Enav S.p.a. · MIL:ENAV
Enav — H1 2025 Earnings Presentation
13 slides from Enav's earnings presentation, Jul 31, 2025
Slide 1: Consolidated Results First Half 2025
ENAV Consolidated Results First Half 2025 July 31, 2025
Slide 2: H1 2025 - Key highlights
H1 2025 - Key highlights Operating Strong traffic trend extended to Q2 2025 Performance En-route SUs up by 7.3%, 1.1 p.p. ahead of plan Financial Net regulated revenues at 11.7 €mn, more than Performance double vs Q1 2025 Cash Free cash flow for the period almost 2x versus Generation Q1 2025 and fir
Slide 3: Upgrading 2025 target on strong operating performance and managerial actions
Upgrading 2025 target on strong operating performance and managerial actions 2025 TARGETS 2025 TARGET @PLAN (€mn) NEW GUIDANCE (€mn) REVENUES 1,015 1,024 – 1,028 300 Traffic levels projected to be confirmed in the 280 coming quarters 260 240 220 245 - 253 225 200 180 Excellence in quality of service
Slide 4: Strong traffic trend confirmed over the period
Strong traffic trend confirmed over the period 6 (SUs mn) 6 Overflight Seasonality EN-ROUTE1 6 43% Q1 A ~18% 5 +7.3% Robust traffic levels extended 5.6 Q2 A ~27% to H1 2025, overflight and 5 16% National ~60% Q3 E ~33% international accounting for 5.2 c. 84% of total SUs 5 41% 5 Q4 E ~22% H1 2024 H1
Slide 5: Accelerating operating result offset by balance dynamics
Accelerating operating result offset by balance dynamics Revenues evolution1, €mn Strong performance of core business 540 o/w 56.5 0.8 2024 Inflation balance (26) €mn 520 Balance T3 Zone under cost recovery in 2024 (4.2) €mn 500 Balance N-2 reversal for c. -46 €mn mainly coming from 2020-21 traffic
Slide 6: Operating costs up by 4.5% year on year
Operating costs up by 4.5% year on year Operating costs, €mn 315 +4.5% 310 Personnel costs driven by 305 309.7 contractual salary inflation Personnel 300 295 adjustment and variable Personnel costs 290 296.5 component linked with traffic costs 285 volume 82% H1 2024 H1 2025 378 €mn 72 18% Other 70 +
Slide 7: EBITDA evolution driven by acceleration of core business
EBITDA evolution driven by acceleration of core business EBITDA evolution1, €mn 150 o/w 130 2024 Inflation balance (26) €mn Net regulated revenues up by 2.2x versus Balance T3 Zone under cost recovery in 2024 (4.2) €mn 11.7 Q1 2025 110 90 99.9 (25.9) (0.5) 70 Substantial absence of balance generatio
Slide 8: EBITDA 2025 guidance upgrade: key drivers
EBITDA 2025 guidance upgrade: key drivers Key drivers of 2025 EBITDA new guidance, €mn 300 Air traffic volume ahead of Plan 280 Quality of service: capacity bonus 2025 targets upgrade driven by strong 260 240 245 - 253 operating 220 performance and 225 managerial actions 200 180 2025 EBITDA Balance
Slide 9: Profit and Loss
Profit and Loss Profit & Loss, €mn H1 2025 H1 2024 ∆ YoY EBITDA 68.8 99.9 (31.1%) D&A and provisions driven by lower D&A and Provisions (51.5) (57.1) (9.8%) depreciation EBIT 17.3 42.7 (59.5%) Financial expenses (4.5) (4.5) +1.1% Stable financial expenses EBT 12.8 38.3 (66.6%) Income taxes (5.8) (15
Slide 10: Robust and visible cash flow generation
Robust and visible cash flow generation Cash Flow and Net Debt evolution1, €mn Free Cash Flow H1 2025 350 (1.2) 53.5 €mn 146.2 258 42.7 Free cash flow up by 1.9x versus H1 2025 (96.2) and Q1 2025 2 Net Debt FFO Cash Dividends Other Items Net Debt FY 2024 capex H1 2025 1. Rounded figures 2. Other ite
Slide 11: Closing remarks
Closing remarks Leading operating Focus on efficiency Strong and visible performance in a 2025 Targets drives improvement cash flow record traffic improved on cost curve generation environment 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 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