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ENAV
ENAV (ENAV) investor relations material
ENAV Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Italian airspace achieved record traffic growth, managing 1.9 million flights and maintaining best-in-class punctuality with only 0.014 minutes of delay per flight, outperforming the European average.
Passenger traffic exceeded 177 million, up 5% year-over-year, with international routes accounting for 121.2 million.
Despite operational growth, total revenues declined 2.9% year-over-year due to regulatory changes and negative balance adjustments.
Net profit for the period was €66.6 million, down 25.7% from the prior year, reflecting higher costs and regulatory impacts.
Outlook for 2025 remains positive, with upgraded guidance and strong operational and financial performance.
Financial highlights
Operating revenues reached €889.3 million, up 10.6% year-over-year, but consolidated total revenues were €748.4 million, down 2.9% due to regulatory effects.
EBITDA was €180.2 million (24% margin), down 19.1% year-over-year; EBIT was €103.0 million (14% margin), down 26.1%.
Free cash flow reached €197.6 million, up 51.3% year-over-year.
Net financial debt decreased to €205.3 million, down €53 million from December 2024.
Dividend of €146.2 million paid in June 2025.
Outlook and guidance
2025 outlook and upgraded guidance confirmed, with targets in line with the revised first-half forecast.
Regulatory framework for 2025–2029 (RP4) consolidated, providing tariff and performance stability.
Revenue targets for the non-regulated market expected to be achieved by year-end, supported by new commercial opportunities.
Traffic growth for 2025 expected at 6%, with 2026 forecast at 3%, in line with EUROCONTROL.
Cost control and efficiency measures to continue into 2026, with further details after budget finalization.
Balance component impact on revenues?
Punctuality bonus financial impact estimate
Non-regulated market future growth drivers
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Next ENAV earnings date
Q4 202523 Mar, 2026
ENAV
Next ENAV earnings date
Q4 202523 Mar, 2026
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Frequently asked questions
ENAV S.p.A. is an Italy-based company that specializes in air traffic control and management. It provides a range of air navigation services, including the management of national airspace and civil airports, across Italy and internationally. ENAV operates through three main sectors: Air Navigation Services, Maintenance Services, and AIM Software Solutions. The company also focuses on the technical management and maintenance of air traffic control equipment and systems, as well as the development of software solutions for the management of aeronautical information. Additionally, ENAV offers services such as air traffic flow management, communication, navigation, surveillance, digital aeronautical information management, flight procedure design and validation, among others. The company is headquartered in Rome, Italy, and its shares are listed on the Milan Stock Exchange.
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