12 May 2026
Interim Financial Report at 31 March 2026 approved
New record air traffic in Italy handled with the best service quality performance in Europe
- En-route and terminal traffic up 8.6% and 2.7% YoY respectively, in terms of service units compared to Q1 2025
- Operating revenues amounted to €224.9 million (+6.8% vs Q1 2025) with revenues from the non-regulated market amounting to €10.6 million, up by €3.4 million compared with Q1 2025 (+48.2%)
- Consolidated revenues totalled €196 million (+8.2% vs Q1 2025), after accounting for a negative balance component of €37.1 million
- Consolidated EBITDA of €5.1 million improved versus -€0.9 million in Q1 2025, and consolidated net result higher by €6.5 million versus Q1 2025, which recorded a consolidated loss of €22.8 million, in line with the typical seasonality of ENAV’s business, characterised by lower revenues in the first quarter and significantly higher revenues during the summer season, against costs that are generally linear throughout the year
- Strong cash generation: free cash flow of €41.4 million, up €13.3 million compared to Q1 2025
Rome, 12 May 2026 – The Board of Directors of ENAV S.p.A., chaired by Alessandra Bruni, today approved the interim management report as of 31 March 2026. In the first three months of 2026, air traffic volumes over Italy reached record growth levels (+8.6% for en-route traffic). Traffic in Italy marked the highest growth rate versus both the European average (+1.6%) as well as other major European countries (France +3.4%, Germany +1.3%, United Kingdom +3.6%, Spain +2.9%).
The financial results for the first quarter of 2026 are in line with the recurring business seasonality of air transport in Italy. In the first months of the year, traffic volumes — and therefore revenues — are lower, before increasing significantly during the summer period. Costs, on the other hand, tend to remain substantially stable throughout the year.
In the first three months of 2026, en-route traffic, measured in service units, increased by 8.6% compared with the first quarter of 2025, driven mainly by international commercial traffic (flights departing from or arriving at an airport in Italy), which rose by 7.4%, and by overflight traffic (flights crossing Italian airspace without landing), which increased by 14.3%.
In the first quarter of 2026, terminal traffic recorded a 2.7% increase in service units compared with the first quarter of 2025.
FINANCIAL PERFORMANCE
Operating revenues amounted to €224.9 million, an increase of €14.4 million compared with the first quarter of 2025, mainly driven by the positive performance of the core business as a result of higher air traffic volumes handled, as well as by the growth of activities in the non-regulated market, which reached €10.6 million, up by €3.4 million compared with Q1 2025.
Total consolidated revenues amounted to €196 million, up by 8.2% compared with the first quarter of 2025, and include the negative balance component of €37.1 million.
Operating costs increased by 4.9% versus previous year, reaching €190.9 million. This increase was mainly attributable to personnel costs, which rose by €10.3 million compared with the first quarter of 2025, mainly driven by higher fixed remuneration (+€5.7 million), resulting from the revaluation of contractual minimum wages, and the incorporation into fixed remuneration of part of the performance bonus, in line with trade union agreements.
These operating dynamics resulted in an EBITDA of €5.1 million, improved versus negative EBITDA of €0.9 million recorded in the first quarter of 2025.
EBIT was negative at €20.5 million, improving compared with Q1 2025, when it stood at -€26.2 million.
As a result of the above, ENAV Group closed the first quarter of 2026 with a net result loss of €22.8 million, versus the net loss of €29.3 million recorded in the first quarter of 2025, in line with the seasonal nature of the business.
Net financial debt as of 31 March 2026 amounted to €99.4 million, an improvement of €38.1 million compared with the figure recorded as of 31 December 2025.