Enav S.p.a. · MIL:ENAV
Enav — Investor Presentation (August 2026)
48 slides from Enav's investor presentation, August 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION August, 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 7 Stock performance and shareholder structure 7 1,025 €mn 253 €mn 93 €mn 6 Revenues EBITDA Net Income 6 5 5 264 €mn 0.29 € 4 Free cash flow Dividend per share 4 3 3 2 Operating Performance Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Shareholders by type3 Shareholders by
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 4 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: Consolidated Results First Half 2026
ENAV Consolidated Results First Half 2026 August 3, 2026
Slide 14: H1 2026 - Key highlights
H1 2026 - Key highlights Operating Strong traffic growth: Performance En-route +6.3% YoY Financial EBITDA +21% YoY to 83.2 €mn Performance Net result up from 7 €mn in H1 2025 to 20 €mn Non-regulated AiViewGroup acquisition business strengthening presence in drone business 2026 EBITDA up 6% - 8% YoY
Slide 15: H1 2026 – Main achievements
H1 2026 – Main achievements AIVIEWGROUP1 – DRONE SERVICES FOR CRITICAL INFRASTRUCTURE ENGENEERING, DRONE OPERATIONS & PROPRIETARY DIGITAL PLATFORM 15+ YEARS OF EXPERIENCE - 70+ DRONE SYSTEM DEPLOYED - 24/7 REMOTE OPERATION CENTER Transport & Energy & Environment & Ports & Security & Public Railways
Slide 16: Continuous positive traffic momentum, well above the European average
Continuous positive traffic momentum, well above the European average1 7 (SUs mn) Overflight Seasonality3 6 +6.3% EN-ROUTE2 44% Q1 A ~18% 6 6.0 Positive air traffic performance, 5.6 5 Q2 A ~28% mainly supported by overflight 15% National ~60% and international 5 Q3 E ~32% 41% 4 Q4 E ~22% H1 2025 H1
Slide 17: Solid performance from core and non-regulated businesses
Solid performance from core and non-regulated businesses Revenues evolution1, €mn ~387 En-route revenues ~405 ~124 Terminal revenues ~126 Core business growth sustained by 490 consistent en-route traffic volume 6.0 480 7.0 0.3 480 Balance N-2 reversal mainly coming from 470 18.1 1.9 2020-21 traffic
Slide 18: Operating costs up by 5% in H1 2026
Operating costs up by 5% in H1 2026 Operating costs1, €mn 335 +6.2% Cost increase mainly associated 330 415 328.8 325 Personnel 320 with contractual salary adjustments and higher traffic 315 405 +5.0% costs 310 395 305 309.7 managed 300 397 385 H1 2025 H1 2026 375 378 90 88 +4.2% 365 86 Increase mai
Slide 19: High double-digit EBITDA growth
High double-digit EBITDA growth EBITDA evolution1, €mn 120 6.0 100 27.0 0.3 80 (18.7) 83 Strong core business performance 60 69 and accelerating non-regulated 40 activities 20 0 EBITDA Net Balance Non Costs EBITDA H1 2025 Regulated for the Regulated H1 2026 2 Revenues period Revenues 1. Rounded figu
Slide 20: Strong performance across all P&L lines
Strong performance across all P&L lines Profit & Loss, €mn H1 2026 H1 2025 ∆ YoY Revenues 479.8 446.6 7.4% EBITDA 83.2 68.8 +20.9% D&A and provisions mainly driven by higher amortizations in the period D&A and Provisions (52.9) (51.5) EBIT 30.3 17.3 75.3% Improved financial expenses mainly driven by
Slide 21: Visible cash flow generation
Visible cash flow generation Net Debt evolution1, €mn Includes ~8 €mn AIViewGroup acquisiton 300 net of acquired Company cash 250 156.7 14.9 241.4 200 150 H1 2026 Free Cash 137.5 Flow of 65.4 €mn4 100 44.3 50 0 (112.0) 2 3 Net Debt FFO CAPEX Dividends Other Items Net Debt FY 2025 H1 2026 1. Rounded
Slide 22: 2026 Targets – Backed by resilient traffic growth
2026 Targets – Backed by resilient traffic growth OPEX 300 ~ 6% 280 FY traffic growth expected just below 6% 260 240 6%-8% 220 YoY 200 EBITDA 180 Full-year opex affected by higher movement 160 volumes during the peak season 140 120 100 2026E FREE CASH Upgraded to Strong cash flow generation confirme
Slide 23: Closing remarks
Closing remarks H1 2026 traffic growth Strong H1 2026 FY 2026 Targets: New Business Plan north of 6% YoY performance: EBITDA up 6% - 8% YoY expected in New all-time record for EBITDA up 21% YoY the first half of 2027 FCF ~290 €mn daily flights in August Net result up ~ 3x YoY 23
Slide 24: Capital Markets Day
CAPITAL FY 2024 Financial Results & 2025-2029 Strategic Plan MARKETS DAY
Slide 25: 2025 – 2029 Strategic Plan
@Menav group 2025 — 2029 Strategic Plan
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: …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 37: Plan in numbers
@Menav group Plan in numbers
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 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 STEFANO GAMBERINI Head of Investor Relations stefano.gamberini@enav.it +39 06 8166 4058 FRANCESCA ROMANA MAZZA Investor Relations francesca.mazza@enav.it +39 06 8166 4491 ir@enav.it enav.it