Aeroporto Guglielmo Marconi di Bologna S p A : Consolidated FY 2025 Results

Dec25 vs YTD Dec25 vs Q4 2025 vs H2 2025 vs

European Traffic

YTD

YTD

trend Dec24 Dec19 Dec24 Dec19 Q4 2024 Q4 2019 H2 2024 H2 2019

Total passengers

6.4%

10.3%

4.4%

5.6%

6.1%

9.0%

4.6%

6.8%

EU airports

6.0%

10.5%

4.5%

6.6%

5.7%

9.7%

4.4%

7.7%

EU+ airports

5.4%

9.5%

4.0%

5.5%

5.0%

8.6%

3.9%

6.7%

Non EU+ airports

11.6%

14.3%

6.2%

5.8%

11.5%

10.9%

8.4%

7.4%

Freight

5.9%

15.5%

3.2%

12.7%

5.1%

12.4%

4.4%

14.0%

Movements

4.5%

1.0%

3.2%

(0.9%)

4.2%

0.5%

3.4%

0.9%

International pax

7.6%

14.4%

5.6%

9.1%

7.1%

13.5%

5.6% 9.9%

Domestic pax

2.5%

(3.2%)

0.2%

(5.4%)

2.5%

(4.3%)

1.3% (3.3%)

50,000

+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

-3.5% vs

Sep24

+3.5% vs

Oct24

+9.4% vs

Nov24

+8.8% vs

Dic24

40,000

30,000

FY 2025

FY 2024

Var. % 25 - 24

Passengers

11,138,013

10,775,972

3.4%

ATM*

84,658

83,264

1.7%

MTOW

5,900,337

5,796,741

1.8%

Cargo

53,720,308

56,371,050

-4.7%

EURO THOUSANDS

FY 2025

FY 2024

Var. % 25 - 24

Aeronautical Revenues

76,488

73,407

4.2%

Non Aeronautical Revenues

56,685

55,833

1.5%

Revenues for Construction Services*

46,022

35,682

29.0%

Other Revenues

2,216

1,131

95.9%

Revenues

181,411

166,053

9.2%

Revenues adj

134,696

130,173

3.5%

BUSINESS UNIT AVIATION ('000 €)

FY 2025

FY 2024

Var. % 25 -24

Passengers

57,472

54,817

4.8%

Airlines

37,969

36,521

4.0%

Airport operators

5,581

5,324

4.8%

Traffic incentives

(24,830)

(23,741)

4.6%

Constructions revenues*

26,142

22,434

16.5%

Other aviation revenues

2,555

2,109

21.1%

Total Revenues AVIATION

104,889

97,464

7.6%

EBITDA AVIATION Adj.

12,192

16,839

(27.6%)

BUSINESS UNIT NON-AVIATION ('000 €)

FY 2025

FY 2024

Var. % 25 -24

Retail and Advertising

21,381

19,977

7.0%

Parking

22,350

21,203

5.4%

Real estate

2,968

2,989

(0.7%)

Passenger services

6,881

8,654

(20.5%)

Constructions revenues*

19,881

13,248

50.1%

Other non aviation revenues

3,061

2,518

21.6%

Total Revenues NON-

11.6%

AVIATION

76,522

68,589

EBITDA NON-AVIATION Adj.

39,389

36,355

8.3%

SECURITY AND PASSPORTS CONTROLS

MULTI-LEVEL CAR PARK

SCHENGEN AREA RECONFIGURATION

EXTRA-SCHENGEN ARRIVALS

RUNWAY AND TWO TAXIWAYS REDEVELOPMENT

TERMINAL EXPANSION

SECURITY AND PASSPORT CONTROLS EFFICIENCY WORKS (8 NEW X-RAY MACHINES INSTALLED) COMPLETED. PAVING WORKS COMPLETED.

ONGOING MULTI-LEVEL CAR PARK REALISATION. FIRST BLOCK'S OPENING IN MID JULY

ONGOING EXPANSION OF SCHENGEN DEPARTURES AREA (AIRSIDE) WITH PASSENGERS FLOWS OPTIMIZATION

COMPLETED EXTRA-SCHENGEN ARRIVALS EXPANSION

REDEVELOPMENT WORKS ON RUNWAY SECTION AND TWO TAXIWAYS, WHICH REQUIRED NIGHTTIME CLOSURE FOR 29 DAYS

ON-GOING TERMINAL EXPANSION WORKS (AIRSIDE)

OTHER INVESTMENTS

• Environmental sustainability and energy efficiency: forest area planting, photovoltaic system and decarbonization program implementation works in progress;

• Information technology and technological systems to improve passenger experience (ex. electric vehicles purchases and related charging stations installing, new heating/cooling system installed aimed at reducing climate-altering emissions, Entry-Exit kiosks at Extra-Schengen arrivals);

• Other interventions: decarbonization process in progress eliminating natural gas in favor of zero-emission heating systems, taxiway and runway reconfiguration works, 3 de-icer purchase, energy efficient heat/cold production plant realization.

Euro in thous ands

FY 2025

FY 2024

Var%

Revenues

181,411

166,053

9.2%

Operating Costs

(126,948)

(110,959)

14.4%

EBITDA

1

54,463

55,094

(1.1%)

EBITDA Adjusted*

51,579

53,197

(3.0%)

Concession Rights Amortization

(10,645)

(9,589)

11.0%

Amortization & Depreciation

(4,038)

(3,370)

19.8%

Amortization and Depreciation

2

(14,683)

(12,959)

13.3%

Provision for Doubtful Accounts

(89)

(95)

(6.3%)

Airport Infrastructure Provision

(4,843)

(6,923)

(30.0%)

Other Accruals

(658)

(169)

289.3%

Provisions

2

(5,590)

(7,187)

(22.2%)

Total Costs

(147,221)

(131,105)

12.3%

EBIT

34,190

34,948

(2.2%)

Financial Income

3,117

1,739

79.2%

3

Financial Expenses

(2,545)

(2,353)

8.2%

EBT

34,762

34,334

1.2%

Taxes

4

(9,920)

(9,897)

0.2%

Net Profit (loss)

24,842

24,437

1.7%

Minority Interest

0

0

n.m.

Group Net Profit

5

24,842

24,437

1.7%

Euro in thousands

31Dec25

31Dec24

Change

31Dec 25 vs 31Dec 24

Cash

81,164

41,079

40,085

Current financial debt

(4,913)

(3,614)

(1,299)

Current portion of non-current

financial debt

(6,421)

(9,795)

3,374

Current financial

(11,334)

(13,409)

2,075

indebtedness

Net Current financial

69,830

27,670

42,160

indebtedness

Non current financial

(96,171)

(22,320)

(73,851)

indebtedness

Total financial indebtedness

(26,341)

5,350

(31,691)

Financial instruments with a maturity of over 12 months

1,123

1,100

23

JANUARY FEBRUARY YTD 2M

2026

2025

Var. % 2026 -

2026

2025

Var. % 2026 -

2026

2025

Var. % 2026 -

2025

2025

2025

DOMESTIC Passengers

169,900

156,948

8.3%

157,291

152,837

2.9%

327,191

309,785

5.6%

TRAFFIC Movements

1,144

1,060

7.9%

0,995

0,979

1.6%

2,139

2,039

4.9%

Load Factor

80.1%

79.1%

85.0%

84.1%

82.4%

81.5%

INTERNATIONAL Passengers

532,691

518,008

2,8%

523,762

490,168

6.9%

1,056,453

1,008,176

4.8%

TRAFFIC Movements

4,010

4,020

-0.2%

3,965

3,796

4.5%

7,975

7,816

2.0%

Load Factor

83.0%

80.4%

83.1%

82.2%

83.1%

81.3%

Passengers

702,591

674,956

4,1%

681,053

643,005

5.9%

1,383,644

1,317,961

5.0%

TOTAL Movements

5,154

5,080

1.5%

4,960

4,775

3.9%

10,114

9,855

2.6%

Load Factor

82.3%

80.1%

83.5%

82.7%

82.9%

81.3%