Enav S.p.a. · MIL:ENAV
Enav — Investor Presentation (November 2025)
56 slides from Enav's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION November, 2025
Slide 2: Investment highlights
Investment highlights Sole provider of air traffic control and navigation services in Italy entrusted by national law without time limit Highly protective Pan-European regulatory framework ensures revenue stability High protection on traffic fluctuations and inflation level Regulated revenues accoun
Slide 3: Proprietary asset base and Group structure
Proprietary asset base and Group structure Proprietary Asset Base 31 High altitude remote radio centres 751,742 km2 of controlled Air space 59 Primary and secondary radars 43 Airports Conventional Towers 10 Surface radars 4 Multilateration systems 2 Local Digital Towers 48 VOR1 systems 4 Area Contro
Slide 4: ENAV at a glance
ENAV at a glance Key Financials Stock performance and shareholder structure 140 .00 1.037 €mn 311 €mn 126 €mn 130 .00 Revenues EBITDA Net Income 120 .00 110 .00 100 .00 199 €mn 0.27 € 90.0 0 80.0 0 Free cash flow Dividend per share 70.0 0 FTSE MIB 60.0 0 Operating Performance Shareholders by type Sh
Slide 5: Overview of regulated business
Overview of regulated business • ENAV’s core business is to manage the regulated Air Traffic Control Services (ATCS), that it is entrusted with by law, 24 hours a-day, 365 days a-year: • “En-route” services: handling of air traffic crossing Italian airspace offered from 4 Area Control Centres locate
Slide 6: EU regulatory framework: Performance Plan
EU regulatory framework: Performance Plan • The EU framework applicable to Air Navigation Safety management Service Provider (ANSP) requires that each Member Average horizontal targets in terms of en-route flight State, supported by its ANSP, perform a 5-year safety culture, policy efficiency Perfor
Slide 7: En-route and terminal: visible and protective regulation minimizes risks
En-route and terminal: visible and protective regulation minimizes risks POTENTIAL EN-ROUTE & TERMINAL UPSIDE Mitigated TRAFFIC RISK (70% protection between ±2% and ±10%) (full protection for traffic beyond ±10%) INFLATION RISK Full cost recovery Visibility through 5-year regulatory period COST OF D
Slide 8: Tariff determination under the regulatory framework
Tariff determination under the regulatory framework • The system adopted by all Air Navigation Service Providers of the EU Member States provides for the payment of a tariff for both en-route and terminal services • Tariffs take into consideration the ratio between planned costs and planned traffic
Slide 9: Breakdown of chargeable costs in the en-route tariff
Breakdown of chargeable costs in the en-route tariff Total Cost Base Calculation (Chargeable Costs) Total Determined Costs Breakdown A ENAV Determined costs Based on regulatory accounting of en-route costs only Includes all ENAV opex related to en-route • Labour + Other Opex + Eurocontrol costs serv
Slide 10: The role of the balance mechanism in the tariff
The role of the balance mechanism in the tariff • ENAV tariffs regulation envisages 3 main categories of balances: BALANCE MISSION DRIVERS Planned SUs are based on Eurocontrol Statfor Stabilize revenues, partially offsetting delta TRAFFIC projections1, while the actuals reflect monthly traffic betwe
Slide 11: The balance from traffic risk sharing mechanism
The balance from traffic risk sharing mechanism STEP 1 (start of fiscal year N) STEP 2 (end of fiscal year) Update with actual SUs performed at closing of Financial Statements Tariff of the year determines POSITIVE or NEGATIVE BALANCE YEAR N PROFIT & LOSS IMPACT ECONOMIC Planned Costs Planned Costs
Slide 12: Regulatory protection from traffic volatility
Regulatory protection from traffic volatility TRAFFIC BELOW EXPECTATIONS TRAFFIC ASSUMPTION1 TRAFFIC ABOVE EXPECTATIONS +10% -2% 0% +2% Regulation protects ENAV from the risks of traffic fluctuations -10% Upside sharing and downside recovery through Balance mechanism generated in FULL COST DOWNSIDE
Slide 13: Capital Markets Day: FY 2024 Financial Results & 2025-2029 Strategic Plan
CAPITAL FY 2024 Financial Results & 2025-2029 Strategic Plan MARKETS DAY
Slide 14: Full Year 2024
@Menav group Full Year 2024
Slide 15: Strong operating delivery in 2024 across the board
Strong operating delivery in 2024 across the board… En-Route 11.7m SUs 2.24m Flights + 10.5% YoY + 9% YoY Terminal 1.1m SUs ∼850k Flights + 10% YoY + 8% YoY Capacity 0.066 vs 0.07 1 Average Mins En-Route delay per flight 2 Sustainability -87.4% CDP Climate ‘A List’ CO2 Emissions inclusion 1. Related
Slide 16: Translated into solid financial results and shareholder remuneration
…translated into solid financial results and shareholder remuneration Guidance delivered on targets for both Solid financial position and cash Visible and sustainable value regulated and non-regulated businesses generation fuels growth ambitions creation for shareholders Revenues Net Debt 2024 Tot
Slide 17: Traffic: positive trend extends in 2024 and gains momentum
Traffic: positive trend extends in 2024 and gains momentum (SUs mn) Overflight 11,733 44% EN-ROUTE1 +10.5% Solid increase of air traffic volume, 16% National both international and overflight up 10,618 double-digit YoY 40% Q4 2,424 2,653 International 2023 2024 T1: 23% (SUs mn) International T2: 33%
Slide 18: Top line driven by strategy execution, costs in line with expectations
Top line driven by strategy execution, costs in line with expectations Revenues (€mn) Cost (€mn) 1,050 +4% 1,037 1,000 732 En-Route Focus on 1,000 +5% YoY personnel cost +4% 950 726 Terminal 263 + 9% YoY Variable Other 700 900 +6% YoY 99 +4% YoY Non-regulated Personnel 172 49 568 592 592 850 +14% Yo
Slide 19: Strong earnings performance: Net Income up by 11.5%
Strong earnings performance: Net Income up by 11.5% Profit & Loss (€mn) 330 EBITDA (€mn) 320 +3.6% FY 2024 FY 2023 ∆ YoY 310 300 311 EBITDA 310.9 300.1 +3.6% 290 300 280 270 D&A and Provisions 123.7 127.4 (2.9%) 260 250 EBIT 187.2 172.7 +8.4% 2023 2024 Financial expenses 8.3 11.2 (26.3%) NET INCOME
Slide 20: Net Debt / EBITDA at 0.8x on solid cash generation
Net Debt / EBITDA at 0.8x on solid cash generation Net Debt (€mn) Free Cash Flow (€mn) Free Cash Flow 199 €mn 350 322 300 199 250 1.4x 11 258 200 124 150 139 100 Net Debt/ (278) 79 50 1.1 0.8 EBITDA 0 Net debt Operating Cash Dividends Trade Net debt 2023 2024 2023 Cash Flow CAPEX payables 1 2024 Bal
Slide 21: 2025-2029 Strategic Plan
@Menav group 2025 — 2029 Strategic Plan
Slide 22: Strategic priorities are set to enhance long term and sustainable value creation
Strategic priorities are set to enhance long term and sustainable value creation STRATEGIC PILLARS 1 2 3 Regulated Non-regulated Organization Operational Leadership Market Market and Technical Excellence Remains the Further acceleration Evolution needed to cornerstone of our on non-regulated address
Slide 23: Evolving context driven by traffic growth and stability of regulatory framework
Evolving context driven by traffic growth and stability of regulatory framework Italy – Eurocontrol-Statfor projections1 RP4: 2025 – 2029 Regulatory period CONFIRMED IN Flights (k) Traffic (SUs mn) RP4 VS RP3 Traffic and inflation protection mechanisms 25 3 23 D&A cost recovery 3 CAGR +2.1% 21 19 3
Slide 24: Regulated market: preserving operating excellence in our core business
Regulated market: preserving operating excellence in our core business EXPECTED COMPLETION Integration of Transfer of approach management 1 activities to Area Control Centers 2027 Flexibility and resiliency in APPs1 in ACCs1 challenging and variable traffic environment Consolidation of From 4 to 2 A
Slide 25: Fostering further growth in non-regulated segment
Fostering further growth in non-regulated segment Share of 2029 Revenues Successful delivery allows to scale up and Product portfolio evolution to attract new customers enhance our non-regulated offering Higher commercial focus and tailor-made 67% Non-Regulated Evolution of core offerings 120 Revenu
Slide 26: Expanding our non-regulated offering and footprint
Expanding our non-regulated offering and footprint Monetize expertise on Digital Towers Scale up of Digital Academy offering also to third parties Countries of presence Industrial partnerships 87 New product functionality for APPs, ACCs and Towers HW/SW upgrades for weather monitoring NEW OFFICES –
Slide 27: New businesses - Drones: a new National value chain
New businesses - Drones: a new National value chain STRATEGIC RATIONALE BUSINESS MODEL Significant progress in maturity of the drone Scale up of current pilot market with double digit growth projections by projects into a full-fledged 2030 drone service for several Deliveries Infrastructure F1 Imola
Slide 28: New businesses - ESCO and Digital Academy
New businesses - ESCO and Digital Academy ENERGY SERVICE COMPANY DIGITAL ACADEMY Enable higher Revenue ENAV Academy is a Optimize internal costs efficiency and efficiency: turn Optimize ENAV certified excellence center through digitalization and STRATEGIC sustainability an operating cost energy for
Slide 29: M&A: selective approach leveraging on B/S headroom
M&A: selective approach leveraging on B/S headroom Consolidate distinctive positioning as a global leader and Licences and expanding skills on complementary expertise SW services Enhancement of current know-how and strengthen the Technical and Group's engineering hub Balance sheet headroom: eng. ser
Slide 30: Strong commitment to sustainability: 2024 delivery paving the way for future progress
Strong commitment to sustainability: 2024 delivery paving the way for future progress VISIBLE DELIVERY IN 2024… …AND CLEAR NEXT STEPS Scope 1 and 2 initiatives Over 297,000 CDP Climate Self-production energy from tons of CO₂ avoided in 2024 «A LIST» renewable sources Free Route Project Impact ESG Ra
Slide 31: A new organization and operating model to enhance value creation
A new organization and operating model to enhance value creation A new corporate structure based on a clear separation of …complemented by deep re-shaping of the way we regulated and non-regulated activities… work ILLUSTRATIVE CORPORATE EFFICIENCY ERP migration to Cloud Digital 1 Transformation AI a
Slide 32: Value-driven strategy delivers a stronger ENAV in 2029
Value-driven strategy delivers a stronger ENAV in 2029… Revenues (€mn) EBITDA (€mn) Free Cash Flow (€mn) CAGR More than 1 €bn FCF +3% cumulated over CAGR 2025-2029 1,200 +3% 1,037 1.2x 361 311 ~200 166 2024 2029E 2024 2029E Avg. Avg. 2022-2024 2025-2029 Non-regulated 2.2x Net CAGR 49 106 126 165 +6%
Slide 33: Enables sustainable value creation for shareholders
…and enables sustainable value creation for shareholders 2025 - 2029 DPS CAGR +3.4% Front loaded acceleration in shareholder remuneration: DPS 2024 up double digit 0 (€/sh) 0.32 versus PY 0 0.31 0.30 0 +17% 0.29 0.28 Simple and clear dividend policy set for 2025 0 0.27 0 – 2029, backed by stable reg
Slide 34: Plan in numbers
@Menav group Plan in numbers
Slide 35: RP4: regulatory stability and high visibility over 2025-2029
RP4: regulatory stability and high visibility over 2025-2029 Stability of Stable regulatory framework regulatory RP4 confirms key metrics and performance KPIs of RP3 framework Reset of the Reset at the beginning of RP4 of the values associated with regulatory mechanisms for balance regulatory compen
Slide 36: RP4: key regulatory assumption embedded in 2025-2029 Strategic Plan
RP4: key regulatory assumption embedded in 2025-2029 Strategic Plan Traffic (SUs mn) Cost of capital RAB (€mn) CAGR +2.9% HIGH SCENARIO1 RP3 RP4 1,129 305 14.0 Avg ROE 5.2% 7.8% 13.7 BASE 824 13.3 CASE1 Avg cost of debt 1.9% 3.3% 12.9 Balance no longer in RAB formula 12.5 LOW Avg WACC 4.4% 6.7% SCEN
Slide 37: The beginning of a new reference period implies the reset of all regulatory mechanisms
The beginning of a new reference period implies the reset of all regulatory mechanisms RP2 – RP3 reset 2024 – 2025 regulatory reset EBITDA (€mn) EBITDA (€mn)1 -80 €m 303 311 REGULATORY (38) 2 MECHANISM 222 211 (49) 225 Traffic and cost efficiency impact 2019 2020 2021 2024 Reset Balance Cost 2025E m
Slide 38: Higher capex deployment tailored on strategic initiatives
Higher capex deployment tailored on strategic initiatives Share of 2025-2029 CUMULATED CAPEX ATM software system and platform for ACC, APP, towers and remote towers Cumulated CAPEX (€mn) Communication systems - ACCs radio 50% Navigation & centers and remote radio centers ATM system Air navigation, m
Slide 39: Revenues: core business up double digit, non-regulated doubles by 2029
Revenues: core business up double digit, non-regulated doubles by 2029 REVENUES 2029 Revenues, 2025-2029 evolution (€mn) Terminal 25% Significant air traffic CAGR +4.3% REGULATED 1,055 volumes underpin BUSINESS1 €mn revenue growth 75% 1,200 En-route 1,037 1,015 o/w Regulated1 Techno Sky D-Flight 950
Slide 40: Total cost base grows at low single digit CAGR over plan period
Total cost base grows at low single digit CAGR over plan period 750 700 Costs, 2025-2029 evolution (€mn) CAGR +1.3% 650 671 Decreasing relative 1,400 600 637 weight on total 1,200 Personnel revenues despite 550 1,000 CAGR +1.5% cost 500 increase in 2025E 2029E personnel costs 800 Weight on 790 838 6
Slide 41: EBITDA evolution shaped by strategy and managerial actions
EBITDA evolution shaped by strategy and managerial actions EBITDA - 2025-2029 Evolution (€mn) CAGR +12.5% EBITDA growth 54 driven by core 130 (34) (14) 361 business and expansion of non-regulated 225 Focus on cost optimization supports value EBITDA Higher traffic Non-reg. Personnel External costs EB
Slide 42: Financial sustainability underpinned by cash generation and financial strategy
Financial sustainability underpinned by cash generation and financial strategy Cash generation and uses of funds (€mn) Net Debt/EBITDA Headroom up to 350 €mn ~1,600 568 1x 0.8x ~1,000 0.6x ~813 Operating CAPEX Free Cash Flow Dividends Debt 2024 2025E 2029E Cash Flow repayment Net Debt 258 135 - (€mn
Slide 43: 2025-2029 Strategic Plan targets
2025-2029 Strategic Plan targets Revenue (€mn) EBITDA (€mn) Net Income (€mn) FY 2025 1,024 – 1,028 245 - 253 78 - 83 UPDATED GUIDANCE +1.2x +1.6x 361 +2.6x 1,200 165 1,037 311 1,015 225 126 64 2024 2025E 2029E 2024 2025E 2029E 2024 2025E 2029E Non-regulated Net Debt/ 49 52 106 0.8x 0.6x - Revenues E
Slide 44: Closing remarks
@Menav group Closing remarks
Slide 45: Closing remarks
Closing remarks Regulated business Further push on non- remains core regulated business High visibility over A solid Strategic Plan, plan period and benefitting from Completion of legacy New businesses, execution capabilities stability of new initiatives to enhance markets and enable significant reg
Slide 46: ENAV Consolidated Results Nine Months 2025
ENAV Consolidated Results Nine Months 2025 November 12, 2025
Slide 47: 9M 2025 - Key highlights
9M 2025 - Key highlights Operating Operating excellence confirmed through peak season: Performance average delay at 0.014 vs target of 0.141 Financial EBITDA and Free Cash Flow increase underpin full Performance year target delivery Non-regulated Accelerating growth trajectory: Remote Digital and bu
Slide 48: Italian air traffic growth continues to outperform European average
Italian air traffic growth continues to outperform European average1 12 (SUs mn) Overflight Seasonality 11 +5.9% 45% ~18% 10 EN-ROUTE2 Q1 A Resilient traffic growth 9 9.6 8 9.1 Q2 A ~27% Overflight and international 15% National ~60% 7 Q3 A ~32% accounting for 85% of total SUs 6 40% 5 Q4 E ~23% 9M 2
Slide 49: Steady progress in operating results
Steady progress in operating results Revenues evolution1, €mn 880 89.3 o/w Sound progress for En-route 2024 Inflation balance (50.5) €mn 860 840 (0.3) Terminal impacted by national traffic trend 820 800 780 Balance N-2 reversal for c. -79 €mn mainly (78.6) 760 0.2 coming from 2020-21 traffic COVID r
Slide 50: Focus on efficiencies: operating costs up by 3.8% YoY
Focus on efficiencies: operating costs up by 3.8% YoY Operating costs1, €mn 550 +4.4% 500 450 Cost increase associated with 400 447.5 467.3 contractual salary adjustments Personnel 350 for inflation and higher variable costs 300 Personnel 250 component linked to traffic costs 82% 200 9M 2024 9M 2025
Slide 51: EBITDA evolution underpins achievement of FY target
EBITDA evolution underpins achievement of FY target EBITDA evolution1, €mn 390 340 o/w 290 2024 Inflation balance (50.5) €mn Net regulated revenues driven by en-route 240 10.4 performance 223 (29.1) 190 (3.6) 140 (20.5) 180 Persisting absence of positive balance generation for the period 90 40 EBITD
Slide 52: Profit and Loss
Profit and Loss Profit & Loss, €mn 9M 2025 9M 2024 ∆ YoY Revenues 748.4 770.5 (2.9%) EBITDA 180.2 222.8 (19.1%) D&A and provisions driven by lower depreciation D&A and Provisions (77.2) (83.3) EBIT 103.0 139.5 (26.1%) Improved financial expenses driven by lower financial income and reduced interest
Slide 53: Visible deleveraging on high cash flow generation
Visible deleveraging on high cash flow generation Cash Flow and Net Debt evolution1, €mn Free Cash Flow 9M 2025 300 197.6 €mn 250 258 146.2 200 (1.3) 205 150 Free cash flow up by 3.7x versus H1 2025 100 53.9 50 (251.5) 0 2 Net Debt FFO Cash Dividends Other Items Net Debt FY 2024 capex 9M 2025 1. Rou
Slide 54: Closing remarks
Closing remarks Quality of service Visible cash flow Well on track to Continued focus on confirmed in a generation with achieve 2025 FY efficiencies mitigates record growth almost 200 €mn FCF guidance upgraded headwinds on traffic traffic environment in the period last July 54
Slide 55: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on ENAV S.p.A.’s cu
Slide 56: Contact us
Contact us FABRIZIO RAGNACCI Head of Investor Relations fabrizio.ragnacci@enav.it +39 06 8166 4944 FRANCESCA ROMANA MAZZA Investor Relations francesca.mazza@enav.it +39 06 8166 4491 ir@enav.it enav.it