Thank you, operator. Good afternoon, ladies and gentlemen, and welcome to the first half 2025 results presentation.

The presentation will be hosted by our CEO, Pasqualino Monti; and our CFO, Luca Colman. In the presentation, we will provide some highlights of the period, and then we will walk you through the operational and financial performance of the group.

Following the presentation, we will have the usual Q&A session. Before we start, let me remind you that media can be connected to both the presentation and the Q&A session.

Thank you. And now let me hand over to Pasqualino.

Thank you, Fabrizio. I will start with the key highlights of the first semester of 2025.

Traffic remained strong also in the second quarter. En-route service units for the first half are up by 7.3% year-on-year, around 1.1 percentage points above planned forecast.

Business performance was solid, mainly driven by the core regulated business, which recorded net regulated revenues up by more than 2x versus the first quarter, driven by the recurring seasonality of the business. The group continued to deliver on cash generation.

Free cash flow reached EUR 53.5 million, marking a twofold increase versus both previous year and the first quarter of 2025. In light of the performance achieved so far, the visibility on future deployment for both the regulated and the nonregulated businesses and most importantly, the managerial actions to drive efficiency, we can raise the guidance for 2025.

Let's take a closer look to the new guidance for 2025. Last April, we shared with you the path to deliver a stronger ENAV in 2029.

Based on the delivery achieved so far and on the visibility we have for the next 6 months, we can today upgrade our targets for 2025. Revenues, EBITDA and net income will be driven up by traffic trend ahead of planned projections.

The excellent operating performance, which enable us to manage record levels of traffic with almost 0 delay. And finally, the focus on cost efficiencies.

The new targets have been defined as a range. There are multiple variables at play, and we will monitor the evolution of the key drivers in the coming weeks and months.

Luca will elaborate on this later on. And now I hand over to the CFO for the financial highlights.

Thank you, Pasqualino, and good afternoon to everybody. Let's start by deep diving on traffic.

As mentioned by our CEO, traffic performance was very strong in the first half, confirming the growth trajectory observed in the first quarter of the year. En-route service units up by 7.3%, recording the strongest performance amongst the main European countries included in the peer group.

As said, this level is currently ahead of the growth embedded in our business plan by 1.1 percentage point. Terminal grew by 4.4% versus the previous year, mainly driven by international flights, which accounted for almost 70% of the total.

As we enter the third quarter of the year, the record growth experienced in the semester position us optimally toward year-end. Total revenues reached EUR 447 million in the first half of 2025, down by approximately EUR 14 million versus previous year as the solid operating performance is offset by dynamics on balances.

Core business was strong, mainly driven by en-route with revenues up by 17% year-on-year, offsetting the negative impact associated with the reversal balance N-2, worth almost EUR 47 million. Let me remind you that balance N-2 reversal is a cash item for the year, but is neutral at the revenues level.

As a result of the strong performance in the core business, net regulated revenues recorded a positive result of EUR 11.7 million, up by 2.2x versus the first quarter of 2025. Revenues for the nonregulated business were stable as the commercial activity for the year is more tilted towards the second half of the year, in line with historical trend for this segment.

Balance for the period accounted for a negative EUR 25.9 million, mainly driven by the balance accrued in 2024 related to inflation, which has been reset in 2025 for the start of the new regulatory period, impacting for minus EUR 26 million. The impact of the balance associated with the cost recovery scheme for Terminal Zone 3 accrued in 2024 that was for EUR 4.3 million, which is expected to be reabsorbed as the seasonality of the business is set to generate positive returns for airports under the pro forma charges on Zone 3.

Lastly, the negative balance worth around EUR 3.3 million associated with the delta between the level of cost of Eurocontrol included in 2024 tariff and the actual cost of the agency in 2024. Moving to costs on Slide 6.

Total operating costs reached EUR 378 million, up by 4.5% versus previous year, driven by the increase of both personnel and operating costs. Personnel cost is up by 4.5%, mainly driven by the increase in fixed salary, mainly driven by a contractual salary inflation adjustment that was active from July 2024 and the increase of the variable component associated with the growth of traffic volume.

Other operating costs, as already experienced in the first quarter, are up mainly due to an increase in energy costs. EBITDA came into EUR 68.8 million as a result of a solid operational performance in a growing traffic environment.

The robust operating performance is highlighted by the increase in net regulated revenues, which at EUR 11.7 million mark at a 2.2x increase versus Q1 2025. As already commented, in the first quarter, the result is impacted by balanced dynamics and in particular, the absence of positive balance generation in first half 2025, which is the first year of the new regulatory period before -- it is worth to highlight that in the second quarter, we recorded a negative balance of EUR 3.3 million associated to the variation of Eurocontrol costs for 2024.

The impact stemming from the change in terminal zones that decreased from Q1 2025 and will rebalance mainly in the third quarter, in line with the seasonality of the business. Based on this result and on the visibility that we have for the second semester, we have upgraded our EBITDA guidance for 2025.

Let's take a closer look to the key drivers of EBITDA guidance upgrade. The revision of our guidance for 2025 is predicated on operating performance and managerial actions.

Here are some main drivers. Higher traffic volume ahead of expectations.

The first semester 1.1 percentage points higher than the figures included in the performance plan. For year-end, we believe that the traffic growth will land in a 7% area.

Let me remind you that our plan assumes 6.2% growth in 2025 and then 1 percentage of the incremental growth corresponds to around EUR 6.5 million in additional revenues. The second point is the quality of service.

On the basis of the current levels of punctuality, we are extremely confident to obtain the full performance bonus, which is worth around EUR 13 million for en-route. And then focus on efficiency.

Overall costs in the first 6 months increased by 4.5% year-on-year. And based on the projected efforts to handle traffic -- higher traffic, we see the increase on a full year basis to reach around 7% versus the 8.8% embed in the strategic plan.

These operational tailwinds will allow us to offset the negative impact of a delta balance related to 2024, not embedded in the plan and worth roughly EUR 6.5 million. like the one associated with the Eurocontrol costs described earlier and another potential regulatory adjustment currently under discussion with the regulator.

All the above and in light of the potential range in outcome for each of the variables bring us to a new range of EBITDA guidance for 2025 between EUR 245 million and EUR 253 million. Let's now move to the profit and loss.

D&A decreased by EUR 8.2 million to EUR 49 million as the negative impact from provisions of EUR 2.5 million is offset by the reduction in depreciation due to the full depreciation of some assets. Net financial expenses at EUR 4.5 million remained broadly stable versus previous year.

Net result was equal to EUR 7 million, up from minus EUR 29.3 million in Q1 '25, in line with the business seasonality. Now let's move to the cash flow and net debt on Slide 10.

Net debt for the period is equal to EUR 350 million, up by 35% versus December 31, 2024. The increase is mainly associated with inflow of EUR 96.2 million, up by EUR 29.4 million, cash CapEx of EUR 42.7 million and the payment of dividend in June '25 for EUR 146.2 million.

Free cash flow for the period at EUR 53.5 million shows a significant increase, nearly doubling year-on-year and versus Q1 '25, confirming the solid cash generation of the company. And now I hand over to the CEO for the -- for some closing remarks.

Thank you, Luca. We are managing record levels of traffic volume in Italy, ensuring an operating performance that position us as the most efficient service provider in Europe.

The leading operating performance is coupled with a focus on efficiency, which allowed us to identify opportunities to improve our cost curve already in 2025. Cash flow generation continues to be strong, a priority for our strategy and the level of delivery achieved so far and the visibility on the next 6 months are the basis for the upgrade of the 2025 targets.

And now let's open the Q&A session.

Hi, Pasqualino. Hi, Luca.

Thank you for the presentation and for taking my questions. Two quick ones from my side.

You're upgrading your 2025 EBITDA guidance by EUR 20 million to EUR 28 million due to better-than-expected traffic, cost efficiencies, et cetera. So can you confirm if it's fair to assume that something similar could be expected for your 2029 target of EUR 361 million in EBITDA by 2029?

And one additional question is related to this one. I think you've mentioned, Luca, that 100% of the bonus is around EUR 13 million.

Then that EUR 13 million in bonus plus a maximum increase of EUR 13 million in revenue from EUR 1,015 million to EUR 1,028 million is already EUR 26 million higher EBITDA. So the high end increase in EBITDA is EUR 28 million.

So you expect maximum EUR 2 million in cost efficiencies?

Thank you, Carlos. Give us a second, then we'll come back with the answers.

Thank you. Thank you for your patience.

Okay. Sorry for what concerns the first question about the EBITDA in the future, we believe that this strong increase that we are having now and our capability to get the bonus will probably continue also in the future.

So let's wait the end of the year, but we believe that could be a very positive ground to have a better, I mean, forecast also for the future. So we are not updating now our forecast for -- I'm sorry, our guidance 2029, but we believe that in the future, that will be definitely positive.

For what concerns the guidance, let me come back to some number. We believe that the traffic impact is 1%, it will be more or less, say, EUR 6.5 million increase of revenue if it will be confirmed by end of the year.

The bonus is around EUR 13 million. And then you should consider a delta balance, we say a negative balance coming from the 2024 adjustment that should be around EUR 6.5 million.

So this is a negative adjustment, so, to be taken out. And then so if you consider our EBITDA guidance, you should consider probably a cost performance efficiency that will be around EUR 13 million to add to the revenue impact.

So if you put all these 4 figures together, you will land to the guidance that we have given.

Very clear.

Hi, Luca. Hi, Pasqualino.

Thanks very much for the presentation and for taking the time to answer my questions. Three from me.

First one, please, can you provide an update on the wage negotiations with the union? Has there been any progress there or anything incremental?

Secondly, can you talk a bit about the phasing of the nonregulated contracts? I mean, looking at this year and the performance so far, we've seen broadly flat revenues in 1H, which assuming the EUR 52 million target for 2025 would hold, it would imply around a 10% growth in 2H.

Does this still hold? And can you talk about the phasing of these contracts in 2H?

And I guess, what to expect midterm, both from the existing operations as well as potential M&A, how that will be phased? And then thirdly, could you just remind us the COVID balance?

How much is left to pay for both the terminal and the en-route? And how is this expected to be phased and over what period?

Thank you, Amal. As usual, just a few seconds of patience, and we will be back with you.

We are back. Thank you.

Thank you, Amal. We will take the questions -- sorry, we will go with the answers right now.

Okay. Going with the LIBOR contract, the question there is no formal deadline, as you know, for the renewal of the LIBOR contract.

The negotiation, actually, we expect to end within the end of this year and the beginning of next year. I say we don't see any particular pressure or issue at the moment.

The relationship is very good, no strike. So we believe that at the moment, no issue is -- there is no issue.

Pasqualino, maybe you want to answer to the second one.

Yes. Yes.

So on the nonregulated business, commercial efforts are more in the second half of the year. The same dynamic happened also last year.

So the target is confirmed. After a record 2024, we set a consistent path to 2029, which included moderate growth in 2025 based only on organic deployment and taking into account also the necessary hirings, which are going to be fundamental to support the projected revenue growth for the coming years.

Okay. For what concerned the #3 question, the balance of traffic balance, the COVID traffic balance.

I mean the total amount, I don't have all the figure here with us, but the total amount was EUR 550 million still to cash in from business plan period. So from 2025 through 2029, we will -- we are planning to finish all the collecting by 2027.

So we still have '25, '26 and part in 2027 as we are collecting from 2023. Say that, so you should divide this 50-50 between these, let me say, 3 years, '25, '26 and '27.

Is that enough detail or you need more?

Thank you. That's very clear.

Thanks.

Okay.

You should consider the other balances, inflation balance and all other balances that we will cash in the next years.

I just wanted to ask if we could have more color on the OpEx savings that are driving for this full year '25 guidance improvement. I mean, half of the improvement at EBITDA level comes from cost savings.

So I just wanted to understand what is working better considering that the guidance was provided only 4 months ago. Second question on the performance bonus.

If I understand correctly, EUR 13 million this year, if we assume that this is confirmed also for the rest of the regulatory period, that should be EUR 65 million in total, which would bring the 2029 EBITDA to, I mean, the target above EUR 420 million. So is it a reasonable assumption?

And maybe an update on the M&A strategy in the nonregulated business. It looked like the closing of a deal back in April was imminent, but we haven't seen anything so far.

So I'm wondering if anything is happening on this front.

Thank you. Thank you, Nicolo.

Just again, a couple of secs on our end. Thank you.

Thank you. Thank you.

Okay. For what concern costs, just consider that the costs that we have presented are the one we have just negotiated with the regulator a couple of months before.

So the one we have presented in 2025. So that the day after having the business plan approved, what we did, we just work on how to reduce our cost.

Let me say the more the impact that we expect to have, it will be more on external costs other than personnel staff costs. So what we are optimizing is all costs around.

So from the review of internal procedures and the process to more practical solution like a higher share of purchasing made through tenders. We are doing tenders to every purchasing.

And this will allow us to optimize costs on several supplies. So we are just right.

We are tackling cost -- all the costs of the company. As you can imagine, as the traffic is increasing, it will be more difficult with the personnel costs, but for us much easier with all the other external costs.

For what concern instead the performance bonus, you should consider this is always 2% of the -- it is more or less EUR 13 million. That is going to increase in the future because this is 2% of the cost base presented in the performance plan for each year.

So as -- actually, the revenue will increase, the cost is increasing also year after year, this will slightly increase year after year. This -- you shouldn't add this year after year because it just -- every year is EUR 13 million or whatever is the value.

So we will consider at the beginning of each year if and we are going to get the target 100% other than it depends on the traffic, it depends on several things. So now we are quite confident.

I mean, we are definitely confident in 2025, and we believe that we can get also for the next year. From M&A...

On M&A, we expect to have a material progress after the summer break.

Yes. No, actually, there is a final question that we received offline.

And the question is essentially linking the upgrade into the guidance with what the company intends to do with the dividend.

Yes. As said during the strategic plan presentation, shareholder remuneration is one of our priorities.

But first, let us work on 2025 because there are many variables at play. Once we will have full visibility on the landing point for the year, we'll consider -- we are clearly open to consider how the incremental result can contribute to shareholder remuneration.

So thank you, Pasqualino. Thank you, Luca.

That concludes our earnings call. As always, the IR team is available for any questions or follow-ups that might be necessary.

Thank you.