Approved 2025 draft financial statements and 2025 group consolidated financial statements

• En-route and terminal traffic up 5.9% and 3.4%, respectively, in terms of service units[1] vs 2024; 

• Operating revenues of 1,173.1 million euro, up 11.2% vs 2024; 

• Non-regulated market revenues amounted to 52.1 million euro, up 5.8% compared to 2024, in line with the targets set out in the 2025–2029 Strategic Plan; 

• Consolidated total revenues and EBITDA amounted to 1,024.7 million euro and 252.7 million, respectively, while consolidated net profit reached 93.1 million euro. These figures include the impact from balance component[2], amounting to 190.4 million euro, as well as from the effects associated with the first year of the new regulatory period (2025–2029); 

• Solid cash generation of 263.7 million euro, up 64.5 million euro vs 2024; 

• Top punctuality performance in Europe, with the “capacity bonus” achieved:only 0.010 minutes of average delay per flight assisted, well below the assigned regulatory target of 0.14 minutes; 

• Dividend: the Board of Directors has proposed the distribution of a dividend for 2025 of €0.29 per share, as well as a dividend for 2026 of €0.30 per share, higher by one euro cent versus the DPS curve outlined in the 2025-2029 Strategic Plan.

Rome, 23 March 2026 - The Board of Directors of ENAV S.p.A., chaired by Alessandra Bruni, today approved the 2025 Integrated Annual Report, which includes the Consolidated Financial Statements, the Draft Financial Statements and the Consolidated Sustainability Statement.

All targets set out in the 2025–2029 Strategic Plan, presented on 1 April, have been achieved or exceeded.

In 2025, ENAV managed 2.4 million flights in Italian airspace, an all-time record that confirms Italy’s growth trend, with the best performance among the major European countries. En-route service units increased by 5.9% compared to 2024, outperforming Spain (+5.6%), the United Kingdom (+4.2%), Germany (+4.0%) and France (+3.6%). These positive results are also reflected in passenger traffic across the Italian airport system, which recorded approximately 230 million passengers in 2025 (+5% compared to 2024), with domestic traffic amounting to 72.6 million passengers, broadly stable versus 2024, and international traffic reaching 157.2 million passengers, up 7.6% compared to 2024.

Despite the new record in flights handled in 2025, the average delay[3] per assisted flight stood at 0.010 minutes, significantly below the regulatory target of 0.14 minutes set by the European regulator and further improving on the 2024 result (0.066 minutes).

It is worth to highlight that , 2025 economic results, when compared to 2024, reflect the start of the new regulatory period 2025–2029 and the inclusion in the performance scheme of services related to the former third terminal charging zone (take-offs and landings at low-traffic airports) which, until 2024, were regulated under a national scheme based on a cost-recovery logic.

CEO Pasqualino Monti stated: “2025 closed with excellent economic and financial results, even above the upgraded guidance levels set last July for the year. In its core business, ENAV continues to rank amongst the European leaders for both air traffic volume growth and quality of servicey, an achievement that also enabled the recognition of the so-called capacity bonus provided for by the European Commission.

Activities in the non-regulated market continued to grow steadily in 2025, in line with expectations, supported by several contracts that are expected to generate value also in future years. ENAV confirms its position as a solid and resilient Group, with a strong focus on innovation, not only in the management of Italian airspace but also in the development of its activities in international markets.

All these elements, together with strong cash generation, have enabled us to enhance shareholder remuneration, with an upward revision proposed for the dividend per share for both 2025 and 2026”.

En-route traffic, expressed in service units, increased by 5.9% compared to 2024, confirming the strategic role of Italian routes both in terms of the country’s attractiveness as a final destination and as a transit corridor across Italian airspace. International traffic service units (arrivals from or departures to foreign airports) grew by 6.9%, while overflight traffic (aircraft crossing Italian airspace without landing) increased by 7.8%. Domestic air traffic (arrivals and departures at Italian airports) recorded a slight decline (-2.1%) compared to 2024.

Regarding international traffic flows, 2025 showed a broad-based increase compared to 2024, in terms of service units, across all connections between Italy and the various geographical areas worldwide. In particular, flights to the rest of Europe increased by 5% and accounted for approximately 77% of total international traffic service units, while flights to Asia, Africa and the Americas recorded increases in the range of 13% - 14%, representing market shares of around 7% - 8% of the total international component.

As for overflight traffic, in 2025 intra-European connections recorded a 10% increase in service units, accounting for approximately 55% of total overflight traffic. Meanwhile, Europe - Africa and Europe - Asia connections, representing approximately 22% and 13% respectively, grew by 7.5% and 3%. Traffic between Europe and the Americas recorded an increase of 6% for westbound connections (towards Europe) and 4% for eastbound connections (towards Asia).

Terminal traffic[4] in 2025 increased by 3.4% in terms of service units compared to the corresponding period of 2024, mainly driven by the international component.

Charging Zone 1, which includes Rome Fiumicino, Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio airports, recorded in 2025 an increase of 2.5% in service units and 2% in assisted flights. This performance was primarily supported by international air traffic (+5.1%), with growth at Rome Fiumicino (+4%), Milan Malpensa (+7%) and Milan Linate (+22%). Domestic traffic, on the other hand, showed a decline (-6.7%), with decreases at Milan Linate (-16%), Bergamo Orio al Serio (-10%), Rome Fiumicino (-5%) and Venice Tessera (-1%), partially offset by a positive trend at Milan Malpensa. Italy’s two main airports, Rome Fiumicino and Milan Malpensa, recorded overall increases in traffic volumes of 2.2% and 6.8%, respectively, in terms of service units.

Charging Zone 2, which includes the remaining national airports, recorded in 2025 an increase in both service units (+4.4%) and assisted flights (+4.8%). Growth was driven by international air traffic (+8%), particularly supported by Naples (+9.4%), Turin (+6.9%), Palermo (+8.6%), Cagliari (+5.5%) and Lamezia Terme (+27.4%). Domestic traffic volumes remained broadly stable (-0.2%).