ENAV (ENAV) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw record air traffic in Italy, with en-route service units up 7.4% and terminal traffic up 5.6% year-over-year, surpassing business plan projections.

• Revenues from operations rose 12.4% year-over-year to €210.5 million, driven by increased air traffic volumes and higher tariffs.

• Free cash flow increased by 25.5% year-over-year to €28 million, supporting a reduction in net debt.

• Q1 2025 financials reflect sector seasonality and regulatory changes, resulting in a consolidated net loss of €29.3 million, widening from €13.8 million in Q1 2024.

• Management remains confident in meeting or exceeding 2025 targets, with a €0.27/share dividend for 2024 proposed for AGM approval.

Financial highlights

• Consolidated revenues fell 6.4% year-over-year to €181.2 million due to negative balance adjustments, despite strong core business performance.

• En-route revenues rose 17% to €149.7 million, and non-regulated revenues grew 4.2% to €7.2 million.

• EBITDA was negative at €0.9 million, and EBIT was negative at €26.2 million, mainly due to regulatory and balance effects.

• Net financial debt improved to €223.3 million, down €34.9 million from December 2024.

• Personnel costs rose 2.4% and other operating expenses increased 4.2–4.3% year-over-year.

Outlook and guidance

• 2025 free cash flow is forecast at €240 million, with management confirming targets are comfortably achievable and operational progress in line with the plan.

• The 2025 outlook remains unchanged despite regulatory changes impacting some financial components.

• Final EU approval of the Italian Performance Plan is expected in the first half of 2025.