ENAV S p A : Consolidated Interim Financial Report as at 30 June 2023

Consolidated

Interim Financial

Report at 30 June 2023

Interim Consolidated Financial

Report at 30 June 2023

Contents

Interim report on operations	3
ENAV Group in figures	4
Corporate Bodies	5
Business and Structure of the ENAV Group	6
Information on ENAV's stock in the first half of 2023	7
Market and air traffic developments	7
Performance and financial position of the ENAV Group	13
Human resources	20
Other information	21
Risk management	23
Outlook for operations	28
Interim Condensed Consolidated Financial Statements at 30 June 2023	30
Consolidated Financial Statements	31
Explanatory notes to the Interim Condensed Consolidated Financial Statements	38
Attestation of the Chief Executive Officer and the Manager Responsible for financial	68
reporting
Independent Auditors' Report	69

2 - Consolidated Interim Financial Report at 30 June 2023 - ENAV Group

Interim report on operations

3 - Consolidated Interim Financial Report at 30 June 2023 - ENAV Group

ENAV Group in figures

Performance

1st Half 2023

1st Half 2022

Change

%

Total revenues	436,581	412,107	24,474	5.9%
EBITDA	94,704	97,010	(2,306)	-2.4%
EBITDA margin	21.7%	23.5%	-1.8%
EBIT	33,015	37,686	(4,671)	-12.4%
EBIT margin	7.6%	9.1%	-1.5%
Profit for the period attributable to shareholders of the Parent Company	18,690	28,001	(9,311)	-33.3%
			(thousands of euros)
Financial position	30.06.2023	31.12.2022	Change	%
Net capital employed	1,531,982	1,614,742	(82,760)	-5.1%
Consolidated equity	1,116,516	1,206,894	(90,378)	-7.5%
Net financial debt	415,466	407,848	7,618	1.9%
			(thousands of euros)
Other indicators	1st Half 2023	1st Half 2022	Change	%
En-route service units	4,718,483	4,068,151	650,332	16.0%
Terminal service units Charging Zone 1	91,659	67,430	24,229	35.9%
Terminal service units Charging Zone 2	160,993	142,906	18,087	12.7%
Terminal service units Charging Zone 3	206,627	193,637	12,990	6.7%
Free cash flow (thousands of euros)	(3,227)	(19,568)	16,341	-83.5%
Headcount at end of period	4,328	4,218	110	2.6%

4 - Consolidated Interim Financial Report at 30 June 2023 - ENAV Group

Corporate Bodies

	BOARD OF DIRECTORS (*)
	(2023-2025 term)
CHAIRMAN	Alessandra Bruni
CHIEF EXECUTIVE OFFICER	Pasqualino Monti
DIRECTORS	Carla Alessi
	Stefano Arcifa
	Rozemaria Bala
	Franca Brusco
	Carlo Paris
	Antonio Santi
	Giorgio Toschi

CONTROL, RISKS AND RELATED PARTIES COMMITTEE (**)

CHAIRMAN	Antonio Santi
MEMBERS	Stefano Arcifa
	Franca Brusco

BOARD OF STATUTORY AUDITORS (2022-2024 term)

CHAIRMAN	Dario Righetti
STANDING AUDITORS	Giuseppe Mongiello
	Valeria Maria Scuteri
ALTERNATE AUDITORS	Roberto Cassader
	Flavia Daunia Minutillo

SUPERVISORY BODY

REMUNERATION AND APPOINTMENTS COMMITTEE (**)

CHAIRMAN	Giorgio Toschi
MEMBERS	Stefano Arcifa
	Rozemaria Bala
SUSTAINABILITY COMMITTEE (**)
CHAIRMAN	Alessandra Bruni
MEMBERS	Carla Alessi
	Carlo Paris

(2022-2024 term)

CHAIRMAN	Maurizio Bortolotto
MEMBERS	Domenico Gullo
	Marina Scandurra

		AUDIT FIRM
MAGISTRATE OF THE COURT OF AUDITORS DESIGNATED TO CONTROL ENAV S.p.A.	(2016-2024)
Tammaro Maiello		EY S.p.A.

1. The Shareholders' Meeting held on 28 April 2023 appointed ENAV's Board of Directors for the three-year period 2023-2025, expiring on the date of the Shareholders' Meeting to be convened to approve the financial statements at 31 December 2025;
   (**) The Committees were reconstituted by the Board of Directors on 28 April 2023 following the Shareholders' Meeting.

5 - Consolidated Interim Financial Report at 30 June 2023 - ENAV Group