Aeroporto Guglielmo Marconi di Bologna S p A : Risultati finanziari al 31/03/2020

Q1 2020 RESULTS

BOLOGNA, MAY 15TH 2020

HIGHLIGHTS

Q1 2020

FINANCIALS

2020 KEY UPDATES

GROUP HIGHLIGHTS

2	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

TRAFFIC TREND IN EUROPE AND IN ITALY IN MARCH 2020

Trend March 2020 vs March 2019

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

3

Source: ACI Europe. The sample considered represents 83% of European traffic as a whole.

The number of confirmed cases of people infected with COVID-19 relates to data reported by John Hopkins University.

Despite a slightly positive trend in the first 2 months of the year (January + 2.2% and February + 0.9%), European traffic dropped by 21% during the first quarter of 2020 due to the effect of the drastic reduction experienced in March (-97% vs 2019).

According to ACI Europe, the development of the Covid-19pandemic resulted, only in March, in a loss of 106 million passengers in European continent (-59.5% vs 2019).

Overall in Italy traffic decreased by 78.3% between the last week of February and the end of March, with almost 12 million passengers less than in 2019.

Already at the beginning of March Italy air traffic reported a drop of about 50% compared to the same period of 2019, about 10 days earlier than the other European airports, which suffered the same reduction only starting from March 12th.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

TRAFFIC TREND OF MAIN ITALIAN AIRPORTS IN Q1 2020

		Top 10 Italian Airports per number of passengers in Q1 2020
7.000.000	5.8M Pax	3.9M Pax	2.1M Pax	1.4M Pax	1.4M Pax	1.3M Pax	1.3M Pax	1.3M Pax	1.0M Pax	0.9M Pax	-25%
6.000.000			(28,2%)	(28,9%)	(27,9%)		(28,1%)		(28,1%)	(28,7%)	-27%
		(31,3%)									-29%
5.000.000								TRAFFIC IN ITALY:
								-31%
	(34,1%)								-31.8% vs. Q1 2019
4.000.000										-33%
					(35,5%)
										-35%
3.000.000								(37,8%)			-37%
2.000.000											-39%
											-41%

1.000.000

-43%

0

-45%

Rome FCO Milan MXP

Bergamo

Bologna

Naples

Venice

Catania

Milan LIN

Rome CIA

Palermo

Domestic Pax

International Pax

Var% 2020-2019

Total

In Q1 2020 Italian traffic decreased by almost a third (-31.8%) compared to the same period of 2019, reporting a loss of around 12 million passengers, entirely attributable to the month of March.

Passengers of the top 10 airports made up almost 80% of total Q1 2020 traffic, also as a consequence of the closure of many airports between February and March due to the health emergency.

Bologna was the fourth Italian airport in terms of traffic during the period, accounting for about 5.5% of total passengers, after Rome FCO (22.6% of total passengers), Milan MXP (14.9%) and Bergamo (8.1%).

4	Source: Assaeroporti.	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

BLQ TRAFFIC PERFORMANCE DURING Q1 2020

Bologna Airport is open - in compliance with Infrastructure and Transportation Ministry Decree n. 112 dated 12th March - but, in consideration of the cancellations made by the airlines, as of 31st March 2020 only 1 flight per day was operated (Alitalia to Rome FCO).

As a result, in Q1 2020 passengers decreased by 28.9% and movements dropped by 21.1% compared to the same period of 2019.

-28.9%

vs 1Q 2019

+9.9%	+0.3%	-86.3%
vs January 2019	vs February 2019	vs March 2019

30.000

25.000

(*)

20.000

15.000

Issue of the first

10.000decree containing restrictive measures

5.000

0

01/01/2020

03/01/2020

05/01/2020

07/01/2020

09/01/2020

11/01/2020

13/01/2020

15/01/2020

17/01/2020

19/01/2020

21/01/2020

23/01/2020

25/01/2020

27/01/2020

29/01/2020

31/01/2020

02/02/2020

04/02/2020

06/02/2020

08/02/2020

10/02/2020

12/02/2020

14/02/2020

16/02/2020

18/02/2020

20/02/2020

22/02/2020

24/02/2020

26/02/2020

28/02/2020

01/03/2020

03/03/2020

05/03/2020

07/03/2020

09/03/2020

11/03/2020

13/03/2020

15/03/2020

17/03/2020

19/03/2020

21/03/2020

23/03/2020

25/03/2020

27/03/2020

29/03/2020

31/03/2020

Pax 2019 (**)

Pax 2020 (**)

	(*) Leap year in 2020.
5	(**) Figures include interlining passengers and exclude general aviation traffic.
NOTE: Please note that the day following the issue of the Prime Minister's Decree on 23rd February 2020 is considered as the beginning of COVID-19

health emergency in Italy.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020

FINANCIALS

2020 KEY UPDATES

Q1 2020

FINANCIALS

6	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

7

Q1 2020 KEY HIGHLIGHTS

In Q1 2020 passengers decreased by 28.9% and movements dropped by

21.1% compared to the same period of 2019.

Both legacy traffic and low cost traffic suffered from the health emergency

effects, respectively decreasing by 33.9% and by 25.4%.

Aeronautical revenues fell by 26.1% due to the contraction of traffic, the reduction of charges from January 1st, 2020 and the discounts granted in March to handlers for the use of operating spaces and check-in counters. Traffic incentives resulted in line with the existing contracts.

Non Aeronautical revenues were down by 18.0% due to the reduction in traffic, directly impacting some business areas (i.e. parking lots and MBL), and the discounts applied to customers on sub-concession contracts for the month of March.

A comprehensive efficiency plan was implemented to contain costs and mitigate the negative impact of the drop in traffic on profitability. With the aim of reducing labour costs, an extraordinary redundancy fund for all its employees was launched. Also, traffic-relatedservices and utility costs were reduced and some

service contracts have been revised.

Investments in infrastructure maintenance and development amounted to €3.1M.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

Q1 2020 KEY FIGURES

HIGHLIGHTS

Q1 2020

FINANCIALS

2020 KEY UPDATES

PASSENGERS	REVENUES	EBITDA	NET PROFIT
€20.8 mln	€4.2 mln	€0.6 mln
1,395,671 PAX
-28.9% vs Q1 2019	-24.3% vs Q1 2019	-49.7% vs Q1 2019	-82.5% vs Q1 2019

8	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

Q1 2020 TRAFFIC INSIGHT

	Q1 2020	Q1 2019	VAR % Q1
	20/19
Passengers	1,395,671	1,961,807	-28.9%
ATM*	13,349	16,922	-21.1%
MTOW	910,212	1,116,241	-18.5%
Cargo	10,635,534	12,622,100	-15.7%

In Q1 2020 passengers decreased by 28.9% and movements dropped by 21.1%

compared to the same period of 2019.

9	* Air Traffic Movements	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
	** Other includes charter, general aviation and interlining

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

10

Q1 2020 TOTAL REVENUES

EURO THOUSANDS	Q1 2020	Q1 2019	VAR % Q1
20/19
Aeronautical Revenues	9,906	13,400	(26.1%)
Non Aeronautical Revenues	8,029	9,794	(18.0%)
Revenues for Construction Services*	2,757	4,104	(32.8%)
Other Revenues	119	191	(37.7%)
Revenues	20,811	27,489	(24.3%)
Revenues adj	18,054	23,385	(22.8%)

AERONAUTICAL REVENUES: revenues in line with 2019 during the first two months of 2020. In March revenues decreased due to:

• contraction in traffic figures,
• reduction of charges,
• discounts granted to handlers for the use of operating spaces and check-in counters.

NON AERONAUTICAL REVENUES: figures exceeding 2019 revenues in the first two months of 2020.

The traffic decrease in March highly affected the business areas directly related to passenger numbers (i.e. parking, MBL, variable component of sub-concession contracts).

Also, discounts were applied to customers on fixed fees.

* IFRIC 12	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

OPERATING COSTS: COMPREHENSIVE EFFICIENCY PLAN IMPLEMENTED TO CONTAIN COSTS

OPERATING COSTS BREAKDOWN ('000 €)

				Total costs
HIGHLIGHTS		19,141				Total costs
Q1 2020					16,612
FINANCIALS
2020
KEY UPDATES
				Net of constr. costs
		15,233	Net of constr. costs
					13,987
		3.075	2.720
		5.013	4.730
		7.145	6.537
				1Q 2019				1Q 2020
				Personnel				Services Costs (1)
				Other (3)				Constructions costs (2)
	1 Services: includes outsourced services, maintenance, utilities costs and G&A
11	2	IFRIC 12
3 Other: includes consumables and goods, rental fees and other operating expenses

OPERATING COSTS -13.2%

NET OF CONSTRUCTION COSTS -8.2%

Personnel costs down by 8.5% thanks to:

1. decrease in headcount employed in airport operations (less temporary staff in security and terminal activities);
2. cost reduction initiatives to mitigate the effects of the drop in traffic.

Services costs (-5.6%) decrease due to:

1. Lower utility costs;
2. Lower costs directly related to traffic figures (e.g. business lounge, PRM);
3. Renegotiation of some major service contracts.

Construction costs (-32.8%) due to lower investments related to concession rights.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

FOCUS ON PARENT COMPANY EBITDA TREND

JANUARY	FEBRUARY	JAN-FEB	Var % vs	MARCH	Var % vs	Q1 2020	Var % vs
2020	2020	2020	2019	2020	2019	2019

PASSENGERS		704,948	590,722	1,295,670	5.3%	100,001	-86.3%	1,395,671	-28.9%
PARENT COMPANY (€'000)		JANUARY	FEBRUARY	JAN-FEB	Var % vs	MARCH	Var % vs	Q1 2020	Var % vs
	2020	2020	2020	2019	2020	2019	2019
REVENUES ADJ		7,885	6,851	14,736	5.4%	2,353	-71.3%	17,089	-22.9%
Aeronautical revenues		4,129	3,733	7,862	2.1%	1,161	-74.5%	9,023	-26.4%
Non Aeronautical revenues		3,696	3,059	6,755	9.1%	1,158	-66.8%	7,913	-18.2%
Other revenues		60	59	119	24.0%	34	-75.7%	153	-35.2%
COSTS ADJ		-5,168	-4,833	-10,001	9.6%	-3,174	-39.0%	-13,175	-8.0%
Personnel costs		-2,428	-2,283	-4,711	5.1%	-1,495	-35.8%	-6,206	-8.9%
Other costs		-2,740	-2,550	-5,290	14.0%	-1,679	-41.6%	-6,969	-7.3%
EBITDA ADJ		2,717	2,018	4,735	-2.7%	-821	n.m.	3,914	-50.1%
EBITDA MARGIN ADJ		34.5%	29.5%	32.1%	n.s.	-34.9%	n.m.	22.9%	n.m..

12	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

AVIATION AND NON-AVIATION BUSINESS

REVENUES BREAKDOWN (%)		EBITDA BREAKDOWN (%)

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

44%

56%

37%

63%

Q1 2020

Q1 2019

7%

93%

35%

65%

		AVIATION		NON AVIATION
13				AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

14

AVIATION AND NON-AVIATION BUSINESS

	REVENUES SEGMENT SHARE							AVIATION & NON-AVIATION EBITDA
	Q1 2020											Q1 2020/2019 ('000€)
									5,438				-28.1%
44%															3,908
							2,910
		56%
															-90.0%
																291
												1Q 2019			1Q 2020
				AVIATION			NON AVIATION
	BUSINESS UNIT AVIATION			Q1	Q1	VAR %				BUSINESS UNIT	Q1		Q1	VAR %
	('000 €)	2020	2019	Q1 20/19				NON-AVIATION ('000 €)	2020	2019	Q1 20/19
	Passengers	8,243	12,455	(33.8%)				Retail and Advertising	2,755	3,378	(18.4%)
												Parking	2,658		3,663	(27.4%)
	Airlines	4,821	5,805	(17.0%)
												Real estate	605		602	0.5%
	Airport operators	508	728	(30.2%)
												Passenger services	1,118		1,413	(20.9%)
	Traffic incentives	(3,750)	(5,698)	(34.2%)
	Constructions revenues*	1,442	3,735	(61.4%)				Constructions revenues*	1,314		369	256.1%
	Other aviation revenues	352	352	0.0%				Other non aviation revenues	762	687	10.9%
	Fees reduction for doubtful	(17)	0			n.m.				Fees reduction for doubtful	0	0
	receivables**						receivables**
	Total Revenues AVIATION	11,599	17,377	(33.3%)				Total Revenues NON-AVIATION	9,212	10,112	(8.9%)
	EBITDA AVIATION	291	2,910	(90.0%)				EBITDA NON-AVIATION	3,908	5,438	(28.1%)
* IFRIC 12
** IFRS 15											AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

EBITDA

	Q1 2020 GROUP EBITDA ('000 €)
	8,348
HIGHLIGHTS
Q1 2020
FINANCIALS
2020	(3,494)			1,283	4,199
KEY UPDATES
	(1,765)		283	355
	608
	(1,347)	(72)

EBITDA 1Q 2019 Aeronautical	Non Aeronautical	Construction	Other Revenues	Personnel	Services costs Other costs (3)	Constructions EBITDA 1Q 2020
Revenues	Revenues	Revenues (1)			(2)	Costs (1)

Revenues -6.7 ml €	Opex -2.5 ml €
Net of construction services revenues -5.3 mln €	Net of construction services costs -1.2 ml €

EBITDA Q1 2020 -49.7% VS Q1 2019 (-4.1 ML €)

EBITDA NET OF CONSTRUCTION COSTS -50.1% VS Q1 2019 (-4.1 ML €)

1 IFRIC 12

15 2 Services: includes outsourced services, maintenance, utilities costs and G&A.AEROPORTO G. MARCONI DI BOLOGNA S.p.A. 3 Other: includes consumables and goods, rental fees and other operating expenses.

Q1 2020 MAIN INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT

TERMINAL EXPANSION PLANNING

AND

NEW MULTILEVEL CAR PARKING

HIGHLIGHTS

Q1 2020

FINANCIALS

2020 KEY UPDATES

FORMAL VERIFICATION OF THE

TERMINAL EXPANSION FINAL DESIGN

COMPLETED IN JANUARY 2020. FINAL

DESIGN WAITING FOR ENAC APPROVAL

MULTILEVEL CAR PARKING

FINAL DESIGN WAITING FOR

ENAC APPROVAL

€ 3.1 ml

CARGO BUILDING

EXPRESS PARKING EXTENSION

EXECUTIVE DESIGN

CONCLUDED.

WORK IN PROGRESS

READY TO START WITH THE

CONSTRUCTION WORKS.

Capex: € 3.0 ml

Airport Infrastructure Provision: € 0.1 ml

16	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

CONSOLIDATED PROFIT & LOSS

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

17

EURO THOUSANDS	Q1 2020	Q1 2019	VAR	VAR %
Q1 20/19	Q1 20/19

Revenues	1	20,811	27,489	(6,678)	(24.3%)
Operating Costs		(16,612)	(19,141)	2,529	(13.2%)
EBITDA	2	4,199	8,348	(4,149)	(49.7%)
EBITDA Adjusted*		4,067	8,152	(4,085)	(50.1%)
Concession Rights Amortization		(1,643)	(1,500)	(143)	9.5%
Amortization & Depreciation		(950)	(970)	20	(2.1%)
Amortization and Depreciation	3	(2,593)	(2,470)	(123)	5.0%
Provision for Doubtful Accounts		(225)	(25)	(200)	800.0%
Airport Infrastructure Provision		(478)	(475)	(3)	0.6%
Other Accruals		(4)	(94)	90	(95.7%)
Provisions	3	(707)	(594)	(113)	19.0%
Total Costs		(19,912)	(22,205)	2,293	(10.3%)
EBIT		899	5,284	(4,385)	(83.0%)
Financial Income	4	94	39	55	141.0%
Financial Expenses	(101)	(299)	198	(66.2%)
EBT		892	5,024	(4,132)	(82.2%)
Taxes	5	(273)	(1,477)	1,204	(81.5%)
Net Profit (loss)	6	619	3,547	(2,928)	(82.5%)
Minority Interest		0	0	0	0.0%
Group Net Profit		619	3,547	(2,928)	(82.5%)

* Net of construction works

1. REVENUES
   ▼(-24.3%) traffic decrease, charges update, discounts granted to aviation and non-aviation customers
2. EBITDA
   ▼ (-49.7%) operating leverage highly affected by the sharp contraction in revenues, only partially compensated by results of the comprehensive cost optimization plan implemented at the beginning of the emergency

3 AMORTIZATION, DEPRECIATION AND PROVISIONS

▲ +7.7% (▲ +5.0% amortization and depreciation and ▼ +19.0% provisions)

1. FINANCIAL AND EXPENSES
2. • main effect coming from discounting provisions
3. TAXES
4. • due to lower EBT
5. NET PROFIT
6. • -2.9M€ vs Q1 2019

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

CASH-FLOW

		Q1 2020 CASH FLOW ('000 €)
		4,120
HIGHLIGHTS	29,253		(3,481)			26,817
Q1 2020
			(3,018)	(57)
FINANCIALS
2020
KEY UPDATES
	Liquidity 31/12/2019	Operating FCF before	Var NWC & other	Cash flow from investing Cash flow from financial	Liquidity 31/03/2020
		change in NWC	operating items	activities	activities

Although materially impacted by the effects of the drop in traffic, OFCF is positive during 1Q 2020. NWC changes absorbed less cash than in 1Q2019, as a consequence of the reduction in accounts receivables.

Investing activities absorbed cash for about €3.0 million, entirely attributable to infrastructural investment.

Cash flow from financing activities was negative for around €60 thousand, due to the payment of leasing liabilities.

18	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

NET FINANCIAL POSITION

Q1 2020 NET FINANCIAL POSITION ('000 €)

HIGHLIGHTS	10,501
					9,652
Q1 2020				1,347	240
FINANCIALS
2020		(2,436)	0
KEY UPDATES
	Net financial	Liquidity	Current	Current	Non-current	Net financial
	position		financial	financial debt	financial debt	position
	31/12/2019		receivables			31/03/2020

	EURO THOUSANDS	31 Mar	31 Dec	Change
	2020	2019
	Liquidity	26,817	29,253	(2,436)
	Current financial receivables	501	501	0
	Current bank debt	(115)	(28)	(87)
	Current portion of non-current debt	(3,194)	(3,059)	(135)
	Other current financial debt	(1,517)	(3,086)	1,569
	Current financial debt	(4,826)	(6,173)	1,347
	Net current financial position	22,492	23,581	(1,089)
	Non current financial debt	(12,840)	(13,080)	240
	Net Financial Position	9,652	10,501	(849)
	Financial instruments with a	1,355	1,349	6
	maturity of over 12 months

Q1 2020 Net Financial Position of € 9.7 mln

Not including financial instruments with a maturity of over 12 months as per IFRS 7

19	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

A SOLID FINANCIAL AND CAPITAL STRUCTURE ENABLES THE COMPANY TO PROPERLY ADDRESS THE CHALLENGES RECENTLY ARISEN IN THE SECTOR

Q1 2020 CONSOLIDATED ASSET & FINANCIAL SITUATION ('000 €)

HIGHLIGHTS
Q1 2020		29,253
FINANCIALS	26,817
2020
KEY UPDATES
	31 Mar 2020	31 Dec 2019
	Liquidity

31 Mar 2020 31 Dec 2019

9,652	10,501

Net financial position

	19,253
17,666
1	2

Gross Debt*

178.795	178.175
1	2
Equity

31 Mar 2020		31 Dec 2019

20	* Current and non current financial liabilities	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

MONITORING OF QUALITY SERVICES AND

PASSENGER EXPERIENCE

SERVICE QUALITY		CUSTOMER SATISFACTION INDEX

HIGHLIGHTS
Q1 2020	99.9%	98.9%
FINANCIALS		98.5%
2020
KEY UPDATES
	Q1 2020	Q1 2019

AIRPORT SERVICE QUALITY

Customer Satisfaction Index:

ENAC (Italian Civil Aviation Authority) indicators (Carta dei Servizi)

comparison with Italian regional airports focus on airport services performance

Airport Service Quality:

ACI World Airport Council International

panel includes more than 250 airports worldwide focus on airport passenger experience

3.85	3.80
	3.79
Q1 2020	Q1 2019

21	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020

FINANCIALS

2020 KEY UPDATES

2020

KEY UPDATES

22	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

2020 UPDATE (1)

In April traffic dropped by around 99.8% compared to the same month of 2019, considering that only one

flight was operated (Alitalia from/to Rome FCO), with a daily frequency in the first half of the month, down to every two days in the second half of the month. Overall, in the first four months of 2020 the airport registered 1,396,034 passengers (approx. -49%vs the same period of 2019).

The high level of uncertainty related to the duration of the health emergency and its future developments makes it difficult to make reliable estimations regarding both the Company's traffic trend and economic and financial situation for the coming months. However, given a substantial absence of traffic for both April and May and a still in progress flight schedule for the month of June, the Company reasonably forecasts a further overall worsening of 2Q 2020 economic and financial results.

Ryanair announced that it will restore part of its flight operations during the 3rd quarter of 2020: consistently, tickets from/to Bologna Airport are currently on sale for flights that will be operated starting from the end of June. Volotea announced a new flight to Olbia starting from the 3rd of July. Wizz Air is expected to operate some flights already in the second half of May, Air France, Lufthansa and British Airways starting in June, and some more airlines flying again from August. However, airlines schedules remain subject to potential

adjustments in light of all possible developments of the overall situation.

The performance of the non-aviation business is as well likely to be materially impacted by the risks related to the pandemic effects and evolution. Not only business areas directly related to traffic volumes (i.e. parking lots and MBL) will suffer a drastic reduction: also revenues related to sub- concession contracts (both aviation and non-aviation) will drop as a result of the extension of payments and discounts granted to support customers in facing the current crisis. The Company intends to engage in further negotiations with customers aimed at finding a common ground in sharing the pandemic

effects and risks, considering a future, although gradual, recovery. Before engaging in such negotiations, the

Company will accurately assess the measures that the Italian government is expected to approve.

23	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

2020 UPDATE (2)

On the other side, starting from 2Q 2020 AdB will benefit from the positive effects of cost containment measures implemented since the start of the emergency, although resulting savings will not be directly

proportional to the decrease in sales volumes, given the high fixed cost structure typical of airports.

In order to support the financial sustainability and contain the future economic and financial impact of the Covid-19 health emergency, AdB is reviewing its investment plan, postponing non-time critical investments, as well as negotiating with some financial institutions to obtain additional financial resources. Also, during the Ordinary Shareholders' Meeting, the proposal of the Board of Directors to allocate 2019 Parent Company's profit to reserve was approved.

AdB believes that the overall impacts resulting from the health emergency will be material for the Group, especially with reference to the first half of the current year.

AdB constantly addresses its attention and efforts to ensure the safety of passengers and employees and to maintain the current employment levels and the infrastructure development plan commitment, in order to overcoming this emergency and starting a new development phase.

24	AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

2020 FINANCIAL CALENDAR

HIGHLIGHTS

Q1 2020 FINANCIALS

2020 KEY UPDATES

30th March

2020

30th April

2020

15th May

2020

7th September

2020

13th November

2020

CONSOLIDATED FY 2019 RESULTS

ANNUAL SHAREHOLDERS' MEETING

CONSOLIDATED Q1 2020 RESULTS

CONSOLIDATED H1 2020 RESULTS

CONSOLIDATED 9M 2020 RESULTS

25

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

DISCLAIMER

This document has been prepared by Aeroporto G. Marconi di Bologna S.p.A. (AdB) solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.

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THANK YOU FOR YOUR ATTENTION !

For additional information:

[e-mail]

Tel: [phone]

Bologna, May 15th 2020

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