ENAV S p A : PRESENTATION Q1 2026 RESULTS

‌ENAV

Consolidated Results

First Quarter 2026

May 12, 2026

Operating Performance

Robust traffic growth:

En-route +8.6% YoY, 4.5 p.p. ahead of Plan

Middle East

Crisis

Financial

Performance

AGM 2026

Potential impact on summer season traffic

triggered by jet fuel prices/shortage

EBITDA of 5.1 €mn

FCF at 41.4 €mn, up by 1.5x vs previous year

New Board of Directors to be appointed in the next AGM on May, 14th

2

(SUs mn)

+8.6%

Overflight

Seasonality

EN-ROUTE2

45%

Q1 A ~19%

16% National

~59%

Strong air traffic volume, driven

by overflight and international

39%

Q4 E ~22%

Q1 2025 Q1 2026

International

Q2 E ~27%

Q3 E ~32%

(SUs mn)

T1: 59%

T2: 41%

TERMINAL2

+2.7%

International

Seasonality

69%

Q1 A ~19%

~58%

223.7

31%

Traffic growth supported by

international segment

Prolonged weakness of

national traffic, mainly in T1

Q1 2025

Q1 2026

National

Q4 E ~23%

Q2 E ~28%

Q3 E ~30%

1. European comparator group 3

2. Excluding exempt flights not communicated to Eurocontrol

Revenues evolution1, €mn

~152

En-route revenues

Terminal revenues

2.7

10.6

0.3

Core business performance driven by

en-route traffic growth

Balance N-2 reversal mainly coming from

2020-21 traffic COVID recovery

Balance for the period associated with

en-route traffic component

Non-Regulated revenues up by 48.2% YoY

~163

~51

~51

3.4

(2.2)

Net Regulated Revenues

+13.6 €mn

Q1 2025 En-route Terminal Balance

N-2

Balance for the period

Non Regulated Revenues

Q1 2026

~7

Non-Regulated revenues

~11

Operating costs1, €mn

Personnel costs

Cost increase mainly associated with contractual salary adjustments and higher traffic managed

Increase mainly driven by higher maintenance costs and personnel expenses, partly offset by lower utilities cost

Q1 2025 Q1 2026

Q1 2025 Q1 2026

Other

costs

Q1 2025 Q1 2026

EBITDA evolution1, €mn

13.6

3.4

(0.9)

(2.2)

(8.9)

EBITDA result driven by

solid delivery for both regulated and non-regulated businesses

EBITDA Q1 2025

Net Regulated

2

Revenues

Balance for the period

Non Regulated Revenues

Costs EBITDA Q1 2026

Improved financial expenses mainly driven by lower interest expenses

Net result in line with seasonality

of the business

D&A and provisions in line

with previous year

Profit & Loss, €mn

Net Debt evolution1, €mn

Includes 7.6 €mn AIView Group acquisiton3

21.2 6.6

Q1 2026 Free Cash Flow

of 41.4 €mn

Net Debt FY 2025

(65.9)

FFO CAPEX 2

Other Items 4

Net Debt Q1 2026

2026 Free Cash Flow

expected at

around 250 €mn

1. Rounded figures

2. Q1 2026 cash CAPEX of 24.5 €mn

3. As of March 31st, 2026

4. 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

Traffic tailwind in

Q1 2026

Evolution of Middle

East crisis to be

monitored

Operating delivery in line with expectation

Free Cash Flow for the year expected at around 250 €mn

AGM set to appoint new BoD and approve a dividend of 0.29 €/sh

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]