Aeroporto Guglielmo Marconi di Bologna S p A : Consolidated Half-year Financial Report at 30 June 2025

Consolidated Half-Year Financial Report at June 30, ?U'25

Consolidated Half-Year Financial Report Aeroporto Guglielmo Marconi di Bologna Group

At June 30, 2025

This document is a courtesy translation from Italian into English.

In case of any inconsistency between the two versions, the Italian original version shall prevail.

Contents

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A 4

Board of Directors 4

Board of Statutory Auditors 5

Auditing Firm 5

Directors' Report of the Aeroporto Guglielmo Marconi di Bologna Spa Group at June 30, 2025 6

Consolidated Half-Year Financial Statements for the period ended June 30, 2025 37

Statement of Consolidated Financial Position 38

Consolidated Income Statement 39

Consolidated Statement of Comprehensive Income 40

Consolidated Cash Flow Statement 41

Statement of changes in Consolidated Shareholders' Equity 42

Notes to the consolidated financial statements 43

Declaration on the condensed consolidated financial statements as per Article 154-bis, paragraph 5, CFA 91 Limited audit report 92

Aeroporto Guglielmo Marconi di Bologna Spa Via Triumvirato, 84 - 40132 Bologna Italy

Bologna Company Registration Office, Tax and VAT No.: 03145140376 Bologna Economic and Administrative Register No.: 268716

Share capital: Euro 90,314,162.00 fully paid-in

Introduction

The Consolidated Half-Year Financial Report at June 30, 2025 (hereafter also the "Half-Year Report") was drawn up as per Legislative Decree No. 58/1998 and subsequent amendments, in addition to Consob's Issuers' Regulation.

The Half-Year Report comprises the Directors' Report, which presents the Directors' observations on the operating performance and the business outlook in the first half of 2025, and the Condensed Consolidated Half-Year Financial Statements.

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A.

According to the Shareholder Register and the notices received pursuant to Article 120 of Legislative Decree No. 58/98, the shareholders of the Parent Company Aeroporto

Guglielmo Marconi di Bologna Spa (hereafter also the "Parent Company" or "AdB"), with holdings of more than 5% were as follows at June 30, 2025:

(*) On January 21, 2025, F2i Fondi Italiani per le Infrastrutture SGR S.p.A. sold its holding (amounting to 3,609,343 shares or 9.99% of AdB's share capital) to respectively the Bologna Chamber of Commerce, which consequently increased its share from 39.57% to 44.06%, and the Modena Chamber of Commerce, which purchased 1,986,912 shares, with a consequent increase in the holding from 0.30% to 5.80%.

The following have been considered in presenting the Parent Company's ownership structure:

• Interests held by the party reporting the holding, or by the party at the head of the chain of control of the holding

• Interests deriving from notices submitted by shareholders or notices relating to significant shareholdings pursuant to Article 152 of the CONSOB Issuers' Regulation.

Board of Directors

The Shareholders' Meeting of April 29, 2025, the approval date of the financial statements as at December 31, 2024, appointed the new Board of Directors in office until the approval date of the financial statements as at December 31, 2027, comprising:

Enrico Postacchini Chairperson

Nazareno Ventola Director (*) (**)

Monica Biccari Director (A)

Annarita Bove Director

Claudia Bugno Director (B)

Giada Grandi Director (C)

Francesco Minnetti Director

Carlo Schiavone Director

Valerio Veronesi Director

(*) confirmed Chief Executive Officer by the Board of Directors on May 15, 2025.

(**) continues as General Manager. He has also been appointed as Director responsible for the Internal Control and Risk Management System.

1. Chairperson of the Control, Risks and Sustainability Committee and member of the Remuneration Committee.

2. Chairperson of the Remuneration Committee and member of the Control, Risks and Sustainability Committee.

3. Member of the Remuneration Committee and of the Control, Risks and Sustainability Committee.

Board of Statutory Auditors

The Shareholders' Meeting held on April 29, 2025, the date of approval of the financial statements as at December 31, 2024, appointed the members of the Board of Statutory Auditors, in office until the approval of the financial statements as at December 31, 2027, in accordance with the By-Laws, considering that the ministerial appointments had not been received in time, in the persons of: Olivo Vittorio Calselli (Chairperson of the Board of Statutory Auditors, elected by the minority), Mara Marmocchi and Luca Moscatiello as Statutory Auditors; Federica Nannucci and Andrea Alessandri as Alternate Auditors.

Following the Shareholders' Meeting held on April 29, 2025, the Ministry for the Economy and Finance communicated to the Company, pursuant to Article 24 of the By-Laws and Article 11, paragraphs 2 and 3, of the Decree of the Ministry for Transport and Navigation (now the Ministry for Infrastructure and Transport) of November 12, 1997 No. 521, the appointment of Mr. Andrea Alessandri as Statutory Auditor.

In order to allow for the ministerial-appointed Statutory Auditor to take their position on the Company's Board of Statutory Auditors in accordance with law and By-Laws, on May 5, Statutory Auditor Mr. Luca Moscatiello, elected by the stated Shareholders' Meeting, resigned his position on the same date. In addition, as the aforementioned provisions stipulate that the position of Chairperson of the Board of Statutory Auditors is held by the Statutory Auditor appointed by the Ministry for the Economy and Finance, Mr. Olivo Vittorio Calselli, who had been appointed to this position by the above indicated Shareholders' Meeting, for the sole purpose of allowing compliance with the sectoral regulatory provisions, resigned his position as Chairperson of the Company's Board of Statutory Auditors, while retaining his position as Statutory Auditor of the Issuer.

Mr. Andrea Alessandri, also on May 5, resigned the position of Alternate Auditor granted to him by the Company's Shareholders' Meeting of April 29, 2025, and assumed, as a result of the ministerial appointment, the position of Statutory Auditor and Chairperson of the Board of Statutory Auditors as of May 5.

Subsequently, on May 12, 2025, the Ministry for Infrastructure and Transport communicated to the Company, pursuant to Article 24 of the By-Laws and Article 11, paragraphs 2 and 3,

of the Decree of the Ministry for Transport and Navigation (now the Ministry for Infrastructure and Transport) of November 12, 1997 No. 521, the appointment of Ms. Annalisa Ghelfi as Statutory Auditor.

In order to allow for the ministerial-appointed Statutory Auditor to take their position on the Company's Board of Statutory Auditors in accordance with law and By-Laws, on May 13, 2025, the Statutory Auditor Ms. Mara Marmocchi, elected by the Shareholders' Meeting, resigned her position, effective on the same date. Ms. Annalisa Ghelfi assumed by ministerial appointment the position of Statutory Auditor as of May 13, 2025 and until the date of approval of the financial statements as at December 31, 2027, i.e. until the conclusion of mandate date set for the Board of Statutory Auditors on its renewal by the Shareholders' Meeting of April 29, 2025. As a result of the changes described above, as of May 13, the Company's Board of Statutory Auditors in office until the date of approval of the financial statements as at December 31, 2027, is composed as follows:

Andrea Alessandri Chairperson Olivo Vittorio Calselli Statutory Auditor Annalisa Ghelfi Statutory Auditor

Federica Nannucci Alternate Auditor

The Issuer will appoint an Alternate Auditor to replace Mr. Andrea Alessandri at the next Shareholders' Meeting, called in single call for October 27, 2025.

Auditing Firm

Pricewaterhousecoopers SpA was appointed as the auditing firm by the Shareholders' Meeting of April 23, 2024 for the financial years 2024-2032.

Directors' Report of the Aeroporto Guglielmo Marconi di

Bologna Spa Group at June 30, 2025

Contents

1. STRATEGIES AND RESULTS 10

   1. AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING 10

   2. THE STRATEGIC OBJECTIVES 11

   3. SHARE PERFORMANCE 12

2. KEY OPERATING RESULTS ANALYSIS 14

   1. AVIATION STRATEGIC BUSINESS UNIT 14

      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA 14

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 18

   2. NON-AVIATION STRATEGIC BUSINESS UNIT 19

      1. NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 19

3. ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS 20

   1. CONSOLIDATED OPERATING RESULTS ANALYSIS 20

   2. CASH FLOW ANALYSIS 22

   3. FINANCIAL POSITION ANALYSIS 24

   4. AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS 25

      1. AIRPORT INFRASTRUCTURE DEVELOPMENT 25

      2. INVESTMENTS 25

   5. PERSONNEL 26

   6. KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES 28

4. MAIN NON-FINANCIAL RESULTS ANALYSIS 29

   1. SUSTAINABILITY 29

   2. QUALITY 29

5. REGULATORY FRAMEWORK 30

   1. REGULATORY AGREEMENT AND TARIFF DYNAMIC FOR 2023-2026 30

   2. BUDGET LAW 2025 DEVELOPMENTS REGARDING PASSENGER BOARDING FEE SURTAXES 30

6. DISPUTES 31

7. PRINCIPAL RISKS AND UNCERTAINTIES 31

8. ALTERNATIVE PERFORMANCE INDICATORS 33

9. GUARANTEES PROVIDED 35

10. OPT-OUT REGIMES 35

11. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK 35

INTRODUCTION

this report, accompanying the Condensed Consolidated Half-Year Financial Statements of the Aeroporto Guglielmo Marconi di Bologna Group (hereinafter also the "Aeroporto Group" or "Aeroporto") for the six months ended June 30, 2025, in presenting the Group's performance indirectly analyses also the performance of the Parent Company, Aeroporto Guglielmo Marconi di Bologna Spa., the holder of the concession for the full management of Bologna Airport,

i.e. Full Management Concession No. 98 of July 12, 2004 and subsequent Additional Deeds, approved by Decree of the Ministry of Transport and Infrastructure and of the Economy and Finance of March 15, 2006, with a term of 40 years

starting on December 28, 2004. Given the drastic drop in traffic at Italy's airports due to COVID-19, Article 102, Paragraph 1-bis of Decree-Law No. 34 of May 19 (Relaunch Decree), converted into Law No. 77 of July 17, 2020, extended the duration of airport concessions by two years in order to cushion the consequent economic blow. Given the direct applicability of the above law, Bologna Airport's concession is extended to December 2046.

The Group's structure at June 30, 2025 and a brief description of the type and businesses of its subsidiaries is presented below:

• Tag Bologna S.r.l. (hereinafter also "TAG"), formed in 2001 and operational since 2008, following the completion and opening of the General Aviation Terminal and hangar. In addition to managing the above infrastructure at Bologna airport, the company operates as a handler in the General Aviation sector. The Parent Company on October 2, 2018, taking the opportunity to better control the dedicated airside flight infrastructure, acquired 49% of TAG to gain full ownership;

• Fast Freight Marconi Spa (hereinafter also "FFM"), formed in 2008 by the former subsidiary Marconi

Handling S.r.l. (GH Bologna Spa with effect from April 1, 2017), following the contribution of a cargo and mail handling business unit based out of Bologna airport. The Parent Company acquired a 100% interest in FFM in 2009.

The amounts in the tables in this Directors' Report are in thousands of Euro, whereas those in the comments are in millions of Euro, unless otherwise indicated. The data is from internal Parent Company sources unless otherwise indicated.

Airport business may be divided into aviation and non-aviation activities. Aviation activities primarily consist of managing, maintaining and developing airports, which also includes security checks and surveillance, as well as aviation services

for passengers, other users and airport operators and marketing activities to develop passenger and cargo traffic. Non-aviation activities primarily consist of developing airport real estate and commercial potential.

Based on the nature of operations, the Group manages the airport through the following Strategic Business Units (SBU's):

• Aviation Strategic Business Unit

• Non-Aviation Strategic Business Unit.

  Aviation SBU

  The Aviation SBU's main activities involve managing and developing airport infrastructure and in particular of:

• providing customers and operators with efficient access to all infrastructure, both land side (terminal, baggage sorting, car parking, traffic and cargo storage) and air side (aircraft runways and aprons);

• providing security services and services for passengers with reduced mobility (PRM's);

• informing the public and airport users;

• developing, revamping and expanding airport infrastructure, including installations and equipment, ensuring compliance with applicable legislation.

  Consideration for such services takes the form of airport charges of the following types paid by airlines, airport operators and passengers, which the managing company collects from the carriers and the airport operators:

• passenger service fees: these fees are due for the use of infrastructure, installations and common areas required for passenger boarding, disembarkation and hospitality and are based on the number of departing passengers, as well as whether they are bound for destinations within or outside the EU, with reductions for minors;

• take-off and landing fees: these fees are due for all aircraft that take off and land and are calculated on the basis of the aircraft's maximum authorised weight at take-off and the type of flight (commercial or general aviation);

• aircraft parking fees, calculated according to maximum weight at take-off and the duration of stay;

• cargo fees based on the weight of the cargo carried by aircraft;

• refuelling fees, assessed per cubic metre of fuel supplied to aircraft.

  The Aviation SBU's other major revenue sources are:

• departing passenger security fees: these fees are due for providing security check services, including the personnel and equipment used by the manager to provide this service;

• checked baggage security fees: these fees are due for the equipment and personnel responsible for performing such checks;

• PRM fees: they include the fees paid for services for passengers with reduced mobility and are based on the number of departing passengers (PRM and otherwise);

• fees for the exclusive use of premises: they include fees for using airport infrastructure dedicated to individual carriers or operators (check-in desks, offices, operating

  premises), calculated according to the duration of use, floor area and/or location and type of the premises used;

• centralised infrastructure fees: these fees refer solely to aircraft de-icing services and are based on the number of winter flights;

• cargo handling and general aviation fees and fees due for the related activities such as customs clearance and refuelling.

The Non-Aviation SBU's main activities relate to parking management, retail sub-concessions, advertising, services for passengers and real estate management.

Bologna airport's directly operated paid parking areas offer approximately 4,550 car parking spaces, located in three parking areas: the first close to the terminal, the second close to airport grounds and the third located at approx. 1.5 KM away. In addition to the above, the new P6 Smart multi-storey car park was opened in July, with the first block opening to the public, providing more than 1,000 additional parking spaces over 8 levels of approximately 3,300 square metres each. The new, convenient, sustainable and state-of-the-art facility significantly expands the airport's parking capacity.

Bologna airport's retail offerings include internationally recognised brands and iconic brands/labels with local ties, offering a unique and distinctive shopping experience. The shopping area extends over approximately 4,300 m² and includes 31 shops at the end of June. The Schengen boarding hall modernisation works are affecting a number of outlets in the area, for which progressive reopenings are scheduled during 2025.

Advertising is managed using digital and large-format back-lit displays located in areas of the terminal's interior and exterior where the advertisements are highly visible. Campaigns involving the personalisation of particular areas or furnishings located in the airport are sometimes conducted.

Passenger services include a business lounge operated directly by the Parent Company until the end of May 2025. The Marconi Business Lounge (MBL) is an exclusive, comfortable environment used mostly by business passengers travelling with the major legacy carriers. The "You First" service provides arriving and departing passengers with access to exclusive services such as check-in and baggage collection

assistance, porterage, gate assistance and priority boarding. In order to better respond to passenger demands and with a view to improving the quality of the service provided, AdB selected an operator with specific expertise in Hospitality management and premium services in 2024 through a Beauty Contest, reflecting market developments and taking the opportunity to refresh its business model. As a result, at the end of June 2025, the premises were handed over to the new operator, who began renovation work on the space.

Among the other services offered to passengers is car hire: 12 rental companies offer a total of 19 specialised brands, with a total of 492 vehicle spaces available for their fleets.

Real estate activity is divided into two general areas: sub-concession revenues for aviation-related commercial activities, above all express couriers, and sub-concession revenues for handling services, which are subject to regulated tariffs.

The total commercial premises under sub-concession extend to over 100,000 square metres, of which over 75,000 square metres of offices, warehouses, technical service areas and hangars and approximately 30,000 square metres of outdoor space used for parking operating vehicles, manoeuvring in loading and loading areas and aircraft refuelling vehicle areas.

1. STRATEGIES AND RESULTS
   1. AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING

      The first half of 2025 was again shaped by the continued political instability and ongoing conflicts. This environment is further complicated by the trade policy uncertainty following a sequence of announcements, suspensions and disputes, in addition to the unpredictability of the outcomes of the negotiations between the United States and its major trading partners. Global economic output therefore reflects: (i) a contraction in U.S. GDP for the first time in three years and a significant increase in imports, while (ii) Chinese output continues to be impacted by weak domestic demand and the real estate crisis. The OECD has therefore again revised its forecasts downwards: international trade is expected to slow to 2.8% (from 3.8% in 2024), against global GDP growth of 2.9% (from 3.3% in 2024). The eurozone economy within this environment however performed better than expected in Q1, driven by the bringing forward of exports to the United States ahead of the tariff increases. Output weakened from the second quarter following a decline in U.S. demand. The European economic outlook is particularly uncertain in view of the trade tensions and global instability, which has slowed domestic demand and affected experts' economic projections, with GDP expected to increase 0.9% in 2025, by 1.1% in 2026 and by 1.3% in 2027, assuming that the U.S. tariffs remain unchanged beyond the suspension period and that the European Union does not retaliate in terms of its trade policies. Italian GDP has also mirrored the European trend, rising slightly in the first three months of the year while awaiting the effects of the macroeconomic and geopolitical environment for Q2, with experts' estimates indicating slight growth. According to the Bank of Italy's projections, GDP will increase 0.6% in 2025, 0.8% in 2026 and 0.7% in 2027.

      Oil prices, which declined in the first half of the year, temporarily rose again with the outbreak of conflict between Israel and Iran to reach a daily high of USD 79 per barrel in June. This rebound leveled off and in the first four days of July oil prices were slightly under the averages for the month of

      March. Both the International Energy Agency (IEA) and private analysts expect supply to remain plentiful in the second half of 2025, even in light of the most recent production increases announced by the OPEC+ countries. Prices however remain volatile due to the instability in the Middle East and the global uncertainty. Based on futures contracts, the price of Brent crude at the end of the year would be approximately USD 66 per barrel. Since the beginning of April, the European natural gas reference price (Title Transfer Facility, TTF) has declined, albeit with marked fluctuations, to an average of approximately Euro 34 per megawatt-hour for the first four days of July. The temporary rises in May were driven by low inventory levels and also by higher Chinese demand following the suspension of the tariff raises between the United States and China. June was weighed down by the tensions in the Middle East, although to a limited extent due to Iran's lesser prominence in the natural gas market than in the oil market. Futures prices on the TTF market are approximately Euro 36 per megawatt-hour, highlighting expectations of substantial price stability (Source: Economic Bulletin, Bank of Italy, July 2025).

      Against this backdrop, according to the IATA (International Air Transport Association), passenger traffic growth in H1 2025 was again contained (+5.1% on H1 2024), against a 4.8% increase in seat supply. This affected the global load factor, which was substantially in line with the previous year. International traffic led the growth (+7.0% on 2024), against domestic traffic which rose to a more contained extent (+2.0% on the first half of 2024). Global cargo traffic in H1 2025 was up on the same period of the previous year (+2.8%), while it should be noted that significant growth was also reported in H1 2024. Air cargo demand therefore continues to grow (although at a slower pace), despite the current uncertain macroeconomic conditions. Within this environment, cargo traffic in June was substantially stable against the same month in 2024 and was down on the

      previous month, impacted by the bringing forward of purchases against the introduction of import duties by the

      U.S. administration (Source: IATA, Air Passenger and Air Freight Market Analysis, June 2025).

      European passenger traffic in H1 2025 was up 4.5% on the previous year. Cargo traffic was stable on the first six months of the previous year (+0.6%), reflecting the general uncertainties regarding the current macroeconomic and geopolitical variables (Source: ACI Europe, June 2025).

      Italian passenger traffic continued to grow strongly on the previous year (+6.2%), benefiting from the summer flights schedule and the seasonality of demand. Growth continues to be driven by international traffic (+8.3%), while domestic traffic however continues to grow (+2.1%) on the first half of the previous year (Source: Assaeroporti e Aeroporti 2030, June 2025).

      With a greater focus on the geographic area which AdB serves through its domestic and international connectivity services for people and businesses ("catchment area"), we highlight the increased number of passengers in H1 2025 compared to the previous year (+6.4%), with significant differences among

      airports. The month of June saw an improvement on the previous year, up 2.8% on 2024 (Source: Assaeroporti e Aeroporti 2030, June 2025).

      Bologna Airport reports growth in H1 2025 over 2024 (+5.1%). This growth was driven by stronger international traffic over domestic traffic (+5.7% and +3.4% respectively), with substantial stability in terms of the overall volume share. In H1 2025, Bologna Airport ranked fourth in Italy by number of passengers and third by cargo volume transported (Source: Assaeroporti e Aeroporti 2030, June 2025).

   2. THE STRATEGIC OBJECTIVES

      The Group's strategic objectives which underlie the development of all operations are outlined below.

      "Connect"

      The Group seeks to maintain a varied range of flight offerings suited to various types of users by adding to the number of airlines operating out of the airport, while continuing to maintain good margins also on the new traffic generated. In terms of traffic development, the Group targets the adding of routes, with the introduction of new Eastern and long-haul destinations, while boosting frequencies to existing destinations. The Group also focuses on improving airport accessibility, through the development of ground connections and the expansion of its catchment area.

      "Develop"

      The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Group's business. The strategy in question calls for an efficient use of the existing infrastructure's capacity and modular implementation of new investments to ensure that infrastructure capacity keeps pace with expected traffic development. The passenger terminal expansion project is a key part of the infrastructure development plan, permitting the development of - in particular - the boarding gates area, in addition to extending dedicated commercial space.

      This project is complemented by targeted work to increase the capacity of some specific subsystems, such as security and passport controls.

      "Experience"

      The Group is focused on ensuring the constant improvement of the services offered to airport users in its fields of operation, both directly and indirectly, while also constantly improving its standards of security, quality and respect for the environment. In order to support and improve all aspects of operations and generate Customer loyalty, the Group considers it key to develop a culture of innovation which revolves around the installation of technology that facilitates greater interaction with passengers and optimises the airport travelling experience.

      "Care"

      The Group is committed to all aspects of sustainability, ranging from those of an environmental nature to compliance with ethical and social principles, in view of the important role which Bologna airport plays as a vital hub for the region. The Group also strives to develop those who work at the Airport and build an organisation which responds to the evolving demands of the market and which supports the individual in their work.

      The Group has furthermore identified two overarching guidelines to the strategic objectives identified above which are viewed as a touchpoint for company operations:

      "Maximise financial performance"

      The Group is focused on consistently improving the financial performance and on ensuring an adequate return for shareholders.

      "Performing and sustainable corporation"

      The Group aims to improve the efficiency and efficacy of its processes and internal structure, with a view to improving

      company performance and development, while paying increasing attention to sustainability in its environmental, social and governance components.

   3. SHARE PERFORMANCE

      AdB's shares began trading on the STAR segment of the Milan Stock Exchange on July 14, 2015.

      The following graphs present:

      • the share performance between January 1, 2025 and June 30, 2025;

      • tracking of the company's share performance against the FTSE Italia all-share index.

      On June 30, 2025, the official share price was Euro 8.50 per share, resulting in an AdB Group market capitalisation of Euro 307 million at that date.

      AdB Share performance (01/01/2025-30/06/2025)
      
      
      AdB share and FTSE Italia All-Share performance (01/01/2025-30/06/2025)

      • FTSE Italia All Share

      • AdB

      
      
      AdB share performance - prices and volumes (01/01/2025-30/06/2025)
      
      
      

      The share price in the first half of 2025 has shown signs of growth, despite the highly unstable macroeconomic and geopolitical environment. It has demonstrated resilience to both the macroeconomic and geopolitical shocks, with

      volatility declining also on the first quarter of the year, which was impacted by the cyclical stagnation. The uptrend over the last quarter was driven by the Group's strong performance.

2. KEY OPERATING RESULTS ANALYSIS
   1. AVIATION STRATEGIC BUSINESS UNIT

      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

         The H1 2025 result benefited from the significant growth in Q1, which gradually settled in Q2 to levels similar to the previous year. Overall, passengers for the first six months of 2025 numbered 5,302,379, up 5.1% on the same period of

         2024. Movements of 41,009 grew 3.3% on the same period of the previous year, with 26,947 tonnes of cargo handled, decreasing on 2024 (-4.3%). The average load factor also rose to 83.6% in H1 2025, compared to 82.5% in 2024.

         Passenger traffic performance January-June 2025
         
         
         

         	January -June 2025	January -June 2024	Change % 2025 - 2024
         Passengers	5,302,379	5,045,265	5.1%
         Movements	41,009	39,699	3.3%
         Tonnage	2,856,156	2,758,574	3.5%
         Cargo	26,947,218	28,158,380	-4.3%

         Data includes General Aviation and transits

         Passenger traffic breakdown	January -June 2025	% of total	January -June 2024	% of total	Change % 2025 - 2024
         Legacy	1,674,952	31.6%	1,591,149	31.5%	5.3%
         Low-cost	3,603,239	68.0%	3,432,038	68.0%	5.0%
         Charter	14,342	0.3%	14,371	0.3%	-0.2%
         Transits	3,988	0.1%	1,994	0.0%	100.0%
         Total Commercial Aviation	5,296,521	99.9%	5,039,552	99.9%	5.1%
         General Aviation	5,858	0.1%	5,713	0.1%	2.5%
         Total	5,302,379	100.0%	5,045,265	100.0%	5.1%

         The breakdown of air traffic at the airport has consolidated and remains substantially unchanged on the previous year, indicating moderate and even growth.

         International traffic has maintained a stable proportion of total passenger volumes, growing faster than domestic traffic.

         Passenger traffic breakdown	January -June 2025	% of total	January -June 2024	% of total	Change % 2025 - 2024
         Domestic	1,288,222	24.3%	1,245,780	24.7%	3.4%
         International	4,008,299	75.6%	3,793,772	75.2%	5.7%
         Total Commercial Aviation	5,296,521	99.9%	5,039,552	99.9%	5.1%
         General Aviation	5,858	0.1%	5,713	0.1%	2.5%
         Total	5,302,379	100.0%	5,045,265	100.0%	5.1%

         Although EU traffic saw strong growth in the first half of 2024, Non-EU traffic was up significantly on the same period of the previous year (+6.3%), due to the growth of a number of key

         connections from/to Bologna airport (e.g. United Kingdom, Albania and Turkey).

         Passenger traffic breakdown	January -June 2025	% of total	January -June 2024	% of total	Change % 2025 - 2024
         EU	4,076,152	76.9%	3,891,682	77.1%	4.7%
         Non-EU countries	1,220,369	23.0%	1,147,870	22.8%	6.3%
         Total Commercial Aviation	5,296,521	99.9%	5,039,552	99.9%	5.1%
         General Aviation	5,858	0.1%	5,713	0.1%	2.5%
         Total	5,302,379	100.0%	5,045,265	100.0%	5.1%

         Among the international destinations, Spain confirmed its top spot in passenger traffic by volume, accounting for 14.3% of the total. Germany is next, with 6.7% of total passengers, followed by the United Kingdom with 5.7%, Romania with

         5.2% and Albania with 4.5%. Three Non-EU countries are among the top 10: in addition to the United Kingdom, also Turkey and Albania.

         Passenger traffic by country	January -June 2025	% of total	January -June 2024	% of total	Change % 2025 - 2024
         Italy	1,288,222	24.3%	1,245,780	24.7%	3.4%
         Spain	758,330	14.3%	748,548	14.8%	1.3%
         Germany	355,414	6.7%	342,295	6.8%	3.8%
         United Kingdom	303,917	5.7%	328,146	6.5%	-7.4%
         France	277,982	5.2%	247,116	4.9%	12.5%
         Romania	239,668	4.5%	232,217	4.6%	3.2%
         Albania	234,702	4.4%	261,957	5.2%	-10.4%
         Turkey	229,756	4.3%	209,772	4.2%	9.5%
         Netherlands	202,923	3.8%	146,695	2.9%	38.3%
         Poland	174,701	3.3%	172,816	3.4%	1.1%
         Other countries	1,236,764	23.3%	1,109,923	22.0%	11.4%
         Total	5,302,379	100.0%	5,045,265	100.0%	5.1%

         Sustained demand was reported for 2025, with seven overseas cities among the top ten destinations,

         led by Tirana with nearly 240 thousand passengers.

         Main passenger traffic routes	January -June 2025	January -June 2024	Change % 2025 - 2024
         Catania	289,494	315,411	-8.2%
         Tirana	239,668	232,217	3.2%
         Barcelona	221,031	220,848	0.1%
         Palermo	146,834	144,472	1.6%
         Paris CDG	155,367	141,726	9.6%
         Madrid	162,430	165,998	-2.1%
         Istanbul	157,786	148,633	6.2%
         Bucharest OTP	139,106	130,007	7.0%
         London LHR	120,829	112,041	7.8%
         Brindisi	128,418	129,083	-0.5%

         Passenger traffic including transits

         Analysing the performance of the airlines, Ryanair is confirmed as the leading airline at the airport with 54.1% of total traffic, followed by Wizz Air with 10.3% of traffic (up

         12.5% on H1 2024). The leading legacy airlines are among the top ten at the airport, confirming the wide range of carriers operating at Bologna Airport.

         Passenger traffic by airline	January -June 2025	% of total	January -June 2024	% of total	Change % 2025 - 2024
         Ryanair	2,867,605	54.1%	2,710,349	53.7%	5.8%
         Wizz Air	543,770	10.3%	483,562	9.6%	12.5%
         Air France	156,955	3.0%	148,633	2.9%	5.6%
         Turkish Airlines	154,910	2.9%	141,405	2.8%	9.6%
         British Airways	128,567	2.4%	129,083	2.6%	-0.4%
         Vueling	79,736	1.5%	122,166	2.4%	-34.7%
         ITA Airways	123,066	2.3%	114,764	2.3%	7.2%
         KLM Royal Dutch Airlines	75,268	1.4%	107,212	2.1%	-29.8%
         Lufthansa	121,631	2.3%	113,427	2.2%	7.2%
         Air Dolomiti	147,906	2.8%	104,564	2.1%	41.5%
         Others	902,965	17.0%	870,100	17.2%	3.8%
         Total	5,302,379	100.0%	5,045,265	100.0%	5.1%

         Cargo Traffic

         The cargo segment was impacted by the significant macroeconomic and geopolitical uncertainty, against declining consumption and a stagnating economy, and affected by the difficulties from the introduction of tariffs on cargo transport. Against this backdrop, in H1 2025 global cargo traffic reported slight growth of 2.8% on 2024. The trading of goods was substantially stable also at European level in the first six months of the year (+2.1% - Source:

         IATA, Air Passenger and Air Freight Market Analysis, June 2025).

         The Group in H1 2025 reported cargo and mail traffic at Bologna of 26,947,218 KG, decreasing (-4.3%) on 2024, mainly due to a sharp decline in ground freight (-16.7%), which was mainly due to the above outlined uncertainty. Air cargo also contracted, although to a lesser extent, due to a slowdown across all components (courier, all cargo and combi).

         (in KG)	January -June 2025	January -June 2024	Change % 2025 - 2024
         Air cargo, of which	22,307,619	22,590,628	-1.3%
         Cargo	22,307,504	22,590,465	-1.3%
         Mail	115	163	-29.4%
         Ground freight	4,639,599	5,567,752	-16.7%
         Total	26,947,218	28,158,380	-4.3%

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

         in thousands of Euro	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
         Passenger Revenues	27,476	25,817	1,659	6.4%
         Carrier Revenues	18,522	17,485	1,037	5.9%
         Airport Operator Revenues	2,827	2,573	254	9.9%
         Traffic Incentives	(13,029)	(11,681)	(1,348)	11.5%
         Revenues from construction services	8,159	11,725	(3,566)	-30.4%
         Other revenues	946	1,050	(104)	-9.9%
         Total AVIATION SBU Revenues	44,901	46,969	(2,068)	-4.4%

         The Aviation Strategic Business Unit's revenues consist of fees paid by users (airlines and passengers through the airlines) and airport operators for the use of the infrastructure and services provided on an exclusive basis by the Group for landing, take-off, lighting, aircraft parking and passenger and cargo operations, in addition to centralised infrastructure and exclusive-use premises.

         Given the public utility aspect of airport services, airport charges are regulated by both national and EU legislation. The new regulations and implementation measures - including the models approved by the Transport Regulation Authority -require that changes to the system or amount of airport fees be made with the consent, on the one hand, of the airport manager, and of the airport's users on the other.

         Revenues in the first half of 2025 contracted on the same period of 2024, mainly due to the reduced investments in Concession Rights.

         Group revenues from the Aviation Strategic Business Unit were down 4.4% overall on 2024. The individual accounts broke down as follows:

         • Passenger Revenues (+6.4%): Passenger revenue growth in H1 2025 on H1 2024 outpaced the rise in passenger traffic (+5.1%), as a result of the increased unitary tariffs for passenger fees and passenger and baggage security;

         • Carrier Revenues (+5.9%): Carrier revenues are in line with the trend in movements (+3.3%) and tonnage (+3.5%) and with the trend in tariffs, particularly take-off and landing tariffs, which increased on 2024;

         • Airport Operator Revenues (+9.9%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling services;

         • Incentives (+11.5%): the increase in incentives on H1 2024 follows both the growth of incentivised traffic and an increase in the incentive per passenger;

         • Revenues from Construction Services (-30.4%): the decrease in this component can be attributed to the reduced investments made during the period.

   2. NON-AVIATION STRATEGIC BUSINESS UNIT

      1. NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

         in thousands of Euro	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
         Retail and Advertising	10,161	9,220	941	10.2%
         Parking	10,390	10,340	50	0.5%
         Real Estate	1,489	1,491	(2)	-0.1%
         Passenger services	3,847	4,157	(310)	-7.5%
         Revenues from construction services	12,236	2,934	9,302	317.0%
         Other revenues	1,715	1,342	373	27.8%
         Total NON AVIATION SBU Revenues	39,838	29,484	10,354	35.1%

         Total non-aviation business revenues increased by 35.1% in H1 2025 compared to 2024.

         The individual areas of this business unit performed as follows.

         Retail and Advertising

         Performance in this revenue category is mainly tied to traffic, based on the contract terms in effect for most Retail and some Advertising agreements. The growth in the period (+10.2%) mainly owed to the Retail business, thanks to the food & beverage and Duty Free segment performances, while other retail was in line with 2024. Advertising also contributed to the result, thanks to the increase in 2025 of the contractual MAG (guaranteed annual minimum) of the sub-concessionaire.

         Parking

         Although the parking and travel business is closely linked to traffic volumes, revenues in H1 2025 were in line with 2024 as not entirely reflecting the additional traffic as a result of the reduced availability of parking spaces, due to the works at several parking lots (in particular P2 Business and P3 Comfort). Revenues from the opening of the new P6 car park are not included in H1 as the first block was opened in mid-July.

         Real Estate

         Real Estate revenues remained substantially consistent with 2024.

         Passenger services

         Passenger services in the first half of 2025 declined 7.5% on 2024, due to the absence of premium service (lounge and

         accessory services) revenues from May 25, 2025 following the handover of the premises to the new operator to start the Business Lounge redevelopment project. Car hire revenues however grew. The performance of the individual businesses is described below.

         Premium services

         The Business Lounge result in H1 2025 was significantly impacted by the start of the redevelopment project, with the consequent handover of the spaces to the new operator on May 25, 2025.

         Self-hire sub-concessions

         The results for the first half of the year reflect the increase in passenger traffic, in addition to the 1.1% ISTAT-based increase of sub-concession fees.

         Revenues from Construction Services

         The significant increase of this component relates to investments in the non-aviation business unit over the same period of the previous year.

         Other revenues

         The increase in other revenues on 2024 (+27.8%) is mainly due to the greater accrual of operating grants for sustainability-initiative projects.

3. ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS
   1. CONSOLIDATED OPERATING RESULTS ANALYSIS

      in thousands of Euro	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
      Revenues from aeronautical services	35,948	34,511	1,437	4.2%
      Revenues from non-aeronautical services	27,430	26,779	651	2.4%
      Revenues from construction services	20,395	14,659	5,736	39.1%
      Other operating revenues and proceeds	966	504	462	91.7%
      REVENUES	84,739	76,453	8,286	10.8%
      Consumables and goods	(1,787)	(1,899)	112	-5.9%
      Service costs	(12,709)	(11,626)	(1,083)	9.3%
      Costs for construction services	(19,424)	(13,961)	(5,463)	39.1%
      Leases, rentals and other costs	(5,496)	(5,229)	(267)	5.1%
      Other operating expenses	(1,836)	(1,797)	(39)	2.2%
      Personnel costs	(18,062)	(16,880)	(1,182)	7.0%
      COSTS	(59,314)	(51,392)	(7,922)	15.4%
      GROSS OPERATING PROFIT/(LOSS) (EBITDA)	25,425	25,061	364	1.5%
      Amortisation of concession rights	(4,935)	(4,437)	(498)	11.2%
      Amortisation of other intangible assets	(459)	(432)	(27)	6.3%
      Depreciation of tangible assets	(1,217)	(1,105)	(112)	10.1%
      DEPRECIATION, AMORTISATION AND IMPAIRMENT	(6,611)	(5,974)	(637)	10.7%
      Provisions for doubtful accounts	(1)	(609)	608	-99.8%
      Provision for renewal of airport infrastructure	(2,498)	(1,762)	(736)	41.8%
      Provisions for other risks and charges	(321)	(610)	289	-47.4%
      PROVISIONS FOR RISKS AND CHARGES	(2,820)	(2,981)	161	-5.4%
      TOTAL COSTS	(68,745)	(60,347)	(8,398)	13.9%
      EBIT	15,994	16,106	(112)	-0.7%
      Financial income	1,100	449	651	145.0%
      Financial expenses	(964)	(1,337)	373	-27.9%
      RESULT BEFORE TAXES	16,130	15,218	912	6.0%
      TAXES FOR THE PERIOD	(4,613)	(4,448)	(165)	3.7%
      PROFIT (LOSSES) FOR THE PERIOD	11,517	10,770	747	6.9%
      Minorities profits (losses)	0	0	0	n.a.
      Group profits (losses)	11,517	10,770	747	6.9%

      A consolidated profit of Euro 11.5 million is reported for the first half of 2025, compared to 10.8 million in the first half of 2024.

      Operating revenues overall grew 10.8%.

      Revenues break down as follows:

      • revenues from aeronautical services were up 4.2% on 2024, as a result of the increased traffic volumes and of tariffs, partially offset by an increase in the per-passenger incentive;
      • revenues from non-aeronautical services grew 2.4% due to the performance of the various category

        components, as outlined in the relative section;

      • revenues from construction services increased (+39.1%) following the rolling out of increased investments in the non-aviation sector;
      • other operating revenues and proceeds: the growth on 2024 (+91.7%) entirely stemmed from the greater accrual of grants for funded projects than the same period of 2024. Costs in the period overall increased 15.4% on the same period of 2024.

        These break down as follows:

      • costs for consumables and goods decreased 5.9% on 2024, as a result of the reduced purchases of runway and aircraft de-icing liquid, thanks to the mild weather in Q1 and the reduced cost of consumables;

      • service costs increased on 2024 (+9.3%) as a result of the increased costs for maintenance, utilities, professional services and consultancy, the remote

        parking shuttle service and insurance, only partially offset by the reduced cost

        for the de-icing service contribution and lower advertising, promotion and development costs;

      • the movement in the lease, rentals and other costs account (+5.1%) is mainly due to the change in traffic volume, on whose basis the concession and security fees are calculated and the increase in data processing fees. This was offset by the absence of the lease fee for the land of the remote Long Stay (P4) parking lot, which is subject to expropriation under the Airport Master Plan from mid-June 2024;

      • other operating expenses rose 2.2%, mainly due to the increased expense for non-recurring indemnities and compensation.

      Reference should be made to the personnel costs section of this report for further details.

      EBITDA of Euro 25.4 million is reported for the first half of 2025, compared to Euro 25.1 million in 2024.

      Looking to overheads, "depreciation, amortisation and impairments" amounted to Euro 6.6 million, compared to Euro 6 million in the first half of 2024: the growth of 10.7% is

      in line with the progress of the Group investment plan. Provisions slightly decreased on H1 2024 (-5.4%), from slightly under Euro 3 million to Euro 2.8 million, as a result of the increased accrual to the provision for the renewal of airport infrastructure, which was almost entirely offset by the reduced accruals to the provision for doubtful accounts and to the provisions for other risks and charges.

      EBIT totalled Euro 16 million, substantially in line H1 2024 (Euro 16.1 million). Net financial income amounted to Euro 0.1 million , improving on net expense of Euro 0.9 million in 2024, mainly due to the increase in the fair value of the Equity Financial Instrument in Marconi Express.

      As a result of that outlined above, the Result before taxes for the period increased 6% on the comparative period to Euro 16.1 million (Euro 15.2 million for H1 2024), with income taxes also increasing, from Euro 4.4 million in 2024 to Euro 4.6 million (+3.7%).

      Finally, the net profit for the period, entirely concerning the Group, grew 6.9% to Euro 11.5 million, compared to Euro

      10.8 million in H1 2024.

      The EBITDA adjusted for the construction services margin is presented below:

      in thousands of Euro	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
      Revenues from aeronautical services	35,948	34,511	1,437	4.2%
      Revenues from non-aeronautical services	27,430	26,779	651	2.4%
      Other operating revenues and proceeds	966	504	462	91.7%
      ADJUSTED REVENUES	64,344	61,794	2,550	4.1%
      Consumables and goods	(1,787)	(1,899)	112	-5.9%
      Service costs	(12,709)	(11,626)	(1,083)	9.3%
      Leases, rentals and other costs	(5,496)	(5,229)	(267)	5.1%
      Other operating expenses	(1,836)	(1,797)	(39)	2.2%
      Personnel costs	(18,062)	(16,880)	(1,182)	7.0%
      ADJUSTED COSTS	(39,890)	(37,431)	(2,459)	6.6%
      ADJUSTED GROSS OPERATING PROFIT (ADJUSTED EBITDA)	24,454	24,363	91	0.4%
      Revenues from construction services	20,395	14,659	5,736	39.1%
      Costs for construction services	(19,424)	(13,961)	(5,463)	39.1%
      Construction Services Margin	971	698	273	39.1%
      GROSS OPERATING PROFIT/(LOSS) (EBITDA)	25,425	25,061	364	1.5%

      Adjusted revenues were up 4.1% on 2024, while Adjusted costs increased 6.6%, resulting in Adjusted EBITDA of Euro 24.5 million, compared to 24.4 million in 2024 (+0.4%).

      The table below shows the quarterly passenger traffic performance and EBITDA of the Parent Company adjusted for the construction services margin:

      Q1 2025 Change % Q2 2025 Change % vs vs 2024 2024
      Passenger Traffic		2,135,210 9.5% 3,167,169 2.3%
      INCOME STATEMENT (in thousands	of	Euro)
      ADJUSTED REVENUES	26,464	6.1%	33,554	2.7%
      Revenues from aeronautical services	14,021	7.0%	17,866	2.6%
      Revenues from non-aeronautical services	12,164	6.2%	14,830	-0.9%
      Other operating revenues and proceeds	279	-26.8%	858	212.0%
      ADJUSTED COSTS	(17,771)	7.6%	(19,014)	6.0%
      Personnel costs	(8,251)	6.6%	(8,990)	8.3%
      Other operating expenses	(9,520)	8.4%	(10,024)	4.0%
      ADJUSTED EBITDA	8,693	3.2%	14,540	-1.2%
      ADJUSTED EBITDA MARGIN	32.8%	n.a.	43.3%	n.a.

   2. CASH FLOW ANALYSIS

      The consolidated cash flow statement, indicating cash flows generated/absorbed from operating, investing and financing activities, is summarised below:

      in thousands of Euro 30.06.2025 30.06.2024			Change
      Cash flow generated/(absorbed) by operating activities before changes in working capital	24,397	24,423	(26)
      Cash flow generated / (absorbed) by net operating activities	14,583	12,820	1,763
      Cash flow generated / (absorbed) by investing activities	(22,128)	(16,883)	(5,245)
      Cash flow generated / (absorbed) by financing activities	(11,488)	(15,929)	4,441
      Change in closing cash flow	(19,033)	(19,992)	959
      Cash and cash equivalents at beginning of period	41,079	44,334	(3,255)
      Change in closing cash flow	(19,033)	(19,992)	959
      Cash and cash equivalents at end of period	22,046	24,342	(2,296)

      Cash flow generated by operating activities before working capital changes amounted to Euro 24.4 million (in line with the first half of 2024). Working capital absorbed cash of Euro 9.8 million in the period, compared to Euro 11.6 million in H1 2024, due to:

      • higher tax payments of Euro 11.1 million, compared with Euro 3 million in the first half of 2024;

      • the use of provisions of Euro 2 million, against Euro 1 million in the comparative period;

      • the increase in receivables for Euro 1.8 million, although significantly lower than the comparative period of Euro

        8.9 million;

      • the increase in payables for Euro 5.7 million, compared to Euro 1.5 million in H1 2024.

      As a result of that outlined above, cash flows from operating activities, net of working capital changes, generated Euro 14.6 million, compared to a cash generation of Euro 12.8 million in H1 2024 (+Euro 1.8 million).

      The absorption of cash flows of Euro 22.1 million from

      investing activities - compared to Euro 16.9 million in 2024

      • was mainly due to:

        • the absorption of cash from investing activities in tangible and intangible assets, mainly concession rights for Euro 21.2 million, compared to Euro 21.7 million in the comparative year;

        • the generation of Euro 5 million following the receipt of the time deposits maturing in H1 2024, compared to the acquisition of time deposits of Euro

          0.7 million in the present period.

          Financing activities absorbed cash of Euro 11.5 million

          (Euro 15.9 million in H1 2024), mainly due to:

        • the payment of dividends from the 2024 profit (Euro 17 million, compared to Euro 9.5 million in H1 2024);

        • the repayment of the maturing loan instalments (Euro 4.9 million, compared to Euro 6.2 million);

        • the drawdown of two short-term loans amounting to Euro 10.5 million.

      As a result, the final overall change in cash for the period was a negative Euro 19 million (negative Euro 20 million in H1 2024).

      The Group's net financial position/(net financial debt) at June 30, 2025, at December 31, 2024 and at June 30, 2024 is presented below, in accordance with Consob Communication of July 28, 2006 and the ESMA/2011/81 and ESMA32-382-1138 Recommendations of March 4, 2021.

      in thousands of Euro		for the half year ended 30.06.2025	for the year ended 31.12.2024	for the half year ended 30.06.2024	Change 30.06.2025 31.12.2024	Change 30.06.2025 30.06.2024
      A	Cash	21,346	40,379	23,342	(19,033)	(1,996)
      B	Other cash equivalents	700	700	1,000	0	(300)
      C	Other current financial assets	700	0	0	700	700
      D	Liquidity (A+B+C)	22,746	41,079	24,342	(18,333)	(1,596)
      E	Current financial payables	(12,604)	(3,614)	(3,761)	(8,990)	(8,843)
      F	Current portion of non-current debt	(9,665)	(9,795)	(11,059)	130	1,394
      G	Current financial debt (E + F)	(22,269)	(13,409)	(14,820)	(8,860)	(7,449)
      H	Net current financial debt (G - D)	477	27,670	9,522	(27,193)	(9,045)
      I	Non-current financial payables	(16,637)	(21,400)	(16,395)	4,763	(242)
      J	Debt instruments	0	0	0	0	0
      K	Trade payables and other non-current payables	(1,075)	(920)	(44)	(155)	(1,031)
      L	Non-current financial debt (I + J + K)	(17,712)	(22,320)	(16,439)	4,608	(1,273)
      M	Total net financial position/(net financial debt) (H + L)	(17,235)	5,350	(6,917)	(22,585)	(10,318)

      The Group Net Financial Debt at June 30, 2025 was Euro

      17.2 million, compared to a positive Net Financial Position (Net Cash) of Euro 5.4 million at December 31, 2024.

      Compared to December 31, 2024, the Euro 18.3 million decrease in liquidity is mainly due to:

      • the generation of operating cash flows, net of Net Working Capital movements, of Euro 14.6 million;

      • the cash flow absorbed from investing activities for Euro 21.2 million;

      • the cash flow generated from financing activities for Euro 5.5 million;

      • the payment of dividends for Euro 17 million (Euro 9.5 million in 2024).

        In terms of payables, the main differences on December 31, 2024 relate to:

      • on the one hand the increase in current financial payables following the drawdown of short-term loans for Euro 10.5 million (Euro 2 million with maturity at the end of September and Euro 8.5 million with maturity in October 2025), ahead of the receipt of the second tranche of the EIB loan on July 31, 2025, and

      • on the other the payment of maturing loan instalments for Euro 4.9 million.

   3. FINANCIAL POSITION ANALYSIS

      The Group financial position, classified according to "sources" and "uses" (*), is presented below:

      
      
      

      (*) the above reclassification may be reconciled with the Balance Sheet and with the tables of the Explanatory Notes to the individual items, in addition to the Net Financial Position/Net Financial Debt table.

      Net invested capital at June 30, 2025 was Euro 232.6 million, increasing Euro 17.1 million on December 31, 2024, mainly due to the increase in investments, principally concerning concession rights - the fixed capital in fact increased Euro 17 million to Euro 312.8 million, compared to Euro 295.8 million at December 31, 2024.

      In terms of sources, at June 30, 2025 a negative net financial position (net debt) of Euro 17.2 million is reported, compared

      to a positive (cash position) Euro 5.4 million at December 31, 2024, while consolidated and Group Shareholders' Equity amounted to Euro 215.4 million, compared to Euro 220.9 million at December 31, 2024, decreasing due to the dividends distributed on the 2024 profit.

   4. AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS

      1. AIRPORT INFRASTRUCTURE DEVELOPMENT

         In H1 2025, infrastructure development therefore continued with progress on key projects in the various airside, terminal and landside areas in line with the "2016-2030 Airport Development Plan" and the content of the "2022-2026 Plan for the functional and sustainable development of the terminal area". This is a programme instrument annexed to the 2023-2026 Regulatory Agreement (Contratto di Programma - "CDP") for short-term interventions.

         For the remaining duration of the current Regulatory Agreement, the most physical critical system that limits airport capacity is the passenger terminal.

         Terminal expansion and modernisation works are ongoing through progressive expansion works, including the upgrading

         of security controls, and will continue throughout the remaining period of the current Regulatory Agreement.

         Progressive infrastructure releases will ensure "lung" capacity to maintain service levels during the future Airport Expansion works, in line with the 2016-2030 Masterplan.

         Also in order to support the gradual expansion works, making the traffic contingency operational, the operator requested the airport to be upgraded to "coordinated" level 3, which occurred on 22/03/2024 in accordance with Regulation (EEC) 95/93, as amended by Regulation (EC) 793/2004, as of the IATA "Winter 2024/2025" traffic season.

      2. INVESTMENTS

         Total Group investments in H1 2025 amount to Euro 22 million1. In particular, Euro 15.2 million concerned infrastructure investments, alongside Euro 6.8 million for investments in airport operations.

         The progress of the main infrastructural works is highlighted below:

         • New Multi-storey Car Park (P6): construction of the first body of the new multi-storey parking lot under completion (more than 1,000 parking spaces), which entered into service in mid-July. The car park provides 2,218 total parking spaces over 8 levels (ground floor and 7 floors);
         • Schengen Departure Hall Reconfiguration: work continues on expanding the Schengen departures hall;
         • Redevelopment of security and passport control area: work has been completed on expanding the security control area with the installation of eight new, faster, higher-performance x-ray machines; work on upgrading the flooring in surrounding areas is nearing completion;

         • Non-Schengen Arrivals Hall Redevelopment: Works concluded on the project to equip the Non-Schengen passport control with an additional queuing area of approx. 400 m2 on the first floor;

         • Staff West car park redevelopment: work to redevelop the area is nearing completion;
         • Airside terminal expansion: work has begun on the first batch of work to expand the airside terminal.

           The main investments in airport operations, innovation, and to improve the service offered to passengers and increase the efficiency of company processes are listed below:

         • The replacement of new generation conveyors and x-ray machines has been completed with the installation of a total of eight new lines, which will speed up and streamline the security checking process;

         • P2 and P3 cark parks: screening work is underway;
         • Canopies and walkway roofing: construction has been completed on canopies and walkways to provide a protected pedestrian path for users to reach the terminal;
         • Apron 2 stand upgrades: the widening of stands 209 to 216 to comply with safety regulations has been completed;
         • Seismic retrofitting and reprotection of aviation maintenance space: work continued to provide the airport with more numerous and more efficient spaces for staff (particularly aviation maintenance workers) and to ensure structural seismic safety of the entire East Terminal building;
         • New PET area: construction of an area used to accommodate pets and guide-dogs for differently abled users departing and arriving from Bologna Airport has been completed;
         • Various innovation technology work began to improve the passenger experience.

           Actions focused on sustainability include:

         • environmental compensation: expropriation activities were completed for another 10 hectares in the areas earmarked for the creation of a

           1 Management figure referring to the total investments made in the period without considering the mark-up of construction services, work advances paid to suppliers and gross of any receivable from Terminal Value.

           wooded strip along the northern perimeter of the airport site, in order to comply with the requirements of the EIA Decree Masterplan and the Regional Implementing Agreement for the Decarbonisation of the airport, compensating for the environmental impact of airport operations. Work to create the wooded strip continues;
         • new photovoltaic systems: the executive project for the construction of a ground photovoltaic system located north of the runway was completed and sent to ENAC for approval;

         • other efficiency upgrades and renovations: installation of electric car charging stations continued; work was completed on the decarbonisation of the Fire Department building for the use of zero-emission thermal power plants; a

           new energy-efficient heat/cool system at the terminal is being built with the goal of reducing climate-changing emissions; new electric cars have been purchased to renew the company's vehicle fleet.

           Provisions for Renewal

           The total works for the renewal and maintenance cycle of the airport infrastructure and plant in H1 2025 amounted to Euro 773 thousand, of which Euro 640 thousand for various interventions on plant and Euro 133 thousand for landside interventions to maintain operations.

   5. PERSONNEL Workforce breakdown

      	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
      Full Time Equivalent average workforce	565	532	33	6%
      Executives	9	8	1	13%
      Managers	46	46	0	0%
      White-collar	404	370	34	9%
      Blue-collar	106	108	-2	-2%

      	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
      Average workforce	624	588	36	6%
      Executives	9	8	1	13%
      Managers	46	46	0	0%
      White-collar	457	420	37	9%
      Blue-collar	112	114	-2	-2%

      Source: Company workings

      The increase in headcount compared to 2024 (+36 FTEs) mainly relates to operational workers, and is therefore linked to traffic trends, but also staff personnel, particularly from the

      Infrastructure area to support the development of planned investments.

      Costs

      	for the half year ended 30.06.2025	for the half year ended 30.06.2024	Total change vs 2024	% change vs 2024
      Personnel costs	18,062	16,880	1,182	7.0%

      Source: Company workings

      Personnel costs for H1 2025 increased by 7% on the same period of 2024, mainly due to the increase in the workforce outlined above. The renewal of the national collective bargaining agreement on June 4, 2025 had an insignificant impact on the first half of the year as it was almost completely offset by the release of the employee backdated provision as at December 31, 2024 in excess of the portion used for the 2023 and 2024 One-off payment.

      Trade union relations

      In 2025, dialogue with trade unions continues on issues related to sustainability, with the support and mediation of the Municipality and the Metropolitan City of Bologna. Specifically, following the discussions held in 2024 and with the involvement of the airport's handling companies, AdB submitted to the trade unions a proposed Protocol on Sustainability (as an addendum to the Site Protocol previously signed by the parties). The protocol addresses significant issues relating to occupational safety, stabilisation of the handling services market, and support for sustainable mobility initiatives for airport operators.

      Also in terms of occupational safety, AdB continues to

      participate in the Occupational Health and Safety Working Group, which involves trade unions, entities, institutions, and the main organisations in the area, particularly in the logistics sector. The Group's activities for 2025 focus on potential coordination between the employee health and safety representatives of the various companies present at large sites, such as the airport.

      On February 7, the Employer Associations Assaeroporti, Aeroporti 2030, Assaereo, Assocontrol, Assohandlers, Fairo, Federcatering and the Trade Unions Filt-Cgil, Fit-Cisl, Uil Trasporti and Ugl Trasporto Aereo signed the General Part of the new National Collective Bargaining Agreements for Air Transport. These will take effect on January 1, 2025 for a duration of three years.

      The shared objective of this renewal was to revitalise the airline industry in relation to the external labour market. Particular attention was paid to the issues of sustainability, welfare, training and the impact of digitalisation.

      Specifically on welfare, a pathway has begun for the establishment of the sector health fund, updates have been made to agile working. Also introduced are solidarity leave, facilitation for university and specialised pathways, disability protection, safety-orientated staff training in the workplace,

      development of anti-discrimination policies, and protection of gender equality.

      Finally, attention was paid to issues relating to assaults on airport workers, which is a growing issue at Italian airports. Negotiations concluded on June 4 and the renewed Airport Operators Specific Part of the national collective bargaining agreements was also signed by Assaeroporti and Aeroporti 2030, representing employers, and FILT-CGIL, UILTrasporti and UGLTA for the unions.

      The renewal covers a number of pay aspects, including an increase in the minimum pay scales (Euro 210 monthly per capita at the fourth level over the three-year period), an increase in the daily attendance allowance, also paid on vacations, an increase in the value of the health insurance policy (which at AdB is already higher than in the renewed agreements), an increase in the company's contribution to the "Prevaer" Fund, and the introduction of an additional seniority level.

      Of particular note in the regulatory area are:

      • the inclusion of new environmental and social sustainability parameters in the implementation guidelines for the Results Bonus;

      • the definition of possible protocols to prevent the risk of aggression against staff (protocols that have been in place at AdB for some time and which are continuously being updated);

      • doubling the period of paid leave of absence for women who are victims of gender-based violence;

      • further initiatives on staff training and retraining, also in light of the impacts of technological innovation;

      • the promotion of new flexible forms of work to promote work-life balance.

      Finally on the regulatory level, important work has begun to update the professional system, with the intention of including all figures currently working in the airport management sector, aligning them with changes in the aviation industry and the Italian and international labour market.

      Training of personnel

      In terms of management training, the project to support the new performance management system concluded.

      In March, as part of a larger project on Artificial Intelligence called "AI Journey", the Group began a major training project funded with Fondimpresa to improve the awareness of and

      boost the use of AI. This was attended by approximately 200 staff.

      Parental support continues with coaching courses for new mothers returning to work, delivered by an in-house instructor.

      A training seminar on gender harassment involving approx. 100 people was also held, followed by an e-learning training course for the entire AdB Group.

      Cyber security courses also continue alongside two sessions on the new NIS2 Directive. This course seeks to create awareness of cyber risks and spread a sense of responsibility to maintain high levels of security.

   6. KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES Fast Freight Marconi Spa

      The Parent Company acquired a 100% interest in FFM in 2009. The main activity of the subsidiary is cargo and mail handling at Bologna airport. In particular, FFM is the handling agent for cargo export and import operations of carriers moved through the airport via air and for surface cargo and manages the Temporary Customs Warehouse for Non-EU Cargo arriving at the airport. The company thereafter in subsequent years developed accessory services such as booking, operating as a regulated agent and has a specialist customs operations structure.

      The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

      At June 30, 2025, the company had 14 employees (15 at December 31, 2024) and, in continuity with previous years, assigned many staff activities to the parent under a management & staffing contract which covers the accounting, administrative, legal, supervision, personnel and ICT areas.

      In H1 2025, FFM handled 9,741,069 KG of cargo, down 11% on H1 2024 due to the general stagnation in volumes already in evidence at the end of 2024. This, in turn, was due to the uncertainty produced by the ongoing conflicts, which was exacerbated by the introduction of import duties.

      Both air traffic and ground freight decreased - the former by 6% and the latter by 17%.

      Revenues in the period decreased 7.9% on the first half of 2024, as a result of the volumes indicated above, while costs increased 6.1%, mainly in terms of services. Consequently, EBITDA in H1 2025 rose by 45.4% compared to the first half of 2024 to Euro 0.3 million, with a Net Profit of Euro 189 thousand, a 51.4% increase.

      Finally, as there were no significant updates, reference should be made to Note 29 of the 2024 Annual Accounts with regards to the customs dispute involving FFM in 2021, as indirect representative, following the customs declaration assessments made by the Bologna Customs Office.

      Tag Bologna Srl

      TAG began operations in 2008 following the completion and opening of the General Aviation Terminal and hangar. In addition to managing the above infrastructure at Bologna airport, the company operates as a handler in the General Aviation sector. The Parent Company acquired a 100% interest (previously 51%) in TAG Bologna in 2018.

      The company, which assigned certain staff activities to the parent under a management & staffing contract covering the legal and personnel area, had 16 employees at June 30, 2025 (unchanged on December 31, 2024).

      The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

      In H1 2025, Tag reported an increase in movements (9.6%) compared to 2024, alongside a 5.9% increase in tonnage, confirming the positive trend seen in recent years. Passenger traffic increased by 2.7% compared to the same period in 2024.

      Revenues in the period rose 10.3% on H1 2024, while costs increased 1%. EBITDA therefore grew 38% to Euro 0.9 million (Euro 0.7 million in H1 2024), while the Net Result for the period reports a profit of Euro 555 thousand, also up on a profit of Euro 351 thousand in the comparative period. Reference should be made to the specific paragraph of the Notes to this document for information concerning transactions undertaken during the period with subsidiaries and related parties.
4. MAIN NON-FINANCIAL RESULTS ANALYSIS
   1. SUSTAINABILITY

      In H1 2025, the Group's commitment to sustainability issues continued through various projects to monitor and reduce the negative impact of airport activities on the surrounding environment with energy efficiency actions, sustainable mobility and renewable energy, taking care of employees and the local area, and developing an increasingly ESG-orientated business model and supply chain.

      See section 4.4. for key environmental sustainability investments.

      Among the activities carried out in the area of sustainability in cooperation with local authorities, we highlight the process to rationalise existing bus lines and the introduction of the Q line, which connects the urban network with ordinary fares. AdB participated by paying a contribution to allow the service to be revised. All urban tickets will be valid on this line, including monthly and annual urban season passes, promoting greater inclusion and allowing subsidised rates to be applied for more vulnerable groups. The line will be operated with highly sustainable, predominantly electric buses.

      The airport's commitment to its employees and the local community also continues. In the first six months of the year, activities focused mainly on issues of employment and people empowerment, with constant attention to the topics of

   2. QUALITY

      Perceptions of the level of cleanliness of toilets, accessibility of public information services, and clarity of interior signage revealed satisfaction levels above 95% in H1 2025.

      The Schengen boarding hall redevelopment sites caused a slight decline in the perceived availability of charging stations, as several points were decommissioned to make room for these sites. When the redevelopment is complete, new wired seats for charging will be installed. In the meantime, a number of new columns have been installed for passenger use.

      diversity, equity and inclusion. Among the most significant initiatives we highlight:

      • the continuation of the recruitment plan;

      • the approval of the company's human rights policy, which focuses on gender equality and D&I;

      • the renewal of the PDR 125:2022 gender equality certification with full marks (100/100) and ISO 30415:2021 Human Resources Management -Diversity, Equity and Inclusion certification, moving to an "Excellent" maturity grade;

      • the launch of the "Let's develop" training project for a select group of young employees in order for them to develop their skills.

      Finally, the process to improve Sustainability Reporting continues. This began with the "On the Road to the CSRD" project to guide the transition to reporting under the Corporate Sustainability Reporting Directive. At this stage, the Group is focusing on the gradual digitalisation of processes as it seeks to automate data collection and strengthen internal controls to improve information quality and reliability.

      Security waiting times improved on H1 2024, thanks to upgrades and new x-ray control machines. Baggage reclaim times also improved, thanks to synergy of joint working groups between AdB and the handlers. There was a slight increase in waiting times for booked departing PRMs.

      INDICATORS	H1 2025	H1 2024
      Perception of the cleaning level and functionality of toilets	97.5%	99.5%
      Perception of the availability of mobile phone and laptop recharging stations in common areas	82.1%	94.3%
      Overall perception of the efficacy and accessibility of public information services	99.2%	99.6%
      Perception of the clarity, comprehensibility and effectiveness of internal signage	98.9%	98.4%
      Check-in waiting time	18'50''	19'00''
      Perception of passport control waiting time	04'54'	08'37''
      Wait time for departing PRM passengers with reservations	08'57''	07'09''
      Wait time for arriving PRM passengers with reservations	03'24''	05'42''
      First baggage return times	22'59''	25'59''
      Last baggage return times	27'59''	32'59''
      Boarding wait time for the 1st passenger	05'20''	05'37''

5. REGULATORY FRAMEWORK

   The main regulatory updates are reported below, while reference should be made to the 2024 Directors' Report for

   those issues not subject to amendments or supplements in the period.

   1. REGULATORY AGREEMENT AND TARIFF DYNAMIC FOR 2023-2026

      On October 6, 2023, at the ENAC headquarters in Rome, the "Regulatory Agreement" between ENAC and AdB was signed for the 2023-2026 period.

      In terms of the tariffs for the four-year period 2023-2026, then, we note that on April 28, 2023, with Resolution No. 82/2023, the Transport Regulation Authority declared compliance with the requirements in relation to the proposed revision of airport fees prepared by AdB and approved by airport users. The requirements set out by the Authority in that resolution were, therefore, fully enacted by the operator and, subsequently, on July 13, 2023 the TRA adopted a final compliance resolution.

      In H1 2024, Aeroporto Guglielmo Marconi di Bologna S.p.A. then put forward (receiving approval from ENAC on August 13, 2024) a justified proposal to update (pursuant to Article 6, paragraph 3 of the CDP) the annexes to the Regulatory Agreement for the four-year period 2023-2026. This considered the most updated traffic forecasts and in any case is substantially in line with previous agreements. It also takes into account the airport co-ordination beginning from the IATA Winter Season 2024-25 and considers the updates made to the Investment Plan based on new priorities and executive phases. The Plan also contains some new investments that bring the value of the investments in the four-year period - previously set at around Euro 140 million -to approximately Euro 200 million.

      The proposal, which was approved by ENAC as mentioned above, is considered to best meet the needs of the airport and its users. The reviewed, authorised reinvestment plan to 2026, accompanied by a business plan, is fully sustainable and will be entirely financed by AdB, using its own funds and bank and European Investment Bank (EIB) financing.

      On October 24, 2024, the Annual Hearing of the Users of Bologna's "Guglielmo Marconi" Airport was held, concerning the determination of fees for 2025. The PRM 2025 fee was approved by user vote. The ENAC oversight activity upon the PRM 2025 fee was concluded on January 28, 2025 with the approval of the fee.

      The oversight activities of the Transportation Regulatory Authority, under the terms and for the purposes of paragraph

      6.1.2 of the TRA Model, concluded on December 23, 2024, with the Authority not recognising the cost arising from the expropriation of the land on which parking lot 4 currently stands. With specific reference to this investment, in the annual determination of airport fees for 2025, the TRA ruled that the manager did not correctly apply the provisions of measure 8.5, point 9, of the relevant Airport Fees Regulatory Model approved by Resolution No. 92/2017, in terms of the section that provides that the expropriation charges "within the limits of the fairness value defined through the formal evaluation procedure provided for by the regulations in force, within the limits of the share strictly pertaining to aviation products subject to tariff regulation for which these areas are instrumental" are admissible to the net invested capital. The Authority therefore requested that this cost be excluded from the remuneration by making the relevant adjustment for the determination of the 2026 tariffs.

      The above TRA determination was appealed in the administrative court, as reported in the Disputes section of the Notes to these consolidated half-year financial statements.

   2. BUDGET LAW 2025 DEVELOPMENTS REGARDING PASSENGER BOARDING FEE SURTAXES

Budget Law 2025 (Law No. 207 of December 30, 2024) introduced a number of provisions applicable to airports and airport operations, particularly regarding the municipal surtax on passenger boarding fees. From April 1, 2025, in fact, the municipal surtax on passenger boarding fees increased by Euro 0.50 for each passenger boarded on directs flights to non-EU destinations. This increase applies to airports with annual traffic of 10 million passengers or more, calculated on the previous calendar year. The proceeds from this increase will go to the Municipalities in which the airport is located. Where the airport extends over several municipalities, the sums will be allocated proportionally among them. If any of

the affected municipalities has a population of less than 15,000, the due share will be paid to the relevant Province or Metropolitan City.

In addition, Budget Law 2025, in Paragraph 744 of Article 1, introduced procedures for ascertaining the payment of municipal surtaxes on air passenger boarding fees (established by Article 2 Paragraph 1 of Finance Law 2004, Law No. 350 of 2003), defining procedures for reporting data to the Ministry for Infrastructure and Transport ("MIT") by ENAC and the airport operators.

AdB has formally proceeded to report to MIT from the data as of January 2025 and has set up the necessary internal IT