This result is further confirmed by passenger traffic performance, which exceeded 177 million transits in the first nine months of the year (+5% compared with the same period in 2024), of which 121.2 million were on international routes.

Italy continues to rank as the best-performing country among the main European nations, with a 5.9% increase in en-route service units compared with the same period of the previous year, against a European average growth of 5.1% and the increases recorded by France (+3.9%), Germany (+3.6%), the United Kingdom (+3.6%) and Spain (+5.7%).

The economic results for the nine months of 2025, compared with the same period in 2024, reflect the effects of the start of the new regulatory period (2025–2029) and the inclusion, within the performance scheme, of services related to the former third band of terminal charging (take-offs and landings at low-traffic airports). Until 2024, services for this category of airports were governed by a national cost-recovery scheme.

En-route traffic, expressed in service units, grew by 5.9% in the nine months of 2025 compared with the same period in 2024. Domestic air traffic (flights departing from and arriving at Italian airports) recorded a slight decrease (-1.2%) versus 2024, while international traffic service units (flights arriving from or departing to foreign airports) increased by 6.6%. The overflight component (aircraft crossing Italian airspace without landing) rose by 7.7%.

In terms of traffic flows, the nine months of 2025 saw an overall increase in connections between Italy and various geographical areas worldwide. In particular, flights to and from other European destinations increased by 4.7%, accounting for around 77% of total international traffic, while flights to and from Asia (+15.3%) and the American continent (+11.3%) represented approximately 8% of total international traffic.

Terminal traffic in the nine months of 2025 increased by 3.3% in service units compared with the same period in 2024, driven mainly by the international component.

ECONOMIC-FINANCIAL PERFORMANCE

Operating Revenues in the first nine months of 2025 amounted to €889.3 million, up €85.4 million compared with 30 September 2024, mainly due to the increase in air traffic managed.

Consolidated total revenues amounted to €748.4 million, down 2.9% compared with the same period in 2024, due to the aforementioned effects related to the start of the new regulatory period and the inclusion, within the performance scheme, of services formerly belonging to the Terminal charging zone 3.

Revenues from the non-regulated market amounted to €22.2 million, compared with €25.8 million in the same period of the previous year, mainly due to a different distribution of revenues over the current year compared with 2024.

In the final part of the year, revenue targets for the non-regulated market in 2025 are expected to be achieved, supported by a series of commercial opportunities and orders that will have a positive impact by the end of 2025 and in the coming years, confirming the targets set out in the 2025–2029 Strategic Plan.

Total operating costs amounted to €568.2 million, up 3.8% compared with the same period in 2024, mainly as a result of higher traffic volumes handled and the related impact on personnel costs, which increased by €19.8 million. This increase reflects both the fixed component of remuneration, which includes the impact of the renewal of the economic terms of the National Collective Labour Agreement (CCNL), and the variable component linked to the higher level of air traffic managed during the summer period. In particular, fixed remuneration rose by 5.1%, reflecting the revaluation of contractual minimums by 2%, with the second step implemented in July 2024 and a further 2% increase in July 2025.

Other operating costs amounted to approximately €121.7 million, up 3.1% compared with the first nine months of 2024, mainly due to higher energy prices that emerged starting from the end of 2024.

These results led to an EBITDA of €180.2 million, with an EBITDA margin of 24%.

EBIT amounted to €103 million, down €36.5 million compared with the same period in 2024.

The ENAV Group closed the first nine months of 2025 with a net profit of €66.6 million, down €23 million compared with 30 September 2024.

Net financial debt as of 30 September 2025 amounted to €205.3 million, down by €53 million compared with 31 December 2024. The reduction in net financial debt is mainly attributable to the positive cash flow dynamics generated by ordinary operations (free cash flow), which benefited, among other factors, from higher cash inflows from the Parent Company’s core business compared with the same period of the previous year, as well as from receipts under the NRRP (National Recovery and Resilience Plan) by Group companies, totaling €10.5 million. These effects offset the cash absorption related to dividend payments.

As of 30 September 2025, the Group had unused short-term credit lines totalling €203 million, of which €150 million are committed and €53 million are uncommitted. In addition, the Group has a remaining loan commitment of €80 million under the €160 million financing agreement signed by the Parent Company with the EIB in October 2023.

Group headcount stood at 4,547 units as of 30 September 2025, marking an increase of 172 average units and 163 effective employees versus previous year.

2025 OUTLOOK

In light of the operating results achieved, the ENAV Group confirms its outlook for the current year, which was already revised upwards following the first-half 2025 results compared with the forecasts of the 2025–2029 Strategic Plan.