ENAV (ENAV) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw robust en-route traffic growth of 8.6% year-on-year, exceeding plan by 4.5 percentage points, with international and overflight segments driving gains.

• Total revenues rose 8.2% to €196 million, with EBITDA turning positive at €5.1 million versus a negative €0.9 million in Q1 2025.

• Net loss narrowed to €22.8 million from €29.3 million in Q1 2025, reflecting improved operational performance and seasonality.

• The business remains vigilant regarding volatility from the Middle East conflict and potential jet fuel shortages.

• Acquisition of an 85% stake in Aiviewgroup S.r.l., a high-tech drone and AI company, completed for €9 million.

Financial highlights

• Revenues increased by 8.2% year-over-year to €196 million in Q1 2026, with non-regulated revenues up 48.2%.

• EBITDA improved to €5.1 million from a loss of €0.9 million in Q1 2025; EBIT loss narrowed to €20.5 million from €26.2 million.

• Net financial debt decreased to €99.4 million as of March 31, 2026, down €38.1 million from December 31, 2025.

• Free cash flow reached €41.4 million, up 1.5x year-on-year.

• Operating costs rose 4.9%, mainly due to a 7% increase in personnel costs from wage adjustments and overtime.

Outlook and guidance

• Free cash flow guidance for 2026 is €250 million, based on a 4.1% en-route traffic increase assumption.

• Eurocontrol's base scenario for Italy's 2026 traffic was raised to 5.1% growth, but a wide range remains due to Middle East uncertainties.

• Full-year targets for 2026 will be disclosed after the summer, pending stabilization of the geopolitical situation and new board appointment.

• Net result loss aligns with the seasonal nature of the business, indicating expected improvement in subsequent quarters.