ENAV S p A : CONSOLIDATED INTERIM FINANCIAL REPORT AS AT 30 JUNE 2025

Consolidated Interim Financial Report at 30 June 2025

1. Overview 4

   1. ENAV Group in figures 4

   2. Corporate Bodies 5

   3. Group History 6

   4. ENAV Share Performance 7

   5. Corporate Structure 8

2. Managing risks and opportunities 10

3. Operating and economic-financial performance 15

   1. Market and air traffic developments 15

   2. Performance and financial position of the ENAV Group 19

4. Other information 26

5. Outlook for operations 28

1. Consolidated financial statements 30

2. Explanatory notes to the interim condensed consolidated financial statements 37

1. Overview

   (thousands of euros)

   (thousands of euros)

   1. ENAV Group in figures

      Income statement figures

      1st Half 2025

      1st Half 2024 Changes %

      Total revenues	446,653	461,320	(14,667)	-3.2%
      EBITDA	68,810	99,872	(31,062)	-31.1%
      EBITDA margin	15.4%	21.6%	-6.2%
      EBIT	17,305	42,747	(25,442)	-59.5%
      EBIT margin	3.9%	9.3%	-5.4%
      Group result of the period	7,272	23,177	(15,905)	-68.6%

      Equity - financial information

      at 30.06.2025

      at 31.12.2024 Changes %

      Net capital employed	1,436,705	1,487,627	(50,922)	-3.4%
      Consolidated shareholders' equity	1,086,952	1,229,356	(142,404)	-11.6%
      Net financial debt	349,753	258,271	91,482	35.4%

      Other indicators

      1st Half 2025

      1st Half 2024 Changes %

      En-route service units	5,617,282	5,233,288	383,994	7.3%
      Terminal service units 1st charging zone	302,129	291,487	10,642	3.7%
      Terminal service units 2nd charging zone	232,880	220,727	12,153	5.5%
      Free cash flow (thousands of euros)	53,508	28,326	25,182	88.9%
      Workforce period-end	4,536	4,389	147	3.3%

   2. Corporate Bodies

      The Shareholders' Meeting held on 28 May 2025 appointed the new Board of Statutory Auditors, which will remain in office for three financial years, until the approval of the 2027 financial statements.

      The Board of Directors, in its meeting held on 23 June 2025, appointed a Supervisory Body, in a collegial composition, pursuant to Legislative Decree 231/01, for the period 2025-2027, with a mandate lasting until the approval of the financial statements for the year ending 2027.

      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

      Chair

      Member

      NAME

      Carlo Paris

      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

      AUDIT FIRM

      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.

      Tammaro Maiello

   3. Group History

      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 30 June 2025, 53.28% of the Parent Company was owned by the Ministry of Economy and Finance and 46.69% by institutional and individual shareholders, with 0.03% being held by ENAV as treasury shares.

      1981

      1996

      2001

      2006

      2008

      2013

      2014

      2016

      2018

      2019

      • Acquisition of IDS AirNav, a business unit of IDS SpA, which operates in the unregulated sector of air traffic management services and technologies

      • D-Flight, a company in which ENAV holds a 60% stake, was established to provide low-flying air traffic management services for remotely piloted aircraft

      • ENAV was listed on the Euronext Milan Market in July 2016, organised and managed by Borsa Italiana S.p.A.

      • ENAV North Atlantic, a company incorporated under US law, was formed to manage the participation in Aireon, a company set up to build the world's first global satellite surveillance system for air traffic control and in which ENAV holds 8.6% of the share capital

      • ENAV Asia Pacific, incorporated under Malaysian law and based in Kuala Lumpur, was established to provide air traffic control consultancy services and act as a commercial outpost in the Southeast Asian regions

      • ENAV participated in the French company ESSP SAS, with a 16.7% share, for the provision of the GPS satellite navigation service called EGNOS

      • Vitrociset Sistemi, a company branch spun off from Vitrociset, was acquired, which in 2007 was renamed Techno Sky, with the mission of maintaining ENAV's technological systems

      • ENAV was transformed into a fully publicly owned Joint-Stock Company, named ENAV S.p.A.

      • AAAVTAG was transformed into an economic public entity under the name ENAV, Ente Nazionale per l'Assistenza al Volo (National Agency for Flight Assistance)

      • Following the demilitarisation of air traffic control, the non-economic public entity AAAVTAG was created

      
      
      

   4. ENAV Share Performance

      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.

      During the first half of 2025, the share experienced a significant growth phase following the presentation of the 2025-2029 Business Plan on 1 April 2025, confirming its resilience in a scenario marked by high volatility due to macroeconomic and geopolitical dynamics.

      Following the dividend payment of €0.27 per share on 23 June, the share closed the half-year at a value of

      €3.92 per share.

      At 30 June, the company's market capitalisation amounted to approximately €2.12 billion, up 18.8% from the listing figure of approximately €1.79 billion.

      Below is the ENAV share performance in the first half of 2025.

      
      
      

      Treasury Shares

      The Parent Company holds, at 30 June 2025, a total of 172,833 treasury shares equal to 0.03% of the share capital for a total value of €0.7 million.

      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.

      Over the past few years, treasury shares acquired under previous shareholders' resolutions have been allocated to the beneficiaries of the first Performance Share Plan 2017-2019 and the first and second vesting cycle of the second Performance Share Plan 2020-2022.

      In June 2025, 208,107 treasury shares were granted to some of the beneficiaries of the second Performance Share Plan 2020-2022 referring to the third vesting cycle 2022-2024 for a value of approximately €0.9 million.

   5. Corporate Structure

      The ENAV Group consists of various companies grouped into the following distinct operational sectors, organised by area of activity, namely: i) flight assistance services; ii) maintenance services; iii) Aeronautical Information Management (AIM) software solutions and iv) other services.

      
      
      

      The Flight assistance 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 flight assistance 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.

      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, ENAV's 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 as of 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 managed 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).

2. 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). 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 as at 31 December 2024.

   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. In addition to this, there are training and awareness-raising activities for internal staff, as well as fundamental coordination with the competent civil and military authorities for the protection of operational data, in particular within the framework of the National Cyber Protection and Information Security Plan.

   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 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. 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). In this regard, the Organisation, Management and Control Model pursuant to Legislative Decree 8 June 2001, no. 231 comprises market abuse offences, for whose prevention the Group has established 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 a dedicated organisational structure to manage and mitigate this risk, ensuring compliance with applicable regulatory requirements. In particular, it provides 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

   As regards the management of possible risks related to the pursuit of commercial activities, and in particular to the control of exports and international sanctions, the ENAV Group has established specific organisational, procedural and technological compliance safeguards with respect to the regulations on trade restrictions, providing periodic training and awareness-raising activities for all personnel concerned.

   Anti-Fraud and Anti-Corruption

   The ENAV Group has consolidated specific anti-corruption safeguards, including the ENAV Management System for the Prevention of Corruption (SGPC) certified according to UNI ISO 37001:2016, as well as a structured due diligence system on individuals and legal entities through a dedicated software performance. Internal audits are carried out periodically to monitor compliance and the effectiveness of the SGPC, as well as continuous training of the corporate population and agents and intermediaries of Group companies for commercial activities.

   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.

   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 and reliable 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

   In 2025, the new Reference Period 4 (RP4) for air traffic control in Europe, including the Italian system, began and will run until 2029. This period follows RP3 (2019-2024) and, while maintaining many of the previous regulatory frameworks, introduces several new elements, including:

   • performance targets defined both at en-route and airport levels, taking into account the expected increase in traffic, the growing impact of weather conditions, the performance achieved during RP3, and the planned technical/operational developments;

   • the transition from three terminal charging zones to two, along with the abolition of the "cost recovery" mechanism for smaller airports.

   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. The current regulatory framework already provides for mechanisms to compensate for the shortfall in revenues compared to the planned. In fact, 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, the Parent Company is in fact 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.

   Risks related to Climate Change

   All possible direct impacts for the Parent Company related to the effects of climate change translate in the long term into potential interruptions/degradations in the provision of services due to damage to infrastructures or technological assets and reduction of traffic flow also due to the reduction of airport capacity and, therefore, into potential lost revenues and/or increases in operating costs in addition to any impairment losses.

   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).

   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.

   In the implementation of its sustainability plan, the Parent Company strategy ensures an effective approach to the challenges of climate change, pursuing competitiveness and stability through a high capacity to adapt to climate risks.

   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, the ENAV Group did not record any operational, commercial or economic-financial impacts directly related to the Russian-Ukrainian conflict or other international conflicts. Each open position with customers belonging to the Russian Federation was already subject to write-down during the previous years and there are no further relationships in place with parties affected by the sanctions regime.

   The Group continues to monitor the impact on its business and to take all appropriate steps to ensure full compliance with the sanctioning regime adopted by the European Union states and to promptly identify possible consequences on its current and prospective business in view of the ongoing critical nature of the scenario.

   With reference to the above, the Group has no significant impacts on the main alternative performance indicators and no impacts are foreseen on expected cash flows as depicted in the approved Business Plan.

3. Operating and economic-financial performance

   1. Market and air traffic developments

      The trend of air traffic in the first half of 2025, for the Eurocontrol member states, confirms the growth trend that had already emerged in the previous financial year, recording an increase in managed volumes of +5.2% in terms of Service Units (hereinafter also "SUs") and +3.8% in the number of assisted flights, compared to the same period in 2024.

      In the first half of 2025, en-route service units (*) referring to Italy recorded an increase of 7.3%, compared to the first half of 2024, recording the best performance among the major European countries of the so-called comparator group of continental Europe. This performance is also confirmed when considering the second quarter of 2025 alone, which shows a +7.3% increase in Service Units compared to the second quarter of 2024.

      Also in comparison with 2019, as the last pre-pandemic reference year, the data recorded in the first six half of 2025 for Italy confirm a full recovery of the air traffic market, recording +24% in terms of service units.

      Terminal service units recorded in Italy also show positive figures, with a +4.5% increase compared to the corresponding period of the previous year, reflecting a growing trend. These figures remain positive even when compared with 2019, showing an increase of +11.2% in terms of service units.

      These positive results are further confirmed by the performance of passenger traffic within the Italian airport system. In the first half of 2025, approximately 106 million passengers passed through Italian airports, marking a 6% increase compared to the first half of 2024. Domestic traffic reached 34.3 million passengers, representing a 2% year-on-year growth, while international traffic totalled 72.1 million passengers, with a positive change of 8.3% compared to the first half of 2024.

      Total en-route traffic service units (**)

      1st Half 2025

      Changes 1st Half 2024 no. %

      France	11,121,978	10,592,433	529,545	5.0%
      Germany	7,065,997	6,827,523	238,474	3.5%
      Great Britain	5,998,641	5,817,606	181,035	3.1%
      Spain	6,709,132	6,289,152	419,980	6.7%
      Italy (***)	5,617,282	5,233,288	383,994	7.3%
      EUROCONTROL	81,604,530	77,543,342	4,061,188	5.2%

      (*) 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 the first half of 2025 registered an increase of +7.3% in the number of service units (SUs) reported by Eurocontrol (the same value if the residual category Exempt not reported to Eurocontrol is included) and an increase of +7.2% in the number of assisted flights (+7.3% including the residual category Exempt not reported to Eurocontrol) compared to the first half of 2024.

      The favourable trend in air traffic flows during the first half of 2025 confirms the strategic role of Italian routes-both in terms of the country's attractiveness as a final destination, reflected in international traffic, and its relevance as a transit corridor, reflected in overflight traffic. This trend persists despite ongoing international challenges during the period under review, such as the Russia-Ukraine and Israel-Palestine

      crises, compounded in mid-June by the escalation between Israel and Iran, all of which influence the

      geographical configuration of air traffic flows across Europe.

      An analysis of the routes crossing Italian airspace in the first half of 2025, classified by the distance travelled in kilometres, shows a significant increase in Service Units across all distance bands compared to the same period in 2024. In particular, medium-haul routes (between 350 and 700 km) recorded a 9% increase, confirming this segment as one in expansion.

      En-route traffic (number of flights)

      1st Half 2025

      Changes 1st Half 2024 no. %

      Domestic	143,401	141,588	1,813	1.3%
      International	527,965	498,845	29,120	5.8%
      Overflight	390,329	350,437	39,892	11.4%
      Paying total	1,061,695	990,870	70,825	7.1%
      Military	18,768	16,819	1,949	11.6%
      Other exempt	9,997	9,376	621	6.6%
      Total exempt	28,765	26,195	2,570	9.8%
      Total reported by Eurocontrol	1,090,460	1,017,065	73,395	7.2%
      Exempt not reported to Eurocontrol	13,031	10,993	2,038	18.5%
      Overall total	1,103,491	1,028,058	75,433	7.3%

      En-route traffic (service units)

      1st Half 2025

      Changes 1st Half 2024 no. %

      Domestic	878,933	873,252	5,681	0.7%
      International	2,249,721	2,106,126	143,595	6.8%
      Overflight	2,412,638	2,189,573	223,065	10.2%
      Paying total	5,541,292	5,168,951	372,341	7.2%
      Military	67,792	57,240	10,552	18.4%
      Other exempt	8,198	7,097	1,101	15.5%
      Total exempt	75,990	64,337	11,653	18.1%
      Total reported by Eurocontrol	5,617,282	5,233,288	383,994	7.3%
      Exempt not reported to Eurocontrol	1,856	1,522	334	21.9%
      Overall total	5,619,138	5,234,810	384,328	7.3%

      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 recorded a positive result in the first half of 2025 compared to the previous year both in terms of service units equal to +6.8% and in the number of assisted flights equal to +5.8%. International traffic represents in terms of SUs about 40% of the total reported by Eurocontrol.

        With regard to the distance travelled on international traffic routes (short-, medium-, and long-haul within Italian airspace) during the first half of 2025, all categories saw a significant increase in terms of Service Units. The long-haul category showed the strongest growth, with an 8% increase compared to the same period in 2024.

        With regard to flight routes per continent, the first six months of 2025 showed, in terms of service units, an increase in all routes between Italy and the various geographical areas of the rest of the world.

        In particular, flights to the rest of Europe recorded an increase of +4.9% and accounted for around 77%

        of the total international traffic, while flights to Asia (+17.5%) and Africa (+16.2%) accounted for around 9% and 7% of the total international SUs;

      • commercial overflight traffic, a category of movements only crossing national airspace, which in the first half of 2025, recorded an increase in both Service Units (+10.2%) and the number of assisted flights (+11.4%). Focusing on the first quarter of 2025 alone, there was an improvement in both the average distance flown and the average aircraft weight. Overflight traffic accounted for approximately 43% of total SUs reported by Eurocontrol.

        With reference to the kilometre distances travelled during the period under review, in terms of SUs, there was a greater use of routes in all kilometre ranges, and in particular medium-haul routes, which recorded an increase of +17% in terms of SUs.

        With regard to the main traffic routes, in the first half of 2025, there was a +10% increase in terms of SUs of connections involving Europe for intra-European flights, representing about 53% of the total number of overflight SUs, while those involving Europe-Africa and Europe-Asia connections, which represent about 22% and 15% respectively, show an increase of +7% SUs and +20% SUs.

      • domestic commercial traffic in the first six months of 2025 recorded a modest increase in both service units (+0.7%) and the number of assisted flights (+1.3%), with lower domestic traffic recorded in the second quarter of 2025. Domestic traffic represents, in terms of SUs, 16% of the total reported by Eurocontrol.

        During the period under review, there was increased use of high-mileage routes (>700 km) connecting destinations in the North with the South of the country, representing approximately 49% of the total national SUs, which showed a 1.4% increase in terms of SUs, also thanks to the increased connections with airports in Calabria. The medium-haul category-which includes the majority of flights from Rome and Naples to other parts of Italy-recorded a modest increase of 0.6% in terms of SUs;

      • exempt traffic is divided into: i) exempt traffic reported by Eurocontrol, which posted an increase of 18.1% in terms of service units and 9.8% in the number of assisted flights. This category of flights is mainly reflected in the trend of military flight activity (+18.4% of service units), which represents approximately 89% of exempt traffic; ii) exempt traffic not communicated to Eurocontrol, with a residual impact on revenues, shows an increase in both service units (+21.9%) and in the number of assisted flights equal to +18.5%. Exempt air traffic accounted for just 1.4% of total SUs reported by Eurocontrol in 2024.

        In terms of airlines, in the first half of 2025 the low-cost segment's flight activity remains central to the volumes of air traffic generated in Italian airspace in 2024, with Ryanair, Easyjet and Wizz Air ranking among the top four airlines in terms of the number of SUs developed in the reporting period. Vueling, Transavia, Aegean Airlines and Eurowings also achieved positive traffic volumes in the Italian air market compared to the first semester of 2024. Ryanair is the leading carrier in Italy in terms of traffic volumes, with a market share of 21% of the total 2025 SUs and an increase of +7.2% of SUs compared to the same period in 2024. Among the traditional carriers, there were modest increases among Middle Eastern airlines such as Turkish Airlines (+1.1% SUs), Emirates (+0.4% SUs) and Qatar Airways (+1% SUs), recovering the decline recorded in the first quarter of 2025, while Saudia posted a positive result (+27%). These airlines collectively represent 9% of the Italian market share in terms of SUs. Among the major European airlines, Lufthansa (+5.7% SUs) and Air France (+11.7% SUs) achieved positive results in the comparison with the first semester of 2024. The airline ITA (Italia Trasporto Aereo) recorded a 5.5% decrease in service units (SUs), while still ranking third overall in terms of volumes produced, with a market share representing 6.4% of the total SUs in 2025.

        Terminal traffic

        The terminal traffic reported by Eurocontrol, which concerns take-off and landing activities within a radius of 20 km from the runway, records, in the first half of 2025, a positive trend both in terms of service units of +4.4% and in number of assisted flights equal to +4.1%, compared to the corresponding period of the previous year. 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 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 the first half of 2024 have been restated in line with the changes previously reported, in order to make the values comparable between the semesters under comparison.

        Terminal traffic (number of flights)

        1st Half 2025

        Changes 1st Half 2024 no. %

        Domestic Chg. Zone 1	51,498	52,618	(1,120)	-2.1%
        Chg. Zone 2	87,444	84,720	2,724	3.2%
        Total domestic flights	138,942	137,338	1,604	1.2%
        International Chg. Zone 1	155,949	148,768	7,181	4.8%
        Chg. Zone 2	106,311	99,213	7,098	7.2%
        Total international flights	262,260	247,981	14,279	5.8%
        Paying total	401,202	385,319	15,883	4.1%
        Exempt
        Chg. Zone 1	517	421	96	22.8%
        Chg. Zone 2	10,374	9,988	386	3.9%
        Total exempted flights	10,891	10,409	482	4.6%
        Total reported by Eurocontrol	412,093	395,728	16,365	4.1%
        Exempt not reported to Eurocontrol
        Chg. Zone 1	169	115	54	47.0%
        Chg. Zone 2	6,552	5,935	617	10.4%
        Total exempted flights not reported to Eurocontrol	6,721	6,050	671	11.1%
        Totals per chg Zone
        Chg. Zone 1	208,133	201,922	6,211	3.1%
        Chg. Zone 2	210,681	199,856	10,825	5.4%
        Overall total	418,814	401,778	17,036	4.2%

        Terminal traffic (service units)

        1st Half 2025

        Changes 1st Half 2024 no. %

        Domestic	Chg. Zone 1	63,601	65,574	(1,973)	-3.0%
        	Chg. Zone 2	102,764	100,167	2,597	2.6%
        	Total domestic service units	166,365	165,741	624	0.4%
        International	Chg. Zone 1	238,138	225,615	12,523	5.6%
        	Chg. Zone 2	125,569	116,383	9,186	7.9%
        	Total international service units	363,707	341,998	21,709	6.3%
        Paying total		530,072	507,739	22,333	4.4%
        Exempt
        	Chg. Zone 1	376	288	88	30.6%
        	Chg. Zone 2	4,072	3,746	326	8.7%
        	Total exempt service units	4,448	4,034	414	10.3%
        Total reported by Eurocontrol		534,520	511,773	22,747	4.4%
        Exempt not reported to Eurocontrol Chg. Zone 1		14	10	4	40.0%
        Chg. Zone 2		475	431	44	10.2%
        Tot. exempt service units not reported to Eurocont		489	441	48	10.9%
        Totals per chg Zone
        Chg. Zone 1		302,129	291,487	10,642	3.7%
        Chg. Zone 2		232,880	220,727	12,153	5.5%
        Overall total		535,009	512,214	22,795	4.5%

        
        
        

        In overall terms, the results of the first half of 2025 compared with the previous semester show increases in activity in terms of service units and assisted flights common to both charging zones. In particular:

      • Charging zone 1, which includes the airports of Rome Fiumicino, Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio, showed an increase in the first six months of 2025, in terms of service units, of +3.7% and +3.1% in terms of assisted flights. International air traffic contributed to this result, with a +5.6% increase in SUs, driven by growth at Rome Fiumicino (+6.1% SUs), Milan Malpensa (+8.3% SUs), and Milan Linate (+15.1% SUs). The two main Italian airports reported increases in traffic flows of +4.8% and +8.1%, respectively;

      • Charging Zone 2, which includes the remaining national airports, recorded an increase during the period both in terms of Service Units (+5.5%) and assisted flights (+5.4%), mainly due to international air traffic (+7.9% SUs), supported by growth at the airports of Bologna (+3.3% SUs), Naples (+6.5% SUs), Palermo (+8.9% SUs), and Bari (+16.3% SUs).

   2. Performance and financial position of the ENAV Group

      Definition of alternative performance measures

      In order to illustrate the performance and financial position of the ENAV Group, separate reclassified schedules have been prepared from a management perspective, which differ from the schedules in line with international accounting standards adopted by the Group for use in Condensed half-year consolidated financial statements. These reclassified schedules contain alternative performance indicators differing from those drawn directly from the financial statements, which are used by management for monitoring the performance of the Group and representing the performance and financial results produced by the business.

      The use of alternative performance indicators in the context of regulated information disclosed to the public was made mandatory with CONSOB Communication no. 0092543 of 3 December 2015, which

      transposed the guidelines (no. 2015/1415) issued on 5 October 2015 by the European Securities and

      Markets Authority (ESMA). The indicators are intended to ensure the comparability, reliability and understanding of financial information.

      These indicators were constructed on the basis of the following criteria:

      • EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): an indicator of profit before the effects of financial operations and taxation, as well as depreciation, amortisation and write-downs of property, plant and equipment and intangible assets and receivables and provisions, as reported in the financial statements and adjusted for investment grants directly related to the depreciating and amortising investments to which they refer;

      • EBITDA margin: EBITDA expressed as a percentage of total revenues and adjusted for investment grants as specified above;

      • EBIT (Earnings Before Interest and Taxes): EBITDA less depreciation and amortisation adjusted for investment grants and write-downs of property, plant and equipment and intangible assets and receivables and provisions;

      • EBIT margin: EBIT expressed as a percentage of total revenues less investment grants as specified above;

      • Net non-current assets: a financial measure represented by the fixed capital employed in operations, which includes property, plant and equipment, intangible assets, investments in other entities, non-current trade receivables and payables, and other non-current assets and liabilities;

      • Net working capital: capital employed in operations comprising inventories, trade receivables and other non-financial current assets, net of trade payables and other current liabilities excluding those of a financial nature;

      • Gross capital employed: the sum of net non-current assets and net working capital;

      • Net invested capital: the sum of gross capital employed, less employee benefit provisions, the provision for risks and charges and deferred tax assets/liabilities;

      • Net financial debt: the sum of current and non-current financial liabilities, non-current trade payables and cash and cash equivalents. The net financial debt is determined in compliance with Guideline 39 issued by ESMA, and in accordance with CONSOB warning notice no. 5/21 issued on 29 April 2021;

      • Free cash flow: the sum of the cash flow generated or absorbed by operating activities and the cash flow generated or absorbed by investing activities.

      The reclassified consolidated schedules for the income statement, statement of financial position and statement of cash flows, the net consolidated financial debt and the key economic and financial indicators used by management to monitor performance are reported below.

      Reclassified consolidated income statement

      The ENAV Group's results for the first half of 2025 confirm the continued growth in assisted air traffic, with Service Units increasing by +7.3% for en-route traffic and +4.5% for terminal traffic compared to the same period of the previous year, showing a positive trend across all months in the first half of 2025. The effects already observed in the first quarter of the year related to the new Performance Plan (known as RP4) have been confirmed, along with the resulting impacts on the first year of the new regulatory cycle, which began in January 2025. This period also marked the inclusion under performance regulation of the former third terminal charging band (now Charging Zone 2), which until 2024 was subject to a national regulatory framework based on a cost recovery approach for the determination of the Balance. These changes result in a different method for calculating the Balance compared to the first half of 2024. The balance for the first half of 2025 amounts to a negative €96.9 million, compared with a negative €25.3 million in the same period of the previous year. That 2024 figure had incorporated positive effects from the Balance of the former third charging band (€4.2 million) and the inflation Balance (€26 million), the effects of which are not present in the first year of a new regulatory period.

      Revenues from operations showed a strong performance, reaching €525.9 million-an increase of 12.1% compared to the same period of the previous year. This includes €511.2 million from the Parent Company's core business and €14.7 million from revenues from non-regulated market.

      Operating costs recorded an overall increase of +4.5% compared to the first half of 2024, mainly due to

      higher personnel costs (+4.5%) and an increase in other operating expenses (+5.4%). These dynamics were partially offset by a +7.6% rise in capitalised internal works. Combined with a -3.2% decrease in total revenues, these factors resulted in a positive EBITDA of €68.8 million-a decrease of €31.1 million compared to the same period of the previous year, mainly due to the different Balance dynamics.

      Depreciation and amortisation recorded during the period, along with impairment and provisions for risks, resulted in an EBIT of €17.3 million, down by €25.4 million compared to the first half of 2024.

      Net financial expenses amounted to a negative €4.5 million, broadly in line with the figure for the first half of 2024.

      (thousands of euros)

      As a result of these dynamics, the net consolidated profit for the period stood at €7 million, down by €15.9 million compared to the same period of the previous year.

      1st Half 2025

      Changes 1st Half 2024 Values %

      Revenues from operations	525,956	469,094	56,862	12.1%
      Balances	(96,887)	(25,261)	(71,626)	n.a.
      Other operating income	17,584	17,487	97	0.6%
      Total revenues	446,653	461,320	(14,667)	-3.2%
      Personnel costs	(309,738)	(296,541)	(13,197)	4.5%
      Capitalised costs for internal work	14,080	13,091	989	7.6%
      Other operating expenses	(82,185)	(77,998)	(4,187)	5.4%
      Total operating costs	(377,843)	(361,448)	(16,395)	4.5%
      EBITDA	68,810	99,872	(31,062)	-31.1%
      EBITDA margin	15.4%	21.6%	-6.2%
      Net amortisation of investment grants	(49,041)	(57,233)	8,192	-14.3%
      Writedowns, impairment (reversal of impairment) and provisions	(2,464)	108	(2,572)	n.a.
      EBIT	17,305	42,747	(25,442)	-59.5%
      EBIT margin	3.9%	9.3%	-5.4%
      Financial income/(expense)	(4,532)	(4,483)	(49)	1.1%
      Income before taxes	12,773	38,264	(25,491)	-66.6%
      Taxes for the period	(5,775)	(15,251)	9,476	-62.1%
      Consolidated profit/(loss) for the period	6,998	23,013	(16,015)	-69.6%
      Profit/(loss) for the period attributable to the Group	7,272	23,177	(15,905)	-68.6%
      Profit/(loss) for the period attributable to non-controlling interests	(274)	(164)	(110)	67.1%

      Revenues from operations amounted to €525.9 million, an increase of €56.9 million compared to the same period of the previous year, made up of €511.2 million from the Parent Company's core business (+€57.3 million compared to the first semester of 2024) and €14.7 million from the Group's business on the non-regulated market, broadly in line with the first half of 2024.

      The Balance component, which is also part of the Parent Company's operating activities, had a negative impact of €96.9 million. This figure mainly reflects the income statement recognition of balances accrued during the combined period 2020-2021, for the portion attributable to the half-year, as well as balances recorded in the two preceding years and recovered through tariffs in 2025. These total a negative €93.6 million (compared to €47.9 million in the first half of 2024), in addition to Balance arising in the current period, amounting to a negative €70 thousand. In the comparison period, the Balance amounted to a negative €25.3 million. It included positive balance items totalling €30.2 million, which are no longer factored into the current Balance calculation-specifically, €26 million related to inflation and €4.2 million linked to the positive balance calculated under the cost recovery method for the former third terminal charging zone.

      Total operating costs increased by 4.5% compared to the same period of the previous year, reaching €377.8

      million. This was mainly due to higher personnel costs, which rose by 4.5% following a 2% revaluation of contractual minimums effective from July 2024, career advancements under the national collective labour agreement (CCNL), and the implementation of certain contractual provisions concerning operational staff-namely Air Traffic Controllers (ATCOs) and Flight Information Service Officers (FISOs). These provisions came into effect on 1 August 2024, following the renewal of the specific section of the CCNL relating to direct and complementary ATM (Air Traffic Management) services, and the activation of the agreement signed with trade unions in December 2024. As of the end of the first half of 2025, the Group's workforce recorded an increase of 167 average full-time equivalents and 147 actual employees compared to the same period in 2024, mainly due to the hiring of operational and technical personnel. The Group's actual headcount at the end of the period stood at 4,536 employees (compared to 4,389 in the first half of 2024).

      Other operating expenses amounted to €82.2 million, showing a net increase of €4.2 million compared to the same period of the previous year. This was mainly due to higher energy prices starting from the end of 2024, an increase in other personnel-related costs-reflecting the higher unit value of meal vouchers granted to employees from August 2024-and higher costs for Eurocontrol contributions.

      These values had an impact on the determination of EBITDA, which stood at €68.8 million, a decrease of

      €31.1 million compared to the first half of 2024.

      The calculation of EBIT was affected by depreciation and amortisation (net of investment grants), which decreased by 14.3% compared to the same period of the previous year, as well as by the impairment of receivables and provisions for risks, which together amounted to €2.5 million. As a result, EBIT stood at

      €17.3 million, down €25.4 million from the first half of 2024.

      Financial income and expenses resulted in a negative balance of €4.5 million, broadly in line with the first half of 2024. This includes a negative impact of €1.2 million from foreign exchange positions, mainly due to the depreciation of the US dollar-compared to a positive impact of €0.2 million in the same period of the previous year.

      Taxes for the period show a balance of €5.8 million, a decrease of €9.5 million compared to the first half of 2024, due to the lower tax base and the dynamics linked to deferred taxes.

      The result for the period, as a result of the above, showed a Group profit of €7.3 million, a decrease of

      €15.9 million compared to the corresponding period of the previous year. Minority interests in the result for the period showed to a loss of €0.3 million.

      Reclassified consolidated statement of financial position

      	at 30.06.2025
      Property, plant and equipment	788,403	805,946	(17,543)	-2.2%
      Right-of-use assets	12,064	4,411	7,653	n.a.
      Intangible assets	189,071	189,526	(455)	-0.2%
      Investments in other entities	52,428	54,744	(2,316)	-4.2%
      Non-current trade receivables	281,208	385,454	(104,246)	-27.0%
      Other non-current assets and l iabilities	(138,177)	(137,606)	(571)	0.4%
      Net non-current assets	1,184,997	1,302,475	(117,478)	-9.0%
      Inventories	59,628	60,473	(845)	-1.4%
      Trade receivables	541,510	456,003	85,507	18.8%
      Trade payables	(142,476)	(151,425)	8,949	-5.9%
      Other current assets and l iabilities	(188,201)	(159,619)	(28,582)	17.9%
      Assets held for sale net of related l iabilities	16	14	2	n.a.
      Net working capital	270,477	205,446	65,031	31.7%
      Gross capital employed	1,455,474	1,507,921	(52,447)	-3.5%
      Employee benefit provisions	(34,538)	(36,428)	1,890	-5.2%
      Provisions for risks and charges	(7,352)	(11,080)	3,728	-33.6%
      Deferred tax assets/(liabilities)	23,121	27,214	(4,093)	-15.0%
      Net capital employed	1,436,705	1,487,627	(50,922)	-3.4%
      Equity attributable to shareholders of the Parent	1,086,212	1,228,342	(142,130)	-11.6%
      Non-controlling interests	740	1,014	(274)	-27.0%
      Shareholders' equity	1,086,952	1,229,356	(142,404)	-11.6%
      Net financial debt	349,753	258,271	91,482	35.4%
      Total funding	1,436,705	1,487,627	(50,922)	-3.4%
      			(thousand	s of euros)

      Net capital employed at 30 June 2025 amounted to €1,436.7 million, a decrease of €50.9 million compared to 31 December 2024 and is 75.7% covered by consolidated shareholders' equity (82.6% in 2024) and 24.3%

      from third-party equity (17.4% in 2024).

      Net non-current assets stands at €1,185 million, a net decrease of €117.5 million, compared to 31 December 2024, mainly due to: i) a decrease in property, plant and equipment and intangible assets totalling €10.3 million, due to higher depreciation and amortisation charges compared to investments in progress incurred during the first half of the year, with the exception of the increase in right-of-use assets reflecting the renewal of the lease agreement for the premises in Via Casale Cavallari, Rome; (ii) the decrease in the value of investments in other entities by €2.3 million, due to the adjustment of the fair value of the investment in Aireon LLC, also taking into account the change in the EUR/USD exchange rate;

      iii) the net reduction in non-current trade receivables for €104.2 million exclusively relating to balance receivables for the reclassification in current trade receivables of the quotas that will be included in the unit rate in 2026 net of the balances recorded in the first half of 2025 financial year.

      Net working capital stood at €270.5 million, an increase of €65 million from 31 December 2024. The main

      changes concerned: i) the net increase in trade receivables for €85.5 million, mainly related to receivables from Eurocontrol for the higher invoicing referred to the months of May and June, not yet due, compared to the last two months of 2024; for €15 million to the higher receivable from the Ministry of Infrastructure and Transport for the contribution for plant safety and operational safety recognised on an accrual basis at 30 June 2025; ii) the reduction of €8.9 million in trade payables, mainly referring to the lower debt owed to the Group's suppliers; iii) the change in other current assets and liabilities, which resulted in a net effect of €28.6 million in higher payables, mainly due to the increase in payables to personnel for accruals pertaining to the first half of 2025, for tax and social security payables referring to the charges to be paid in July for the 14th month's pay recognised to personnel in June, for the higher other liabilities to the Italian Air Force and ENAC for the portion recognised in the half-year equal to €38.1 million, corresponding to their share of collections of en-route and terminal credits accrued in the period. These effects were partially offset by higher tax receivables from current taxes for the payment of the balance and first instalment in excess of the tax burden for the half-year, and the increase in accruals and deferrals related to employees and referring mainly to the 14th month's pay for the portion pertaining to the following months.

      In determining the net capital employed which amounts to €1,436.7 million, the employee benefit provisions also has an impact of negative €34.5 million, which recorded a reduction of €1.9 million in the period for the severance payments paid and the actuarial profit recognised at 30 June 2025, the provisions for risks and charges for €7.3 million, decreasing by €3.7 million and the deferred tax assets and liabilities for a net amount of positive €23.1 million.

      Total consolidated Shareholders' equity amounted to €1,086.9 million and recorded a net decrease of

      €142.4 million compared to 31 December 2024 mainly due to the payment of the dividend resolved by the Shareholders' Meeting on 28 May 2025. This decrease was partially offset by the recognition of profit for the period, which amounted to €7.3 million.

      (thousands of euros)

      Net financial debt as at 30 June 2025 showed a balance of €349.7 million, an increase of €91.5 million compared to the figured recorded at 31 December 2024, and took into account the liquidity of the subsidiary Enav Asia Pacific in the amount of €4.2 million classified as assets held for sale following the voluntary liquidation procedure initiated in April 2025. Moreover, that figure reflects the provisions of the guidelines on disclosure requirements under the Prospectus Regulation issued by the European Securities & Markets Authority (ESMA) on 4 March 2021, which took effect on 5 May 2021, and were incorporated in CONSOB warning notice no. 5/21 of 29 April 2021.

      at 30.06.2025

      at 31.12.2024 Changes

      Cash and cash equivalents	257,934	361,334	(103,400)	-28.6%
      Current financial debt	(378,336)	(20,275)	(358,061)	n.a.
      Current lease l iabilities as per IFRS 16	(2,811)	(1,732)	(1,079)	62.3%
      Net current financial debt	(123,213)	339,327	(462,540)	n.a.
      Non-current financial debt	(197,601)	(564,870)	367,269	-65.0%
      Non-current lease l iabilities as per IFRS 16	(9,520)	(2,787)	(6,733)	n.a.
      Non-current trade payables	(19,419)	(29,941)	10,522	-35.1%
      Non-current financial debt	(226,540)	(597,598)	371,058	-62.1%
      Net financial debt	(349,753)	(258,271)	(91,482)	35.4%

      The negative change in net financial debt reflects the cash inflows and outflows related to ordinary

      operations (free cash flow), which benefited, among other things, from higher cash inflows from the Parent Company's core business compared to the same period of the previous year. These were largely offset by cash absorption due to the dividend payment of €146.2 million.

      It should be noted that, at 30 June 2025, the Group had undrawn short-term credit lines totalling €203 million, of which committed lines of €150 million and uncommitted lines of €53 million. In addition, there is a loan commitment of residual €80 million relating to the loan contract signed by the Parent Company with the EIB in October 2023 for an original amount of €160 million.

      Consolidated statement of cash flows

      		1st Half 2025	1st Half 2024	Changes
      	Cash flow generated/(absorbed) by operating activities	96,233	66,803	29,430
      	Cash flow generated/(absorbed) by investing activities	(42,725)	(38,477)	(4,248)
      	Cash flow generated/(absorbed) by financing activities	(156,608)	(53,766)	(102,842)
      	Net cash flow for the period	(103,100)	(25,440)	(77,660)
      	Cash and cash equivalents - opening balance (*)	361,334	224,876	136,458
      	Exchange rate differences on cash	(300)	82	(382)
      	Cash and cash equivalents - closing balance (*)	257,934	199,518	58,416
      	Free cash flow	53,508	28,326	25,182
      (thousands of euros) (*) Cash and cash equivalents at the beginning and end of the period include the liquidity of the subsidiary Enav Asia Pacific in voluntary liquidation.

      Cash flows from operating activities

      Cash flow generated by operating activities in the first half of 2025 amounted to €96.2 million, a positive change of €29.4 million compared to the figure for the corresponding period of 2024. This positive cash flow was driven by the combined effect of the following factors: i) the net increase in current trade receivables of €80.6 million, mainly due to the receivable from Eurocontrol for higher en-route charges invoiced in May and June, which have not yet fallen due. This effect was partially offset by lower receivables from third-party customers as a result of collections during the period; ii) the reduction in balance receivables following the greater recognition in the income statement of the portion relating to balances recognised during the 2020-2021 combined period, the recovery of which began in 2023, as well as balances recognised in 2023. Compared to the same period in the previous year, there was a decrease in trade receivables, mainly related to balances, whose utilisation was higher than in the first half of 2024; iii) the net increase in other current assets and liabilities of €12.3 million, attributable both to the increase in other current assets due to the prepaid expense related to the 14th monthly salary paid in June but pertaining to subsequent months, and to the increase in other current liabilities due to higher payables to the Italian Air Force and ENAC for their share of en-route and terminal receipts identified during the period, as well as to personnel-related accruals recorded on an accrual basis; iv) the decrease in current trade payables, due to lower outstanding payables to suppliers for Group operating activities, as well as to the reduction in balance payables following higher recognition in the income statement compared to the balances recognised in the first half of 2025, and in any case lower than in the comparative period.

      Cash flows from investment activities

      Cash flow from investment activities in the first half of 2025 absorbed liquidity for €42.7 million, €4.2 million higher than the figure recorded in the corresponding period of 2024. This change is associated with both higher Capex for the period of €3.3 million to a total value of €38.3 million, and higher payments to suppliers for investment projects of €0.9 million.

      Cash flow from financing activities

      Cash flow from financing activities absorbed liquidity of €156.6 million in the first half of 2025, showing a negative variation of €102.8 million compared to the same period of the previous year, when €53.8 million was absorbed. The 2024 figure reflected a positive effect from the drawdown of the first tranche- amounting to €80 million-of the EIB loan signed in October 2023, which was utilised in April 2024. The cash outflow in the first half of 2025 relates to the payment of semi-annual instalments on existing loans, in accordance with the agreed amortisation schedules, amounting to €9.5 million, and the dividend payment of €146.2 million made in June, as approved by the Shareholders' Meeting. This dividend payment was €21.7 million higher than in the same period of the previous year.

      The free cash flow stood at a positive €53.5 million, doubling the value recorded in the corresponding period of the previous financial year, which stood at a positive value of €28.3 million due to the liquidity generated by the cash flow from activities operating period which fully covered the cash flow absorbed by investment activities.

4. Other information

   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, the European Commission established that the performance targets across all performance areas included in the Performance Plan submitted by Italy are compliant with the Union-wide performance targets for the fourth reference period (2025-2029), as set out in Implementing Decision (EU) No. 2024/1688 of 12 June 2024.

   This compliance decision marked the conclusion of a long and complex process, which led to the recognition of ENAV's performance in terms of service quality and cost-efficiency for airlines, establishing it as a benchmark provider within the European landscape. The approval of the Performance Plan also enabled the Parent Company to consolidate its regulatory and tariff framework through to 2029 and to implement its economic and operational planning in line with the strategic guidelines set out in the Business Plan.

   Sustainability Plan

   On 31 July 2025, ENAV's Board of Directors approved the new Sustainability Plan for the period 2025-2029, aligned with the strategic initiatives outlined in the 2025-2029 Business Plan, approved by the Board on 31 March 2025.

   The Sustainability Plan pursues the following strategic objectives: i) to implement the Group's climate strategy by contributing to the decarbonisation of the sector and continuing to reduce emissions across

   the entire value chain; i) to lead the transition within the aviation supply chain by supporting the challenges

   faced by our main clients and stakeholders through innovation; ii) to generate a positive social impact by raising awareness on sustainability issues; iv) to further promote a culture of diversity, equity, and inclusion;

   v) to embrace technological innovation as a cross-cutting enabler for achieving sustainability goals.

   Human resources

   At 30 June 2025, the ENAV Group had 4,536 employees, an increase of 147 employees, compared to the figure for the first half of 2024, when the actual headcount stood at 4,389.

   The Group ensures the provision of air navigation services across the entire national territory (the so-called "regulated market") and delivers, both in Italy and abroad, aeronautical products, systems, services, and consulting (the so-called "non-regulated market").

   With regard to Industrial Relations, it is noted that during the first half of 2025, several agreements were signed that gave practical implementation to the commitments undertaken by the Company and the Social Partners through the signing of the Protocol on 18 December 2024.

   In January, an agreement was signed concerning the operational training of Air Traffic Controllers (ATCOs), enabling the accelerated integration of ATCO personnel assigned to the Milan Area Control Centre (ACC) by leveraging available training capacity at Rome ACC and, where necessary, at Brindisi ACC.

   In the following months, the company's strategic direction focused on the following key areas:

   • the definition of an innovative agreement involving ATCOs at the ACCs of Brindisi, Milan, Padua, and Rome, as well as at the airports of Fiumicino, Malpensa, Linate, Bergamo Orio al Serio, Venice, Bologna, Naples, and Catania (totalling approximately 1,200 ATCOs). The agreement links operational staff commitments and entitlements to the achievement, in 2025, of punctuality levels that would qualify the Parent Company to receive the Bonus foreseen under the national Performance Plan, applicable to the first year of the fourth reference regulatory period;

   • a revision of the performance bonus scheme, which, for professional categories such as ATCOs, FISOs (Flight Information Service Officers), MET personnel, Pilots, and Flight inspection operators (covering over 2,500 employees), has been more closely aligned with the seasonal nature of the company's core business;

   • the introduction of a welfare plan for ENAV's support staff (approximately 800 employees), aimed at improving corporate wellbeing and addressing socially relevant and sensitive needs;

   • the adjustment of staff geographical mobility processes, in response to operational requirements, with the goal of facilitating a smoother professional development path and internal mobility. This was achieved through the redesign of the geographical mobility model into a two-phase process.

   In parallel, to ensure adequate turnover and manage the staffing needs for ATCOs identified by operational management, the recruitment programme continued with the publication, in February 2025, of a selection notice. Through the Eurocontrol "First European Air Traffic Controller Selection Test (FEAST)" process, 338 candidates were identified as suitable for the specialised professional training required for ATCO roles, which will be delivered by the Operations Directorate.

   The results achieved reflect the continued success of a participatory industrial relations model, which- through numerous meetings at both national and local levels-has ensured responsible and proactive engagement with the Trade Unions of the Group companies. Notably, no national or local strikes were declared by trade unions during the first half of 2025.

   Transactions with Related Parties

   Related parties refer to entities directly or indirectly controlled by ENAV, the Ministry for Economy and Finance (MEF, the parent entity), subsidiary and associated entities controlled directly or indirectly by the MEF and the Ministry with oversight responsibility, namely the Ministry of Infrastructure and Transport. Other related parties are the directors and their immediate family, standing members of the Board of Statutory Auditors and their immediate family, Executives with strategic responsibility and their immediate family of the Parent Company and companies directly and/or indirectly controlled by it and the post-employment benefit plan funds for Group employees.

   Related-party transactions conducted by the ENAV Group in the first half of 2025 essentially involved

   services that were provided as part of ordinary operations and settled on market terms and conditions, as described in more detail in note 33 of the Condensed half-year consolidated financial statements as at 30 June 2025.

   The Parent Company, in compliance with the provisions of art. 2391 bis of the civil code and in compliance with the principles dictated by the Regulation containing provisions on related-party transactions adopted with CONSOB resolution 17221 of 12 March 2010 and subsequent amendments and additions, has established, effective from the date of admission to trading of the company's shares on the Euronext Milan Market, organised and managed by Borsa Italiana, the approved procedure governing Transactions with Related Parties by the Board of Directors in the meeting of 21 June 2016 and subject to subsequent updates, the latest version of which was approved by the Board of Directors, following the favourable opinion of the Control, Risk and Related Parties Committee, on 17 March 2025. The new Procedure for Disciplining Related-Party Transactions incorporated the amendment to the Related Party Regulations implemented by CONSOB with Resolution No. 21624 of 10 December 2020 in implementation of the proxy contained in the amended Article 2391-bis of the Italian Civil Code. This procedure is available on the ENAV website https://www.enav.it, in the Governance section of the company documents area.

   It should be noted that in the first half of 2025 there were no transactions subject to disclosure obligations because they qualify as cases exempt under the procedure or transactions that had a significant impact on the consolidated financial position or the consolidated results for the period.

5. Outlook for operations

The air traffic trend recorded in first half of the year, compared to the same period in 2024, is expected to continue into the second half of 2025. On the one hand, this trend will continue to have a positive impact on the Parent Company's revenue levels, on the other hand, it will require additional operational and personnel management efforts due to the significant workloads, especially in July and August, where the typical seasonality of the business results in traffic peaks in Italy.

Considering the above-mentioned operational results and the visibility over the next few months, the economical and financial targets for the ENAV Group in 2025 have been revised upwards compared with those outlined within the 2025-2029 Business Plan.