ENAV (ENAV) Q4 2025 earnings summary

Executive summary

• Air route traffic in Italy for 2025 was up 24% versus 2019, outperforming the European comparator group by over 10 percentage points, with en-route service units up 5.9% year-on-year and passenger traffic reaching 230 million.

• Quality of service consistently exceeded regulatory targets, with average delay per assisted flight dropping to 0.010 minutes and recognition of a capacity bonus by the European Commission.

• Sustainability achievements include an 86.4% reduction in CO2 emissions versus 2019, CDP Climate A List inclusion, and entry into S&P's Sustainability Yearbook for 2026.

• Non-regulated business revenues grew 1.6x since 2023, reaching €52 million and representing over 5% of total revenues in 2025, with international exposure now nearly 50% outside Europe.

• Share price increased 51% versus 2023 average, with total shareholder return of 57% over 2023-2025, outperforming the Italia Mid Cap Index by 6 percentage points.

Financial highlights

• Total consolidated revenues reached €1,024.7 million in 2025, down 1.2% year-over-year due to regulatory changes, while operating revenues were €1,173.1 million, up 11.2% from 2024.

• EBITDA was €252.7 million (margin 24.7%), at the high end of guidance but down from €310.9 million in 2024.

• Net result was €93.1 million, down 25.9% year-over-year but above guidance.

• Free cash flow was €263.6 million, up 32% year-on-year and 1.3x versus the previous year; net debt decreased to €137.4 million.

• Dividend per share upgraded to €0.32 for 2025, reflecting strong operational and financial performance.

Outlook and guidance

• Free cash flow for 2026 is expected to be around €250 million, with similar assumptions to 2025 and a slight improvement from traffic and balance cash flows.

• Dividend per share proposed at €0.29 for 2025 and €0.30 for 2026, with policy confirmed and based on cash flow generation.

• 2026 targets will be communicated with Q1 results in May due to external volatility and pending updated traffic forecasts.

• Strategic Plan 2025–2029 targets further sustainability and innovation, with ambitious emission reduction goals.