Enav S.p.a. · MIL:ENAV
Enav — Q1 2025 Earnings Presentation
11 slides from Enav's earnings presentation, May 14, 2025
Slide 1: ENAV Consolidated Results First Quarter 2025
ENAV Consolidated Results First Quarter 2025 May 14, 2025
Slide 2: Q1 2025 - Key highlights
Q1 2025 - Key highlights Operating Strong traffic trend, en-route SUs up by 7.4%: Performance 1.2 p.p. ahead of plan Financial Financials in line with business seasonality and Performance fully aligned with plan expectations Cash Free cash flow +25.5% YoY Generation 2025 Free cash flow expected at ~
Slide 3: Traffic: en-route ahead of plan expectations in the first quarter
Traffic: en-route ahead of plan expectations in the first quarter 2 (SUs mn) Overflight 2 Seasonality 2.2 43% EN-ROUTE1 2 Q1 A ~18% +7.4% Solid increase of air traffic 2 Q2 E ~27% volume, mainly international 2 18% National ~60% 2.1 Q3 E ~33% and overflight 2 39% 2 Q4 E ~22% International Q1 2024 Q1
Slide 4: Solid operating progress on traffic offset by balance dynamics
Solid operating progress on traffic offset by balance dynamics Revenues evolution1, (€mn) En-route revenues up by 17% driven by o/w solid traffic performance 300 2024 Inflation balance (10.6) €mn Balance T3 Zone under cost recovery in 2024 (8.7) €mn 250 Balance N-2 negative contribution 0.6 22.4 att
Slide 5: Sustainable operating cost management
Sustainable operating cost management Operating Costs, (€mn) 180 +2.4% 160 140 120 145.0 148.5 Fixed salary component mainly Personnel 100 80 impacted by labor contract costs 60 Personnel 40 20 adjustments on inflation 0 82% Q1 2024 Q1 2025 182 €mn 50 18% 45 40 +4.3% Other Costs1 35 Other 30 33.5 In
Slide 6: EBITDA progression in line with expectations and on track to meet FY guidance
EBITDA progression in line with expectations and on track to meet FY guidance EBITDA Evolution, €mn 35 Strong contribution from operating 30 o/w activities limits the impact of the recurring 2024 Inflation balance (10.6) €mn Balance T3 Zone under cost recovery in 2024 (8.7) €mn seasonality on Q1 202
Slide 7: Profit and Loss
Profit and Loss Profit & Loss (€mn) Q1 2025 Q1 2024 ∆ YoY EBITDA (0.9) 16.5 - D&A and provisions decreased mainly as a consequence of lower amortizations vs Q1 D&A and Provisions (25.3) (26.8) (5.5%) 2024 EBIT (26.2) (10.3) - Net financial expenses of 2.2 €mn, slightly Financial expenses (2.2) (2.1)
Slide 8: Positive cash flow dynamics drive deleveraging
Positive cash flow dynamics drive deleveraging Cash Flow and Net Debt evolution, €mn Free Cash Flow Q1 2025 28 €mn 25.1 258 0.0 Solid cash (53.1) (7.0) 223 generation from core activities drives reduction in net debt 1 Net Debt FFO Cash Dividends Other Items Net Debt FY 2024 capex Q1 2025 8 1. Other
Slide 9: Closing remarks
Closing remarks Operational and financial evolution progressing according Visible cash to plan 2025 Targets generation underpins comfortably at reach shareholder Traffic ahead of plan remuneration forecast already in commitment first quarter 9
Slide 10: 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 11: 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