ENAV (ENAV) Investor presentation summary

Investment highlights

• Sole provider of air traffic control and navigation in Italy, protected by national law and a stable Pan-European regulatory framework.

• Regulated revenues account for 95% of total, ensuring high financial visibility and resilience.

• Non-regulated businesses are growing rapidly, leveraging proprietary know-how.

• Strong cash generation supports a visible and growing dividend policy through 2029.

Business model and regulatory environment

• Core business is regulated air traffic control services, with revenues from en-route and terminal tariffs based on airspace usage.

• EU regulatory framework mandates a 5-year Performance Plan, setting targets for safety, environment, capacity, and cost efficiency.

• Regulation provides strong protection against traffic and inflation risks, with cost recovery and bonus/malus mechanisms.

• Tariffs are set based on planned costs and traffic, with adjustments for actual performance and inflation.

Financial and operating performance

• 2025 revenues projected at €1,025mn, EBITDA at €253mn, and net income at €93mn.

• Free cash flow for 2024 was €264mn, with a dividend per share of €0.29.

• Q1 2026 saw en-route traffic up 8.6% YoY, EBITDA of €5.1mn, and FCF of €41.4mn (1.5x YoY).

• Non-regulated revenues up 48.2% YoY in Q1 2026.