Aeroporto Guglielmo Marconi Di Bologna S.p.a. MIL:ADB
Aeroporto Guglielmo Marconi di Bologna S p A : Consolidated 9M 2025 Results
Source: MarketScreener
GROUP HIGHLIGHTS
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
2
EUROPEAN TRAFFIC TREND IN 9M 2025
Sep25 vs YTD Sep25 vs Q3 2025 vs
European Traffic
YTD
YTD
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
trend Sep24 Sep19 Sep24 Sep19 Q3 2024 Q3 2019
Total passengers | 3.6% | 5.8% | 4.2% | 5.3% | 3.9% | 5.8% | |
EU airports | 3.3% | 6.7% | 4.4% | 6.5% | 3.6% | 7.0% | |
EU+ airports | 2.7% | 5.7% | 3.9% | 5.3% | 3.2% | 5.9% | |
Non EU+ airports | 8.3% | 6.0% | 5.8% | 5.2% | 7.0% | 5.4% | |
International pax | 4.3% | 8.2% | 5.3% | 8.3% | 4.6% | 7.8% | |
Domestic pax | 1.0% | (2.3%) | 0.3% | (4.3%) | 0.8% | (0.9%) | |
Freight | 4.3% | 17.6% | 2.7% | 13.5% | 4.0% | 17.3% | |
Movements | 2.5% | 0.6% | 3.2% | (1.1%) | 2.9% | 1.4% | |
According to ACI Europe, traffic volumes show an increasing trend in 9M 2025 (+4.2% vs 2024) benefitting from the Summer Season schedule. Thus, the recovery benefits from the resilient demand, despite the downward risks related to macroeconomic and geopolitical concerns.
The trend is led by international passengers, whom grew by 5.3% year-on-year, with stable volumes in domestic traffic. The best performing markets in the EU+ area in 9M 2025 were Moldova (+48%), Israel (+24%) and Bosnia & Herzegovina (+23%). Worst performing were Russia (-12%), Estonia (-2%) and Iceland (-1%).
3 Source: ACI Europe.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
TRAFFIC TREND OF MAIN ITALIAN AIRPORTS IN 9M 2025
TRAFFIC IN ITALY:
+4.7% vs 9M 2024
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
Italian airports recorded 177 million passengers in 9M 2025, an increase compared to 2024 (+8.0 million pax, +4.7%), showing a fast pace led by international traffic (+7.1% vs 2024), which is growing faster than domestic traffic (stable vs 2024). Strong recovery in traffic volumes recorded by Milan Malpensa and Rome Fiumicino. In 9M 2025 Bologna is the seventh Italian airport with a market share of 4.8%.4 Source: Assaeroporti, Aeroporti2030.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
BLQ TRAFFIC PERFORMANCE IN 9M 2025
In 9M 2025 total passengers were 8,539,797, +2.4% vs 9M 2024, with 64,804
movements (+1.3% vs 9M 2024).
+2.4% vs 9M 2024
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
60,000
50,000
+9.5% vs Q1 2024
+2.3% vs Q2 2024
-1.8% vs Q3 2024
+6.3% vs
Jan24
+12.0%
vs Feb24
+10.3% vs
Mar24
+4.5% vs
Apr24
+2.8% vs
May24
-0.1% vs
Jun24
-1.1% vs
Jul24
-0.9% vs
Aug24
Impact from (i) «coordinated airport» status and
(ii) the redevelopment works on a section of the runway and two taxiways, which required the nighttime closure of the airport (from 11:55 PM
to 5:55 AM) for 29 consecutive days.
-3.5% vs
Sep24
40,000
30,000
20,000
10,000
1Jan 7Jan 13Jan 19Jan 25Jan 31Jan 6Feb 12Feb 18Feb 24Feb 1Mar 7Mar 13Mar 19Mar 25Mar 31Mar 6Apr 12Apr 18Apr 24Apr 30Apr 6May 12May 18May 24May 30May 5Jun 11Jun 17Jun 23Jun 29Jun 5Jul 11Jul 17Jul 23Jul 29Jul 4Aug 10Aug 16Aug 22Aug 28Aug 3Sep 9Sep 15Sep 21Sep 27Sep
0,000
Pax 2024 Pax 2025
5 AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
9M 2025
FINANCIALS
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
6
9M 2025 KEY HIGHLIGHTS:
EBITDA REMAINED STABLE IN 9M 2025 VS 9M 2024
In 9M 2025 passengers increased by 2.4% and movements increased by 1.3% compared to 9M 2024. Cargo tons decreased in 9M 2025 (-5.6%) mainly due to truck cargo (-13.7%) reflecting the macroeconomic and geopolitical uncertainty and a milder decrease in air cargo (-3.6%).
Low cost and legacy traffic grow evenly in the first nine months of the year (+2.0% and
+2.9%) benefitting from a higher load factor. Traffic mix remains stable with low cost share at around 68.0% both in 9M 2024 and 9M 2025.
HIGHLIGHTS
9M 2025 FINANCIALS
Aeronautical revenues increased by 3.4% when compared to 2024 thanks to traffic and airport charges increase.
Non Aeronautical revenues increased by 1.6% vs 2024 due to a good performance of all sectors, except premium services that suffered from temporary closure of the business lounge due to renovations. In particular, good results were registered by food & beverage and duty free performance, and by car rental. Parking revenues increase, benefitting from the P6 parking's first block opening in mid-July.
Investments in infrastructure maintenance and development amounted to €35.2M.
In 9M 2025 adj operating costs increased by 7.7% vs 2024 mainly due to higher personnel, services and rental costs.
9M 2025 revenues increased by 10.6% vs 2024, thanks to positive performance of all segments. Adj revenues (*) rose by 3.1% vs 9M 2024.
2025
KEY UPDATES
7 (*) Adjusted revenues do not include extraordinary items and revenues from construction services.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
9M 2025 TRAFFIC INSIGHT
9M 2025 | 9M 2024 | Var. % 25 - 24 | |
Passengers | 8,539,797 | 8,342,712 | 2.4% |
ATM* | 64,804 | 63,977 | 1.3% |
MTOW | 4,513,033 | 4,458,788 | 1.2% |
Cargo | 39,884,198 | 42,230,792 | -5.6% |
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
PASSENGER BREAKDOWN BY CARRIER AVIATION KEY METRICS
31.5%
31.3%
68.0%
0.5%
68.2%
0.5%
139
142
84.7%
83.7%
74
74
9M 2024 9M 2025
9M 2024 9M 2025
Seats Load Factor Pax/Mov (#) Avg. Take-Off Weight (tons)
8 * Air Traffic Movements
** Other includes charter, general aviation and interlining
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
9M 2025 TOTAL REVENUES
EURO THOUSANDS | 9M 2025 | 9M 2024 | Var. % 25 - 24 |
Aeronautical Revenues | 56,942 | 55,055 | 3.4% |
Non Aeronautical Revenues | 42,942 | 42,278 | 1.6% |
Revenues for Construction Services* | 29,591 | 20,651 | 43.3% |
Other Revenues | 1,856 | 711 | 161.0% |
Revenues | 131,331 | 118,695 | 10.6% |
Revenues adj | 101,113 | 98,044 | 3.1% |
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
AERONAUTICAL REVENUES: increase compared to 9M 2024 (+3.4%) thanks to
traffic and airport charges increase.
NON AERONAUTICAL REVENUES:
+1.6% vs 2024 due to a good performance of all sectors, except premium services that suffered from temporary closure of the business lounge due to renovations. In particular, good results were registered by food & beverage and duty free performance, and by car rental. Parking revenues increase, benefitting from the P6 parking's first block opening in
mid-July.
OTHER REVENUES: increased by 161% due to extraordinary items.
9 * IFRIC 12 AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
NON-AVIATION REVENUES
RETAIL REVENUES/DEPAX RETAIL
3.35 € 3.54 €
HIGHLIGHTS
9M 2025 FINANCIALS
2025
KEY UPDATES
FACTORS ENABLING THE TREND:
9M 2024 9M 2025
PARKING REVENUES/DEPAX
3.92 € 3.99 €
9M 2024 9M 2025
10
PARKING
FACTORS ENABLING THE TREND:
Revenues benefit from traffic growth as well as by increased parking capacity thanks to P6's first block opening in mid-July.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.