ENAV S p A : PRESENTATION 9M 2025 RESULTS

‌ENAV

Consolidated Results

Nine Months 2025

November 12, 2025

Operating Performance

Operating excellence confirmed through peak season:

average delay at 0.014 vs target of 0.141

Financial

Performance

Non-regulated

business

2025

Target

EBITDA and Free Cash Flow increase underpin full year target delivery

Accelerating growth trajectory: Remote Digital and Virtual Tower implementation in Malaysia

On track to meet 2025 full year guidance despite softening of traffic growth in Q3

(SUs mn)

+5.9%

Overflight

Seasonality

EN-ROUTE2

45%

Q1 A ~18%

Resilient traffic growth

Overflight and international

15% National ~60% accounting for 85% of total SUs

40%

Q4 E ~23%

9M 2024 9M 2025

International

Q2 A ~27%

Q3 A ~32%

(SUs mn)

T1: 55%

T2: 45%

TERMINAL2

International

Seasonality

+3.3%

69%

Q1 A ~19%

844.2

~60%

31%

Slowdown in national traffic

weighs on T1

International traffic drives

performance in T2

9M 2024

9M 2025

National

Q4 E ~26%

Q2 A ~27%

Q3 A ~29%

1. European comparator group 3

Revenues evolution1, €mn

89.3

(0.3)

(78.6)

Sound progress for En-route

Terminal impacted by national traffic trend

o/w

2024 Inflation balance (50.5) €mn

770

~26

Balance N-2 reversal for c. -79 €mn mainly coming from 2020-21 traffic COVID recovery

Non Regulated

Net Regulated Revenues

+10.4 €mn

(29.1) (3.6)

0.2

748

~22

9M

2024

En-route Terminal Balance

N-2

Balance for the period

Non Regulated Revenues

Other revenues

9M

Negative 2024 inflation balance for

c. 50 €mn driven by regulatory reset

Non-regulated revenues evolution in line with phasing of commercial activities

2025

Operating costs1, €mn

Cost increase associated with contractual salary adjustments for inflation and higher variable component linked to traffic

+4.4%

Personnel costs

82%

Increased mainly driven by higher utility costs

568 €mn

Personnel costs

9M 2024 9M 2025

18%

118.1

Other costs

Other

costs

121.7

+3.1%

9M 2024 9M 2025

EBITDA evolution1, €mn

10.4

o/w

Net regulated revenues driven by en-route

performance

Persisting absence of positive balance

generation for the period

EBITDA up by 2.6x versus H1 2025

2024 Inflation balance (50.5) €mn

(29.1) (3.6)

(20.5)

EBITDA 9M 2024

Net Regulated Revenues 2

Balance for the period

Non Regulated Revenues

Costs EBITDA 9M 2025

Improved financial expenses driven by lower financial income and reduced interest expenses on variable rate on debt

Net result up by c. 60 €mn

versus H1 2025

D&A and provisions driven by lower

depreciation

Profit & Loss, €mn

Cash Flow and Net Debt evolution1, €mn

Free Cash Flow 9M 2025

197.6 €mn

53.9

146.2

(1.3)

Free cash flow up by

2

3.7x versus H1 2025

Net Debt FY 2024

FFO Cash

capex

Dividends Other Items

Net Debt 9M 2025

1. Rounded figures

2. Other items mainly include leasing payables and trade payables that are non-current commercial debt related to gross negative balance to be returned to airlines, as per Consob 8

Quality of service confirmed in a record growth traffic environment

Continued focus on efficiencies mitigates headwinds on traffic

Visible cash flow generation with

almost 200 €mn FCF in the period

Well on track to achieve 2025 FY guidance upgraded last July

This presentation contains certain forward-looking statements that reflect the Company's management current views with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on ENAV S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of ENAV S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. ENAV S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by ENAV S.p.A..

Head of Investor Relations

[email protected]

+39 06 8166 4944

Investor Relations

[email protected]

+39 06 8166 4491

[email protected]