ENAV (ENAV) H2 2023 & Investor Day 2024 earnings summary

Executive summary

• Record 2023 traffic supported first-ever revenue above €1bn; service quality remained strong, with 0.01 minute delay per assisted flight versus a 0.04-minute target.

• FY 2023 revenue reached €1,000.0m, EBITDA €300.1m and net income €112.7m, all up YoY; results were in line with or above guidance.

• Traffic recovery supported the regulated core, while non-regulated revenue grew and strategic plans target adjacent-market expansion.

Financial highlights

• Total revenue increased 5.9% YoY to €1,000.0m; operating revenue rose 7.6% to €990.9m.

• Operating costs rose 4.1% to €700.0m; personnel costs increased 4.5% to €568.3m and external costs rose 3.1%.

• EBIT increased 16.4% to €172.7m and EBITDA rose 10.2% to €300.1m; net income increased 7.9% to €112.7m.

• Financial expenses were €11.2m versus €0.6m in 2022; income before taxes rose 9.2% to €161.4m.

• CAPEX was €110.5m, up 13.0% YoY; free cash flow was €139.0m.

Outlook and guidance

• 2024 en-route traffic is forecast at 11.3m service units, up 6.7% YoY, in line with Eurocontrol estimates for Italy.

• 2024 revenue and EBITDA are expected to grow at mid-single-digit rates; non-regulated revenue is expected to grow at a double-digit rate.

• 2024 CAPEX is expected to be ~€120m.

• RP4 performance plans for 2025–2029 are due for submission to the European Commission in October 2024, with approval scheduled for December; the comprehensive business plan will follow approval.