The Board of Directors approves the Interim Financial Report at September 30, 2025

PRESS RELEASE

Results at September 30, 2025:

• Passenger traffic: new record high achieved by the Tuscan Airport System with 7.7 million passengers passing through in the first nine months of 2025 (+8.5% on 2024). Performance exceeded the growth of the Italian airport system (+4.7%).
• Operating revenues: €88.8 million (+6.7% on 2024) with positive performance for both Aviation Revenues (+7.3%) and Non-Aviation Revenues (+11.3%).
• EBITDA: best result ever in the period with €36.3 million and growth of +8.6%.
• EBIT: €27.3 million, an increase of +17.3% compared to €23.2 million in 2024.
• Group net profit: an all-time high of €13.9 million, up +8.0% on 2024.
• Investments: €16.9 million, more than double the €7.3 million recorded in 2024, due to the expansion and progress of the development plans for Pisa and Florence airports.
• Net financial debt stood at €79.7 million compared to €72 million at 31 December 2024, mainly due to new investments during the period. The Group's financial strength is confirmed by a debt/equity ratio of 0.66.

  Results for the third quarter of 2025:

• Passenger traffic: exceeded the threshold of 3 million passengers for the first time in the third quarter of the year, with 3.1 million (+6.8% compared to Q3 2024).
• Operating revenue: €37.5 million, up +7.9%.
• EBITDA: €17.3 million in the third quarter of 2025 compared to €16.3 million in 2024 (+5.8%).
• Group net profit: €8.1 million, +12.4% compared to €7.2 million in Q3 2024.

Florence, November 13, 2025 - The Board of Directors of Toscana Aeroporti S.p.A., a company listed on Euronext Milan of Borsa Italiana S.p.A. that manages the airports of Florence and Pisa, met today and reviewed and approved the Interim Financial Report as at September 30, 2025.

Marco Carrai, Chairman of Toscana Aeroporti, commented: "The performance recorded in this quarter is solid and allows us to look forward to our goals with confidence. In this context, the positive outcome of the EIA-SEA procedure for Florence airport represents a concrete step forward in the Masterplan approval process. This result now allows us to focus on the next stages of the authorisation process, with the aim of creating a strategic infrastructure for the competitiveness of the Company and the region."

Passenger and cargo traffic trends to September 30, 2025

The Tuscan Airport System recorded a historic result of 7,667,141 passengers in the first nine months of 2025, an increase of +8.5%, which was even higher than that of the Italian airport system (+4.7%). This result was marked by record monthly passenger traffic figures achieved in each month of the period. The load factor for scheduled flights remained solid at 85.5%, substantially in line with the previous year

(85.8%). Cargo traffic stood at 9,399 tonnes of goods and mail transported, remaining stable (-0.3%) compared to the previous year.

Pisa's Galileo Galilei airport closed the first nine months of the year with a record high of 4,694,509 passengers and an improvement of +7.8% on 2024. This growth was supported by an improvement in the load factor of scheduled flights (+0.5 percentage points to 88.5%) and an increase in total flight movements (+7.2%). Italy is the main market for Pisa airport (24.8% of total traffic), followed by the United Kingdom (18.8%) and Spain (10.1%). Cargo traffic remained essentially stable, with 9,305 tonnes handled (-0.8% compared to 2024).

Florence's Amerigo Vespucci airport set monthly passenger traffic records in every month of 2025, reaching a total of 2,972,632 passengers, an increase of +9.5% on 2024. The growth in total movements (+8.4%) more than offset the 1.5 percentage point decline in the load factor, which stood at 81.0%. The ranking of the main markets for Florence airport sees France in first place (20.5% of total traffic), followed by Spain (14.8%) and Germany (14.4%).

Consolidated economic results for the first nine months of 2025

Total consolidated revenues reached €108.3 million, an increase of +17.7% compared to €92.0 million in the first nine months of 2024. This result was supported by several factors:

• Operating revenues as at September 30, 2025 amounted to €88.8 million, an improvement of +6.7% compared to €83.2 million in 2024. In particular:

  • Aviation revenues amounted to €66.1 million, up +7.3% compared to €61.6 million in 2024.

  • Network development expenses costs rose from €11.5 million to €14.1 million in 2025 (+23.2%).

  • Non-aviation revenues grew by 11.3%, from €33.0 million to €36.8 million in the first nine months of 2025.

• Other revenues amounted to €5.4 million, an increase of +89.3% compared to €2.9 million in 2024, mainly as a result of the increased operations of the subsidiary Toscana Aeroporti Costruzioni S.r.l. (TAC).

• Revenues for construction services, amounting to €14.1 million, more than doubled compared to

  €6.0 million in 2024, reflecting the progress of airport infrastructure development plans.

  Other income amounted to €261 thousand compared to €229 thousand as at September 30, 2024.

  Consolidated total costs as at September 30, 2025 amounted to €72.2 million, an increase of +22.9% compared to €58.8 million in 2024. The main items include:

• Consumables rose from €909k in 2024 to €3.7 million in 2025 due to the increased use of raw materials in construction projects managed by the subsidiary Toscana Aeroporti Costruzioni, in particular for the new passenger terminal at Pisa airport.

• Personnel costs amounted to €20.3 million, an increase of 7.8%. The increase is attributable to the expansion of the workforce (+8.5% FTE) necessary to cope with the significant growth in passenger traffic (+8.5%), as well as to higher costs resulting from the renewal of the sector's national collective labour agreement.

• Costs for services amounted to €40.1 million compared to €31.6 million in 2024 (+27.0%), mainly as a result of higher costs for construction services (+€5.1 million) related to ongoing infrastructure investments and, in part, the increase in costs associated with the growth in passenger traffic managed during the period.

• Other operating expenses amounted to €1.4 million compared to €1.3 million in 2024 (+6.1%).

• Airport fees rose from €6.1 million to €6.7 million in 2025, in line with the increase in passenger traffic during the period (+8.7%).

EBITDA (Gross Operating Margin) reached a record €36.3 million in the first nine months of the year, up

+8.6% compared to €33.5 million in 2024.

Depreciation, amortisation and provisions totalled €9.1 million at 30 September 2025, down from €10.2 million in 2024, mainly due to the release of provisions for risks following the renewal of the sector's national collective labour agreement, as well as financial compensation items related to the sale of the remaining stake in Toscana Aeroporti Handling in 2025.

EBIT (operating profit) amounted to €27.3 million, an increase of +17.3% compared to €23.2 million at September 30, 2024.

Financial management went from a negative value of €4.4 million to a negative value of €6.3 million in the first nine months of the year. The change is due to higher financial income recorded in 2024 and linked to the positive ruling on a legal dispute, as well as higher bank interest recorded in 2025 on outstanding loans.

Profit before tax (PBT) grew by 10.8%, rising from €19.0 million in 2024 to €21.0 million at September 30, 2025.

The Group's net profit for the period reached an all-time high of €13.9 million, up +8.0% compared to

€12.9 million in 2024.

Consolidated financial results for the third quarter of 2025

In the third quarter of 2025, the Toscana Aeroporti Group recorded solid growth in profitability, with total revenues of €42.2 million, up 9.8% compared to the same period in 2024. Consolidated EBITDA grew by

+5.8%, from €16.3 million in 2024 to €17.3 million in the third quarter of the year. EBIT stood at €14.2 million, up 12.6% compared to €12.6 million in 2024. The Group's net profit for the period reached €8.1 million, an improvement of 12.4% compared to €7.2 million in the third quarter of 2024.

Investments and financial results as of September 30, 2025

The Group's total investments as at September 30, 2025 amounted to €16.9 million, a significant increase compared to the €7.3 million invested in the same period 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.

Consolidated net financial debt for the first nine months of 2025 amounted to €79.7 million, compared with €72.0 million at December 31, 2024 and €76.6 million at September 30, 2024. The increase is mainly attributable to the drawdown of the existing loan used to support the ongoing investment plan. The Group's financial strength is confirmed by a debt/equity ratio of 0.66 at September 30, 2025.

Significant events occurred after September 30, 2025

On November 12, 2025, the Environmental Impact Assessment (EIA-SEA) decree was published with a positive outcome for the Florence Airport Master Plan. The measure, which accepts the VIA Commission's assessments on the effectiveness of the environmental impact mitigation measures proposed by the Company, is the preliminary step to the launch of the Services Conference. The latter represents the next step in the authorisation process for the construction of the new runway and terminal at Florence airport.

Outlook

In the first ten months of 2025, the Tuscan Airport System recorded total traffic of approximately 8.6 million passengers, up +8.3% compared to the same period in 2024. The forecast for the end of the financial year confirms that total traffic volume will exceed that recorded in 2024. The year-end results will naturally be linked to the performance in the last quarter, a period historically characterised by the typical seasonality of the sector. This scenario also remains affected by ongoing international tensions, as a result of the ongoing Russian/Ukrainian and Israeli/Palestinian conflicts, which could impact 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 September 30, 2025. Please note that the figures relating to the quarterly situation as at September 30, 2025 have not been audited.

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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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The Interim Management Report as at September 30, 2025 will be made available to the public at the registered office, on the authorised storage mechanism 1INFO, and will also be available in the 'Investors' section of the Company's website (https://www.toscana-aeroporti.com).

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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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Contacts:

Toscana Aeroporti S.p.A. Investor Relations IR@toscana-aeroporti.com

TOSCANA AEROPORTI GROUP - CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME