Enav S.p.a. · MIL:ENAV
Enav — Q1 2026 Earnings Presentation
11 slides from Enav's earnings presentation, May 12, 2026
Slide 1: Consolidated Results First Quarter 2026
ENAV Consolidated Results First Quarter 2026 May 12, 2026
Slide 2: Q1 2026 - Key highlights
Q1 2026 - Key highlights Operating Robust traffic growth: Performance En-route +8.6% YoY, 4.5 p.p. ahead of Plan Middle East Potential impact on summer season traffic Crisis triggered by jet fuel prices/shortage Financial EBITDA of 5.1 €mn Performance FCF at 41.4 €mn, up by 1.5x vs previous year New
Slide 3: Italy en-route traffic well ahead of European average
Italy en-route traffic well ahead of European average1 4 (SUs mn) Overflight Seasonality +8.6% 3 3 EN-ROUTE2 45% Q1 A ~19% 2 2.2 2.4 Strong air traffic volume, driven Q2 E ~27% by overflight and international 2 1 16% National ~59% Q3 E ~32% 1 39% 0 Q4 E ~22% Q1 2025 Q1 2026 International 240 T1: 59%
Slide 4: Positive performance in operating revenues
Positive performance in operating revenues Revenues evolution1, €mn ~152 En-route revenues ~163 ~51 Terminal revenues ~51 Core business performance driven by 200 en-route traffic growth 3.4 195 2.7 10.6 0.3 196 Balance N-2 reversal mainly coming from 190 (2.2) 2020-21 traffic COVID recovery 185 180
Slide 5: Operating costs up by 4.9% in Q1 2026
Operating costs up by 4.9% in Q1 2026 Operating costs1, €mn 163 +7.0% 200 158 Cost increase mainly associated 158.9 Personnel 153 with contractual salary +4.9% adjustments and higher traffic 195 148 costs 148.5 managed 143 190 138 191 185 Q1 2025 Q1 2026 182 180 43 43 42 175 42 +1.9% Increase mainly
Slide 6: EBITDA performance
EBITDA performance EBITDA evolution1, €mn 18 3.4 13 13.6 (2.2) EBITDA result driven by solid delivery for both 8 (8.9) regulated and non- 5.1 regulated businesses 3 (0.9) (2) EBITDA Net Balance Non Costs EBITDA Q1 2025 Regulated for the Regulated Q1 2026 2 Revenues period Revenues 1. Rounded figures
Slide 7: Profit and Loss
Profit and Loss Profit & Loss, €mn Q1 2026 Q1 2025 ∆ YoY Revenues 196.0 181.2 8.2% EBITDA 5.1 (0.9) - D&A and provisions in line with previous year D&A and Provisions (25.6) (25.3) EBIT (20.5) (26.2) (21.8%) Improved financial expenses mainly driven by lower interest expenses Financial expenses (1.3
Slide 8: Ongoing deleveraging and visible cash flow generation
Ongoing deleveraging and visible cash flow generation Net Debt evolution1, €mn 160 Includes 7.6 €mn AIView Group acquisiton3 140 120 137.5 100 21.2 6.6 Q1 2026 Free Cash Flow 80 99.4 of 41.4 €mn 60 (65.9) 40 2026 Free Cash Flow 20 expected at 0 around 250 €mn Net Debt FFO CAPEX 2 Other Items 4 Net D
Slide 9: Closing remarks
Closing remarks Traffic tailwind in Q1 2026 AGM set to appoint Free Cash Flow for Operating delivery in new BoD and the year expected line with expectation approve a dividend Evolution of Middle at around 250 €mn of 0.29 €/sh East crisis to be monitored 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