ENAV (ENAV) Q3 2025 earnings summary

Executive summary

• Italian airspace achieved record traffic growth, managing 1.9 million flights and maintaining best-in-class punctuality with only 0.014 minutes of delay per flight, outperforming the European average.

• Passenger traffic exceeded 177 million, up 5% year-over-year, with international routes accounting for 121.2 million.

• Despite operational growth, total revenues declined 2.9% year-over-year due to regulatory changes and negative balance adjustments.

• Net profit for the period was €66.6 million, down 25.7% from the prior year, reflecting higher costs and regulatory impacts.

• Outlook for 2025 remains positive, with upgraded guidance and strong operational and financial performance.

Financial highlights

• Operating revenues reached €889.3 million, up 10.6% year-over-year, but consolidated total revenues were €748.4 million, down 2.9% due to regulatory effects.

• EBITDA was €180.2 million (24% margin), down 19.1% year-over-year; EBIT was €103.0 million (14% margin), down 26.1%.

• Free cash flow reached €197.6 million, up 51.3% year-over-year.

• Net financial debt decreased to €205.3 million, down €53 million from December 2024.

• Dividend of €146.2 million paid in June 2025.

Outlook and guidance

• 2025 outlook and upgraded guidance confirmed, with targets in line with the revised first-half forecast.

• Regulatory framework for 2025–2029 (RP4) consolidated, providing tariff and performance stability.

• Revenue targets for the non-regulated market expected to be achieved by year-end, supported by new commercial opportunities.

• Traffic growth for 2025 expected at 6%, with 2026 forecast at 3%, in line with EUROCONTROL.

• Cost control and efficiency measures to continue into 2026, with further details after budget finalization.