The Board of Directors approves the Half-Year Financial Report as of June 30, 2025

Passenger traffic records drive solid improvement in economic indicators

• Passenger traffic: historic milestone achieved by the Tuscan Airport System, which exceeded the threshold of 4.5 million passengers for the first time in the first half of the year (+9.7% on 2024). The growth of the Italian airport system (+6.2%) was also exceeded.

• Operating revenues: €52.5 million (+6.6% on 2024). Both Aviation (+7.8%) and Non-Aviation (+10.7%) revenues grew.

• EBITDA: best result ever for the period with €19.1 million (+11.3%, equal to +€1.9 million).

• EBIT: up +22.8% from €10.6 million in 2024 to €13.0 million in 2025.

• Group net profit: €5.8 million, up +2.4% on 2024.

• Investments: €11.4 million (€3.3 million in 2024) for the expansion and advancement of development plans for the Pisa and Florence airports.

• Net financial debt of €80.8 million, mainly as a result of new investments in the half-year. The Group's financial strength is confirmed by a debt/equity ratio of 0.72.

Florence, September 11, 2025 -The Board of Directors of Toscana Aeroporti S.p.A., a company listed on Euronext Milan of Borsa Italiana S.p.A. which manages the airports of Florence and Pisa, meeting today, examined and approved the half-year financial report as of June 30, 2025, confirming the preliminary consolidated results published on July 31, 2025.

Passenger and cargo traffic trend in the first half of 2025

The Tuscan Airport System closed the first half of 2025 with its best-ever results, setting a new passenger traffic record in every month of the period. A total of 4,535,604 passengers passed through Florence and Pisa airports, an increase of +9.7% on 2024 and a growth performance higher than that of the Italian airport system (+6.2%). The load factor (scheduled flight occupancy rate) remained solid at 84.0%, substantially in line with the previous year (84.5%). Cargo traffic was in line (+0.1%) with 2024, recording 6,365 tonnes of goods and mail transported.

total flight movements (+7.7%). Italy is the main market (26.4% of total traffic), followed by the United Kingdom (17.8%) and Spain (11.4%). Cargo traffic, with 6,305 tonnes of goods and mail transported, is in line with 2024 traffic (-0.3%).

Consolidated economic results

million in the same period of 2024. This result was driven by several factors:

• Operating revenues at June 30, 2025 amounted to €52.5 million, an increase of +6.6% compared to

  €49.3 million in the first half of 2024. In detail:

  • Aviation revenues amounted to €39.5 million, up +7.8% compared to €36.7 million in 2024, thanks to the dynamism of passenger traffic managed during the period.
  • Network development expenses rose from €6.8 million to €8.5 million in 2025 (+24.4%).
  • Non-aviation revenues amounted to €21.5 million, an increase of +10.7% compared to €19.4

    million in the first half of 2024.

• Other revenues, amounting to €4.2 million, improved by +103.7% compared to €2.0 million in 2024, mainly thanks to the increased operations of the subsidiary Toscana Aeroporti Costruzioni S.r.l. (TAC).
• Revenues for construction services rose from €2.3 million to €9.4 million in the first half of 2025, reflecting the progress of airport development plans. Other income amounted to €230 thousand compared to €213 thousand in the first half of 2024. Consolidated total costs as at June 30, 2025 amounted to €47.3 million, an increase of +28.9% compared to €36.7 million in the same period of 2024. In particular:
• Consumables rose from €571 thousand in 2024 to €2.4 million in the first half of the year (+319.1%), due to the greater use of raw materials in construction projects by the subsidiary Toscana Aeroporti Costruzioni, in particular for the new passenger terminal in Pisa.
• Personnel costs, amounting to €13.5 million, increased by +5.5% as a result of the increase in staff (+1.8% FTE) necessary to manage the significant growth in passenger numbers (+9.7%) and higher costs arising from the renewal of the national collective labour agreement for the sector.
• Costs for services amounted to €26.5 million compared to €18.7 million in 2024 (+41.1%), mainly as a result of higher costs for construction services (+€4.9 million) related to infrastructure investments and, in part, the increase in costs due to higher traffic managed during the period.
• Other operating expenses were in line with 2024, rising from €903 thousand to €906 thousand in the first half of the year.
• Airport fees amounted to €4.0 million, an increase (+9.8%) in line with the increase in traffic during the period.

As illustrated above, EBITDA (Gross Operating Margin) recorded its best ever result in the first half of the year, amounting to €19.1 million, up +11.3% compared to €17.1 million in 2024.

Depreciation, amortisation and provisions for the first half of the year totalled €6.0 million, down from €6.5 million in 2024, mainly due to the release of provisions for risks following the renewal of the national collective labour agreement for the sector and the sale of the stake held in Toscana Aeroporti Handling.

The Group's net profit for the period as at June 30, 2025 reached €5.8 million, an increase of +2.4% compared to €5.6 million in the first half of 2024.

Investments and financial results as of June 30, 2025

The Group's total investments as at June 30, 2025 amounted to €11.4 million, a significant increase compared to the €3.3 million invested in the first half of 2024. The main infrastructure development projects at the two airports include the expansion of the Pisa airport terminal and studies and design work for the new Florence airport terminal. This significant increase reflects the Group's ongoing commitment to enhancing the capacity and quality of the services it offers.

Consolidated net financial debt as at June 30, 2025 amounted to €80.8 million, up from €72.0 million as at December 31, 2024 and €73.2 million as at June 30, 2024. The increase is mainly attributable to the drawdown of the existing loan to finance previous investments. The debt/equity ratio (financial debt ratio) at June 30, 2025 stood at 0.72, maintaining the Group's capital structure at levels of full solidity.

Significant events occurred after June 30, 2025

• On July 31, 2025, the Toscana Aeroporti Board of Directors resolved to exercise its option to sell the remaining 20% stake in Toscana Aeroporti Handling S.r.l.. The transaction was completed on 1 August for a total of €250,000.

• On September 1, 2025, the VIA-VAS Technical Commission of the Ministry of the Environment, which deals with environmental impact assessment and strategic environmental assessment, gave a positive assessment of the preliminary investigation relating to the approval of the Florence Masterplan for the period 2025-2035.

Outlook

In the first eight months of 2025, the Tuscan Airport System recorded total traffic of approximately 6.7 million passengers, up +8.7% compared to the same period in 2024. In line with IATA forecasts, the Tuscan airport system is also expected to see higher traffic levels in 2025 than in 2024, with a consequent improvement in company margins, albeit accompanied by ongoing international tensions as a result of the ongoing Russian/Ukrainian and Israeli/Palestinian conflicts, which could affect passenger mobility. In 2025, the Company will continue to focus on the completion of all activities related to the approval process for the Florence Master Plan and preparatory to its implementation, as well as the completion of the first phase of work on the new Pisa arrivals terminal.

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Attached are the consolidated financial statements as at June 30, 2025. The consolidated half-yearly financial report as at June 30, 2025, subject to limited audit by KPMG S.p.A., will be made available to the public in accordance with the law at the company's registered office, on the authorised storage mechanism 1INFO and will also be available for consultation in the 'Investors' section of

the Company's website at https://www.toscana-aeroporti.com. The report of the independent auditors will be made public in the same manner and within the terms provided for by current regulations.

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The Director responsible for financial reporting, Marco Gialletti, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

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This press release uses certain "alternative performance indicators" not provided for by IFRS-EU accounting standards, the meaning and content of which, in line with Consob communication DEM/6064293 of 28 July 2006 and subsequent amendments and additions (Consob Communication no. 0092543 of 3 December 2015 implementing ESMA/ 2015/1415), are explained below:

Gross Operating Margin: defined as the difference between the sum of revenues and other income and the sum of costs (consumables, personnel costs, service costs, airport fees, other operating expenses). This represents the margin achieved before depreciation/amortisation, provisions for risks and reversals, and write-downs of trade receivables and other receivables.

Operating profit: defined as the difference between gross operating margin and the value of depreciation/amortisation and provisions for risks and charges and the provision for bad debts. This represents the margin achieved before financial management and taxes.

Net financial debt: this represents the algebraic sum of cash and cash equivalents, current financial receivables and current and non-current financial payables.

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This press release contains forward-looking statements indicated in the section "Outlook". These forward-looking statements are based on the present expectations and projections of the Toscana Aeroporti Group concerning future events, and they are, by their very nature, intrinsically risky and uncertain. Actual results may differ significantly from those contained in said forward-looking statements due to multiple factors, including changes in macroeconomic conditions and in the economic growth, as well as other changes in business conditions, a continuous volatility and a further deterioration of capital and financial markets, and many other factors, the majority of which are not under the control of the Group.

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Toscana Aeroporti S.p.A. is the management company of the Florence and Pisa airports. Founded on 1 June 2015 through the merger of AdF -Aeroporto di Firenze S.p.A. (managing company of the Florence A. Vespucci airport) and SAT - Società Aeroporto Toscano S.p.A. (managing company of the Pisa G. Galilei Airport), Toscana Aeroporti S.p.A. stands out for the complementary nature of the two airports, each with its own specific features: Florence airport focuses on the development of business and leisure traffic through full-service carriers, linking the major European hubs; whereas Pisa airport focuses mainly on tourism traffic operated by low-cost carriers and on cargo flights, paying particular attention to intercontinental connections. The Tuscan Airport System is one of the most important in Italy and is a driver of local economic development in one of the world's best known and most loved regions.

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TOSCANA AEROPORTI GROUP - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME