ENAV S p A : PRESENTATION 1H 2021 RESULTS

1H 2021

Financial Results

August 3, 2021

1H 2021 Highlights

• Covid-19emergency on the aviation sector impacting 1H 2021: en-route traffic reduced 16.6% YoY and terminal traffic declined 20.8% YoY
• Net revenue in 1H 2021 slightly increased by 0.7% YoY to €375.0m mainly driven by non-regulatedbusiness performance coupled with the net effect from balance increase which almost completely offset the reduction in revenue from operations which declined 13.5% YoY as a result of traffic decrease caused by Covid-19
• EBITDA in 1H 2021 at €76.6m (-13.0%YoY) mainly as a result of higher personnel costs coupled with a different balance calculation
• EBITDA margin at 20.4%
• Net profit of €13.5m despite Covid-19 impact on the aviation sector
• Capex of €30.5m in 1H 2021, compared to €27.8m recorded in 1H 2020
• Net financial debt of €389.6m driven by NWC absorption due to non-cash balance generated in the period

1

1H 2021 Main Traffic Trends

Covid-19 still impacting first half 2021 traffic, on both en-routeand terminal

• En-routeservice units down 16.6%1 YoY as a combined result of:
• • International service units down 38.0% YoY
  • Overflight service units down 15.4% YoY
  • National service units up 15.1% YoY
• Terminal service units down 20.8%1 YoY, showing a decline in traffic in all three charging zones, due to:
• • International traffic down 37.6% YoY
  • National traffic up 7.1% YoY
• 1H 2021 traffic recovery in Italy was slightly better than other major countries in
  Europe

2021 quarterly trend, compared with 2019 pre-Covidtraffic levels, shows a substantial recovery on both en-route and terminal

• En-routeservice units: 1Q'21 down 69.4%; 2Q'21 down 62.6% with June down 53.0%
• Terminal service units (excluding exempts): 1Q'21 down 75.1%; 2Q'21 down 64.3%

En-route (traffic breakdown by service units)

Overflight		National
	27%
46%
	1H 2021:	(16.6)% YoY
	1,571,4971
		International
		27%

Terminal (traffic breakdown by service units)

International
50%	(20.8)% YoY

1H 2021:

151,9851

National

50%

	Zone 1	Zone 1	Zone 2
	3%	8%
	16%
Zone 3
44%
	Users	Exempt
	97.2%	2.8%
	Zone 2	Zone 3
	40%	89%

1.	Excluding exempt flights not communicated to Eurocontrol (for en-route 1,017 SUs, terminal 393 SUs)	2

Regulatory update

RP3 Regulation Update

RP3 as per European Commission Proposed Timing Derogation for RP3 Performance Plan Definition

	• The RP3 regulatory framework was approved in February 2019 and cost efficiency targets were set in May
	2019 with performance plans submitted by year end 2019
	• Approval by European Commission (EC) of country-specific performance plans for RP3 (2020-2024), originally
What	scheduled for March/April 2020, was put on hold due to the Covid-19 pandemic
Happened	• In mid 2020, the entire RP3 process (target definition, performance plans development and tariffs set-up)
	restarted and is expected to be completed by the end of 2021
	• To manage the one year and half period needed to remake the RP3 performance plans, some special rules for
	2020 and 2021 have been adopted
	• National supervisory authorities to provide European Commission with cost data and air traffic forecasts for
	RP3 by December 2020, as inputs for setting the revised Union-wide performance targets for RP3
New	• The European Commission published revised Union-wide performance targets for RP3 in June 2021
Timing
for RP3	• National supervisory authorities to submit new performance plans to the Commission by October 2021
	• European Commission to approve new performance plans by year-end2021/early 2022

4