Enav S.p.a. · MIL:ENAV
Enav — FY2025 Earnings Presentation
17 slides from Enav's earnings presentation, Mar 23, 2026
Slide 1: Consolidated Results Full Year 2025
ENAV Consolidated Results Full Year 2025 March 23, 2026
Slide 2: Europe's top performing Air Navigation Service Provider
Europe’s top performing Air Navigation Service Provider Solid growth in traffic levels Quality of service1 Progress on Sustainability Italy – En Route Service Units (mn) Average en route delay per flight assisted (mins) Comparator Flights -86.4% 14 +24% vs 2019 Group2 +13% vs 2019 (#) 0.2 0 2.1 2.3
Slide 3: Improved risk-return profile: expansion of non-regulated activities
Improved risk-return profile: expansion of non-regulated activities Valorization of unparalleled know-how Well diversified product portfolio and geographic footprint and expertise Revenues by Geography Revenues by Product 3% 4% 1% Non-Regulated Revenues (€mn) 8% 3% Europe 5% Licenses 60 Middle East
Slide 4: Visible value creation for shareholders
Visible value creation for shareholders Share price evolution Shareholder remuneration Total Shareholder Return2 140 +51%1 1 130 120 1 57% 110 100 ̴428 €mn 51% 1 90 80 2023-25 Dividends 0 70 + 46% 60 since CMD Presentation 0 50 ENAV FTSE Italy Mid Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan
Slide 5: FY 2025: demonstrated ability to execute
FY 2025: demonstrated ability to execute 2025 TARGETS 2025 TARGET (€mn) FY 2025 @PLAN UPGRADE @ H1 25 REVENUES 1,015 1,024 – 1,028 1,025 2025 upgraded guidance met or 300 300 280 outperformed across the board 280 260 260 240 240 220 245 - 253 220 253 200 225 200 Higher end of EBITDA range as 180 180
Slide 6: Looking ahead: navigating a volatile environment
Looking ahead: navigating a volatile environment Limited direct exposure to Middle East… …with potential impact to be assessed in light of regulatory protection Italy En Route 2025 Service Units Traffic volatility – Regulatory protection Middle 10% East 12.4 SUs mn Top 10 Customers in 20251 1 6 2 7
Slide 7: Shareholder Remuneration: upgrading DPS curve on solid execution
Shareholder Remuneration: upgrading DPS curve on solid execution 0 UPGRADED (€/sh) 0.32 0 0.31 0.30 0.30 Improved DPS curve to 0 0.29 reflect strong 0 0 0.27 0 operational and 0 0.23 financial performance 0 and visibility on cash 0 flow profile 0 2023 2024 2025 2026 2027 2028 2029 FROM FROM 0.28 0.2
Slide 8: 2025 Delivery
@Menav group 2025 Delivery
Slide 9: Solid air traffic performance in 2025, confirms Italy ahead of European average
Solid air traffic performance in 2025, confirms Italy ahead of European average1 13 (SUs mn) 13 Overflight Seasonality +5.9% EN-ROUTE2 12 12.4 45% Q1 A ~18% 12 Overflight and international 11.7 Q2 A ~27% 11 15% National ~59% accounting for 85% of total SUs 11 Q3 A ~32% 40% 10 Q4 A ~23% FY 2024 FY 20
Slide 10: Steady progress in operating results for both regulated and non-regulated business
Steady progress in operating results for both regulated and non-regulated business Revenues evolution1, €mn 1,2 00 o/w 115.4 2024 Inflation 63.6 €mn Solid en-route performance 2025 Inflation (4.9) €mn 1,1 50 2025 Bonus Performance 13.4 €mn Terminal impacted by national traffic (0.5) slowdown 1,1 00
Slide 11: Cost efficiency driving sustainable 6.4% YoY growth
Cost efficiency driving sustainable 6.4% YoY growth Operating costs1, €mn +6.8% 680 660 640 +6.4% Cost increase mainly associated 800 620 600 632.6 780 Personnel 580 560 592.4 with contractual salary costs 760 740 54 0 52 0 adjustments for inflation 500 720 FY 2024 FY 2025 700 680 772 726 190 660 18
Slide 12: EBITDA at the upper end of the guidance range
EBITDA at the upper end of the guidance range EBITDA evolution1, €mn 440 o/w 2024 Inflation 63.6 €mn 390 2025 Inflation (4.9) €mn FY25 GUIDANCE 2025 Bonus Performance 13.4 €mn 12.1 245 - 253 5.0 340 2.8 311 2025 EBITDA result 290 (32.0) 240 (46.2) 253 safeguarded by 190 additional efficiencies 140 t
Slide 13: Profit and Loss
Profit and Loss Profit & Loss, €mn FY 2025 FY 2024 ∆ YoY Revenues 1,024.7 1,036.7 (1.2%) D&A and provisions driven by lower EBITDA 252.7 310.9 (18.7%) depreciation and dynamics on grants and other funds D&A and Provisions (112.0) (123.7) EBIT 140.7 187.2 (24.9%) Improved financial expenses mainly dr
Slide 14: Visible deleveraging on high cash flow generation
Visible deleveraging on high cash flow generation Cash Flow and Net Debt evolution1, €mn FY 2025 Free Cash Flow 300 263.6 €mn 250 2025 Free Cash Flow 200 258.3 up by 1.3x versus 146.2 150 previous year 100 (3.4) 137.5 50 77.0 0 2026 Free Cash Flow (50) (340.6) expected at around (100) 2 250 €mn Net
Slide 15: Three years of strong execution and value creation
Three years of strong execution and value creation Operating Confirmed technical excellence in operating Performance performance Plan Implementation of strategic initiatives on track, Execution 2026 stepping stone for future delivery 2026 Ongoing monitoring of current situation, Target 2026 targets
Slide 16: 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 17: 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