Enav S.p.a. · MIL:ENAV
Enav — Q1 2026 Earnings Presentation
48 slides from Enav's earnings presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION May, 2026
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 53 Primary and secondary radars 43 Airports Conventional Towers 10 Surface radars 4 Multilateration systems 2 Digital Towers 48 VOR1 systems 4 Area Control Cent
Slide 4: ENAV at a glance
ENAV at a glance Key Financials 120 Stock performance and shareholder structure 110 1,025 €mn 253 €mn 93 €mn 100 Revenues EBITDA Net Income 90 80 264 €mn 0.29 € 70 Free cash flow Dividend per share 60 50 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Operating Pe
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
CAPITAL FY 2024 Financial Results & 2025-2029 Strategic Plan MARKETS DAY
Slide 14: 2025 – 2029 Strategic Plan
@Menav group 2025 — 2029 Strategic Plan
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 89 New product functionality for APPs, ACCs and Towers HW/SW upgrades for weather monitoring NEW OFFICES –
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: …and enables sustainable value creation for shareholders
…and enables sustainable value creation for shareholders UPGRADED Front loaded acceleration in shareholder 0 (March 2026) remuneration: DPS 2024 up double digit (€/sh) 0.32 versus PY 0 0.31 0.30 0.30 0 +17% 0.29 Simple and clear dividend policy set for 2025 0 0.27 0 – 2029, backed by stable regulati
Slide 26: Plan in numbers
@Menav group Plan in numbers
Slide 27: 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 28: 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 29: 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 FY 2025 253 303 311 REGULATORY (38) 2 MECHANISM 222 211 (49) 225 Traffic and cost efficiency impact 2019 2020 2021 2024 Reset Balance
Slide 30: 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 31: 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 FY 2025 75% 1,025 1,200 En-route 1,037 1,015 o/w Regulated1 Techno Sk
Slide 32: 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 FY 2025 700 CAGR +1.3% Costs, 2025-2029 evolution (€mn) 633 650 671 Decreasing relative 1,400 600 637 CAGR +1.5% weight on total 1,200 Personnel revenues despite 550 1,000 FY 2025 cost 500 increase in 772 2025E 2029E personnel costs
Slide 33: 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 FY 2025 253 expansion of non-regulated 225 Focus on cost optimization supports value EBITDA Higher traffic Non-reg. Personnel Exter
Slide 34: 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 ~813 0.5x Operating CAPEX Free Cash Flow Dividends Debt 2024 2025 2029E Cash Flow repayment Net Debt 258 137 - (€mn)
Slide 35: 2025-2029 Strategic Plan targets
2025-2029 Strategic Plan targets Revenue (€mn) EBITDA (€mn) Net Income (€mn) FY 2025 1,025 253 93 +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 Revenues 49 52 106 ENAV set to become more profitable than ever by the end of
Slide 36: Closing remarks
@Menav group Closing remarks
Slide 37: 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 38: ENAV Consolidated Results First Quarter 2026
ENAV Consolidated Results First Quarter 2026 May 12, 2026
Slide 39: Q1 2026 - Key highlights
Q1 2026 - Key highlights Operating Robust traffic growth: Performance En-route +8.6% YoY, 4.5 p.p. ahead of Plan Middle East Potential impact on summer season traffic Crisis triggered by jet fuel prices/shortage Financial EBITDA of 5.1 €mn Performance FCF at 41.4 €mn, up by 1.5x vs previous year New
Slide 40: Italy en-route traffic well ahead of European average
Italy en-route traffic well ahead of European average1 4 (SUs mn) Overflight Seasonality +8.6% 3 3 EN-ROUTE2 45% Q1 A ~19% 2 2.2 2.4 Strong air traffic volume, driven Q2 E ~27% by overflight and international 2 1 16% National ~59% Q3 E ~32% 1 39% 0 Q4 E ~22% Q1 2025 Q1 2026 International 240 T1: 59%
Slide 41: Positive performance in operating revenues
Positive performance in operating revenues Revenues evolution1, €mn ~152 En-route revenues ~163 ~51 Terminal revenues ~51 Core business performance driven by 200 en-route traffic growth 3.4 195 2.7 10.6 0.3 196 Balance N-2 reversal mainly coming from 190 (2.2) 2020-21 traffic COVID recovery 185 180
Slide 42: Operating costs up by 4.9% in Q1 2026
Operating costs up by 4.9% in Q1 2026 Operating costs1, €mn 163 +7.0% 200 158 Cost increase mainly associated 158.9 Personnel 153 with contractual salary +4.9% adjustments and higher traffic 195 148 costs 148.5 managed 143 190 138 191 185 Q1 2025 Q1 2026 182 180 43 43 42 175 42 +1.9% Increase mainly
Slide 43: EBITDA performance
EBITDA performance EBITDA evolution1, €mn 18 3.4 13 13.6 (2.2) EBITDA result driven by solid delivery for both 8 (8.9) regulated and non- 5.1 regulated businesses 3 (0.9) (2) EBITDA Net Balance Non Costs EBITDA Q1 2025 Regulated for the Regulated Q1 2026 2 Revenues period Revenues 1. Rounded figures
Slide 44: Profit and Loss
Profit and Loss Profit & Loss, €mn Q1 2026 Q1 2025 ∆ YoY Revenues 196.0 181.2 8.2% EBITDA 5.1 (0.9) - D&A and provisions in line with previous year D&A and Provisions (25.6) (25.3) EBIT (20.5) (26.2) (21.8%) Improved financial expenses mainly driven by lower interest expenses Financial expenses (1.3
Slide 45: Ongoing deleveraging and visible cash flow generation
Ongoing deleveraging and visible cash flow generation Net Debt evolution1, €mn 160 Includes 7.6 €mn AIView Group acquisiton3 140 120 137.5 100 21.2 6.6 Q1 2026 Free Cash Flow 80 99.4 of 41.4 €mn 60 (65.9) 40 2026 Free Cash Flow 20 expected at 0 around 250 €mn Net Debt FFO CAPEX 2 Other Items 4 Net D
Slide 46: Closing remarks
Closing remarks Traffic tailwind in Q1 2026 AGM set to appoint Free Cash Flow for Operating delivery in new BoD and the year expected line with expectation approve a dividend Evolution of Middle at around 250 €mn of 0.29 €/sh East crisis to be monitored 46
Slide 47: 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 48: 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