Rome, 31 July 2025 – The Board of Directors of ENAV S.p.A., chaired by Alessandra Bruni, today approved the Half-Year Financial Report as of 30 June 2025.

CEO Pasqualino Monti stated: “We are efficiently managing a sharp increase in flight volumes over Italy, exceeding the forecasts for 2025 outlined in our Strategic Plan. In a context of record air traffic volume, our punctuality performance – as certified by European authorities – confirms that ENAV is currently the most efficient service provider among the main European players. Thanks to this level of service quality, we are confident in obtaining the year-end performance bonus from European Commission, which – conservatively – had not been included in the Strategic Plan targets. Operational excellence and economic solidity are structural priorities of the Company. As already shared with the market, 2025 reflects, for certain economic and financial components, the effect of mechanisms which normally happen in the first year of a new regulatory period 2025-2029: excluding this impact, all financial indicators remain excellent, in line with 2024’s record figures. Moreover, free cash flow remains strong, up by nearly 90% compared to the same period last year. Leveraging on this level of operating performance and on the continued focus on cost efficiency, we are certain that year-end results will outperform the guidance for 2025 embedded in our Strategic Plan”.

• En-route and terminal traffic up 7.3% and 4.5%, respectively, in terms of service units YoY and over 1% point above 2025–2029 Strategic Plan forecasts
• Operating revenues reached €526 million, up 12.1% vs H1 2024
• Consolidated total revenues of €446.7 million (-3.2% vs H1 2024) due to a negative balance of €96.9 million linked to the impact on the first year of a new regulatory period
• Consolidated EBITDA at €68.8 million, down 31.1% for the above-mentioned consideration
• Strong cash generation: free cash flow of €53.5 million, up 88.9% vs H1 2024
• Net profit of €7 million, down 69.6% vs H1 2024, due to the same factors

In the first half of the year, new records were set in traffic volumes. ENAV managed over one million flights in national airspace, with Italy confirming its position as the best performer, recording a 7.3% increase in service units compared to the first half of 2024, against a European average growth of 5.2%.

The economic results for the first half of 2025, compared to the same period in 2024, were affected by the start of the new 2025–2029 regulatory period and by the inclusion of the former third terminal charging band (take-offs and landings at low-traffic airports) in the performance scheme. Until 2024, services at these airports were governed by a national cost recovery scheme that allowed the recognition of revenues (balances) to offset seasonal effects in the financial results. Under the new regulatory framework, this mechanism is no longer applicable on a quarterly basis and will instead be stabilized at year-end.

In particular, with reference to the new regulatory period, it should be noted that the first half of 2024 closed with a negative balance of €25.3 million, compared to €96.9 million in the first half of 2025, resulting in a negative balance variation of €71.6 million.

En-route traffic in Italy, in terms of service units, increased by 7.3% in the first half of 2025, compared to the same period last year. In particular, overflight traffic (flights crossing Italian airspace without landing) grew by 10.2%, while international traffic (flights arriving from or departing to a foreign airport) showed a 6.8% increase in service units compared to the first half of 2024. The growth involved all geographic routes connecting Italy with the rest of the world. Flights to and from European destinations, which account for approximately 77% of total international traffic, increased by 4.9%. Even more significant was the growth in connections with Asia (+17.5%) and Africa (+16.2%), which represent around 9% and 7%, respectively, of total international service units. Domestic traffic (flights with both departure and arrival within Italian territory) remained essentially stable.

Terminal traffic, in the first half of 2024, showed an increase of 4.5% in terms of service units compared to the same period of last year, driven primarily by the solid performance of international flights, which rose by 6.3%. 

ECONOMIC-FINANCIAL PERFORMANCE

Operating revenues amounted to €526 million, marking an increase of €56.9 million compared to the first half of 2024, mainly due to the strong performance of the core business, driven by higher volumes of air traffic managed.

Consolidated total revenues stood at €446.7 million, down 3.2% compared to the first half of 2024. This decrease reflects the effects of the start of the new regulatory period and the inclusion of the former third terminal charging band in the performance scheme.

Revenues from the non-regulated market amounted to €14.7 million, broadly in line with the €15.2 million recorded in the first half of 2024, mainly due to a different revenue distribution throughout the current year compared to 2024. In the second half of the year, revenue targets for the non-regulated market in 2025 are expected to be achieved, supported by a range of commercial opportunities and purchase orders whose positive effects will materialize in the second half and in the coming years, confirming the targets set in the Strategic Plan.

Operating costs reached €377.8 million, up by 4.5% compared to the first half of 2024, primarily due to the higher volumes of traffic managed and the related impact on personnel costs, which increased by €13.2 million. This increase is mainly attributable to a rise in fixed compensation of €7.8 million, largely linked to the inflation adjustment provided by the National Collective Labour Agreement through the November 2022 agreement, which granted a +2% annual increase effective from September 1, 2023, with a new increase applied in July 2024 (not included in the prior-year comparison period) and a rise in variable compensation of €2.3 million.

Other operating costs amounted to approximately €82.2 million, up 5.4% compared to the first half of 2024, mainly due to the increase in energy prices observed since late 2024.

These figures resulted in an EBITDA of €68.8 million, a significant improvement from the negative €0.9 million recorded in Q1 2025, with an EBITDA margin of 15.4%.

EBIT amounted to €17.3 million, down €25.4 million compared to the same period in 2024, but showed a strong recovery from the negative €26.2 million reported in Q1 2025.

ENAV Group closed the first half of 2025 with a net profit of €7 million, representing a 69% decrease compared to the first half of 2024, but a clear improvement from the negative €29.3 million recorded in Q1 2025.

Net financial debt as of 30 June 2025 amounted to €349.7 million, an increase of €91.5 million compared to 31 December 2024. The negative variation in net financial debt reflects the dynamics of collections and payments related to ordinary operations. These include higher cash inflows from the Parent Company's core business compared to the first half of 2024, largely offset by cash absorption due to the dividend payment related to 2024, paid in June 2025, amounting to €146.2 million.

UPWARD REVISION OF 2025 OUTLOOK

In light of the operational results achieved to date and the visibility for the second semester of 2025, ENAV is in a position to revise upwards its 2025 economic and financial targets compared to those set out in the 2025–2029 Strategic Plan.

Specifically, the new targets include:

• Consolidated Revenues between €1,024 million and €1,028 million, up from the initial target of €1,015 million
• EBITDA between €245 million and €253 million, up from the previously forecast €225 million
• Net profit expected to range between €78 million and €83 million, compared to the €64 million projected in the Plan

This upgrade is based on three key pillars:

• Stronger-than-expected air traffic volumes, consistently exceeding plan expectations
• Outstanding operational performance, enabling the management of record traffic levels while maintaining high standards of punctuality and service quality
• Effective cost management, allowing ENAV to anticipate the benefits expected from its efficiency initiatives

2025–2029 SUSTAINABILITY PLAN

The Board of Directors, at today’s meeting, also approved the 2025–2029 Sustainability Plan, aligned with the strategic initiatives set out in the 2025–2029 Industrial Plan. The Sustainability Plan is built around five key pillars: i) implementing the Group’s climate strategy by contributing to the decarbonization of the sector and continuing to reduce emissions across the entire value chain;
ii) leading the transition within the industry by supporting, through innovation, the challenges faced by our main clients and stakeholders in the aviation sector; iii) generating a positive social impact by promoting greater awareness of sustainability issues; iv) giving further impetus to matters related to diversity, equity, and inclusion; v) leveraging technological innovation as a cross-cutting driver to achieve sustainability goals.

Among the most significant objectives is ENAV’s commitment to reduce its direct and indirect emissions by approximately 92% (compared to 2019 levels) by 2029, and to cut emissions generated by air traffic by around 6% through innovative procedures and route optimization