ENAV (ENAV) Q2 2026 earnings summary

Executive summary

• Strong air traffic growth in H1 2026, with en-route service units up 6.3% year-over-year and terminal traffic up 3.5%, outperforming major European peers.

• EBITDA increased by 21% to €83.2 million, and net profit nearly tripled to €20.4 million compared to H1 2025.

• Non-regulated business revenues surged by 41%, supported by the AiViewGroup acquisition and expansion into drone services for critical infrastructure.

• Successful disposal of an 8.6% stake in Aireon LLC generated $65.7 million, strengthening the capital structure.

• New CEO and board appointed in May 2026, emphasizing leadership and operational excellence.

Financial highlights

• Consolidated revenues grew 7.4% year-over-year to €479.8 million, driven by regulated and non-regulated business growth.

• EBITDA rose 20.9% to €83.2 million; EBIT increased by 75.3% to €30.3 million.

• Net profit nearly tripled to €20.4 million; free cash flow improved to €65.4 million.

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

• Dividend of €156.7 million paid in June 2026.

Outlook and guidance

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

• Annual traffic growth forecast just below 6%; OPEX expected to grow around 6% for the full year.

• Dividend policy through 2029 reaffirmed; new business plan anticipated in 2027.

• Eurocontrol forecasts a 5.1% increase in service units for Italy in 2026.

• Management expects continued positive air traffic trends, with limited impact from Middle East geopolitical tensions.