Toscana Aeroporti S p A : The Board of Directors approves the Half-Year Financial Report at June 30, 2021

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE HALF-YEAR FINANCIAL

REPORT AT JUNE 30, 2021

• H1 results highly impacted by the effects of the Covid-19 health emergency and the two- month closure of the Florence airport for runway works.
• Robust recovery of traffic and operating results in the second quarter of 2021.
• Signs of recovery in passenger traffic reported as of June confirmed in July (+87.8% vs June 2021) and August (+21.5% vs July 2021), with figures however far below pre-Covid levels (-55.2% vs July 2019 and -46.3% vs August 2019).

Consolidated results for the first half of 2021:

• Passenger traffic of the Tuscan Airport System down 60.6% compared to H1 2020, which had been only partially impacted by the effects of the Covid-19 pandemic.

- Operating revenues amounted to	million	million in H1 2020).
- EBITDA was negative at	million at June 30, 2021, compared to an equally negative
million for the same period of 2020.
- The	net result for the period was negative at	million compared to a net
loss of	million in H1 2020.

Consolidated results for the second quarter of 2021:

• Passenger traffic: 329,798 passengers compared to 23,582 for the same period of 2020 (+1,298.5%).

- Operating revenues amounted to	million compared to	million for the second
quarter of 2020 (+194.4%).
- EBITDA recovered by	million: the negative		million figure reported in Q2 2021
is to be compared with the equally negative	million for the same period of 2020.
- Net result for the period improved from a negative	million in the second quarter
of 2020 to an equally negative	million for the same period of 2021.

Florence, September 8, 2021 The Board of Directors of Toscana Aeroporti S.p.A. an Italian company listed on the electronic share market (MTA) of Borsa Italiana S.p.A. which manages the Florence and Pisa airports met today to examine and approve the Half- year Financial Report at June 30, 2021, confirming the preliminary consolidated results published on August 10, 2021.

airports in June, July and August albeit to levels still far from the pre-pandemic period and the signs of dynamism from airlines allow us to look to the coming months with optimism, despite our awareness of the difficulties faced by the airport sector. The implementation of the green pass and positive progress of the vaccination campaign were fundamental drivers of the recovery. We now await the definitive adoption of uniform stated Toscana Aeroporti Chairman Marco Carrai.

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Passenger and cargo traffic results for H1 2021

H1 2021 closed with 405,223 passengers handled, down 60.6% compared to H1 2020 and down 89.3% compared to H1 2019. In addition to the Covid-19-related travel restriction measures, the results for the first six months of 2021 were also affected by the complete closure of the Florence airport in February and March due to the planned runway works. The decline had a greater impact on international commercial passenger traffic (-73.1%) than on national traffic (-31.5%). In detail, after the reduction to near zero of passenger traffic in the first quarter of the year (-94.7% compared to the same period of 2019 and -92.5% compared to the same period of 2020), passengers handled at the Florence and Pisa airports in the second quarter of 2021were 329,798 overall compared to 23,582 for the same period of 2020 (+1,298.5%). The first robust signs of a recovery were recorded as of June, a month which accounted for 52.5% of total passengers handled in the first half of the year.

The Tuscan Airpor cargo traffic grew by 9.5% compared to the same period of 2020, with 7,133 tons of carried goods and mail in the first six months of 2021.

Pisa Galileo Galilei airport

s handled) decreased by 53.6% compared to the same period of 2020. In detail, the decline mainly impacted the international commercial passenger traffic (-73.5% compared to -22.2% for national commercial traffic). Accordingly, in contrast with the pre-Covid period, the domestic

(64.4% compared to 35.6% for international traffic).

Florence Amerigo Vespucci airport

In the first half of 2021, passengers handled by the Florence airport were 112,182, down 71.8% compared to the same period of 2020. It bears recalling that the Florence airport was closed in February and March 2021 due to the planned periodic maintenance for flight infrastructures (execution of work to restore the runway pavement and strips, including horizontal signage and lighting systems). In detail, international commercial passenger traffic dropped by 72.7% compared to 69.5% for national traffic. At the Florence airport, national scheduled traffic accounted for 15.7% of total flights compared to 84.3% for international scheduled traffic.

Consolidated results

Total revenues

In particular, operating revenues traffic decline arising from the travel restriction measures implemented to tackle the Covid-

-Aviation

Other revenues

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Revenues from construction services, directly connected with the investments made,

With regard to the second quarteralone, total revenues amounted to	million, up
232.2% compared to	million for the same period of 2020, whereas operating revenues
stood at	million, up 194.4% compared to	million for the second quarter of 2020.
In detail, growth was reported for both Aviation	million; +281%) and Non-Aviation
million; +138%) revenues.

Total costs first half of 2020.

In particular, operating costs decreased by 14.4% as a result of the efficiency-building and cost-containment measures implemented in order to mitigate the effects on the Company's results.

As a result of the foregoing, EBITDA	on
Considering the second quarteralone, consolidated EBITDA recovered by	million: the
negative	million figure reported in Q2 2021 is to be compared with an equally negative

million for the same period of 2020.

Infrastructure costs, depreciation, amortization and provisions for the first six months of

In the first half of 2021, EBIT

PBT

Considering the second quarteralone, EBIT

					PBT was
of 2020.
As a result of the foregoing, the	net result for the first half of 2021 was negative
for	million compared to a net loss of	million for the same period of 2020.
Considering the second quarteralone, the	net result for the period improved from
a negative	million in the second quarter of 2020 to an equally negative	million
for the same period of 2021.

Financial results and investments

Based on ESMA guidelines published in 2021, Net Financial Debt at June 30, 2021 was

5 million compared to million at December 31, 2020 and million at June 30, 2020. The increase in net financial debt in the first half of the year compared to December 31, 2020 was chiefly attributable to higher loans entered into in 2020 to tackle the operational management of the current pandemic emergency. Cash outflows in the first half of 2021 were attributable to the cash flows used for operating activities and for the investments made in the period, aimed particularly at maintenance works on the runway at the Florence Airport and the upgrade of the BHS and baggage conveyors at both airports. Adjusted net financial debt, i.e., net of deferred payment commitments for

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acquisitions and right-of-use financial liabilities, amounted to	million at June 30,
2021 compared to	million at December 31, 2020 and		million at June 30, 2020.
The	overall investments amounted to	million at June 30, 2021, mainly as a
result of the aforementioned works on the Florence		runway and on the BHS at
both airport.

Significant events occurred after June 30, 2021

On July 26, 2021, the million Italian scheme to compensate airports and ground-handling operators for the damage suffered due to the coronavirus outbreak and the travel restrictions that Italy and other countries had to implement to limit the spread of the virus.



grant earmarked by Regional Law No. 95 of December 3, 2020. This grant was disbursed to the Company on August 16, 2021.

Passenger traffic results

Although far below 2019 levels, Toscana Aeroporti has been reporting growing traffic levels month after month. The signs of recovery reported as of June were confirmed by the 399,743 passengers handled by the Tuscan Airport System in July (+87.8% vs June 2021, +115.6% vs July 2020 and -55.2% vs July 2019, the year before the beginning of the pandemic), as well as by the 485,673 passengers handled in August (+21.5% vs July 2021, +65.2% vs August 2020 and -46.3% vs August 2019).

Operations at the two airports of the Tuscan Airport System for the 2021 summer season, which included over 23 airlines and 54 connections overall, are detailed here under:

Pisa Galileo Galilei airport

In the 2021 summer season, 20 airlines were operating and served a total of 63 connections (11 national and 52 international). In detail: Aegean (Athens), Air Albania and Albawings (Tirana), AirArabia (Casablanca), Air Baltic (Riga), Air Dolomiti (Frankfurt), AirFrance (Paris Charles de Gaulle), Alitalia (Olbia), British Airways (London Heathrow), easyJet (Bristol, London Gatwick and Paris Orly), Eurowings (Cologne/Bonn), Norwegian (Oslo, Copenhagen and Stockholm), Pobeda (Moscow), Ryanair (43 destinations), SAS (Copenhagen and Stockholm), Silverair (Elba Island), Transavia (Amsterdam), Volotea (Olbia and Nantes), Vueling (Barcelona) and Wizzair (5 destinations).

Florence Amerigo Vespucci airport

In the 2021 summer season, a total of 15 airlines were operating at the Florence airport, serving 27 destinations (5 national and 22 international). In detail: Air Dolomiti (5 destinations), AirFrance (Paris Charles de Gaulle), Albawings (Tirana), Austrian Airlines (Vienna), BlueAir (Bucharest), British Airways (London City), Brussels Airlines (Brussels), EgoAirways (2 destinations), Iberia (Madrid), Luxair (Luxembourg), KLM (Amsterdam), Silverair (Elba Island), Swiss Airlines (Zurich), TAP Air Portugal (Lisbon) and Vueling (15 destinations).

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Outlook

The year 2020 and the first half of 2021 saw the impact of the coronavirus epidemic on the global economy, global transport networks and air transport in particular, and, even more so for Italy, on domestic and international tourism.

Considering the constantly evolving nature of the phenomenon, and in light of the persistence of negative results in the first eight months of 2021 (-14.5% in terms of passengers compared to the same period of 2020) due in part to the closure of the Florence airport starting on February 5, 2021 for extraordinary work on the runway, financial performance and position in 2021 are expected to continue to be significantly and negatively impacted, despite the gradual recovery in operations that it is hoped will consolidate late in the year, including as a result of the measures aimed at mitigating the spread of the virus, such as the ongoing vaccination campaign.

Over a short-to-medium time horizon, assumptions on the recovery of traffic levels, also based on external sources, such as studies by major industry operators, volumes in 2021 and 2022 are still forecast not to be comparable with pre-pandemic levels. Accordingly, for 2021 as well, the Group has confirmed the measures identified in 2020 following the outbreak of the health emergency designed to contain costs and safeguard liquidity, while ensuring the implementation of the infrastructure development plans and adequate service levels for the operations that in any case remain ongoing in order to allow Toscana Aeroporti to resume development in the medium term, after overcoming the emergency situation.

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The consolidated financial statements at June 30, 2021 are attached hereto. The Consolidated Half- year Financial Report at June 30, 2021, subject to a limited review by PricewaterhouseCoopers S.p.A., will be made available to the public in accordance with the terms and methods established by laws at the Company's registered office and through the authorized storage mechanism 1INFO. It will also be published on the corporate website, under the Investor Relations section. The Independent Report will be made available with the same terms and in the same manners provided for by applicable laws in force.

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The Director responsible for financial reporting, Marco Gialletti, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

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This press release uses certain performance not specified in IFRS-EU accounting standards, the meaning and content of which are described below, in line with Recommendation CESR/05-178b published on November 3, 2005:

Gross Operating Profit (EBITDA): defined as the difference between revenues (Aviation, Non- Aviation, Final difference in inventories, other revenues and income) and operating costs (raw materials, services, personnel, fees, sundry operating expenses). This is the margin earned before determining amortization/depreciation and write-downs, allocations to provisions for risks and charges and the bad debt reserve, financial operations and taxes.

Operating Profit (EBIT): defined as the difference between the Gross Operating Profit and the value of amortization/depreciation, provisions for risks and liabilities, and the bad debt reserve. This is the margin earned before financial operations and taxes.

Net Financial Debt: defined as the algebraic sum of cash and cash equivalents, current and non- current financial receivables and payables.

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