3 August 2026
ENAV: BOARD OF DIRECTORS APPROVES FIRST HALF 2026 RESULTS
Solid growth in economic and financial performance
New record for flights handled in Italian airspace, with Europe's best service quality performance
- En-route and terminal traffic up 6.3% and 3.5%, respectively, in terms of service units YoY;
- Consolidated total revenues of 479.8 million euro up 7.4% compared with the first half of 2025;
- Consolidated EBITDA of 83.2 million euro, up by 20.9% compared with the first half of 2025;
- Net profit of 20.1 million euro, an increase of 13.1 million euro compared with the first half of 2025;
- Free cash flow of 65.4 million euro, a significant improvement compared with the first half of 2025 (53.5 million euro)
Rome, 3 August 2026 – The Board of Directors of ENAV S.p.A., meeting today under the chairmanship of Sandro Pappalardo, approved the Consolidated Half-Year Financial Report as at 30 June 2026. During the first half of the year, air traffic volumes reached record levels. ENAV handled nearly 1.2 million flights in Italian airspace. With traffic growth of 6.3%, Italy recorded the strongest performance among the major European countries (France +3.3%, Germany -0.2%, the United Kingdom +2.9%, and Spain +3.6%). By comparison, the average traffic across EUROCONTROL Member States declined by 0.2% versus the first six months of 2025.
Chief Executive Officer Igor De Biasio stated: “The first half of the year confirms the strength of our business model and ENAV’s ability to support the growth in air traffic while maintaining the highest standards of safety, efficiency and punctuality. Our solid economic and financial results demonstrate our ability to translate traffic growth into sustainable value creation, while continuing to invest in the Group’s innovation and development. The volume of flights handled in Italian airspace highlights Italy’s central role in international air traffic flows and ENAV’s strategic contribution to the aviation sector. At the same time, we are updating our Business Plan, which we intend to present during the first half of 2027, with the objective of accelerating investments and further strengthening our technological infrastructure, enabling us to deliver increasingly efficient services in support of the country’s air mobility. This path will allow us to further consolidate ENAV’s international leadership in airspace management by leveraging our expertise, proprietary technologies and the Group’s growing presence in international markets”.
En-route traffic in Italy, in terms of service units, increased by 6.3% in the first half of 2026 compared with the corresponding period of the previous year. In particular, overflight traffic (flights crossing Italian airspace without landing) grew by 7.8%. International traffic (flights arriving from or departing to a foreign airport) recorded a 6.5% increase in service units compared with the first half of 2025, while domestic traffic (flights departing from and arriving at airports within Italy) remained broadly stable. The positive trend in air traffic flows during the first half of 2026 confirms the strategic importance of Italian air routes, reflecting both the country's attractiveness as a destination, as evidenced by the growth in international traffic, and the intensive use of Italian airspace by overflights.
Terminal traffic, in terms of service units, increased by 3.5% in the first half of 2026 compared with the corresponding period of the previous year, mainly driven by the strong performance of international traffic, which rose by 5.4%.
ECONOMIC-FINANCIAL PERFORMANCE
Consolidated total revenues amounted to 479.8 million euro in the first half of 2026, up by 7.4% compared with the corresponding period of the previous year. The increase in revenues, driven by higher air traffic volumes, fully offset the negative balance component, which amounted to 89.6 million euro.
Operating revenues amounted to 551.9 million euro, an increase of 4.9% compared with the first half of 2025, supported by the solid performance of the Group's core business and the positive contribution from the non-regulated business.
Revenues from the non-regulated market amounted to 20.7 million euro, up by 40.7% compared with the first half of 2025. This growth was driven both by the progress of activities under existing contracts and by newly awarded contracts, as well as by the contribution of AiViewGroup, which has been consolidated since 26 March 2026 and contributed 1.4 million euro in revenues.
Operating costs amounted to 396.6 million euro, up by 5.0% compared with the first half of 2025. The increase is mainly due to higher personnel costs (+6.2%), primarily attributable to the 2.5% upward adjustment of contractual minimums salary levels, which came into effect in January 2026, following the agreements signed with the trade unions, as well as the completion of the 2.0% adjustment, already agreed in previous years, whose final increase became effective on 1 July 2025. Furthermore, operating costs were also affected by the significant increase in air traffic handled, which led to higher overtime requirements for operational staff. At the end of the first half of 2026, the Group's workforce increased by an average of 65 employees and by 38 actual headcounts compared with the corresponding period of 2025. The figure includes the 30 employees from AiViewGroup, which were not included in the corresponding period of the previous year, bringing the Group's total headcount to 4,574 employees (4,536 in the first half of 2025).
Other operating costs amounted to approximately 85.7 million euro, an increase of 3.5 million euro compared with the first half of 2025. The increase was mainly attributable to higher costs arising from contract renewals, professional services supporting the development of activities in non-regulated business, and higher Eurocontrol contributions, partly offset by lower utilities costs.
These results led to EBITDA of 83.2 million euro, an increase of 14.4 million euro compared with the first half of 2025.
EBIT amounted to 30.3 million euro, up 13.0 million euro compared with the corresponding period of 2025.
Net finance income and expenses showed a negative balance of 1.0 million euro, an improvement of 3.5 million euro compared with the corresponding period of the previous year. This was mainly attributable to a reduction in financial expenses of 3.7 million euro, reflecting lower variable-rate bank debts and more favorable financing terms.
Income taxes for the period amounted to 9.2 million euro, an increase of 3.5 million euro compared with the first half of 2025, mainly due to the higher taxable income and dynamics related to deferred taxation.
The ENAV Group closed the first half of 2026 with net profit of 20.1 million euro, an increase of 13.1 million euro compared with the corresponding period of 2025.
Free cash flow amounted to 65.4 million euro, an improvement of 11.9 million euro compared with the corresponding period of the previous year, when it stood at 53.5 million euro. This result reflects the cash generated from operating activities, which fully funded the cash outflows related to investing activities.
Net financial debt as at 30 June 2026 amounted to 241.4 million euro, an increase of 104.0 million euro compared with 31 December 2025, mainly reflecting the dividend payment to shareholders on 24 June 2026, totaling 156.7 million euro.
2026 OUTLOOK
In light of the economic and operating results achieved to date, together with the robust demand expected during the summer season, ENAV has defined the following operating and financial targets for 2026.
Specifically, the targets include:
- En-route traffic growth just below 6%;
- Total operating costs increasing by approximately 6% compared to 2025;
- EBITDA growth between 6% and 8% compared to 2025 result;
- Free cash flow at approximately 290 million euro.
ORGANISATIONAL AND GOVERNANCE MATTERS
The Board of Directors of ENAV S.p.A. has also appointed Mr. Igor De Biasio, Chief Executive Officer, as General Manager, in a newly established position with effect from 3 August 2026.
The appointment is intended to align ENAV's organizational structure with best market practices following the completion of the reorganization of the Group's senior management team.
Dr De Biasio's powers and overall remuneration remain substantially unchanged from the previous governance structure.
As the appointment is consistent with the Company's Remuneration Policy, it falls within the exemption from the related party transactions procedure adopted by the Company pursuant to the CONSOB Related Party Transactions Regulation.
Based on the information available to the Company as of today's date, Mr. De Biasio does not hold any shares in ENAV S.p.A.
For further information on Mr. De Biasio's professional profile and his role within ENAV's governance structure, please refer to the press releases issued on 14 May 2026 and 20 May 2026, available on the Company's website at www.enav.it.