Aeroporto Guglielmo Marconi di Bologna S p A : Interim Financial Report at March 31 2025

Consolidated Interim Financial Report Aeroporto Guglielmo Marconi di Bologna Group

At March 31, 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.

Contents

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

Board of Directors 4

Board of Statutory Auditors 5

Auditing Firm 5

Directors' Report of the Aeroporto Guglielmo Marconi di Bologna Spa Group at March 31, 2026 6

Consolidated Financial Statements at March 31, 2026 34

Statement of Consolidated Financial Position 355

Consolidated Income Statement 366

Consolidated Comprehensive Income Statement 377

Consolidated Cash Flow Statement 388

Statement of changes in Consolidated Shareholders' Equity 39

Notes to the consolidated financial statements at March 31,2026 40

Statement pursuant to Article 154-bis, paragraph 2 of the C.F.A 68

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

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

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

Introduction

The Interim Financial Report at March 31, 2026 (hereafter also the "Quarterly Report") was drawn up as per Legislative Decree No. 58/1998 and subsequent amendments, in addition to Consob's Issuers' Regulation.

The Quarterly Report comprises the Directors' Report, which presents the Directors' observations on the operating performance and the business outlook in the period ended March 31, 2026.

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

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

Guglielmo Marconi di Bologna Spa (hereafter also the "Parent Company" or "AdB"), with holdings of more than 5% were as follows at March 31, 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.

Board of Directors

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

Enrico Postacchini Chairperson

Nazareno Ventola Director (*) (**)

Monica Biccari Director (A)

Annarita Bove Director

Claudia Bugno Director (B)

Giada Grandi Director (C)

Francesco Minnetti Director

Carlo Schiavone Director

Valerio Veronesi Director

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

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

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

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

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

Board of Statutory Auditors

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

Andrea Alessandri Chairperson

Olivo Vittorio Calselli Statutory Auditor Annalisa Ghelfi Statutory Auditor

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:

Auditing Firm

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

Federica Nannucci Andrea Collalti

Alternate Auditor Alternate Auditor

Directors' Report of the Aeroporto Guglielmo Marconi di

Bologna Spa Group at March 31, 2026

Contents

1. MARKET OVERVIEW AND SHARE PERFORMANCE 10

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

   2. STRATEGIC OBJECTIVES 11

   3. SHARE PERFORMANCE 12

2. KEY OPERATING RESULTS ANALYSIS 14

   1. AVIATION STRATEGIC BUSINESS UNIT 14

      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA 14

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 16

   2. NON-AVIATION STRATEGIC BUSINESS UNIT 17

      1. NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 17

3. ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS 18

   1. CONSOLIDATED OPERATING RESULTS ANALYSIS 18

   2. CASH FLOW ANALYSIS 20

   3. FINANCIAL POSITION ANALYSIS 21

   4. KEY INDICATORS 22

   5. INVESTMENTS 22

   6. PERSONNEL 23

   7. KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES 24

4. MAIN NON-FINANCIAL RESULTS ANALYSIS 25

   1. SUSTAINABILITY 25

   2. QUALITY 25

5. REGULATORY FRAMEWORK 26
6. DISPUTES 27
7. PRINCIPAL RISKS AND UNCERTAINTIES 27
8. ALTERNATIVE PERFORMANCE INDICATORS 30
9. GUARANTEES PROVIDED 31
10. OPT-OUT REGIMES 31
11. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK 32

INTRODUCTION

this report, accompanying the Consolidated Financial Statements of the Aeroporto Guglielmo Marconi di Bologna Group (hereinafter also the "Aeroporto Group", "Aeroporto" or "AdB") for the quarter ended March 31, 2026, in presenting the Group's performance indirectly analyses also the performance of the Parent Company, Aeroporto Guglielmo Marconi di Bologna S.p.A., the holder of the concession for the full management of Bologna Airport

until December 2046, 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.

The Group's structure at March 31, 2026 and a brief description of the type and businesses of its subsidiaries and associates is presented below.

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

- Fast Freight Marconi Spa (hereinafter also "FFM"), formed in 2008 by the former subsidiary Marconi Handling S.r.l. (GH Bologna Spa with effect from April 1, 2017), following the contribution of a cargo and mail handling business unit based out of Bologna airport. The Parent Company acquired a 100% interest in FFM in 2009.

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

The 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.

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

Non-aviation activities primarily consist of developing airport real estate and commercial potential.

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

• Aviation Strategic Business Unit

• Non-Aviation Strategic Business Unit.

• 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);

  Non-Aviation SBU

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

  Parking

  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

• 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 concept of diversified flight offerings in terms of functionality and user segments underlies the Manager's operations from a strategic viewpoint for the development of the Aviation SBU, with the low-cost and legacy components substantially balanced. More generally, the policies adopted by the business unit involve developing the network by opening up new markets, meeting the demands of local companies, stimulate outgoing and incoming traffic demand, develop synergies with other local tourism players and enhance infrastructure capacity. The Airport thus features a wide range of carriers, including:

• major European carriers, offering service to all points of interest worldwide through multiple daily connecting flights to their hub airports

• mid-size carriers with a strong focus on ethnic traffic;

• legacy airlines with mostly point-to-point traffic;

• leisure and outgoing traffic specialists;

• global carriers with high standards of service, offering services to a wide range of intercontinental destinations, particularly in Asia.

AdB's strategy centres on consolidating the low-cost and point-to-point traffic, with a focus on feeder services and midrange to long-haul flights, which are more responsive to stakeholder needs.

availability of paid parking spaces over the reporting period was approximately 3,500. This availability was temporarily reduced due to ongoing redevelopment work on some parking areas during the period.

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.

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 approximately 4,900 square meters. Since work was completed at the end of March, it has offered a total of 37 stores 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

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

      The conflict involving the United States, Israel and Iran has aggravated an already fragile international environment stemming from ongoing geopolitical and trade tensions. The blockade of shipping in the Strait of Hormuz, which is a crucial hub for the global supply of natural gas, oil and other essential raw materials, has caused a steep rise in the prices of energy and raised concerns about their availability in the near future. The shock began to have an impact on consumer inflation in Europe and the United States in March, as the temporary suspension of federal activities caused economic activity in the first part of the year to slow. According to the International Monetary Fund, global growth - which had been less affected by trade tensions than was initially expected - could contract to 3.1% in 2026 or to approximately 2% in a particularly severe scenario. As the conflict has worsened, uncertainty has also risen in Europe; according to the March projections by experts at the European Central Bank (ECB), GDP may increase by 0.9% in 2026 and by approximately 1.3% per year on average in the following two years, a cumulative downward revision of nearly half a percentage point from the December forecast. Within this weakening environment, according to BdI (Bank of Italy) estimates, in Q1 2026 Italy's GDP, which factors in the risks to economic activity caused by the conflict in the Middle East, assumes growth of 0.5% in 2026 and 2027

      and of 0.8% in 2028 in the baseline scenario. However, these projections remain subject to high levels of uncertainty, as do commodity trends, since the blockade of shipping in the Strait of Hormuz (through which approximately 20% of the oil and liquefied natural gas (LNG) consumed globally passes), the severe damage suffered by energy infrastructure in the Persian Gulf area and the reduced operations levels of this infrastructure have led to suspensions of hydrocarbon supplies, which have rapidly and significantly increased prices. Oil and natural gas prices are expected to remain above pre-conflict levels for at least a year, as they feel the effects of continuing uncertainty and rising transportation and insurance costs. The announcement of a two-week ceasefire offered momentary relief to market tensions. Oil prices have returned to approximately USD 95 per barrel (spot prices), down from approximately USD 110 earlier this month, in an environment that remains highly volatile. In early April, six-month futures contracts indicated prices near USD 88 per barrel, approximately USD 18 higher than before the conflict began. The announcement of the ceasefire brought European natural gas prices (Title Transfer Facility, TTF) back to approximately Euro 45 per megawatt hour, having reached Euro 60. Six-month futures rose from around Euro 30 to Euro 45 per megawatt-hour between late February and mid-April.

      The suspension of production in and exports from Qatar, which provides nearly 18% of the world's LNG supply, has sharply reduced the international availability of natural gas. Despite limited dependence on LNG supplies from the Persian Gulf countries, the impact on European prices has been amplified by below-average seasonal storage, which increases market price sensitivity to supply disruptions and sudden changes in demand. Continued uncertainty upon a return to stable conditions in the area and the risk that commodity and commodity supply chains return to normality slowly or only partially will therefore continue to have strong effects on inflation and global growth.

      In Q1, inflation in Italy remained below the Eurozone average. The effects of rising energy goods prices will be felt on the consumer price index over the coming months. In the BdI's baseline scenario projections, consumer inflation will increase to 2.6% in 2026, then fall back below 2% in the following two years. A particularly unfavourable scenario could see inflation exceed 4% annually in the period 2026-27 (Source: Economic Bulletin, Bank of Italy, April 2026).

      Against this backdrop, the International Air Transport Association (IATA) forecasts that passenger traffic will be affected by disruptions related to the outbreak of the conflict in the Gulf area. This will contain growth in Q1 to +4.0% on the same period in 2025, driven mainly by domestic traffic (+4.2% compared to Q1 2025, with 3.9% growth in the international segment). Despite the difficult geopolitical environment, traffic growth has exceeded the supply of seats on the market, generating an overall positive effect on the load factor. In this environment, the global cargo traffic performance in March was heavily impacted by the uncertain conditions in the global macroeconomic and geopolitical environment; specifically, a number of significant disruptions

      occurred as a result of the conflict in the Gulf region. This impact was seen directly in the price of raw materials and JetFuel, which led to increased operating costs for carriers already suffering the effects of seasonality, with demand remaining contained as usual in this period of the year. An increase is reported for Q1 2025 (+3.3%), despite the conflict-related disruptions (Source: IATA, Air Passenger and Air Freight Market Analysis, March 2026).

      European passenger traffic in Q1 2026 was up 4.3% on the previous year. Cargo traffic grew over the period (+3.0%), despite a deceleration in March compared to the same month in 2025 (-3.1%), impacted by a general context of uncertainty regarding the present macroeconomic and geopolitical variables (Source: ACI Europe, March 2026).

      Italian passenger traffic continued to grow compared to the previous year (+4.9%), with growth once again driven by international traffic (+7.7%), while domestic traffic remains substantially stable compared to Q1 of the previous year (Source: Assaeroporti and Aeroporti 2030, March 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 Q1 2026 compared to the previous year (+7.1%), with significant differences among airports. The month of March saw a significant improvement on the previous year, up 6.0% on 2025 (Source: Assaeroporti and Aeroporti 2030, March 2026).

      Bologna Airport reports growth of 5% in Q1 2026 over 2025. Domestic and international traffic grew by 6.4% and 4.6% respectively, with a stable impact on the overall volume. In Q1 2026, Bologna Airport ranked eighth in Italy by number of passengers and third by cargo volume transported (Source: Assaeroporti and Aeroporti 2030, March 2026).

   2. STRATEGIC OBJECTIVES

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

      "Connect"

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

      "Develop"

      The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Group's business. The strategy in question calls for an efficient use of the existing infrastructure's capacity and modular implementation of new investments to ensure that infrastructure capacity keeps pace with expected traffic

      development. The passenger terminal expansion project is a key part of the infrastructure development plan, permitting the development of - in particular - the boarding gates area, in addition to extending dedicated commercial space.

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

      "Experience"

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

      "Care"

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

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

      "Maximise financial performance"

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

      "Performing and sustainable corporation"

      The Group aims to improve the efficiency and efficacy of its processes and internal structure, with a view to improving company performance and development, while paying increasing attention to sustainability in its environmental, social and governance components.

   3. SHARE PERFORMANCE

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

      The following graphs present:

      • the share performance between January 1, 2026 and March 31, 2026;

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

      On March 31, the official share price was Euro 9.04 per share, resulting in an AdB Group market capitalisation of approximately Euro 327 million at that date.

      AdB Share performance (01/01/2026-31/03/2026)
      
      AdB and FTSE Italia All-Share performance (01/01/2026-31/03/2026)

      • FTSE Italia All Share

      • AdB

      
      
      AdB share performance - prices and volumes (01/01/2026-31/03/2026)
      
      

      AdB's share price in Q1 2026 was volatile, though it remained in line with the seasonality of the stock's performance. Following a substantially stable first two months, the price was affected by contractions in the world's major economies caused by the complex global geopolitical and

      macroeconomic environment. Nonetheless, an improvement was reported in both average price and volumes traded compared with the previous quarter and Q1 2025, while maximum volatility also increased.

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

      1. AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

         Q1 2026 began with growth driven by coordinated airport status, despite the seasonality of demand and winter flight scheduling. Passenger numbers grew by 5.0% over the same quarter of the previous year, while movements were up 3.5%. This had an overall positive impact on the load factor, which rose to 83.6% in Q1 2026 from 82.3% in 2025.

         In the macroeconomic and geopolitical landscape described above, Bologna airport is beginning to suffer the first disruptions caused by this unstable environment. Nevertheless, cargo transported totalled 13,328 tonnes, up slightly on Q1 2025 (+3.5%).

         Passenger traffic performance January-March 2026
         
         

         	January - March 2026	January - March 2025	Change % 2026 -2025
         Passengers	2,241,454	2,135,210	5.0%
         Movements	17,362	16,777	3.5%
         Tonnage	1,204,857	1,192,749	1.0%
         Cargo	13,328,392	12,876,487	3.5%

         Data includes General Aviation and transits

         Passenger traffic breakdown	January - March 2026	% of total	January -March 2025	% of total	Change % 2026 - 2025
         Legacy	731,980	32.7%	736,447	34.5%	-0.6%
         Low-cost	1,500,772	67.0%	1,390,998	65.1%	7.9%
         Charter	5,503	0.2%	3,870	0.2%	42.2%
         Transits	1,010	0.0%	1,822	0.1%	-44.6%
         Total Commercial Aviation	2,239,265	99.9%	2,133,137	99.9%	5.0%
         General Aviation	2,189	0.1%	2,073	0.1%	5.6%
         Total	2,241,454	100.0%	2,135,210	100.0%	5.0%

         Air traffic composition at the airport, while consolidating and remaining largely unchanged from the previous year, varied in performance across the main segments. Against an increase in low-cost traffic (+7.9% compared to Q1 2025), scheduled traffic was down slightly (-0.6%), a result of 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 Q1 2025. Domestic traffic grew significantly and more quickly than the international segment, registering growth of 6% compared to the same period of the previous year.

         Passenger traffic breakdown	January - March 2026	% of total	January -March 2025	% of total	Change % 2026 - 2025
         Domestic	531,141	23.7%	499,523	23.4%	6.3%
         International	1,708,124	76.2%	1,633,614	76.5%	4.6%
         Total Commercial Aviation	2,239,265	99.9%	2,133,137	99.9%	5.0%
         General Aviation	2,189	0.1%	2,073	0.1%	5.6%
         Total	2,241,454	100.0%	2,135,210	100.0%	5.0%

         Sustained demand was again reported for Q1 2026, with eight overseas cities among the top 10 destinations, led by Tirana with nearly 109 thousand passengers.

         Main passenger traffic routes	January - March 2026	January - March 2025	Change % 2026 -2025
         Catania	135,936	131,367	3.5%
         Tirana	108,584	98,552	10.2%
         Barcelona	94,484	97,798	-3.4%
         Paris CDG	80,073	70,021	14.4%
         Madrid	78,949	73,552	7.3%
         Palermo	76,046	70,209	8.3%
         Istanbul	75,962	72,175	5.2%
         Bucharest OTP	68,264	65,248	4.6%
         London LHR	65,451	60,228	8.7%
         Amsterdam	54,532	52,215	4.4%

         Passenger traffic including transits

         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. In a compromised global trade landscape that is feeling the effects of the escalation in the ongoing conflicts and continued cooling in the major economies, global cargo traffic in March alone reported a 5.0% decrease compared to the same month in 2025 (which had benefited from an anticipatory effect with respect to the introduction of tariffs by the U.S. administration). This partially offset the positive performance

         in the period (+3.3% compared to Q1 2025 - Source: IATA, Air Passenger and Air Freight Market Analysis, March 2026). The Group's cargo traffic is not exempt from fluctuations caused by the difficult backdrop described above, where the decline in air cargo (-6.2%), mainly due to the suspension of flights to the Middle East and the drop in cargo capacity, resulted in a significant recovery in surface cargo (+56%).

         (in KG)	January - March 2026	January - March 2025	Change % 2026 -2025
         Air cargo, of which	10,177,973	10,854,031	-6.2%
         Cargo	10,177,943	10,854,031	-6.2%
         Mail	30	0	n.a.
         Ground freight	3,150,419	2,022,456	55.8%
         Total	13,328,392	12,876,487	3.5%

      2. AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

         in thousands of Euro	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs 2025	% change vs 2025
         Passenger Revenues	12,693	11,217	1,476	13.2%
         Carrier Revenues	8,598	7,946	652	8.2%
         Airport Operator Revenues	1,373	1,174	199	17.0%
         Traffic Incentives	(5,881)	(4,734)	(1,147)	24.2%
         Revenues from construction services	5,695	3,321	2,374	71.5%
         Other revenues	498	432	66	15.3%
         Total AVIATION SBU Revenues	22,976	19,356	3,620	18.7%

         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 Q1 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 18.7% overall on 2025. The individual accounts broke down as follows:

         • Passenger Revenues (+13.2%): Passenger revenue growth in Q1 2026 on Q1 2025 outpaced the rise in passenger traffic (+5%), 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 (+3.5%) and tonnage (+1%) and with the trend in tariffs, particularly take-off and landing tariffs, which increased on 2025;

         • Airport Operator Revenues (+17%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling services;

         • Incentives (+24.2%): the increase in incentives on Q1 2025 follows both the growth of incentivised traffic and an increase in the incentive per passenger;

         • Revenues from Construction Services (+71.5%): 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 quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs	% change vs 2025
         Retail and Advertising	4,740	4,243	497	11.7%
         Parking	4,500	4,629	(129)	-2.8%
         Real Estate	752	746	6	0.8%
         Passenger services	1,441	1,914	(473)	-24.7%
         Revenues from construction services	6,849	4,664	2,185	46.8%
         Other revenues	742	656	86	13.1%
         Total NON AVIATION SBU Revenues	19,024	16,852	2,172	12.9%

         Total non-aviation business revenues increased by 12.9% in Q1 2026 compared to 2025.

         The individual areas of this business unit performed as follows.

         Retail and Advertising

         Growth of 11.7% in the period was driven by the Retail business, thanks to the performance of the food & beverage and retail segments. This was mainly due to the completion of redevelopment in the boarding area, which saw all available outlets open, but also due to the new terms for contracts expiring at the end of 2025, along with traffic growth. There was a slight decline in Duty Free, on the other hand, despite growth in traffic and per-passenger fees. This was the result of a fall in turnover due to a lower propensity to spend. The Advertising business meanwhile reported a decline after a contract under direct management was not renewed (it is still being negotiated).

         Parking

         Despite the increase in traffic volumes, the parking and road access business reported lower revenues than in 2025 (-2.8%). This is the result of several factors:

         • lost revenues from the long and medium parking lots affected by redevelopment work, resulting from the reduced availability of parking spaces, were only partially offset by the commissioning of the new multi-storey car park;

         • the increase in cars using the airport car parks was less than the increase in traffic;

         • the use of the kiss&fly areas saw increased use of the free period.

         Real Estate

         Real Estate revenues remained consistent with 2025.

         Passenger services

         The 24.7% decline in passenger services is a result of premium services (lounge and ancillary services), since revenues from car rentals are 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 because, unlike last year, it is no longer under direct management 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 increase in other revenues compared to 2025 (+13.1%) is due to higher revenues from the sale of aircraft de-icing liquid for the provision of training courses and grants for funded training.

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

      in thousands of Euro	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs 2025	% change vs 2025
      Revenues from aeronautical services Revenues from non-aeronautical services Revenues from construction services Other operating revenues and income	16,901 12,296 12,544 259	15,664 12,364 7,986 194	1,237 (68) 4,558 65	7.9% -0.5% 57.1% 33.5%
      REVENUES	42,000	36,208	5,792	16.0%
      in thousands of Euro	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs 2025	% change vs 2025
      Consumables and goods Service costs Costs for construction services Leases, rentals and other costs Other operating expenses Personnel costs	(1,032) (6,190) (11,947) (2,497) (849) (9,392)	(815) (6,438) (7,605) (2,330) (895) (8,656)	(217) 248 (4,342) (167) 46 (736)	26.6% -3.9% 57.1% 7.2% -5.1% 8.5%
      COSTS	(31,907)	(26,739)	(5,168)	19.3%
      EBITDA	10,093	9,469	624	6.6%
      Amortisation of concession rights Amortisation of other intangible assets Depreciation of tangible assets	(2,990) (269) (795)	(2,463) (217) (593)	(527) (52) (202)	21.4% 24.0% 34.1%
      DEPRECIATION, AMORTISATION AND	(4,054)	(3,273)	(781)	23.9%
      Reversals of impairment losses (net) on comm. and misc. Provision for renewal of airport infrastructure Provisions for other risks and charges	(67) (684) (142)	(133) (662) (290)	66 (22) 148	-49.6% 3.3% -51.0%
      PROVISION FOR RISKS AND CHARGES	(893)	(1,085)	192	-17.7%
      TOTAL COSTS	(36,854)	(31,097)	(5,757)	18.5%
      OPERATING RESULT	5,146	5,111	35	0.7%
      Financial income Financial expenses	398 (1,726)	168 (790)	230 (936)	136.9% 118.5%
      RESULT BEFORE TAXES	3,818	4,489	(671)	-14.9%
      TAXES FOR THE PERIOD	(1,204)	(1,372)	168	-12.2%
      PROFIT (LOSSES) FOR THE PERIOD	2,614	3,117	(503)	-16.1%
      Profit/(loss) for the period - Minority interests	0	0	0	n.a.
      Profit/(loss) for the period - Group	2,614	3,117	(503)	-16.1%

      A consolidated profit of Euro 2.6 million is reported for the first quarter of 2026, compared to 3.1 million in the first quarter of 2025.

      Operating revenues overall grew 16%. Revenues break down as follows:

      • revenues from aeronautical services were up 7.9% on 2025, as a result of the increased traffic volumes and tariffs;
      • revenues from non-aeronautical services are slightly down (-0.5%) due to the performance of the various category components, as outlined in the relative section;
      • revenues from construction services increased (+57.1%) following the rolling out of increased investments, both in the aviation and non-aviation sectors;
      • other operating income and revenues: the increase on 2025 (+33.5%) stemmed from the accrual of grants for funded training and reimbursements for damages. Costs in the period overall increased 19.3% on the same period of 2025.

        These break down as follows:

      • costs for consumables and goods increased by 26.6%, due to the increased purchase of aircraft fuel for General Aviation and de-icing liquid for aircraft;
      • service costs decreased on 2025 (-3.9%) as a result of the internalization of the help-desk services from July 2025 and of the facilitation service at the security gates, starting mid-February 2026, the absence of costs related to the

        management of the business lounge due to the transition to external management, and the absence of the shuttle service for the remote car parks, due to the closure of the Long Stay (P4) external car park for its redevelopment work. These reductions were only partially offset by higher costs for maintenance, snow removal and utilities;

      • the movement in the lease, rentals and other costs account (+7.2%) 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 decreased by 5.1%, mainly due to lower expenses for non-recurring indemnities and compensation.

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

      EBITDA of Euro 10.1 million is reported for the first quarter of 2026, compared to Euro 9.5 million in 2025.

      Looking to overheads, "depreciation, amortisation and impairments" amounted to Euro 4.1 million, increasing 23.9% on the first quarter of 2025 due to the growth in investments made, while provisions decreased slightly from Euro 1.1 million to Euro 0.9 million.

      EBIT was therefore Euro 5.1 million, substantially in line with Q1 2025. Net financial expenses of Euro 1.3 million are reported, compared to Euro 622 thousand in Q1 2025, due mainly to higher interest expenses on loans as a result of the increase in the debt related to the drawdowns made in 2025 of the EIB loan, in addition to higher charges for the discounting of financial statement provisions.

      As a result of that outlined above, the Result before taxes in the period was a profit of Euro 3.8 million, compared to Euro 4.5 million in Q1 2025 which, net of the estimated income taxes of Euro 1.2 million (Euro 1.4 million in Q1 2025), results in a consolidated profit of Euro 2.6 million (Euro 3.1 million in Q1 2025).

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

      in thousands of Euro	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs 2025	% change vs 2025
      Revenues from aeronautical services	16,901	15,664	1,237	7.9%
      Revenues from non-aeronautical services	12,296	12,364	(68)	-0.5%
      Other operating revenues and income	259	194	65	33.5%
      ADJUSTED REVENUES	29,456	28,222	1,234	4.4%
      Consumables and goods	(1,032)	(815)	(217)	26.6%
      Service costs	(6,190)	(6,438)	248	-3.9%
      Leases, rentals and other costs	(2,497)	(2,330)	(167)	7.2%
      Other operating expenses	(849)	(895)	46	-5.1%
      Personnel costs	(9,392)	(8,656)	(736)	8.5%
      ADJUSTED COSTS	(19,960)	(19,134)	(826)	4.3%
      ADJUSTED GROSS OPERATING PROFIT (ADJUSTED	9,496	9,088	408	4.5%
      Revenues from construction services	12,544	7,986	4,558	57.1%
      Costs for construction services	(11,947)	(7,605)	(4,342)	57.1%
      Construction Services Margin	597	381	216	56.7%
      GROSS OPERATING PROFIT/(LOSS) (EBITDA)	10,093	9,469	624	6.6%

      Adjusted revenues were up 4.4% on 2025, while Adjusted costs increased 4.3%, resulting in Adjusted EBITDA of Euro 9.5 million, compared to 9.1 million in 2025 (+4.5%).
   2. CASH FLOW ANALYSIS

      The consolidated cash flow statement, indicating cash flows generated/absorbed from operating, investing and financing activities, is summarised below for the first quarters of 2026 and 2025:

      in Euro thousands	as at 31.3.2026	as at 31.03.2025	Change
      Cash flow generated/(absorbed) by operating activities before changes in working capital	9,819	9,255	564
      Cash flow generated / (absorbed) by net operating activities	10,265	5,524	4,741
      Cash flow generated / (absorbed) by investing activities	(32,476)	(16,362)	(16,114)
      Cash flow generated / (absorbed) by financing activities	(2,585)	(2,492)	(93)
      Change in closing cash flow	(24,795)	(13,331)	(11,464)
      Cash and cash equivalents at beginning of period	81,164	41,079	40,085
      Change in closing cash flow	(24,795)	(13,331)	(11,464)
      Cash and cash equivalents at end of period	56,369	27,748	28,621

      Cash flow generated by operating activities before working capital changes amounted to Euro 9.8 million, against Euro 9.3 million in the same period of 2025.

      Working capital generated cash of Euro 0.4 million in the period, due to:

      • the reduction of trade and non-trade receivables by Euro 1.7 million;

      • the increase in trade payables and other liabilities by Euro 0.2 million;

        net of outflows for the payment of interest and the use of provisions for Euro 1.5 million.

        As a result of that outlined above, cash flows from operating activities, net of working capital changes, generated cash of Euro 10.3 million, compared to the generation of cash of Euro 5.5 million in the same period of 2025.

        The absorption of cash flows of Euro 32.5 million from

        investing activities was due to:

      • the absorption of cash from payments for investment activities in tangible and intangible assets, mainly concession rights for Euro 31.8 million, compared to Euro 15.4 million in the comparative period;

      • the Euro 700 thousand decrease in liquidity used in financial assets

      Financial activities absorbed cash flows of Euro 2.6 million (Euro 2.5 million in the first quarter of 2025), as a result of the repayment of the loan instalments maturing and the settlement of lease liabilities.

      As a result, the final overall change in cash for the period was a negative Euro 24.8 million.

      The Group's net financial position at March 31, 2026 compared to December 31, 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		31.03.2026	31.12.2025	Change 2026 - 2025
      A	Cash	56,369	80,464	(24,095)
      B	Other cash equivalents	0	700	(700)
      C	Other current financial assets	700	0	700
      D	Liquidity (A+B+C)	57,069	81,164	(24,095)
      E	Current financial debt	(3,814)	(4,913)	1,099
      F	Current portion of non-current debt	(4,875)	(6,421)	1,546
      G	Current financial debt (E+F)	(8,689)	(11,334)	2,645
      H	Net current financial debt (G-D)	48,380	69,830	(21,450)
      I	Non-current financial payables	(94,095)	(94,998)	903
      J	Debt instrument	0	0	0
      K	Trade payables and other non-current payables	(1,076)	(1,172)	96
      L	Non-current financial debt (I+J+K)	(95,171)	(96,170)	999
      M	Total net financial position (H+L)	(46,791)	(26,340)	(20,451)

      The Group Net Financial Debt at March 31, 2026 was Euro

      46.8 million, compared to a net debt of Euro 26.3 million at December 31, 2025.

      In terms of liquidity, the movement is due to the absorption of cash flow, principally from:

      • investment activities for Euro 32.5 million;

      • the repayment of loans for Euro 2.6 million;

      in addition to the generation of operating cash flows, net of Net Working Capital movements, of Euro 10.3 million, as outlined in the previous paragraph.

      In terms of payables, the reduction follows the decrease in payables for the municipal surtax in the period and the normal settlement of financial payables.

   3. FINANCIAL POSITION ANALYSIS

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

      USES in thousands of Euro	as at 31.3.2026	as at 31.12.2025	as at 31.03.2025	Change 31.03.2026 31.12.2025	Change 31.03.2026 31.03.2025
      - Trade receivables	16,286	19,691	19,036	(3,405)	(2,750)
      - Tax receivables	878	845	304	33	574
      - Other Receivables	8,382	7,247	7,680	1,135	702
      - Inventories	946	865	791	81	155
      Sub-total	26,492	28,648	27,811	(2,156)	(1,319)
      -Trade payables	(29,862)	(44,657)	(24,632)	14,795	(5,230)
      - Tax payables	(2,549)	(1,206)	(10,096)	(1,343)	7,547
      - Other payables	(40,468)	(40,448)	(39,459)	(20)	(1,009)
      Sub-total	(72,879)	(86,311)	(74,187)	13,432	1,308
      Net operating working capital	(46,387)	(57,663)	(46,376)	11,276	(11)
      Fixed assets	317,174	304,843	277,641	12,331	39,533
      - Net deferred tax assets	5,263	4,776	5,106	487	157
      - Other non-current assets	29,520	29,309	20,073	211	9,447
      Total fixed assets	351,957	338,928	302,820	13,029	49,137
      - Provisions for risks, charges and severance	(27,386)	(26,146)	(28,159)	(1,240)	773
      - Other non-current liabilities	(41)	(41)	(65)	0	24
      Sub-total	(27,427)	(26,187)	(28,224)	(1,240)	797
      Fixed Operating Capital	324,530	312,741	274,596	11,789	49,934
      Total Uses	278,143	255,078	228,220	23,065	49,923

      SOURCES in Euro thousands	as at 31.3.2026	as at 31.12.2025	as at 31.03.2025	Change 31.03.2026 31.12.2025	Change 31.03.2026 31.03.2025
      Net financial (debt) position	(46,791)	(26,340)	(4,225)	(20,451)	(42,566)
      - Share Capital	(90,314)	(90,314)	(90,314)	0	0
      - Reserves	(138,424)	(113,582)	(130,564)	(24,842)	(7,860)
      - Result for the period	(2,614)	(24,842)	(3,117)	22,228	503
      Group Shareholders' Equity	(231,352)	(228,738)	(223,995)	(2,614)	(7,357)
      Total Shareholders' Equity	(231,352)	(228,738)	(223,995)	(2,614)	(7,357)
      Total Sources	(278,143)	(255,078)	(228,220)	(23,065)	(49,923)

      Net invested capital at March 31, 2026 was Euro 278.1 million, compared to Euro 255.1 million at December 31, 2025 and Euro 228.2 million at March 31, 2025.

      In terms of uses, the increase on December 31, 2025 (Euro 23.1 million) is due to the operating working capital flows and investments undertaken. These latter explain also the increase over March 31, 2025.

   4. KEY INDICATORS

      In terms of sources, at March 31, 2026 a net financial (debt) position of Euro 46.8 million is reported, compared to a net financial (debt) position of Euro 26.3 million at December 31, 2025, and Euro 4.2 million at March 31, 2025, while consolidated and Group Shareholders' Equity amounted to Euro 231.3 million (compared to Euro 228.7 million at December 31, 2025), increasing due to the overall profit for the quarter.

      The Directors deemed the Group's major income statement and statement of financial position indicators at and for the period ended March 31, 2026 to be immaterial due to their interim nature.

   5. INVESTMENTS

      Total Group investments in Q1 2026 amount to Euro

      12.7 million. In particular, Euro 9.3 million concerned infrastructure investments, alongside Euro 3.4 million for investments in airport operations.

      The progress of the main infrastructural works is highlighted below:

      • new Multi-Storey Car Park (P6): the first section of the new multi-storey car park was completed in 2025, offering 1,000 new parking spaces (of a total of 2,218 parking spaces) spread over eight levels (ground floor and seven others), which will be opened to the public in mid-July. Construction of the second section began in September 2025 and is still underway;
      • airside terminal expansion: The terminal expansion project consists of landside work (i.e. terminal building) and airside work. Specifically, the latter includes a rearrangement of the current aprons (i.e. Lot 1 and Lot 2) and the related taxilanes, in addition to the plant works to prepare for construction of the building. Q1 2026 saw the completion of work on the first lot, while work on the second lot began early in the year;
      • new Schengen gaterooms and BHS building expansion: since September 2025, work has continued on the construction of four new gaterooms in the West area of the airport, intended for boarding to Schengen destinations, and on the expansion of the existing Baggage Handling System (BHS) building, including functional upgrades to the adjacent building;
      • Schengen Departure Hall reconfiguration: the work to expand and modernise the Schengen departures hall is nearing completion: the hall and boarding gates are complete, as is the construction of a new staircase area to the aircraft stands, the addition of new seating and the last food&beverage outlet, which was delivered in the early months of 2026;
      • P4 car park redevelopment: work is underway to redevelop an existing long-stay car park; this began in January 2026 and is scheduled for completion by summer.

        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 respective taxiways;
      • service apron parking area redevelopment: work to extend the canopy in the parking area in front of the service apron and related paving was completed, providing greater comfort to passengers waiting for buses;
      • seismic retrofitting and reprotection of aviation maintenance space: work continues to provide the airport with more numerous and more efficient spaces for staff (particularly aviation maintenance workers) and to ensure structural seismic safety of the entire East Terminal building;
      • various supplies to enable operations (e.g. electrical cabins) and various innovation technology work to improve the passenger experience.

        Actions focused on sustainability include:

      • new photovoltaic systems: a European tender is underway for the construction of a ground photovoltaic system located north of the runway;
      • renewal of electric cars and vehicles: the process of renewing electric cars and vehicles to replace existing fossil-fuel powered ones continues with the purchase of an electric shuttle to transport PRM;
      • decarbonisation of power plants: work continues on replacing oil-fired power plants with electrically powered ones.
      Provisions for Renewal

      The total works for the renewal and maintenance cycle of the airport infrastructure and plant in Q1 2026

      amounted to Euro 222 thousand, of which Euro 172 thousand for interventions on plant and Euro 49 thousand for landside interventions to maintain operations.

   6. PERSONNEL Workforce breakdown

      	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs	% change vs 2025
      Full Time Equivalent average workforce	549	542	7	1%
      Executives	9	8	1	13%
      Managers	44	46	-2	-4%
      White-collar	389	383	6	2%
      Blue-collar	107	105	2	2%

      	for the quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs	% change vs 2025
      Average workforce	621	593	28	5%
      Executives	9	8	1	13%
      Managers	44	46	-2	-4%
      White-collar	456	429	27	6%
      Blue-collar	112	110	2	2%

      Source: Company workings

      The change in headcount compared to 2025 (+7 FTE) is driven by increases in staff. This is mainly the result of the internalisation of the help desk service (IT and Innovation area) from July 2025, but is also due to strengthening in the Infrastructure area to support the development of planned

      investments. 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 quarter ended 31.03.2026	for the quarter ended 31.03.2025	Total change vs 2025	% change vs 2025
      Personnel costs	9,392	8,656	736	8.5%

      Source: Company workings

      Personnel costs for Q1 2026 increased by 8.5% 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

      At the national level, on March 23, 2026, an agreement was signed by Assaeroporti, Aeroporti 2030, and the trade unions FILT-CGIL, UILT, CISL and UGL regarding the new professional grading system. This revises the nomenclature, attribution level and onboarding duration for some organisational figures within airport activities, as provided for in the renewed National Collective Bargaining Agreements

      for Air Transport - Specific Part relating to Airport Operators for 2025.

      In 2026, discussions continued with regional trade unions and handling companies regarding the Sustainability Protocol, which seeks to strengthen employment continuity for handler staff, protect health and safety throughout the airport supply chain, and introduce shared sustainability initiatives. As of March 2026, the protocol has not yet been signed, but negotiations are continuing on specific points.

      At the local level, moreover, AdB and the trade unions continue to work on the issue of aggression against airport operators, as provided for in the addendum to the Site Protocol signed by the Parties in 2022. Data from the tele-alert procedure established by AdB show a decline in incidents of aggression; nevertheless, initiatives adopted by various actors to raise user awareness and train/inform staff at different companies continue. Also in this area, on January 12, 2026, an agreement was signed between the Parties to introduce bodycam devices, to be provided to personnel who have contact with the public in various contexts (security, parking, etc.) and for infrastructure inspection and maintenance activities. The project is currently in the experimental phase and will come into full effect in the summer of 2026.

      Training of personnel

      The majority of the training provided in the period was mandatory training. Of particular note were whistleblowing courses provided via e-learning, a refresher course for PRM trainers, a course for validators, and the mandatory course to train personnel in charge of verifying category D movement facilities in public service (lifts) pursuant to the ANSFISA Executive Decree. This involved a dozen colleagues from the technology department.

      In terms of management training, four Coaching for Executives courses and the Data Analytics and Data Modelling course for five data processing specialist colleagues from different departments are particularly noteworthy.

      Cybersecurity courses with internal teaching - a mandatory course for all staff - also continue to be delivered.

      Annual refresher courses for security personnel are delivered in-house by an Training Center instructor certified for all ENAC categories. In addition to annual refresher training for all staff, the ENAC-certified instructor also provides initial training to new groups. Training for the first security pool began in Q1 2026.

   7. 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 March 31, 2026, the company had 15 employees (same as 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, Supervisory Board, personnel and ICT areas.

      In Q1 2026, FFM handled 4,542,380 kilograms of cargo, reporting 1% growth on the same period in 2025. This was an unexpected result given the economic and political scenario in the first quarter of 2026, which was exacerbated by the war that began in late February and effectively disrupted air cargo

      transportation to affected destinations. In fact, air cargo traffic contracted 44% on Q1 2025 while surface traffic reported 56% growth.

      In terms of operating performance, total revenues for the period decreased by 11.8% compared to the values for Q1 2025, while costs decreased by 2.8%. Consequently, EBITDA for Q1 2026 fell by 55.1%, with the Net Result for the period reporting a profit of Euro 54 thousand, a 50.5% decrease.

      Finally, reference should be made to the disputes section of the 2025 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. 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 assigned certain staff activities to the parent under a management & staffing contract covering the legal and personnel, Supervisory Board and vehicle and equipment

      maintenance areas. At March 31, 2026, it had 18 employees, compared to 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 Q1 2026, Tag recorded a decrease in movements of 2.8% compared to 2025 and an increase in tonnage of 17.1%. Passenger traffic increased by 5.7% compared to the same period in 2025.

      Total revenues for the period are up 28.6% on 2025, mainly due to handling and fuel service revenues; fuel purchases also drove higher costs in the period, which increased by 22.8% overall. Compared to Q1 2025, EBITDA is therefore up 49.2% and the Net Profit, at Euro 216 thousand, up 131.7%.

      Reference should be made to the specific paragraph of the Notes to this document for information concerning transactions undertaken during the period with subsidiaries and related parties.

4. MAIN NON-FINANCIAL RESULTS ANALYSIS
   1. SUSTAINABILITY

      In Q1 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.

      See section 3.5. for key environmental sustainability investments.

      In the environmental area, the reporting period saw FSC® certification obtained for the responsible forest management of the wooded strip created north of the airport, which covers more than 40 hectares and includes a bicycle path that is open to the public and is the first airport forest to achieve this result. Work also continues on decarbonising the terminal's thermal power plant.

      In the social sphere, the adoption of a new Policy for Responsible Value Chain Management is particularly significant. This was developed as part of a structured project to identify and manage ESG risks along the value chain and to strengthen oversight of such issues. The project involves performing audits and offering awareness workshops on ESG issues for selected suppliers and partners.

      Finally, on March 31, the Sustainability Statement prepared in accordance with Legislative Decree No. 125/2024, which implements Directive (EU) 2022/2464 (Corporate Sustainability Reporting Directive - CSRD), was published for the second year as part of the Directors' Report contained in the 2025 Annual Report. This document is designed to support investors, analysis, consumers and other stakeholders in assessing the sustainability performance of companies in the EU, along with related business impacts and risks.

   2. QUALITY

      Service quality in Q1 2026 saw an overall improvement in satisfaction levels compared to the same period of 2025. Specifically, there was a marked increase in the perception of charging station availability for mobile phones and laptops in common areas. This improvement can be directly attributed to the work that began in 2025 with the installation in the departures hall of new seating equipped with sockets to charge electronic devices. These facilities were further enhanced in the first three months of 2026 through the inclusion of additional seats, which helped to improve the comfort of stays in the terminal and also provided a very useful service for our passengers.

      Overall perception indicators related to public information services and the clarity and effectiveness of internal signage were also particularly high.

      In terms of operational performance, significant improvements are reported in check-in wait times and first passenger disembarkation times, confirming the effectiveness

      of the co-ordinated work carried out with handling companies. There are also stable or improving results in baggage reclaim: first bag delivery time remains in line with 2025, while the equivalent for the last bag has been reduced significantly, consolidating the outcomes of work carried out with the operators involved.

      Finally, wait times at security checkpoints continue to improve, falling further from 2025 figures. This performance reflects the efficacy of the organisational solutions adopted and the contribution of technological work carried out in 2025. Management of passengers with reduced mobility (PRM) also remains at very satisfactory levels overall: wait times on departure - though slightly higher than the previous year - remain fully within the expected standards, while there was a significant improvement in arrival wait times.

      Overall, the results in Q1 2026 underline further improvements in service quality standards, reflecting a tangible improvement in the overall passenger experience.

      INDICATORS	Jan-Mar 2025	Jan-Mar 2026
      Perception of the cleaning level and functionality of toilets	98.3	98.5
      Perception of the availability of mobile phone and laptop recharging stations in common areas	85.7	97.7
      Overall perception of the efficacy and accessibility of public information services	99.2	99.4
      Perception of the clarity, comprehensibility and effectiveness of internal signage	98.5	99.6
      Check-in waiting time	19'34''	14'44''
      Perception of passport control waiting time	05'28''	05'17''
      Wait time for departing PRM passengers with reservations	08'15''	08'49''
      Wait time for arriving PRM passengers with reservations	03'53''	03'18''
      First baggage return times	21'59''	21'59''
      Last baggage return times	27'59''	26'00''
      Boarding wait time for the 1st passenger	05'40''	04'53''

5. REGULATORY FRAMEWORK

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

   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, 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.

   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.

6. DISPUTES

   For further information on the disputes, reference should be made to Note 29 of this three-month interim report.

7. PRINCIPAL RISKS AND UNCERTAINTIES

   The AdB Group's financial performance is influenced by air traffic, 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. Its business has been particularly impacted by the war between Russia and Ukraine, which resulted in an - albeit minimal - loss of traffic volumes to Eastern European countries. A number of effects have emerged following 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 (about 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 and 4 out of 7 from May). 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. A significant risk profile therefore remains in view of the international geopolitical environment - particularly following the attack on Iran, which could affect sector demand and operations.

   These conflicts could adversely affect consumer confidence, the propensity to travel and the economic recovery in general, including outside of Eastern Europe and the Middle East. In terms of balance in global macroeconomic conditions, the U.S. administration's recent introduction of tariffs on imported goods (the details of which are not yet clearly defined and which affect strategic sectors in Italy such as the automotive, fashion and agri-food segments) could weaken global 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.

   Worsened relations caused by the imposition of restrictive measures and the concomitant increase in commodity prices could therefore negatively affect demand and damage consumer confidence. Further worsening of 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 could potentially suffer negative effects on its business performance, particularly in terms of the volumes of 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 52.5% of the airport's total traffic volumes in Q1 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. 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 aforementioned 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 intends to propose to ENAC in relation to 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 months 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 its overall management on the basis of an Action Plan approved by the Italian Civil Aviation Authority (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.

   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.

   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. At the date of drafting this Report, it has now completed the necessary studies and appropriate analyses and is therefore close to the start of the public consultation with Stakeholders in order to gather from them useful elements for the finalisation of a package of measures aimed at reducing the noise impact of operations with a balanced approach to noise management according to the applicable regulations and the regulatory provisions issued by ENAC. The proposed PCAR_BAR (Noise Containment and Abatement Plan) is confirmed as the operator's goal for the year 2026 to be submitted, then, for their respective evaluations, to the national and EU bodies institutionally competent in this field. Once completed and made operational, the PCAR_BAR will include 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 cybersecurity 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. The first quarter 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 March 31, 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 indicators included in regulated information or financial statements within the scope of application of Directive 2003/71/EC in order to improve their 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 pre-tax result 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), and

   • 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.

9. GUARANTEES PROVIDED

   For details of the guarantees provided by the Group, reference should be made to Note 28 of these consolidated 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

No events have occurred subsequent to the end of the quarter 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 with reference to the amounts reported at March 31.

On April 23, 2026, the Shareholders' Meeting approved the distribution of a gross ordinary dividend of Euro 0.35 per ordinary share. This dividend, amounting to Euro 12,643,982.75, was paid out on May 13, 2026, with coupon no. 7 dated May 11, and a record date of May 12.

In April, despite the geopolitical uncertainties, Bologna airport welcomed more than one million passengers (1,050,047), a 2.5% increase on April 2025.

Passengers for the first four months of 2026 numbered 3,289,312, up 4.2% on the same period of 2025, while movements rose to 23,678, up 2.9% on the same period of 2025. Air cargo transport from January to April totalled 13,802 tonnes, a 5.1% decrease on 2025. As it stands, slots for the 2026 summer season are confirmed, and no substantial capacity revisions related to the conflict in the Gulf have been noted.

According to CAPA (Centre for Aviation), the escalation of the war in Iran has produced significant and systemic effects on global aviation. In the initial weeks after the tensions began, the industry experienced a phase described as "controlled confusion". This saw route cancellations, aircraft and crews relocated, and significant inconvenience to passengers, reflecting the result of operational decisions made very quickly and often in conditions of uncertainty. One month after the effects of the war began to be felt, approximately

1.7 million scheduled seats had been removed (about 1/3 of the capacity planned for the last week of February 2026). While the data suggest a theoretical short-term uptick in capacity (up to 4.4 million weekly seats), OAG (Official Aviation Guide of the Airways) believes it is more likely that actual capacity will remain lower, at around 3.6 million weekly seats, for an extended period due to further cuts by local airlines. Against this backdrop, the approach adopted by carriers has varied: (i) the Saudi airlines have not significantly revised their operations, benefiting from a very strong domestic market, while (ii) other Gulf hub carriers have made very substantial cuts (e.g. Emirates -40%, Qatar Airways -62%, Etihad -50% and Air Arabia -64%). (iii) Some carriers have completely eliminated routes in the area until the end of April and (iv) others have increased their presence on Asia-Europe routes (e.g. Singapore Airlines and Turkish Airlines). Overall, OAG believes that companies do not have the luxury of

elasticity in rescheduling and reallocating their offerings to safer destinations, as the benefits of such decisions would not compensate for the organisational costs incurred and would not guarantee a financial return. Indeed, it is already evident that short-term tools such as fare increases, surcharges and capacity management are insufficient. Nevertheless, Middle East connectivity is considered structurally sound and likely to return to pre-war levels of viability over the medium to long term, once the geopolitical environment improves. (Source: OAG, Middle East Conflict: The Impact on Airline Capacity, March 2026 - CAPA, Gulf crisis puts downward pressure on Asia Pacific capacity and earnings, April 2026 -AACO, Status report - Impact of the War in the Middle East Region on the Economy, Travel, and Tourism, April 2026).

Against this backdrop, the AdB Group reported strong results for the first quarter of 2026 in terms of traffic and financial performance, with slot scheduling for the summer season substantially in line with the previous season.

However, a significant risk profile remains connected to the international geopolitical environment that could affect sector demand and operations. 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 is mainly concentrated on connections to/from Dubai, with repercussions also on cargo activity; 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.

At local level, Budget Law 2026 introduced an exemption

from the payment of the municipal surtax on boarding fees for the airports of Rimini, Forlì and Parma, with the charge transferred to the Emilia-Romagna Region, while the airport of Bologna does not benefit from this measure, potentially affecting the dynamics of regional traffic and causing a possible transfer of demand to smaller airports.

The Group in 2026 will continue to roll out the investments set out under the Regulatory Agreement to complete the 2023-2026 regulatory period, which also seek to overcome infrastructure capacity constraints, while at the same time continuing contacts with ENAC to prepare the Regulatory Agreement for the 2027-2030 regulatory period.

The Chairperson of the Board of Directors (Enrico Postacchini)

Bologna, May 15, 2026

Consolidated Financial Statements at March 31, 2026

Statement of Consolidated Financial Position Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Cash Flow Statement Statement of Changes in Consolidated Shareholders' Equity

Notes to the consolidated financial statements

at March 31, 2026