Press release

Board of Directors approves first half 2022 results



Excellent economic-financial results of the Group and strong recovery of air traffic in Italian airspace with an increase above the European average


  • En-route traffic and terminal traffic increased respectively by 158.7% and 165.1% in terms of service units compared to the first half of 2021;
  • Total revenues at €412.1 million, up by 9.9% compared to the first half of 2021;
  • Revenues from operations at €392.5 million, more than doubled compared to the first half of 2021;
  • EBITDA at €97 million, up by 26.6% compared to the first half of 2021, with an EBITDA margin at 23.5%;
  • Net consolidated result at €27.7 million, doubled compared to the first half of 2021.


Rome, 3 August 2022 - The Board of Directors of ENAV, in their meeting held today under the chairmanship of Francesca Isgrò, approved the Half-Year Financial Report as at 30 June 2022.

In the first half of the year, the Group recorded excellent economic and financial results, confirming an almost total return to pre-pandemic normality, with a full recovery of all technical and operational activities. The Group achieved these results thanks to the recovery of managed air traffic, cost controls and the consolidation of the regulatory and tariff reference framework.


The first half 2022 showed a solid growth in the Italian air traffic, especially in the second quarter with the beginning of spring. The significant recovery in traffic levels compared to the first half of 2019, the last “pre-pandemic” reference year, marked a resumption of 89.8%.

Flights over Italy, in the first half of 2022, grew by 158.7% compared to the same period last year while at a European level there was an average growth of 128.7%.


The Chief Executive Officer Paolo Simioni said: “The first half results confirm a clear and constant growth in traffic volumes in Italy and Europe. These elements make us look to the future with renewed optimism and also represent the necessary foundations to give continuity to our strategic plan that aims at innovation and digitalization. ENAV is responding to this strong recovery with excellent operational performance results also in terms of punctuality. The European Commission has also recently approved the Italian performance plan, thus providing us again with that medium-long term regulatory stability that characterises ENAV’s core business.”


En-route traffic in Italy, in terms of service units, increased by 158.7% in the first half of 2022 compared to the previous year.

In particular, the second quarter of the year recorded a recovery of service units equal to 94.9% compared to the second quarter of 2019.

International air traffic (flights departing from or arriving at a foreign airport) recorded an increase in service units of 258% compared to the first half of 2021. Domestic air traffic (flights departing from and arriving at an Italian airport) grew, in terms of service units, by 115.6% compared to the first half of last year, while overflight traffic (flights crossing Italian airspace without landing) showed a growth of 141.2%, again in terms of service units.


Terminal traffic, in terms of service units, showed a positive trend in the first half of 2022 of 165.1% compared to the corresponding period of last year and in the second quarter it recorded a 90.9% recovery of service units compared to 2019. Terminal traffic showed a general recovery in all airports throughout Italy.




Total consolidated revenues, in the first half 2022, amounted to €412.1 million, an increase of 9.9% compared to the same period in 2021. The increase in terms of core business revenues of €252.6 million fully offsets the lesser effect from balance revenues which were almost reduced to zero due to the considerable increase in volumes of traffic.    


Revenues from operations amounted to €392.5 million more than doubled compared to the first half of 2021, due to the greater traffic handled.


Revenues from the non-regulated market, however, showed a slight decrease of €2.4 million, due to the deferral of a few activities to the following reporting periods.


Operating costs recorded an increase of 5.6%, compared to the first half of 2021, amounting to €315.1 million. This increase is attributable to the higher costs associated with the resumption of air traffic management activities, which contributed to the increase in personnel costs of €11.2 million, which is strictly linked to the variable part of remuneration. External costs amounted to €70.3 million, showing an increase of 10.7% compared to the first half of 2021, mainly due to the increase in electricity costs and for the transfers of the Group's personnel following the resumption of travel, also connected with the activities in the non-regulated business.

These values had an effect on the EBITDA which amounted to €97 million, an increase of 26.6% compared to the first half of 2021, with an EBITDA margin of 23.5%.


The EBIT stood at €37.7 million, an improvement of €22.9 million compared to the same period in 2021.


The ENAV Group closed the first half of 2022 with a net profit of €27.7 million compared to €13.5 million in the first half of 2021, following the recovery in air traffic recorded in the reference period.


Net financial debt stood at €493.8 million, a slight increase (€10.3 million) compared to the figure recorded as of 31 December 2021. The change is due to the effect of income and payment dynamics related to day-by-day operations, which produced a negative cash flow, as the invoices related to May and June flights, the months with the highest traffic volumes in the period, have not yet been taken into account.



As regards to events occurring after the end of the period, it should be noted that a term loan agreement was signed with a pool of banks for €180 million with a duration of 12 months and a variable interest rate. The aim of this transaction was to refinance the “private placement” of the same amount that is due on 4 of August 2022.


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