Toscana Aeroporti S p A : The Board of Directors approves the Interim Financial Report at March 31, 2021

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE INTERIM FINANCIAL REPORT

AT MARCH 31, 2021

Passenger traffic and economic results were impacted by the travel restriction measures

due to the Covid-19 pandemic and further penalized by the closure of the Florence airport from February 1 to April 1 following the planned work on the runway.

• Passenger traffic: 75 thousand passengers handled at the Florence and Pisa airports (-92.5% compared to the first quarter of 2020, which had been only partially impacted by the effects of the Covid-19 pandemic).
• Cargo traffic: 3,415 tons of carried goods and mail (+6.3%).

 Operating revenues amounted to	million, down -75.9% compared to	million
in the first quarter of 2020.
 EBITDA was negative at	million, compared to a negative	thousand at March
31, 2020.

• The net loss for the period was million compared to a net loss of million for the first quarter of 2020.

 Net Financial Debt amounted to	million at March 31, 2021 compared to	.3
million at December 31, 2020. Debt/Equity ratio was 0.91 at March 31, 2021.
Consolidated results at March 31, 2021:
Consolidated figures	Q1 2021	% on	Q1 2020	% on
revenues	revenues
Total revenues	6.8	100%	19.5	100%	(12.7)	(65.1%)
Operating revenues	4.1	59,6%	16.8	86,3%	(12.8)	(75.9%)
EBITDA	(5.8)	n.a.	(0.6)	n.a.	(5.2)	n.a.
EBIT	(8.9)	n.a.	(3.7)	n.a.	(5.3)	n.a.
PBT	(9.6)	n.a.	(4.0)	n.a.	(5.6)	n.a.
	(7.7)	n.a.	(2.9)	n.a.	(4.8)	n.a.

Florence, May 12, 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 Interim Financial Report at March 31, 2021.

The acceleration of the ongoing vaccination campaign, the recent important initiatives taken by the Italian government to support and promote tourism in Italy and the encouraging signs of planned activity from airlines with regard to the summer season lead us to look to the coming months with greater optimism, although we are aware of the stated Toscana Aeroporti

Chairman Marco Carrai.

Passenger and cargo traffic results at March 31, 2021

In the first quarter of the year, the effects of the health emergency and the ensuing restrictive measures implemented both at national and international level continued to negatively affect the passenger traffic of the Tuscan Airport System. Moreover, traffic data

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for the first three months of the year are compared with data for the same period of 2020, on which the effects of the pandemic began to manifest only as of the last week of February. Therefore, with 75,425 passengers handled at March 31, 2021, the Tuscan Airport System's passenger traffic declined by 92.5% compared to the same period of 2020. The Company estimates that in the reporting period over 10,700 flights were cancelled equal to a loss of approximately 1.45 million passengers (of which about 850 thousand at the Pisa Airport and 600 thousand at the Florence airport).

Cargo traffic increased by 6.3% in the first three months of the year compared to the same period of 2020, with 3,415 tons of carried goods and mail.

Pisa Galileo Galilei airport

In the first quarter of the year, the Pisa airport's traffic reported an 89.8% reduction compared to the same period of 2020, with 63,380 passengers handled. In detail, passenger traffic decreased by 94.8% in international flights and by 81.8% in national flights. Unlike the pre-Covid period, the international market accounted for 31.8% of the total scheduled traffic against 68.2% of national flights.

Cargo traffic increased by +6.6% compared to the first quarter of 2020, with 3,382 tons of carried goods and mail.

Florence Amerigo Vespucci airport

The Florence airport was closed to air traffic from February 1 to April 1, 2021 due to the periodic maintenance plan for flight infrastructure (execution of work to restore the runway pavement and strips, including horizontal signage and lighting systems). Toscana Aeroporti decided to concentrate its major maintenance work on the runway in a period of almost zero air traffic levels due to the effects of the Covid-19 pandemic. In light of the foregoing, in the first quarter of 2021, 12,045 passengers were handled at the Florence airport, with a 96.9% drop compared to the same period of 2020 (in turn impacted by the suspension of the operations at the Florence airport with effect from March 14, 2020, in application of the Ministry of Infrastructure and Transport Decree No. 112/2020). In detail, passenger traffic decreased by 97.0% in international flights and by 96.3% in national flights.

Consolidated results

Total revenues

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

3.7 million in the first quarter of 2020. Non-Aviation revenues

or the same period of 2020.

Other revenues

thousand at March 31, 2020.

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

rose (+ 8.4%)

.

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Total costs	declined by 37.4% overall compared
to the first quarter of 2020.

In particular, operating costs decreased by 42.9% as a result of the efficiency-building and cost-containment measures implemented in order to mitigate the effects on the Company's results and financial position of the sharp traffic volume decline due to the Covid-19 emergency.

As a result of the foregoing, EBITDA for the first three months of 2021 million compared to a

With regard to infrastructure costs, depreciation, amortization and provisions million, up 3.44% compared to the first quarter of 2020.

EBIT PBT

for the first quarter of 2020.

The G	net loss for the period was	million compared to a net loss of	million
for the first quarter of 2020.
Financial results and investments
Net Financial Debt was	million, compared to	million at December 31, 2020
and	million at March 31, 2020. The increase in net financial debt in the first quarter

of the year compared to the same period of 2020 was chiefly attributable to higher loans entered into in 2020 for the operational management of the current pandemic emergency. In particular, cash outflows in the first quarter of 2021 were essentially associated with investments related to the restoration of the runway at the Florence airport.

The Group's overall investments amounted to million at March 31, 2021, mainly associated with the work to restore the runway pavement and the adjacent strips, including horizontal signage and lighting systems, at the Florence airport.

Significant events for the first quarter of 2021

On January 26, 2021 Toscana Aeroporti signed the agreement to acquire a 51% stake in Cemes Aeroporti S.r.l., a company operating in the construction sector, which has concurrently changed its corporate name to Toscana Aeroporti Costruzioni S.r.l. (TAC).

On March 2, 2021, Toscana Aeroporti received the European Commission's approval for

1. million grant for damages suffered as a result of the Covid-19 pandemic. This direct grant will allow the Region of Tuscany to partially participate in compensation for the damages suffered by the single operator of the Pisa and Florence airports during the period from March 10 to June 15, 2020. Pursuant to Article 7 of Law No. 59 of July 30, 2020, approved by the Regional Council of Tuscany, the measure has been considered compliant with the Treaty on the Functioning of the European Union, proportionate to the situation and in line with state aid rules.

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Significant events occurred after March 31, 2021

On April 2, the Florence airport's runway was reopened to air traffic following the completion of the major work to restore the runway pavement and the adjacent strips, including horizontal signage and lighting systems.

The operations that have been confirmed to date for the two airports for the 2021 summer season are illustrated here below:

Pisa airport

To date, at the Pisa airport 20 airlines have planned to resume operations to serve 68 destinations, of which 11 national and 57 international. In particular, operations regard: Aegean (Athens), Aer Lingus (Dublin), Air Albania and Albawings (Tirana), AirArabia (Casablanca), Air Baltic (Riga), Air Dolomiti (Frankfurt), AirFrance (Paris Charles de Gaulle), British Airways (London Heathrow), easyJet (5 destinations), Eurowings (Cologne/Bonn), Jet2.com (Manchester, Birmingham and Leeds), Norwegian (Oslo, Copenhagen, Helsinki and Stockholm), Ryanair (46 destinations), SAS (Oslo, Copenhagen and Stockholm), Silverair (Elba Island), Transavia (Amsterdam), Volotea (Olbia and Nantes), Vueling (Barcelona) and Wizzair (5 destinations).

Florence airport

To date, at the Florence airport 17 airlines have planned to resume operations to serve 34 destinations, of which 9 national and 25 international. In particular, operations regard: Air Dolomiti (5 destinations), AirFrance (Paris Charles de Gaulle), Albawings (Tirana), Alitalia (Rome Fiumicino), Austrian Airlines (Vienna), BlueAir (Bucharest), British Airways (London City and Southampton), Brussels Airlines (Brussels), EgoAirways (8 destinations), Iberia (Madrid), Lufthansa (Frankfurt), Luxair (Luxembourg), KLM (Amsterdam), Silverair (Elba Island), Swiss Airlines (Zurich and Geneva), TAP Air Portugal (Lisbon) and Vueling (15 destinations).

Outlook

The year 2020 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 four months of 2021 (-89% in terms of passengers compared to the same period of 2020) due in part to the closure of Florence airport starting on February 1, 2021 for extraordinary work on the runway, financial performance and position in 2021 are expected to continue to be significantly impacted, despite the gradual recovery in operations expected in the second half of the year following 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 Company and the Group have 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

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emergency situation. The Management has thus estimated that, even considering forecasts for a 2021 traffic level significantly below the pre-Covid-19 situation, albeit up slightly from that recorded in 2020, the implementation of the cost containment measures described above, the liquidity obtained in 2020 through short-term loans and that deriving from the loan secured by the SACE guarantee will allow the Group to fulfil its obligations in the short term and continue to operate as a going concern for the foreseeable future.

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The consolidated financial statements at March 31,2021 are attached hereto.The quarterly accounts at March 31, 2021 have not been audited.

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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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The consolidated Interim Financial Report at March 31, 2021 will be made available to the public at the Company's registered office, through the authorized storage mechanism 1INFO and will also be

published on the website www.toscana-aeroporti.com, under section.

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-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 corporate website at the following address www.toscana-

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