euros following a first partial buyout of 121.5 million euros in May 2022 (see above). The Group has accepted the repurchase of Existing Bonds with a view to their cancellation for a total nominal amount of €58.6 million at a repurchase price of 97.401%. Following this transaction, the residual nominal amount of the Existing Bonds stands at €469.9 million. Finally, following the acquisition of Parkia Spanish Holding and its subsidiaries, the Group is consolidating a new bond issue amounting to €358.8 million as of June 30, 2024. This issue has a residual maturity of 9 years and an annual coupon of 5.744%. 9.14.1.2 Financial debt related to the adjustment of fixed royalties (IFRIC 12) The accounting treatment of fixed royalties results in the recognition of a financial liability at amortised cost according to the effective interest-rate method, reduced each year due to the payment of fees. The financial liability associated with that accounting treatment amounted to €383.4 million at December 31, 2024, versus €348.5 million at December 31, 2023. Concession intangible assets recognised with respect to this financial liability amounted to €341.0 million at December 31, 2024, versus €313.4 million at December 31, 2023. 9.14.1.3 Financial debt related to the adjustment of fixed lease payments (IFRS 16) The accounting treatment of fixed lease payments results in the recognition of a financial liability at amortised cost according to the effective interest-rate method, reduced each year as lease payments are made. The financial liability associated with that accounting treatment amounted to €177.8 million at December 31, 2024 (including €10.2 million under finance leases), versus €142.5 million at December 31, 2023 (including €0.8 million under finance leases). Right-of-use assets recognised under property, plant and equipment in relation to this financial liability amounted to €175.5 million at December 31, 2024 (see Note 9.4.1 ), versus €140.5 million at December 31, 2023. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 63 9.14.2 Resources and liquidity 9.14.2.1 Maturity of debts At December 31, 2024, the average maturity of the Group’s long-term financial debt excluding fixed royalties and excluding the Group’s fixed lease payments was 5.0 years (versus 5.5 years at December 31, 2023). (in € millions) 12/31/2024 Carrying amount (*) (including Total (**) accrued interest not matured) Between 6 Between 1 Between 2 More than months and 2 and 5 5 years and 1 year years years 1 to 3 months 3 to 6 months (2,696.3) — (471.4) (1.5) (4.0) (918.1) (1,301.2) (523.4) — (64.1) (19.8) (73.7) (206.4) (159.4) Repayments of principal (129.8) (8.1) (13.3) (15.6) (34.3) (57.5) (1.0) Interest payments (35.0) (3.4) (5.2) (6.1) (10.1) (9.8) (0.5) Long-term debt Bonds (2,720.9) Repayments of principal Interest payments Other bank loans (138.9) Total long-term financial debt excluding fixed royalties and fixed rents (2,859.8) (3,384.5) (11.5) (554.0) (43.0) (122.1) (1,191.8) (1,462.1) Financial debt related to the adjustment of fixed royalties (IFRIC 12) (383.4) (383.4) (11.4) (11.4) (22.8) (38.2) (85.6) (214.0) Financial debt related to the adjustment of fixed rents (IFRS 16) (177.8) (181.4) (7.5) (7.5) (15.0) (26.1) (47.9) (77.4) (3,421.1) (3,949.3) (30.4) (572.9) (80.8) (186.4) (1,325.3) (1,753.5) Total long-term financial debt Other current financial liabilities Bank overdrafts (1.8) (1.8) (1.8) — — — — — Financial current accounts – liabilities (13.5) (13.4) (13.5) — — — — — Other liabilities (0.4) (0.4) (0.4) — — — — — (3,436.7) (3,964.9) (46.1) (572.9) (80.8) (186.4) (1,325.3) (1,753.5) II - Financial assets 637.5 637.5 637.5 — — — — — Derivative financial instruments – liabilities (0.2) (0.2) — — (0.2) — — — Derivative financial instruments – assets 22.0 22.0 0.1 5.2 — — 5.9 10.9 III - Derivative financial instruments 21.9 21.8 0.1 5.2 (0.2) — 5.9 10.9 (2,777.3) (3,305.6) 591.5 (567.7) (80.9) (186.4) (1,319.5) (1,742.5) I - Financial debt Net financial debt (I + II + III) (*) Including interest accrued but not matured, issue premiums and impact of amortized cost including amortization of premiums/discounts. (**) The non-use fee on the €300 million credit facility is included in future flows. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 64 9.14.2.2 Net cash managed Net cash managed, which includes cash management financial assets, breaks down as follows (in € millions) 12/31/2024 12/31/2023 Cash equivalents (**) 441.5 625.0 Term deposit account 441.5 625.0 Cash 195.7 115.5 Bank overdrafts (1.8) (0.7) Cash management current accounts – assets — — Cash management current accounts, liabilities (13.5) (15.1) Net cash 621.9 724.7 Other current financial liabilities (0.4) (0.1) Cash management financial assets 0.4 0.2 Marketable securities (UCITS) (*) — — Negotiable debt securities and bonds with an original maturity of less than 3 months 0.4 0.2 Negotiable debt securities with an original maturity of more than 3 months Net cash managed — — 621.9 724.9 (*) Term deposit account that do not meet the criteria to be designated as cash equivalents as defined by IAS 7. (**) Including 580 million euros of investment following the bond issue carried out in 2023 and partially used in 2024. Cash equivalents (see Note 9.8 Cash management financial assets and cash) are managed with the objective of earning a return close to that available in the money market, avoiding risks to capital while maintaining a low level of volatility through a performance and risk monitoring system. The investment vehicles used by the Group consist of mutual funds (UCITS) or interest-bearing bank accounts. 9.14.2.3 Financial covenants and credit ratings In 2023, covenants were granted by PareBem and AGE, the Group's Brazilian subsidiaries, following the refinancing of BRL 450 million (see note 9.14.1.1). These covenants were also applied to the two new loans subscribed during the first half of 2024 for a nominal amount of BRL 280 million. They are based on a net financial debt / EBITDA ratio and are controlled annually as of December 31. These covenants are respected as of December 31, 2024. The Parkia Group, acquired in 2024, has agreed to a covenant on its bond debt. This is checked every six months and is based on a DSCR (Debt Service Coverage Ratio). This covenant is respected at December 31, 2024. At December 31, 2024, the Group had not agreed any other financial covenants. The Indigo Group has regained its BBB stable outlook rating since May 5, 2023. This was confirmed on November 29, 2024 by the rating agency S&P Global Ratings. 9.14.2.4 Available resources Indigo Group signed on July 27, 2022 a new Sustainability Linked multi-currency revolving credit line in the amount of €300 million with an extended maturity until July 2027 (with two additional one-year extension options subject to approval banks). Following a one-year extension carried out in July 2023, the last one-year extension option was activated by the Group during the first half of 2024 to extend the maturity of the credit line to July 2029. At December 31, 2024, as it was the case at December 31, 2023, there were no drawings on the facility. On July 27, 2023, the Group subscribed to an Equity Bridge Loan in the amount of €284 million as part of the acquisition of 100% of the shares of Parkia Spanish Holding SLU and its subsidiaries (see highlights of the period). The initial maturity of this credit line was set for December 31, 2023 and was extended until April 30, 2024. This line of credit was ultimately not used by the Group, which preferred equity financing before the capital injection made by IFT shareholders. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 65 9.15 Financial risk management In connection with its operations, the Group has set up a framework for the management and control of the various market risks to which it is exposed, in particular interest rate and foreign currency exchange rate risks. On the basis of an analysis of its various exposures to interest-rate and exchange-rate market risks, the Group uses various derivative financial instruments with the objective of reducing such exposure and optimizing its borrowing costs and foreignexchange gains and losses. The derivative financial instruments used by the Group to reduce and manage its exposure to interest-rate and exchange-rate risks relating to its financing and cash investments are recognised in the balance sheet at their fair value, whether they are designated as hedges or not. On October 11, 2023, Indigo Group subscribed to two variable rate swaps with the banks of respectively 200 million euros (maturity April 2025) and 100 million euros (maturity April 2028) in notional amount. On April 24, 2024, Indigo Group entered into two new variable rate swaps of EUR 200 million in notional amount (maturity April 2030). These rate swaps make it possible to vary part of the Group's debt moving the fixed rate debt from 96% before hedging to 79% after hedging at December 31, 2024 while respecting the targeted minimum rate of 75% of fixed rate debt set up by the Group's financial policy. At December 31, 2024, the fair value of derivative instruments broke down as follows: 12/31/2024 12/31/2023 Assets Liabilities TOTAL Fair value (*) Assets Liabilities TOTAL Fair value (*) Interest rate derivatives: fair value hedges 22.0 — 22.0 5.4 — 5.4 Interest rate derivatives: cash flow hedges — — — — — — Interest rate derivatives not designated as hedges — — — — — — 22.0 — 22.0 5.4 — 5.4 Foreign currency exchange rate derivatives: fair value hedges — — — — — — Foreign currency exchange rate derivatives: hedges of net foreign investments — — — — — — Foreign currency exchange rate derivatives not designated as hedges Currency derivatives — (0.2) (0.2) — (0.4) (0.4) — (0.2) (0.2) — (0.4) (0.4) 22.0 (0.2) 21.9 5.4 (0.4) 5.0 (in € millions) Interest rate derivatives Total derivative instruments (*) Fair value includes interest accrued but not matured in an amount of €11.6 millions at December 31, 2024. 9.15.1 Interest-rate risk Interest rate risk is managed with two timescales: the long term, aiming to ensure and maintain the concession’s economic equilibrium, and the short term, with an objective of optimising the average cost of debt depending on the situation in financial markets. Over the long term, the objective is to change over time the breakdown between fixed- and floating-rate debt depending on the debt level (measured by the ratio of net debt to EBITDA), with a greater proportion at fixed rate when the level of debt is high. To hedge its interest-rate risk exposure, the Group uses derivative instruments such as options and interest rate swaps. These derivatives may be designated as hedges or not, in accordance with IFRSs. The tables below show the breakdown at the balance-sheet date of long-term financial debt (excluding debt arising from the accounting treatment of fixed royalties and fixed rents) between fixed-rate, capped floating-rate and floating-rate debt before and after taking account of derivative financial instruments: Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 66 Before derivative hedging instruments Hedging Outstanding Proportion (**) amount (*) Swaps and interestrate options After derivative hedging instruments 12/31/2024 (in € millions) Fixed rate Outstanding Proportion (**) amount (*) 2,751.6 96 % (500.0) 2,251.6 79 % 108.2 4 % 500.0 608.2 21 % 2,859.8 100 % 0.0 2,859.8 100 % of which capped rate Floating rate of which capped rate Total long-term financial debt excluding fixed royalties and fixed rents (*) Amounts are stated at balance-sheet value and include the impact of amortised cost (including amortisation of premiums/discounts and the fair-value hedging derivative). (**) The proportion is expressed as a percentage of total debt. Before derivative hedging instruments Hedging Outstanding Proportion (**) amount (*) Swaps and interestrate options After derivative hedging instruments 12/31/2023 (in € millions) Fixed rate of which capped rate Floating rate of which capped rate Total long-term financial debt excluding fixed royalties and fixed rents 2,356.3 95 % Outstanding Proportion (**) amount (*) (300.0) 2,056.3 83 % — — % — — — % 119.1 5 % 300.0 419.1 17 % — — % — — — % 2,475.4 100 % — 2,475.4 100 % (*) Amounts are stated at balance-sheet value and include the impact of amortised cost (including amortisation of premiums/discounts and the fair-value hedging derivative). (**) The proportion is expressed as a percentage of total debt. 9.15.1.1 Sensitivity to interest-rate risk Indigo Group’s consolidated income statement is exposed to the risk of fluctuations in interest rates, given: – the cash flows connected with floating-rate net financial debt after hedging, whether through derivatives or not; – derivative financial instruments that are not designated as hedges. On the other hand, fluctuations in the value of derivatives designated as hedges are recognised directly in equity and do not have an impact on profit or loss. The analysis below has been prepared assuming that the amount of assets, financial debt and derivatives at December 31, 2024 remains constant over one year. The consequence of a 25-basis-point variation in interest rates at the balance-sheet date would have been an increase or decrease of equity and pre-tax income in the amounts shown below. For the purpose of this analysis, the other variables are assumed to remain constant. 12/31/2024 Net income Equity Impact of sensitivity calculation +25bp Impact of sensitivity calculation -25bp (0.3) 0.3 — — (0.3) 0.3 Impact of sensitivity calculation +25bp Impact of sensitivity calculation -25bp — — (in € millions) Floating rate debt after hedging (accounting basis) Floating rate assets after hedging (accounting basis) Derivatives not designated as hedges for accounting purposes Derivatives designated as cash flow hedges Total Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 67 9.15.1.2 Detail of interest-rate derivatives Rate derivative products as of December 31, 2024 are analyzed as follows: 12/31/2024 After 5 years 12/31/2023 Notional amount Fair value (*) Notional amount — — 500.0 22.0 300.0 5.4 — — 300.0 5.4 Receive floating/pay fixed interest rate swap — — Receive fixed/pay floating interest rate swap — — — — — — Interest rate swap — — Forward rate agreement — — — — (in € millions) Within 1 Between 1 year and 5 years Fair value (*) Instruments used as fair-value hedges of long-term debt Receive floating/pay fixed interest rate swap Receive fixed/pay floating interest rate swap Interest rate options (caps, floors and collars) Total fair value hedges 500.0 — 500.0 — 500.0 22.0 Instruments used as cash flow hedges of long-term debt Interest rate options (caps, floors and collars) Total cash-flow hedges — — — — — Instruments not designated as hedges for accounting purposes Interest rate options (caps, floors and collars) Total — — — — — — — Total interest rate derivatives — 500.0 — 500.0 22.0 300.0 5.4 (*) Including accrued interest not matured 9.15.2 Exchange-rate risk 9.15.2.1 Nature of the Group’s risk exposure The Group is exposed to exchange-rate risk mainly through its international operations. At December 31, 2024, the Group did not identify any particular exchange-rate risk in countries where foreign currencies are used. Those activities have a natural hedge, since both revenue and expenses are denominated in the local currency. The Group does not hedge the currency risk connected with its foreign investments, resulting in translation exposure. As a result, Indigo Group’s policy for managing exchange-rate risk aims mainly to hedge the earnings contribution of its subsidiary (via the purchase of forward contracts) and the financing provided by its parent company (via the purchase of cross-currency swaps). Occasionally, subsidiaries may borrow directly in local currencies. The notional value of exchange-rate hedges allocated to future cash flows is €5.8 million. 9.15.2.2 Breakdown of long-term debt by currency excluding fixed royalties Outstanding debts break down by currency as follows: (in € millions) 12/31/2024 2,738.7 12/31/2023 95.8 % 2,342.7 94.6 % Canadian Dollar — % 0.0 — % US Dollar — % 0.0 — % Euro Swiss Franc 13.5 0.5 % 14.2 0.6 % Brazilian Real 103.1 3.6 % 115.7 4.7 % 4.4 0.2 % 2.9 0.1 % 2,859.8 100 % 2,475.4 100 % Colombian Peso Total long-term financial debt excluding fixed royalties and fixed rents (*) (*) Amounts are stated at balance-sheet value and include the impact of amortised cost. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 68 9.15.2.3 Detail of foreign currency exchange rate derivatives Transactions to hedge currency risk designed to cover commercial or financial transactions break down as follows: (in € millions) CAD USD — — Cross-currency swaps 12/31/2024 Other Notional Fair PLN currencies amount value (*) 5.8 (0.2) Forward foreign exchange transactions — — Currency options Transactions not designated as hedges for accounting purposes — — 5.8 — — 5.8 5.8 Cross-currency swaps — Forward foreign exchange transactions Transactions designated as hedges for accounting purposes — Total exchange-rate derivatives (0.2) — — — — — — — — 5.8 — 5.8 (0.2) 12/31/2023 Other PLN currencies Notional amount Fair value (*) (*) Including accrued interest not matured CAD USD Cross-currency swaps 5.1 — 6.4 — 11.4 (0.1) Forward foreign exchange transactions — — — — — — Currency options — — — — — — Transactions not designated as hedges for accounting purposes 5.1 — 6.4 — 11.4 (0.1) Cross-currency swaps — — — — — — Forward foreign exchange transactions — — — — — — Transactions designated as hedges for accounting purposes — — — — — — Total exchange-rate derivatives 5.1 — 6.4 — 11.4 (0.1) (in € millions) (*) Including accrued interest not matured 9.16 Credit risk and counterparty risk Indigo Group is exposed to credit risk in the event that a customer fails. It is mainly exposed to counterparty risk in connection with cash and cash equivalents, financial receivables and derivative instruments. Indigo Group considers that the credit risk connected with trade receivables is very limited because of the large number of customers, their diversity and the large proportion that are public-sector customers. Financial instruments are set up with financial institutions that meet the Group’s credit rating criteria. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 69 10. MAIN FEATURES OF CONCESSION CONTRACTS 10.1 Concession contracts – intangible asset model 10.1.1 Main features of concession contracts (see note 3.3.4 Concession contracts) The features of the main concession contracts reported using the intangible asset model and operated by consolidated subsidiaries are as follows: All concession contracts: around 378 contracts in France and other European countries Control and regulation of prices by concession grantor Index-linked price limits in general, depending on arrangements defined by the contracts Remuneration paid by Grant or guarantee from concession grantor Residual value Users Equipment or operating grant and/or revenue guarantees as applicable, paid by the grantor Infrastructure returned to grantor Intangible asset for no consideration at end of contract Accounting model 10.1.2 Commitments made under concession contracts – intangible asset model Contractual investment and renewal obligations Under its concession contracts, the Group has undertaken to carry out certain investments in infrastructure that it will operate as concession operator. At December 31, 2024, the main investment obligations had a total present value of €126.9 million with the performance dates shown below: (in € millions) Total 12/31/2024 Within 1 year Between 1 and 5 years 126.9 69.1 47.6 After 5 years 10.2 Concession operators are also obliged to maintain infrastructure in a good state of repair in accordance with the terms of their contracts. 10.2 Concession contracts – Financial asset model 10.2.1 Main features of concession contracts (see note 3.3.4 Concession contracts) The features of the main concession contracts reported using the financial asset model and operated by consolidated subsidiaries are as follows: 7 concession contracts all in France Control and regulation of Remuneration paid prices by by concession grantor Index-linked price limits in general, depending on Users and cities arrangements defined by the contracts Grant or guarantee from concession grantor Residual value Concession end date Operating grant, additional revenue, equipment grant or annual construction contribution Infrastructure returned to grantor for no consideration at end of contract Contract end date between 2026 and 2049 10.2.2 Commitments made under concession contracts– financial asset and bifurcated models (see note 3.3.4 Concession contracts) Contractual investment and renewal obligations Under their concession contracts, the Group's subsidiaries may be committed to making investments. At December 31, 2024, the Group’s subsidiaries had no undertakings to carry out investments as part of concession contracts under the financial asset model. In consideration for these investments, the subsidiaries receive a guarantee of payment from the concession grantor. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 70 11. OTHER NOTES 11.1 Related-party transactions The table below summarises by category of related parties (excluding the remuneration of key executives – see 11.2 Executive compensation) amounts relating to transactions with those parties recognised in the consolidated income statement and the consolidated balance sheet for the periods presented. (in € millions) 12/31/2024 12/31/2023 Parent company Operating expenses — — Interest expense 0.1 0.6 Current financial assets (13.5) (15.1) Non-current financial liabilities — — Current financial liabilities — — Trade payables — — Revenue — — Operating expenses — — Cost of debt — — Trade receivables and other current operating assets — — Current tax assets — — Cash and cash equivalents — — Trade payables — — Non-current financial liabilities — — Current financial liabilities — — Current tax liabilities — — Entities exerting significant influence Joint ventures and entities under significant influence Revenue 0.4 — Operating income and expense 0.6 0.3 Trade receivables and net other current operating assets 0.4 1.7 Other current financial assets — — Cash and cash equivalents — — 11.2 Executive compensation The main executives consist of the members of the Group’s Executive Committee (in € millions) 12/31/2024 12/31/2023 Short-term employee benefits 4.4 4.3 Post-employment benefits — 0.2 Other long-term benefits — — Termination benefits — — Share-based payments 0.4 — Total 4.8 4.6 The provisions for end-of-career indemnities for the members of the Group’s Executive Committee stands at €0.3 million at December 31, 2024 compared to €0.3 million at December 31, 2023. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 71 11.3 Off-balance sheet commitments 11.3.1 Commitments made Commitments made break down as follows: (in € millions) 12/31/2024 12/31/2023 126.9 414.8 Personal sureties (*) 102.2 53.1 Real security interests (*) 40.3 20.7 Fixed royalties and fixed rents (**) 56.9 52.4 — — Contractual obligations Investment commitments (**) — Other commitments made Joint guarantees relating to partner liabilities (*) Other commitments made (*) 57.0 — Total commitments made 383.3 541.0 (*) Not discounted (**) Discounted As of December 31, 2024, the increase in personal guarantees is explained by the entry of commitments from Parkia Group companies in this second half of 2024 for a total of €51.7 million. In addition, the change in investment commitments is mainly linked to the completion of the Parkia Group acquisition process. The other commitments given item consists of the Group's commitments to Clermont Limited Partnership to enable the development of the new Canadian structure. 11.3.1.1 Contractual investment and renewal obligations under concession contracts Investment commitments consist of contractual investment and renewal obligations under concession and PPP contracts and break down as follows: Intangible asset model Under its concession contracts, the Group has undertaken to carry out certain investments in infrastructure that it will operate as concession operator. At December 31, 2024, the main investment obligations had a total present value of €126.9 million: Concession operators are also obliged to maintain infrastructure in a good state of repair in accordance with the terms of their contracts. Financial asset model Under their concession contracts, Group subsidiaries have undertaken to carry out investments for which they receive a payment guarantee from the grantor. At December 31, 2024, there were no investment undertakings in this category as same as December 31, 2023). 11.3.1.2 Personal sureties At December 31, 2024, as was the case at December 31, 2023, sureties and guarantees given consisted mainly of bank guarantees given to concession grantors to guarantee the performance of concession and service contracts. 11.3.1.3 Real security interests At December 31, 2024, as was the case at December 31, 2023, the amount stated under “Real security interests” was made up mainly of mortgages on owner-occupied car parks and pledges of receivables guaranteeing overdraft facilities. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 72 11.3.1.4 Fixed royalties and fixes rents paid to grantors and landlords The Group capitalises the fixed royalties in the form of an asset on its balance sheet – i.e. the right to use the public domain (car park) – that is amortised over the term of the contract, with a balancing entry under liabilities corresponding to the commitment to paying the fees (IFRIC 12) when the asset comes into service. It does the same for its fixed rents, which it capitalizes in its balance sheet in the form of an asset depreciable over the term of the lease contract under the right to use the leased asset (mainly car parks) in return a liability for the commitment to pay these rents (IFRS 16 standard); this as soon as the asset is put into service. Between the date on which the contract is signed and the date on which the asset comes into service, the present value of fixed royalties and fixed leases is presented as an off-balance sheet commitment. 11.3.2 Commitments received The commitments received by the Group break down as follows: (in € millions) 12/31/2024 12/31/2023 Personal sureties 43.2 49.0 Real security interests 23.1 27.6 Other commitments received 15.9 16.1 Total commitments received 82.2 92.7 11.4 Workforce The workforce of fully consolidated companies at December 31, 2024 broke down as follows: 12/31/2024 (number of employees) Engineers and managers Office, technical and manual staff Total France 364 2,112 2,476 International 410 7,315 7,725 12/31/2023 Total 774 9,427 10,201 France 269 1,536 1,805 Indigo Group - Consolidated financial statements for the period ended December 31, 2024 International 271 7,423 7,694 Total 540 8,959 9,499 Page 73 12. STATUTORY AUDITORS’ FEES As recommended by the AMF, this table includes only fully consolidated companies. Deloitte (in € thousands) Auditor Proxima Autres Network Total Deloitte Auditor Auditor 29.7 18.2 Certification and limited half-yearly review of the parent-company and consolidated financial statements Issuer 29.7 Fully consolidated subsidiaries 758.4 788.5 1 546.9 Sub-total Engagements and services other than certification of the financial statements (*) 788.1 788.5 1 576.6 Issuer 123.0 Fully consolidated subsidiaries Sub-total Total 42.1 18.2 42.1 — 18.2 13.7 55.8 123.0 27.0 47.1 74.1 150.0 938.1 47.1 835.6 197.1 1 773.7 13.7 (*) Services other than certification of accounts include services required by regulations and those provided at the request of controlled entities (contractual audits, comfort letters, audit certificates, agreed procedures, consulting and assignments relating to changes in accounting standards, due diligence procedures for acquisitions, audits of procedures and information systems, and tax services that do not impair auditor independence). It also includes, in 2024, the sustainability report certification service amouting at €0.1 million following the application of European regulation (EU) 2022/2464 CSRD (Corporate Sustainability Reporting Directive) Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 74 13. POST-BALANCE SHEET EVENTS No significant event with a direct link to a situation that existed at the end of the 2024 financial year occurred between the closing date and the accounts settlement date. Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 75 14. LIST OF CONSOLIDATED COMPANIES AT DECEMBER 31, 2024 12/31/2024 12/31/2023 Consolidation method detention rate Consolidation method detention rate Full Consolidation (FC) Mother Full Consolidation (FC) Mother INDIGO INFRA Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO PARK Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DU PARC AUTO METEOR Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DU PARKING DU BOULEVARD SAINT-GERMAIN Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LA SOCIETE DES PARCS DU SUD-OUEST Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% METZ STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA CGST Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA POISSY Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE AMIENOISE DE STATIONNEMENT Not consolidated (NC) —% Full Consolidation (FC) 100.00% PARC AUTO DE STRASBOURG Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE MEDITERRANEENNE DE STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE D'EXPLOITATION DES PARCS DE LA DEFENSE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA HAUTEPIERRE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LES PARCS DE TOURCOING Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE FINANCIERE MIDI-PYRENEES - SFMP Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DES GARAGES AMODIES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% EFFIPARC CENTRE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% EFFIPARC SUD EST Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA France Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE TOULOUSAINE DE STATIONNEMENT - STS Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SNC DU PARKING DE LA PUCELLE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SNC DU PARC DES GRANDS HOMMES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PARKING RENNES MONTPARNASSE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LES PARCS DE NEUILLY Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% CAGNES SUR MER STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOGEPARC NARBONNE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DES PARKINGS SOUTERRAINS DU 8EME ARRONDISSEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE AUXILIAIRE DE PARCS Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE AUXILIAIRE DE LA REGION PARISIENNE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE AUXILIAIRE DE PARCS MEDITERRANEE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE AUXILIAIRE DE PARCS DU LIMOUSIN Not consolidated (NC) —% Full Consolidation (FC) 100.00% UNIGARAGES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LES PARCS DE STATIONNEMENT LYON BELLECOUR Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DES PARKINGS DU NORD ET DE L'EST (SOPANE) Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOPARK Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE FINANCIERE DE PARC AUTOMOBILE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DES PARKINGS DE VERSAILLES (SAPV) Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SNC PARKINGS DE LOURDES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PARIS PARKING BOURSE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SPS COMPIEGNE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SPS SAINT QUENTIN Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% IMMOBILIERE DU PARKING JOFFRE SAINT-THIEBAUT Full Consolidation (FC) 99.28% Full Consolidation (FC) 99.28% SPS TARBES Not consolidated (NC) —% Full Consolidation (FC) 100.00% INDIGO INFRA NEUILLY Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA NOISY-LE-GRAND Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DES PARKINGS DE NEUILLY - SPN Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LES PARCS DE TOULOUSE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% STREETEO Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% NOGENT STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% BEAUVAIS STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% LES PARCS D'AGEN Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO CAGNES STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PERPIGNAN VOIRIE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% Companies CORPORATE INDIGO GROUP FRANCE Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 76 12/31/2024 12/31/2023 Companies Consolidation method detention rate Consolidation method detention rate HYERES STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% NEUILLY PARC LES SABLONS Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SAINT-MAUR STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% CENTRAL PARCS Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO STATIONNEMENT SB Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA LOUVRE PATRIARCHES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA TERNES Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA LILLE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% MARSEILLE ETIENNE D'ORVES STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PARC OPERA Not consolidated (NC) —% Full Consolidation (FC) 100.00% INDIGO HOPITAL AMIENS Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% MEAUX STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% RUEIL STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO SPACES Full Consolidation (FC) 99.99% Full Consolidation (FC) 99.99% LUZIEN STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% MARSEILLE REPUBLIQUE PHOCEENS STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SEINE OUEST STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% TOURCOING STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA RAMBOUILLET Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA LAVAL Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% REPUBLIQUE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PARKING DE LA COMEDIE Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% PARKING DE LA GARE CHARLES DE GAULLE Full Consolidation (FC) 50.80% Full Consolidation (FC) 50.80% GESPAR Equity method (EM) 50.00% Equity method (EM) 50.00% SCI ESPLANADE BELVEDERE II Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SOCIETE DU PARKING VERSAILLES NOTRE DAME Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% TIGNES STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% GHNE STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% THONON LES BAINS STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% VAL DE LOIRE STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% MONTREUIL STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% BIARRITZ STATIONNEMENT Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% SALON DE PROVENCE STATIONNEMENT Full Consolidation (FC) 100.00% Not consolidated (NC) —% INDIGO MOBILITY SERVICES Full Consolidation (FC) 100.00% Not consolidated (NC) —% CAEN STATIONNEMENT Full Consolidation (FC) 100.00% Not consolidated (NC) —% CHAMPIGNY STATIONNEMENT Full Consolidation (FC) 100.00% Not consolidated (NC) —% SARREGUEMINES STATIONNEMENT Full Consolidation (FC) 100.00% Not consolidated (NC) —% INDIGO VOIRIE Full Consolidation (FC) 100.00% Not consolidated (NC) —% INDIGO SURESNES Full Consolidation (FC) 100.00% Not consolidated (NC) —% INDIGO BAGNEUX Full Consolidation (FC) 100.00% Not consolidated (NC) —% CONTROLE STATIONNEMENT VOIRIE (CSV) Full Consolidation (FC) 70.00% Not consolidated (NC) —% INDIGO INFRA CANADA Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO PARK CANADA Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% NORTHERN VALET Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% CLERMONT LIMITED PARTNERSHIP Equity method (EM) 20.00% Not consolidated (NC) —% CLERMONT INDIGO ODEON (ex INDIGO INFRA ODEON) Equity method (EM) 16.00% Full Consolidation (FC) 60.00% CLERMONT MANAGEMENT INC Equity method (EM) 20.00% Not consolidated (NC) —% CLERMONT BC LIMITED PARTNERSHIP Equity method (EM) 20.00% Not consolidated (NC) —% CLERMONT QC LIMITED PARTNERSHIP Equity method (EM) 20.00% Not consolidated (NC) —% CLERMONT ON LIMITED PARTNERSHIP Equity method (EM) 20.00% Not consolidated (NC) —% GREAT BRITAIN LES PARCS GTM UK LIMITED Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% INDIGO INFRA USA HOLDING Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% BELGIUM INDIGO PARK BELGIUM INDIGO INFRA BELGIUM TURNHOUT PARKING NV SOCIETE IMMOBILIERE DES PARKINGS ERASME PARKEERBEHEER LIER INDIGO PARK SECURITY BELGIUM Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 100.00% 75.00% 100.00% 100.00% Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 100.00% 75.00% 100.00% 100.00% CANADA USA Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 77 12/31/2024 12/31/2023 Companies Consolidation method detention rate Consolidation method detention rate INDIGO A-PLUS NV PARKING 4040 (ex URBEO BESIX PARK) IP-MOBILE PARCBRUX BELGIAN PARKING REGISTER INDIGO SPACES BELGIUM (ex-PARKING NEUJEAN) BE PARK BE PARK FRANCE BE PARK HISPANIA Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 97.00% 51.00% 100.00% 50.00% 100.00% 60.22% 60.22% 60.22% Not consolidated (NC) Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Equity method (EM) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) —% 97.00% 51.00% 50.00% 50.00% 100.00% 60.22% 60.22% 60.22% SWITZERLAND INTERTERRA PARKING SA PARKING PORT D'OUCHY PARKING DU CENTRE FLON INDIGO SUISSE PARKING GARE DE LAUSANNE SA Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Full Consolidation (FC) Not consolidated (NC) 52.89% 59.56% 50.00% 100.00% —% Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Full Consolidation (FC) Full Consolidation (FC) 52.89% 59.56% 50.00% 100.00% 100.00% POLAND INDIGO POLSKA IMMOPARK Full Consolidation (FC) Full Consolidation (FC) 100.00% 94.97% Full Consolidation (FC) Full Consolidation (FC) 100.00% 94.97% SPAIN INDIGO INFRA ESPANA PARKING UNAMUNO DEL AYUNTAMIENTO DE BILBAO INDIGO PARK ESPANA APARCAMIENTOS TRIANA SA (Atrisa) INDIGO SPACES SPAIN (ex-JAPACIOS) PARKIA SPANISH HOLDING PARKIA RECARGA ELECTRICA S.L.U. PARKIA INICIATIVAS S.L.U. ACVIL APARCIAMENTOS S.L.U. PARKING ARENAL S.A.U. PARKING DE CLINICA S.A. ARTEMISA APARCIAMENTOS S.L.U. Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 100.00% 99.06% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 51.71% 100.00% Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) 100.00% 100.00% 100.00% 99.06% 100.00% —% —% —% —% —% —% —% PLAZA GERNIKAKO ARBOLA DE BARAKALDO-PARKING JUZKADOS S.A.U. Full Consolidation (FC) 100.00% Not consolidated (NC) —% PARKIA FINCO S.A. Full Consolidation (FC) 100.00% Not consolidated (NC) —% ANDORRE APARCAMENT VERTICAL DE MAIA S.A.U. Full Consolidation (FC) 100.00% Not consolidated (NC) —% LUXEMBURG INDIGO PARK LUXEMBOURG Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% BRAZIL INDIGO INFRA BRASIL PARTICIPACOES Ltda INDIGO ESTACIONAMENTO Ltda ADMINISTRADORA GAUCHA DE ESTACIONAMENTOS SA (AGE) PB PARTICIPACOES SA PB ADMINISTRADORA DE EST. EIRELI MASTER PARK EXPLORA PARTICIPACOES FLA EST. FIBRA EST. VPM EST. CENTER PARK EST. GE PARK EST. Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Not consolidated (NC) Not consolidated (NC) Not consolidated (NC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 55.61% 55.61% 55.61% 55.61% 55.61% —% —% —% 55.61% 55.61% Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 55.61% 55.61% 55.61% 55.61% 55.61% 55.61% 55.61% 55.61% 55.61% 55.61% COLOMBIA INDIGO INFRA COLOMBIA SAS CITY PARKING SAS SIPPA SAS CITY CANCHA SAS MOVILIDAD URBANA INTELIGENTE SAS ECO WASH Ltda Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Equity method (EM) Equity method (EM) Equity method (EM) 100.00% 87.50% 87.50% 87.50% 87.50% 87.50% DIGITAL AND NEW MOBILITIES MOBILITY AND DIGITAL SOLUTIONS GROUP INDIGO NEO (ex OPnGO) SMOVENGO INDIGO WEEL SMOVENGO Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) Full Consolidation (FC) 100.00% 100.00% 100.00% 100.00% 100.00% Full Consolidation (FC) Full Consolidation (FC) Equity method (EM) Full Consolidation (FC) Equity method (EM) 100.00% 100.00% 40.49% 100.00% 40.49% Full Consolidation (FC) 100.00% Full Consolidation (FC) 100.00% DIGITAL ESTONIA NOW! INOVATIONS TECHNOLOGY OÜ Indigo Group - Consolidated financial statements for the period ended December 31, 2024 Page 78