Classification: Confidential

HEATHROW
(SP) LIMITED
RESULTS FOR THE THREE MONTHS
ENDED 31 MARCH 2024
 Classification: Confidential

DOCUMENT DISCLAIMER
• The information and opinions contained in this presentation are provided as at the date of this document.

• This presentation contains certain statements regarding the financial condition, results of operations, business and future prospects of Heathrow. All statements, other than statements of historical fact are, or may
be deemed to be, “forward-looking statements”. These forward-looking statements are statements of future expectations and include, among other things, projections, forecasts, estimates of income, yield and
return, pricing, industry growth, other trend projections and future performance targets. These forward-looking statements are based upon management’s current assumptions (not all of which are stated),
expectations and beliefs and, by their nature are subject to a number of known and unknown risks and uncertainties which may cause the actual results, prospects, events and developments of Heathrow to differ
materially from those assumed, expressed or implied by these forward-looking statements. Future events are difficult to predict and are beyond Heathrow’s control, accordingly, these forward-looking statements
are not guarantees of future performance. Accordingly, there can be no assurance that estimated returns or projections will be realised, that forward-looking statements will materialise or that actual returns or
results will not be materially lower than those presented.

• All forward-looking statements are based on information available as the date of this document, accordingly, except as required by any applicable law or regulation, Heathrow and its advisers expressly disclaim
any obligation or undertaking to update or revise any forward-looking statements contained in this presentation to reflect any changes in events, conditions or circumstances on which any such statement is based
and any changes in Heathrow’s assumptions, expectations and beliefs.

• This presentation contains certain information which has been prepared in reliance on publicly available information (the “Public Information”). Numerous assumptions may have been used in preparing the Public
Information, which may or may not be reflected herein. Actual events may differ from those assumed and changes to any assumptions may have a material impact on the position or results shown by the Public
Information. As such, no assurance can be given as to the Public Information’s accuracy, appropriateness or completeness in any particular context, or as to whether the Public Information and/or the assumptions
upon which it is based reflect present market conditions or future market performance. The Public Information should not be construed as either projections or predictions nor should any information herein be
relied upon as legal, tax, financial or accounting advice. Heathrow does not make any representation or warranty as to the accuracy or completeness of the Public Information.

• All information in this presentation is the property of Heathrow and may not be reproduced or recorded without the prior written permission of Heathrow. Nothing in this presentation constitutes or shall be
deemed to constitute an offer or solicitation to buy or sell or to otherwise deal in any securities, or any interest in any securities, and nothing herein should be construed as a recommendation or advice to invest in
any securities.

• This document has been provided to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and
consequently neither Heathrow nor any person who controls it (nor any director, officer, employee not agent of it or affiliate or adviser of such person) accepts any liability or responsibility whatsoever in respect of
the difference between the document provided to you in electronic format and the hard copy version available to you upon request from Heathrow.

• Any reference to “Heathrow” means Heathrow (SP) Limited (a company registered in England and Wales, with company number 6458621) and will include its parent company, subsidiaries and subsidiary
undertakings from time to time, and their respective directors, representatives or employees and/or any persons connected with them.

• This presentation must be read in conjunction with the Heathrow’s annual report and accounts for the year ended 31 December 2023.

2
 Classification: Confidential

CONTENTS

2024 Q1 Performance 04
Strategic Update 06
Business Update 08
Financial Review 13
Appendices 21

3
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

2024 Q1 PERFORMANCE

4
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

BUSINESS AND FINANCIAL PERFORMANCE

KEY HIGHLIGHTS
PASSENGERS ADJUSTED GROUP LIQUIDITY
OPERATING COSTS
▪ Strong passenger demand
18.5m £365m £3.8bn ▪ Busiest first quarter ever recorded

+9% vs. 2023 Q1 +11% vs. 2023 Q1 +4% vs. 2023 Q1 ▪ Increased passenger service levels

▪ Good progress on H7 investments

ADJUSTED
▪ H7 charges led a revenue decline
REVENUE RAB
EBITDA
▪ Continue to make an adjusted profit before tax
£808m £443m £20.1bn ▪ Strong liquidity and balance sheet

-1% vs. 2023 Q1 -9% vs. 2023 Q1 +1% vs. Dec 2023
▪ New strategy launched

▪ 2024 Traffic outlook revised

See page 24 for notes, sources and defined terms 5

 2 0 2 4 QClassification:
1 P E R F O R M A N C EConfidential
STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

STRATEGIC UPDATE

6
 Classification: Confidential
STRATEGIC UPDATE
2024 Q1 PERFORMANCE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

INTRODUCING OUR NEW STRATEGY

Our Purpose

Our Vision TO BE AN EXTRAORDINARY AIRPORT, FIT FOR THE FUTURE

Our Values

7
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

BUSINESS UPDATE

8
 Classification: Confidential BUSINESS UPDATE
2024 Q1 PERFORMANCE STRATEGIC UPDATE FINANCIAL REVIEW APPENDICES CONTENT

STRONG DEMAND ACROSS ALL MARKETS DRIVES THE

BUSIEST FIRST QUARTER EVER RECORDED
Q1 2024 passenger numbers by market

Heathrow 2024 Q1 2023 Q1 Vs. 2023 % (vs Q1 2023)

UK
Passengers (m) 18.5 16.9 +9% 1.1m Europe
North America +10% 7.2m
4.1m M. East
Passengers ATM 112,766 103,173 +9% +9% 2.0m
+8%
+5%
Load factors (%) 75.1 74.3 +1% Africa
Asia Pacific
0.9m
2.6m
Latin America +0%
Seats per ATM 220.8 220.7 +0% +18%
0.6m
+20%
Cargo tonnage (*) (‘000) 394 317 +24%

(*) Includes mail

Total of 18.5 million passengers
(+9% vs Q1 2023) 9
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

IMPROVED SERVICES TO OUR CUSTOMERS

Customer satisfaction Baggage connection - %
Airport Service Quality ’ASQ’ Connection rate per 1,000 passengers

- 1.00 2.00 3.00 4.00 5.00 - 20.0 40.0 60.0 80.0 100.0

Q1 2023 4.01 Q1 2023 98.2

Q1 2024 4.02 Q1 2024 98.5

Security performance - % Arrivals and departures punctuality - %

Waiting time measured under 5 minutes Within 15 minutes of schedule

- 20.0 40.0 60.0 80.0 100.0 - 20.0 40.0 60.0 80.0 100.0

69.7 Arrivals
Q1 2023 85.5 Q1 2023
63.5 Departures

73.6 Arrivals
Q1 2024 93.6 Q1 2024
76.9 Departures

10
See page 24 for notes, sources and defined terms
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

£320 MILLION INVESTED IN OUR H7 CAPITAL PLAN

Next-Generation Terminal designs completed and good progress has been
Security made to deliver a total of 146 lanes

New system design has begun with baggage partner and

T2 Baggage IT replacement underway

Carbon & Continuous rollout of EV chargers and new carbon

Sustainability efficient pre-conditioned air units on aircraft stands

Commercial
Focus on retail, digital and surface access
Revenue
Asset
Seven projects completed in Q1 as part of 160 live
Management & projects
Compliance
Multiple opportunities identified to improve passenger
Efficient Airport satisfaction whilst driving efficiencies

11
See page 24 for notes, sources and defined terms
 Classification: Confidential BUSINESS UPDATE
2024 Q1 PERFORMANCE SBTURSAI NT E SGSI CUU
PPDD
A AT ET E FINANCIAL REVIEW APPENDICES CONTENT

JOURNEY TO BE AN EXTRAORDINARY AIRPORT FIT FOR

THE FUTURE
LONG-TERM GROWTH AND HEATHROW 2.0:
REGULATORY DEVELOPMENTS CONNECTING PEOPLE AND PLANET
CAPACITY DEVELOPMENTS

2023 SUSTAINABILITY REPORT

CAA’S H7 FINAL CONSULTATION EXPANDING CAPACITY TO MEET PUBLISHED
PUBLISHED GROWING DEMAND

TASKFORCE ON NATURE-RELATED
‘Setting Future Price Controls’ LONG-TERM PLANS TO DELIVER FINANCIAL DISCLOSURES (TNFD)
CONSULTATION EXPANDED CAPACITY UNDER REVIEW

2024 LIFT OFF EVENT

CAA’S H8 INDICATIVE PLAN EXPECTED DECARBONISING AVIATION A CENTRAL
IN SPRING 2024 PART OF OUR PLAN
CLASS B SUSTAINABILITY LINKED BOND

12
See page 24 for notes, sources and defined terms
 Classification: Confidential
2024 Q1 PERFORMANCE SBTURSAI NT E SGSI CUU
PPDD
A AT ET E BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

FINANCIAL REVIEW

13
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

FINANCIAL REVIEW
Q1 Q1 Versus
(£ million)
2023 2024 2023 %
Revenue 814 808 (0.7)
Adjusted operating costs (328) (365) 11.3
Adjusted EBITDA 486 443 (8.8)
Adjusted profit/(loss) before tax (139) 83 159.7
Cash generated from operations 374 460 23.0
Capital expenditure 169 320 89.3

Dec Mar Versus

(£ million)
2023 2024 Dec 23 %
Consolidated nominal net debt
Heathrow (SP) 14,795 14,646 (1.0)
Heathrow Finance 16,806 16,605 (1.2)
Regulatory Asset Base 19,804 20,058 1.3

14
See page 24 for notes, sources and defined terms
 Classification: Confidential FINANCIAL REVIEW
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE APPENDICES CONTENT

LOWER REGULATED AERO CHARGES PARTIALLY

OFFSET BY STRONG DEMAND FINANCIAL REVIEW

Analysis of revenue (£m)

814 808
-0.7%
vs Q1 2023 Aeronautical revenue
3,070
▪ Lower revenue due to aero charges set by the CAA

545 515
Retail revenue
▪ Increased revenue driven by higher departing passengers
and car parking performance

149 168
Other revenue
120 125 ▪ Higher other regulated charges (ORCs) and partly offset
by surface access performance
Q1 2023 Q1 2024

Aeronautical Retail Other

15
 Classification: Confidential
STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW
2024 Q1 PERFORMANCE APPENDICES CONTENT

OPERATING COSTS REFLECT HIGHER PASSENGER'

NUMBERS AND INFLATION
Analysis of adjusted operating costs (£m)
365
▪ Employment costs rose with increased staffing for higher
328 +11% (1) demand
vs. Q1 2022

114
93 ▪ Operational costs increased in line with inflation and higher
capacity
(1)

107
97
(2)
▪ Maintenance costs increased due to cleaning and
conservation
50 57
▪ Utilities and other costs stable due to terminals being fully
59 59 operational
29 28
Q1 2023 Q1 2024 ▪ Business rates remained flat

Employment Operational Maintenance

Utilities & other Rates

16
See page 24 for notes, sources and defined terms
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

OUR NET DEBT REMAINS STABLE

Heathrow (SP) nominal net debt
(£m)

January 2024 – March 2024

452 186 5
46 66
14,000

12,000

10,000

8,000
14,795 14,646
6,000

4,000

2,000

0
Opening Net cash generated Net cash capital Net interest paid Interest paid to Accretion Closing
Net Debt (SP) from operating expenditure on external debt Heathrow Finance and other Net Debt (SP)
(1 Jan 2024) activities (31 March 2024)

17
See page 24 for notes, sources and defined terms
 Classification: Confidential BUSINESS UPDATE FINANCIAL REVIEW
2024 Q1 PERFORMANCE STRATEGIC UPDATE APPENDICES CONTENT

COMFORTABLE GEARING HEADROOM ACROSS ALL LEVELS

100%
Evolution of gearing ratios
92.5% - HF covenant
90%
91.7% 85% - Class B gearing trigger
80% 88.4% 84.9%
82.3% 82.8%
79.6% 72.5% Class A gearing trigger
70% 76.3% 76.0% 74.7% 73.0%
60% 68.4%
64.6% 64.9% 63.7% 63.3%
50%

40%

30%

20%

10%

0%
31 December 31 December 31 December 31 December 31 March
2020 2021 2022 2023 2024
Heathrow (SP) Class A gearing Heathrow (SP) Class B gearing Heathrow Finance gearing

18
See page 24 for notes, sources and defined terms
 Classification: Confidential
STRATEGIC UPDATE FINANCIAL REVIEW
2024 Q1 PERFORMANCE BUSINESS UPDATE APPENDICES CONTENT

OUTLOOK

▪ Updated traffic outlook for 2024 of 82.4 million

passengers

▪ EBITDA for 2024 is expected to be £1,938 million

▪ Full updated financial forecast for 2024 in our next

June Investor Report

▪ 2024 H1 results to be published on 24 July 2024

19
Classification: Confidential

Q&A

20
 Classification: Confidential BUSINESS UPDATE FINANCIAL REVIEW
2024 Q1 PERFORMANCE STRATEGIC UPDATE APPENDICES CONTENT

APPENDICES CONTENT

21
 Classification: Confidential
STRATEGIC UPDATE FINANCIAL REVIEW
2024 Q1 PERFORMANCE BUSINESS UPDATE APPENDICES CONTENT

Heathrow (SP) Limited Amount Available Maturity Heathrow (SP) Limited Amount Available Maturity

HEATHROW NOMINAL NET Senior debt

CHF400m 0.5%
C$500m 3.25%
(£m)
277
266
(£m)
277
266
2024
2025
Junior debt
£155m 4.221%
£350m 2.625%
£182m 0.101%
(£m)
155
350
235
(£m)
155
350
235
2026
2028
2032
€750m 1.50% 681 681 2025
CHF210m 0.45% 161 161 2026 6.000% £350 million SLB 350 350 2032

DEBT, 31 MARCH 2024 £700m 6.75%

NOK1,000m 2.65%
C$650m 2.7%
C$400m 3.4%
700
84
374
226
700
84
374
226
2026
2027
2027
2028
£75m RPI + 0.347%
£75m RPI + 0.337%
£180m RPI +1.061%
£51m RPI + 0.419%
97
97
262
66
97
97
262
66
2035
2036
2036
2038
£105m 3.460% 105 105 2038
£200m 7.075% 200 200 2028
£75m RPI + 0.362% 97 97 2041
A$175m 4.150% 96 96 2028
Total junior bonds 1,818 1,818
CHF165m 1.800% 136 136 2029
£450m 2.75% 450 450 2029 Term debt 125 125 Various
NOK1,000m 2.50% 91 91 2029 Junior revolving credit facilities 0 367 2026
€750m 1.5% 566 566 2030 Total junior debt 1,943 2,310
C$400m 3.872% 238 238 2030
Heathrow (SP) Limited group net debt 14,646
€500m 1.125% 427 427 2030
C$500m 3.661% 291 291 2031
£900m 6.45% 900 900 2031 Heathrow Finance plc Amount Available Maturity
€50m Zero Coupon 42 42 2032
(£m) (£m)
£75m RPI +1.366% 113 113 2032
€50m Zero Coupon 42 42 2032
£250m 5.75% 250 250 2025
€500m 1.875% 443 443 2032
£275m 3.875% 275 275 2027
C$300m 3.7% 363 363 2033
£300m 4.125% 300 300 2029
4.500% €650m SLB due 2033 557 557 2033
£400m 6.625% 400 400 2031
€650 1.875% 559 559 2034
£50m 4.171% 50 50 2034 Total bonds 1,225 1,225
€50m Zero Coupon 40 40 2034 £75m 75 75 2024
£50m RPI +1.382% 76 76 2039 £135m 135 135 2026
€86 Zero Coupon 75 75 2039 £125m 125 125 2028
£460m RPI +3.334% 813 813 2039 £200m 200 200 2029
¥10,000m 0.8% 71 71 2039 £53m 53 53 2030
£100m RPI +1.238% 148 148 2040 £302m 302 302 2031
£750m 5.875% 750 750 2041 £100m 100 100 2034
A$125m 3.500% 68 68 2041 £250m 250 250 2035
£55m 2.926% 55 55 2043 Total loans 1,239 1,239
£750m 4.625% 750 750 2046
Total Heathrow Finance plc debt 2,464 2,464
£60m 4.702% 60 60 2047
£75m RPI +1.372% 113 113 2049 Heathrow Finance plc cash (505)
£400m 2.75% 400 400 2049 Heathrow Finance plc net debt 1,959
£70m 6.070% 70 70 2056
£70m 6.070% 70 70 2057
£160m RPI +0.147% 208 208 2058 Heathrow Finance plc group Amount Available
Total senior bonds 12,100 12,100 (£m) (£m)
Term debt 1,540 1,540 Various
Heathrow (SP) Limited senior debt 14,549 15,568
Index-linked derivative accretion 846 846 Various
Revolving / WC facilities 0 1019 2026 Heathrow (SP) Limited junior debt 1,943 2,310
Operating lease liability 63 63 Various Heathrow Finance plc debt 2,464 2,464
Total other senior debt 2,449 3,468
Heathrow Finance plc group debt 18,956 20,342
Total senior debt 14,549 15,568
Heathrow Finance plc group cash (2,351) 22
Heathrow (SP) Limited cash (1,846)
Heathrow Finance plc group net debt 16,605
Senior net debt 12,703
 Classification: Confidential
2024 Q1 PERFORMANCE STRATEGIC UPDATE BUSINESS UPDATE FINANCIAL REVIEW APPENDICES CONTENT

DEBT MATURITY PROFILE AT 31 MARCH 2024

Heathrow (SP) Class A £ bonds Heathrow (SP) Class A non-£ bonds
Heathrow (SP) Class B bonds Heathrow (SP) Class A term debt
2500 Heathrow (SP) Class B term debt Heathrow Finance bonds
Heathrow Finance loans Revolving credit facility

2000

1500

1000

500

2056

2058
2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2052

2057
23
 Classification: Confidential
2024 Q1 PERFORMANCE BUSINESS UPDATE FINANCIAL REVIEW STRATEGIC UPDATE APPENDICES CONTENT

NOTES, SOURCES AND DEFINED TERMS

Page 5 Page 16
Adjusted EBITDA: is profit before interest, taxation, depreciation, amortization and fair value Operating costs exclude depreciation, amortisation and fair value adjustments on investment
adjustments on investment properties and exceptional items. properties and exceptional items.
Page 10 Page 17
Airport Service Quality ‘ASQ’ – quarterly Airport Service Quality surveys directed by Airports Council
Opening and closing nominal net debt includes index-linked accretion.
International (ACI). Survey scores range from 1 up to 5.
Arrivals / Departure punctuality – the percentage of flights departing within 15 minutes of schedule. Cash capital expenditure for the period.
Baggage connection – number of bags connected per 1,000 passengers. Other comprises index-linked accretion, external tax payments and fees paid in relation to
Security screening - % of security waiting time measured under 5 and 10 minutes time period financing transactions.
measured.
Page 18
Page 14 Gearing ratio: external nominal net debt (including index-linked accretion and additional
Operating costs exclude depreciation, amortization and fair value adjustments on investment lease liabilities) to RAB (regulatory asset base).
properties and exceptional items.
Adjusted EBITDA: is profit before interest, taxation, depreciation, amortization and fair value
adjustments on investment properties and exceptional items. Page 22-23
Capital expenditure includes capital creditors. Net debt is calculated on a nominal basis excluding intra-group loans and including index-
Consolidated net debt at Heathrow (SP) Limited and Heathrow Finance plc is calculated on a linked accretion and includes non-sterling debt at exchange rate of hedges entered into at
nominal basis excluding intra-group loans and including index-linked accretion. inception of relevant financing.
RAB: Regulatory Asset Base. Maturity is defined as the Scheduled Redemption Date for Class A bonds.

24
 Classification: Confidential

Visit us: www.heathrow.com/company/investor-centre

25