14 May 2025
INTERIM FINANCIAL REPORT AT 31 MARCH 2025 APPROVED
New record air traffic in Italy and excellent quality of operational service
- En-route and terminal traffic up 7.4% and 5.6% YoY respectively, in terms of service units compared to Q1 2024. En-route traffic growth 1.2 percentage points above the assumption embedded in the 2025-2029 Strategic Plan;
- Operating revenues amounted to €210.5 million (+12.4% vs Q1 2024);
- Consolidated revenues totalled €181.2 million (-6.4% vs Q1 2024), due to a balance component negative for €37.6 million, consistent with the business's seasonality and the dynamics associated with the beginning of a new regulatory period;
- Consolidated EBITDA stood at -€0.9 million and Consolidated net result was -€29.3 million, in line with the above mentioned considerations;
- Strong cash generation: free cash flow of €28 million, up 25.5% compared to Q1 2024.
Rome, 14 May 2024 - ENAV S.p.A. Board of Directors, held today under the chairmanship of Alessandra Bruni, approved the Interim financial Report as of 31 March 2025.
In the first quarter of 2025, air traffic volumes over Italy reached record levels in both en-route and terminal traffic. Alongside Spain, Italy continues to report the highest growth rate among European countries.
The financial results for Q1 2025 reflect the typical seasonality of the air transport sector in Italy. During the early months of the year, traffic volumes and thus revenues are limited, before rising sharply in the summer. Costs, on the other hand, tend to remain broadly stable throughout the year.
This seasonal effect is even more pronounced in Q1 2025, which marks the beginning of the new 2025–2029 regulatory period and the inclusion of services previously classified under the third terminal charging zone (low-traffic airports) into the performance-based regulation scheme.
Until 2024, services at these airports were governed by a national cost-recovery framework that allowed ENAV to recognize a revenue component (balance) in the quarter to offset the seasonal impact on financial results. Under the new regulatory regime, this mechanism no longer applies.
Specifically, regarding the start of the new regulatory cycle, Q1 2024 included:
- a balance related to the former third terminal charging zone calculated under the cost-recovery principle (+€8.7 million);
- and an inflation balance (+€10.6 million).
The absence of these elements in Q1 2025 resulted in a negative variation of €19 million in the balance generated for the period compared to Q1 2024.
CEO Pasqualino Monti stated: "We are managing with maximum efficiency a significant increase in air traffic over Italy, which is even higher than the forecasts included in the Strategic Plan and the tariff framework, while at the same time continuing to strengthen our presence in international markets. ENAV’s operational and financial foundations are solid and positive. As already communicated to the market, 2025 reflects, for certain economic and financial components, the initial impact of the new regulatory period, which does not affect our operational capacity nor our ability to create value for shareholders, one of the key priorities of the 2025–2029 Strategic Plan. This plan marks a strategic turning point for the ENAV Group, with growth focused on innovation, sustainability, and the consolidation of our international competitiveness."
In the first three months of 2025, en-route traffic, measured in service units, increased by 7.4% compared to Q1 2024. More specifically: international commercial traffic (flights departing from or arriving at an Italian airport) grew by 6.5%; overflight traffic (flights crossing Italian airspace without landing) rose by 10%; domestic traffic (flights with both departure and arrival within Italy) increased by 3.1%.
In the first quarter of 2024, terminal traffic grew by 5.6% in terms of service units vs. the first quarter of 2024, driven by the positive performance on all Italian airports.
FINANCIAL PERFORMANCE
Operating revenues amounted to €210.5 million, marking an increase of €23.3 million compared to the first quarter of 2024. This growth is mainly attributable to the positive performance in the core business, driven by the higher volume of air traffic managed, and to the expansion of activities in the non-regulated market, which grew by 4.2% compared to Q1 2024.
Total consolidated revenues amounted to €181.2 million, down 6.4% compared to the first quarter of 2024, due to the aforementioned factors.
Operating costs rose by 2.8% compared to the same period in 2024, reaching €182 million. This increase is mainly due to:
- a rise in external costs, which reached €40.1 million, up by approximately €1.6 million compared to Q1 2024;
- an increase in personnel costs, which recorded a total rise of €3.5 million compared to the first quarter of 2024.
These figures resulted in a negative Gross Operating Margin (EBITDA) of €0.9 million.
The Operating Result (EBIT) was negative at €26.2 million.
As a result of the factors outlined above, the ENAV Group closed the first quarter of 2025 with a net result loss of €29.3 million.
Net financial debt as of 31 March 2025 stood at €223.3 million, an improvement of €34.9 million compared to the figure recorded as of 31 December 2024.
2025 OUTLOOK
Considering the results achieved in the first quarter, the 2025 outlook previously communicated during the Capital Markets Day held on April 1st is confirmed.