ENAV S p A : PRESENTATION FY 2023 RESULTS

Investor Day

FY 2023 results and New opportunities in non-regulated markets

Milan, 21 March 2024

FY 2023 results

Full Year 2023 Highlights

REGULATED

BUSINESS

NON-REGULATED

BUSINESS

ESG

STRATEGIC

CAPEX

FINANCE

• FY2023 en-route traffic volume up 11% vs. FY2022 and above 5.7% of the pre-pandemic level
• Italian RP4 (2025-2029) Performance Plan will be likely approved by European Commission by the end of December 2024
• Confirmed to be the 4th largest ANSP amongst Member State subject to EU Performance Scheme
• One of the best performer for quality and safety of service, reached 2023 performance on punctuality
• Non-regulatedrevenue high-single digit growth driven by activity in international markets
• Group Sustainability Policy approved
• Reduction of Scope 1 and 2 emissions by more than 85% and "A-" score from CDP - Climate Change
• First ANSP to achieve Carbon Neutrality
• Turin and Venice APPs1 integration at ACCs1 completed
• AMAN1 implementation in Milan ACC1 completed
• TCT-A1 in 4 ACCs1 completed
• FY2023 results in line or above guidance
• Total revenus at record level of €1b (up 5.9% YoY) supported by core business and non-regulated market
• EBITDA at €300.1m (up 10.2% YoY) with EBITDA margin of 30.0%
• Net Profit at €112.7m (up 7.9% YoY)
• Strong balance sheet with both Gross Debt and Net Debt reduction
• Dividend proposal: €124.5m to be distributed on May 29th, 2024, equivalent to 0.23 euro per share

1. APP: Approach Unit - ACC: Area Control Center - AMAN: Arrival Management - TCT-A: Tactical Control Tool Automatic

2

Full Year 2023 Results

En-route traffic

10.6m SUs1

+11.0% vs. FY 2022

Terminal traffic

999.2k Sus1

+10.9% vs. FY 2022

EBITDA

€300.1m

+10.2% vs. FY 2022

EBITDA margin

30.0%

Average Minutes

En-route Delay per

flight2

0.01 vs. 0.04

Net Result

€112.7m

+7.9% vs. FY 2022

Total Revenue

€1,000.0m

+5.9% vs. FY 2022

CAPEX

€110.5m

+13.0% vs. FY 2022

Non-Reg. Revenue

€43.1m

+7.9% vs. FY 2022

Net Financial Debt3

€322.3m

vs. €407.8m in FY 2022

2

Net Debt/FY 2023 EBITDA

1.07x

1.	Excluding exempt flights not communicated to Eurocontrol (for En-route 3,254 SUs and for Terminal 906 SUs)	3
2.	Related to ENAV causes (CRSMTP)

3. Net Financial Debt includes Trade Payable, as per Consob indication n. 5/21 issued in May 2021, of €19.1m in FY 2023

Sustainability Performance in 2023

ENAV's Sustainability Plan 2021-2024

The Sustainability Plan, based on 6 main Assets, defines a series of actions, based on the United Nations 17 Sustainable Development Goals (SDGs),

on which the ENAV Group will be committed in the period and that pursue the full integration of ESG elements in all Group's activities

2021 - 2024 Sustainability Plan

PURPOSE

STATUS

2023 GOALS

	2023 Achievements
Over 229 million	CDP Climate Change

Strategy and Governance

Policies

Technological Innovation

Reporting and Communication

Corporate

Culture

Climate Change

5 objective (12 target)

8 objective (9 target)

7 objective (14 target)

7 objective (8 target)

11

objective

(14 target)

12

objective

(16 target)

All targets

were

achieved

All targets

were

achieved

10 out of

14 targets achieved

3 out of

8 targets achieved

All targets

were

achieved

13 out of

16 targets achieved

100% of core suppliers assessed

against ESG criteria

Maintenance of certifications

ISO 37001 and ISO 45001

AMAN implemented also in

Milano ACC to manage arrivals in Malpensa, Linate, and Bergamo

Improve internal and external communication on sustainability

New recruiting tool to assess ESG

sensitivity of new hires

Increase in self-generated energy

from renewable sources with

photovoltaic systems

kg of CO₂ avoided	score «A-» ESG Rating
Free Route Project Impact
(range from D to A)
Reduction of Scope 1 and 2	More than 230,000 hours
emissions by more than 85%	of classroom and e-learning
compared to 2019	training
73% of company car fleet	Group Sustainability
replaced with electric, hybrid,
Policy approved
plug-in cars

Scope 1 and 2 emissions Market Based (ton CO₂e)

34,500	31,064						Scope 1
		23,891					Scope 2
4,316	3,537	4,781	4,300	3,005	3,783	1,373
2019	2020	2021	2022	2023

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FY 2023 Main Traffic Trends - En-route

Traffic breakdown by service units			Quarterly service units trend1
FY 2023: 10,618,354 1 ➔ +11.0% YoY		('000/%)
									3,314		3,477
						2,574			2,825
National	2,384					2,424
								2,181
17%	1,827										1,893
	1,493
	1,016
Overflight	556
44%
International
39%			En-Route 2021	En-Route 2022	En-Route 2023
					1Q			2Q			3Q		4Q

• FY 2023 En-route service units up 11.0%1 YoY as a combined result of:
• • International service units up 17.4% YoY
  • Overflight service units up 12.3% YoY
  • National service units slightly decrease of 2.4% YoY, having already recovered pre-pandemic volumes in 2022
• FY 2023 En-routeservice units grew 5.7%1 compared to the pre-pandemic 2019, which was a record year for air traffic volume in Italy
• 4Q 2023 traffic1 shows a strong YoY growth at 11.2% also supported by an extended summer season

1. Excluding exempt flights not communicated to Eurocontrol (3,254 SUs)

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FY 2023 Main Traffic Trends - Terminal

Traffic breakdown by service units				Quarterly service units trend1
FY 2023: 999.1921 ➔ +10.9% YoY			('000/%)
International						285		303
						267
66%
Zone 1				247
218	212	237
	21%
		192
Zone 3		181
	156
45%		98
		54
National	Zone 2
34%
34%			Terminal 2021	Terminal 2022		Terminal 2023
				1Q	2Q	3Q	4Q

• FY 2023 Terminal service units up 10.9%1 YoY driven by :
• • Traffic increase in all three charging zones
  • International traffic up 18.0% YoY
  • National traffic stable YoY, having already recovered pre-pandemic volumes in 2022
• FY 2023 Terminal service units reached 98.2%1 of the volume recorded in the year 2019
• 4Q 2023 Terminal traffic1 is up 11.5% vs 4Q 2022

1.	Excluding exempt flights not communicated to Eurocontrol (906 SUs)	6

FY 2023

Financial Overview

Total Revenue Performance

				Total Revenue Breakdown					Non-Regulated Revenue
	€m	+5.9%		1,000.0					€m
944.3				92.2	+1.8%
90.5							+7.9%	43.1
			241.0					39.9
220.5				+9.3%
648.2				695.0	+7.2%
-14.8			-28.1
															FY 2022		FY 2023
		FY 2022				FY 2023
				Balance		En-route		Terminal		Other 1

FY 2023 total revenue increased 5.9% YoY (+€55.7m) mainly driven by a solid growth in the core business and non-regulated market

• En-routerevenue up 7.2% YoY (+€46.8m) owing to increased air traffic volume, despite the YoY tariff reduction
• Terminal revenue up 9.3% YoY (+€20.5m) driven by increased air traffic volume, coupled with almost stable YoY tariff
• Non-regulatedrevenue up 7.9% YoY (+€3.2m), mainly thanks to activities performed abroad
• FY 2023 negative balance contribution for €28.1m mostly due to:
• • €77.7m of positive balance accrued in the period mainly coming from the combined effect of the following balances:
  • • positive inflation balance related to the year 2022 and 2023
    • positive balance as a consequence of the increased interest rate
    • positive balance from the achieved bonus on performance
    • negative balances linked to depreciation and EU grants
  • € 2.9m of negative balance actualization

• €100.4m of negative balance mainly coming from 2020/2021 traffic balance reversal

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1. "Other" includes non-regulated revenue, revenue from En-route and Terminal exemptions, opex contributions and other operating income

Cost Evolution

Total operating costs

€m

		+4.1%	700.0
	672.1
	155.7		160.6	+3.1%
	544.0		568.3	+4.5%
-27.6		-28.9		+5.0%
FY 2022	FY 2023

Capitalized internal works Personnel costs Other operating expenses

Focus on personnel cost

€m

	+4.5%
544.0	568.3
156.4	165.1
80.9	94.0	+16.2%
306.7	309.1	+0.8%
FY 2022	FY 2023

Fixed remuneration Variable remuneration Social security contributions & Other Costs

FY 2023 total cost increased 4.1% YoY (+€27.8m) as a consequence of:

• Personnel cost growth of 4.5% YoY (+€24.3m) mainly due to:
• • variable remuneration increase (+€13.1m), as a response of the considerable growth of air traffic volume
  • fixed remuneration increase (+€2.4m) mainly due to the operative headcount growth
  • social security contributions rise (+€3.8m) due to fixed and variable components increase
  • other personnel expenses increase (+€3.1m) mainly due to redundancy incentive and higher health personnel insurance costs
• Other operating expenses increased 3.1% YoY (+€4.9m) mainly due to higher Eurocontrol contribution and other costs, partially offset by a reduction in energy costs
• Capitalized internal works increased 5.0% YoY (+€1.4m) mainly related to Group personnel activities in investment projects

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1. ATC: Air Traffic Controller