Toscana Aeroporti S p A : The Board of Directors approves the Half-Year Financial Report at June 30, 2022

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE HALF-YEAR FINANCIAL

REPORT AT JUNE 30, 2022

Passenger traffic and financial results improved sharply on 2021, gradually recovering

compared to the 2019 pre-Covid data.

At the end of the first seven months of 2022, the number of passengers exceeded the

total number of passengers recorded in full-year 2021

• In the first half of 2022, the Tuscan Airport System handled 2.8 million passengers, with a sharp increase (+593%) compared to the same period of 2021 and a 25.9% decline compared to the 2019 pre-Covid levels.
• Consolidated results for the first half of 2022:

- Operating revenues amounted to	million, up +247.2% compared to	million
in H1 2021
- EBITDA was positive for	million, compared to a negative	million in H1 2021
- The	net result	for the period was negative for	million, improving
compared to a net loss of	million at June 30, 2021
- Net Financial Debt amounted to	million compared to	million at
December 31, 2021 and	million at June 30, 2021. The Debt/Equity ratio was 1.15

• Strong growth in passenger traffic continued in July (+103.9%) and August (+66.2%) compared to 2021.

Florence, September 9, 2022 The Board of Directors of Toscana Aeroporti S.p.A. an Italian company listed on Euronext Milan of Borsa Italiana S.p.A. which manages Florence and Pisa airports met today to examine and approve the Half-year Financial Report at June 30, 2022, confirming the preliminary consolidated results published on July 21, 2022.

Toscana Aeroporti Chairman Marco Carrai In the first half of the year, the gradual easing of restrictions following the overall improvement of the health emergency allowed us to record an extraordinary rise in traffic volumes, at both Florence and Pisa airports. We are increasingly closing the gap with pre-pandemic traffic data and looking to the future with greater optimism and awareness, thoroughly monitoring the evolution of significant

dynamism cannot but confirm our strategic vision in expanding both airports to provide the best experience to

Passenger and cargo traffic results for H1 2022

At June 30, 2022, the Tuscan Airport System handled over 2.8 million passengers, with nearly a 600% increase compared to the same period of 2021 and a 25.9% decline compared to the same pre-Covid period of 2019. Thanks to the easing of restrictions on passenger mobility in the EU- and non-EU countries, in the first half of 2022 passenger traffic gradually closed the gap with the 2019 pre-Covid period. In detail, the gap gradually shrank in January (-58.4%), February (-41.8%), March (-31.7%), April (-21.9%), May (-14.8%) to then reach -10.3% in June. In addition, in an airport system characterized by a strong prevalence of incoming international tourism, this result was driven by a more robust growth in the international traffic (+956.6%) than in the national traffic (+255.6%). Total

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flights rose sharply (+234.5%), as did the load factor of scheduled traffic, which stood at 76.9% (+17.9 percentage points compared to June 30, 2021).

With 7,593 tons of carried goods and mail in the first six months of 2022, the Tuscan Airport cargo traffic grew by +6.5% compared to 2021 and by +16.9% on the 2019 pre-

Covid period.

Pisa Galileo Galilei airport

In H1 2022, Pisa airport handled over 1.9 million passengers, with nearly a 550% increase compared to the same period of 2021 and a 22.4% decline compared to the same pre- Covid period of 2019. An uptrend was also reported in terms of total flights (+201%) and the load factor of scheduled traffic, which stood at 77.3% (+14.2pps). As a result of the easing of mobility restrictions in several foreign countries, international passenger traffic grew more (+1,073% compared to 2021) than the national component (+265.5%). Among top destinations, Italy ranked first (35.7% of total traffic), followed by the United Kingdom (16%) and Spain (10.7%).

With 7,512 tons of carried goods and mail, cargo traffic increased compared to both the same period of 2021 (+6.4%) and of 2019 (+17.8%).

Florence Amerigo Vespucci airport

In the first half of the year, Florence airport handled over 900,000 passengers, up 706.8% compared to H1 2021 and down 32.4% on the same period of 2019. In this regard, it bears recalling that Florence airport was closed in February and March 2021 to maintain flight infrastructures. The sharp increase was driven by the positive performance of total flights (+288.2%) and the 75.9% load factor of scheduled traffic (+25.8pps). Growth was reported by both international (+825.3%) and national (+152.8%) passenger traffic, in a context where the international component accounts for 95% of total traffic. France (26.1% of total traffic), followed by the Netherlands (12%) and Spain (12%) were the most appreciated destinations for passengers.

Consolidated operating results

Total revenues million for the same period of 2021. In detail:

• Operating revenues June 30, 2021. In detail:
• • Aviation revenues stood at million in H1 2021, as a result of the higher traffic handled in the period. Specifically,

+397.4%), as did handling revenues

.1 million; +305.4%).

• Non-Aviationrevenues rose by 124.6 nearly all Non-Aviation activities, and in particular on Parking

-a-

+219.1%)activities.



illion

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- Other revenuesThe

change was essentially attributable to the planning and construction activities of the subsidiary Toscana Aeroporti Costruzioni S.r.l. (to which

-back of

• Revenues from construction services, directly connected with the investments made H1 2021.

Total costs

2021. In detail:

• Operating costs reporting a lower increase (+78.6%) than that of operating revenues. The change was chiefly attributable both to higher service costs (+91.8%), mainly due to the increase in traffic-related services, and to higher planning and construction costs of the subsidiary Toscana Aeroporti Costruzioni S.r.l., in addition to greater personnel costs (+56.1%), as a result of the increase in traffic handled in the period with the ensuing reduced use of the Extraordinary Wages Guarantee Fund.
• Costs from construction services

explained in the previous revenue item.

As a consequence of the foregoing, EBITDA for the first half of the year was positive for

driven by the passenger traffic increase reported in the second quarter of 2022 compared to the same period of the previous year.

Depreciation, amortization and provisions for the first six months of the year amounted to mainly due to higher

restoration provisions.

EBIT

PBT

reported in 2021.
In light of the foregoing, the	net result at June 30, 2022 was a net loss of
million, sharply improving compared to a net loss of	million for the same period of
2021.

Investments and financial results

The overall investments at June 30, 2022 amounted to million, essentially

referring to the design of Florence new terminal the refurbishment of the networking infrastructure, and the new self-service bag drop system at both airports.

Net Financial Debt was	million in H1 2022, compared to	million at December
31, 2021 and	million at June 30, 2021. Cash outflows for the period were mainly

attributable to the outstanding loan repayment, investments and dividend distribution.

The Debt/Equity ratio was at June 30, 2022. Adjusted net financial debt, i.e., net of deferred payment commitments for acquisitions and right-of-use financial liabilities,

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amounted to	million at June 30, 2022 compared to	million at December 31,
2021 and	million at June 30, 2021.

Significant events occurred in H1 2022

On May 31, 2022, Toscana Aeroporti Authority (ENAC) as final payment of the contribution for airport operators established in the 2021 Budget Law. Pursuant to the same law, on May 23, 2022 and June 28, 2022 the subsidiary Toscana Aeroporti Handling received the final payment for its contribution,

Significant events occurred after June 30, 2022

Passenger traffic results in July and August 2022

In July and August, the Tuscan Airport System continued to report growing passenger traffic compared to 2021. In detail, July recorded 815,005 passengers handled, with a +103.9% increase compared to 2021 and an 8.6% decline compared to 2019, whereas 807,343 passengers were handled in August, with a +66.2% increase on 2021 and a -10.8% decrease compared to 2019.

For the first seven months of 2022, Florence and Pisa airports handled 3.6 million passengers, far exceeding the 2.8 million passengers reported for full-year 2021.

Main news on the operations of Pisa airport

For the 2022 summer season, 21 airlines operated at Pisa airport, serving 77 destinations. Among the main destinations, noteworthy are the 54 destinations operated by Ryanair, the connections operated by easyJet with Berlin, Bristol, London (Gatwick and Luton), Manchester and Paris, by Norwegian and SAS with Oslo, Copenhagen and Stockholm, by Wizzair with Brindisi, Bucharest, Catania, Palermo and Tirana, by Volotea with Nantes and Olbia, by Transavia with Amsterdam, and by AirBaltic with Riga. In addition, the new airlines Flyr and Edelweiss connected Pisa to Oslo and Zurich, respectively. FlyDubai, a low- cost airline of the United Arab Emirates, with the intercontinental connection with Dubai

Main news on the operations of Florence airport

For the 2022 summer season, 19 airlines operated at Florence airport, serving 31 destinations, in particular were operated by Vueling (Amsterdam, Barcelona, Catania, Copenhagen, London, Madrid, Mykonos, Olbia, Palermo, Paris and Santorini), Munich and Frankfurt were operated by AirDolomiti, Paris Charles de Gaulle by Air France, Amsterdam by KLM, London by British Airways, Zurich by Swiss Airlines, and Vienna by Austrian Airlines. Moreover, the following airlines made their debut at Florence airport: ITA Airways with a flight twice a day to Rome, Aegean serving Athens, Binter serving Gran Canaria, including in the winter season, Volotea serving Bordeaux and Widerøe serving Bergen (Norway).

Outlook

As confirmed by the final H1 results and those for the first months of the third quarter, a recovery in traffic level is expected in 2022 compared to 2020 and 2021, though not yet comparable to the 2019 pre-Covid levels. Accordingly, operating and financial results will continue to be negatively impacted in 2022, albeit to a lower extent than in 2020 and 2021. In the first eight months of 2022, the Tuscan Airport System handled over 4.4 million passengers overall, up +243% compared to the same period of 2021, but still at -20.7% below the 2019 pre-pandemic levels.

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It should be noted that the current gradual recovery of operations, facilitated by the progress of the vaccination campaign, is nonetheless accompanied by international tensions, as a consequence of the still ongoing conflict between Russia and Ukraine and price increases due to the rise in the costs of energy sources (natural gas, electricity and oil).

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The consolidated financial statements at June 30, 2022 are attached hereto. The Consolidated Half- year Financial Report at June 30, 2022,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 me 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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This press release contains forward-forward-looking statements are based on the present expectations and projections of the Toscana Aeroporti Group concerning future events, and they are, by their very nature, intrinsically risky and uncertain. Actual results may differ significantly from those contained in said forward-looking statements due to multiple factors, including changes in macroeconomic conditions and in the economic growth, as well as other changes in business conditions, a continuous volatility and a further deterioration of capital and financial markets, and many other factors, the majority of which are not under the control of the Group.

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This press release is also available on the website of the Company at the following address www.toscana-

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Toscana Aeroporti S.p.A. is the management company of the Florence and Pisa airports. Founded on 1 June 2015 through the merger of AdF - Aeroporto di Firenze S.p.A. (managing company of the Florence A. Vespucci airport) and SAT - Società Aeroporto Toscano S.p.A. (managing company of the Pisa G. Galilei Airport), Toscana Aeroporti S.p.A. stands out for the complementary nature of the two airports, each with its own specific features: Florence airport focuses on the development of business and leisure traffic through full-service carriers, linking the major European hubs; whereas Pisa airport focuses mainly on tourism traffic operated by low-cost carriers and on cargo flights, paying particular attention to intercontinental connections. The Tuscan Airport System is one of the most important in Italy and is a driver of local economic development

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