Enav S.p.a. · MIL:ENAV
Enav — Investor Presentation (April 2026)
54 slides from Enav's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
INVESTOR PRESENTATION April, 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 Full Year 2025
ENAV Consolidated Results Full Year 2025 March 23, 2026
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 2025 Delivery
@Menav group 2025 Delivery
Slide 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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