Aeroporto Guglielmo Marconi di Bologna S p A : Consolidated Half-year Financial Report at 30 June 2026

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

At June 30, 2026

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.

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, 2026 6

Consolidated Half-Year Financial Statements for the period ended June 30, 2026 42

Statement of Consolidated Financial Position 43

Consolidated Income Statement 44

Consolidated Statement of Comprehensive Income 45

Consolidated Cash Flow Statement 46

Statement of changes in Consolidated Shareholders' Equity 47

Notes to the consolidated financial statements 48

Declaration on the condensed consolidated financial statements as per Article 154-bis, paragraph 5, CFA 96 Limited audit report 97

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

The Consolidated Half-Year Financial Report at June 30, 2026 (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 2026, and the Condensed Consolidated Half-Year Financial Statements.

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, 2026:

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.

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:

Name Office

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.

As per Article 25 of the By-Laws, at the reporting date, the Board of Statutory Auditors consists of three Statutory Auditors and two Alternate Auditors. The Board of Statutory Auditors in office was appointed by the Shareholders' Meeting of April 29, 2025 (on the basis of the slate voting by-law provisions) and shall remain in office until the date of the Shareholders' Meeting called to approve the financial statements as at December 31, 2027. Therefore, the current Board of Statutory Auditors of the Company is now composed as follows:

Name Office

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

Federica Nannucci Alternate Auditor

Andrea Collalti Alternate Auditor

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, 2026

1. STRATEGIES AND RESULTS 11

   1. AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING 11

   2. THE STRATEGIC OBJECTIVES 12

   3. SHARE PERFORMANCE 13

2. KEY OPERATING RESULTS ANALYSIS 15

   1. AVIATION STRATEGIC BUSINESS UNIT 15

      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA 15

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 19

   2. NON-AVIATION STRATEGIC BUSINESS UNIT 20

      1. NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 20

3. ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS 21

   1. CONSOLIDATED OPERATING RESULTS ANALYSIS 21

   2. CASH FLOW ANALYSIS 24

   3. FINANCIAL POSITION ANALYSIS 26

   4. AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS 27

      1. AIRPORT INFRASTRUCTURE DEVELOPMENT 27

      2. INVESTMENTS 27

   5. PERSONNEL 28

   6. KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES 29

4. MAIN NON-FINANCIAL RESULTS ANALYSIS 30

   1. SUSTAINABILITY 30

   2. QUALITY 31

5. REGULATORY FRAMEWORK 32

6. DISPUTES 35

7. PRINCIPAL RISKS AND UNCERTAINTIES 35

8. ALTERNATIVE PERFORMANCE INDICATORS 39

9. GUARANTEES PROVIDED 40

10. OPT-OUT REGIMES 40

11. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK 40

INTRODUCTION

Dear Shareholders,

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, 2026, 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 the concession expiring in December 2046.

The Group's structure at June 30, 2026 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

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.

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.

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 parking areas are concentrated in three parking areas: the first close to the terminal, the second close to the airport grounds and the third located approximately 1.5KM away. The overall average availability of paid parking spaces over the reporting period was approximately 3,900. This availability was temporarily reduced due to redevelopment work on some parking areas during the period, which has now concluded. To improve passenger service quality and gradually expand overall capacity, a project to build the new P6 Smart multi-storey car park began in the summer of 2025. The first block opened to the public in July 2025, providing more than 1,000 additional parking spaces across eight levels covering approximately 3,300 square metres each. In September 2025, construction work also began on the second parking block, which will further expand the overall offering. It will be open to the public in Autumn 2026.

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 - which has been affected by modernisation works in the Schengen area that began in 2023 - covers an area of more than 4,800 square metres. Since work was completed at the end of March, it has offered a total of 34 stores1 to the public.

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. The area is managed by a qualified hospitality and premium services management company (Prima Vista Lounges - a brand of the

1 The number of retail locations does not include ATMs (4 during the period)

Aviapartner Group, which is dedicated exclusively to the management of premium services), which seeks to guarantee high quality in the services offered. Thanks to the privacy and comfort it offers, the lounge is mainly used by business passengers flying with the main airlines. 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. Among the other services offered to passengers is car hire: 10 rental companies offer a total of 17 specialised brands, with a total of 520 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 situation in the Middle East remains highly uncertain. Against this backdrop, economic activity in the United States remains buoyed by AI-related technology spend and private consumption, despite increased cost pressures and a decline in consumer confidence. Exports continue to drive Chinese growth, while domestic demand remains weak. Global trade therefore grew at a faster-than-expected pace in Q1, driven by demand for AI-related goods, with a slowdown expected in the second half of the year, impacted by the supply chain disruptions caused by the conflict in the Middle East. Uncertainty regarding the content, timing and implementation of an agreement between the United States and Iran continues to weigh on the outlook for global growth and international trade.

      In the first three months of 2026, Eurozone GDP - excluding the sharp decline in Ireland - grew at a similar pace to the preceding quarters. Among the region's major economies, GDP continued to rise sharply in Spain, driven by domestic demand. Growth also continued in Germany, driven by public consumption, while in France, GDP declined slightly due to a drop in net foreign demand.

      Italy's gross domestic product grew in the initial months of the year. Economic output in Q1 rose 0.3%, mainly due to a sharp increase in goods and services exports. The positive momentum stemming from the digital and energy transitions and from projects funded by the National Recovery and Resilience Plan would have been partially offset by increased uncertainty and rising prices for energy and production inputs linked to tensions in the Middle East. According to the Bank of Italy's macroeconomic projections released in early June, GDP is expected to grow, according to the baseline scenario, by 0.5% in 2026, 0.4% in 2027 and 0.9% in 2028. The resumption of the conflict between the United States and Iran has once again triggered oil and natural gas price increases, following the announcement in mid-June of a memorandum of understanding that had helped ease market tensions. Looking ahead, energy commodity and financial market developments will be shaped by trade flows and the restoration of energy infrastructure in the Persian Gulf region. In the second week of July, crude oil prices hovered around USD 75 per barrel, down sharply from their April highs, although still above pre-conflict levels. Prices rose further in the third week, recouping much of the drop that followed the memorandum of understanding. The decline in oil supplies from the Gulf has been offset by falling demand, increased exports from the United States and the drawing down of inventories. Gas prices remain high. The European benchmark price for natural gas remains significantly higher than the same period in the previous year, driven by the need to replenish inventories, which are currently at historically low levels. The outlook for supply from the Middle East continues to be affected by damage to certain infrastructure in the region.

      Among the major economies, rising energy prices are driving inflation. Inflation has diverged among the various countries, reflecting not only the varying degrees of dependence on foreign energy, but also of market structures and supportive fiscal measures.

      Inflation has risen in Europe. During the spring months, the year-over-year movement in the consumer price index rose to 3.0%, driven primarily by the energy component. The growth in core prices - which excludes food and energy - rose slightly, driven by higher inflation for non-energy industrial goods. Among the most volatile components, inflation for energy goods rose, driven mainly by higher fuel prices, while food goods inflation fell. In June, the decline in oil prices brought down energy inflation and overall inflation from the highs reached in the previous month. (Source: Economic Bulletin, Bank of Italy, July 2026).

      Against this backdrop, the IATA (International Air Transport

      Association) reports that passenger traffic remained essentially stable on H1 2025 (+0.6%), while seat capacity declined slightly (-0.4%), resulting in a positive (although modest) impact on the overall load factor. The contraction stems from domestic traffic (-3.0% compared to the same month in 2025), while international traffic saw a more contained decline (-0.9% compared to June 2025), reflecting the highly adverse geopolitical environment in the Middle East. Global cargo traffic in the first half of the year and on a monthly basis remains resilient and confirms sustained growth (+4.9%), despite the current macroeconomic uncertainty (Source: IATA, Air Passenger and Air Freight Market Analysis, June 2026).

      European passenger traffic in H1 2026 was up 2.6% on the previous year. Cargo traffic was stable on the first six months of the previous year (+0.7%), reflecting the general uncertainties regarding the current macroeconomic and geopolitical variables (Source: ACI Europe, June 2026).

      Italian passenger traffic continued to grow strongly on the same period of the previous year (+4.9%), benefiting from the summer flights schedule and the seasonality of demand. Growth continues to be driven by international traffic (+6.5%), while domestic traffic however continued to grow (+1.5%) on the first half of the previous year (Source: Assaeroporti e Aeroporti 2030, June 2026).

      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 2026 compared to the previous year (+5.7%), with significant differences among airports. The month of June saw an improvement on the previous year, up 5.0% on 2025 (Source: Assaeroporti e Aeroporti 2030, June 2026).

      Bologna Airport reports growth in H1 2026 over 2025 (+3.6%). Domestic and international traffic grew at similar rates (+4.0% and +3.4% respectively), maintaining a stable impact on the overall volume. In H1 2026, Bologna Airport ranked fourth in Italy by number of passengers and third by

   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

      cargo volume transported (Source: Assaeroporti e Aeroporti 2030, June 2026).

      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, 2026 and June 30, 2026;

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

      On June 30, 2026, the official share price was Euro 9.20 per share, resulting in an AdB Group market capitalisation of Euro 332 million at that date.

      AdB share performance (01/01/2026-30/06/2026)
      
      AdB and FTSE Italia All-Share performance (01/01/2026-30/06/2026)

      • FTSE Italia All Share

      • AdB

      
      
      AdB share performance - prices and volumes (01/01/2026-30/06/2026)
      
      

      Following the significant uptrend in late 2025, driven by the Group's strong operating results and financial performance, the share price peaked in February 2026. A correction however was seen in March-April, followed by a gradual stabilisation from May - against a backdrop shaped by the persistent uncertainties in the macroeconomic and geopolitical landscape.

      The Q2 performance was therefore stable overall, confirming the resilience of the business model and benefiting from continued passenger traffic growth. The share performance also reflected the Group's strong operating results, with both price and trading volume increases coinciding with the release of the interim earnings results and participation at major industry conferences.

2. KEY OPERATING RESULTS ANALYSIS
   1. AVIATION STRATEGIC BUSINESS UNIT
      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

         The first half of 2026 featured growth in Q1 of 5.0% over Q1 2025, despite seasonal fluctuations in demand and the winter flight schedule. More moderate passenger growth was reported in Q2 (+2.6%), due to an unstable macroeconomic and geopolitical environment, though the resulting disruptions have been partially offset by a gradual shift in traffic toward destinations not affected by conflicts. The first half of the year thus proved resilient, with growth of 3.6% on the same period in 2025, against a 2.0% increase in

         movements. An overall positive impact on the load factor was therefore seen, which rose to 84.0% in the first half of 2026 from 83.6% in 2025.

         Despite the macroeconomic and geopolitical landscape outlined above and the initial disruptions caused by the unstable environment, Bologna airport reported 27,797 metric tonnes of cargo, a slight increase on the first half of 2025 (+3.2%).

         Passenger traffic performance January-June 2026
         
         

         	January - June 2026	January - June 2025	Change % 2026 -2025
         Passengers	5,490,628	5,302,379	3.6%
         Movements	41,828	41,009	2.0%
         Tonnage	2,899,637	2,856,156	1.5%
         Cargo	27,796,913	26,947,218	3.2%

         Data includes General Aviation and transits

         Passenger traffic breakdown	January - June 2026	% of total	January - June 2025	% of total	Change % 2026 - 2025
         Legacy	1,652,133	30.1%	1,674,952	31.6%	(1.4)%
         Low-cost	3,814,980	69.5%	3,603,239	68.0%	5.9%
         Charter	14,334	0.3%	14,342	0.3%	(0.1)%
         Transits	3,794	0.1%	3,988	0.1%	(4.9)%
         Total Commercial Aviation	5,485,241	99.9%	5,296,521	99.9%	3.6%
         General Aviation	5,387	0.1%	5,858	0.1%	(8.0)%
         Total	5,490,628	100.0%	5,302,379	100.0%	3.6%

         The breakdown of air traffic indicates growth in the low-cost segment and an uneven trend among the main categories. Against an increase in low-cost traffic (+5.9% compared to H1 2025), legacy traffic was down slightly (-1.4%) following the partial revision of the offer provided by carriers operating routes from the airport to countries bordering conflict zones.

         Despite the difficult operating conditions described above, international traffic maintained a stable proportion of total passenger volumes and reported an increase on H1 2025. Domestic traffic and overseas traffic are growing at similar rates, up 4.0% and 3.4% respectively on the same period in 2025.

         Passenger traffic breakdown	January - June 2026	% of total	January - June 2025	% of total	Change % 2026 - 2025
         Domestic	1,340,182	24.4%	1,288,222	24.3%	4.0%
         International	4,145,059	75.5%	4,008,299	75.6%	3.4%
         Total Commercial Aviation	5,485,241	99.9%	5,296,521	99.9%	3.6%
         General Aviation	5,387	0.1%	5,858	0.1%	(8.0)%
         Total	5,490,628	100.0%	5,302,379	100.0%	3.6%

         Despite the unstable geopolitical environment, both EU and non-EU traffic are also growing at substantially similar rates. However, non-EU traffic has been affected by disruptions linked to the conflict in the Middle East, posting growth of 2.7%. In fact, passenger numbers are increasing on the major

         routes to and from Bologna Airport (e.g., the United Kingdom, Albania and Turkey). However, EU traffic stands to benefit the most from a recovery in travel volumes, with growth of 3.8% on the same period in 2025, primarily on routes to Spain, Romania and France.

         Passenger traffic breakdown	January - June 2026	% of total	January - June 2025	% of total	Change % 2026 - 2025
         EU	4,231,532	77.1%	4,076,152	76.9%	3.8%
         Non-EU countries	1,253,709	22.8%	1,220,369	23.0%	2.7%
         Total Commercial Aviation	5,485,241	99.9%	5,296,521	99.9%	3.6%
         General Aviation	5,387	0.1%	5,858	0.1%	(8.0)%
         Total	5,490,628	100.0%	5,302,379	100.0%	3.6%

         Among the international destinations, Spain therefore confirmed its top spot in passenger traffic by volume, accounting for 14.0% of the total. Germany is next, with 6.1% of total passengers, despite the contraction on H1 2025,

         followed by the United Kingdom with 6.1%, Romania with 5.6% and France 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 2026	% of total	January -June 2025	% of total	Change % 2026 - 2025
         Italy	1,340,352	24.4%	1,288,222	24.3%	4.0%
         Spain	766,116	14.0%	758,330	14.3%	1.0%
         Germany	335,381	6.1%	355,414	6.7%	(5.6)%
         United Kingdom	334,088	6.1%	303,917	5.7%	9.9%
         Romania	305,032	5.6%	277,982	5.2%	9.7%
         France	248,192	4.5%	234,702	4.4%	5.7%
         Albania	243,783	4.4%	239,668	4.5%	1.7%
         Turkey	230,468	4.2%	229,756	4.3%	0.3%
         Poland	202,186	3.7%	202,923	3.8%	(0.4)%
         Netherlands	182,155	3.3%	174,701	3.3%	4.3%
         Other countries	1,302,875	23.7%	1,236,764	23.3%	5.3%
         Total	5,490,628	100.0%	5,302,379	100.0%	3.6%

         Demand growth was again reported for H1 2026, with eight overseas cities among the top 10 destinations, led by Tirana with nearly 244 thousand passengers.

         Main passenger traffic routes	January - June 2026	January - June 2025	Change % 2026 -2025
         Catania	307,930	289,494	6.4%
         Tirana	243,783	239,668	1.7%
         Barcelona	212,940	221,031	(3.7)%
         Paris CDG	170,855	157,786	8.3%
         Palermo	170,602	162,430	5.0%
         Istanbul	158,137	155,367	1.8%
         Madrid	157,778	146,834	7.5%
         Bucharest OTP	150,907	139,106	8.5%
         Brindisi	142,986	115,993	23.3%
         London LHR	134,285	128,418	4.6%

         Passenger traffic including transits

         Analysing the performance of the airlines, Ryanair is confirmed as the leading airline at the airport with 55.6% of total traffic, followed by Wizz Air with 10.6% of traffic (up

         7.1% on H1 2025). 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 2026	% of total	January - June 2025	% of total	Change % 2026 - 2025
         Ryanair	3,054,136	55.6%	2,867,605	54.1%	6.5%
         Wizz Air	582,228	10.6%	543,770	10.3%	7.1%
         Air France	170,724	3.1%	156,955	3.0%	8.8%
         Air Dolomiti	149,637	2.7%	147,906	2.8%	1.2%
         Turkish Airlines	157,830	2.9%	154,910	2.9%	1.9%
         British Airways	134,486	2.4%	128,567	2.4%	4.6%
         KLM Royal Dutch Airlines	130,730	2.4%	121,631	2.3%	7.5%
         ITA Airways	100,692	1.8%	123,066	2.3%	(18.2)%
         Vueling	69,972	1.3%	79,736	1.5%	(12.2)%
         Royal Air Maroc	75,859	1.4%	65,603	1.2%	15.6%
         Others	864,334	15.7%	912,630	17.2%	(5.3)%
         Total	5,490,628	100.0%	5,302,379	100.0%	3.6%

         Cargo Traffic

         As described above, since the end of February, uncertainties in the macroeconomic and geopolitical context have worsened, generating further downward pressures and whose evolution remains difficult to predict. The cargo sector continues to be affected by external shocks caused by multiple factors, not least of which is the continuing critical issues related to the introduction of tariffs on freight. Despite the challenging global trade environment, currently impacted by the escalation of the ongoing conflicts and the continued slowdown of the major economies, cargo traffic is benefiting

         from a gradual redistribution of flows, driven by resilient demand and particularly for high-value-added and critical goods (e.g. e-commerce and semiconductors). In fact, in June alone, the sector posted growth of 8.5%, which also remained positive for the period as a whole (+4.9% on the first half of 2025 - Source: IATA, Air Passenger and Air Freight Market Analysis, June 2026).

         The Group's cargo traffic is not exempt from fluctuations caused by the difficult backdrop outlined above, where the decline in air cargo (-6.3%), mainly due to the suspension of flights to the Middle East and the drop in cargo capacity, resulted in a significant recovery in ground freight (+48%).

         (in KG)	January - June 2026	January - June 2025	Change % 2026 -2025
         Air cargo, of which	20,912,719	22,307,619	(6.3)%
         Cargo	20,912,689	22,307,504	(6.3)%
         Mail	30	115	(73.9)%
         Ground freight	6,884,194	4,639,599	48.4%
         Total	27,796,913	26,947,218	3.2%

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

         in thousands of Euro	for the half year ended 30.06.2026	for the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
         Passenger Revenues	31,816	27,476	4,340	15.8%
         Carrier Revenues	20,050	18,522	1,528	8.2%
         Airport Operator Revenues	3,556	2,827	729	25.8%
         Traffic Incentives	(16,200)	(13,029)	(3,171)	24.3%
         Revenues from construction services	13,109	8,159	4,950	60.7%
         Other revenues	1,080	946	134	14.2%
         Total AVIATION SBU Revenues	53,411	44,901	8,510	19.0%

         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.

         In H1 2026, revenues grew on the same period of 2025 thanks to the higher traffic, increased tariffs and the increased investments in assets under concession.

         Group revenues from the Aviation Strategic Business Unit were up 19.0% overall on 2025. The individual accounts broke down as follows:

         • Passenger Revenues (+15.8%): Passenger revenue growth in H1 2026 on H1 2025 outpaced the rise in passenger traffic (+3.6%), as a result of the increased unitary tariffs for passenger fees and passenger security;

         • Carrier Revenues (+8.2%): Carrier revenues are in line with the trend in movements (+2.0%) and tonnage (+1.5%) and with the trend in tariffs, particularly take-off and landing tariffs, which increased on 2025;

         • Airport Operator Revenues (+25.8%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling services;

         • Incentives (+24.3%): the increase in incentives on H1 2025 follows both the growth of incentivised traffic and an increase in the incentive per passenger;

         • Revenues from Construction Services (+60.7%): the growth of this item stems from the increased investments in 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 30.06.2026	for the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
         Retail and Advertising	11,190	10,161	1,029	10.1%
         Parking	10,906	10,390	516	5.0%
         Real Estate	1,514	1,489	25	1.7%
         Passenger services	3,239	3,847	(608)	(15.8)%
         Revenues from construction services	14,013	12,236	1,777	14.5%
         Other revenues	1,260	1,715	(455)	(26.5)%
         Total NON AVIATION SBU Revenues	42,122	39,838	2,284	5.7%

         Total non-aviation business revenues increased by 5.7% in H1 2026 compared to 2025.

         In the second quarter, the Non-Aviation business saw a significant recovery, offsetting the negative performance of certain segments (parking, duty-free and advertising) in the first quarter.

         The individual areas of this business unit performed as follows.

         Retail and Advertising

         The growth in the period (+10.1%) was driven mainly by the Retail business and stemmed from the Food and Other Retail segments, thanks to the opening of all available outlets, but also due to the new terms for contracts expiring at the end of 2025, along with traffic growth. Duty Free, on the other hand, performed in line with 2025, despite growth in traffic and per-passenger fees. This follows a fall in turnover due to a lower propensity to spend. Advertising business growth was driven primarily by IGP Decaux's excellent performance and the ability to develop joint commercial initiatives between the concession holder and the airport, which generated new investments and contract renewals.

         Parking

         This result against 2025 (+5.0%) was achieved despite a sharp decline in supply during the first five months of 2026, due to the renovation works on the medium and long-term car parks. The new tariff structure, implemented in mid-April 2026, and the revenue generated by the first section of the new multi-story car park contributed to this result.

         Real Estate

         Real Estate revenues remained substantially consistent with 2025.

         Passenger services

         The 15.8% decline in passenger services is a result of premium services (lounge and ancillary services), since revenues from car rentals were generally in line with the same period in 2025. The performance of the individual businesses is described below.

         Premium services

         This business contracted compared to the same period in 2025. This is due to the fact that it is no longer under direct management, unlike the previous year until May, and therefore produces revenues from the sublicensing of spaces. These revenues are lower than those from the sale of services, although this approach also eliminates management costs.

         Self-hire sub-concessions

         Despite the fact that two operators have not renewed their contract for 2026 - bringing the number of companies operating at the airport from 12 to 10 - the areas vacated have been fully absorbed by the other competitors present, thus ensuring a result that remains in line with 2025.

         Revenues from Construction Services

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

         Other revenues

         The decline in other revenue (-26.5%) is primarily due to the absence - compared to the same period of 2025 - of significant operating grants for projects related to sustainability initiatives. This was partially offset by higher revenues from vehicle maintenance, the sale of aircraft de-icing fluid and the provision of training courses.

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 30.06.2026	For the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
      Revenues from aeronautical services	39,410	35,948	3,462	9.6%
      Revenues from non-aeronautical services	28,345	27,430	915	3.3%
      Revenues from construction services	27,122	20,395	6,727	33.0%
      Other operating revenues and proceeds	656	966	(310)	(32.1)%
      REVENUES	95,533	84,739	10,794	12.7%
      Consumables and goods	(2,591)	(1,787)	(804)	45.0%
      Service costs	(12,594)	(12,709)	115	(0.9)%
      Costs for construction services	(25,831)	(19,424)	(6,407)	33.0%
      Leases, rentals and other costs	(5,969)	(5,496)	(473)	8.6%
      Other operating expenses	(1,966)	(1,836)	(130)	7.1%
      Personnel costs	(19,674)	(18,062)	(1,612)	8.9%
      COSTS	(68,625)	(59,314)	(9,311)	15.7%
      EBITDA	26,908	25,425	1,483	5.8%
      Amortisation of concession rights	(5,984)	(4,935)	(1,049)	21.3%
      Amortisation of other intangible assets	(590)	(459)	(131)	28.5%
      Depreciation of tangible assets	(1,637)	(1,217)	(420)	34.5%
      DEPRECIATION, AMORTISATION AND	(8,211)	(6,611)	(1,600)	24.2%
      Reversals of impairment losses (net) on trade & other	(160)	(1)	(159)	n.a.
      Provision for renewal of airport infrastructure	(1,368)	(2,498)	1,130	(45.2)%
      Provisions for other risks and charges	(161)	(321)	160	(49.8)%
      PROVISION FOR RISKS AND CHARGES	(1,689)	(2,820)	1,131	(40.1)%
      TOTAL COSTS	(78,525)	(68,745)	(9,780)	14.2%
      EBIT	17,008	15,994	1,014	6.3%
      Financial income	529	1,100	(571)	(51.9)%
      Financial expenses	(2,728)	(964)	(1,764)	183.0%
      RESULT BEFORE TAXES	14,809	16,130	(1,321)	(8.2)%
      TAXES FOR THE PERIOD	(4,365)	(4,613)	248	(5.4)%
      PROFIT (LOSSES) FOR THE PERIOD	10,444	11,517	(1,073)	(9.3)%
      Minorities profits (losses)	0	0	0	n.a.
      Group profits (losses)	10,444	11,517	(1,073)	(9.3)%

      A consolidated profit of Euro 10.4 million is reported for the first half of 2026, compared to 11.5 million in the first half of 2025.

      Operating revenues overall grew 12.7%. Revenues break down as follows:

      • revenues from aeronautical services were up 9.6% on 2025, as a result of the increased traffic volumes and tariffs;

      • revenues from non-aeronautical services grew 3.3% due to the performance of the various category components, as outlined in the relative section;

      • revenues from construction services increased (+33.0%) following the rolling out of increased investments, both in the aviation and non-aviation sectors;

      • other operating revenues and income: the contraction on 2025 (-32.1%) was due to the fact that grants for funded projects were not received

        (which however had been received in the first half of 2025).

        Costs in the period overall increased 15.7% on the same period of 2025.

        These break down as follows:

      • costs for consumables and goods increased by 45.0%, due to the increased purchase of aircraft fuel for General Aviation and de-icing liquid for aircraft;

      • Service costs are slightly lower than in 2025 (-0.9%), primarily as a result of:

        • savings resulting from the insourcing of helpdesk services, effective July 2025, and streamlined security checkpoints, effective mid-February 2026;

        • the elimination of costs related to the operation of the business lounge, as a result of the transition to outsourced management;

        • the absence of the shuttle service to the remote car parks until mid-April, in addition to the closure of the Long Stay (P4) external car park due to renovation work,

        • only partially offset by higher costs for consulting and professional services, utilities, maintenance, cleaning, advertising and promotion, snow removal and insurance;

      • the movement in the lease, rentals and other costs account (+8.6%) is mainly due to the change in traffic volume, on whose basis the concession and security fees are calculated, in addition to the increase in data processing fees;

      • other operating expenses increased 7.1% due to the higher tax charges resulting from the expansion of infrastructure and particularly the new multi-level car park.

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

      EBITDA grew 5.8% in the first half of 2026 to Euro 26.9 million (Euro 25.4 million in 2025).

      Looking to overheads, the item "depreciation, amortisation and impairments" amounted to Euro 8.2 million, compared to Euro 6.6 million in the first half of 2025. The 24.2% increase is linked to the entry into service of new infrastructure and plant and is therefore in line with the rollout of the Group investment plan. Provisions decreased on H1 2025 (-40.1%), from Euro 2.8 million to Euro 1.7 million,

      due to lower accruals to the provision for the renewal of airport infrastructure and to the provisions for other risks and charges.

      EBIT totalled Euro 17 million, compared to Euro 16 million in the first half of 2025 (+6.3%).

      Net financial expenses of Euro 2.2 million were reported (net financial income of Euro 0.1 million in H1 2025), mainly due to:

      • the increase in interest expense on outstanding loans resulting from the increase in the average debt for the period;

      • the decrease in fair value of Euro 0.2 million for the equity financial instrument in Marconi Express, compared with an increase of Euro 0.8 million in the previous year, due primarily to the negative effect of higher discount rates, which offset the positive impact of the cash flows arising from the financial instrument drawing closer to their maturity dates.

      The Result before taxes in the first half of 2026 decreased 8.2% on the first half of 2025 to Euro 14.8 million (Euro 16.1 million in H1 2025).

      Income taxes decreased from Euro 4.6 million to Euro 4.4 million (-5.4%), while finally the net profit for the period, entirely concerning the Group, contracted 9.3% to Euro

      10.4 million , compared to Euro 11.5 million in H1 2025.

      The performance of EBITDA Adjusted for the construction services margin and the revenues from Terminal Value (TV) on the Provision for Renewal is presented below.

      in thousands of Euro	For the half year ended 30.06.2026	For the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
      Revenues from aeronautical services	39,410	35,948	3,462	9.6%
      Revenues from non-aeronautical services	28,345	27,430	915	3.3%
      Other operating revenues and proceeds	507	966	(459)	(47.5)%
      REVENUES	68,262	64,344	3,918	6.1%
      Consumables and goods	(2,591)	(1,787)	(804)	45.0%
      Service costs	(12,594)	(12,709)	115	(0.9)%
      Leases, rentals and other costs	(5,969)	(5,496)	(473)	8.6%
      Other operating expenses	(1,966)	(1,836)	(130)	7.1%
      Personnel costs	(19,674)	(18,062)	(1,612)	8.9%
      COSTS	(42,794)	(39,890)	(2,904)	7.3%
      ADJUSTED GROSS OPERATING PROFIT	25,468	24,454	1,014	4.1%
      Revenues from construction services	27,122	20,395	6,727	33.0%
      Costs for construction services	(25,831)	(19,424)	(6,407)	33.0%
      Construction Services Margin	1,291	971	320	33.0%
      Revenues from Terminal Value on Provision for Renewal	149	0	149	n.a.
      GROSS OPERATING PROFIT/(LOSS) (EBITDA)	26,908	25,425	1,483	5.8%

      Adjusted revenues were up 6.1% on 2025, while Adjusted costs increased 7.3%, resulting in Adjusted EBITDA of Euro 25.5 million, compared to Euro 24.5 million in 2025 (+4.1%)

      The table below shows the quarterly passenger traffic performance and EBITDA of the Parent Company adjusted for the construction services margin and the revenues from Terminal Value (TV) on the Provision for Renewal.

      	Q1 2026	% change vs 2025	Q2 2026	% change vs 2025
      Passenger Traffic	2,241,454	5.0%	3,249,174	2.6%
      INCOME STATEMENT (in thousands of Euro) ADJUSTED REVENUES	27,468	3.8%	35,835	6.8%
      Revenues from aeronautical services	15,045	7.3%	19,643	9.9%
      Revenues from non-aeronautical services	12,109	(0.5)%	15,902	7.2%
      Other operating revenues and proceeds	314	12.5%	290	(66.2)%
      ADJUSTED COSTS	(18,411)	3.6%	(20,533)	8.0%
      Personnel costs	(8,934)	8.3%	(9,809)	9.1%
      Other operating expenses	(9,477)	(0.5)%	(10,724)	7.0%
      ADJUSTED EBITDA	9,057	4.2%	15,302	5.2%
      ADJUSTED EBITDA MARGIN	33.0%	n.a.	42.7%	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	As at 30.06.2026	As at 30.06.2025	Change
      Cash flow generated/(absorbed) by operating activities before changes in working capital	26,051	24,397	1,654
      Cash flow generated / (absorbed) by net operating activities	19,961	14,583	5,378
      Cash flow generated / (absorbed) by investing activities	(37,458)	(22,128)	(15,330)
      Cash flow generated / (absorbed) by financing activities	(17,600)	(11,488)	(6,112)
      Change in closing cash flow	(35,098)	(19,033)	(16,065)
      Cash and cash equivalents at beginning of period	81,164	41,079	40,085
      Change in closing cash flow	(35,098)	(19,033)	(16,065)
      Cash and cash equivalents at end of period	46,066	22,046	24,020

      The cash flow generated by operating activities before working capital changes amounted to Euro

      26.1 million (+1.7 million on the comparative period).

      Working capital absorbed cash of Euro 6.1 million in the period, compared to Euro 9.8 million in H1 2025. The decrease of Euro 3.7 million is primarily due to:

      • lower expenditures (-Euro 7.4 million) for tax payments and the use of provisions (-Euro 0.4 million);

      • increased outflows for the settlement of trade payables and other liabilities (+Euro 4.8 million) and interest on loans (+Euro 1.4 million), alongside the absorption of cash due to an increase in receivables and other assets for an additional Euro 1.6 million.

        As a result of that outlined above, cash flow from operating activities, net of working capital changes, generated Euro 20 million, compared to a cash generation of Euro 14.6 million in H1 2025 (+Euro 5.4 million).

        Investing activities absorbed cash of Euro 37.5 million -compared to Euro 25.5 million in H1 2025 - mainly due to absorptions from:

        • investing activities in tangible and intangible assets,

          mainly concession rights for Euro 36.7 million, against Euro 24.5 million in the comparative year;

        • the temporary use of liquidity in Time Deposits for Euro 0.8 million (Euro 0.7 million in H1 2025):

          Financing activities absorbed cash of Euro 17.6 million (Euro 11.5 million in H1 2025), mainly due to:

        • the payment of dividends from the 2025 profit (Euro 12.6 million, compared to Euro 17 million in H1 2025);

        • the repayment of the maturing loan instalments (Euro 4.8 million, compared to Euro 4.9 million);

        • the absence of loan drawdowns, which had had a positive impact of Euro 10.5 million in the first half of 2025.

      Based on the above, net cash flow of 35.1 million was absorbed in the period (Euro 19 million in the first half of 2025), reducing cash and cash equivalents at period-end to Euro 46.1 million, from Euro 81.2 million at the beginning of the year.

      The Group's net financial debt at June 30, 2026, at December 31, 2025 and at June 30, 2025 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 30.06.2026	For the year ended 31.12.2025	For the half year ended 30.06.2025	Change 30.06.2026 31.12.2025	Change 30.06.2026 30.06.2025
      A	Cash	45,366	80,464	21,346	(35,098)	24,020
      B	Other cash equivalents	700	700	700	0	0
      C	Other current financial assets	800	0	700	800	100
      D	Liquidity (A+B+C)	46,866	81,164	22,746	(34,298)	24,120
      E	Current financial payables	(5,135)	(4,913)	(12,604)	(222)	7,469
      F	Current portion of non-current debt	(3,469)	(6,421)	(9,665)	2,952	6,196
      G	Current financial debt (E+F)	(8,604)	(11,334)	(22,269)	2,730	13,665
      H	Net current financial debt (G-D)	38,262	69,830	477	(31,568)	37,785
      I	Non-current financial payables	(93,189)	(94,998)	(16,637)	1,809	(76,552)
      J	Debt instrument	0	0	0	0	0
      K	Trade payables and other non-current payables	(1,046)	(1,172)	(1,075)	126	29
      L	Non-current financial debt (I+J+K)	(94,235)	(96,170)	(17,712)	1,935	(76,523)
      M	Total net financial position (H+L)	(55,973)	(26,340)	(17,235)	(29,633)	(38,738)

      The Group Net Financial Debt at June 30, 2026 was approximately Euro 56 million, compared to Euro 26.4 million at December 31, 2025, thus increasing by Euro 29.6 million.

      Compared to December 31, 2025, the decrease in liquidity of Euro 34.3 million is mainly due to the cash flow absorbed from infrastructure and technological investment activities amounting to Euro 36.7 million and from financing activities of Euro 4.8 million, the payment of dividends for Euro 12.6

      million, partially offset by the generation of operating cash flows, net of Net Working Capital movements, which was positive for Euro 20 million.

      In terms of payables, the main differences on December 31, 2025 relate to the settlement of maturing loan instalments amounting to Euro 4.8 million.

   3. FINANCIAL POSITION ANALYSIS

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

      USES	As at 30.06.2026	As at 31.12.2025	As at 30.06.2025	Change 30.06.2026 31.12.2025	Change 30.06.2026 30.06.2025
      - Trade receivables	20,425	19,691	16,771	734	3,654
      - Tax receivables	732	845	343	(113)	389
      - Other Receivables	10,124	7,247	9,233	2,877	891
      - Inventories	967	865	806	102	161
      Sub-total	32,248	28,648	27,153	3,600	5,095
      - Trade payables	(38,071)	(44,657)	(33,977)	6,586	(4,094)
      - Tax payables	(2,216)	(1,206)	(2,164)	(1,010)	(52)
      - Other payables	(44,466)	(40,448)	(43,152)	(4,018)	(1,314)
      Sub-total	(84,753)	(86,311)	(79,293)	1,558	(5,460)
      Net operating working	(52,505)	(57,663)	(52,140)	5,158	(365)
      - Fixed assets	325,663	304,843	286,703	20,820	38,960
      - Deferred tax assets	5,245	4,776	4,661	469	584
      - Other non-current assets	30,690	29,309	21,446	1,381	9,244
      Total fixed assets	361,598	338,928	312,810	22,670	48,788
      - Provisions for risks, charges &	(26,574)	(26,146)	(27,997)	(428)	1,423
      - Other non-current liabilities	(32)	(41)	(57)	9	25
      Sub-total	(26,606)	(26,187)	(28,054)	(419)	1,448
      Fixed Operating Capital	334,992	312,741	284,756	22,251	50,236
      Total Uses	282,487	255,078	232,616	27,409	49,871

      SOURCES	As at 30.06.2026	As at 31.12.2025	As at 30.06.2025	Change 30.06.2026 31.12.2025	Change 30.06.2026 30.06.2025
      Net Financial Position	(55,973)	(26,340)	(17,235)	(29,633)	(38,738)
      - Share Capital	(90,314)	(90,314)	(90,314)	0	0
      - Reserves	(125,756)	(113,582)	(113,550)	(12,174)	(12,206)
      - Result for the period	(10,444)	(24,842)	(11,517)	14,398	1,073
      Total Shareholders' Equity	(226,514)	(228,738)	(215,381)	2,224	(11,133)
      Total Sources	(282,487)	(255,078)	(232,616)	(27,409)	(49,871)

      (*) 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 Debt table

      Net invested capital at June 30, 2026 was Euro 282.5 million, an increase of Euro 27.4 million compared to December 31, 2025, mainly due to the increase of fixed assets: +Euro 20.8 million in investments, mainly in concession rights, net of amortisation for the period. Net working capital is negative for Euro 52.5 million, decreasing Euro 5.2 million compared to December 31, 2025 due to:

      • the increase in current receivables, primarily due to the higher business volumes in the second quarter of 2026, resulting in an increase in revenues and in trade receivables and passenger boarding fee surtaxes, in addition to higher accrued income and prepaid expenses as concerning an interim period;

      • a decrease in trade payables, also in view of the investments made in the latter part of 2025,

      partially offset by an increase in tax payables and other payables, with these latter also linked to the increase in the passenger boarding fee surtaxes and the related accruals and deferrals.

      In terms of sources, in addition to the net financial debt of Euro 56 million compared to Euro 26.3 million at December 31, 2025, consolidated and Group Shareholders' Equity amounted to Euro 226.5 million compared to Euro

      228.7 million at December 31, 2025. The decrease of Euro

      2.2 million is due to the distribution of dividends from the 2025 net profit (Euro 12.6 million), partially offset by the net profit for the period of Euro 10.4 million.

   4. AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS
      1. AIRPORT INFRASTRUCTURE DEVELOPMENT

         In H1 2026, 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 "2026-2030 Plan for the functional development of the terminal area". This is a programme instrument annexed to the Regulatory Agreement (Contratto di Programma - "CDP") for short-term interventions.

         In H1 2026, the construction projects with the greatest impact on the airport were the airside "Apron 1 Expansion -Lot

         II", which involves the reconfiguration of the current Apron 1, and, in the terminal, the "Check-in Area Reconfiguration"

         and "New Schengen Gate Rooms and BHS Expansion", as provided for in the current Regulatory Agreement. Progressive infrastructure releases will ensure 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 2026 amount to Euro

         27.9 million2. In particular, Euro 18.6 million concerned infrastructure investments, alongside Euro 9.3 million for investments in airport operations.

         The progress of the main infrastructural works is highlighted below:

         • New Multi-storey Car Park: the work that began in September 2025 continues on the construction of the second building of the new multi-storey car park (made up of two separate buildings distributed across eight storeys - ground floor + seven upper floors), which will house 2,218 parking spaces.

         • Airside Terminal Expansion: the airside work related to the terminal expansion includes the reorganisation of the aprons and relative taxiways, along with the infrastructure work required to construct the building. The project is divided into two functional phases: phase 1 was completed with the final finishing work in Q1; for Phase 2, the work that began at the start of the year is continuing.

         • New Schengen gateroom and expansion of BHS building: The project involves the construction of four new gaterooms in the West area of the airport intended for boarding to Schengen destinations and the expansion of the existing Baggage Handling System (BHS) building. Work is also planned to make functional improvements to the building next to the BHS.

         • P4 car park renovation: this project involved the renovation of a long-term car park; work began in January 2026 and was completed in June with the

           opening of the cark park, which provides a total of 1,675 parking spaces.

         • Schengen Departure Hall reconfiguration: the work to expand and modernise the Schengen departures hall has been completed, including the completion of the hall and boarding gates, the construction of a new staircase section to the aircraft stands, and the gradual addition of new seating and retail and food&beverage outlets, which were delivered in the early months of 2026.

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

         • Adaptation of airside manoeuvring areas: work continues on paving the green islands adjacent to the taxiways.

         • Seismic retrofitting and reprotection of aviation maintenance space at East Terminal: work continues to expand the East Terminal by redeveloping and improving the efficiency of spaces dedicated to staff, particularly aviation maintenance workers, and to ensure the structural seismic safety of the entire building.

         • New BHS System: work continues on upgrading the departing baggage sorting system, which includes

           (i) the reconfiguration of the existing system, with the addition of new conveyor belts, (ii) the installation of a new metal detector and X-ray machine, (iii) the replacement of the three flight-loading carousels, and

           (iv) the addition of two additional carousels.

           2 Please refer to Section 8 Alternative performance measures

         • Flood control facility: the restoration of the Olmi Quarry area was completed with the construction of a new flood control basin.

         • Construction of a new airport operations coordination center (APOC): the new APOC, which is designed to consolidate key airport operations management functions into a single facility in order to monitor and co-ordinate all critical airport activities in real time and streamline processes, was inaugurated in July at the COA (Airport Operations Centre).

         • Various projects and supplies to ensure operativity (new counter-flow lanes in the Schengen arrivals hall, expansion of CSR electrical rooms, purchase of a new airport sweeper, new lawn mowing robots for the airside area, new wheelchairs, and various upgrades to technical and IT systems), in addition to various innovation technology projects to improve the passenger experience.

           Actions focused on environmental sustainability include:

         • New photovoltaic systems: a European tender is underway for the construction of a ground photovoltaic system located north of the runway. Work has also begun to create a power line as a preliminary step toward the construction of the photovoltaic plant.

         • Renewal of electric cars and vehicles: an electric shuttle for PRM transport was purchased and the renewal of electric cars and vehicles to replace existing fossil-fuel powered ones continues (electric friction tester vehicle, new electric cars).

         • Decarbonisation of power plants: work continues on replacing oil-fired power plants with electrically powered ones.

           Provisions for Renewal

           The total amount of renewal and maintenance cycle works on airport infrastructure and plant in H1 2026 is Euro

           1.2 million, of which Euro 0.4 million for various airside works, Euro 0.5 million on plant, and Euro 0.3 million for landside works designed to maintain operations.

   5. PERSONNEL Workforce breakdown

      	for the half year ended 30.06.2026	for the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
      Full Time Equivalent average workforce	570	565	5	1%
      Executives	9	9	0	0%
      Managers	44	46	(2)	(4)%
      White-collar	407	404	3	1%
      Blue-collar	110	106	4	4%

      	for the half year ended 30.06.2026	for the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
      Average workforce	648	624	24	4%
      Executives	9	9	0	0%
      Managers	44	46	(2)	(4)%
      White-collar	479	457	22	5%
      Blue-collar	116	112	4	4%

      Source: Company workings

      The change in headcount compared to 2025 (+5 FTE) is driven by increases in staff, mainly as a result of the internalisation of the help desk service (IT and Innovation area) from July 2025. These increases were partly offset by lower operational staffing levels due to increased efficiency in security and the absence of staff to manage the business lounge.

      Costs

      	for the half year ended 30.06.2026	for the half year ended 30.06.2025	Total change vs 2025	% change vs 2025
      Personnel costs	19,674	18,062	1,612	8.9%

      Source: Company workings

      Personnel costs for H1 2026 increased by 8.9% on the same period in 2025, mainly due to:

      • the increase in the workforce outlined above;

      • the pay increase provided for in the renewal of the national collective bargaining agreements for air transportation (specific part relating to airport operators), effective July 2025;

      • the increased use of temporary labour following the internalisation of the security gate support service and the engagement of additional facilitators for Entry-Exit. The European Entry/Exit System is a border management system for passengers from outside the Schengen area, provided for in EU Regulation 2017/2225 and 2017/2226, which modernises border management and improves the security of the Schengen area through electronic registration (passport control and biometric passenger recognition) of the entry and exit of third-country nationals (Non-Schengen).

      Trade union relations

      In H1 2026, discussions with labour unions continued at the national and local levels. At the national level, the new professional classification system provided for in the renewal of the 2025 national collective bargaining agreements for the Air Transport Sector has been adopted, with the main changes taking effect on March 1, 2026. Discussions on the Sustainability Protocol with ground handling companies and labour and management representatives also continued. At the local level, initiatives to improve the safety and protection

      of airport staff continued, with positive results in reducing the number of acts of aggression on airport workers. Agreements were also signed during the period to introduce body cameras and to establish regulations for the processing of email metadata, in support of operational security and corporate cyber security. Finally, discussions continue with labour unions and airport operators to establish measures to protect workers exposed to high temperatures, with particular emphasis on activities carried out in the airside area.

      Training of personnel

      The Group continued its commitment to developing managerial and professional skills during the period. Specifically, the "Let's Develop 2026" programme was launched, targeting young employees under the age of 35 with less than three years on the job. The goal of the programme is to promote professional growth, organisational engagement, and alignment with company values. Management and specialised development programmes were also introduced, including executive coaching programmes and training initiatives in the areas of risk management, sustainability, and environmental compliance. Mandatory training on cyber security and whistleblowing also continued. For the Security division, annual refresher training and initial staff training programmes were provided through the ENAC-certified Training Center and supplemented by specific specialised courses. Initiatives to support sustainability and organisational well-being also continued, including parenting support programs for employees returning from maternity leave.

   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, 2026, the company had 16 employees (15 at December 31, 2025) 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 2026, FFM handled 9,811,476 kg of cargo, a 1% increase on 2025. This was an unexpected result given the economic and political landscape at the start of 2026, which culminated in the outbreak of war in Iran in late February - an event which effectively brought Emirates Airlines' air freight operations, FFM's primary aviation customer, to a complete halt for several months.

      By contrast, ground freight traffic volumes were up 48%, with traffic to North America growing in particular. This increase more than offset the decline in air traffic.

      Revenues in the period decreased 14.8% from H1 2025 due to the volume trend mentioned above, given the lower profitability of ground freight compared to air traffic. Costs meanwhile saw a 4% decline in the period, resulting in a sharp drop in EBITDA (-70.6% compared to the first half of 2025), coming in at Euro 88 thousand, compared to Euro 299 thousand in H1 2025, with the net profit for the period amounting to Euro 69 thousand (compared to Euro 189 thousand, -63.5%).

      Finally, reference should be made to Note 29 of these financial statements 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, under a sub-concession from AdB. This sub-concession, which was originally set to last 20 years and was therefore scheduled to expire in December 2028, was extended by ENAC to December 31, 2030, following a request from AdB. Tag Bologna, 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 19 employees at June 30, 2026 (16 at December 31, 2025).

      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 the first half of 2026, Tag reported a 12.4% decline in aircraft movements compared to the same period in 2025, a 1.2% reduction in tonnage, and an 8.2% decrease in passenger traffic, due to the absence of major General Aviation events, considering the exclusion of the Imola circuit from Formula 1 races, as well as more structural factors, such as the reduction in the number of aircraft parking spaces dedicated to private flights.

      Total revenue for the period was 28.7% higher than in the first half of 2025, thanks to sales of aviation fuel and certain additional services. Costs rose by 37.6%, driven in part by purchases of aviation fuel, in addition to higher Service costs and, given the increase in the workforce, personnel costs.

      EBITDA grew 8.6% to Euro 1 million (Euro 0.9 million in H1 2025), while the Net Profit for the period was Euro 631 thousand, also up (+13.7%) on the comparative period (profit of Euro 555 thousand).

4. MAIN NON-FINANCIAL RESULTS ANALYSIS
   1. SUSTAINABILITY

      In H1 2026, 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.

      In the environmental sphere, work continued during the reporting period on decarbonising the airport's heating plant (see 3.4.2 Investments), as did collaborations with local institutions, technical bodies, and local organisations to

      develop projects focused on the environment, biodiversity, sustainable mobility, and enhancing the local area. One example of this collaboration is the three-year Protocol signed with Sustenia. This sees AdB participate through a dedicated investment and, during the period under review, took concrete form in the expansion of the Reptile and Amphibian Center (CRA).

      During the reporting period, an audit confirmed the certification of the airport's management systems, which include: Quality (ISO 9001), Environment (ISO 14001),

      Energy (ISO 50001), and Occupational Health and Safety (ISO 45001).

      Work in the social sphere included the first workshop with stakeholders in the supply chain following the ESG risk assessment conducted in 2025. The workshops' primary objective is to bring sustainability issues into the dialogue with companies operating within AdB's ecosystem; they form part of the activities to map, analyse, and monitor ESG risks in the supply chain, as outlined in the Group's Sustainability Plan. A training and discussion session was held for the selected organisations to provide practical tools and raise awareness about sustainability challenges through real-world examples and experience sharing.

      Also significant was the launch of an internal occupational

      health and safety awareness campaign on near misses, which underscores the company's ongoing commitment to promoting a culture of prevention. Meanwhile, the company continued to focus on issues of diversity, inclusion, and

      employee well-being through dedicated initiatives such as a webinar on generational differences at the airport and an in-house meeting to highlight the role of innovation. As regards the topic "Noise and Annoyance" (see section 7 Principal risks and uncertainties - Risks related to exceeding noise zoning limits [noise and annoyance]), the June 16, 2026 launch of the public consultation process with stakeholders was significant. This sought to gather information to help finalise the package of measures to apply a balanced approach to noise management. The consultation process is scheduled to end 120 days after it begins.

      Finally, the reporting period saw work begin on introducing ESG software to manage sustainability reporting data. The goal in this area is to streamline the processes for collecting, managing, and monitoring information and ensuring that data is increasingly accurate, traceable, and verifiable.

   2. QUALITY

      In H1 2026, satisfaction with the quality of services offered to passengers remained particularly high. Indicators regarding the effectiveness and accessibility of public information services stand at 99.2%, and the perception of the clarity and effectiveness of internal signage reached 99.7%. This is an improvement on the previous year and reflects the gradual reopening of areas affected by renovation work, including the Schengen departure hall and the security screening area.

      The completion of the Schengen departures hall renovation also contributed to a significant improvement in the perception of the availability of charging stations for electronic devices, which now stands at 98%. This result was helped by the installation of new seats equipped with built-in charging ports, which passengers particularly appreciate for their comfort and functionality.

      The perceived level of cleanliness and functionality of toilet areas remains very high, at 97.9%. In this regard, the new cleaning service contractor began operations in May 2026, with the goal of further consolidating the standard of quality provided.

      In terms of operational processes, positive results were recorded for check-in wait times, baggage delivery times, and

      on-board waiting times until first passenger disembarkation. All of these indicators improved on H1 2025, thanks to constant performance monitoring and the well-established synergy between AdB and the operational handlers.

      Wait times at security checkpoints remain at good levels and in line with expected standards. After some fluctuations during the first half of the year, the indicators improved steadily in the final months of the reporting period, confirming the effectiveness of the monitoring and optimisation measures adopted.

      The assistance service for passengers with reduced mobility (PRM) continues to perform very well, even as the volume of passengers handled increased significantly: in H1 2026, the number of assistance cases increased by 12.9% on the previous year. In this regard, the service continues to provide high levels of efficiency, with wait times consistently remaining below benchmark standards. This result is a testament to the organisational effectiveness of the service and the attention paid to ensuring accessibility.

      INDICATORS	January - June 2026	January - June 2025
      Perception of the cleaning level and functionality of toilets	97.9%	98.3%
      Perception of the availability of mobile phone and laptop recharging stations in	98%	82.1%
      Overall perception of the efficacy and accessibility of public information services	99.2%	99.2%
      Perception of the clarity, comprehensibility and effectiveness of internal signage	99.7%	98.9%
      Check-in waiting time	16'28''	18'50''
      Perception of passport control waiting time	05'03''	04'54'
      Wait time for departing PRM passengers with reservations	09'40''	08'57''
      Wait time for arriving PRM passengers with reservations	03'08''	03'24''
      First baggage return times	21'59''	22'59''
      Last baggage return times	25'59''	27'59''
      Boarding wait time for the 1st passenger	05'00''	05'20''

5. REGULATORY FRAMEWORK

   The main regulatory updates are reported below, while reference should be made to the 2025 Directors' Report for those issues not subject to amendments or supplements in the period.

   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 28, 2025, the Annual Hearing of the Users of Bologna's "Guglielmo Marconi" Airport was held, concerning the determination of fees for 2026. The PRM 2026 fee was approved by unanimous user vote. Supervisory activities of the Transportation Regulation Authority, under the terms and for the purposes of Article 6.1.2 of the TRA Model, were successful but with certain prescriptions that were not materially impactful and will be given due consideration in the next update of airport charges. The ENAC oversight activity upon the PRM 2026 fee has also been successfully concluded. Finally, in September the preliminary process will formally begin for the drafting and subsequent signing of the Regulatory Agreement covering the 2027-2030 regulatory period.

   Publication of ITOs for the implementation of the balanced approach under Regulation (EU) No. 598/2014

   On February 26, 2026, ENAC published Technical and Operational Guidance 2026/02-ENV Ed.1, which contains the methodology for implementing the balanced approach for noise containment at domestic airports. The ITOs were issued following the adoption by the same body of the Regulation on "Provisions for the Implementation of the Balanced Approach at National Airports in Application of Regulation (EU) 598/2014," Ed.1 Rev. 1.

   Within this framework, the aforementioned European Regulation of 2014 had provided for the innovation and consolidation of airport noise abatement regulations, introducing a common framework based specifically on the concept of a balanced approach. This approach, outlined by ICAO in Resolution A33/7 of 2001 and developed by ECAC, stipulates that any operating restrictions may be introduced, as a last instance, only if other measures are found to be insufficient to achieve the noise containment objectives, while they should only be adopted following a suitable technical process. The balanced approach therefore involves a consistent consideration of, in order, the range of available actions, i.e. reduction of aircraft noise at source, land-use planning and management, operational procedures for noise abatement, and finally operational restrictions, with the aim of solving the noise problem in the most cost-effective manner at the level of individual airports.

   ENAC, as the national authority in charge of the procedure for adopting operating restrictions under Article 3 of the European Regulations, has therefore defined, with the ITOs in question, the methodological framework regarding the actions to be taken by airport management companies if it is determined that the limits defined through noise zoning have been exceeded. In particular, the report reviews the measures already provided for in EU legislation and the related operational actions through which these are implemented.

   In addition, the ITOs provide a structure for the decision-making process that must be followed when an airport noise problem is encountered, describing the different steps and actors involved. Beginning with the verification of compliance with the noise limits in the hands of the operator, arrangements are made for the activation of the relevant ENAC territorial directorate to initiate the phase of technical cooperation between ENAC and ENAV and the subsequent activation of the public consultation of stakeholders on the proposed mitigation measures, including the final selection of the measures to be adopted and their validation by the competent acoustics technician. Furthermore, ITOs place particular emphasis on the need for decisions to be based on objective and verifiable evidence, consistent with the principles of sustainability, proportionality, and cost-

   effectiveness, especially with regard to the introduction of any operational restrictions.

   Entry/Exit System (EES) entering full operation

   After the gradual start-up phase that began on October 12, 2025, the Entry/Exit System (EES), the new Schengen external border control system introduced by Regulation (EU) No. 2017/2225 and 2017/2226, became fully operational on April

   10. The gradual entry into force of the system had been provided for in Regulation (EU) No. 2025/1534 of July 18, 2025, which, as a derogation from the aforementioned sources, had granted Member States a transitional period of 180 days concluding on April 10, 2026.

   Until July 9, the option remains for member states to partially suspend EES operations for up to six hours upon the occurrence of exceptional circumstances that cause traffic intensity such that the waiting time at a border crossing is excessive. During this partial suspension, member states are exempt from the requirement to record biometric data, with the responsibility to notify the reason for and duration of the suspension. There is then an automatic extension of these flexibility measures until September 7 where less than 80% of the individual files registered during the phased-in operation of the EES contain biometric data.

   In recent months, the European debate on the introduction of the Entry/Exit System (EES) has seen an increase in institutional and industry initiatives, in light of the significant operational challenges encountered at airports during rollout. On June 29, Europe's leading air transport associations - ACI EUROPE, Airlines for Europe (A4E), and IATA - sent an open letter to President of the European Commission Ursula von der Leyen, highlighting that wait times at border controls have reached critical levels, sometimes as long as five hours. The associations therefore asked the Commission to ensure that Member States have the necessary flexibility to fully suspend the application of the EES as a precautionary measure during July and August, should traffic volumes exceed available operational capacity. At the national level, on July 1, Assaeroporti and Aeroporti 2030 issued a joint press release in support of the European initiative. On that occasion, the President of Assaeroporti, Carlo Borgomeo, reiterated the priority of introducing mechanisms for greater flexibility, emphasising the need to be able to temporarily suspend the system during the summer and describing the situation created by the EES as objectively unmanageable at nearly all Italian airports.

   On July 7, the call for greater flexibility was also formally supported by nine European countries - Italy, France, Germany, Belgium, Greece, Malta, the Netherlands, Portugal, and Switzerland - which sent a joint letter to the European Commissioner for Internal Affairs. The signatories expressed serious concern regarding the system's operational impacts and asked the European Commission for formal assurances that the option to suspend the collection of biometric data -temporarily and under exceptional circumstances - would be extended beyond the current deadline of September 6, 2026. On July 13, another meeting between representatives of the aviation industry and the President of the European

   Commission failed to produce the practical solutions sought by the sector. After the meeting, ACI EUROPE, A4E, and IATA therefore issued a new appeal to European heads of government, supporting the request made by the nine member states to extend the partial suspension beyond September 6. They also reiterated the need for member states to be able to enact a total suspension of the EES during the summer months to avoid serious repercussions on airport operations.

   Suspension of customs duty on non-EU goods worth less than Euro 150 and changes to the European framework

   Article 5 of the Fiscal Decree (DL No. 38/2026), effective March 28, postponed to July 1, 2026 the application of the "customs administrative fee" of Euro 2 for shipments of less than Euro 150 in value from non-EU countries, which had been introduced by the Budget Law 2026 (L. 199/2025).

   SME law - exemption from insurance requirement for airport vehicles

   As of last April 7, with the vacatio legis (intermediate) period related to the publication of the Small and Medium Business Law having ended, the exemption of airport vehicles from third-party liability (RCA) came into effect.

   In more detail, Article 9 of Law No. 24/2026 exempted from compulsory insurance vehicles used in areas not accessible to the public in airport areas, as well as port and railway areas, which are already covered by a different policy for third-party liability, along with unregistered forklifts operating within company areas, factories or warehouses.

   The prerequisites for the adoption of the measure had manifested following the entry into force of Legislative Decree No. 184/2023, which, by implementing Directive (EU) No. 2021/2118 on third-party liability insurance, had amended Article 122 of the Private Insurance Code under Legislative Decree No. 209/2005, introducing precisely the obligation of third-party liability insurance for all vehicles, regardless of their characteristics and their exclusive use in restricted areas. The intervention set out in Article 9 of the SME Law, now published in the Gazette, was therefore ordered in order to clarify that operating vehicles circulating in the airside area (e.g., push-backs, ambulifts, baggage belts) are not subject to this obligation since they are already covered by "Aviation" insurance, with limits far higher than those provided for classic statutory third-party liability insurance coverage.

   MIT publishes the proposal for the 2026-2035 National Airport Plan

   On July 16, 2026, the Ministry of Infrastructure and Transport published the proposed 2026-2035 National Airport Plan (NAP), prepared by ENAC in consultation with the Ministry. In relation to the Plan, ENAC, as the proposing entity, must now file a request with the Ministry of the Environment and Energy Security to begin the second and final phase of the Strategic Environmental Assessment (SEA) procedure. The

   new NAP serves as the strategic framework for the development of national air transport to 2035. It consists of a general framework accompanied by four technical annexes (not currently available) on accessibility and connectivity, traffic forecasts, monitoring indicators, and airport capacity analysis. The Plan is also scheduled to undergo periodic reviews, with the first update planned for 2027.

   The new NAP introduces a planning framework based on 13 integrated airport systems. These are designed to foster cooperation between airports with complementary traffic catchment areas and functions, even in the absence of a unified corporate management structure. The Plan also introduces the concept of "co-accessibility" as a new indicator for assessing accessibility and connectivity levels in the local area and guiding planning decisions. The Plan also places key emphasis on intermodal integration, setting measurable targets for sustainable accessibility for the various categories of airports and promoting improvement in rail, road, and local public transportation connections.

   In terms of sustainability, the new NAP proposed by the MIT sets targets consistent with European and ICAO objectives, promoting the adoption of sustainable aviation fuels (SAF), hydrogen, the digitalisation of airport processes, and innovative technologies, including Advanced Air Mobility and Remote Digital Towers.

   Finally, the NAP focuses on international competitiveness and addresses both the issue of incentives for carriers (regarding which it acknowledges that "measures designed to hinder or discourage airport operators from using incentives to develop traffic risk leading to a loss of competitiveness for the entire Italian airport system") and the issue of the municipal surtax on boarding fees. In this regard, it notes the need for a review of the entire regulatory framework in order to gradually reduce the tax at all airports.

   The text proposed by the MIT will be reviewed by the relevant parliamentary committees, after which it will proceed to the next stages of the adoption process.

   ITO on the extension of sub-concessions beyond the expiration date of the main airport concession

   On July 17, 2026, ENAC published Technical and Operational Guidelines (ITOs) No. 2026/05-APT, ed. No. 1, entitled "Implementation of the provisions regarding the duration and extension of sub-concessions set forth in Part II of the certification regulations for providers of airport ground handling services". The ITOs provide the interpretive and procedural clarifications necessary for the application of Article 2, paragraph 5, of Part II of the "Handling Regulation" (Ed. 8- Rev. 1 of September 27, 2024), governing the circumstances under which ENAC may authorise, for reasons of public interest, the continuation of the sub-concession agreement even beyond the expiration of the main airport concession, in order to allow for the full amortisation of the investments made.

   The ITOs also establish the criteria used to determine whether there is public interest in an extension, with regard to both significant airport infrastructure investments and

   aeronautical industrial activities of particular strategic importance. Furthermore, they identify the criteria that ENAC must evaluate in this regard to ensure a balance between the needs for infrastructure development and the protection of competition and the autonomy of the future operator.

   The scope of application of the ITOs is not limited to aviation sub-concessions, but extends to all sub-concessions relating to public interest investments or activities that contribute to the development and operation of the airport (the ITOs expressly include, in addition to aviation activities, infrastructure such as photovoltaic systems and airport hotels, provided they contribute to the development of the airport grounds).

   The ITOs govern the authorisation procedure, outlining the various activities and procedural steps and specifying the roles of the relevant Central and Regional Directorates. More specifically, if the proceedings are successful, they conclude with an authorisation from the General Manager of ENAC, followed by the selection process (except where the award is made directly, where the requirement of industrial non-substitutability is met). This, in turn, is followed by the signing of a trilateral agreement between the operator, the sub-concessionaire, and the relevant regional ENAC office, ensuring the future concessionaire's assumption of the concession, and ENAC's Board of Directors and the MIT are then informed.

   European Commission Guidelines on the CER Directive

   On July 10, 2026, the European Commission adopted new guidelines on the implementation of Directive (EU) 2022/2557 (the CER [Critical Entities Resilience] Directive), which outline the measures necessary to strengthen the resilience of critical entities.

   The CER Directive, transposed into Italian law by Legislative Decree No. 134/2024, requires Member States to identify -by July 17, 2026 - critical entities in strategic sectors, with a view to establishing appropriate preventive measures to increase resilience to events that could compromise their operations (including attacks, sabotage, natural disasters, or public health emergencies), placing particular emphasis on the need to conduct risk assessments and report significant incidents to the competent authorities. The Commission has therefore been tasked with adopting guidelines to further specify the technical, security, and organisational measures that critical infrastructure operators may adopt.

   Specifically, the Guidelines provide practical, non-binding guidance on the technical, organisational, and security measures that critical entities may adopt to prevent, withstand, respond to, and recover from natural and human-induced risks. In addition to recommending conduct related to risk management and risk awareness among workers, the document also focuses specifically on countering threats posed by drones, referencing the relevant EU Action Plan and recommending an approach based on risk assessment, the use of detection and countermeasure systems (C-UAS), the integration of anti-drone measures into security and business continuity plans, and strengthened co-operation between

   infrastructure operators, competent authorities, and law enforcement agencies.

   Publication of the ENAC Regulation on service quality

   On July 3, the ENAC Regulation titled "Service quality in air transport: quality monitoring at airports and Services Charters of airport operators and carriers" was published; this will take effect on July 16 following the publication of the relevant notice in the Official Gazette. The new Regulation fully replaces the previous Circular GEN-06 and consolidates the rules governing the monitoring of airport service quality and the Services Charters of operators and carriers into a single text, thereby establishing the regulatory framework for operators subject to the obligations of quality monitoring and the preparation of the Services Charter.

   The Regulation also confirms certain significant organisational requirements. The minimum frequency of Quality Committee meetings remains mandatory; these must be held monthly or quarterly, depending on traffic volumes at the airport. The 30-day deadline for responding to user complaints is also obligatory, subject to the possibility of providing an interim response if further verification or investigation is necessary. Finally, the key changes include the introduction of a requirement for a Cargo Services Charter for airports that handle more than 100,000 tonnes of cargo per year, thereby also extending the quality monitoring system to cargo services. More generally, the Regulation standardises indicators, data collection methods, and the content of Services Charters. Its goal is to ensure consistent performance measurement, enhancing transparency for users, and strengthen ENAC's oversight of the quality of services provided.

   New ITOs for drafting Airport Regulations

   On June 8, 2026, ENAC published Technical and Operational Guidelines (ITO) No. 2026/03-APT - "Drafting of Airport Regulations for Certified Airports" (Ed. 1), with the goal of establishing uniform criteria for the preparation of airport regulations adopted at certified domestic airports and standardising their structure and content. ENAC then

   expressly repealed ENAC Circular APT-19, which had previously governed the matter.

   More specifically, the new document defines the procedural framework for preparing, approving, updating, and distributing Airport Regulations, identifying the uniform content required of them and specifying the responsibilities of the airport operator and the relevant ENAC Regional Directorate. While striving for greater uniformity at the national level, the ITOs confirm that the Regulations can be adapted to the operational and organisational characteristics of each individual airport.

   The ITOs contain a comprehensive set of rules governing the process for issuing and updating Airport Regulations, distinguishing between substantial amendments - which require the adoption of a new edition through a specific order issued by the competent Territorial Directorate - and minor updates (such as changes to regulatory references, contact information, or previously approved procedures), which may be carried out through simplified procedures, provided that they are submitted to ENAC for the necessary evaluations. A standard template for airport regulations is also being introduced. This is intended to serve as the reference model for all commercial airports. Among other matters, the framework covers the regulations governing access and operations for ground handling service providers, airside activities, passenger services, the Safety Management System, contingency procedures, and Regulation compliance audits. The ITOs also clarify what content should not be included in the individual regulations, which must consist exclusively of the rules and operating procedures subject to verification and oversight by the Territorial Directorate. The following issues are therefore excluded, among others: references to rates and fees; paid services not provided for by law; provisions regarding occupational health and safety; emergency procedures already addressed in other documents; and activities outside the jurisdiction of the Regional Offices.

   Finally, the ITOs dedicate specific attention to the collection and verification of delay codes (IATA Delay Codes), introducing uniform criteria for their assignment and verification, in order to improve the reliability of analyses of the causes of delays and to support the adoption of measures to increase operational punctuality at airports.

6. DISPUTES

   For further information on the disputes, reference should be made to Note 29 of this consolidated half-year report.

7. PRINCIPAL RISKS AND UNCERTAINTIES

   The AdB Group's operating results are influenced by air traffic performance, which is, in turn, influenced by the economic environment, the domestic and international environment and the economic and financial situation of the individual

   airlines and airline alliances, as well as competition, on some routes, with alternative means of transport.

   For further information on the management of financial risks, reference should be made to "Type and management of

   financial risks" paragraph at Note 28 of these three-month consolidated financial statements.

   Risks related to contractions in business caused by geopolitical instability

   The macroeconomic and geopolitical environment of recent years exposes the Group to specific related risks. Specifically, it can lead to airspace closures or restrictions, flight cancellations, longer routes, and other indirect effects, such as a reduction in airline capacity as a result of developments in the global environment. These factors could adversely affect consumer confidence, the propensity to travel and the economic recovery in general.

   As regards the major ongoing conflicts and the Group's related exposure, its business has been affected:

   • by the war between Russia and Ukraine since early 2022, which has resulted in a loss of traffic volumes to the countries directly involved in the early phases and - albeit minimally - to nearby Eastern European countries. Volumes to/from Russia and Ukraine, although very small, are included in Group estimates only from the end of the next five-year period with, therefore, marginal impact if the conflict persists.

   • by the suspension of certain routes to Middle Eastern countries affected by internal conflicts, though overall exposure remains limited;

   • to a moderate extent, by the US and Israeli attack on Iran, which has resulted in an exacerbation of the pre-existing difficulties stemming from tensions in the area, which consequently raised the level of overall uncertainty within the global geopolitical environment. In terms of direct connectivity, the Group's exposure to the effects of the war in the Middle East is limited (approximately 2% of traffic) and mainly concerns connections with Dubai, which also affects the cargo business. The activities of the carrier Emirates, in fact, were completely suspended following the outbreak of conflict in the area in late February, and only returned to reduced-capacity operations (3 days out of 7 from April, 4 out of 7 from May, and 7 out of 7 only from July). The extent of these impacts, including indirectly on demand from possible airline ticket price raises and from resumed inflation, will depend on the duration of the tensions and any possible further escalation. Even with limited direct exposure, the Group could be affected by indirect effects such as:

     • (i) rising costs or potential shortages of jet fuel, which could see airlines reduce flight frequencies, relocate aircraft to more profitable markets, deploy aircraft with lower capacity, and raise ticket prices; and (ii) rising inflation, which could further undermine consumer and business confidence and the propensity to travel.

     • by a change in the balance in global economic conditions, particularly from the introduction of tariffs on imported goods by the US administration, the configuration of which impacts strategic sectors for our country (i.e. automotive, fashion and agri-food), could generate a weakening of trade and the global economy, provoking possible subsequent

   retaliatory actions by the trading partners of the countries concerned ("trade wars") and an increase in the cost of goods transported globally.

   Furthermore, the temporary introduction of internal border controls for flights to and from Spain had a limited impact on the airport's operations. In fact, passenger flows proved manageable with the available infrastructure and through limited organisational adjustments. However, given that Spain is the Group's largest international market, if this situation continues, particularly during peak travel times, it could lead to congestion in non-Schengen areas and possible operational delays.

   A heightened risk level therefore remains in the international geopolitical landscape, which is directly or indirectly affected by the escalation of existing tensions and the deterioration of global trade relations - factors which could lead to a decline in demand and have a negative impact on consumer confidence. A further intensification of the commercial imbalances and the aforementioned geopolitical conditions could result in increased limitations and closures of airspace, which in turn would result in additional operational restrictions for carriers transiting the affected areas.

   A number of challenges therefore remain, both economically and in terms of international security. Against this uncertain backdrop, the AdB Group constantly monitors the effects and consequences of the complex scenario on its airport, as it could potentially suffer negative effects on its business performance, particularly in terms of the volumes of passengers and goods traded.

   Risks related to a dependence on Ryanair traffic volumes

   Group operations are significantly based on relations with the leading airlines at the airport and to which the Group offers its services, including - in particular - Ryanair. Due to the large proportion of total passenger flights at the airport operated by Ryanair, the Group is exposed to the risk that the airline may scale back or discontinue entirely its operations at the airport. Ryanair passengers accounted for 55.6% of the airport's total traffic volumes in H1 2026.

   In the wake of the successful multi-year arrangement AdB and Ryanair have consolidated the partnership, started in 2008, with a new 6-year agreement signed in February 2023. Particularly, AdB and Ryanair have signed an agreement, within the framework of their respective development objectives, in order to: ensure the maintenance of an comprehensive and varied network of connections within the areas served by the carrier and also to ensure network development in line with capacity and consistent with the infrastructure development projects of Marconi airport. The agreement pursues overall long-term sustainability goals and includes an incentive scheme linked to the airport's traffic development policy. A dispute has arisen between the Parties regarding the interpretation of a clause in the agreement. As a result, AdB has been compelled, without prejudice to the continuation of the contract, to initiate litigation in this regard. For further details, please refer to Note 29 "Disputes".

   Although in the Group's opinion Bologna airport is of strategic importance to the airline, it is still possible that Ryanair may decide to change the routes served, significantly reducing or discontinuing entirely its flights at the airport. Any reduction or stoppage of flights by the afore-mentioned airline or the stoppage or change to flights with other destinations with high passenger traffic volumes may negatively impact - even to a significant degree - the Group financial statements.

   In relation to this risk, it may increase should the carrier opt for a partial revision of its operations at Bologna's Marconi Airport by shifting individual operations or aircraft based there to other neighbouring airports that recently benefitted from the regional initiative and thus the approval in Parliament of Law 199/2025 (Budget Law 2026), which, in paras. 481-484, establishes the exemption from payment of the municipal surtax on boarding fees for the airports of Rimini, Forlì and Parma as of January 1, 2026, with simultaneous transfer of the entire charge to the Region of Emilia-Romagna for a total of Euro 1.9 million annually. All necessary and appropriate steps are being taken by management to monitor and progressively strengthen the performance of the partnership.

   Risk related to the effect of incentives on revenue margins

   The Parent Company is exposed to the risk of a decrease in the margins of its Aviation Business Unit if airlines that receive incentives experience an increase in traffic volumes which is not offset by adequate development of traffic for those with less or no incentive. In accordance with its incentive policy aimed at developing traffic and routes at the Airport, the Company pays some airlines - including both legacy and low-cost carriers - incentives tied to passenger traffic volumes and new routes. This policy - periodically updated and published on the web - limits incentives to levels compatible with positive margins on each airline's operations. However, should the passenger traffic and routes operated by airlines receiving incentives increase as a proportion compared to the current market structure, the Company's positive margins could decline proportionally, with a negative impact, possibly to a material degree, on the Group's financial performance and financial position.

   Although the low-cost segment's share of the Italian national market is significant, the Group manages this risk by proactively developing traffic that generates an increasingly positive marginal contribution. This is also in view of the investment plan, consistent with the approved and current Master Plan through 2030, that the parent company has defined for the next regulatory period 2027-2030.

   Risk relating to a reduction in the margin of non-aviation revenues

   The growth in traffic in 2025, with confirmation of volumes in the first half of 2026, suggests a downsizing of the previous risk, keeping it in relation to the potential negative impacts on traffic from areas of the world currently affected by unexpected and significant conflicts, the duration and scope

   of which are, at the date of preparation of this Report, entirely uncertain.

   This critical macroeconomic context could lead to a partial reduction in the profitability of the non-aviation business.

   Risks related to implementation of the Action Plan

   The Parent Company invests in the airport as part of overall management on the basis of an Action Plan approved by ENAC. The Action Plan was drafted on the basis of the investments envisaged in the Master Plan according to a modular approach, the main driver of which is air traffic performance. With Order No. 0100428/P dated August 11, 2022, the National Civil Aviation Authority expressed a favourable opinion on the Investment Plan submitted by AdB for the four-year period 2023-2026. With its Order dated August 13, 2024, the National Civil Aviation Authority expressed a favourable opinion on the technical annex updates - chief amongst which is the Investment Plan -submitted by AdB for the four-year period 2023-2026. In accordance with current regulations, the preliminary review process will soon begin to define and sign the Regulatory Agreement for the 2027-2030 regulatory period.

   AdB could encounter difficulties in implementing the investments provided for under the Action Plan in a timely manner due to unforeseeable events, such as delays in the process of obtaining authorisation for and/or executing the works, delays caused by the complexity of tenders and any related disputes, delays in procurement processes for certain materials or components, with possible adverse effects on the amount of the tariffs that may be applied and possible penal risks of withdrawal from or termination of the Agreement. The execution of the planned interventions could be conditioned by the non-availability of raw materials or by sharply increasing costs. International geopolitical tensions are likely to result in the maintenance or further increase in prices of energy that have already reached exceptionally high levels, as well as of certain raw materials or components essential to construction activities, and a general increase in inflation. These effects, together with uncertainty regarding the availability of raw materials, could lead to criticality in the supply of certain materials, an increase in operating costs linked to the functioning of airport infrastructure and an increase in the costs of carrying out certain investments.

   In addition, as a result of the coordinated airport status, if the Action Plan is not implemented on time, delays in the release of additional infrastructure capacity and thus limitations to future traffic development could be generated. The investment plan as remodelled from time to time, while always ensuring due and constant reporting to ENAC, will be implemented with own financial resources, resources already available as a result of the EIB financing, and with additional financing to be sought and activated soon. Against this backdrop, AdB has launched a process to identify the most efficient financial structure and securing the resources needed to support the implementation of the investment program.

   Risks related to exceeding noise zoning limits (noise and annoyance)

   Managing airport operations in close proximity to population centres drives the Group's increasing focus on sustainable traffic development at its airport. AdB has for some time, as is known, put in place measures to monitor noise levels and constantly monitors the airport acoustic zoning limits and following even the slightest exceedance, within moreover a very low-density residential area in the Calderara area and at the date of drafting this Report, it has now completed the necessary studies and appropriate analyses. On June 16, 2026 (pursuant to EU Regulation 598/2014, ENAC Regulation 20/12/2024, and the 2026 ITOs), AdB therefore launched a public consultation process with stakeholders. This sought to gather useful input to finalise a package of measures to reduce the noise impact of operations through a balanced approach to noise management, according to the applicable regulation and regulatory requirements issued by ENAC. The proposal for measures to mitigate the noise impacts of aviation operations, which is currently under public consultation, was developed in accordance with the principles of the Balanced Approach. This requires an integrated and comparative assessment of possible measures based on the criteria of acoustic effectiveness, operational feasibility, and sustainability. In accordance with these principles, the introduction of any operational restrictions is considered a measure of last resort, to be adopted only following a thorough and comparative assessment of the available alternatives and a comprehensive cost-benefit analysis.

   The operator's target for 2026 remains to develop a

   comprehensive proposal following consultation with stakeholders. This will be followed, for the respective assessments, by investigations conducted by the national and EU bodies with institutional jurisdiction over the matter. Once approved and made effective and operational, the final overall package of measures proposed by the operator, following the long and complex regulated process, will involve adopting specific safeguards and measures for the management and mitigation of "noise" risk and impact, also considering the future sustainable development of the airport.

   Cyber attack risks

   The complex international environment and a growth in criminal activities expose the Group to an increasing Cyber Security risk. This is exacerbated during phases of international conflict and particularly affects critical infrastructure such as airports. AdB is in fact an Essential Operator under Legislative Decree No. 138 of October 2024 (transposition of the NIS2 Directive). As such, it is subject to basic obligations, including the Incident Notification Obligation (operative from January 2026), which will be transposed according to the deadlines set out in that obligation. For the Group, this risk takes the form of increasing exposure to data theft and/or temporary disruption of airport systems, generating potential disruptions to passengers, suppliers and employees, and lost revenue.

   In addition to having obtained ISO 27001 certification for its Information Security Management System (ISMS), the Group therefore continues to monitor changes in the international

   environment to allow it to identify any additional risks and impacts on the business, taking mitigation actions and adopting organisational models compliant with recent industry regulations. In 2026, periodic audits for third parties in the areas of privacy and cyber security will continue, accompanied, as in previous years, by "by design" analysis of newly implemented or renewing digital services (HW and SW), alongside the now forthcoming implementation of a comprehensive platform for third-party Cyber posture analysis, the first phase of which was completed in 2025. H1 also saw the continuation of preparatory activities to ensure compliance with NIS2 ahead of full implementation scheduled for 2026.

   Risks concerning the regulatory framework

   The Aeroporto Guglielmo Marconi di Bologna S.p.A. Group's core business involves acting as concession holder operating under special exclusive rights to the Bologna airport grounds. Primarily for this reason, it operates in an industry that is highly regulated at the domestic, supranational and international levels. Any change to the regulatory framework (and in particular any changes in relations with the state, public bodies and sector authorities, the determination of airport fees and the amount of concession fees, the airport tariff system, the allocation of slots, environmental protection and noise pollution) may impact operations and Company and Group results.

   Risks related to climate change

   Climate change could affect AdB in terms of the occurrence of particularly intense and unforeseen events (high intensity rainfall, hailstorms, heat waves, floods). Such events would have repercussions on the airport's operations, generating inefficiencies and impacts on airport users and, to a lesser extent, risks of damage to airport infrastructure and equipment. To ensure appropriate climate risk mapping and the preparation of an appropriate management plan, the Group has performed a long-term climate vulnerability analysis to ensure the resilience of its infrastructure and operational setup. AdB is also in the process of defining a Climate Adaptation Plan that includes action to manage the risk related to the occurrence of extreme weather events. It also has insurance coverage in place for catastrophic events.

   Risk related to the high level of intangible assets in proportion to the Group's total assets and shareholders' equity

   With regards to the preparation of the consolidated financial statements at June 30, 2026, as indicators of impairment as defined by IAS 36 are not evident and considering that Group economic-financial performances are in line with the 2026-2046 economic-financial forecast formulated by the Board of Directors and already used in the impairment tests at December 31, 2025 which did not indicate any impairments, no impairment tests were carried out.

   Seasonality of revenues

   Due to the cyclical nature of the sector in which the Group generally operates, higher revenues and operating results are expected in the third quarter rather than in the first and final quarters of the year. Higher revenues are concentrated in June-September, during the peak summer vacation period experiencing maximum usage levels. In addition, there is a strong business passenger component, due to the characteristics of the local business community and the presence of internationally renowned trade fair events, which offsets the seasonal peaks of tourist activity. Accordingly, financial performance figures for interim periods may not be representative of the Group's financial performance and financial position situation at the annual level.

8. ALTERNATIVE PERFORMANCE INDICATORS

   In this Directors' Report, various performance indicators are presented in order to permit a better assessment of operating performance and financial position.

   On December 3, 2015, Consob published Communication No. 92543/15, rendering applicable the Guidelines issued on October 5, 2015 by the European Security and Markets Authority (ESMA) regarding the presentation of such indicators in regulated information circulated or financial statements published on or after July 3, 2016. These Guidelines, updating the previous CESR Recommendation (CESR/05-178b), seek to promote the utility and transparency of alternative performance measures included in regulated information or financial statements within the scope of application of Directive 2003/71/EC in order to improve comparability, reliability and comprehensibility.

   The criteria utilised for these indicators, in line with the above communications, are provided below:

   • EBITDA: EBITDA (earnings before interest, taxation, depreciation and amortisation) is defined by management as the result before taxes for the year, financial income and charges, income and charges from equity investments, depreciation, amortisation and impairment. It therefore coincides, in this case, with the gross operating margin. EBITDA is not identified as an accounting measure as per IFRS and therefore should be considered as an alternative measure for the evaluation of the Group's performance. Since calculation of this indicator is not governed by the accounting standards that form the basis of preparation of the Group's Consolidated Financial Statements, the criterion used to determine and measure the indicator might not be uniform with that adopted by other groups. Accordingly, the figure in question might not be comparable with that presented by such other groups;

   • ADJUSTED REVENUES AND COSTS: total

     revenues net of revenues from construction services and terminal value receivable revenues on the provision for renewal and total costs net of construction service costs. Adjusted revenues and costs allow for the calculation of adjusted EBITDA as presented below:

     Adjusted EBITDA: this is a measure used by the Group's management to monitor and assess the Group's operating and financial performance. This is calculated by subtracting from EBITDA:

     • the margin calculated as the difference between the Group's construction revenues and construction costs as the Airport's manager;

     • terminal value receivable revenues on the provision for renewal, where this account is understood to refer to the consideration -equal to the present value of the terminal value credit - that the airport manager is entitled to be paid at the end of the concession from the new manager for renewal work on the assets under concession that at the date concerned have not been fully depreciated according to the regulatory accounting rules (Article 703 of the Navigation Code, as amended by Article 15-quinquies, para. 1, of Decree-Law No. 148/2017, converted, with amendments, by Law No. 172 of December 4, 2017).

   • Net Financial Debt/Net Financial Position: the composition of the Net Financial Debt/Net Financial Position is represented in accordance with the Consob Communication of July 28, 2006 and ESMA recommendations ESMA/2011/81 and ESMA32-382-1138 of March 4, 2021.

   • Investments: the investments undertaken and outlined in section 3.4.2 refer to the total investments made in the period without considering the mark-up of construction services, work advances paid to suppliers, leased assets and gross of any receivable from Terminal Value.

9. GUARANTEES PROVIDED

   For details of the guarantees provided by the Group, reference should be made to Note 28 of these consolidated half-year financial statements.

10. OPT-OUT REGIMES

    On April 13, 2015 the Board of Directors of the Parent Company decided, in accordance with Article 70, paragraph 8, and Article 71, paragraph 1-bis, of the Issuers' Regulation, to opt out of publishing the disclosure documents provided

    for in Annex 3B to the Issuers' Regulation in the event of significant merger, spin-off, share capital increase through conferment of assets in kind, acquisition, and sales operations.

11. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK

and identifying new and exciting destinations for passengers

Further to that outlined in the other notes to this Directors' Report and to the Financial Statements (to which reference should be made), no events have occurred subsequent to the end of the half year that would require changes in terms of the presented performance or equity and financial position and that would therefore necessitate adjustments and/or additional disclosures in the financial statements with reference to the amounts reported at June 30.

For July and August, Bologna Airport achieved a record number of passengers of 1,136,375 and 1,149,209 respectively, growth of 3.0% and 3.6% on the same months in 2025.

Passengers for the January-August period at Marconi numbered 7,770,825, up 3.5% on the same period of 2025, while movements rose 3.2% on the same period of 2025 to 54,871. Air cargo carried in the first eight months of 2026 totalled 27,911 tonnes, decreasing (-3.8%) on the same period of 2025.

Renewed volcanic activity on Mount Etna and the resulting flight cancellations to and from Catania Airport did not have a significant impact on either traffic volumes or operating results. As a result of the challenges facing Catania Airport -and supported by the launch of Wizzair's route on August 1

- Palermo stands out among the month's "most-travelled" destinations, with a 76% increase, totalling over 50 thousand passengers. Palermo thus jumps to first place, ahead of Tirana and Catania. The month's "top ten" therefore includes: Barcelona, Cagliari, Bucharest, Olbia, Madrid, Istanbul and Brindisi.

Also in August, the partnership to deliver growth for Wizz Air was renewed. The airline expects to reach 1.3 million passengers in 2026 and plans to invest further in routes to and from Bologna. The multi-year agreement seeks to promote sustainable growth by using state-of-the-art aircraft

from Bologna and the entire Marconi catchment area.

The IATA forecasts global passenger traffic growth of 2.1% in 2026, representing a slowdown on the forecasts issued over recent years, with a highly uneven trend across the various regions. The Middle East is expected in fact to see a significant decline due to airspace restrictions, while Africa and Asia-Pacific shall benefit from the overall reallocation of traffic and routes resulting from the disruptions caused by the conflict. Against this backdrop, cargo traffic continues to play an important role in the global trade network, contributing to the sector's resilience. Its growth is however expected to slow to 0.7% in 2026 due to capacity constraints and operational disruptions related to the conflict, shifting carriers' focus toward maintaining higher yields rather than achieving volume growth. In a market therefore featuring limited structural capacity, airline margins are expected to remain positive overall, although under significant pressure due to energy market shocks, resulting in higher jet fuel costs, a greater focus on energy transition issues and limited scope for further cost-efficiency improvements. Rising demand and hedging strategies therefore provide only a degree of mitigation, while fully passing on costs remains a challenge -particularly given the deteriorating macroeconomic and geopolitical environment (Source: IATA, Global Outlook for Air Transport, June 2026).

The AdB Group's direct exposure to the current geopolitical tensions remains limited, affecting approximately 2% of traffic and primarily involving flights to and from Dubai, with a limited impact also on cargo operations. Any indirect effects on demand - resulting from potential increases in airfares and inflationary pressures - will depend on the duration and evolution of the international situation. Connectivity with the Middle East remains however structurally sound, with prospects for a gradual return to pre-conflict levels over the medium-term. Against this backdrop, the AdB Group returned strong results for the first half of 2026. Traffic