ENAV (ENAV) H1 2024 earnings summary

Executive summary

• Managed over one million flights in H1 2024, with Italy leading major European nations in traffic growth at 10.9% year-over-year in service units, driven by robust travel demand and operational excellence.

• Net profit for the first half of 2024 rose 25.3% to €23.2 million, supported by strong air traffic growth and higher core business revenues, despite tariff reductions and increased operating costs.

• Revenues from operations increased by 6.0% to €469.1 million, with core business revenues up 6.9% and non-regulated market revenues down due to lower activity in Qatar.

• Continued expansion in non-regulated business with new international contracts and confirmed double-digit growth outlook for this segment.

• Record traffic volumes drove strong financial performance, with significant investments in technological infrastructure and operational improvements.

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 €23.2 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 and guidance confirmed, including double-digit growth for non-regulated revenues and free cash flow at least in line with 2023 (€140 million).

• Performance plans for 2025-2029 are being developed in line with new EU efficiency targets, with final approval expected by early 2025.

• Potential for upward revision of traffic and EBITDA guidance after the summer season, depending on sustained traffic trends.