Good afternoon, ladies and gentlemen, and welcome to the 9 months 2025 results presentation, which will be hosted by our CEO, Pasqualino Monti; and our CFO, Luca Colman. We will be providing some highlights of the period, and then the management will walk you through the operational and financial performance for 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 I hand over to Pasqualino for his opening remarks.

Thank you, Fabrizio. I will start with the key highlights of the 9 months of 2025.

The Italian airspace, mainly thanks to its efficiency level, marked another quarter of higher traffic growth compared to the rest of Europe and the peer group. In this environment of prolonged record growth, ENAV confirmed its best-in-class operating performance.

After the peak summer season, the average delay of flight stands at 0.014 minutes, almost negligible when compared with the threshold for the capacity bonus set at 0.14 minutes per flight. Financial performance continues to be solid.

Both EBITDA and free cash flow increased significantly in the quarter and are well on track to deliver full year guidance. In the non-regulated business, we have made further progress with the agreement for the implementation of our remote digital tower in Malaysia.

This agreement shows the commercial validity of our expertise and signals the potential in terms of value pool we can address in the non-regulated segment. Despite the headwind on traffic levels, our operational and financial delivery position us well on track to reach the guidance for 2025, which was updated last July.

And now I hand over to the CFO.

Thank you, Pasqualino, and good afternoon, everybody. Let's start with the traffic.

Overall, the growth remain -- the growth trend remains solid, even if a slightly lower pace versus the first half 2025. This is mainly a consequence of the slowdown in national traffic for both en-route and terminal.

Let's take a closer look at the evolution of en-route and terminal, with the en-route service unit driven by overflight and international. They are up by 5.9%, confirming the strongest performance among the main European countries included in the peer group.

Terminal grew by 3.3% versus previous year, largely driven by the positive contribution of international traffic, which accounted for almost 70% of the total and offset the impact from lower national traffic that affected mainly terminal charging zone 1. Let's move now to the economic results, starting with revenues.

Total revenues in the period reached EUR 748.4 million. Performance in the core business was solid.

En-route revenues grew by 16% year-on-year. Terminal was flat despite the impact from lower national traffic levels.

After the negative impact associated with the reversal of balance N-2 worth around EUR 79 million, net regulatory revenues were equal to EUR 10.4 million. Non-regulated business recorded revenues of EUR 22 million, down year-on-year, as the commercial activities are more skewed towards the last quarter of the year.

Balance for the period accounted for a negative EUR 29.1 million, mainly driven by the balance accrued in 2024 related to inflation, which has been reset in '25 for the start of the new regulatory period, impacting for about EUR 50 million. And then we have a negative balance of EUR 3.3 million associated with the delta between the level of cost for Eurocontrol that was included in 2024 tariff and the actual cost of the agency in 2024.

Moving to costs on Slide 5. Total operating costs reached EUR 568 million, up by 3.8%, driven mainly by the increase of personnel costs, up by 4.4%, as the growth of other costs is [ muted ] by efforts on efficiency.

Personnel costs reached EUR 467 million as a consequence of higher fixed salaries, mainly linked to the contractual inflation adjustment, and the increase of the variable component, mainly driven by the operational needs associated with the summer season. Other operating costs are up by 3.1%, mainly due to an increase in energy costs, in line with the dynamics observed in the previous quarter.

Moving on Slide 6 on EBITDA. EBITDA for the period amounted to EUR 180 million, with a remarkable 2.6x increase versus the first half of 2025.

As said, net regulated revenues contributed positively for EUR 10.4 million. Balance dynamics impacted negatively for EUR 29.1 million overall, driven by the substantial absence of positive balance generation in 2025 as the first year of the new regulatory period.

Non-regulated business contributed for a negative EUR 3.6 million, as the business is poised to deliver results in the last quarter of the year. And finally, our focus on the cost efficiency drove a reduction of costs worth around EUR 20 million.

On the back of our sound delivery, the visibility we have over the coming weeks, as well as the managerial actions we have put in place to tackle headwinds on traffic, we are confident to reach the 2025 guidance for EBITDA. Moving now to Slide 7 on the profit and loss statement.

D&A decreased by EUR 8.8 million to EUR 73.6 million as the negative impact from provisions of EUR 3.6 million. It is offset by the reduction in depreciation due to full depreciation of some assets.

Net financial expenses of EUR 6.2 million show an improvement of approximately EUR 1 million, mainly due to lower financial expenses linked with the balance actualization mechanism and lower interest rate on debt. But this effect partially offset the higher financial expenses related to the first tranche of the IEB (sic) [ EIB ] loan.

Net result amounted to EUR 66.6 million, marking a significant increase compared to first half of 2025. Let's move to cash flow and net debt on Slide 8.

Net debt for the period is equal to EUR 205 million, down by EUR 53 million or 21% versus December 31, 2024. The reduction is mainly associated with the high cash generation capabilities of the business.

Operating cash flow amounted to EUR 251.5 million, adding around EUR 155 million in the third quarter, marking a 1.3x increase versus 2024. Free cash flow for the period was equal to EUR 197.6 million, confirming the high generation -- high cash generation profile of the company and underpinning the expected level of free cash flow for the full year of EUR 240 million.

And now I hand over to the CEO for some closing remarks.

Thank you, Luca. 9 months results confirm our leadership in quality of service and the capability of the company to successfully manage the airspace in a record growth environment.

Our focus on efficiencies is visible and ensures full control and optimization of the cost. Cash generation is strong and accelerated further in the third quarter, bringing us closer to the expected level for the full year of EUR 240 million free cash flow.

On the basis of the visibility we have on the rest of the year, as well as the managerial actions we are putting in place, we are fully on track to meet the guidance range that we have upgraded last July despite the headwinds on traffic experienced in the last 2 months. Thank you.

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

Thank you. Thank you, Pasqualino.

Thank you, Luca. Operator, if you could please open up the line for those that want to ask questions, we are here.

Two from my side. First, a clarification related to the punctuality performance bonus.

Pasqualino, you've mentioned in the press release that you're very confident you will obtain this bonus by year-end. And if I recall correctly, in July, you mentioned that it would have an impact of EUR 30 million.

Could you please clarify if those EUR 30 million were already included in July's EBITDA guidance or if they will be on top? And second, related to traffic, Q3 has been weaker than expected, and you've passed from being 1% ahead of your estimates as of H1 to broadly in line by the end of September.

Could you please comment a bit more about the moving parts of this and the performance and your expectations for the rest of the year?

Thank you, Carlos. Just give us a second, we'll be there with you.

Yes, Carlos, for what concerned the bonus, yes, that was already in the guidance, the EUR 30 million were already in the guidance. Upgrade, actually.

So yes, the answer is yes. For the second point, we have seen in September, the whole September, a slowdown of national traffic, there will be a slowdown of the national traffic.

But we are waiting for October data just to see what could be the real effect. But at the moment, we are quite confident to reach for en-route, the margin, the target that we have given.

So the 6.2 for us is not increase of traffic versus '24 at the moment is still confirming.

The first one is maybe a little bit of color of what you expect in 2026 on the cost side since you've been very confident on the evolution until now. So maybe if you can provide some color on what is the growth of your cost base you expect in the next year?

And linked to this, if I remember correctly, you mentioned that you expect to hire 400 new people, new controllers. So when these hirings are going to take place, just to know how to model them, whether in 2026 or even beyond?

And the second one on M&A. Again, if I remember correctly, recently -- a few months ago, you mentioned some M&A coming potentially in the second half of 2025 in the non-regulated business.

So any update on this?

Thank you. Thank you, Aleksandra.

Okay, Aleksandra. So for what concerned the first question about the cost evolution, 2026.

Now we are in the phase of budgeting, so we are finalizing our budget. I can anticipate that we are fully under control, the cost level.

So what we are trying to do is not only to push on the cost efficiency in 2025, but also the forward-looking in 2026 will be, I would say, quite good and quite aggressive. But you should wait, see a couple of months.

We'll give you more detail for sure when we present the full year in March 2025 full year, we will give probably some other information in the further month as we will close the budget process. For what concerned the assumption -- sorry, the hiring people in the budget, in the future budget, still, we are looking -- we're checking what is in the field.

In the business plan, we had already a number, it's around 86 people, technical actually, and controllers. But it's something that we will finalize in the budget in the next weeks.

If I may just add one thing, we're always take in consideration when we get people inside, most of the time with people that go on retirement. And people who go through retirement who can -- has a quite higher salary.

So the net impact as we are seeing this month actually is positive. So don't look only the number of people coming, the new hiring, but just the total.

So should wait a couple of weeks to have a full picture and a full impact of this double effect to measure then the real impact of the hiring of new people.

On M&A, we are progressing well in the discussion with 2 targets in the drones business. We are aiming to get approval from the Board on the transactions by year-end.

Two questions from my side, the first one regards the full year '25 guidance. So you are reiterating the range updated in July.

So I was wondering whether with the lower traffic growth in the last few months, you are now looking at the lower end of this guidance range? And related to the traffic prospect, Eurocontrol, on the October update release weaker growth for this year and also on 2026.

So I was wondering how do you see traffic evolving next year? And the other question regards the contract you signed with the -- in Malaysia.

I'd like to know if you could provide us with more details on this contract in the remote control tower in terms of revenue stream that we should expect this year or maybe starting from 2026.

Thank you, Luca.

Okay. So for what concerned the first question, yes, the traffic is a bit lower, as you said before.

We see that in our guidance for that. We are pushing the cost, actually, so we are in part of the range of the traffic.

But on the other side, we are pushing a lot on the cost savings. So we probably may overperform on that area.

So still, the EBITDA impact could be, at the moment, even neutral of the lower traffic. So let's wait a couple of months to understand how the traffic will go also in October, November and December.

But we have a good level on costs, good optionalities on cost side that we are looking at and managing. For what concerned the traffic, Eurocontrol, yes, as said 5.6% there for en-route.

At the moment, as you know, we have 5.9% as year-to-date. We believe that by the end of the year, maybe Eurocontrol would have been a little bit to -- with a -- looking for the English name -- a little bit too prudential, conservative.

So at the moment, as I said, 5.9% is year-to-date. A range around 6 to 6 point something, that could be in the -- I mean, at the moment, what we have in our mind.

Let's see what will be October, November, December in terms of traffic volume, and we can be more precise. 2026, at the moment, I don't know if that was part of the question.

We see confirmed, the 3% that is more or less the one that Eurocontrol also have shown. So we don't see a particular impact in the next year at the moment.

On digital tower in Malaysia, the project has been kicked off at the beginning of November and will have a duration of 4 years. The contract is worth around EUR 5.1 million for us.

Out of this amount, cash-in will happen in 2026 and 2027 for more than 95% of the total, and the remaining portion will be split equally between 2028 and 2029.

Okay. So if there are no questions, I think we can close up the call.

So thanks for everybody who have attended the call. Thanks to our CEO and CFO, and have a great day.