The Shannon Airport Group Annual Report and Accounts 2024

ANNUAL REPORT AND ACCOUNTS 2024

www.snnairportgroup.ie

Annual Report and Accounts | 2024

CONTENTS

Our Story Our Vision, Mission and Values The Shannon Airport Group Achievements and Impact Chair’s Statement Thriving in a Changing World: Strategic Plan 2024-2028 Chief Executive Officer’s Review Celebrating a Decade of Growth and Innovation The Shannon Airport Group Management Team The Shannon Airport Group 2024 Financial Overview The Shannon Airport Group Board of Directors

4 5 6 8

12 14 20 26 27 28 30 34 42 45 57 58 60 61 62 63 64 65 66 67 68

A Year of Welcomes and Milestones Continuing our Sustainability Journey

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS Directors’ Report Risk and Governance Report Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements Independent Auditor’s Report to the Members of Shannon Group plc Consolidated Statement of Profit or Loss Consolidated Statement of Other Comprehensive Income

Consolidated Statement of Financial Position Company Statement of Financial Position Consolidated Statement of Changes in Equity Company Statement of Changes in Equity Consolidated Cash Flow Statement

Company Cash Flow Statement Notes to the Financial Statements FURTHER INFORMATION General Business Information An Award-Winning Year Airport Route Map - Summer 2025

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Photo courtesy of Martin Smith

Annual Report and Accounts | 2024

OUR STORY

The Shannon Airport Group proudly owns and operates Shannon Airport, while managing an extensive commercial property portfolio. As a key economic driver, we are committed to maximising the potential of our airport and surrounding lands and properties, while embedding sustainability throughout our business operations. We provide essential international air services for trade and tourism and are dedicated to creating an attractive and sustainable environment for businesses to thrive. Shannon Airport, the largest airport on Ireland’s West Coast, serves destinations in the US, UK, and Europe, offering full U.S. Pre-Clearance for transatlantic passengers. Innovation is at the heart of our business strategy and, with our ongoing commitment to excellence, The Shannon Airport Group is leading the way toward a brighter future for our passengers, employees, and communities. Our dedicated teams in Aviation and Commercial Property continuously drive our mission forward, upholding our legacy of innovation and our commitment to sustainability across Shannon Airport, the Shannon Airport Business Park and our other properties.

OUR VISION To reach further to build a thriving connected place.

We are here to build sustainable livelihoods and a vibrant economy for our people and the region by shaping opportunities in aviation and property. OUR MISSION

OUR VALUES

PARTNERSHIP

PEOPLE

Partnership is about working together for the greater good. It’s what allows us to reach new heights and deliver new opportunities that benefit our customers and colleagues.

Supporting and empowering our people is vital to our success as a Group. Our expertise, character and passion are who we are, and how we strive to stand out from the rest.

PERSEVERANCE

PRIDE

We move forward together, uniting as one Group. Our can-do attitude and focus on the future, ensures we remain a key driving force in the success of our region.

We are inspired by our past achievements and the

communities that we have built together. As a Group, we show our pride through our interactions with customers, and developing

a sustainable strategy that ensures our region thrives.

Annual Report and Accounts | 2024

THE SHANNON AIRPORT GROUP ACHIEVEMENTS AND IMPACT

2.1m Passengers in 2024 +7% VS. 2023

Top airport brand in RED C Brand Reaction Index (BRII) 2024

Over 30,000 Flight Movements in 2024 +6.7% VS. 2023

Over 16,500 tonnes of cargo

15-20% Reduction in Airport’s electricity requirements when Solar PV farm completed

Ireland’s Favourite Airport

21 Electric Vehicles

€100,000 raised for charity in 2024

Over 20,000 jobs supported by the Group’s activities

100,000 sq ft of new commercial property leased in 2024

105,000 sq ft planning application for next phase of development at the Shannon Airport Business Park

€4 billion economic impact of the Group

Over 300 Companies employing over 10,000 at the Shannon Airport Business Park

#1 in travel for customer experience excellence

Annual Report and Accounts | 2024

Photo courtesy of Martin Smith

CHAIR’S STATEMENT

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CHAIR’S STATEMENT

CONAL HENRY CHAIR

The Shannon Airport Group has made significant strides in 2024, under the exemplary leadership of our CEO and the unwavering dedication of staff, but we must address the broader context of Ireland’s aviation landscape. The rapid and unmanaged growth at Dublin Airport has created a single point of failure, with the airport operating consistently at or beyond capacity. This over-reliance on one airport exposes the State to considerable economic vulnerability and hinders meaningful regional development, competition, and equitable distribution of economic benefits. The imbalance is stark: Dublin Airport handles 84% of Ireland’s airport traffic, while Shannon Airport, serving a catchment area with 38% of the national population, accounts for just over 5% of the traffic. Over 5 million passengers annually use Dublin Airport despite being closer to Shannon, exacerbating capacity issues in Dublin. Government intervention is crucial to ensure balanced regional development. Shannon Airport is a key element of the national solution, offering resilience and contingency to the overall aviation system. With

large unrealised capacity, Shannon can comfortably accommodate a further 3 million passengers and has the potential to grow even further with minimal infrastructural changes. Our U.S. Customs and Border Protection Pre-Clearance facility is a significant competitive advantage, enabling new direct routes to over 160 U.S. airports. This is not about capping Dublin; it’s about unlocking the potential of our entire national airport network and relieving some of the congestion currently being experienced at Dublin. I welcome the Government’s commitment in their Programme for Government to review National Aviation Policy. The current policy, predating Project Ireland 2040, has failed to address the severe imbalance in the aviation landscape. Research indicates that spatial rebalancing is unlikely without intervention. European studies show greater economic benefits from dispersing traffic to regional airports. Government policy must urgently support this transition to a low- carbon society by optimising existing capacity at all state airports.

In parallel to this we must have improved transport links to Shannon and priority should be given by Government to significantly expanding the transport infrastructure, including setting a timeline for the development and delivery of a direct rail connection to Shannon Airport. In the immediate term, support should be provided for a Shannon bus service which provides regular, direct and reliable services to major cities and towns in the region. Strong reliable transport links will make Shannon more accessible and competitive, fully supporting its growth. In conclusion, Shannon Airport is poised to play a pivotal role in rebalancing Ireland’s aviation landscape, alleviating congestion at Dublin Airport, and delivering balanced regional development. We urge the new Government to act decisively to ensure a sustainable and resilient aviation future for Ireland.

Conal Henry, Chair, The Shannon Airport Group

Annual Report and Accounts | 2024

THRIVING IN A CHANGING WORLD: STRATEGIC PLAN 2024-2028

Generating Sufficient Profit to Fund Investment

Implementing a Sustainable Funding Strategy

Fostering Potential Partnerships

Retaining and Growing Connectivity

Driving Commercial Performance

The Shannon Airport Group Strategic Plan 2024-2028 lays the foundations for the Group to capture opportunities, leveraging our infrastructure and strengths.

OUR AIM IS TO:

• Be “Ireland’s Airport of Choice for Connectivity and Business” • Position the Shannon Airport Business Park as Ireland’s premier business park • Meet our 2030 climate targets and support implementation of Government policy

Ensuring Fit for Purpose Airport Infrastructure

Building Sustainable Commercial Property

Investing in Property & Infrastructure for Growth

Ensuring a Safe, Secure, Regulated and Compliant Working Environment

Improving Productivity

Greening Our Operations

OUR STRATEGIC PRIORITIES

Excelling in Operations

Attracting, Retaining and Developing Talent

Instilling a Culture of Ownership and Accountability

Engaging and Motivating Employees

Driving Commercial Performance

Investing in Property & Infrastructure for Growth

Excelling in Operations

Empowering our People

Winning Hearts and Minds

Empowering our People

Making it Easy for our Customers

Collaborating with Key Stakeholders

A compelling employee, customer and stakeholder mindset Winning Hearts and Minds

Annual Report and Accounts | 2024

Photo courtesy of Martin Smith

CHIEF EXECUTIVE OFFICER’S REVIEW

Annual Report and Accounts | 2024

CHIEF EXECUTIVE OFFICER’S REVIEW

We remain dedicated to achieving a 51% reduction in greenhouse gas emissions by 2030 and reaching Net Zero by 2050. We have continued with our fleet electrification plans and have transitioned over 50% of our vehicles that are suitable for electrification. In 2024, we also focused on waste management improving our recycling rate to 44% across our operations. Our sustainability efforts are deeply integrated into our extensive commercial property portfolio, and we are spearheading the construction of new commercial property developments and the upgrade of existing facilities to meet NZEB and LEED standards. Biodiversity action plans are crucial for preserving ecosystems and we are making significant progress in implementing our Biodiversity Action Plan. Some of our notable achievements include: 12 acres of our campus dedicated to biodiversity management, hosting school visits in our community biodiversity garden and the continuation of pollinator friendly mowing and landscaping regime.

The Shannon Airport Business Park, home to over 300 companies employing more than 10,000 people, continued to thrive as a hub for FDI and indigenous businesses in 2024. We were delighted to recently welcome Frontier Scientific Solutions, a US-based logistics company, who took up residence in Block S, our newly built multi-purpose facility. This temperature-controlled storage and pharmaceutical distribution company from North Carolina joins our growing family of companies at the Business Park. In 2025, capital investment of over €30 million is planned on projects across the Group. Among this planned investment are the commencement of two new multi- purpose manufacturing units totalling 103,000 sq ft and a new 40,000 sq ft R&D facility. These developments will bolster our position as the premier location for innovation and business growth. In addition, we will continue with the upgrade of the airport terminal infrastructure, focusing on creating a more efficient airport operation while enhancing the overall travel experience for our passengers. A DECADE OF GENERATING POSITIVE ECONOMIC IMPACT During 2024 we celebrated our tenth anniversary and reflected on a decade of significant economic contributions. Among these is an investment of €187 million across the airport and commercial property business as part of the Group’s development strategy. The Shannon Airport Group generates almost €4 billion annually for the national economy and supports over 20,000 jobs. Our impact extends beyond aviation, driving tourism, trade, and economic growth across the region.

This milestone year reaffirms our commitment to being a catalyst for positive change and development.

SUSTAINABILITY COMMITMENT

We are dedicated to creating a brighter, greener future for both people and the planet, and sustainability is at the heart of our operations. We have begun work on a €3 million 1.2-megawatt solar PV farm, the first of its kind on an airfield in Ireland, expected to be operational by summer 2025. This project will provide 15-20% of our airport’s electricity needs, significantly reducing our carbon footprint. We are thankful for the Government grant support of €1.9 million for sustainability projects announced in October 2024 by Minister Lawless, former Minister of State at the Department of Transport. In September, in collaboration with the ESB, we showcased the first Hydrogen Power Unit on Ireland’s West Coast. This initiative aligns with three of our strategic priorities: winning hearts and minds, investing in property and infrastructure for growth, and driving commercial performance.

MARY CONSIDINE CHIEF EXECUTIVE OFFICER

EXCEEDING PASSENGER GROWTH TARGET

Transatlantic services at Shannon Airport remain a cornerstone of our customer offering, and 2024 saw further strong performance with the welcome return of Delta’s New York JFK service, building on the successful launch of United’s daily Chicago service in 2023. With five transatlantic routes operated by our valued airline partners—Aer Lingus, Delta Air Lines, and United Airlines—Shannon Airport, with its’ efficient Pre-Clearance facility, combined EU/TSA security screening system and Mobile Passport App, is firmly established as the alternative transatlantic access port to the country. We will continue to work on growing this strategic connectivity and providing resilience in relation to the systemic risk of our country’s transatlantic connectivity being concentrated in a single location. Ryanair continued to grow capacity at Shannon and in 2024 we were delighted to help the airline mark their 20 millionth passenger through our airport. The announcement by Ryanair of a new twice-weekly service to Madeira in Portugal for summer 2025 and increased frequencies on eight other routes from Shannon represents an overall 17% increase in the airline’s capacity for peak season. This further enhances our route

network and we will continue to build on this and offer more choice and more routes for our passengers.

2024 was another positive year for The Shannon Airport Group. I am pleased with the Group’s strong performance. During the year, we expanded our service offering, strengthened our connectivity and enhanced the travel experience for our passengers, and celebrated some important milestones along the way. We exceeded our passenger growth target at Shannon Airport, welcoming over 2.1 million passengers, the highest number of passengers in fifteen years and a 7% increase on 2023. This growth milestone reflects the airport’s pivotal role in Ireland’s aviation sector, and success in 2024 was driven by a strong performance across our 33 routes to 11 countries with new routes and increased capacity. Over 200,000 additional seats on European, UK and U.S. destinations during 2024 enhanced connectivity and boosted tourism and business travel. We saw increases in passenger traffic across all key markets. Continental European traffic rose by 16% to 870,000; UK traffic increased by 0.2% to 839,000, and transatlantic passenger numbers grew by 12% to 332,000.

A SOLID FINANCIAL PERFORMANCE

I am pleased with the solid financial performance in 2024. The Group’s 2024 turnover from continuing operations increased by 7.6% on the 2023 figure to €73.1 million and the Group reported an EBITDA of €18.3 million. The Group recorded a profit for the year of €25.7 million (before tax and exceptional items). This level of profitability, in conjunction with a growing balance sheet of €309 million at year end is very encouraging and creates a solid foundation for our future plans. With this performance we are on a firm financial footing to embark on the next phase of our development strategy. BUILDING FOR THE FUTURE Our commitment to investment across the Group remains steadfast. In 2024 we invested over €8 million in a range of projects, among these were the completion of our new airbridge installation programme, the enhancement of our airport boarding gates, and a number of sustainability projects designed to reduce our carbon footprint.

Annual Report and Accounts | 2024

EXCELLING IN CUSTOMER SERVICE It is gratifying to see more and more people discovering how easy and pleasant it is to fly from Shannon Airport which is borne out by significant recognition for our achievement in customer experience and service. We are proud that as a result of our ‘customer first’ approach, Shannon Airport was ranked first in the travel category and fourth overall for customer experience excellence in the Ireland Customer Experience Insights (CXi) Report. We also received the Best CX Team award in the transport category at the national Customer Experience Awards for the second consecutive year. The airport also maintained its status as the country’s top airport brand according to the RED C Brand Reaction Index (BRII) Ireland 2024. The airport further distinguished itself by winning the Aviation Customer Focus Achievement award at the prestigious Aviation Industry Awards. In addition, the Group won the Placemaking Initiative of the Year award at the National Property Awards for initiatives across its Shannon Campus. These accolades are a testament to our commitment to excellence and customer satisfaction. ACKNOWLEDGEMENTS I am proud of the programmes and initiatives we continue to deliver on an annual basis. It is testament to the hard work and enthusiasm of colleagues right across our Group that we are able to offer such a customer friendly service which supports our growing reputation as Ireland’s favourite airport. Our strong growth and significant achievements in 2024 reflects the dedication of our staff; their passion

in relation to renewable energy planning, and its commitment to progressing the implementation of the recommendations of the Shannon Estuary Economic Taskforce. The year ahead promises to be positive and full of opportunities as we remain dedicated to enhancing the passenger experience, expanding our route network, and continuing our investments in airport transformation and sustainability initiatives. Customer care will continue to be at the core of everything we do across the Group in 2025. We sincerely thank our passengers, partners, and our people for their unwavering support and dedication.

and drive are crucial to our successful operation. So too is the support of our customers, stakeholders, strategic partnerships and government support. I would like to thank our Shareholder, the Department of Transport and Ministers Ryan and Lawless for their support and encouragement during their tenure in the Department of Transport. We look forward to working closely with Ministers O’Brien and Canney as we forge a brighter future and play our part in supporting the national economy. While there is significant global volatility and uncertainty during 2025 and beyond, we are committed to driving innovation and resilience to navigate these challenges together. As a Group we are pleased with our achievements in 2024, but with the right policies and support we believe we can achieve much more. PRIMING FOR FUTURE GROWTH This is why we are pleased to see the National Programme for Government’s commitment to reviewing National Aviation Policy to maximise the use of regional airports. We call on the Government to help us continue to grow by expanding the scope for the 2026-2030 Regional Airports Programme. Optimising the State’s airport network is crucial to achieve the vision and ambitions of Project Ireland 2040 and the National Planning Framework, ensuring a balanced distribution of economic growth in Ireland. We also welcome the Programme’s support for Shannon Airport as a hub for testing new aviation technologies under a National Sustainable Aviation Fuel Policy Roadmap and the recognition of our region’s potential

Mary Considine, CEO, The Shannon Airport Group

Annual Report and Accounts | 2024

CELEBRATING A DECADE OF GROWTH AND INNOVATION

Annual Report and Accounts | 2024

Ryanair invested €10 million to open their first aircraft heavy maintenance facility in Ireland, creating 200 jobs as they became the new tenant of Hangar 5 at Shannon Airport in 2022. Ryanair also introduced a third based aircraft and celebrated 35 years of service at Shannon Airport. Pictured (L-R): Mary Considine, CEO, The Shannon Airport Group, Neal McMahon, Ryanair and Ray O’ Driscoll, Chief Operating Officer, The Shannon Airport Group. Major Investment by Ryanair at Shannon Airport 2022

CELEBRATING A DECADE OF GROWTH AND INNOVATION A LOOK BACK AT THE SHANNON AIRPORT GROUP Over the past decade, The Shannon Airport Group has driven economic growth in Ireland, expanded services with new routes, and enhanced passenger connectivity, while continually enhancing customer experience. Shannon Airport has become a key asset for trade and tourism, while the Group’s commercial properties have supported local and foreign businesses. Committed to sustainability and innovation, the Group celebrates its 10th anniversary with pride in its achievements. Here is a flavour of the Group’s milestones and successes over the decade:

Shannon Airport surpassed 2 million passengers in December 2024 for the first time since 2009, building on its award-winning reputation, top rankings in the Ireland CXi Report, and growing recognition as Ireland’s favourite airport. Pictured with Santa Claus at Shannon Airport are (L-R); Mary Considine, CEO, The Shannon Airport Group, Aung Marma, Airport Screening Unit, Katie Black, Assistant Brand Manager, Shannon Airport, Julia Shortt, Airport Screening Unit, and Niall Kearns, Airport Director. Shannon Airport Surpassed 2 Million Passengers 2024

Creating a Biodiversity Garden for our Community 2021

Nine-year-old Molly McPhillips beams with pride as her winning garden design blooms at The Shannon Airport Group’s new community biodiversity garden, officially opened in 2021. Pictured behind Molly are (L-R); Gearoid O’Leary and Ken Power, The Shannon Airport Group and Brian O’Leary, Shannon Heritage with St Senan’s National School Shannon students (L-R): Bridget Duggan, Emily Guerin, Mark Hodges, Molly McPhillips, Aoife Earls and Jack McCarthy.

The Shannon Airport Group’s Economic Impact 2023

During the Covid pandemic in 2020, The Shannon Airport Group advanced its property development strategy, achieving one million sq ft of commercial property solutions since 2015. The Group used the time during travel restrictions to futureproof the airport by starting the installation of a new hold baggage screening facility and upgrading passenger screening facilities. Creating Property Solutions 2020

In 2023, an independent Oxford Economics report revealed The Shannon Airport Group’s impressive economic impact - contributing nearly €4 billion to Ireland’s GDP and supporting over 20,300 jobs. The report highlighted the Group’s important role in enhancing connectivity, tourism, and trade. Pictured (L-R): Mary Considine, CEO, The Shannon Airport Group, Neil McCullough from Oxford Economics and the then Minister of State at the Department of Transport, Jack Chambers TD.

Annual Report and Accounts | 2024

Hosting Business, Community and Educational Events 2016

In 2019, Shannon Airport celebrated the completion of an €18 million, 92,000 sq ft wide-body aircraft painting hangar, capable of housing some of the world’s largest aircraft. This project, the largest single project undertaken in The Shannon Airport Group’s history, created over 150 jobs during its 14-month construction and was Ireland’s first new aircraft hangar in nearly 20 years. The hangar is now leased to IAC – International Aerospace Coating. Pictured (L- R): Ray O’Driscoll, Deirdre Whitney, Mary Considine (CEO), Rose Hynes (former Chairman), Gerry Dillon, and Grainne McInerney. Developing Ireland’s First New Aircraft Hangar in 20 years 2019

As part of its community focus over the decade, the Group has hosted numerous business, community and educational events at Shannon Airport. Among these was the Irish Technology Leadership Group (ITLG) event, which brought together hundreds of students from across Ireland for business mentoring. More recently, the airport has hosted the Explore Engineering event. This annual event unites students, educators, and industry professionals to celebrate innovation, creativity, and problem-solving in engineering. Explore Engineering is an industry-led initiative supported by education and training providers, dedicated to enhancing engineering talent in Ireland’s Mid-West Region.

Celebrating 70 Years of Transatlantic Flights 2015

2018

During the 2018 fodder crisis, Shannon Airport stepped in to assist local farmers facing severe challenges due to prolonged bad weather. The airport provided access to its 400 acres for farmers to cut silage, helping to alleviate the crisis. This act of community support mirrored a similar intervention by the airport in 2013. Commitment to Community

In 2015, to celebrate the 70th anniversary of the first commercial transatlantic flight, Shannon Airport delivered an amazing air display. Over 40,000 people came out to experience the fantastic show and activities on the grounds of the airport. The six-hour event included visual treats from some of Ireland and Europe’s leading aerobatics performers, parachutists and stunt fliers. Pictured are Ravens in action over the crowd at Shannon Airport.

Dedicated to Exceptional Customer Care 2017

Ireland’s First-Ever Night Run and Duty Free Relaunch 2014

Shannon Airport’s brand promise is “making it easy,” reflecting its commitment to exceptional customer care. In 2017, the airport became the first in Europe to install a sensory room for passengers with sensory needs. By 2022, Shannon Airport was recognised by the World Health Organisation as one of the world’s first Age Friendly Airports, alongside Ireland West Airport. In October 2024, Shannon Airport introduced the Hidden Disabilities

On July 4th, 2014, Shannon Airport, in partnership with Bank of Ireland, made history by hosting Ireland’s first- ever night run on an airport runway. Over 1,000 runners participated in the 5km event along one of Europe’s longest runways, supporting the Samaritans. Over the past decade, the Group has raised over half a million euros for various charities. Shannon Airport is synonymous with many world firsts, most notably being the world’s first Duty Free in 1947. In 2014, Shannon Duty Free went back to its roots and organised a 1940s-inspired event at the airport to launch a rebrand of the duty free. This pioneering initiative invented in Shannon has since spawned a global multi-billion dollar industry.

Sunflower programme, supporting over half a million people in Ireland with non-visible disabilities. These initiatives demonstrate the airport’s dedication to making every passenger’s journey as hassle-free and comfortable as possible.

Annual Report and Accounts | 2024

THE SHANNON AIRPORT GROUP MANAGEMENT TEAM

THE SHANNON AIRPORT GROUP 2024 FINANCIAL OVERVIEW

2024 €’000

2023 €’000

73,050 67,872

Revenue from continuing operations

Group Operating Profit (after exceptional items)^

47,486 30,774

(14,509)

Investment properties revaluation (gains)/losses

2,526

8 (7,313) - (7,172)

Other income/expense ((gains)/losses on disposal of assets)

Grant funding

Mary Considine Chief Executive Officer

(22,748) (1,736)

Exceptional items~

Adjusted operating profit

10,237 17,079

8,052

3,950

Depreciation and amortisation

18,289 21,029

Group EBITDA

^Operating profit from continuing and discontinued operations ~See page 78 for details of exceptional items

Paul MacNamara Chief Financial Officer

Ray O’Driscoll Chief Operating Officer

Rachael Leahy Company Secretary and Head of Legal

Niall Kearns Airport Director

Gerry Dillon Group Property Director

Chris O’Donovan HR Director

Annual Report and Accounts | 2024

THE SHANNON AIRPORT GROUP BOARD OF DIRECTORS

Alan Donohoe was appointed to the Board in January 2023 as an Employee Representative. Alan has over 28 years’ experience with the Airport Police and Fire Service, joining Dublin Airport in 1996 and moving to Shannon Airport in 2004, where he now holds the position of Sergeant/Station Officer. ALAN DONOHOE

Conal Henry was appointed as Chairperson in March 2022. Conal is the founder and Chair of Fibrus. Before co-founding Fibrus, Conal was CEO of Enet, taking it from start up to its £200m acquisition by the Irish Infrastructure Fund in 2017. As CEO of Enet, Conal also led what is now known as NBI to become the winning bidder for the €2bn Irish National Broadband Plan. Prior to Enet, Conal was Commercial Director at Ryanair having previously been Head of Finance for Non-Food and George Clothing at Asda in the UK. Conal graduated in Law from Queens University Belfast in 1991 and is a Chartered Management Accountant. CONAL HENRY, CHAIRPERSON

TOM KELLY

Tom Kelly was appointed to the Board in 2017. He chairs the Audit and Risk Committee. Tom has a substantial aircraft leasing and financial services background. He was the Chief Executive Officer of AerCap Ireland from 2010 to 2021, having previously served as its Chief Financial Officer. Previously, Tom spent ten years with GECAS in roles as Chief Financial Officer and Director of GECAS Limited, GECAS’s Irish operation. He also served as global controller for GECAS in his role as Senior Vice President & Controller. Prior to joining GECAS, he spent over eight years with KPMG in London, where his last role was Senior Manager in their financial services practice. Tom is a Chartered Accountant and holds a Bachelor of Commerce degree from University College Dublin.

MARY CONSIDINE, CHIEF EXECUTIVE OFFICER

Mary is the Chief Executive Officer of The Shannon Airport Group. In her career, Mary has held a number of senior roles, including, Airport Director, Deputy CEO and CFO/Company Secretary of the Group. Mary was instrumental in the establishment of Shannon Group in 2014. She has extensive experience in roles such as aviation, commercial development and finance. Mary leads the Group in maximising the potential of its airport and surrounding lands and property while embedding sustainability across the business, all of which are pivotal in driving economic advancement. Mary is a Board Member of IBEC and sits on the Board of Trustees and the Governing Authority of Mary Immaculate College. She is also a Director of Limerick Chamber of Commerce, a member of the Shannon Estuary Economic Taskforce and the Shannon College of Hotel Management Advisory Board.

AMBROSE LOUGHLIN

Ambrose Loughlin was appointed to the Board in May 2019 for an initial term and reappointed in 2022. Ambrose was a partner with McCann FitzGerald LLP for over 22 years. In addition to client advisory work on financial services, he served in several senior management roles involving finance and risk. He remains a director of the firm’s pension trustee board. Ambrose has particular expertise in the areas of risk management, corporate governance and financial management.

AUDREY COSTELLOE

Audrey Costelloe was appointed to the Board in January 2023 as an Employee Representative.

Audrey has worked in Shannon Airport for 39 years and currently works in the retail department. She is also a trustee of the company pension scheme and was a member of the team that established the Duty Free in Moscow.

STEPHEN RAE

AISLING CURTIS

Stephen Rae was appointed to the Board in May 2019. Stephen is a leader in the compliance, communications and cyber sectors as Principal at Kobn European Leaders. He is Chair and Co-Founder at AML Intelligence, the global AFC and FCC regulatory intelligence platform. Stephen serves on the Supervisory Board of the World Association of News Publishers (WAN-IFRA). He has served as a member of the European Commission’s High- Level Expert Group on Online Disinformation and on the Board of the World Editors Forum. He is ex-Group Editor-in-Chief at Independent News & Media, Ireland’s largest media group. Stephen is a qualified barrister and holds the Award in Business and Leadership for Directors at Cranfield University.

Aisling Curtis was appointed to the Board in March 2023. Aisling is an organisational leader with over 20 years’ experience in telecommunications and technology sectors including global, regional and Irish market roles. Aisling previously held roles as Commercial Director, Global Partner Solutions Director and was previously director of Strategy and Sustainability with Microsoft. She currently acts as Market Leader for PwC. Aisling has held non-executive roles in the UK, Netherlands and South Africa. She currently sits on the Board of ESB and previously sat on the Board of The National Maternity Hospital and held an advisory role on the IMI Council. She has a Master’s in Business Economics from University College Cork (UCC), studied at the Insead Data and Artificial Intelligence School and completed the Cambridge University Sustainability Leadership programme in 2022. Aisling is an active member in the 30% Club Technology Steering Group. She has also been an IMI Mentor and a Business Mentor with Enterprise Ireland.

Annual Report and Accounts | 2024

A YEAR OF WELCOMES AND MILESTONES

Annual Report and Accounts | 2024

A YEAR OF WELCOMES AND MILESTONES The Shannon Airport Group had an eventful year in 2024, marked by significant visits, innovative launches, and meaningful partnerships. From welcoming international dignitaries and sports stars to supporting community initiatives and technological advancements, Shannon Airport continues to be a hub of activity and a gateway to Ireland. Here are some of the highlights from 2024 that showcase our commitment to excellence and community engagement.

There were celebrations in May at the relaunch of the daily Delta Air Lines service from Shannon to New York JFK on a larger Boeing 767-300 aircraft which added additional capacity on the airport’s transatlantic service. Pictured with Delta Air Lines staff and crew at the launch are The Shannon Airport Group’s Declan Power, Head of Aviation Development (left), Isabel Harrison, Aviation Development (centre) and Mary Considine, CEO (third from right).

Ukrainian President, Volodymyr Zelenskyy and An Taoiseach, Simon Harris TD were at Shannon Airport in July for their first bilateral meeting in Ireland. Pictured (L-R) Mary Considine, CEO The Shannon Airport Group, An Taoiseach Simon Harris TD and President of The Ukraine, Volodymyr Zelenskyy.

In January, Shannon Airport welcomed inspirational mountain climbing enthusiast Andy Nolan as he embarked on a trip of a lifetime to climb Mount Kosciuszko, mainland Australia’s tallest mountain. Andy was attempting to become a member of an elite global club that has completed ‘The Seven Summits’, which involves

successfully climbing the highest peaks in all seven continents. Pictured (L-R) Andy Nolan with Niall Kearns, Airport Director, Shannon Airport.

In July, Munster Rugby players (L-R) Ethan Coughlan, Fineen Wycherley, and Oli Jager lent their support for the launch of the Shannon Airport new mobile app, featuring smartwatch integration and augmented reality bag size checkers. This is available on the Apple App Store and Google Play Store.

In February, Shannon Airport welcomed 25 secondary school students and their teachers from County Clare, as they embarked on a journey to Port Elizabeth, South Africa for a week-long volunteering effort with the Missionvale Ireland Charity. Shannon Airport was the first stop in their journey which saw them transit to Port Elizabeth via London Heathrow and Johannesburg.

Shannon Airport became proud official airport partner of the Munster Women’s Rugby team. In August, the airport and the provincial women’s squad announced a new partnership agreement. Pictured (L-R) Jane Clohessy; Ray O’Driscoll, Chief Operating Officer at The Shannon Airport Group; Aoife Corey; Hillary Cleary, Safety & Compliance Officer at The Shannon Airport Group and Brianna Heylmann.

In March, Lynne Embleton, CEO of Aer Lingus was the inspiring keynote speaker at an event sponsored by The Shannon Airport Group and held at Shannon Airport to celebrate the first anniversary of the establishment of the Women in Aviation Mid- West Region networking group and International Women’s Day. Pictured (L-R) Rita Meehan, Women in Aviation Mid-West Region Organising Committee, Donna Marie O’Neill, Airborne Capital, Lynne Embleton, CEO of Aer Lingus, Mary Considine, CEO of The Shannon Airport Group and Caroline Moore, Specialist Aviation Ireland. In April, Shannon Airport joined forces for the second year running with the RTÉ 2FM Breakfast crew for a live broadcast from the airport. Staff from The Shannon Airport Group are pictured here with the 2FM team. Pictured (L-R) Aoife McLoughlin, Dan Irvine, Chris O’Donovan, Pamela Brooks, Doireann Garrihy, RTÉ 2FM, Carl Mullan, RTÉ 2FM, Donncha O’Callaghan, RTÉ 2FM, Niall Kearns, Alan Reynolds, Adrian Glynn and Sinéad Murphy.

In August, Shannon Airport celebrated 15 years of U.S. Pre-Clearance services and the introduction of a new Mobile Passport Control (MPC) app to streamline entry into the U.S. by reducing inspection times at the airport’s Pre-Clearance facility.

In October, OCC Construction received the prestigious Industrial Project of the Year award at the Irish Construction Industry Awards (ICIA) for their work on Block R, a new R&D technology facility at the Shannon Airport Business Park.

The President of the Italian Republic, Mr. Sergio Mattarella touched down at Shannon Airport in May. The President, accompanied by his daughter, Ms. Laura Mattarella, arrived in Shannon ahead of a short visit to Ireland. Pictured is President Mattarella being greeted by Mary Considine, CEO of The Shannon Airport Group.

In November, The Shannon Airport Group, sponsor of the Galway Chamber Business Awards, hosted 30 finalists in the Chamber’s Business Awards to a tour and networking event at Shannon Airport and the Shannon Airport Business Park. Pictured are Galway businesses and staff from The Shannon Airport Group who welcomed them to the airport.

Annual Report and Accounts | 2024

CONTINUING OUR SUSTAINABILITY JOURNEY

Annual Report and Accounts | 2024

CONTINUING OUR SUSTAINABILITY JOURNEY Throughout 2024, we continued to demonstrate our unwavering commitment to sustainability through our “Reaching Further for Good” strategy. This comprehensive strategy is built on four key pillars:

Our dedication to sustainability also encompasses our business community. In 2024, we actively participated in the Shannon Chamber Midwest Sustainability Network and played an integral role in supporting the delivery of the second successful Sustainability Week for the Midwest region in September. Recognising our employees as our greatest asset, in 2024 we launched numerous initiatives to foster their development. From leadership and technical skills training to a comprehensive wellness programme, we ensure our team thrives both professionally and personally. Notably, 100% of our employees have completed Diversity, Equality, and Inclusion training, fostering a workplace where everyone feels valued and respected. EMBEDDING SUSTAINABILITY INTO OUR DNA Providing sustainability opportunities for our employees in order to build a culture of sustainability is a key goal of our strategy. We continued with our programme of monthly webinars, hosting expert speakers on a wide variety of sustainability and health and wellbeing topics, examples include financial wellbeing, home energy basics, digestive health amongst others. In addition to our webinar series, we ran specific campaigns and communications on topics including energy efficiency, single use coffee cups, biodiversity awareness and active travel. We are fortunate to have an engaged workforce who volunteer their time on our company Green Team and staff Charity Committee. In October, our Green Team organised a climate action interactive event for our staff and wider airport community

covering topics including Energy Awareness, Electric Vehicles, Solar PV, Green Finance, and sustainable living.

GREENING OUR OPERATIONS

Inclusivity is a priority for The Shannon Airport Group, and in October, Shannon Airport proudly joined the global Hidden Disabilities Sunflower initiative to support people with non-visible disabilities. Passengers can now use a free Sunflower lanyard to indicate they need assistance, and the airport team has undergone training to recognise and support those wearing it.

We recognise the critical importance of minimising the environmental impact of our business. As part of our commitment to greening our operations, we are taking significant steps to achieve this goal. We aim to realise our climate targets of a 50% improvement in energy efficiency and a 51% reduction in greenhouse gas (GHG) emissions by 2030. In 2024 we reduced our total GHG emission footprint by 40% against our 2018 baseline and improved energy efficiency by 46% against a 2009 baseline. To support our ambitious goals, in 2024 we established an energy management system for our operations including a dedicated energy management team and are currently working towards certification against ISO 50001. We commenced our multi-annual programme of building energy upgrade works that are critical to achieving our climate targets. These include the consolidation of our footprint, insulation of our buildings and the transition to more efficient renewable heating systems. In 2024 we also commenced the development of a €3 million, 1.2-megawatt solar PV farm, the first of its kind on an airfield in Ireland, which is expected to be operational later in 2025. This project, which is being part funded by the Government, will provide 15-20% of our airport’s electricity needs, significantly reducing our carbon footprint.

EMBEDDING SUSTAINABILITY INTO OUR DNA

GREENING OUR OPERATIONS

BUILDING A SUSTAINABLE SHANNON CAMPUS

CREATING COMMUNITY IMPACT

our individual behaviours can have a beneficial impact on biodiversity and global warming. At The Shannon Airport Group, we are passionate about championing female leadership in the aviation industry. Women have played a vital role in aviation since its inception, and we must continue to encourage and attract more women to the sector. In 2023, we supported the establishment of the Women in Aviation Mid-West Region (WIA MWR) organisation, and in March 2024 we hosted a successful WIA MWR networking event at Shannon Airport to celebrate International Women’s Day. Keynote speaker for the event was Lynne Embleton from Aer Lingus. This event provided a platform for over 150 women from the aviation and aerospace sectors to learn, collaborate, and form lasting connections. We believe that gender balance and diversity values need to be instilled in children from a young age. In March 2024, we visited local primary

school children in Shannon to deliver an important message about gender diversity. When asked to draw job roles at Shannon Airport, over 70% of children depicted male figures. To challenge this, three female employees from Shannon Airport working in those roles visited the classroom, inspiring future female firefighters, police officers, and engineers.

Demonstrating our unwavering commitment to our community, The Shannon Airport Group supported staff-nominated charities throughout 2024, raising an impressive €100,000 for Milford Care Centre and the Alzheimer’s Society of Ireland through a programme of staff-led fundraising initiatives. CREATING COMMUNITY IMPACT

Our commitment to accessibility and inclusivity is ongoing. Shannon Airport was the first in Europe to open a sensory room in 2017, and in 2022, we received Age-Friendly status from the World Health Organisation. We continue to enhance our facilities with age-friendly parking, additional signage, and improved wayfinding. Throughout 2024, we consistently delivered on our Biodiversity Action Plan by expanding our pollinator- friendly mowing regime across the Shannon Airport Business Park and airport approach roads. We engaged the community on the importance of biodiversity through talks in our Community Biodiversity Garden with employees from local companies, and supported local community groups, including the Shannon Wetlands Society.

In June, we proudly sponsored the Clare Garda Divisional Youth Awards for the seventh consecutive year, celebrating the inspirational young leaders of County Clare. This event honoured the county’s most courageous and unsung heroes, aged between 16 and 21 years, recognising their tremendous leadership, resilience, and community spirit.

In February, we sponsored a major exhibition at the Hunt Museum, Limerick, titled ‘Night’s Candles are Burnt Out. Climate, Culture, Change & Community.’ The exhibition explored how harnessing renewable energy from the abundant natural resources of wind and water off the west coast of Ireland can provide new energy resources, and how changing

Annual Report and Accounts | 2024

BUILDING A SUSTAINABLE SHANNON CAMPUS

We have continued with our fleet electrification plans and have transitioned over 50% of our vehicles that are suitable for electrification. As part of our circular economy ambitions, we reduced waste by 10% in 2024 compared to 2023, with 44% of our waste by volume (excluding sewage sludge) sent for recycling, improving from 34% in 2023. Initiatives included installing dual- stream solar-powered compactor bins with smart capacity sensors in airport car parks and external terminal areas, the upgrading of signage in all waste compounds, and ongoing training of staff and cleaning contractors. In addition to these initiatives, we refurbished IT equipment and office furniture, donating them to a local secondary school. We also repurposed several hundred old airport security trays, donating them to a local garden centre and nearby allotments, reinforcing our commitment to the circular economy. To further enhance our sustainability efforts, we continued our water conservation programme, and were supported by Government to undertake supply network upgrade works at the airport.

The Programme for Government also calls for the development of a National Sustainable Aviation Fuel Policy Roadmap and support of Shannon Airport as a hub for testing new aviation technology. As a member of the National Sustainable Aviation Fuel (SAF) taskforce, we are actively involved in helping to develop a National Policy Roadmap for SAF. We have a rich history of innovation at Shannon and the region boasts one of the largest aviation clusters in Ireland. We welcome the opportunity for Shannon to be supported as a hub for testing new aviation technologies.

In 2024, we continued our mission to build a sustainable Shannon Campus by transforming our commercial properties in the Shannon Airport Business Park. We focused on bringing forward high- quality, energy-efficient property solutions for our clients. As part of this, we have begun planning and designing two new state-of-the- art industrial buildings to enhance our commercial property portfolio. These buildings will meet the highest energy efficiency standards and be constructed using materials with lower embodied carbon. To support the low carbon transition, we collaborated with ESB to showcase Ireland’s first hydrogen fuel cell-powered backup generator at our Shannon Airport Business Park. Over 80 attendees from industry, academia, and government toured the fuel cell, hosted by GeoPura (Technology Provider) and ESB.

We welcome the government’s commitment in their Programme for Government to progressing the Shannon Estuary Economic Taskforce recommendations, which are crucial for renewable energy planning. Our CEO, a member of the Taskforce, actively supports the implementation of these measures.

Annual Report and Accounts | 2024

CONTENTS

Directors’ Report Risk and Governance Report Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements Independent Auditor’s Report to the Members of Shannon Group plc Consolidated Statement of Profit or Loss Consolidated Statement of Other Comprehensive Income

42 45 57 58 60 61 62 63 64 65 66 67 68

Company Cash Flow Statement Notes to the Financial Statements

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