ENAV S p A : PRESENTATION H1 2025 RESULTS

‌ENAV

Consolidated Results

First Half 2025

July 31, 2025

Operating Performance

Strong traffic trend extended to Q2 2025

En-route SUs up by 7.3%, 1.1 p.p. ahead of plan

Financial

Performance

Cash

Generation

2025 Target

Net regulated revenues at 11.7 €mn, more than double vs Q1 2025

Free cash flow for the period almost 2x versus Q1 2025 and first half 2024

Operational delivery and managerial efforts on efficiency drive revision of 2025 targets

2025 TARGETS

@PLAN (€mn)

2025 TARGET NEW GUIDANCE (€mn)

1,015

1,024 - 1,028

245 - 253

225

2025E

@Strategic Plan

2025E

Updated

64

78 - 83

Traffic levels projected to be confirmed in the

coming quarters

REVENUES

Excellence in quality of service: well below

threshold set by regulation

EBITDA

Managerial actions on efficiency to drive down cost curve ahead of plan projections

NET INCOME

(SUs mn)

Overflight

Seasonality

EN-ROUTE

1

43%

+7.3%

Q1 A ~18%

Robust traffic levels extended

16% National ~60%

5.2

41%

to H1 2025, overflight and

international accounting for

c. 84% of total SUs

Q4 E

~22%

H1 2024 H1 2025

International

Q2 A ~27%

Q3 E ~33%

(SUs mn)

T1: 57%

T2: 43%

TERMINAL1

International

Seasonality

+4.4%

69%

Q1 A ~19%

Consistent traffic trend with

positive results for both charging zones

511.8

~60%

31%

Q4 E ~23%

H1 2024

H1 2025

National

Q2 A ~27%

Q3 E ~31%

Revenues evolution1, €mn

Strong performance of core business

56.5

0.8

(45.7)

o/w

Balance N-2 reversal for c. -46 €mn mainly coming from 2020-21 traffic COVID recovery

2024 Inflation balance (26) €mn

Balance T3 Zone under cost recovery in 2024 (4.2) €mn

461

~15

Non Regulated

Net Regulated Revenues

+11.7 €mn

(25.9) (0.5)

0.0

447

~15

Negative 2024 inflation balance for 26 €mn driven by regulatory reset

H1

2024

En-route Terminal Balance

N-2

Balance for the period

Non Regulated Revenues

Other

revenues

H1

Non-regulated revenues broadly in line

2025

Operating costs, €mn

Personnel costs driven by contractual salary inflation adjustment and variable component linked with traffic volume

+4.5%

82%

378 €mn

18%

Personnel costs

Personnel costs

Increase primarily due to higher utility costs for 1.6 €mn

H1 2024 H1 2025

Other costs1

Other

costs1

+4.9%

H1 2024 H1 2025

EBITDA evolution1, €mn

11.7

o/w

Net regulated revenues up by 2.2x versus

Q1 2025

Substantial absence of balance generation

in 2025

Reabsorption of impact related to the

terminal zone 3 regulatory change expected to accelerate in Q3

2024 Inflation balance (26) €mn

Balance T3 Zone under cost recovery in 2024 (4.2) €mn

(25.9) (0.5)

(16.4)

EBITDA H1 2024

Net Regulated Revenues 2

Balance for the period

Non Regulated Revenues

Costs EBITDA H1 2025

1. Rounded figures 7

Key drivers of 2025 EBITDA new guidance, €mn

Air traffic volume ahead of Plan Quality of service: capacity bonus

2025 targets upgrade driven by strong operating performance and managerial actions

2025 EBITDA

@Plan

Balance adjustment

Operating Performance

Cost Efficiency

2025 EBITDA

new guidance

D&A and provisions driven by lower

depreciation

Stable financial expenses

Net result impacted by dynamics on balances, typical of the first year of a new regulatory period

Profit & Loss, €mn

Cash Flow and Net Debt evolution1, €mn

Free Cash Flow H1 2025

42.7

(96.2)

53.5 €mn

(1.2)

Free cash flow up by

1.9x versus H1 2025

2

and Q1 2025

Net Debt FY 2024

FFO Cash

capex

Dividends Other Items

Net Debt H1 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 10

Leading operating performance in a record traffic environment

Focus on efficiency drives improvement on cost curve

Strong and visible cash flow generation

2025 Targets

improved

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]