TraWell Co: The board of directors of TraWell Co S.p.A. approves the draft 2025 financial statements: results in line with the 2025-2029 business plan, ebitda at €8.3 million; concession portfolio extended to the highest average duration in the group’s history.

This document is a courtesy translation of the Italian press release. The Italian version prevails in case of any discrepancy.

2025 results in line with the 2025-2029 Business Plan approved by the Board of Directors in October 2025. EBIT and net profit above Plan forecasts. Renewed concessions in Miami (until 2036), Rome Fiumicino and Bologna (until 2029), and the five ANA airports in Portugal (+5 years). Madrid-Barajas operations launched.

• 2025 results in line with the 2025-2029 Business Plan. Revenues at €28.8 million (Plan: €28.5 million); EBITDA at

  €8.3 million (Plan: €8.2 million); EBITDA margin at 29%, in line with the Plan.

• EBIT and net profit above Plan. EBIT at €2.5 million (Plan: €1.1 million); net profit at €0.7 million (Plan: loss of

  €0.7 million). The positive variance mainly reflects an actual impairment of the Russian subsidiary's goodwill of

  €1.1 million, lower than the impairment prudentially recognised in the Plan of €2.5 million; non-cash and non-recurring component.

• Concession portfolio extended to its all-time high. Weighted average concession duration above 5 years, the highest level since the Group's foundation. Concessions renewed or extended: Miami (until 2036), Rome Fiumicino (until 2029), Bologna (3.5 years, until 2029), Portugal (five ANA airports, +5 years). Launch of Madrid-Barajas T4 operations in 2025; full run-rate contribution expected from 2026.
• Network and operations. 49 airports in 13 countries (vs 47 in 13 countries in 2024), 129 stores, over 200 employees. Passenger traffic in the managed perimeter up 3.5% versus 2024.
• Financial structure. Consolidated equity at €11.1 million (€10.7 million at end-2024). NFP ex IFRS 16 at €6.0 million, slightly higher than the Plan forecast (€5.6 million); the change mainly reflects a reduction in trade payables at the Parent Company level. In November 2025, a five-year €3 million bond was issued, subscribed by Cassa Depositi e Prestiti.

2025 Results vs 2025-2029 Business Plan

(1) The positive variance on EBIT and net profit mainly reflects an actual impairment of the Russian subsidiary's goodwill of €1.1 million, lower than the impairment prudentially recognised in the Plan of €2.5 million. Non-cash and non-recurring component.

Financial summary 2025 vs 2024

Statement from the Chairman and CEO

"The 2025 results confirm the trajectory outlined in the 2025-2029 Business Plan approved last October, with EBIT and net profit above forecast and operating margin defended at 29%. On the strategic front, the Group has extended the concession portfolio to the highest average duration in its history, with the renewal of Miami until 2036, of Rome and Bologna until 2029 and of the five ANA airports in Portugal, and has launched operations at Madrid-Barajas. On these foundations we approach 2026 with future revenue visibility on a level we have never had before."

Rudolph Gentile, Chairman and Chief Executive Officer

Statement from the CFO

"2025 represents the first verification point of the 2025-2029 Business Plan disclosed in October last year. Revenues and EBITDA are confirmed in line with the Plan, while EBIT and net profit are above forecast, mainly due to an actual impairment lower than the one prudentially recognised in the Plan. The weighted average duration of concessions has reached the highest level in the Group's history, supporting the visibility of future revenues. The contribution from Madrid-Barajas, the largest airport in the network, is expected at full run-rate from 2026."

Gianluca Farioli, Chief Financial Officer

Financial performance

Revenues

Consolidated revenues for 2025 stood at €28.8 million, in line with the forecasts of the 2025-2029 Business Plan (€28.5 million) and down by €1.2 million (-4%) versus the €30.0 million of 2024.

The change is mainly attributable to exogenous and non-structural factors:

• FX effect: the depreciation of the US dollar and Canadian dollar against the euro generated a negative impact of approximately €0.4 million on consolidated revenues;
• Volumes: modest reduction in volumes at Miami and Montreal airports;
• Scope: termination of the lounge management contract in Bishkek (Kyrgyzstan), replaced by the baggage wrapping service.

  In the other countries of operation, the revenue trend remained in line with the previous financial year. In the managed perimeter, passenger traffic recorded an increase of 3.5% versus 2024.

  Geographic breakdown of 2025 revenues: Europe 61%, Americas 34%, Russian Federation 5%. Compared to 2024 (Europe 58%, Americas 36%, Russia 6%), the progressive diversification towards Europe is confirmed, reinforced by the launch of operations at Madrid-Barajas.

  Operating margin

  Consolidated EBITDA stood at €8.3 million, in line with the forecasts of the Business Plan (€8.2 million) and down by

  €0.9 million (-10%) versus 2024. The EBITDA-to-revenues ratio is confirmed at 29%, in line with 2024.

  The absolute decline in EBITDA, more contained than that of revenues, reflects the Group's ability to preserve margins even in a context characterised by unfavourable FX effects and operating cost discipline (service costs at €11.1 million, down 5% versus €11.7 million in 2024).

  Consolidated EBIT amounts to €2.5 million, above the Business Plan forecasts (€1.1 million) and down €1.3 million (-34%) versus 2024. The item is affected by:

• depreciation and amortisation of €0.6 million;

• amortisation of right-of-use assets (IFRS 16) of €4.0 million;

• impairments of €1.2 million in total, of which €1.1 million relating to the goodwill of the Russian subsidiary Wrapping Service LLC.

  Result for the year

  EBT is positive at €1.2 million (€2.6 million in 2024), determined by net financial expenses of €1.3 million.

  Consolidated net profit stood at €0.7 million, above the Business Plan forecasts (loss of €0.7 million) and down €1.2 million versus the €1.9 million of 2024. The positive variance versus the Plan mainly reflects the lower goodwill impairment, of a non-recurring nature.

  Financial position

  As at 31 December 2025:

• Cash and cash equivalents: €3.7 million (€3.8 million at 31 December 2024);
• Consolidated equity: €11.1 million (€10.7 million at 31 December 2024), an increase of €0.4 million;
• Net Financial Position ex IFRS 16: €6.0 million (€5.4 million at 31 December 2024).

  NFP ex IFRS 16 is €0.6 million higher than 2024 and €0.4 million higher than the Business Plan forecasts. The change is mainly attributable to a reduction in trade payables at the Parent Company level, an element that reflects an improvement in the quality of current liabilities and not an increase in structural debt.

  In November 2025, the Company issued a bond reserved for professional investors for €3 million, subscribed by Cassa Depositi e Prestiti S.p.A., with a 5-year maturity, 6-month grace period and variable rate of 6-month Euribor + 2.90%, contributing to the diversification of the Group's funding sources.

  Parent Company performance

  The Parent Company TraWell Co S.p.A. closed 2025 with:

• Revenues: €9.9 million, substantially in line with 2024 (€9.9 million; change of €0.05 million);
• EBITDA: €3.3 million, an increase of €0.3 million (+9%) versus 2024, mainly due to a reduction in service costs and overall improved operating efficiency;
• EBIT: €(0.1) million, an improvement of €0.3 million (+79%) versus 2024;
• Net profit: €0.5 million, an increase of €0.5 million versus 2024;
• Equity: €12.0 million (€11.9 million at 31 December 2024);
• NFP ex IFRS 16: €8.3 million (€7.5 million at 31 December 2024).

Main events during the year ended 31.12.2025

During 2025 and the first months of 2026, the Group achieved the following renewals and new operations: