In This Article:
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Revenue: EUR181 million in Q1 2025, down EUR13 million year-on-year.
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Free Cash Flow: Increased by 25% year-on-year, expected to be around EUR240 million for 2025.
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Service Units for Route: EUR2.2 million, up 7.4% year-on-year.
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Terminal Growth: 5.6% increase versus 2024.
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Non-Regulated Business Revenue: EUR7.1 million, up 4.2% year-on-year.
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Operating Costs: Increased by 2.8% to EUR182 million.
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EBITDA: EUR0.8 million for the quarter.
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Net Loss: EUR29.3 million, reflecting typical business seasonality.
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Net Debt: EUR223 million, down 13% from December 31, 2024.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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ENAV SpA (FRA:ENV) reported a strong start to 2025 with traffic trends exceeding planned expectations by 1.2 percentage points.
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Revenues for both regulated and non-regulated businesses recorded growth compared to the previous year.
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Free cash flow increased by 25% year-over-year, with expectations to reach EUR240 million by the end of 2025.
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The company has strong visibility on operational and financial delivery, ensuring targets for 2025 are comfortably within reach.
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The non-regulated business continued its growth trajectory with a 4.2% increase in the quarter.
Negative Points
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Revenues for the quarter were down EUR13 million year-on-year due to negative balance dynamics.
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Total operating costs increased by 2.8% compared to Q1 2024, driven by higher personnel and energy costs.
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The company reported a consolidated net loss of EUR29.3 million, attributed to typical business seasonality.
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Negative contributions from balances amounted to around EUR36 million, impacting financial results.
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The absence of balance generation in Q1 2025 was expected due to the start of a new regulatory period, affecting cash flow.
Q & A Highlights
Q: Could you share your views on traffic for the rest of 2025, considering the strong growth in Q1? A: Luca Colman, Chief Financial Officer: Traffic has grown 7.4% year-on-year and is 1.2% ahead of Euro Control estimates. April also showed a strong increase of 7.1%. We expect a significant increase in traffic during the summer, as Eurocontrol has requested our assistance due to capacity issues in neighboring countries. We anticipate this trend to continue, but a clearer picture will emerge once the summer season begins.
Q: Can you provide an update on wage negotiations and the outlook for operating expenses? A: Luca Colman, Chief Financial Officer: Wage negotiations have not yet started, but discussions are expected to begin in June or July. The current feeling is positive. Operating expenses grew by 3% year-over-year in Q1, and we expect this trajectory to continue throughout the year. We are working on remodulating parts of the staff contract to manage costs effectively.