Enav S.p.a. · MIL:ENAV
Enav — 9M 2025 Earnings Presentation
11 slides from Enav's earnings presentation, Nov 12, 2025
Slide 1: ENAV Consolidated Results Nine Months 2025
ENAV Consolidated Results Nine Months 2025 November 12, 2025
Slide 2: 9M 2025 - Key highlights
9M 2025 - Key highlights Operating Operating excellence confirmed through peak season: Performance average delay at 0.014 vs target of 0.141 Financial EBITDA and Free Cash Flow increase underpin full Performance year target delivery Non-regulated Accelerating growth trajectory: Remote Digital and bu
Slide 3: Italian air traffic growth continues to outperform European average
Italian air traffic growth continues to outperform European average1 12 (SUs mn) Overflight Seasonality 11 +5.9% 45% ~18% 10 EN-ROUTE2 Q1 A Resilient traffic growth 9 9.6 8 9.1 Q2 A ~27% Overflight and international 15% National ~60% 7 Q3 A ~32% accounting for 85% of total SUs 6 40% 5 Q4 E ~23% 9M 2
Slide 4: Steady progress in operating results
Steady progress in operating results Revenues evolution1, €mn 880 89.3 o/w Sound progress for En-route 2024 Inflation balance (50.5) €mn 860 840 (0.3) Terminal impacted by national traffic trend 820 800 780 Balance N-2 reversal for c. -79 €mn mainly (78.6) 760 0.2 coming from 2020-21 traffic COVID r
Slide 5: Focus on efficiencies: operating costs up by 3.8% YoY
Focus on efficiencies: operating costs up by 3.8% YoY Operating costs1, €mn 550 +4.4% 500 450 Cost increase associated with 400 447.5 467.3 contractual salary adjustments Personnel 350 for inflation and higher variable costs 300 Personnel 250 component linked to traffic costs 82% 200 9M 2024 9M 2025
Slide 6: EBITDA evolution underpins achievement of FY target
EBITDA evolution underpins achievement of FY target EBITDA evolution1, €mn 390 340 o/w 290 2024 Inflation balance (50.5) €mn Net regulated revenues driven by en-route 240 10.4 performance 223 (29.1) 190 (3.6) 140 (20.5) 180 Persisting absence of positive balance generation for the period 90 40 EBITD
Slide 7: Profit and Loss
Profit and Loss Profit & Loss, €mn 9M 2025 9M 2024 ∆ YoY Revenues 748.4 770.5 (2.9%) EBITDA 180.2 222.8 (19.1%) D&A and provisions driven by lower depreciation D&A and Provisions (77.2) (83.3) EBIT 103.0 139.5 (26.1%) Improved financial expenses driven by lower financial income and reduced interest
Slide 8: Visible deleveraging on high cash flow generation
Visible deleveraging on high cash flow generation Cash Flow and Net Debt evolution1, €mn Free Cash Flow 9M 2025 300 197.6 €mn 250 258 146.2 200 (1.3) 205 150 Free cash flow up by 3.7x versus H1 2025 100 53.9 50 (251.5) 0 2 Net Debt FFO Cash Dividends Other Items Net Debt FY 2024 capex 9M 2025 1. Rou
Slide 9: Closing remarks
Closing remarks Quality of service Visible cash flow Well on track to Continued focus on confirmed in a generation with achieve 2025 FY efficiencies mitigates record growth almost 200 €mn FCF guidance upgraded headwinds on traffic traffic environment in the period last July 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