Press release

ENAV BoD: approved the 2023 draft Financial Statements and the 2023 Group Consolidated Financial Statements

Record flight traffic with excellent service quality

For the first time, exceeded 1 billion euro of revenues

  • En-route and terminal traffic up YoY by 11% and 10.9% respectively, in terms of service units vs. 2022
  • Consolidated revenue of 1 billion euro, up 5.9% vs. 2022
  • Revenues from the non-regulated market at 43.1 million euro, an increase of 7.9% compared to 2022
  • Consolidated EBITDA at 300.1 million euro, up 10.2% vs. 2022; EBITDA margin at 30%
  • Consolidated Net Profit of 112.7 million euro, up 7.9% vs. 2022
  • Dividend: the Board of Directors propose to pay a dividend of 0.23 euro per share for 2023, up about 17% compared to 2022


Rome, 21 March 2024 – The Board of Directors of ENAV S.p.A., chaired by Alessandra Bruni, approved the 2023 draft Financial Statements and the Group Consolidated Financial Statements. The year 2023 marked a record growth in air traffic volumes and, for the first time in the company's history, consolidated revenues exceeded 1 billion euro. The more than two million flights in 2023 over Italian airspace were handled with excellent operational performance. In fact, ENAV recorded only 0.01 minute delay per assisted flight compared to the target of 0.04 minute delay.


The Chief Executive Officer Pasqualino Monti said: " The year 2023 was a record year for the number of flights over Italy. The quality of service places ENAV among the world's top service providers thanks to the strong acceleration of investments in core activities. Our ability to handle large volumes of traffic, combined with foreign orders, allowed us to reach One billion revenue mark for the first time. On the back of this strong result, coupled with a wise financial management, ENAV will distribute the highest dividend ever. In 2024, the Group expects a further traffic increase of about 7%, being ready to handle this possible new flight record with even higher operational performance. These strong results will allow ENAV to be in a stronger position to capture new opportunities in non-regulated markets, in order to create additional value to the Italian system and our shareholders.


En-route traffic grew by 11% compared to 2022 in terms of service units, with a good performance both for international traffic (flights departing from or arriving at an airport in Italy), which recorded an increase of 17.4%, and overflight traffic (flights crossing Italian airspace without a stopover), which grew by 12.3%. Domestic traffic (flights departing from and arriving at airports in Italy) showed a slight decline of 2.4%. 


Terminal traffic increased in 2023 by 10.9% compared to 2022 in terms of service unit, with a generalised growth throughout Italy. Charging zone 1, referring entirely to Rome Fiumicino airport, increased by 29.6%, compared to the same period in 2022. Charging zone 2, which includes the airports of Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio, recorded a 10.1% increase in service units in 2023. Lastly, Charging zone 3, which includes all other national airports, recorded a 4.6% increase in service units.




Total consolidated revenues in 2023 accounted for 1 billion euro, with a 5.9% increase vs. 2022.


Revenues from operating activities are equal to 990.9 million euro, up 7.6% compared to 2022 due to the increased air traffic managed and orders on the foreign market.


Revenues from the non-regulated market were 43.1 million euro, with an increase of 7.9% compared to 2022. This result was mainly due to the activities carried out for the Qatar Civil Aviation Authority, the Saudi Arabian Civil Aviation Authority, and the supply of technological systems to the Taiwanese and Indian aviation authorities.


The balance component[1], which is an integral part of revenues from operating activities, had a negative impact of 28.1 million euro, mainly due to the recovery of the first portion of the balances recognised in the 2020-2021 combined period; this negative component was partially offset by the inflation balance, which reflects the increase in this component compared to the Performance Plan forecast.


Total operating costs amounted to 700 million euro, up 4.1% compared to 2022. This increase is mainly due to the increased operational activity, which is related to the strong increase in flights. Personnel costs amounted to 568.3 million euro, up 4.5% compared to 2022. This increase is mainly linked to the increase in the Group workforce mainly at operational and technical level (+88 units on average compared to 2022), to salary dynamics and to the record volume of air traffic managed, which affected the variable part of remuneration, with an increase of overtime work by operational personnel. External costs increased by 3.1% compared to 2022, mainly due to costs incurred for the contribution to Eurocontrol and other minor costs, partially offset by the reduction in energy costs.


These results led to a Gross Operating Margin (EBITDA) of 300.1 million, up 10.2% than 2022, which is just below the record value accounted in 2019. The EBITDA margin in 2023 was 30%.


The consolidated Operating Profit (EBIT) in 2023 stood at 172.7 million euro, with an increase of 16.4% compared to 2022. The EBIT margin in 2023 was 17.3%.


Consolidated net profit in 2023 stood at 112.7 million euro, up 7.9% compared to 2022.


Net financial debt at 31 December 2023 was at 322.3 million euro, with an improvement of 85.6 million euro compared to 31 December 2022, mainly due to the dynamics of credits and debits related to day-by-day generating positive cash flows, closely linked to the recovery of air transport activities generating higher inflows from the Parent Company’s core business, also offsetting the higher payments made to personnel, due to the contract renewals.




The 2023 Sustainability Report (DNF pursuant to Legislative Decree 254/2016) of the ENAV Group was also approved today. In 2023, the progressive advancement of the planned projects made it possible to achieve all the targets set out in the Sustainability Plan, which are now aligned with the Business Plan.

The achievement of these objectives consolidates ENAV's role in the ATM field, i.e. to guarantee increasingly efficient and sustainable management of air traffic in Italy and contribute to the progressive reduction of the environmental impact of air transport.

In 2023, through the "Free Route" project, ENAV enabled the reduction of about 229,000 tonnes of CO2e generated by the managed traffic.

In addition, the implementation of the Arrival Manager (AMAN) system at the Milan ACCenables the optimisation of the approach sequences of airlines arriving at the Milan Malpensa, Milan Linate and Bergamo Oro al Serio airports and the consequent reduction of climate-changing emissions generated in the terminal phase.

As far as the ENAV Group's emissions are concerned - following the achievement of carbon neutrality in 2022 - the projects started in the last three years have been followed up, continuing to purchase electricity exclusively from renewable sources and achieving the main objectives set out in the Sustainability Plan in the energy and climate area.

These initiatives have recently received the appreciation of Carbon Disclosure Project in the climate change questionnaire, which awarded ENAV an "A-" level. This confirms the leadership position achieved by the ENAV Group in this area, which has always been at the forefront in supporting the long-term objectives of the aviation sector.




During 2024, the Company expects to maintain continuity in the actions adopted so far, in consideration of the excellent results achieved in 2023.

After the solid recovery of air traffic in 2022 and 2023, a further upward traffic trend is also expected for 2024. The latest estimate published by the Eurocontrol as at the end of February 2024, shows traffic in the base scenario for Italy in 2024, in terms of service units, 6.7% higher than in 2023.

However, the complexity of the current macro-economic scenario should be noted; the Group does not currently expect significant impacts, however nevertheless worthy of attention.

In the course of 2024, the Performance Plans for the new regulatory reporting period 2025-2029 (so-called RP4) will be developed on the basis of the timeline of the EU sector Regulation. In particular, by June 2024, the EU regulator will officially issue the Decision on the targets to be achieved in the 4th reporting period, after which the EU service providers together with the national sector authorities will draw up their own performance plans in line with the given targets.

These plans will have to be sent by October to the European Commission for the required verification and analysis. Final approval of the plans and closure of the entire process is scheduled for December 2024.




Estimates for 2024 foresee a traffic level, in line with Eurocontrol latest projections for Italy, of 11.3 million en-route service units in 2024, an increase of +6.7% compared to 2023.

Compared to 2023, total revenues are expected to grow mid-single digit, with double-digit growth in revenues from the non-regulated market. In addition, EBITDA is expected to grow mid-single digit by 2023. Investments in 2024 are expected to be around 120 million euro.




The BoD agreed to submit to the Shareholders Meeting, scheduled for May 10th, the proposal to pay 2023 dividends amounting to 124.5 euro, corresponding to 0.23 euro per share. The BoD also proposed to pay the dividend on 29 May 2024, with receipt date of 27 May 2024 and record date of 28 May 2024.