ENAV S p A : PRESENTATION FY 2025 RESULTS

‌ENAV

Consolidated Results

Full Year 2025

March 23, 2026

Solid growth in traffic levels

Quality of service1

Progress on Sustainability

Italy - En Route Service Units (mn)

+13% vs 2019

+24% vs 2019

Comparator Group2

Average en route delay per flight assisted (mins)

2.4

2.3

2.1

Flights (#)0

-86.4%

CO2Emissions3

0.04

0.07

0.14

Inclusion in 2026 Yearbook

CDP Climate 'A List'

2019 2020 2023 2024 2025

2023 2024 2025

Confirmed

Growth of traffic in Italy outpaces average of Comparator Group

Best in class quality of service delivered in a growing traffic environment

Strong commitment to sustainability

1. Related to ENAV causes (CRSMTP)

2. Big five Comparator Group (Spain, Germany, France, UK, Italy) 2

Valorization of unparalleled know-how and expertise

Well diversified product portfolio and geographic footprint

Revenues by Geography Revenues by Product

Non-Regulated Revenues (€mn)

8%

12%

3%

3%

52

€mn

56%

Europe Middle East

Asia and Oceania Africa

14%

4% 1%

5%

52

€mn

48%

Licenses

Technical & engineering services

Aeronautical consulting

1.6x

18%

South America

North America

28%

Other revenues

Flight inspection

UAV services

M&A - Binding termsheet for the acquisition of 85% of AIView Group to strengthen position in the drone services market and support the U-Space ecosystem

2021 2023 2025

Commercial expansion

Defence - Contract awarded by Teledife for the modernization of radar surveillance systems at six Italian Air Force bases from 2026 to 2032

Remote Tower in Malaysia - model developed by the ENAV Group using

3.9%

Non-Regulated on

total Revenues

5.1%

proprietary technology

Share price evolution

Shareholder remuneration

Total Shareholder Return2

+51%1

+ 46%

since CMD Presentation

̴428 €mn

2023-25 Dividends

ENAV

Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26

Robust stock re-rating, visible shareholder remuneration

TSR: outperformed Mid Cap Index by 6 p.p.

FTSE Italy Mid Cap Index

FY 2025

1,025

253

2025

93

(€mn)

2025 TARGETS @PLAN

2025 TARGET UPGRADE @ H1 25

2025 upgraded guidance met or outperformed across the board

1,015

1,024 - 1,028

2025E

@Strategic Plan

2025E

Updated

64

78 - 83

REVENUES

Higher end of EBITDA range as efficiencies offset softer traffic

EBITDA

Net Income result well above guidance range

NET INCOME

Limited direct exposure to Middle East… …with potential impact to be assessed in light of regulatory protection

Italy En Route 2025 Service Units

10%

Middle

East

12.4

SUs mn

Traffic volatility - Regulatory protection

1 percentage point change in en route traffic volume corresponds to

c. 6.5 €mn in Revenues

Downside sharing with airlines when traffic reduction exceeds 2%

Top 10 Customers in 20251

1

6

2

7

3

8

4

9

5

10

UPGRADED

0.29

0.30

2025

2026

FROM

0.28

FROM

0.29

(€/sh)

Improved DPS curve to reflect strong operational and financial performance and visibility on cash flow profile

2023 2024 2027 2028 2029

(SUs mn)

Overflight

Seasonality

+5.9%

EN-ROUTE2

45%

Q1 A ~18%

15% National

~59%

Overflight and international

accounting for 85% of total SUs

40%

Q4 A ~23%

FY 2024

FY 2025

International

Q2 A ~27%

Q3 A ~32%

(SUs mn)

T1: 56%

T2: 44%

TERMINAL2

International

Seasonality

+3.4%

69%

Q1 A ~20%

Terminal traffic at +3.4% came

in below plan expectations

1.10

~57%

International traffic drives

performance both in T1 and T2

31%

Q4 A ~23%

FY 2024

FY 2025

National

Q2 A ~27%

Q3 A ~30%

1. European comparator group 9

2. Excluding exempt flights not communicated to Eurocontrol

Revenues evolution1, €mn

115.4

(0.5)

(102.8)

Solid en-route performance

Terminal impacted by national traffic

slowdown

Balance N-2 reversal for c. -103 €mn mainly

coming from 2020-21 traffic COVID recovery

Balance for the period mainly driven by

inflation component

Growth of Non-Regulated revenues in line

with plan assumptions

o/w

2024 Inflation 63.6 €mn

2025 Inflation (4.9) €mn

2025 Bonus Performance 13.4 €mn

1,037

~49

Non Regulated

Net Regulated Revenues

+12.1 €mn

(32.0)

2.8 5.0

1,025

~52

FY 2024

En-route Terminal Balance

N-2

Balance for the period

Non Regulated Revenues

Other revenues

FY 2025

Operating costs1, €mn

Personnel costs

592.4

Increased mainly driven by higher maintenance costs, Eurocontrol contribution and personnel expenses

FY 2024 FY 2025

FY 2024 FY 2025

Cost increase mainly associated with contractual salary adjustments for inflation

Other

costs

FY 2024 FY 2025

EBITDA evolution1, €mn

12.1

(32.0)

o/w

2024 Inflation 63.6 €mn

2025 Inflation (4.9) €mn

2025 Bonus Performance 13.4 €mn

2.8 5.0

(46.2)

FY25 GUIDANCE

245 - 253

2025 EBITDA result safeguarded by additional efficiencies to offset impact from softer traffic vs plan

EBITDA FY 2024

Net Regulated Revenues2

Balance for the period

Non Regulated Revenues

Other revenues Costs EBITDA FY 2025

Improved financial expenses mainly driven by lower interest expenses on variable rate on debt

Tax rate at 28% in line with previous year

D&A and provisions driven by lower depreciation and dynamics on grants and other funds

Profit & Loss, €mn

Cash Flow and Net Debt evolution1, €mn

FY 2025 Free Cash Flow

263.6 €mn

77.0

146.2

(3.4)

2025 Free Cash Flow up by 1.3x versus previous year

Net Debt FY 2024

FFO Cash

capex

Dividends Other Items Net Debt

2

FY 2025

2026 Free Cash Flow expected at around 250 €mn

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 14

Operating Performance

Confirmed technical excellence in operating performance

Plan

Execution

2026

Target

Shareholder Remuneration

Implementation of strategic initiatives on track, 2026 stepping stone for future delivery

Ongoing monitoring of current situation, 2026 targets in Q1

Improved DPS curve on robust delivery and cash flow generation visibility

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..

FABRIZIO RAGNACCI

Head of Investor Relations

[email protected]

+39 06 8166 4944

FRANCESCA ROMANA MAZZA

Investor Relations

[email protected]

+39 06 8166 4491

[email protected]

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