ENAV (ENAV) H1 2024 earnings summary

Executive summary

• Delivered strong H1 2024 results, with robust air traffic growth and solid financial performance, supported by increased travel demand, operational efficiency, and significant investments in technology.

• Managed over one million flights, with Italy leading major European nations in traffic growth at 10.9% YoY in service units.

• Continued expansion in non-regulated business, with new international contracts and a confirmed double-digit growth outlook for this segment, despite a temporary revenue decline due to contract phasing.

Financial highlights

• Total revenues reached €461.3 million, up 5.7% year-on-year, driven by core business and traffic growth.

• EBITDA rose 5.5% to €99.9 million, with a margin of 21.6%.

• EBIT was €42.7 million, up 29.5% year-on-year, with a margin of 9.3%.

• Net income increased 25.3% to €23.0 million compared to H1 2023.

• Free cash flow improved to €28.3 million from negative €3.2 million in H1 2023.

Outlook and guidance

• 2024 outlook confirmed, with potential for upward revision after the summer season based on traffic trends.

• Double-digit growth in non-regulated revenues reaffirmed for 2024, with expectations to meet full-year targets in H2.

• Free cash flow for 2024 expected to be at least in line with 2023 (€140 million), with possible revision post-summer.

• EU Commission set new efficiency targets for en-route services for 2025-2029, requiring annual unit cost reductions of 1.2%.