ENAV (ENAV) Q2 2026 earnings summary

Executive summary

• Strong air traffic growth in H1 2026, with en-route traffic up 6.3% year-over-year and terminal traffic up 3.5%, positioning Italy ahead of major European peers.

• EBITDA increased by 21% to €83.2 million, and net profit nearly tripled to €20.4 million, reflecting operational leverage and cost control.

• Non-regulated revenues surged by over 40% year-over-year, supported by the acquisition of 85% of AiViewGroup and expansion in drone services.

• Disposal of an 8.6% stake in Aireon LLC generated $65.7 million in proceeds.

• New CEO and board appointed in May 2026, emphasizing leadership in European air traffic control.

Financial highlights

• Total revenues increased by 7.4% to €479.8 million, with operating revenues at €551.9 million and non-regulated market revenues up 40.7%.

• EBITDA rose 20.9% to €83.2 million, with an EBITDA margin of 17.3%.

• EBIT increased by 75.3% to €30.3 million.

• Free cash flow improved to €65.4 million, up €11.9 million from H1 2025.

• Net financial debt increased to €241.4 million, mainly due to dividend payments and acquisition costs.

Outlook and guidance

• Full-year 2026 EBITDA growth expected at 6%-8%, with free cash flow guidance upgraded to approximately €290 million, including proceeds from Aireon stake disposal.

• Annual traffic growth forecast just below 6%; operating costs projected to rise by about 6%.

• New business/industrial plan to be presented in H1 2027.