Enav S.p.a. · MIL:ENAV
Enav — H1 2026 Earnings Presentation
13 slides from Enav's earnings presentation, Aug 3, 2026
Slide 1: Consolidated Results First Half 2026
ENAV Consolidated Results First Half 2026 August 3, 2026
Slide 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 11
Slide 12: 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 13: 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