ENAV (ENAV) Q4 2024 & CMD 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2024, with double-digit growth in service units and flights, and over 2.2 million flights managed, while operational delays remained below target levels.

• Delivered all-time highs in revenues (€1.037 billion to €1.37 billion), EBITDA (€310.9 million to €311 million), and net income (€125.7 million to €126 million), in line with guidance.

• Achieved all 2021-2024 Sustainability Plan goals, including an 87% reduction in Scope 1 and 2 CO2 emissions versus 2019, carbon neutrality since 2022, and inclusion in the CDP 'A List'.

• Launched a 2025-2029 Strategic Plan focused on regulated market excellence, non-regulated market expansion, and organizational transformation for long-term value creation.

• Italy led major European countries in air traffic growth, with a 10.5% increase in service units, outpacing the European average.

Financial highlights

• Revenues rose 3.7%-4% year-over-year to €1.037 billion in 2024; EBITDA up 3.6% to €310.9 million; net income increased 11.5% to €125.7 million; free cash flow nearly doubled to €199 million.

• Net debt decreased by 19.9%-20% year-over-year to €258-260 million, with a net debt/EBITDA ratio at 0.8x.

• Total shareholder return for 2024 was 27%, with a proposed dividend per share of €0.27, up 17% year-over-year.

• Non-regulated revenues grew by double digits, reaching €49.3 million in 2024, outperforming expectations.

• Net working capital increased 72.7% to €205.4 million; equity rose 0.9% to €1.23 billion.

Outlook and guidance

• 2025-2029 plan targets €1.2 billion revenues (+3% CAGR), €360-361 million EBITDA (+3% CAGR), and €165 million net income (+6% CAGR) by 2029.

• Non-regulated revenues expected to more than double to €106 million by 2029, driven by new businesses and international expansion.

• Over €1 billion in cumulative free cash flow is expected from 2025 to 2029.

• Dividend per share is set to rise from €0.28 in 2025 to €0.32 in 2029, with an average payout of 80% of real free cash flow.

• The new regulatory period (RP4, 2025-2029) provides stability, with no negative changes from RP3 and supportive traffic growth assumptions.