ENAV S p A : PRESENTATION FY 2022 RESULTS

FY 2022 Financial Results

March 15, 2023

Full Year 2022 Highlights

• Full year 2022 traffic volume almost "back-to-normal"

REGULATED	• Protective regulation framework "back-to-normal" from January 1st, 2022
• Italian RP3 (2020-2024) Performance Plan definitively approved by European Commission in April 2022
BUSINESS

• Confirmed to be the 4th largest ANSP1 amongst Member State subject to EU Performance Scheme
• One of the best performer for quality and safety of service, entitled to receive 2022 performance bonus on quality

NON-REGULATED	• Non-regulated revenue double-digit growth
BUSINESS
	• First Remote Tower in Italy implemented and fully operative in Brindisi Airport
2022-2024	• Naples APP1 integration at Rome ACC1 completed
• AMAN1 implementation in Rome Fiumicino completed
BUSINESS PLAN
• TCT-A1 implementation in Milan ACC1 completed
	• Started up and operative the TOC1 in Rome Ciampino
	• Sustainability Plan updated and extended to the year 2024, in line with the BP duration
ESG	• Carbon neutrality achieved in 2022
	• People first: renewed labor contract signed with Unions
	• Revenue up 12.9% YoY, EBITDA up 22.4% YoY, both in line with the provided guidance
FINANCE	• Net Profit up 33.9% YoY
• Strong balance sheet with both Gross Debt and Net Debt reduction
	• Dividend proposal: €106.4m to be distributed on October 25th, 2023, equivalent to 0.1967 euro per share

1. ANSP Air Navigation Service Provider - APP: Approach Unit - ACC: Area Control Center - AMAN: Arrival Management - TCT-A: Tactical Control Tool Automatic - TOC: Technical Operation Center

1

FY 2022 Group's Highlights

En-Route traffic

9.56m SUs1

+65.3% vs. FY 2021

(95.2% of FY 2019)

EBITDA

€272.2m

+22.4% vs. FY 2021

EBITDA margin

28.8%

Terminal traffic		Total Revenue
901.1k SUs1		€944.3m
+63.6% vs. FY 2021		+12.9% vs. FY 2021
(88.6% of FY 2019)

Net Result

CAPEX

€104.5m€97.8m

+33.9% vs. FY 2021

Non-Reg. Revenue

€39.9m

+21.0% vs. FY 2021

Net Financial Debt2

€407.8m

vs. €483.5m in FY 2021

2

Net Debt/FY 2022 EBITDA

1.5x

1.

Excluding exempt flights not communicated to Eurocontrol (for en-route 3,229 SUs and for terminal 894 SUs)

2

2. Net Financial Debt includes Trade Payable, as per Consob indication n. 5/21 issued in May 2021, of €74.4m in FY 2022 and of €41.6m in FY 2021

Top Performance in 2022

En-route Service Units ('000)

YoY change +69.0%

+62.6%

+73.6%

+65.3%

18,898

12,647

11,079

9,562

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Average Minutes of En-route Delay per Flight

0.11

0.07

2	3
Italia
Actual average minutes of en-route ATFM delay per flight		Target minutes of en-route ATFM delay per flight

Source: ENAV based on third party data

1. Refers to continental Spain
2. Delay including only ATM reasons and under review for further potential decrease
3. Performance target as per RP3 Performance Plan approved by EU Commission in 2022

Amongst Member States subject to EU Performance Scheme, ENAV:

• is the 4th largest Air Navigation Service Provider
• provides top performance in terms of quality and safety of service
• is entitled to receive 2022 performance bonus, reaching 0.07 average minutes of en-route delay per flight2 vs. the provided target3 of 0.11 minutes

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Sustainability Performance in 2022

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

ASSETS

2022 GOALS

Strategy and

Governance

Enhance Regulatory

and Management System to integrate ENAV's Sustainability Strategy

Supplier assessment: 75% of core suppliers assessed against ESG criteria

Policies

Adopt new several Policies to regulate specific ESG issues

New ISO 37001

maintenance target

set for 2023

Technological	Reporting and	Corporate	Climate
Innovation	Communication	Culture	Change
	Strengthen the non-	Disclose, within ENAV, an
Achieve ENAV's	financial reporting process	Fight
individual and corporate
strategic goals	and the internal and
Climate
culture, oriented to
through technological	external communication of
Change
Sustainability's principles
innovation	ENAV's Sustainability
	Strategy
APP1 integrated in some	Internal communication	Project to enhance
airports and AMAN1	plan enriched with the	women presence within	Carbon neutrality
implemented in Rome	creation of a 'Sustainability	core professions (ATC)1	achieved
Fiumicino	Promotion' team	launched

ACHIEVEMENTS

Total classroom and e-learningtraining → approximately 180 thousand hours

Scope 1 and Scope 2 CO2 emission reduction in 2022 vs. 2019 → approx. - 80%

Free Route Project impact → over 200 million kg of CO2 avoided

First solicited ESG Rating obtained → S&P score of 51 (out of 100) & CDP score "C category" (range from F to A)

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1. APP: Approach Unit - AMAN: Arrival Management - ATC: Air Traffic Control