ENAV S p A : Annual Integrated Report 2025

Published April 14, 2026 at 6:18 p.m. UTC

Source: MarketScreener

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ANNUAL INTEGRATED REPORT

ANNUAL INTEGRATED REPORT 2025

The Annual Financial Report has been translated into English solely for the convenience of the international reader. In the event of conffict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document compliant with the provisions of the Commission Delegated Regulation (EU) 201S/815.

MISSION AND VISION

"Airspace is a strategic infrastructure for our country, and we at ENAV are committed to making it a resource which ensures sustainable mobility and economic development with the integration of new services.

We work for a sustainable future of air transport thanks to continuous investments in innovation and our people.

We guarantee safety and on time performance to the millions of passengers who fly the Italian skies, contributing to the growth of national and European air transport with efficiency and innovation.

With safety as our foundation, we are building an increasingly customer-oriented strategy that modernises the systems and that, thanks to our professionalism, creates value and further strengthens ENAV's presence in the international arena."

PURPOSE

"Every day on our routes we accompany those who fly with reliability and safety.

We design the sky of the future, investing in people and innovation for sustainable air transport and for Italy's economic growth."

Letter to Stakeholders

Dear Stakeholders,

We are delighted to present the 2025 Annual Integrated Report, sharing with you an update on the progress made by the ENAV Group over the past year.

The year 2025 marks the first year of the new regulatory period, covering the five-year period 2025-2029 (RP4), for which cost and traffic levels, investments and operational performance targets have been set for the entire reference period. In May 2025, the European Commission formally approved Italy's Performance Plan through EU Decision No. 2025/1058, thereby establishing the financial and operational parameters for ENAV for the years of the fourth reference period, including the costs and traffic volumes used to determine the charges for air navigation services.

Air traffic recorded record results in 2025, with the volume of assisted flights and Service Units increasing compared to the previous year and exceeding the average figures recorded across European countries, thereby confirming the ENAV Group's high level of performance and the system's ability to respond effectively to steadily growing demand.

The significant increase in air traffic and in the Parent Company's regulated revenues, the growth in revenues from activities in the unregulated market, and the momentum generated by the technological projects launched during the year, all contributed positively to limiting the reduction in balance revenues in 2025, which is a typical effect in the first years of a new regulatory period.

As previously mentioned, 2025 is the first year of the new 2025-2029 regulatory period and, as has already been observed in similar circumstances, the income statement results for this first year reflect a significant reduction in revenues derived from the regulatory mechanism compared to the results for the final year of the previous period (in this case, 2024).

In light of the above, the 2025 EBITDA of 252.7 million euros, although down by 58.3 million euros compared to 2024 (when a record result of 310.9 million euros was achieved), is nevertheless at the upper end of the range communicated to the market in the 2025 guidance.

A positive impact on 2025 is undoubtedly linked to the quality bonus provided for under the EU performance scheme, in relation to the achievement of punctuality targets. At the end of 2025, the en-route delay attributable to ENAV was 0.010 minutes per flight, compared to the target set for the year of

0.14 minutes of delay per flight. This performance therefore enabled the recognition in the financial statements for the year of a portion of balance revenue amounting to approximately 13 million euros. The year just ended also saw the launch of significant technological projects, primarily related to the development of the ENAV new air traffic management operating model. In particular, we would like to highlight the operational launch of the Brindisi Remote Tower Control Center, with the activation of the first remote tower module, and the work to integrate the Florence Airport Approach Control (APP) into the Rome Area Control Center.

Turning to sustainability, in a year marked by significant regulatory developments in corporate sustainability at the European level - including the introduction of the Omnibus package, which aims to simplify reporting obligations for many companies - ENAV has not scaled back its commitment. On the contrary, sustainability continues to be a cornerstone of the Group's value creation model, fully integrated into its industrial decisions and its long-term vision. In a context that requires companies to be not only operationally efficient but also responsible towards the environment, the people and the regions in which they operate, ENAV is resolutely pressing ahead on the path it has chosen. For us, sustainability remains a strategic lever to support the transformation of the aviation sector and to contribute to the development of an air transport system that is increasingly safe, efficient and mindful of its environmental and social impacts.

Therefore, in the update to the 2025-2029 Business Plan, presented in April 2025, we further strengthened the integration between the Business Plan and the sustainability strategy, consolidating a

unified vision in which economic, environmental and social objectives support one another. In parallel,

the new 2025-2029 Sustainability Plan was approved, fully aligned with the time horizon of the Business Plan, with the aim of consolidating the Group's leadership role in the sustainable development of air transport and laying the foundations for the achievement of further goals in the coming years.

The year 2025 was also a significant year in terms of our operational contribution to the decarbonisation of the sector. Through projects such as Free Route, Arrival Manager (AMAN) and other route optimisation initiatives, ENAV has enabled a reduction of approximately 331,700 tonnes of CO₂ generated by the managed traffic. Over the period from 2016 to 2025, the projects implemented resulted in overall savings of 1.7 million tonnes of CO₂.

At the same time, in 2025, the Group achieved a reduction of more than 86% in its direct and indirect emissions (Scope 1 and Scope 2) compared to 2019, thereby maintaining its status as a carbon-neutral company. This result confirms the robustness of our reduction strategy and the Group's ability to decarbonise its operations in a structural manner.

Once again this year, our commitment received recognition from the international community. For the second year running, ENAV has been included in the CDP prestigious A List, while the agency S&P Global has, for the first time, included our Group - the only Italian air transport company - in its Sustainability Yearbook 2026. This is a further indication of the leadership that ENAV continues to exercise in the field of sustainable aviation, consistently contributing to the sector's long-term objectives.

The consolidation of our achievements, combined with international recognition and the strengthening of our integrated strategy, demonstrates the robustness of the vision that guides the Group: a vision focused on creating sustainable value, ensuring flight safety, and actively contributing to the development of the aviation sector of the future.

We are proud of the path we have taken and aware that the milestones we have achieved are the result of the shared commitment of ENAV, its stakeholders and all the people who, with their professionalism and expertise, contribute to the Group's growth on a daily basis.

Chair Chief Executive Officer

Alessandra Bruni Pasqualino Monti

Presentation of the 2025 Annual Integrated Report

Continuing the approach taken in 2024, the ENAV Group's 2025 Annual Integrated Report contains the Management Report, which, in paragraph 5, includes the Consolidated Sustainability Statement, the Consolidated Financial Statements and the Parent Company's Separate Financial Statements. The aim is to present both financial and non-financial information in a single document and to provide stakeholders with a comprehensive and transparent account of the Group's activities, its achievements and its social and environmental impacts.

With its Annual Integrated Report, the ENAV Group complies with the provisions of Italian Legislative Decree No. 125 of 6 September 2024, issued in implementation of Directive (EU) 2022/2464, which introduced the Corporate Sustainability Reporting Directive (CSRD) on corporate sustainability reporting. This directive requires the adoption of the European Sustainability Reporting Standards (ESRS) in order to ensure the comparability of sustainability information.

The Annual Integrated Report was prepared taking the following references into consideration:

International Financial Reporting Standards (IFRS)
Italian Legislative Decree 58 of 24 February 1998 Testo Unico della Finanza (Consolidated Finance Act)
Italian Legislative Decree 125/2024 implementing EU Directive 2022/2464, which includes the European Sustainability Reporting Standard (ESRS)
EU Taxonomy Regulation 2020/852 with the specifications adopted under art. 8
ESMA (European Securities and Markets Authority) recommendations.

With regard to the EU Taxonomy Regulation, it should be noted that for 2025, the ENAV Group has not adopted the amendments to EU Regulation 2020/852 introduced by the Delegated Act of 8 January 2026, in accordance with Regulation (EU) 2026/73, which, in Article 4, permits the application of Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486 for 2025.

With regard to the provisions of Article 4 of Legislative Decree no. 125/2024, as permitted by legislation, the Sustainability Report was prepared exclusively at Group level and included in a separate section of this Report on Operations.

In order to avoid the duplication of information, some environmental and personnel matters required by Article 2428 of the Italian Civil Code have been provided in the Consolidated Sustainability Statement.

The Annual Integrated Report is also prepared in the electronic reporting format set forth in the European Commission's Delegated Regulation (EU) 2019/815 (ESEF Regulation- European Single Electronic Format) with respect to the Consolidated Financial Statements, given the current non-compulsory nature of the Consolidated Sustainability Statement for the year 2025.

TABLE OF CONTENTS ANNUAL INTEGRATED REPORT 2025 2 REPORT ON OPERATIONS and CONSOLIDATED SUSTAINABILITY STATEMENT 8

OVERVIEW 9
1. Highlights 2025 9
2. Corporate Bodies 12
3. The history of the ENAV Group 14
4. The Organisational Model 16
5. ENAV Stock Performance and Shareholders 17
6. Corporate Structure 20
BUSINESS MODEL AND STRATEGY 21
1. Group Strategy 21
2. Group Business 23
  1. Core Business Activities 23
  2. Non-Core Activities 26
3. Investments and the NRRP 27
MANAGING RISKS AND OPPORTUNITIES 29
OPERATING AND ECONOMIC-FINANCIAL PERFORMANCE 35
1. Operating environment and performance 35
2. Market and air traffic developments 37
3. Performance and financial position of the ENAV Group 43
4. Performance and financial position of ENAV S.p.A 51
5. Information on the Main ENAV Group Companies 57
CONSOLIDATED SUSTAINABILITY STATEMENT 61
OTHER INFORMATION 146
RECONCILIATION OF SHAREHOLDERS' EQUITY AND NET PROFIT OF ENAV S.P.A. AND THE CORRESPONDING CONSOLIDATED DATA 149
SIGNIFICANT EVENTS AFTER 31 December 2025 150
OUTLOOK FOR OPERATIONS 150
PROPOSAL OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS' MEETING 152

CONSOLIDATED FINANCIAL STATEMENTS 154 SEPARATE FINANCIAL STATEMENTS 232 REPORT ON OPERATIONS and CONSOLIDATED SUSTAINABILITY STATEMENT

OVERVIEW
1. Highlights 2025
  The ENAV Group's main economic, equity and financial data are in millions of euros.
  
  Operations Results
  
  Sustainability indicators
  Environment
  
  Social
  
  Governance
2. Corporate Bodies
  The Shareholders' Meeting held on 28 April 2023 appointed the Board of Directors, which will remain in office for three financial years, until the approval of the financial statements at 31 December 2025.
  The Shareholders' Meeting held on 28 May 2025 appointed the Board of Statutory Auditors, which will remain in office for three financial years, until the approval of the financial statements at 31 December 2027.
  At its meeting held on 23 June 2025, the Board of Directors appointed the Supervisory Board for the three-year period 2025-2027.
  By resolution of 2-3 December 2025, the Court of Auditors appointed Director Davide Vitale as Deputy Delegate for the audit of ENAV S.p.A. financial management, with effect from 1 January 2026 and for a period of four financial years.
  BOARD OF DIRECTORS
  (Three-year period 2023-2025)
  OFFICE NAME
  Chair Alessandra Bruni
  Chief Executive Officer Pasqualino Monti
  Director Carla Alessi
  Director Stefano Arcifa
  Director Rozemaria Bala
  Director Franca Brusco
  Director Carlo Paris
  Director Antonio Santi
  Director Giorgio Toschi
  CONTROL, RISKS AND RELATED PARTIES COMMITTEE
  OFFICE NAME
  Chair Antonio Santi
  Member Stefano Arcifa
  Member Franca Brusco
  APPOINTMENTS AND GOVERNANCE COMMITTEE
  OFFICE NAME
  Chair Giorgio Toschi
  Member Stefano Arcifa
  Member Carlo Paris
  REMUNERATION COMMITTEE
  OFFICE NAME
  Chair Franca Brusco
  Member Rozemaria Bala
  Member Giorgio Toschi
  SUSTAINABILITY COMMITTEE
  OFFICE NAME
  Chair Carlo Paris
  Member Rozemaria Bala
  Member Alessandra Bruni
  
  Member Antonio Santi
  BOARD OF STATUTORY AUDITORS
  (Three-year period 2025-2027)
  OFFICE NAME
  Chair Roberto Cassader
  Standing Auditor Eleonora Di Vona
  Standing Auditor Leonardo Quagliata
  Alternate Auditor Luigi Lausi
  Alternate Auditor Guido Lenzi
  SUPERVISORY BODY
  (Three-year period 2025-2027)
  OFFICE NAME
  Chair Maurizio Bortolotto
  Member Silvia Massi
  Member Andrea Miroli
  INDEPENDENT AUDITOR
  PwC S.p.A. appointed by the Shareholders' Meeting of 10 May 2024 for the financial years 2025-2033
  MAGISTRATE OF THE COURT OF AUDITORS DELEGATED TO AUDIT ENAV S.p.A.
  Davide Vitale
  Please see section 5, Consolidated Sustainability Statement, for information on corporate governance and sustainability.
3. The history of the ENAV Group
  ENAV S.p.A. is an Italian joint-stock company operating in a European regulated market as an exclusive provider of civil airspace management and control services under the supervision of the Italian Ministry of Infrastructure and Transport (MIT) and the national regulator ENAC (Ente Nazionale Aviazione Civile-National Civil Aviation Authority).
  ENAV was set up pursuant to the provisions of Italian Law 665 of 21 December 1996, by virtue of which the former "Azienda Autonoma di Assistenza al Volo per il Traffico Aereo Generale (AAAVTAG)", an independent structure of the public administration of the Italian State, was first transformed into a "public economic entity" called "Ente Nazionale di Assistenza al Volo" [National Flight Assistance Body" and, subsequently, on 1 January 2001, by virtue of Interdepartmental Decree 704993 of 22 December 2000 of the Ministry of Infrastructure and Transport and the Department of the Treasury, it assumed the current legal form of joint-stock company, taking the name ENAV S.p.A.
  In December 1995, with Italian Law 575 of 20 December 1995, Italy ratified the "Eurocontrol International Convention on Cooperation for the Safety of Airspace" by joining the European Organisation for the Safety of Air Navigation (Eurocontrol), an intergovernmental organisation comprising, among others, the Member States of the European Union.
  Since 26 July 2016, ENAV shares have been listed on the Euronext Milan Market organised and operated by Borsa Italiana S.p.A. and, at 31 December 2025, 53.28% of the Parent Company was owned by the Ministry of Economy and Finance and 46.46% by institutional and individual shareholders, with 0.26% being held by ENAV as treasury shares.
4. The Organisational Model
  During 2025, the ENAV macrostructure underwent interventions aimed at consolidating the Group's organisational model and strengthening governance to support the objectives of the Business Plan.
  However, the Group's organisational model remained essentially unchanged, with personnel services centralised within the Parent Company, allowing subsidiaries to maintain their focus on their core business and to benefit from the Parent Company's efficiency and expertise.
  The macrostructure of ENAV S.p.A. in force as of 31 December 2025 is shown below.
  
  Furthermore, the organisational development initiatives were implemented within a context characterised by:
  - continued efforts to strengthen the professionalism of the Operations area through professional qualification processes for internal staff and external recruitment;
  - interventions of internal mobility and targeted management of turnover in Corporate areas, in order to improve the existing skill set to support all Group activities.
  Therefore, in this context, the following main organisational measures were implemented in 2025:
  - Governance of the Business Plan: establishment of a cross-functional steering committee to oversee the management of the Business Plan, with responsibility for this committee assigned to the Director of Strategy.
  - Macrostructure:
    - relocation of the Investor Relations unit to report directly to the Chief Executive Officer, with a view to strengthening oversight of financial disclosure and investor relations;
    - relocation of the Sustainability structure, which previously reported to the CEO, to the Chief Financial Officer, in order to strengthen the integration of sustainability policies with the Group's economic and financial management.
  - Director of Strategy: expansion of the scope of responsibilities through the incorporation of the Security department, which previously reported to the Compliance and Risk Management
    department, with the aim of strengthening the positioning of physical and IT security as a strategic
    lever to support the achievement of the Group's objectives.
  - Operations:
    - centralisation within the Operational Services, Regulation and Training function of operational services for air navigation, the management of ENAV contracts in the non-regulated market, and international activities;
    - reorganisation of the ATM System Evolution and Strategic Services Planning function, with a view to strengthening accountability for innovation and development projects.
  - Engineering and Infrastructures: expansion of the scope through the acquisition of the Corporate IT Systems structure, previously part of People and Corporate Services, in order to maximise synergies in terms of IT skills and infrastructure as part of the Group's ERP Transformation Plan.
5. ENAV Stock Performance and Shareholders
  ENAV has been listed on the Euronext Milan Market operated by Borsa Italiana S.p.A. since 26 July 2016 and is currently the only air navigation service provider (ANSP) listed on an equity market.
  Since the date of its listing, the ENAV stock price has risen by 42.8%, with a market capitalisation at 31 December 2025 of about 2.55 billion euro.
  During the financial year 2025, the stock appreciated by 16%, closing at the end of the year at 4.71 euro per share, compared to 4.08 euro at the end of 2024. The daily average volume of shares traded in the year was around 770 thousand shares, a significant increase compared to the daily average volume of trading the previous year (+43%). In 2025, the FTSE Mid Cap index, of which ENAV is part, reported growth of approximately 23%.
  The ENAV share price performance during the year is largely attributable to the financial market's appreciation of the 2025-2029 Strategic Plan presented on 1 April, the upward revision of the 2025 targets following the presentation of the half-year results on 31 July, and the Company's continued resilience in a highly complex macroeconomic and geopolitical context.
  The highest share price in 2025 was on 23 December, with a price of 4.73 euro, while the lowest price was on 27 February, at 3.33 euro.
  
  At 31 December 2025, the ENAV stock is covered by nine financial analysts from major Italian and foreign brokerages, some of which are specialised in infrastructure. At the end of 2025, five of the above analysts gave the ENAV stock a "BUY" rating, and four a "HOLD" rating.
  
  Shareholders
  At 31 December 2025, the ENAV share capital amounted to 541,744,385 euro and remained unchanged compared to 2024. 53.28% of ENAV's shares are held by the Ministry for the Economy and Finance, 0.26% by ENAV as treasury shares and 46.46% by the general market, mainly institutional investors (mostly Italian, European, British, North American and Australian), with a smaller portion held by retail investors.
  Shareholders
  
  Shareholders by geographical area
  
  Own Shares
  The Parent Company holds, at 31 December 2025, a total of 1,419,105 treasury shares equal to 0.26% of the share capital for a total value of 6.6 million euros.
  The Ordinary Shareholders' Meeting held on 28 May 2025 resolved to authorise the Board of Directors to purchase and dispose of ENAV's own shares for the following purposes: i) implement the remuneration policies adopted by ENAV and specifically to fulfil obligations deriving from share option programmes or
  other share assignments to employees or members of the administrative bodies of the Company and/or
  directly or indirectly controlled companies; ii) carry out activities to support market liquidity, in compliance with market practice permitted pursuant to art. 180, paragraph 1 letter c) of the TUF. Authorisation was granted for the purchase of a maximum of 1,400,000 shares, valid for eighteen months from the date of the shareholders' resolution. Authorisation for the disposal and/or use of treasury shares held in the portfolio was granted without time limits, due to the absence of regulatory constraints. Therefore, in December 2025, 1,400,000 treasury shares were purchased at an average price per share of 4.6561 euro, for a total value of 6.5 million euros.
  Over the past few years, treasury shares acquired under shareholders' resolutions have been allocated to the beneficiaries of the first Performance Share Plan 2017-2019 and the second vesting cycle of the second Performance Share Plan 2020-2022. In particular, during 2025, 361,835 treasury shares were granted to the beneficiaries of the second Performance Share Plan 2020-2022 referring to the third vesting cycle 2022- 2024 for a value of approximately 1.5 million euros.
6. Corporate Structure
  The ENAV Group consists of various companies grouped into four distinct operational sectors, organised by area of activity, namely i) air navigation services; ii) maintenance services; iii) Aeronautical Information Management (AIM) software solutions and iv) other services.
  
  The Air navigation services sector is the exclusive domain of ENAV S.p.A. whose core business is providing
  air traffic control and management services and other essential air navigation services in Italian airspace and at the national civil airports for which it is responsible, ensuring the highest technical and system standards in flight safety and upgrading the technology infrastructure of air navigation systems. ENAV is the fifth-ranked player in Europe and a major actor at the global level in the Air Traffic Control (ATC) industry.
  The maintenance services sector is covered by Techno Sky S.r.l. wholly owned by ENAV, whose core business is the management and maintenance of the equipment and systems used to for national air traffic control, ensuring its full operational efficiency and uninterrupted availability around the clock, in addition to certain services provided within the unregulated market.
  The AIM (Aeronautical Information Management) Software solutions service segment is occupied by IDS AirNav S.r.l., wholly-owned by ENAV, which is involved in the development and sale of software solutions for the management of aeronautical information and air traffic, as well as delivering a range of commercial services. The products are currently in use with a variety of customers in Italy, Europe and elsewhere in the world.
  The residual Other services segment includes:
  - ENAV Asia Pacific Sdn Bhd, a Malaysian company wholly owned by ENAV, which carried out business development and the delivery of services on the non-regulated market, with particular regard to the areas of strategic interest in South-east Asia. In December 2024, the ENAV Board of Directors resolved to put the company into voluntary liquidation, as it no longer considered a presence in Malaysia for the development of the Group's business as strategic and officially entered into liquidation proceedings in April 2025.
  - ENAV North Atlantic LLC, which currently holds, through Aireon Holdings LLC, an 8.60% interest (pre-redemption) in Aireon LLC, which will stand at 10.35% post execution of the redemption clause. Aireon realised and manages the first global satellite monitoring system for air traffic control, with the aim of enabling the comprehensive surveillance of all routes worldwide, with a focus on the polar, oceanic and other remote areas currently not covered by the radar-based air traffic control services, and enabling the optimisation of routes and achieving ever higher standards of flight safety and efficiency.
  - D-Flight S.p.A., a company 60% owned by ENAV and 40% owned initially by the industrial partnership formed by Leonardo S.p.A. and Telespazio S.p.A. through the specifically incorporated company named UTM Systems & Services S.r.l., and from 1 January 2025 by Leonardo alone following the merger by incorporation of UTM Systems & Services S.r.l. into Leonardo as per the merger deed dated 12 December 2024. D-Flight's corporate purpose is the development and provision of low-altitude air traffic management services for remotely piloted aircraft and all other types of aircraft falling under the category of Unmanned Aerial Vehicles Traffic Management (UTM).
  For further information, please see section 5, Consolidated Sustainability Statement, in the Information on Business Model, Value Chain and Strategies.

BUSINESS MODEL AND STRATEGY

Group Strategy
On 31 March 2026, the ENAV Board of Directors approved the 2025-2029 Business Plan, which is aligned in terms of time with the European regulatory period and sets out the main economic and pricing components. The objective of the plan is to further develop the ENAV Group over the next five years, in accordance with principles that are articulated within key strategic guidelines for long-term value creation:
- the full continuity of strategic initiatives in the regulated market, which will continue to represent the Group's core business, with the strengthening of infrastructures and the implementation of advanced technologies for air traffic control, with the aim of maintaining the high standards of excellence and efficiency already recognised internationally;
- a strong push into the non-regulated market, with the aim of entering new businesses and new geographies to ensure fully taking advantage of the Group's distinctive assets and skills;
- evolution of the Group's operating model in all its components (from human capital to organisation,
  from digitalisation to communication), in line with the peculiarities and needs of both the regulated and unregulated market;
- the definition of new governance logic in the Business Plan to ensure proper and concrete execution, also in light of the experience gained on some initiatives already launched in recent years.
Based on the aforementioned guidelines, the general framework of the Plan can be summarised in four pillars: the regulated market and the unregulated market (clearly distinct from each other), on which the operating model and the execution plan are transversally grafted.
Each of these pillars has its own set of initiatives, about 20 in number, half of which are in continuity with previous planning and half newly introduced. More specifically:
- in the regulated market, in line with the continuity principle mentioned above, the Plan aims to complete the strategic design already started a few years ago, with particular reference to the operational project of integrating and developing approaches, ACC and remote towers;
- in the unregulated market, on the other hand, there will be three growth drivers:
  1. the evolution of the current core portfolio, enhancing and optimising the current offer of the subsidiaries and ENAV itself;
  2. growth at geographical level;
  3. entry into new businesses related to the world of energy efficiency and the drone industry. These initiatives are directly linked to the Pillars of the Sustainability Plan, approved by the Board of Directors on 31 July 2025 for the period 2025-2029, and are aligned with the strategic initiatives outlined in the Business Plan. The Sustainability Plan aims to pursue the following strategic objectives:
- implement the Group's climate strategy by contributing to the decarbonisation of the sector and continuing to reduce emissions across the entire value chain;
- lead the transition within the aviation supply chain by supporting the challenges faced by our main clients and stakeholders through innovation;
- generate a positive social impact by raising awareness on sustainability issues;
- further promote a culture of diversity, equity and inclusion.
In addition to these, there is a transversal element for the two Plans which is technological innovation, the driving force behind sustainability and the ability to evolve, favouring decarbonisation and enabling new models of efficiency and security.
Finally, as far as the regulated market is concerned, the new Business Plan sets the goal of accelerating and completing the initiatives already envisaged in the previous plan, ensuring substantial progress.
The core investment initiatives relate to:
1. APP integration (approaches) in ACCs (Area Control Centers): 7 approaches have already been integrated in the Rome and Milan Area Control Centers, and the integration of the last 4 APPs is planned for the coming years, with completion expected by 2027;
2. ACC consolidation: the reorganisation of airspace from 4 to 2 ACCs will ensure a more "flexible" approach to traffic management;
3. rendering the control towers remote: after implementing "local digitisation" in the first two towers, the plan foresees making 16 towers remote by 2029, aiming for full remote tower management in 2030;
4. weather automation: the testing of software and sensors for the automation of weather observations is underway, with the aim of beginning to adopt the new systems by 2028;
5. ATM platform- after having already adopted the Co-Flight platform and completed the first releases of the 4-Flight system, full adoption of the new system is planned in Rome by 2028 and in Milan by 2030.
These initiatives will allow the Parent Company to have a state-of-the-art technological infrastructure, ensuring its operational excellence in air traffic management also in the near future.
Considering the operating model adopted by the ENAV Group and the essential role played by the Parent
Company in air traffic management, the main resources useful for value creation concern intangible resources such as human, intellectual and technological capital.
For further information, please see section 5, Consolidated Sustainability Statement, in the Information on Business Model, Value Chain and Strategies.

Group Business

Core Business Activities

The Group's core business is represented by flight assistance services provided by ENAV S.p.A., which provides air traffic management and control services and other essential services for air navigation, in the Italian skies and the national civil airports under its jurisdiction.

Air traffic control is guaranteed seamlessly, from the moment an aircraft's engines are turned on in the apron of the airport of departure, until they are cut once it arrives at the apron assigned at the airport of destination. The task of the air traffic controller is to guarantee safe and fast movement of aircraft by ensuring a minimum separation between aircraft of 5 miles on the horizontal plane (reduced to 3 nautical miles in the vicinity of the airports of Rome Fiumicino, Rome Ciampino, Milan Linate, Milan Malpensa and Bergamo Orio al Serio) or 1,000 feet in the vertical plane. Flight efficiency objectives are met through fast movement, assigning the most direct route possible between the airport of departure and the airport of destination and ensuring the ideal climb and descent profile, i.e. the one that facilitates the lowest possible fuel consumption and the consequent reduction of the environmental footprint thanks to the lower CO₂ emissions.

The air traffic controllers operate in the control towers of 45 Italian airports and in the four Area Control Centers (ACCs), where they provide assistance to all aircraft in the en-route phase, whether they call at an Italian airport or simply fly over Italian airspace.

The Parent Company is one of Europe's "big five" in terms of operational performance and innovation, and is now at the forefront of environmental support thanks to the constant optimisation of routes to reduce aircraft consumption and the use of innovative technologies to improve the efficiency of its infrastructure.

Performance Plan

ENAV core business is regulated at a European level through the submission and approval, through the regulatory body (ENAC), of the Performance Plan in which various objectives are defined, including the cost and traffic levels necessary to determine the tariffs for the five-year duration of the plan.

In June 2024, with the European Commission's Implementing Decision (EU) 2024/1688, the EU regulator set EU-wide economic efficiency and operating capacity targets for the reference period 2025-2029 (RP4), to which all European states and their air navigation service providers must adhere.

As a consequence of this Decision, and following the discussion phases with ENAC as the national

regulator of reference for the EU performance and unit rate scheme, the Performance Plan was consolidated and forwarded by ENAC to the European Commission in the last quarter of 2024.

In this context, it should be noted that at national level, some changes were jointly made to the terminal charging zones, envisaging in particular for the definition from 2025 of two new charging zones subject to EU regulation in the field of unit rates and performance, composed as follows:

the previous two zones, in force until 2024, were merged into a single charging zone, the new Zone 1, from 2025;
the former zone 3, in force until 2024, became the new zone 2 in 2025. Previously subject to the national regulatory scheme, this zone is regulated by the EU unit rate and performance scheme.

With Implementing Decision (EU) No. 2025/1058 of 19 May 2025, published on 29 May 2025, following a favourable opinion from the Performance Review Body (PRB), the European Commission approved Italy's Performance Plan for the fourth Regulatory Period (RP4) 2025-2029. While confirming the industrial and financial guidelines of the 2025-2029 Strategic Plan, the approval of the Performance Plan also ensures that the Parent Company fully covers the costs of air navigation services and establishes the stability of the unit rates applied to airlines.

Safety

Safety is included in the Essential Performance Areas of the Performance Plan, with specific targets to be achieved in the various reporting periods of the Plan. These key performance indicators for safety are monitored on an annual basis both internally by the Safety unit and externally by ENAC, acting as the National Supervisory Authority, and by the European Commission which, through the Performance Review Body (PRB), conducts an overall assessment of the Performance Plan and, therefore, safety performance. For the fourth Performance Plan for the 2025-2029 period, Regulation (EU) 2019/317 specified only one Safety Key Performance Indicator (S-KPI) concerning the level of effectiveness of the safety management system (Effectiveness of Safety Management- EoSM), in line with the previous Performance Plan. Five Safety Performance Indicators (SPI) have also been defined for which no targets have been established but will be monitored in order to track progress over the years covered by the plan. These five indicators are: (i) total number of Runway Incursions (RI) at the national level; (ii) number of Runway Incursions (RI) attributable to Air Traffic Management (ATM) at the level of individual airports; (iii) total number of Separation Minima Infringements (SMI) in Italian airspace; (iv) number of Separation Minima Infringements (SMI) attributable to ATM at the level of individual ANSP; (v) use of systems for the automatic detection of safety events (SMI and RI).

At present, the safety monitoring and evaluation process has been completed for the performance achieved in 2024 with the publication of the 2024 PRB Monitoring Report in October 2025. With regard to safety performance in 2025, data collection at the individual Member State level is ongoing and the publication of the report by the PRB is expected in autumn 2026.

The only Safety Key Performance Indicator (S-KPI), Effectiveness of Safety Management - EoSM, is broken down into specified Management Objectives that, on a scale of increasing values from A to D, defines the level of implementation, maturity and effectiveness of the safety management system in the various areas. This target is to reach level D for the Management Objective defined Safety Risk Management and level C in all other Management Objectives.

The performance achieved by the Parent Company in 2024 for this specific objective, as summarised in the following table, exceeded the targets set for the end of the third reference period.

Management Objectives	Results 2024	Target 2024	Results 2023
Safety Culture	C	C	C
Safety Policy and Objectives	C	C	C
Safety Risk Management	D	D	D
Safety Assurance	D	C	D
Safety Promotion	C	C	C

Finally, as regards the indicator (not subject to a target) for service provider use of systems for the

automated detection of safety events (SMI and RI), the Parent Company has implemented Eurocontrol's Automatic Safety Monitoring Tool (ASMT).

Capacity

The Parent Company considers the quality of service provided a primary objective, always guaranteeing the maximum contribution to the safety of operations and punctuality of airline flights.

Following the COVID-19 pandemic, air traffic performed well in the 2024 financial year, with clear growth in 2024 (+9.2% compared to 2023, +10.24% compared to 2019, the pre-COVID year, which had seen record results for the Parent Company) and further growth in 2025 as well (+5.51% compared to 2024), in terms of assisted flights (IFR- Instrument Flight Rules), once again showing a higher trend than the expected growth rates for Italy.

The measures implemented in 2025, in terms of airspace reorganisation, made it possible to manage the increase in air traffic with a significant reduction in delay compared to 2024, achieving a Capacity performance which, with a total of 160,867 minutes of ATFM (Air Traffic Flow Management) delay, enabled a substantial decrease to be consolidated compared to the 1,459,284 minutes of ATFM delay in 2024.

With regard to the national target set by the European Commission for 2025, the first year of the fourth Reference Period, established at 0.28 minutes per assisted flight "all reasons", the value of the corresponding performance indicator of En-route Capacity was 0.077 minutes per assisted flight, well below the set target. On the other hand, the delay performance per assisted flight for reasons attributable solely to the Parent Company (ATM reasons) stood at 0.010 minutes, a figure well below the target of 0.14 minutes per assisted flight.

The qualitative performance delivered by the Parent Company in 2025 demonstrated that, despite a continuous increase in the number of assisted flights, which exceeded the forecast scenarios circulated by Eurocontrol, especially during periods of the year with normally lower traffic density, and the incidence of adverse meteorological phenomena, the operational measures implemented in preparation for the summer season, aimed at increasing the capacity to configure the operations rooms of the four ACCs (Area Control Centers) into even more efficient sectors to meet the increased demand, were successfully implemented.

Once again in 2025, the results we achieved position us as the best provider in terms of Capacity performance.

ENAV also noted the excellent growth in the number of movements handled at airports, with a 4.3% increase in the number of movements in the airport domain compared to 2024.

With reference to the value of the delay assigned to arriving flights for reasons dependent on the arrival airport, measured for all Italian airports, an increase compared to the previous Reference Period which was measured for only the five airports subject to the Performance Plan (Rome Fiumicino, Milan Malpensa, Milan Linate, Bergamo Orio al Serio and Venice Tessera) and the target proposed in the Plan for the year 2025, equal to 0.35 minutes per assisted flight, the value of the mandatory key indicator "Terminal arrival ATFM delay" was 0.287 minutes per assisted flight, i.e. below what was declared in the 2025-2029 national Performance Plan.

The breakdown of the indicator only for ATM delays (i.e., attributable to ENAV) was 0.046 minutes per assisted flight.

Programme Contract

The Programme Contract is the document regulating the relations between ENAV and the Italian State. The contract covers the period from 2020 to 2024; this duration is aligned with the timeframe foreseen by EU regulations for the Performance Plan, and has undergone an extension in the definition timeframe due to the difficulties related to the health emergency and the transposition of the results of the Compliance Decision, issued by the European Commission on the National Performance Plan, which took place in April 2022.

In the second part of 2025, the preliminary process was concluded, by Law entrusted to the Advisory

Board for the Implementation of the Guidelines for the Regulation of Public Utilities and the Interministerial Committee for Economic Planning and Sustainable Development.

The Programme Contract therefore continued through the process and was signed by all parties involved. The 2020-2024 Programme Contract is currently being forwarded to the Court of Auditors for ratification.

Non-Core Activities
Operating within the perimeter of the Italian regulated market, the ENAV Group has developed distinctive skills over the years that have made it an internationally recognised excellence. With the enhancement of these skills, the Group presents itself in the non-regulated market with technologically advanced solutions to meet the needs of air navigation service providers, airport authorities, aviation agencies, government and private entities that manage both civil and military air traffic, with a worldwide presence.
During 2025, the ENAV Group achieved results in terms of revenues deriving from the sale of systems and services on the unregulated market totalling 52.1 million euros (49.3 million euros in 2024), an increase of 5.8% compared to the previous year. During the year, new orders for the ENAV Group totalling more than 84.8 million euros were acquired and awarded, and framework agreements for more than 1.4 million euros were concluded.
Of particular note is the contract signed with Teledife for the modernisation of the Italian Air Force ATC radars, with a total value of approximately 39.7 million euros for ENAV and Techno Sky. This is a contract signed as a temporary joint venture between ENAV (agent) and Leonardo and Techno Sky (principals), which provides for the modernisation of the ATC radars at six Italian Air Force bases and the award to the ENAV Group of all maintenance management services until 2032.
New orders totalling over 7.3 million euros and 1.4 million euros in framework agreements were formalised for the Parent Company. These include the contract with Teledife, mentioned above, for which the Parent Company's share amounts to 3.1 million euros; orders and agreements related to Flight Inspection and Validation activities to be carried out both in Italy and in certain foreign countries, such as Romania, Bahrain, Lithuania, Croatia, Denmark and Ethiopia, for a total value of 2.8 million euros; and orders for aeronautical consultancy and training activities in Italy and abroad for a total of 2.5 million euros, including the contract signed in Brunei for the restructuring of the national airspace.
The subsidiary IDS AirNav saw the signing of contracts for about 26 million euros. These include: i) the contract in Austria for the four-year extension of the support and upgrade contract for the software systems used by the Austrian ANSP Austrocontrol, with a total value of 3.9 million euros; ii) the contract with Nav Portugal, the Portuguese ANSP, for the supply of new software licences, support and maintenance services for the AIM system, with a value of 2.4 million euros; iii) the contract in Bulgaria for the supply of the Aeronautical Information Management (AIM) system, with a value of 1.8 million euros;
iv) the contract awarded in Liberia for the supply of the AIM system, with a total value of 1.4 million euros.
For Techno Sky, new orders totalling approximately 51.5 million euros were secured, including the aforementioned contract with Teledife, worth a total of 36.6 million euros for Techno Sky; the contracts signed for the supply of ATM, ADS-B and communication systems for the Benghazi Area Control Center and communication systems for the airports of Sebha, Ubari and Martuba, worth a total of 8.8 million euros; and the contract in Malaysia for the supply of a digital tower at Johor Bahru Airport, worth 5.1 million euros.
Through its subsidiary D-Flight, the ENAV Group is present in the field of Unmanned Aerial Vehicles Traffic Management (UTM) and pursues the development and provision of services for the management of low altitude air traffic of remotely piloted aircraft (APR) and all other types of aircraft that fall within the Unmanned Aerial Vehicles category and any related activities.
D-Flight is designated in Italy as a Common Information Service Provider (CISP), an essential part of the U-Space system (portions of airspace within which the provision of basic and advanced services must be guaranteed by U-Space Service Providers (USSPs), in possession of appropriate certification issued by the
competent authority) and provides services for the safe and integrated management of drone traffic in
low-altitude airspace and is responsible for providing a common information infrastructure for all U-Space services.
Thanks to the collaboration with ENAC (National Civil Aviation Authority), the only authority for technical regulation, certification, supervision and control in the civil aviation sector in Italy, it has developed the D-Flight portal for the management of drones and their deployment.
In national regulations, D-Flight is indicated as the portal available to UAS operators for registration, declarations, geo-awareness, remote identification and publication of information relating to geographical areas.
In February 2025, D-Flight was certified by ENAC as a U-space Service Provider (USSP) under EU Regulation 2021/664, which establishes the regulatory framework for the regularisation of U-space, the airspace dedicated to drones. With the double certification, D-Flight consolidates its strategic vision as a service provider.

Investments and the NRRP
The investments made by the Group are aimed at ensuring that the assets supporting air traffic management services in Italy are: i) consistent with the technical, economic and performance objectives required; ii) compliant with the quality and performance standards established nationally and internationally by the sector's regulatory bodies; iii) in line with the evolution of the technological platform and with the new operating concepts defined and developed in Europe for the ATM (Air Traffic Management) network.
Most investments are represented by initiatives involving operational technology infrastructure, because it directly affects core business activities in terms of the efficiency, cost-effectiveness and safety of air traffic management services. The instrument through which investments are planned is the multi-year investment plan, aligned with the European ATM Master Plan and with the new Business Plan approved by the Parent Company during 2025.
In 2025, Group CapEx reached a value of 113.1 million euros (119.1 million euros at 31 December 2024) and 108.8 million euros (116.1 million euros at 31 December 2024) referred to the Parent Company.
The main investments noted and completed in 2025 include the roll-out of the SATCAS system and radio centres for the migration of the Florence radar approach (APP) to the Rome Area Control Center (ACC), and the construction of the infrastructure for the first block of four remote towers within the Brindisi Remote Tower Control Center (RTCC).
Investments in progress and therefore not yet completed include:
- the continuation of the 4-Flight programme, which is designed to develop the new automation technology platform for Italian Area Control Centers (ACC) and adopt the Coflight system as a basic component;
- progress in transferring radar approaches (APP) within the ACCs (Area Control Centers) at the three remaining airports, namely Genoa, Bologna and Palermo;
- continuation of the programme to implement Remote Towers at 26 airports, including, in particular, the ongoing work to set up the Remote Towers at Crotone, Grottaglie and Comiso Airports, to be activated as part of the first block of the Brindisi Remote Tower Control Center, and the preparation of the infrastructure for the second block of the Brindisi Remote Tower Control Center, intended to accommodate three additional Remote Towers;
- the progress in the development of an automated version of airport weather observation systems;
- the progress of operational automation on the Control Towers (TWR) of major airports;
- the plan for the periodic replacement of Communication, Navigation and Surveillance (CNS) equipment that has reached the end of its lifecycle, with reference to radar, voice control switch, radio-assistance and radios;
SESAR and Research and Development Activities
The deployment activities of investment projects see an indispensable research and innovation activity to be carried out in the years preceding the execution of the deployment programmes, as any innovative functionality in the ATM world must be validated and shared internationally through a common research activity known as SESAR (Single European Sky ATM Research).
The SESAR European research and development project is an initiative launched by the European Commission to provide the Single Sky regulatory framework with the innovative technological elements that enable the creation of a modern, interoperable, sustainable, resilient and efficient air traffic management system that is also capable of guaranteeing the development of air traffic on a secure foundation that is environmentally friendly and reduces the fragmentation of airspace management.
The research and development is coordinated by the SESAR Joint Undertaking (SJU), a public-private partnership established in 2008 and renewed on several occasions, culminating in the new SESAR 3 Joint Undertaking, which has a mandate to operate until 2031 and is tasked with managing the new third phase of the Programme. The Parent Company renewed its interest in the partnership and formalised its participation as a Founding Member.
The Programme consisted of the following three consecutive phases:
- SESAR 1- covering the period from 2009 to 2016- successfully completed in December 2016 and saw the Parent Company involved in 98 projects out of 315 planned, of which 20 in the role of coordinator.
- SESAR 2020- covering the period 2016-2023- ended in June 2023 and itself divided into three activity periods: Wave 1 (period 2016-2020), Wave 2 (period 2019-2023) and Wave 3 (period 2021-2023). The three waves saw the Parent Company participate in 16 projects, including two as coordinator, for Wave 1 and in 12 and four projects for Wave 2 and Wave 3, respectively.
- SESAR 3, launched at the end of 2022 with a time horizon to 2031, sees the ENAV Group currently involved in numerous projects selected in accordance with its operational and industrial interests. In terms of content, SESAR 3 gives continuity to the previous two phases and is characterised by important new innovation elements selected under the banner of digitisation, automation and sustainability (Aviation Green Deal) and aimed at developing a European ATM system that is increasingly efficient, safe, sustainable and resilient. Specifically, the ENAV Group has 31 projects in its portfolio: 2 demonstration activities (HERON and U-ELCOME) completed in 2025, 17 ongoing projects (14 industrial research projects and 3 exploratory research projects), and 12 new initiatives awarded in the most recent Programme call issued in 2025, which will be launched in the second half of 2026 and run for three years. Further calls are expected in the coming years throughout the Programme.
The Group commitment covers a wide range of technologies necessary for the creation of the Digital European Sky by 2045, through the development of solutions that will see their application in sensitive areas for the Air Traffic Management (ATM) sector.
Participation in the SESAR Programme represents an opportunity for the ENAV Group to contribute to the definition of the new European ATM System and steer developments in accordance with corporate and national priorities. The experience and image acquired during these years of SESAR developments testify to the key role of the Parent Company in the European ATM scenario and, in line with a broader strategic design, guarantee the Group a first-class role in the international industry.
SESAR Deployment Manager
The SESAR Deployment Manager (SDM) is the organisation established by the European Commission to coordinate and synchronise the modernisation of the air traffic management system in Europe. Starting 1 June 2022, at the end of the mandate of the SESAR Deployment Alliance (SDA), the first instance of the partnership, the SESAR Deployment and Infrastructure Partnership (SDIP) was officially selected and delegated by the European Commission to perform the functions of the Deployment Manager. This represents a European partnership that brings together four airlines, 15 Air Navigation Service Providers, including ENAV, who control about 80% of the flights in the European Union; over 500 airports that can provide the full perspective of the airport operating environment; and the Eurocontrol Network Manager, which provides the network-wide view from both a technological and operational perspective that is
necessary to ensure the correct and continuous operation of European ATM. The term of the current
Deployment Manager will end in December 2027.
In compliance with the provisions of Article 9 of European Regulation 2013/409, the Deployment Manager shall ensure the synchronisation and coordination of the local deployment projects necessary for the implementation of the Common Projects, i.e., the Commission Implementing Regulations imposing the EU Member States and relevant stakeholders to implement the operational changes deemed essential by the European ATM Master Plan, planning document elaborated by the SJU as reference document for SESAR deployment. The first Common Project was the Pilot Common Project (PCP) and is defined by Regulation (EU) 2014/716, which constituted the reference document for the identification of priorities for European funding calls for the air transport sector.
SESAR deployment activities, coordinated by the SESAR Deployment Manager and co-financed by the European Commission through CINEA Agency (European Climate Infrastructure and Environment Executive Agency), are supported by the annual update of the Deployment Programme, in which the Parent Company actively participates, carrying out a prominent role in coordination with other European stakeholders. In parallel, the Parent Company keeps its planning aligned with the requirements of the Deployment Programme to ensure compliance with the implementation methods and timing planned according to the relevant European regulations. In this regard, it should be noted that with reference to the co-financing calls as part of the Connecting European Facilities (CEF) programme, 2025 saw the continuation of the projects awarded to date and pre-ordered for the implementation of Regulation 2014/716, replaced in February 2021 by the enactment of European Regulation 2021/116 Common Project One. The SDM currently coordinates 359 implementation projects. The completion of these projects will deliver significant benefits in terms of reducing operational delays, saving fuel, reducing CO2 emissions in line with the objectives of the European Green Deal, as well as enhancing operational efficiency and digitalising the European ATM system.
NRRP (National Recovery and Resilience Plan) for the ENAV Group
At the end of 2021, the ENAV Group signed agreements with the Ministry of Infrastructure and Transport (MIT) comprising nine projects that express the excellence of the entire Group and fall within the scope of Digital Innovation and Green Infrastructures.
ENAV, IDS AirNav, Techno Sky and D-Flight have all contributed to defining a set of initiatives concerning a series of ENAV system modernisations, a maintenance model with the most advanced information technology techniques for Techno Sky, a new version of aeronautical information management systems for IDS AirNav and initiatives for the control and management of unmanned traffic in the Italian skies for D-Flight.
In agreement with the MIT, ENAV's projects were excluded from the NRRP in 2023 because critical issues had arisen that precluded their concrete implementation within the timeframe envisaged by the NRRP, and with a directorial decree issued at the end of 2024, the forfeiture of the financing agreement for ENAV's projects under the NRRP was sanctioned.
The projects of the subsidiaries, on the other hand, remained financed under the NRRP, all with expiry March 2026. In this context, it should be noted that, following the reporting on the projects carried out by the subsidiaries, a total of about 15.3 million euros had been collected at 31 December 2025.

MANAGING RISKS AND OPPORTUNITIES
In carrying out its institutional and commercial activities, the ENAV Group is exposed to risks that, if not effectively monitored, managed and mitigated, could affect its economic and financial results. In this regard, in line with the architecture of its internal control and risk management system (ICRMS), the Group has an Enterprise Risk Management (ERM) System to monitor and manage risks in terms of both threats and opportunities, adopting a risk classification model with four key areas (Strategic, Financial, Operations and Compliance) and 22 sub-areas of a financial and non-financial nature. Periodic risk assessments are
carried out to assess risk exposure in both qualitative and quantitative terms, adjusting the relevant
treatments to the specific risk appetite thresholds approved by the Board of Directors.
For the analysis of purely financial risks, please see section 39 of the explanatory notes of the Consolidated Financial Statements. For specific sustainability aspects, please see section 5 of the Consolidated Sustainability Statement.
An analysis of the most significant risks for the Group is shown below.
OPERATIONS RISKS
Safety of Air Navigation Services
The prevention and containment of the risks associated with the provision of our core business activities is a primary objective of the ENAV Group. The level of operational safety of air navigation services is an indispensable priority for ENAV, which in pursuing its institutional objectives reconciles the interdependencies of the various performance areas with achievement of pre-eminent safety objectives. Safety is the result of our professionals' continuous commitment to maintaining high levels of safety in our operations. This is why ENAV promotes the development of Safety Culture so that the priority and commitment to Safety are values reflected in individual and organisational attitudes.
Safety performance is constantly monitored and we have developed and operate a specific Safety Management System, approved and validated by ENAC as part of its surveillance of the certification of ENAV as an Air Navigation Service Provider.
The Parent Company develops its own Safety policies and prepares an improvement plan for the same called Safety Plan, in which the activities that it intends to carry out are programmed in order to achieve the objectives defined for Safety performance and for the improvement of Safety as a whole.
Business Continuity
On the basis of an in-depth Business Impact Analysis, the Group has defined and regularly tests specific Business Continuity and Disaster Recovery plans, including appropriate procedures to be applied in the event of events leading to a significant deterioration of service levels or an interruption thereof, in order to preserve continuity in the various possible emergency scenarios. The availability of operational personnel is ensured on a continuous basis, putting this staff through periodic training programmes in order to maintain their required professional qualifications, while also guaranteeing the necessary availability of technology systems with specific functional redundancies and an extensive maintenance plan for all systems and equipment supporting air navigation services. The service level of the technological component is also supported by specific investments plans designed to enhance the reliability, availability, safety and efficiency of systems and equipment.
Information security
Information security is an essential element in the provision of air navigation services. Worldwide, the speed of technological development, the constantly increasing frequency and intensity of cyber attacks, as well as the tendency to target critical infrastructures and strategic industrial sectors, highlight the potential risk that, in extreme cases, normal business operations may be affected.
The Group adopts an IT security risk management methodology based on "risk-based" and "security by design" approaches. In parallel, the Group leverages the best technologies available on the market, also acting on the human factor through initiatives aimed at increasing personnel's cyber security awareness and knowledge.
Information security management is also carried out through a dedicated organisational unit, through the Security Operation Center (SOC) as well as the management of a specific Security Management System certified in accordance with the ISO/IEC 27001:2022 standard.
The confidentiality, integrity and availability of operational and corporate information are constantly monitored and guaranteed through a complex architecture of physical and logical security controls as well as internal rules and procedures, thus also ensuring compliance with privacy regulations. This is
complemented by technological modernisation, vulnerability assessments, training and awareness-raising
for internal staff, as well as essential coordination with the relevant civil and military authorities for the protection of operational data, particularly within the framework of the National Plan for Cyber Protection and Information Security.
Health & Safety
The main health and safety risks to which ENAV Group and contractor personnel are exposed are due to the performance of operational activities at Group sites.
The failure to comply with applicable health and safety laws, regulations and procedures can generate health and safety risks for employees, workers and stakeholders and trigger the risk of incurring administrative or judicial sanctions and with potential financial and reputational impacts.
In order to manage and mitigate possible risks, the ENAV Group adopts an Occupational Health and Safety Management System (OHSMS) certified according to ISO 45001:2018 and has put in place a dedicated organisational structure to oversee the obligations deriving from Italian Legislative Decree 81/08 Occupational Health and Safety Act, monitoring regulatory developments. In addition, the Group has an articulated structure delegating functions of the employer in matters of workplace health and safety.
Compliance with the relevant regulations over time is ensured both by organisational supervision and by constant training and awareness-raising activities for Group personnel, as well as by periodic internal and external audits.
Particular attention is also paid to measures to guarantee the safety of workers operating abroad in countries at risk (namely Travel Security). To this end, workplace health and safety assessments are carried out in advance on individual missions, with the Competent Doctor issuing specific recommendations for missions in countries with a non-generic health-biological risk, according to a standard digitalised workflow. Similarly, specific contingency plans are drawn up for security aspects.
Worker training/information sessions are also provided and 'emergency response' and assistance services are provided through a specialised provider.
Human Capital
The adequacy of human capital represents a critical success factor both for the operation of the services we deliver and, more generally, the achievement of corporate objectives. It is preserved through specific models, processes and staff development tools, which are also helpful for mapping training needs with a view to developing skills.
The continuous improvement of technical knowledge, skills and capabilities is not just an aspect of compliance with laws and regulations at operational level, which is periodically verified by external regulators. It is also considered an opportunity for planning the overall growth of the Group, including with regard to non-regulated activities and future technological and business challenges.
For the key corporate officers, appropriate succession tables have been established on the basis of periodic internal evaluations conducted using performance assessment systems and metrics designed to help identify high potential talent (using a variety of assessment techniques), also with a view to ensuring that skills and company positions are aligned.
We have also adopted merit-based incentive systems for the entire corporate population.
COMPLIANCE RISK
The ENAV Group operates in a highly regulated market and changes in the rules, with their requirements and obligations, can affect the Group's operations and results.
The Parent Company constantly monitors potential risks engendered by the evolution of applicable legislation in order to ensure prompt compliance, in accordance with best practices and the relevant legal and regulatory framework, taking care to constantly adjust governance and control responsibilities, processes and organisational systems.
Market Abuse
The ENAV Group manages the risks associated with market abuse in order to prevent and manage the possible dissemination of false or misleading information to manipulate the financial markets and to prevent the use of inside information in order to take advantage of it (so-called internal dealing). To prevent this risk, the Group has adopted a centralised organisational and procedural architecture, accompanied by training programmes for the corporate bodies and top management as well as all other personnel in order to create the necessary culture and sensitivity regarding inside information and compliance with applicable regulations.
Privacy
With regard to exposure to risks related to the protection of personal data (risks that may take the form of a loss of confidentiality, integrity and availability of personal data of customers, employees and third parties), the ENAV Group adopts dedicated organisational structures to manage and mitigate this risk, with first, second and third-level controls, ensuring compliance with applicable regulatory requirements. In particular, said structures ongoing support to the Group's organisational structures to ensure that data processing complies with the provisions of the GDPR and manages personnel training initiatives on the subject.
Trade Compliance
With regard to the management of risks associated with the conduct of commercial activities, and in particular with respect to export control and compliance with international sanctions regimes, the ENAV Group has adopted a comprehensive system of organisational, procedural and technological compliance controls, in line with international best practices. In this context, an Internal Compliance Programme (ICP) has been established, which includes risk-based due diligence and screening processes for customers, intermediaries, agents and business partners, including checks on end-use and end-users, verification of sector-specific sanctions and restriction lists, and the application of standard contractual clauses.
To ensure the effectiveness of the system, regular training and awareness-raising activities are provided for personnel exposed to risk, while at the same time promoting a widespread and measurable culture of compliance.
Anti-Fraud and Anti-Corruption
The ENAV Group has consolidated specific anti-corruption measures, including the UNI ISO 37001:2016-certified Anti-Corruption Management System (ACMS), as well as a structured due diligence system for natural and legal entities using a dedicated software platform. In a risk-based approach perspective, the control model includes:
- periodic mapping of at-risk areas and updating of prevention measures;
- anti-corruption contractual clauses and integrity standards for third parties (agents, intermediaries, partners);
- policies and procedures on gifts and hospitality, conflicts of interest, charitable donations and sponsorships, including registers and authorisation thresholds;
- whistleblowing channels that comply with current legislation, with protection of confidentiality and a prohibition on retaliation.
Recurring training activities are also planned for the company population and for agents/intermediaries, along with active monitoring of the effectiveness of the controls.
Environment
ENAV has a Group Environmental Management System (EMS) compliant with ISO 14001:2015, which guarantees the presence of structured policies and procedures for the identification and management of environmental risks and opportunities associated with each business activity.
The implementation of the EMS, together with the presence of centralised organisational supervision, guarantees constant control of compliance with the applicable regulations on the subject, including
through training, awareness-raising and support activities for Group personnel, in addition to Level 1
check activities. Additionally, the Group has a structure of delegated functions of the employer in environmental matters, as well as figures responsible for managing the special waste cycle with the task of ensuring compliance with the requirements of Italian Legislative Decree 152/2006.
Compliance with tax regulations
The Parent Company's Board of Directors has defined and approved the Group's tax strategy, which sets out the objectives, principles and values guiding the Group's approach to tax management issues and contributes to the promotion of a corporate culture based on the values of honesty and integrity and the principle of legality.
STRATEGIC RISKS
Image & Reputation
The creation of reputational value is a process implemented on an ongoing basis by the ENAV Group on the basis of specific policies, systematically managing communication and relations with stakeholders.
Corporate image and reputation are critical factors of success for organisations that have to interact with customers, institutions, authorities, shareholders and other stakeholders in the conduct of their business. This is especially true for companies like ENAV who are listed on regulated markets, as the community of investors is highly sensitive to events that could jeopardise their reputation.
In view of the disclosure obligations incumbent upon the Group, the Parent Company takes specific steps to safeguard its corporate image and reputation and constantly monitors image-relevant content in the press, on the radio, television, the Internet and social media.
In general, image & reputation management arrangements comprise: i) compliance with regulations governing financial disclosure (press releases, rules of engagement, equal access to information, the use of regulated information services); and ii) contacts with the specialist press (economic/financial).
As far as crisis communication is concerned, ENAV has implemented specific processes to manage major events and handle the associated external communication effort.
Institutional Relations
Pursuing the ENAV Group's strategic objectives requires constant management of institutional relations, representing corporate interests within the decision-making process of national and international public institutions. To this end, a proactive network of institutional relations at the national and international levels has been developed with decision-makers, channelling documentation and position papers on issues of strategic interest for the Group. Relations with the Parliament, the Government, ministries and local public institutions are therefore constantly managed.
Macro Trends and Cost Governance
Any deviations in air traffic trends with respect to forecasts can impact the ENAV Group's ability to create value, mainly in terms of changes in the parameters that determine revenues from institutional activities with respect to the estimates made when determining tariffs. For the new Reference Period 4 (2025-2029), the current regulatory framework continues to provide for mechanisms to compensate for any shortfall in revenues compared to the planned level. In particular, a revenue stabilisation system (so-called traffic risk sharing) based on risk sharing with airspace users (the airlines) is in place, with the possibility of significantly limiting losses due to demand downturns of more than 2%.
In line with the performance scheme in force in RP4, the Parent Company is required to provide service in compliance with the capacity targets set out in the National Performance Plan, applying a symmetrical bonus/malus incentive system to promote high levels of operational performance. Within the same regulatory period, the terminal charging structure was also streamlined, with the transition from three to two Terminal Charging Zones and the extension of the performance plan framework to all airports, along with the abolition of the previous cost recovery mechanism for airports not covered by the performance
plan (formerly Charging Zone 3). All of this promotes greater regulatory predictability and requires
rigorous governance of determined costs and efficiency programmes.
With regard to the inflationary profile, it is confirmed that EU regulations allow for the recovery of the variation in inflation with respect to the forecast figure through the balance mechanism, thereby safeguarding the economic and financial equilibrium of the service within the context of RP4. Furthermore, the traffic forecasts for the period (base scenario) and the actual upward trends support the adoption of a dynamic approach to monitoring volumes and costs, in line with the regulatory targets and the business efficiency and investment plans.
Risks related to Climate Change
In the long term, the effects of climate change may lead to interruptions or degradations in the provision of services due to impacts on infrastructure and technological assets and, indirectly, affect traffic volumes and operating costs. The main risk drivers include the intensification of precipitation and extreme events, rising temperatures, water/coastal risk, and changes in wind patterns, as also outlined in industry analyses.
The impacts of the phenomena caused by climate change on air traffic stakeholders have been identified and studied at the international level for years. In particular, the EUROCONTROL document "Climate change risks for European aviation" identifies five main types of weather phenomena that could potentially impact aviation: 1) precipitation, meaning rain, snow and hail, which at intense levels may require greater separation distances between aircraft and thus have a direct impact on airport capacity. In addition, airport infrastructures, as well as electronic equipment, can be exposed to the risk of flooding;
2) temperature, the rise in which can cause impacts on infrastructures, with a consequent increase in the related energy costs; 3) sea level rise and river flooding with a risk concentrated on airports located in the coastal strip; 4) wind, meaning changes in direction and intensity with consequent need to modify flight procedures and redesign airspace; 5) extreme events such as thunderstorms and hurricanes that could impact flight delays.
The Parent Company conducted a specialised study to assess in detail the effects of climate change in the provision of ENAV services in Italy and in particular at airports. The study was carried out to assess the impacts of climate change over two different time horizons (2030 and 2050) and two different climate scenarios used by the Intergovernmental Panel on Climate Change (IPCC). The first scenario (SSP8.5), the most pessimistic, assumes, by 2100, atmospheric CO2 concentrations will triple or quadruple (840/1120 ppm) compared to pre-industrial levels (280 ppm).
The study determined the following: (i) for extreme rainfall, a gradual intensification of the phenomenon is expected in the long term, which should affect an increasing number of airports over time, particularly the airports of Rome Fiumicino, Milan Malpensa, Bolzano and Bari, starting from a baseline (5-year forecast) that sees the airports of Genoa, Ronchi dei Legionari and Milan Malpensa as those most impacted on average; (ii) the temperature is expected to increase by 1/1.5° in the medium term and 2/2.5° in the long term, phenomena that will mainly affect the airports of Lampedusa, Catania Fontanarossa, Rome Ciampino, Rome Urbe, Rome Fiumicino and Naples, which already present the highest maximum temperatures in the baseline (5 years), to which Bologna will be added in the long term (2050), which will also present an increase in the number of days with a maximum temperature over 43° C. Rising temperatures may cause energy costs to rise. On the other hand, with regard to impacts on technological systems and those more specifically aeronautical (impacts on engine performance and aircraft aerodynamics, with potential impact on flight procedures and noise footprint in the areas surrounding airports), the risks are considered acceptable and managed in the context of the technologies and procedures already available today; with regard to the rise in sea level, the risk of flooding of infrastructures located in coastal areas remains almost unchanged, which would mainly affect the Cagliari airport and related sites, Venice and Genoa and the remote VOR/DME sites of Chioggia and Radar in Ravenna; with regard to wind, there do not seem to be any criticalities since the forecast scenarios are oriented towards a decrease in its average intensity (consequently, the crosswind component should decrease proportionally).
For both the medium-term (2030) and long-term (2050) time horizons, no critical issues in terms of
continuity in the provision of navigation services are identified at present compared to the current scenario. The results of the analyses conducted form the basis for monitoring the phenomena under study over time, with the scenario analyses required to assess the operational and financial impacts of climate risks being systematically updated every several years. Risk management is ensured through BIA/BCP, technological redundancies, and regular monitoring, with scenario analyses updated every several years. In line with the Sustainability Plan, the Group's strategy focuses on asset adaptation and resilience, integrating the expected effects of climate change into the Business Plan. For further details, reference is made to paragraph 5, Consolidated Sustainability Statement.
Based on the above, to date the Group has considered the effects of climate change in its business plan and no significant economic or cash flow impacts are expected.
Macroeconomic Context
During 2025, as well as for 2024, the ENAV Group did not record any operational, commercial or economic-financial impacts directly attributable to the Russian-Ukrainian conflict or other international crisis scenarios. Previous positions with counterparties from the Russian Federation had already been written down in earlier financial years, and there are no further relationships in place with parties affected by the sanctions regime. The Group continues to monitor the geopolitical situation on an ongoing basis and ensures full compliance with the measures adopted by the European Union states.
With regard to the supply chain, there are no critical issues with a negative impact on business continuity, and adequate stock levels have been maintained for equipment supporting air navigation services in order to absorb any delays along the supply chain. At the same time, risk monitoring continues in order to detect potential impacts on current and future business in a timely manner.
Similarly, with regard to the recent conflicts in the Middle East, which could adversely affect international and overflight traffic, the partial data available for the period under review (two weeks) appear to indicate a limited impact to date, with the volume of flights and service units, although down compared to the figures recorded in January, still showing growth compared to the same period in 2025. Therefore, should the situation observed at this juncture remain stable over the coming weeks, i.e., should the current crisis remain geographically and temporally contained, traffic and Service Units for the year 2026 may not deviate significantly from the estimates set out in the Business Plan and the Performance Plan.
However, should the conflict expand and persist, the impact on traffic volumes in Italy could be greater, with potential repercussions on the Service Unit estimates for 2026.
In the latter case, it should be noted that the unit rate and performance scheme to which the Parent Company is subject nevertheless includes a risk-sharing mechanism, under which the potential loss of Service Units borne by the Parent Company, compared to the initial estimate, would, all other things being equal, never exceed 4.4%.
OPERATING AND ECONOMIC-FINANCIAL PERFORMANCE
1. Operating environment and performance
  The year 2025 is the first year of the new regulatory period, covering the five-year period 2025-2029 (RP4). As required by sector-specific regulations, the Parent Company, in cooperation with the national regulator (ENAC), prepared the new Performance Plan for the areas under its responsibility, which sets out the cost and traffic levels, investments and operational performance targets for the entire reference period. Following a preliminary review and analysis phase by the national regulator, the Plan was submitted to the European Commission for its final assessment and conformity decision. In May 2025, the European Commission therefore officially approved the Italian Performance Plan, through EU Decision No. 2025/1058, thereby establishing the financial and operational benchmarks for ENAV for the years of the fourth reference period, including the costs for determining the charges for air navigation services.
  Also in the regulatory sphere, during 2024, the national regulator initiated a process to assess the
  possibility of revising the terminal charging bands, with the aim of enhancing the competitiveness and attractiveness of the Italian airport network and supporting the anticipated future increases in traffic. The solution identified therefore led to the establishment, from 2025, of two unit rate zones - compared to the three zones applicable until 2024 - which are subject to the EU unit rate and performance scheme. Against the background described above, and despite a fluctuating national and European macroeconomic scenario, air traffic posted record results in 2025, with an increase in the volume of assisted flights and Service Units, both compared to the previous year and above the average figures recorded across European countries.
  Specifically, at the end of 2025, 2.4 million assisted flights were recorded in Italy, an increase of 144,400 flights compared to the previous year, equivalent to +6.4%. In comparison with 2019, the last pre-pandemic year, flights in Italy increased by 17.4%, whereas the European context remained largely unchanged. Indeed, on the European continent, growth compared to 2019 was 0.1%, marking the first positive sign after five years of overall volumes below 2019 levels.
  In terms of Service Units, too, 2025 saw Italy once again emerge as the best performer in the European comparator group, with an increase of 5.9% compared to 2024, outperforming Spain (+5.6%), Great Britain (+4.2%), Germany (+4.0%) and France (+3.6%). Again compared to 2019, the last pre-pandemic year, the Service Unit figure places Italy in first place among the countries in the comparator group, with a growth of 23.7%.
  The indicators for passenger traffic confirm the trend observed for flights and Service Units, given that the total number of passengers passing through domestic airports, at 229.7 million, increased by 5% compared to the previous year. A significant contributor to this result was Rome Fiumicino Airport, which in 2025 once again proved to be the leading airport, with approximately 51 million passengers.
  The significant increase in air traffic and in the Parent Company's regulated revenues, the growth in income from activities in the unregulated market, and the momentum generated by the technological projects launched during the year, all contributed positively to limiting the reduction in balance revenues in 2025, which is a typical effect in the first years of a new reference period. As previously mentioned, 2025 is the first regulatory year of the new 2025-2029 period and, as has already been observed in similar circumstances, the income statement results for this first year reflect a significant reduction in revenues derived from the regulatory mechanism compared to the results for the final year of the previous period (in this case, 2024).
  In this context, in order to provide an accurate assessment of the actual performance of operations, reference is made to the estimates made when drawing up the budget, which already took into account the effects of the regulatory reduction.
  In light of the above, the 2025 EBITDA, which amounted to 252.7 million euros, although down by 58.3 million euros compared to 2024 (which had recorded a record result of 310.9 million euros), nevertheless showed an increase of 27.5 million euros compared to the budget for the year.
  A positive impact on 2025 is undoubtedly linked to the quality bonus provided for under the EU performance scheme, in relation to the achievement of punctuality targets. At the end of 2025, the en-route delay attributable to ENAV was 0.010 minutes per flight, compared to the target set for the year of
  0.14 minutes of delay per flight. This performance therefore enabled the recognition in the financial statements for the year of a portion of balance revenue amounting to approximately 13 million euros. No less important was the contribution of revenues from the non-regulated market, which in the 2025 final accounts amounted to 52.1 million euros, an increase of approximately 3 million euros compared to the previous year, fully in line with the target set in the budget. In this context, the activities carried out by the Group's subsidiaries are particularly noteworthy, especially those of Techno Sky on the national programmes developed for the Italian Air Force, and those of IDS AirNav on the sale of services in Finland and Sweden and on hardware and software maintenance activities in a number of European countries, as well as in Taiwan, India, Malaysia and the United Arab Emirates.
  The increased activities carried out by Group companies, both in the area of activities under regulatory
  agreement and in the development of deliveries on sales orders, resulted in total costs of 772 million euros at the end of 2025. Compared with the previous financial year, costs increased by 6.4%, primarily driven by personnel costs, mainly as a result of the effects of the National Collective Labour Agreement, as well as the increased effort put in by operational staff in air navigation service activities. In this regard, it should be noted that the number of En-route Service Units recorded at the end of 2025 showed very significant peaks throughout the first half of the year, with volumes up by more than 7% compared to the previous year.
  The year just ended also saw the launch of significant technological projects, primarily related to the development of the ENAV new air traffic management operating model. In particular, we highlight the operational launch of the Brindisi Remote Tower Control Center (RTCC), with the activation of the first remote tower module. In parallel with the tower remoteness programme, the roll-out of the new ENET-2 operational network continued. This network forms the backbone for transmitting ENAV operational data and is essential for carrying the data flows involved in the tower remoteness activities. No less important are the activities aimed at integrating the Approach Control (APP) at Florence Airport into the Rome Area Control Center (ACC), as well as those related to the continued development of the new 4-Flight ACC ATM system.
2. Market and air traffic developments

Air traffic trends in 2025 confirm, for Eurocontrol member states, the growth trend already evident in the previous financial year, recording an increase in managed volumes equal to +5.8% in terms of en-route Service Units (hereinafter also "SUs") and +4% in the number of assisted flights, compared to 2024.

For Italy, the increase in SUs is in line with the European average and represents the best performance among the main European countries in the comparator group. Indeed, en-route service units (*) recorded an increase of 5.9%, compared to 2024, outperforming Spain (+5.6% SUs), the United Kingdom (+4.2% SUs), Germany (+4% SUs) and France (3.6% SUs). Specifically, compared to 2024, the trend in en route air traffic recorded particularly high values in the first part of the year, with peaks in managed traffic in Q1 (+7.4% in terms of SUs) and Q2 (+7.3% in terms of SUs), followed by slower growth from August (+2.1% in terms of SUs) to October (+3.7% in terms of SUs), before returning to previous levels in the final two months of the year, with an average growth of +7.2% in terms of Service Units.

Also in comparison with 2019, as the last pre-pandemic reference year, the data recorded in 2025 for Italy confirm a full recovery of the air traffic market, recording +23.7% in terms of en-route service units.

The terminal service units recorded in Italy were also positive at +3.4%, compared to the previous year, a figure in line with that recorded for en-route traffic, and confirmed positive values also in the comparison with 2019, recording an increase in terms of service units of 11.4%.

These positive results are also confirmed by the trend in passenger traffic in the Italian airport system, with about 230 million passengers passing through in 2025, (+5% compared to 2024), with domestic traffic amounting to 72.6 million passengers, generally stable compared to 2024, and international traffic that reached 157.2 million passengers with a +7.6% growth compared to 2024.

Among the airports, Rome Fiumicino remains the leading airport in terms of traffic volume, exceeding the 50 million passenger threshold in 2025, followed by Milan Malpensa airport with around 31 million passengers and Bergamo Orio al Serio airport with 17 million passengers.

Total en-route traffic service units (**)

2025

Changes

2024 no. %

France	23,558,474	22,734,693	823,781	3.6%
Germany	14,997,126	14,416,243	580,883	4.0%
Great Britain	12,731,519	12,213,035	518,484	4.2%
Spain	14,151,110	13,397,352	753,758	5.6%
Italy (***)	12,425,465	11,732,611	692,854	5.9%
EUROCONTROL	174,813,100	165,273,038	9,540,062	5.8%

(*) overflight traffic in Italian airspace, with or without layover;

(**) "service unit" is the unit of measurement used within Eurocontrol to determine the value of services rendered. It is a combination of two elements: the weight of the aircraft at departure and the distance travelled;

(***) excluding exempt traffic not reported to Eurocontrol.

En-route traffic

Total en-route traffic in Italy in 2025 registered an increase of +5.9% in the number of Service Units reported by Eurocontrol (the same value if the residual category Exempt not reported to Eurocontrol is included) and an increase of +6.3% in the number of flights assisted (+6.4% including the residual category Exempt not reported to Eurocontrol) compared to 2024.

The favourable trend in traffic flows for the 2025 financial year, in terms of service units, confirms the strategic role of Italian routes, both in terms of the country's attractiveness as a final destination, reflected in international air traffic (+6.9% in service units), and its relevance as airspace, reflected in overflight traffic (up 7.8% in service units). This positive trend was not reflected in domestic air traffic, which showed a decrease in Service Units of-2.1% compared to 2024. In 2025, certain critical issues on the international scene, such as the Russia-Ukraine and Israel-Palestine crises, continued to affect the geographical configuration of air traffic flows across Europe, shifting the focus towards routes that primarily serve South-Eastern European countries, including Italy. In this context, Italy has seen continued growth in overflight traffic, with an increase of 35.6% in service units compared to 2019.

An analysis of the routes crossing Italian airspace, classified by the distance travelled in kilometres, shows a significant increase in Service Units across all distance bands compared to the previous year, with increased utilisation of medium-haul routes (between 350 and 700 km), which recorded a 9% increase, confirming them as the fastest-growing segment.

En-route traffic (number of flights)

2025

Changes

2024 no. %

Domestic	299,314	303,182	(3,868)	-1.3%
International	1,137,178	1,074,755	62,423	5.8%
Overflight	883,715	805,944	77,771	9.6%
Paying total	2,320,207	2,183,881	136,326	6.2%
Military	36,779	33,402	3,377	10.1%
Other exempt	20,294	18,765	1,529	8.1%
Total exempt	57,073	52,167	4,906	9.4%
Total reported by Eurocontrol	2,377,280	2,236,048	141,232	6.3%
Exempt not reported to Eurocontrol	25,752	22,508	3,244	14.4%
Overall total	2,403,032	2,258,556	144,476	6.4%

En-route traffic (service units)

2025

Changes

2024 no. %

Domestic	1,816,213	1,854,530	(38,317)	-2.1%
International	4,961,861	4,642,453	319,408	6.9%
Overflight	5,506,072	5,106,654	399,418	7.8%
Paying total	12,284,146	11,603,637	680,509	5.9%
Military	125,985	114,714	11,271	9.8%
Other exempt	15,334	14,260	1,074	7.5%
Total exempt	141,319	128,974	12,345	9.6%
Total reported by Eurocontrol	12,425,465	11,732,611	692,854	5.9%
Exempt not reported to Eurocontrol	3,766	3,297	469	14.2%
Overall total	12,429,231	11,735,908	693,323	5.9%

An analysis of the composition of en-route air traffic shows:

international commercial traffic, a category of flights departing from or arriving at an airport on Italian territory, which in 2025, compared to the previous year, recorded a positive result both in terms of Service Units (+6.9%) and the number of flights assisted (+5.8%). International traffic represents in terms of SUs about 40% of the total reported by Eurocontrol.
Regarding the mileage of international traffic routes (low, medium, and high-mileage in national airspace) in the 2025 financial year, all routes recorded a significant increase in terms of Service Units. Regarding flight routes by continent, 2025, compared to 2024, showed a general increase in terms of Service Units for all connections between Italy and the various geographical areas of the rest of the world. In particular, flights to the rest of Europe recorded a 5% increase and represent approximately 77% of total international traffic SUs, while those to Asia, Africa, and the Americas recorded increases of about 13%- 14% and represent a market share of 7- 8% of total international SUs;
commercial overflight traffic, a category of movements that only cross national airspace, which in 2025 recorded an increase in both the number of Service Units (+7.8%) and the number of assisted

flights (+9.6%), with a reduction in both the average distance travelled and the average weight of the aircraft used (-1.3%). Overflight traffic represents, in terms of SUs, approximately 44% of the total SUs communicated by Eurocontrol.
With reference to the distances in kilometres travelled in the financial year under review, in terms of SUs, the greater use of routes is noted in all kilometre bands, with a particularly marked growth in the medium-distance band (between 400 and 800 km), with an increase of +16% in terms of SUs.
With regard to the main traffic routes, in 2025, there was a +10% increase in terms of SUs of connections involving Europe for intra-European flights, representing about 55% of the total number of overflight SUs, while those involving Europe-Africa and Europe-Asia connections, which represent about 22% and 13% respectively, show an increase of +7.5% SUs and +3% SUs. Europe-Americas air traffic recorded a +6% increase in SUs for services to Europe and a +4% increase in SUs for services to Asia, despite a-24% decrease in SUs for this traffic route in the fourth quarter of the year alone;
domestic commercial traffic recorded a slight decrease in 2025 in both Service Units (-2.1%) and the number of assisted flights (-1.3%), with this slowdown becoming more pronounced in the second half of the year, when a decrease of-4.5% in SUs and-3.5% in the number of assisted flights was recorded. Domestic traffic represents, in terms of SUs, 15% of the total reported by Eurocontrol.
In the 2025 financial year, there was a decline in the use of high-mileage routes (>700 km) connecting destinations in the North with the South of the country, with a 2.9% decrease in volumes in service units. Low-mileage routes (<350 km) also saw a 7.4% decline in service units, while the medium-mileage segment (between 350 km and 750 km), which includes the majority of flights from Rome and Naples airports to the rest of Italy, remained virtually unchanged.
exempt traffic is divided into: i) exempt traffic reported by Eurocontrol, which posted an increase of

+9.6% in terms of service units and +9.4% in the number of assisted flights. This category of flights is mainly reflected in the trend of military flight activity (+9.8% of service units), which represents approximately 89% of exempt traffic; ii) exempt traffic not reported to Eurocontrol, with a residual impact on revenues, shows an increase both in service units (+14.2%) and in the number of assisted flights equal to +14.4%. Exempt air traffic accounted for just 1.1% of total SUs reported by Eurocontrol in 2024.

In terms of airlines, the low-cost segment's flight activity remains central to the volumes of air traffic generated in Italian airspace in 2025, with Ryanair, Easyjet and Wizz Air ranking among the top three airlines in terms of the number of SUs developed in 2025. Ryanair is the leading airline, with a market share of approximately 20% of the total 2025 SUs, an increase of +7.5% compared to 2024. Also Transavia, Vueling, Aegean Airlines, Eurowings and Volotea achieved positive traffic volumes in the Italian air market compared to the previous year.

Among traditional carriers, increases were recorded by Middle Eastern companies such as Turkish Airlines (+4.1% SUs) and Saudia (+26.2% SUs), while Emirates (-12.4% SUs) and Qatar Airways (-15.1% SUs) recorded losses, representing a combined Italian market share of 8% of SUs. Among the major European carriers, positive results compared to 2024 were achieved by Lufthansa (+2.2% SUs) and Air France (+5.1% SUs). The airline ITA Airways (Italia Trasporto Aereo) recorded a-10.9% decrease in terms of SUs, ranking fourth in terms of volumes produced, with a market share representing 6% of total SUs in 2025.

Terminal traffic

Terminal traffic reported by Eurocontrol, which includes departing and arriving traffic within 20 km of the runway, registered gains in 2025 both in terms of service units, equal to +3.4%, and number of flights assisted, equal to +3.3% compared to 2024.

In 2025, the domestic terminal charging zones were redefined, with the former Charging Zone 1 (which included Rome Fiumicino airport) and the former Charging Zone 2 (which included Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio airports) being merged into the new Charging Zone 1, while the former Charging Zone 3 was merged into the new Charging Zone 2. The figures in the following tables for 2024 have been restated in line with the changes previously reported, in order to make the values comparable between the periods under comparison.