Slides
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ENAV ConsolidatedResults August 3, 2026 First Half 2026
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2 H1 2026 - Key highlights Operating Performance Financial Performance Non-regulated business 2026 Targets Strong traffic growth: En-route +6.3% YoY EBITDA +21% YoY to 83.2 €mn Net result up from 7 €mn in H1 2025 to 20 €mn AiViewGroup acquisition strengthening presence in drone business EBITDA up 6% - 8% YoY FCF upgraded to ~290 €mn
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3 H1 2026 – Main achievements AIREON UPDATE ENGENEERING, DRONE OPERATIONS & PROPRIETARY DIGITAL PLATFORM 15+ YEARS OF EXPERIENCE - 70+ DRONE SYSTEM DEPLOYED - 24/7 REMOTE OPERATION CENTER AIVIEWGROUP1 – DRONE SERVICES FOR CRITICAL INFRASTRUCTURE Disposal of 8.60% in Aireon LLC – 65.7 M$ proceeds (July 2nd) OUR MISSION “Make critical infrastructure safer, more efficient and more sustainable through autonomous operations” Railways Energy & Utilities Environment & Territory Security & Public Administration Ports & Logistics Transport & Infrastructure Industry 1. ENAV stake: 85% – 2025 EBITDA 1.4 €mn
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Continuous positive traffic momentum, well above the European average1 EN-ROUTE2 TERMINAL2 National International +6.3% 5.6 6.0 4 5 5 6 6 7 H1 2025 H1 2026 Overflight National International 534.5 553.3 510 52 0 530 54 0 550 560 570 H1 2025 H1 2026 T1: 56% T2: 44% Positive air traffic performance, mainly supported by overflight and international Overall traffic growth driven by solid international segment National traffic rebounding in T2, mitigating T1 weakness (SUs mn) (SUs mn) 1. European comparator group 2. Excluding exempt flights not communicated to Eurocontrol 3. Seasonality is based on the comparison between monthly actual/expected SUs and expected total SUs of the Performance Plan ~19% ~26%~26% ~31%~31% ~24% Seasonality3 ~18% ~28%~28% ~32%~32% ~22% Seasonality3 Q2 A Q3 E Q4 E Q1 A Q2 A Q3 E Q4 E Q1 A ~60% ~57% 30% 70% 15% 41% 44% 4 +3.5%
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Solid performance from core and non-regulated businesses 447 480 18.1 1.9 7.0 0.3 6.0 430 440 450 460 470 480 490 H1 2025 En-route Terminal Balance N-2 Balance for the period Non Regulated Revenues H1 2026 Revenues evolution1, €mn Core business growth sustained by consistent en-route traffic volume Balance N-2 reversal mainly coming from 2020-21 traffic COVID recovery Balance for the period is in line with H1 2025 ~21~15 Net Regulated Revenues +27 €mn Non-Regulated revenues up by 41% YoY 1. Rounded figures 5 ~405 ~126 ~387 En-route revenues ~124 Terminal revenues Non-Regulated revenues
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Operating costs up by 5% in H1 2026 Personnel costs 309.7 328.8 300 305 310 315 320 325 330 335 H1 2025 H1 2026 Operating costs1, €mn Cost increase mainly associated with contractual salary adjustments and higher traffic managed Other costs 82.2 85.7 78 80 82 84 86 88 90 H1 2025 H1 2026 Increase mainly driven by other personnel expenses and Eurocontrol contribution, partly offset by lower utilities costs 1. Includes capitalized costs of 17.9 €mn in H1 2026 (14.1 €mn in H1 2025) 6 378 397 355 365 375 385 395 405 415 H1 2025 H1 2026 +5.0% +4.2% +6.2%
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High double-digit EBITDA growth 69 83 27.0 0.3 6.0 (18.7) 0 20 40 60 80 100 120 EBITDA H1 2025 Net Regulated Revenues Balance for the period Non Regulated Revenues Costs EBITDA H1 2026 2 1. Rounded figures 2. Calculated as Total Regulated revenues (20€mn: En Route + Terminal + Exemptions) and Balance N-2 (7 €mn) 7 Strong core business performance and accelerating non-regulated activities EBITDA evolution1, €mn
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Strong performance across all P&L lines H1 2026 ∆ YoY EBITDA D&A and Provisions EBIT Financial expenses Income taxes Net Result 83.2 (52.9) 30.3 (1.0) (9.2) 20.1 H1 2025 68.8 (51.5) 17.3 (4.5) (5.8) 7.0 +20.9% 75.3% - EBT 29.3 12.8 - Profit & Loss, €mn Improved financial expenses mainly driven by lower interest rates and reduced bank debt Net result up by almost 3x versus H1 2025 Revenues 479.8 446.6 7.4% 8 D&A and provisions mainly driven by higher amortizations in the period
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Visible cash flow generation Net Debt evolution1, €mn H1 2026 Free Cash Flow of 65.4 €mn4 1. Rounded figures 2. H1 2026 cash CAPEX of 38.7 €mn 3. 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 indication n. 5/21 issued in May 2021 4. Includes AiViewGroup acquisition of ~8 €mn 3 9 137.5 241.4 (112.0) 44.3 156.7 14.9 0 50 100 150 200 250 300 Net Debt FY 2025 FFO CAPEX Dividends Other Items Net Debt H1 2026 2 Includes ~8 €mn AIViewGroup acquisiton net of acquired Company cash
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10 2026 Targets – Backed by resilient traffic growth 6%-8% YoY 100 120 140 160 180 200 220 240 260 280 300 2026E FREE CASH FLOW 1 FY traffic growth expected just below 6% Full-year opex affected by higher movement volumes during the peak season Strong cash flow generation confirmedUpgraded to ~ 290 €mn OPEX ~ 6% EBITDA 1. Includes 27 €mn proceeds from the disposal of the Aireon stake (50% of the disposal price already cashed in) and ~8 €mn cash outflow for the acquisition of AiViewGroup
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Closing remarks H1 2026 traffic growth north of 6% YoY New all-time record for daily flights in August FY 2026 Targets: EBITDA up 6% - 8% YoY FCF ~290 €mn Strong H1 2026 performance: EBITDA up 21% YoY Net result up ~ 3x YoY New Business Plan expected in the first half of 2027 11
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Disclaimer 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.. 12
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enav.it ir@enav.it STEFANO GAMBERINI Head of Investor Relations stefano.gamberini@enav.it +39 06 8166 4058 FRANCESCA ROMANA MAZZA Investor Relations francesca.mazza@enav.it +39 06 8166 4491 Contact us