ENAV (ENAV) Q2 2025 earnings summary

Executive summary

• En-route service units rose 7.3% year-on-year in H1 2025, surpassing forecasts by 1.1 percentage points, with strong traffic and operational efficiency driving results.

• Free cash flow nearly doubled to €53.5 million versus both the previous year and Q1 2025, reflecting robust cash generation.

• 2025 guidance for revenues, EBITDA, and net income was upgraded, supported by higher traffic, operational excellence, and cost efficiencies.

• EBITDA fell 31.1% to €68.8 million and net profit dropped 69.6% to €7 million, mainly due to regulatory changes and higher operating costs.

• Revenues from operations rose 12.1% year-on-year to €525.9 million, but total revenues declined 3.2% due to negative balance effects in the new regulatory cycle.

Financial highlights

• Total revenues reached €447 million in H1 2025, down €14 million year-on-year due to balance dynamics, despite a 17% increase in en-route revenues.

• EBITDA margin decreased to 15.4% from 21.6% year-over-year; EBIT margin dropped to 3.9% from 9.3%.

• Net regulated revenues were €11.7 million, up 2.2 times versus Q1 2025.

• Net financial debt increased 35.4% to €349.8 million, mainly due to dividend payments and loan repayments.

• Shareholders' equity decreased 11.6% to €1,087 million, mainly due to dividend distribution.

Outlook and guidance

• 2025 consolidated revenues now expected between €1,024–1,028 million, up from €1,015 million.

• EBITDA guidance raised to €245–253 million (from €225 million); net profit forecast at €78–83 million (up from €64 million).

• Traffic growth for 2025 now expected at 7%, above the 6.2% in the plan; each 1% increase in traffic equates to €6.5 million in additional revenue.

• Non-regulated business revenues expected to grow in H2, with the full-year target confirmed.

• M&A progress in the non-regulated segment anticipated after the summer.