Consolidated Half Year Financial Report at June 30, 2026

Aeroporto Guglielmo Marconi di Bologna S.p.A.

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Consolidated Half-Year Financial Report Aeroporto Guglielmo Marconi di Bologna Group At June 30, 2026

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 3 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Contents Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A. ........................................ 4 Board of Directors ................................................................................................................................................................. 4 Board of Statutory Auditors ................................................................................................................................................ 5 Auditing Firm ............................................................................................................................................................................ 5 Directors’ Report of the Aeroporto Guglielmo Marconi di Bologna Spa Group at June 30, 2026.................... 6 Consolidated Half-Year Financial Statements for the period ended June 30, 2026 ............................................. 42 Statement of Consolidated Financial Position .............................................................................................. 43 Consolidated Income Statement ...................................................................................................................... 44 Consolidated Statement of Comprehensive Income .................................................................................. 45 Consolidated Cash Flow Statement ................................................................................................................ 46 Statement of changes in Consolidated Shareholders’ Equity ................................................................... 47 Notes to the consolidated financial statements ............................................................................................................ 48 Declaration on the condensed consolidated financial statements as per Article 154- bis, paragraph 5, CFA 96 Limited audit report ........................................................................................................................................................ ….97

General disclosures

Aeroporto Guglielmo Marconi di Bologna S.p.A. 4 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Aeroporto Guglielmo Marconi di Bologna Spa Via Triumvirato, 84 - 40132 Bologna Italy Bologna Company Registration Office, Tax and VAT No.: 03145140376 Bologna Economic and Administrative Register No.: 268716 Share capital: Euro 90,314,162.00 fully paid-in

Introduction

The Consolidated Half-Year Financial Report at June 30, 2026 (hereafter also the “Half-Year Report”) was drawn up as per Legislative Decree No. 58/1998 and subsequent amendments, in addition to Consob’s Issuers’ Regulation. The Half-Year Report comprises the Directors’ Report, which presents the Directors’ observations on the operating performance and the business outlook in the first half of 2026, and the Condensed Consolidated Half-Year Financial Statements.

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A.

According to the Shareholder Register and the notices received pursuant to Article 120 of Legislative Decree No.

58/98, the shareholders of the Parent Company Aeroporto Guglielmo Marconi di Bologna Spa (hereafter also the “Parent Company” or “AdB”), with holdings of more than 5% were as follows at June 30, 2026:

SHAREHOLDER % Held

BOLOGNA CHAMBER OF COMMERCE 44.06%

MUNDYS S.P.A. (EDIZIONE S.R.L.) 29.4%

MODENA CHAMBER OF COMMERCE 5.80%

The following have been considered in presenting the Parent Company's ownership structure:

- Interests held by the party reporting the holding, or by the party at the head of the chain of control of

the holding

- Interests deriving from notices submitted by shareholders or notices relating to significant shareholdings pursuant to Article 152 of the CONSOB Issuers’ Regulation.

Board of Directors The Shareholders’ Meeting of April 29, 2025, the approval date of the financial statements as at December 31, 2024, appointed the new Board of Directors in office until the approval date of the financial statements as at December 31,

2027, comprising:

Name Office

Enrico Postacchini Chairperson Nazareno Ventola Director (*) (**) Monica Biccari Director (A) Annarita Bove Director Claudia Bugno Director (B) Giada Grandi Director (C) Francesco Minnetti Director Carlo Schiavone Director Valerio Veronesi Director

(*) confirmed Chief Executive Officer by the Board of Directors on May 15, 2025.

(**) continues as General Manager. He has also been appointed as Director responsible for the Internal Control and Risk Management System.

(A) Chairperson of the Control, Risks and Sustainability Committee and member of the Remuneration Committee. (B) Chairperson of the Remuneration Committee and member of the Control, Risks and Sustainability Committee.

(C) Member of the Remuneration Committee and of the Control, Risks and Sustainability Committee.

General disclosures

Aeroporto Guglielmo Marconi di Bologna S.p.A. 5 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Board of Statutory Auditors As per Article 25 of the By-Laws, at the reporting date, the Board of Statutory Auditors consists of three Statutory Auditors and two Alternate Auditors. The Board of Statutory Auditors in office was appointed by the Shareholders' Meeting of April 29, 2025 (on the basis of the slate voting by-law provisions) and shall remain in office until the date of the Shareholders' Meeting called to approve the financial statements as at December 31, 2027. Therefore, the current Board of Statutory Auditors of the Company is now composed as follows:

Name Office

Andrea Alessandri Chairperson Olivo Vittorio Calselli Statutory Auditor Annalisa Ghelfi Statutory Auditor Federica Nannucci Alternate Auditor Andrea Collalti Alternate Auditor

Auditing Firm

Pricewaterhousecoopers SpA was appointed as the auditing firm by the Shareholders’ Meeting of April 23, 2024 for the financial years 2024-2032.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 6 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Directors’ Report of the Aeroporto Guglielmo Marconi di Bologna Spa Group at June 30, 2026

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 7 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Contents

1 STRATEGIES AND RESULTS ...................................................................................................................................... 11

1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND

POSITIONING .......................................................................................................................................................................... 11 1.2 THE STRATEGIC OBJECTIVES ............................................................................................................................................. 12 1.3 SHARE PERFORMANCE ......................................................................................................................................................... 13 2 KEY OPERATING RESULTS ANALYSIS .................................................................................................................. 15 2.1 AVIATION STRATEGIC BUSINESS UNIT ......................................................................................................................... 15 2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA ............................................................................... 15 2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS ........................................................... 19 2.2 NON-AVIATION STRATEGIC BUSINESS UNIT ............................................................................................................ 20

2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS ............................................... 20

3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS .................. 21

3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS ................................................................................................. 21 3.2 CASH FLOW ANALYSIS ......................................................................................................................................................... 24 3.3 FINANCIAL POSITION ANALYSIS ..................................................................................................................................... 26 3.4 AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS .................................................................. 27 3.4.1 AIRPORT INFRASTRUCTURE DEVELOPMENT ...................................................................................................... 27 3.4.2 INVESTMENTS .................................................................................................................................................................... 27 3.5 PERSONNEL ............................................................................................................................................................................... 28 3.6 KEY INFORMATION ON THE SUBSIDIARIES’ PERFORMANCES ........................................................................... 29 4 MAIN NON-FINANCIAL RESULTS ANALYSIS .................................................................................................... 30 4.1 SUSTAINABILITY ...................................................................................................................................................................... 30 4.2 QUALITY ..................................................................................................................................................................................... 31 5 REGULATORY FRAMEWORK .................................................................................................................................. 32 6 DISPUTES ......................................................................................................................................................................... 35 7 PRINCIPAL RISKS AND UNCERTAINTIES............................................................................................................ 35 8 ALTERNATIVE PERFORMANCE INDICATORS .................................................................................................. 39 9 GUARANTEES PROVIDED ......................................................................................................................................... 40 10 OPT-OUT REGIMES ...................................................................................................................................................... 40 11 SUBSEQUENT EVENTS AND BUSINESS OUTLOOK ....................................................................................... 40

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 8 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. INTRODUCTION

Dear Shareholders,

this report, accompanying the Condensed Consolidated Half-

Year Financial Statements of the Aeroporto Guglielmo Marconi di Bologna Group (hereinafter also the “Aeroporto Group” or “Aeroporto”) for the six months ended June 30, 2026, in presenting the Group's performance indirectly analyses also the performance of the Parent Company, Aeroporto Guglielmo Marconi di Bologna Spa., the holder of the concession for the full management of Bologna Airport, i.e. Full Management Concession No. 98 of July 12, 2004 and subsequent Additional Deeds, approved by Decree of the Ministry of Transport and Infrastructure and of the Economy and Finance of March 15, 2006, with the concession expiring in December 2046.

The Group's structure at June 30, 2026 and a brief description of the type and businesses of its subsidiaries is presented

below:

- Tag Bologna S.r.l. (hereinafter also “TAG”), formed in 2001 and operational since 2008, following the completion and opening of the General Aviation Terminal and hangar. In addition to managing the above infrastructure at Bologna airport, the company operates as a handler in the General Aviation sector. The Parent Company on October 2, 2018, taking the opportunity to better control the dedicated airside flight infrastructure, acquired 49% of TAG to gain full ownership;

- Fast Freight Marconi Spa (hereinafter also “FFM”), formed in 2008 by the former subsidiary Marconi Handling S.r.l. (GH Bologna Spa with effect from April 1, 2017), following the contribution of a cargo and mail handling business unit based out of Bologna airport. The Parent Company acquired a 100% interest in FFM in 2009.

The amounts in the tables in this Directors’ Report are in thousands of Euro, whereas those in the comments are in millions of Euro, unless otherwise indicated. The data is from internal Parent Company sources unless otherwise indicated.

Business Description

Airport business may be divided into aviation and non-aviation activities. Aviation activities primarily consist of managing, maintaining and developing airports, which also includes security checks and surveillance, as well as aviation services for passengers, other users and airport operators and marketing activities to develop passenger and cargo traffic.

Non-aviation activities primarily consist of developing airport real estate and commercial potential. Based on the nature of operations, the Group manages the airport through the following Strategic Business Units

(SBU’s):

- Aviation Strategic Business Unit

- Non-Aviation Strategic Business Unit.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 9 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Aviation SBU The Aviation SBU's main activities involve managing and developing airport infrastructure and in particular of:

- providing customers and operators with efficient access to all infrastructure, both land side (terminal, baggage sorting, car parking, traffic and cargo storage) and air side (aircraft runways and aprons);

- providing security services and services for passengers with reduced mobility (PRM’s);

- informing the public and airport users;

- developing, revamping and expanding airport infrastructure, including installations and equipment, ensuring compliance with applicable legislation.

Consideration for such services takes the form of airport charges of the following types paid by airlines, airport operators and passengers, which the managing company collects from the carriers and the airport operators:

- passenger service fees: these fees are due for the use of infrastructure, installations and common areas required for passenger boarding, disembarkation and hospitality and are based on the number of departing passengers, as well as whether they are bound for destinations within or outside the EU, with reductions for minors;

- take-off and landing fees: these fees are due for all aircraft that take off and land and are calculated on the basis of the aircraft's maximum authorised weight at take-off and the type of flight (commercial or general aviation);

- aircraft parking fees, calculated according to maximum weight at take-off and the duration of stay;

- cargo fees based on the weight of the cargo carried by

aircraft;

- refuelling fees, assessed per cubic metre of fuel supplied to aircraft.

The Aviation SBU's other major revenue sources are:

- departing passenger security fees: these fees are due for providing security check services, including the personnel and equipment used by the manager to provide this

service;

- checked baggage security fees: these fees are due for the equipment and personnel responsible for performing such

checks;

- PRM fees: they include the fees paid for services for passengers with reduced mobility and are based on the number of departing passengers (PRM and otherwise);

- fees for the exclusive use of premises: they include fees for using airport infrastructure dedicated to individual carriers or operators (check-in desks, offices, operating premises), calculated according to the duration of use, floor area and/or location and type of the premises used;

- centralised infrastructure fees: these fees refer solely to aircraft de-icing services and are based on the number of

winter flights;

1 The number of retail locations does not include ATMs (4 during the period) - cargo handling and general aviation fees and fees due for the related activities such as customs clearance and refuelling.

Non-Aviation SBU

The Non-Aviation SBU’s main activities relate to parking management, retail sub-concessions, advertising, services for passengers and real estate management.

Parking

Bologna airport's directly operated parking areas are concentrated in three parking areas: the first close to the terminal, the second close to the airport grounds and the third located approximately 1.5KM away. The overall average availability of paid parking spaces over the reporting period was approximately 3,900. This availability was temporarily reduced due to redevelopment work on some parking areas during the period, which has now concluded. To improve passenger service quality and gradually expand overall capacity, a project to build the new P6 Smart multi-storey car park began in the summer of 2025. The first block opened to the public in July 2025, providing more than 1,000 additional parking spaces across eight levels covering approximately 3,300 square metres each. In September 2025, construction work also began on the second parking block, which will further expand the overall offering. It will be open to the public in Autumn 2026.

Retail

Bologna airport’s retail offerings include internationally recognised brands and iconic brands/labels with local ties, offering a unique and distinctive shopping experience. The shopping area - which has been affected by modernisation works in the Schengen area that began in 2023 - covers an area of more than 4,800 square metres. Since work was completed at the end of March, it has offered a total of 34 stores1 to the public.

Advertising

Advertising is managed using digital and large-format back-lit displays located in areas of the terminal's interior and exterior where the advertisements are highly visible. Campaigns involving the personalisation of particular areas or furnishings located in the airport are sometimes conducted.

Passenger services

Passenger services include a business lounge. The area is managed by a qualified hospitality and premium services management company (Prima Vista Lounges - a brand of the

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 10 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Aviapartner Group, which is dedicated exclusively to the management of premium services), which seeks to guarantee high quality in the services offered. Thanks to the privacy and comfort it offers, the lounge is mainly used by business passengers flying with the main airlines. The “You First” service provides arriving and departing passengers with access to exclusive services such as check-in and baggage collection assistance, porterage, gate assistance and priority boarding.

Among the other services offered to passengers is car hire:

10 rental companies offer a total of 17 specialised brands, with a total of 520 vehicle spaces available for their fleets.

Real Estate

Real estate activity is divided into two general areas: sub-

concession revenues for aviation-related commercial activities, above all express couriers, and sub-concession revenues for handling services, which are subject to regulated tariffs.

The total commercial premises under sub-concession extend to over 100,000 square metres, of which over 75,000 square metres of offices, warehouses, technical service areas and hangars and approximately 30,000 square metres of outdoor space used for parking operating vehicles, manoeuvring in loading and loading areas and aircraft refuelling vehicle areas.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 11 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 1 STRATEGIES AND RESULTS

1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI

AIRPORT OVERVIEW AND POSITIONING

The situation in the Middle East remains highly uncertain.

Against this backdrop, economic activity in the United States remains buoyed by AI-related technology spend and private consumption, despite increased cost pressures and a decline in consumer confidence. Exports continue to drive Chinese growth, while domestic demand remains weak. Global trade therefore grew at a faster-than-expected pace in Q1, driven by demand for AI-related goods, with a slowdown expected in the second half of the year, impacted by the supply chain disruptions caused by the conflict in the Middle East.

Uncertainty regarding the content, timing and implementation of an agreement between the United States and Iran continues to weigh on the outlook for global growth and international trade.

In the first three months of 2026, Eurozone GDP - excluding the sharp decline in Ireland - grew at a similar pace to the preceding quarters. Among the region’s major economies, GDP continued to rise sharply in Spain, driven by domestic demand. Growth also continued in Germany, driven by public consumption, while in France, GDP declined slightly due to a drop in net foreign demand.

Italy's gross domestic product grew in the initial months of the year. Economic output in Q1 rose 0.3%, mainly due to a sharp increase in goods and services exports. The positive momentum stemming from the digital and energy transitions and from projects funded by the National Recovery and Resilience Plan would have been partially offset by increased uncertainty and rising prices for energy and production inputs linked to tensions in the Middle East. According to the Bank of Italy’s macroeconomic projections released in early June, GDP is expected to grow, according to the baseline scenario, by 0.5% in 2026, 0.4% in 2027 and 0.9% in 2028. The resumption of the conflict between the United States and Iran has once again triggered oil and natural gas price increases, following the announcement in mid-June of a memorandum of understanding that had helped ease market tensions.

Looking ahead, energy commodity and financial market developments will be shaped by trade flows and the restoration of energy infrastructure in the Persian Gulf region.

In the second week of July, crude oil prices hovered around USD 75 per barrel, down sharply from their April highs, although still above pre-conflict levels. Prices rose further in the third week, recouping much of the drop that followed the memorandum of understanding. The decline in oil supplies from the Gulf has been offset by falling demand, increased exports from the United States and the drawing down of inventories. Gas prices remain high. The European benchmark price for natural gas remains significantly higher than the same period in the previous year, driven by the need to replenish inventories, which are currently at historically low levels. The outlook for supply from the Middle East continues to be affected by damage to certain infrastructure in the region. Among the major economies, rising energy prices are driving inflation. Inflation has diverged among the various countries, reflecting not only the varying degrees of dependence on foreign energy, but also of market structures and supportive fiscal measures.

Inflation has risen in Europe. During the spring months, the year-over-year movement in the consumer price index rose to 3.0%, driven primarily by the energy component. The growth in core prices - which excludes food and energy - rose slightly, driven by higher inflation for non-energy industrial goods. Among the most volatile components, inflation for energy goods rose, driven mainly by higher fuel prices, while food goods inflation fell. In June, the decline in oil prices brought down energy inflation and overall inflation from the highs reached in the previous month. (Source: Economic Bulletin, Bank of Italy, July 2026).

Against this backdrop, the IATA (International Air Transport Association) reports that passenger traffic remained essentially stable on H1 2025 (+0.6%), while seat capacity declined slightly (-0.4%), resulting in a positive (although modest) impact on the overall load factor. The contraction stems from domestic traffic (-3.0% compared to the same month in 2025), while international traffic saw a more contained decline (-0.9% compared to June 2025), reflecting the highly adverse geopolitical environment in the Middle East. Global cargo traffic in the first half of the year and on a monthly basis remains resilient and confirms sustained growth (+4.9%), despite the current macroeconomic uncertainty (Source: IATA, Air Passenger and Air Freight Market Analysis, June 2026).

European passenger traffic in H1 2026 was up 2.6% on the previous year. Cargo traffic was stable on the first six months of the previous year (+0.7%), reflecting the general uncertainties regarding the current macroeconomic and geopolitical variables ( Source: ACI Europe, June 2026).

Italian passenger traffic continued to grow strongly on the same period of the previous year (+4.9%), benefiting from the summer flights schedule and the seasonality of demand.

Growth continues to be driven by international traffic (+6.5%), while domestic traffic however continued to grow (+1.5%) on the first half of the previous year (Source:

Assaeroporti e Aeroporti 2030, June 2026 ).

With a greater focus on the geographic area which AdB serves through its domestic and international connectivity services for people and businesses (”catchment area”), we highlight the increased number of passengers in H1 2026 compared to the previous year (+5.7%), with significant differences among airports. The month of June saw an improvement on the previous year, up 5.0% on 2025 (Source: Assaeroporti e Aeroporti 2030, June 2026 ).

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 12 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Bologna Airport reports growth in H1 2026 over 2025 (+3.6%). Domestic and international traffic grew at similar rates (+4.0% and +3.4% respectively), maintaining a stable impact on the overall volume. In H1 2026, Bologna Airport ranked fourth in Italy by number of passengers and third by cargo volume transported ( Source: Assaeroporti e Aeroporti 2030, June 2026).

1.2 THE STRATEGIC OBJECTIVES

The Group’s strategic objectives which underlie the development of all operations are outlined below.

“Connect”

The Group seeks to maintain a varied range of flight offerings suited to various types of users by adding to the number of airlines operating out of the airport, while continuing to maintain good margins also on the new traffic generated. In terms of traffic development, the Group targets the adding of routes, with the introduction of new Eastern and long-haul destinations, while boosting frequencies to existing destinations. The Group also focuses on improving airport accessibility, through the development of ground connections and the expansion of its catchment area.

“Develop”

The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Group's business. The strategy in question calls for an efficient use of the existing infrastructure's capacity and modular implementation of new investments to ensure that infrastructure capacity keeps pace with expected traffic development. The passenger terminal expansion project is a key part of the infrastructure development plan, permitting the development of - in particular - the boarding gates area, in addition to extending dedicated commercial space.

This project is complemented by targeted work to increase the capacity of some specific subsystems, such as security and passport controls.

“Experience”

The Group is focused on ensuring the constant improvement of the services offered to airport users in its fields of operation, both directly and indirectly, while also constantly improving its standards of security, quality and respect for the environment. In order to support and improve all aspects of operations and generate Customer loyalty, the Group considers it key to develop a culture of innovation which revolves around the installation of technology that facilitates greater interaction with passengers and optimises the airport travelling experience.

“Care”

The Group is committed to all aspects of sustainability, ranging from those of an environmental nature to compliance with ethical and social principles, in view of the important role which Bologna airport plays as a vital hub for the region. The Group also strives to develop those who work at the Airport and build an organisation which responds to the evolving demands of the market and which supports the individual in their work.

The Group has furthermore identified two overarching guidelines to the strategic objectives identified above which are viewed as a touchpoint for company operations:

“Maximise financial performance” The Group is focused on consistently improving the financial performance and on ensuring an adequate return for shareholders.

“Performing and sustainable corporation” The Group aims to improve the efficiency and efficacy of its processes and internal structure, with a view to improving company performance and development, while paying increasing attention to sustainability in its environmental, social and governance components.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 13 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 1.3 SHARE PERFORMANCE

AdB's shares began trading on the STAR segment of the Milan Stock Exchange on July 14, 2015.

The following graphs present:

- the share performance between January 1, 2026 and June 30, 2026;

- tracking of the company's share performance against the FTSE Italia all-share index.

On June 30, 2026, the official share price was Euro 9.20 per share, resulting in an AdB Group market capitalisation of Euro 332 million at that date.

AdB share performance (01/01/2026-30/06/2026)

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 14 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. AdB and FTSE Italia All-Share performance (01/01/2026-30/06/2026)

AdB share performance – prices and volumes (01/01/2026-30/06/2026)

Following the significant uptrend in late 2025, driven by the Group’s strong operating results and financial performance, the share price peaked in February 2026. A correction however was seen in March-April, followed by a gradual stabilisation from May - against a backdrop shaped by the persistent uncertainties in the macroeconomic and geopolitical landscape. The Q2 performance was therefore stable overall, confirming the resilience of the business model and benefiting from continued passenger traffic growth. The share performance also reflected the Group's strong operating results, with both price and trading volume increases coinciding with the release of the interim earnings results and participation at major industry conferences.

- FTSE Italia All Share

- AdB

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 15 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 2 KEY OPERATING RESULTS ANALYSIS

2.1 AVIATION STRATEGIC BUSINESS UNIT

2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

The first half of 2026 featured growth in Q1 of 5.0% over Q1 2025, despite seasonal fluctuations in demand and the winter flight schedule. More moderate passenger growth was reported in Q2 (+2.6%), due to an unstable macroeconomic and geopolitical environment, though the resulting disruptions have been partially offset by a gradual shift in traffic toward destinations not affected by conflicts. The first half of the year thus proved resilient, with growth of 3.6% on the same period in 2025, against a 2.0% increase in movements. An overall positive impact on the load factor was therefore seen, which rose to 84.0% in the first half of 2026 from 83.6% in 2025.

Despite the macroeconomic and geopolitical landscape outlined above and the initial disruptions caused by the unstable environment, Bologna airport reported 27,797 metric tonnes of cargo, a slight increase on the first half of 2025 (+3.2%).

Passenger traffic performance January-June 2026

January – June 2026 January – June 2025 Change % 2026 -

2025

Passengers 5,490,628 5,302,379 3.6% Movements 41,828 41,009 2.0% Tonnage 2,899,637 2,856,156 1.5% Cargo 27,796,913 26,947,218 3.2% Data includes General Aviation and transits

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 16 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Passenger traffic breakdown January – June 2026 % of total January – June 2025 % of total Change % 2026

- 2025

Legacy 1,652,133 30.1% 1,674,952 31.6% (1.4)% Low-cost 3,814,980 69.5% 3,603,239 68.0% 5.9% Charter 14,334 0.3% 14,342 0.3% (0.1)% Transits 3,794 0.1% 3,988 0.1% (4.9)% Total Commercial Aviation 5,485,241 99.9% 5,296,521 99.9% 3.6% General Aviation 5,387 0.1% 5,858 0.1% (8.0)% Total 5,490,628 100.0% 5,302,379 100.0% 3.6%

The breakdown of air traffic indicates growth in the low-cost segment and an uneven trend among the main categories.

Against an increase in low-cost traffic (+5.9% compared to H1 2025), legacy traffic was down slightly (-1.4%) following the partial revision of the offer provided by carriers operating routes from the airport to countries bordering conflict zones. Despite the difficult operating conditions described above, international traffic maintained a stable proportion of total passenger volumes and reported an increase on H1 2025.

Domestic traffic and overseas traffic are growing at similar rates, up 4.0% and 3.4% respectively on the same period in 2025.

Passenger traffic breakdown January – June 2026 % of total January – June 2025 % of total Change % 2026

- 2025

Domestic 1,340,182 24.4% 1,288,222 24.3% 4.0% International 4,145,059 75.5% 4,008,299 75.6% 3.4% Total Commercial Aviation 5,485,241 99.9% 5,296,521 99.9% 3.6% General Aviation 5,387 0.1% 5,858 0.1% (8.0)% Total 5,490,628 100.0% 5,302,379 100.0% 3.6%

Despite the unstable geopolitical environment, both EU and non-EU traffic are also growing at substantially similar rates.

However, non-EU traffic has been affected by disruptions linked to the conflict in the Middle East, posting growth of 2.7%. In fact, passenger numbers are increasing on the major routes to and from Bologna Airport (e.g., the United Kingdom, Albania and Turkey). However, EU traffic stands to benefit the most from a recovery in travel volumes, with growth of 3.8% on the same period in 2025, primarily on routes to Spain, Romania and France.

Passenger traffic breakdown January – June 2026 % of total January – June 2025 % of total Change % 2026

- 2025

EU 4,231,532 77.1% 4,076,152 76.9% 3.8%

Non-EU countries 1,253,709 22.8% 1,220,369 23.0% 2.7% Total Commercial Aviation 5,485,241 99.9% 5,296,521 99.9% 3.6% General Aviation 5,387 0.1% 5,858 0.1% (8.0)% Total 5,490,628 100.0% 5,302,379 100.0% 3.6%

Among the international destinations, Spain therefore confirmed its top spot in passenger traffic by volume, accounting for 14.0% of the total. Germany is next, with 6.1% of total passengers, despite the contraction on H1 2025, followed by the United Kingdom with 6.1%, Romania with 5.6% and France with 4.5%. Three Non-EU countries are among the top 10: in addition to the United Kingdom, also Turkey and Albania.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 17 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Passenger traffic by country January – June 2026 % of total January – June 2025 % of total Change % 2026 - 2025 Italy 1,340,352 24.4% 1,288,222 24.3% 4.0% Spain 766,116 14.0% 758,330 14.3% 1.0% Germany 335,381 6.1% 355,414 6.7% (5.6)% United Kingdom 334,088 6.1% 303,917 5.7% 9.9% Romania 305,032 5.6% 277,982 5.2% 9.7% France 248,192 4.5% 234,702 4.4% 5.7% Albania 243,783 4.4% 239,668 4.5% 1.7% Turkey 230,468 4.2% 229,756 4.3% 0.3% Poland 202,186 3.7% 202,923 3.8% (0.4)% Netherlands 182,155 3.3% 174,701 3.3% 4.3% Other countries 1,302,875 23.7% 1,236,764 23.3% 5.3% Total 5,490,628 100.0% 5,302,379 100.0% 3.6%

Demand growth was again reported for H1 2026, with eight overseas cities among the top 10 destinations, led by Tirana with nearly 244 thousand passengers.

Main passenger traffic routes January – June 2026 January – June 2025 Change % 2026 -

2025

Catania 307,930 289,494 6.4% Tirana 243,783 239,668 1.7% Barcelona 212,940 221,031 (3.7)% Paris CDG 170,855 157,786 8.3% Palermo 170,602 162,430 5.0% Istanbul 158,137 155,367 1.8% Madrid 157,778 146,834 7.5% Bucharest OTP 150,907 139,106 8.5% Brindisi 142,986 115,993 23.3% London LHR 134,285 128,418 4.6% Passenger traffic including transits

Analysing the performance of the airlines, Ryanair is confirmed as the leading airline at the airport with 55.6% of total traffic, followed by Wizz Air with 10.6% of traffic (up 7.1% on H1 2025). The leading legacy airlines are among the top ten at the airport, confirming the wide range of carriers operating at Bologna Airport.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 18 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Passenger traffic by airline January – June 2026 % of total January – June 2025 % of total Change % 2026

- 2025

Ryanair 3,054,136 55.6% 2,867,605 54.1% 6.5% Wizz Air 582,228 10.6% 543,770 10.3% 7.1% Air France 170,724 3.1% 156,955 3.0% 8.8% Air Dolomiti 149,637 2.7% 147,906 2.8% 1.2% Turkish Airlines 157,830 2.9% 154,910 2.9% 1.9% British Airways 134,486 2.4% 128,567 2.4% 4.6% KLM Royal Dutch Airlines 130,730 2.4% 121,631 2.3% 7.5% ITA Airways 100,692 1.8% 123,066 2.3% (18.2)% Vueling 69,972 1.3% 79,736 1.5% (12.2)% Royal Air Maroc 75,859 1.4% 65,603 1.2% 15.6% Others 864,334 15.7% 912,630 17.2% (5.3)% Total 5,490,628 100.0% 5,302,379 100.0% 3.6%

Cargo Traffic

As described above, since the end of February, uncertainties in the macroeconomic and geopolitical context have worsened, generating further downward pressures and whose evolution remains difficult to predict. The cargo sector continues to be affected by external shocks caused by multiple factors, not least of which is the continuing critical issues related to the introduction of tariffs on freight. Despite the challenging global trade environment, currently impacted by the escalation of the ongoing conflicts and the continued slowdown of the major economies, cargo traffic is benefiting from a gradual redistribution of flows, driven by resilient demand and particularly for high-value-added and critical goods (e.g. e-commerce and semiconductors). In fact, in June alone, the sector posted growth of 8.5%, which also remained positive for the period as a whole (+4.9% on the first half of 2025 - Source: IATA, Air Passenger and Air Freight Market Analysis, June 2026).

The Group's cargo traffic is not exempt from fluctuations caused by the difficult backdrop outlined above, where the decline in air cargo (-6.3%), mainly due to the suspension of flights to the Middle East and the drop in cargo capacity, resulted in a significant recovery in ground freight (+48%).

(in KG) January – June 2026 January – June 2025 Change % 2026 -

2025

Air cargo, of which 20,912,719 22,307,619 (6.3)% Cargo 20,912,689 22,307,504 (6.3)% Mail 30 115 (73.9)% Ground freight 6,884,194 4,639,599 48.4% Total 27,796,913 26,947,218 3.2%

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 19 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Total

change vs

2025 % change

vs 2025

Passenger Revenues 31,816 27,476 4,340 15.8% Carrier Revenues 20,050 18,522 1,528 8.2% Airport Operator Revenues 3,556 2,827 729 25.8% Traffic Incentives (16,200) (13,029) (3,171) 24.3% Revenues from construction services 13,109 8,159 4,950 60.7% Other revenues 1,080 946 134 14.2% Total AVIATION SBU Revenues 53,411 44,901 8,510 19.0% The Aviation Strategic Business Unit's revenues consist of fees paid by users (airlines and passengers through the airlines) and airport operators for the use of the infrastructure and services provided on an exclusive basis by the Group for landing, take-off, lighting, aircraft parking and passenger and cargo operations, in addition to centralised infrastructure and exclusive-use premises.

Given the public utility aspect of airport services, airport charges are regulated by both national and EU legislation. The new regulations and implementation measures – including the models approved by the Transport Regulation Authority – require that changes to the system or amount of airport fees be made with the consent, on the one hand, of the airport manager, and of the airport's users on the other.

In H1 2026, revenues grew on the same period of 2025 thanks to the higher traffic, increased tariffs and the increased investments in assets under concession.

Group revenues from the Aviation Strategic Business Unit were up 19.0% overall on 2025. The individual accounts broke down as follows: - Passenger Revenues (+15.8%): Passenger revenue growth in H1 2026 on H1 2025 outpaced the rise in passenger traffic (+3.6%), as a result of the increased unitary tariffs for passenger fees and

passenger security;

- Carrier Revenues (+8.2%): Carrier revenues are in line with the trend in movements (+2.0%) and tonnage (+1.5%) and with the trend in tariffs, particularly take-off and landing tariffs, which increased on 2025;

- Airport Operator Revenues (+25.8%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling services;

- Incentives (+24.3%): the increase in incentives on H1 2025 follows both the growth of incentivised traffic and an increase in the incentive per

passenger;

- Revenues from Construction Services (+60.7%): the growth of this item stems from the increased investments in the period.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 20 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 2.2 NON-AVIATION STRATEGIC BUSINESS UNIT

2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Total

change vs

2025 % change

vs 2025

Retail and Advertising 11,190 10,161 1,029 10.1% Parking 10,906 10,390 516 5.0% Real Estate 1,514 1,489 25 1.7% Passenger services 3,239 3,847 (608) (15.8)% Revenues from construction services 14,013 12,236 1,777 14.5% Other revenues 1,260 1,715 (455) (26.5)% Total NON AVIATION SBU Revenues 42,122 39,838 2,284 5.7%

Total non-aviation business revenues increased by 5.7% in H1 2026 compared to 2025.

In the second quarter, the Non-Aviation business saw a significant recovery, offsetting the negative performance of certain segments (parking, duty-free and advertising) in the first quarter.

The individual areas of this business unit performed as follows.

Retail and Advertising The growth in the period (+10.1%) was driven mainly by the Retail business and stemmed from the Food and Other Retail segments, thanks to the opening of all available outlets, but also due to the new terms for contracts expiring at the end of 2025, along with traffic growth. Duty Free, on the other hand, performed in line with 2025, despite growth in traffic and per-passenger fees. This follows a fall in turnover due to a lower propensity to spend. Advertising business growth was driven primarily by IGP Decaux’s excellent performance and the ability to develop joint commercial initiatives between the concession holder and the airport, which generated new investments and contract renewals.

Parking

This result against 2025 (+5.0%) was achieved despite a sharp decline in supply during the first five months of 2026, due to the renovation works on the medium and long-term car parks. The new tariff structure, implemented in mid-April 2026, and the revenue generated by the first section of the new multi-story car park contributed to this result.

Real Estate

Real Estate revenues remained substantially consistent with 2025. Passenger services The 15.8% decline in passenger services is a result of premium services (lounge and ancillary services), since revenues from car rentals were generally in line with the same period in 2025. The performance of the individual businesses is described below.

Premium services

This business contracted compared to the same period in 2025. This is due to the fact that it is no longer under direct management, unlike the previous year until May, and therefore produces revenues from the sublicensing of spaces.

These revenues are lower than those from the sale of services, although this approach also eliminates management costs.

Self-hire sub-concessions

Despite the fact that two operators have not renewed their contract for 2026 - bringing the number of companies operating at the airport from 12 to 10 - the areas vacated have been fully absorbed by the other competitors present, thus ensuring a result that remains in line with 2025.

Revenues from Construction Services The significant increase of this component relates to investments in the business unit over the same period of the previous year.

Other revenues

The decline in other revenue (-26.5%) is primarily due to the absence - compared to the same period of 2025 - of significant operating grants for projects related to sustainability initiatives. This was partially offset by higher revenues from vehicle maintenance, the sale of aircraft de-icing fluid and the provision of training courses.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 21 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH

FLOWS

3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS

in thousands of Euro For the half year ended 30.06.2026 For the half year ended 30.06.2025 Total change vs 2025 % change vs

2025

Revenues from aeronautical services 39,410 35,948 3,462 9.6% Revenues from non-aeronautical services 28,345 27,430 915 3.3% Revenues from construction services 27,122 20,395 6,727 33.0% Other operating revenues and proceeds 656 966 (310) (32.1)%

REVENUES 95,533 84,739 10,794 12.7%

Consumables and goods (2,591) (1,787) (804) 45.0% Service costs (12,594) (12,709) 115 (0.9)% Costs for construction services (25,831) (19,424) (6,407) 33.0% Leases, rentals and other costs (5,969) (5,496) (473) 8.6% Other operating expenses (1,966) (1,836) (130) 7.1% Personnel costs (19,674) (18,062) (1,612) 8.9%

COSTS (68,625) (59,314) (9,311) 15.7%

EBITDA 26,908 25,425 1,483 5.8%

Amortisation of concession rights (5,984) (4,935) (1,049) 21.3% Amortisation of other intangible assets (590) (459) (131) 28.5% Depreciation of tangible assets (1,637) (1,217) (420) 34.5%

DEPRECIATION, AMORTISATION AND

IMPAIRMENT (8,211) (6,611) (1,600) 24.2%

Reversals of impairment losses (net) on trade & other receivables (160) (1) (159) n.a.

Provision for renewal of airport infrastructure (1,368) (2,498) 1,130 (45.2)% Provisions for other risks and charges (161) (321) 160 (49.8)%

PROVISION FOR RISKS AND CHARGES (1,689) (2,820) 1,131 (40.1)%

TOTAL COSTS (78,525) (68,745) (9,780) 14.2%

EBIT 17,008 15,994 1,014 6.3%

Financial income 529 1,100 (571) (51.9)% Financial expenses (2,728) (964) (1,764) 183.0%

RESULT BEFORE TAXES 14,809 16,130 (1,321) (8.2)%

TAXES FOR THE PERIOD (4,365) (4,613) 248 (5.4)%

PROFIT (LOSSES) FOR THE PERIOD 10,444 11,517 (1,073) (9.3)%

Minorities profits (losses) 0 0 0 n.a.

Group profits (losses) 10,444 11,517 (1,073) (9.3)%

A consolidated profit of Euro 10.4 million is reported for the first half of 2026, compared to 11.5 million in the first half of 2025.

Operating revenues overall grew 12.7%.

Revenues break down as follows:

- revenues from aeronautical services were up 9.6% on 2025, as a result of the increased traffic volumes and tariffs;

- revenues from non-aeronautical services grew 3.3% due to the performance of the various category components, as outlined in the relative

section;

- revenues from construction services increased (+33.0%) following the rolling out of increased investments, both in the aviation and non-

aviation sectors;

- other operating revenues and income : the contraction on 2025 (-32.1%) was due to the fact that grants for funded projects were not received (which however had been received in the first half of 2025).

Costs in the period overall increased 15.7% on the same period of 2025.

These break down as follows:

- costs for consumables and goods increased by 45.0%, due to the increased purchase of aircraft fuel for General Aviation and de-icing liquid for aircraft;

- Service costs are slightly lower than in 2025 (-

0.9%), primarily as a result of:

o savings resulting from the insourcing of help-

desk services, effective July 2025, and streamlined security checkpoints, effective

mid-February 2026;

o the elimination of costs related to the operation of the business lounge, as a result of the transition to outsourced management;

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 22 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. o the absence of the shuttle service to the remote car parks until mid-April, in addition to the closure of the Long Stay (P4) external car park due to renovation work, o only partially offset by higher costs for consulting and professional services, utilities, maintenance, cleaning, advertising and promotion, snow removal and insurance;

- the movement in the lease, rentals and other costs account (+8.6%) is mainly due to the change in traffic volume, on whose basis the concession and security fees are calculated, in addition to the increase in data processing fees;

- other operating expenses increased 7.1% due to the higher tax charges resulting from the expansion of infrastructure and particularly the new multi-level car park.

Reference should be made to the personnel costs section of this report for further details.

EBITDA grew 5.8% in the first half of 2026 to Euro 26.9 million (Euro 25.4 million in 2025).

Looking to overheads, the item “depreciation, amortisation and impairments” amounted to Euro 8.2 million, compared to Euro 6.6 million in the first half of 2025.

The 24.2% increase is linked to the entry into service of new infrastructure and plant and is therefore in line with the roll-

out of the Group investment plan. Provisions decreased on H1 2025 (-40.1%), from Euro 2.8 million to Euro 1.7 million, due to lower accruals to the provision for the renewal of airport infrastructure and to the provisions for other risks and charges.

EBIT totalled Euro 17 million, compared to Euro 16 million in the first half of 2025 (+6.3%).

Net financial expenses of Euro 2.2 million were reported (net financial income of Euro 0.1 million in H1 2025), mainly due to:

- the increase in interest expense on outstanding loans resulting from the increase in the average debt for the

period;

- the decrease in fair value of Euro 0.2 million for the equity financial instrument in Marconi Express, compared with an increase of Euro 0.8 million in the previous year, due primarily to the negative effect of higher discount rates, which offset the positive impact of the cash flows arising from the financial instrument drawing closer to their maturity dates.

The Result before taxes in the first half of 2026 decreased 8.2% on the first half of 2025 to Euro 14.8 million (Euro 16.1 million in H1 2025).

Income taxes decreased from Euro 4.6 million to Euro 4.4 million (-5.4%), while finally the net profit for the period, entirely concerning the Group, contracted 9.3% to Euro 10.4 million , compared to Euro 11.5 million in H1 2025.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 23 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The performance of EBITDA Adjusted for the construction services margin and the revenues from Terminal Value (TV) on the Provision for Renewal is presented below.

in thousands of Euro For the half year ended 30.06.2026 For the half year ended

30.06.2025 Total

change vs

2025 % change vs

2025

Revenues from aeronautical services 39,410 35,948 3,462 9.6% Revenues from non-aeronautical services 28,345 27,430 915 3.3% Other operating revenues and proceeds 507 966 (459) (47.5)%

REVENUES 68,262 64,344 3,918 6.1%

Consumables and goods (2,591) (1,787) (804) 45.0% Service costs (12,594) (12,709) 115 (0.9)% Leases, rentals and other costs (5,969) (5,496) (473) 8.6% Other operating expenses (1,966) (1,836) (130) 7.1% Personnel costs (19,674) (18,062) (1,612) 8.9%

COSTS (42,794) (39,890) (2,904) 7.3%

ADJUSTED GROSS OPERATING PROFIT

(ADJUSTED EBITDA) 25,468 24,454 1,014 4.1%

Revenues from construction services 27,122 20,395 6,727 33.0% Costs for construction services (25,831) (19,424) (6,407) 33.0% Construction Services Margin 1,291 971 320 33.0% Revenues from Terminal Value on Provision for Renewal 149 0 149 n.a.

GROSS OPERATING PROFIT/(LOSS) (EBITDA) 26,908 25,425 1,483 5.8%

Adjusted revenues were up 6.1% on 2025, while Adjusted costs increased 7.3%, resulting in Adjusted EBITDA of Euro 25.5 million , compared to Euro 24.5 million in 2025 (+4.1%)

The table below shows the quarterly passenger traffic performance and EBITDA of the Parent Company adjusted for the construction services margin and the revenues from Terminal Value (TV) on the Provision for Renewal.

Q1 2026 % change vs 2025 Q2 2026 % change

vs 2025

Passenger Traffic 2,241,454 5.0% 3,249,174 2.6% INCOME STATEMENT (in thousands of Euro)

ADJUSTED REVENUES 27,468 3.8% 35,835 6.8%

Revenues from aeronautical services 15,045 7.3% 19,643 9.9% Revenues from non-aeronautical services 12,109 (0.5)% 15,902 7.2% Other operating revenues and proceeds 314 12.5% 290 (66.2)%

ADJUSTED COSTS (18,411) 3.6% (20,533) 8.0%

Personnel costs (8,934) 8.3% (9,809) 9.1% Other operating expenses (9,477) (0.5)% (10,724) 7.0%

ADJUSTED EBITDA 9,057 4.2% 15,302 5.2%

ADJUSTED EBITDA MARGIN 33.0% n.a. 42.7% n.a.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 24 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3.2 CASH FLOW ANALYSIS

The consolidated cash flow statement, indicating cash flows generated/absorbed from operating, investing and financing activities, is

summarised below:

in thousands of Euro As at 30.06.2026 As at

30.06.2025 Change

Cash flow generated/(absorbed) by operating activities before changes in working capital 26,051 24,397 1,654

Cash flow generated / (absorbed) by net operating activities 19,961 14,583 5,378

Cash flow generated / (absorbed) by investing activities (37,458) (22,128) (15,330)

Cash flow generated / (absorbed) by financing activities (17,600) (11,488) (6,112)

Change in closing cash flow (35,098) (19,033) (16,065)

Cash and cash equivalents at beginning of period 81,164 41,079 40,085 Change in closing cash flow (35,098) (19,033) (16,065) Cash and cash equivalents at end of period 46,066 22,046 24,020

The cash flow generated by operating activities before working capital changes amounted to Euro 26.1 million (+1.7 million on the comparative period).

Working capital absorbed cash of Euro 6.1 million in the period, compared to Euro 9.8 million in H1 2025. The decrease of Euro 3.7 million is primarily due to:

- lower expenditures (-Euro 7.4 million) for tax payments and the use of provisions (-Euro 0.4 million);

- increased outflows for the settlement of trade payables and other liabilities (+Euro 4.8 million) and interest on loans (+Euro 1.4 million), alongside the absorption of cash due to an increase in receivables and other assets for an additional Euro 1.6 million.

As a result of that outlined above, cash flow from operating activities, net of working capital changes, generated Euro 20 million , compared to a cash generation of Euro 14.6 million in H1 2025 (+Euro 5.4 million).

Investing activities absorbed cash of Euro 37.5 million -

compared to Euro 25.5 million in H1 2025 - mainly due to

absorptions from:

- investing activities in tangible and intangible assets, mainly concession rights for Euro 36.7 million , against Euro 24.5 million in the comparative year;

- the temporary use of liquidity in Time Deposits for Euro 0.8 million (Euro 0.7 million in H1 2025):

Financing activities absorbed cash of Euro 17.6 million (Euro 11.5 million in H1 2025), mainly due to:

- the payment of dividends from the 2025 profit (Euro 12.6 million, compared to Euro 17 million in H1 2025); - the repayment of the maturing loan instalments (Euro 4.8 million, compared to Euro 4.9 million);

- the absence of loan drawdowns, which had had a positive impact of Euro 10.5 million in the first half of 2025.

Based on the above, net cash flow of 35.1 million was absorbed in the period (Euro 19 million in the first half of 2025), reducing cash and cash equivalents at period-end to Euro 46.1 million, from Euro 81.2 million at the beginning of the year.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 25 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The Group’s net financial debt at June 30, 2026, at December 31, 2025 and at June 30, 2025 is presented below, in accordance with Consob Communication of July 28, 2006 and the ESMA/2011/81 and ESMA32-382-1138 Recommendations of March 4, 2021.

in thousands of Euro For the half

year ended

30.06.2026 For the year

ended

31.12.2025 For the half

year ended

30.06.2025 Change

30.06.2026

31.12.2025 Change

30.06.2026

30.06.2025

A Cash 45,366 80,464 21,346 (35,098) 24,020 B Other cash equivalents 700 700 700 0 0 C Other current financial assets 800 0 700 800 100 D Liquidity (A+B+C) 46,866 81,164 22,746 (34,298) 24,120 E Current financial payables (5,135) (4,913) (12,604) (222) 7,469 F Current portion of non-current debt (3,469) (6,421) (9,665) 2,952 6,196 G Current financial debt (E+F) (8,604) (11,334) (22,269) 2,730 13,665 H Net current financial debt (G-D) 38,262 69,830 477 (31,568) 37,785 I Non-current financial payables (93,189) (94,998) (16,637) 1,809 (76,552) J Debt instrument 0 0 0 0 0 K Trade payables and other non-current payables (1,046) (1,172) (1,075) 126 29 L Non-current financial debt (I+J+K) (94,235) (96,170) (17,712) 1,935 (76,523) M Total net financial position (H+L) (55,973) (26,340) (17,235) (29,633) (38,738)

The Group Net Financial Debt at June 30, 2026 was approximately Euro 56 million , compared to Euro 26.4 million at December 31, 2025, thus increasing by Euro 29.6 million.

Compared to December 31, 2025, the decrease in liquidity of Euro 34.3 million is mainly due to the cash flow absorbed from infrastructure and technological investment activities amounting to Euro 36.7 million and from financing activities of Euro 4.8 million, the payment of dividends for Euro 12.6 million, partially offset by the generation of operating cash flows, net of Net Working Capital movements, which was positive for Euro 20 million.

In terms of payables, the main differences on December 31, 2025 relate to the settlement of maturing loan instalments amounting to Euro 4.8 million.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 26 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3.3 FINANCIAL POSITION ANALYSIS

The Group financial position, classified according to “sources” and “uses” (*), is presented below:

USES As at 30.06.2026 As at 31.12.2025 As at 30.06.2025 Change

30.06.2026

31.12.2025 Change

30.06.2026

30.06.2025

- Trade receivables 20,425 19,691 16,771 734 3,654

- Tax receivables 732 845 343 (113) 389

- Other Receivables 10,124 7,247 9,233 2,877 891

- Inventories 967 865 806 102 161 Sub-total 32,248 28,648 27,153 3,600 5,095

- Trade payables (38,071) (44,657) (33,977) 6,586 (4,094)

- Tax payables (2,216) (1,206) (2,164) (1,010) (52)

- Other payables (44,466) (40,448) (43,152) (4,018) (1,314) Sub-total (84,753) (86,311) (79,293) 1,558 (5,460) Net operating working capital (52,505) (57,663) (52,140) 5,158 (365)

- Fixed assets 325,663 304,843 286,703 20,820 38,960

- Deferred tax assets 5,245 4,776 4,661 469 584

- Other non-current assets 30,690 29,309 21,446 1,381 9,244 Total fixed assets 361,598 338,928 312,810 22,670 48,788

- Provisions for risks, charges & severance (26,574) (26,146) (27,997) (428) 1,423

- Other non-current liabilities (32) (41) (57) 9 25 Sub-total (26,606) (26,187) (28,054) (419) 1,448 Fixed Operating Capital 334,992 312,741 284,756 22,251 50,236 Total Uses 282,487 255,078 232,616 27,409 49,871 SOURCES As at 30.06.2026 As at 31.12.2025 As at 30.06.2025 Change

30.06.2026

31.12.2025 Change

30.06.2026

30.06.2025

Net Financial Position (55,973) (26,340) (17,235) (29,633) (38,738)

- Share Capital (90,314) (90,314) (90,314) 0 0

- Reserves (125,756) (113,582) (113,550) (12,174) (12,206)

- Result for the period (10,444) (24,842) (11,517) 14,398 1,073 Total Shareholders’ Equity (226,514) (228,738) (215,381) 2,224 (11,133) Total Sources (282,487) (255,078) (232,616) (27,409) (49,871)

(*) the above reclassification may be reconciled with the Balance Sheet and with the tables of the Explanatory Notes to the individual items, in addition to the Net Financial Debt table

Net invested capital at June 30, 2026 was Euro 282.5 million, an increase of Euro 27.4 million compared to December 31, 2025, mainly due to the increase of fixed assets: +Euro 20.8 million in investments, mainly in concession rights, net of amortisation for the period. Net working capital is negative for Euro 52.5 million, decreasing Euro 5.2 million compared to December 31, 2025 due to:

- the increase in current receivables, primarily due to the higher business volumes in the second quarter of 2026, resulting in an increase in revenues and in trade receivables and passenger boarding fee surtaxes, in addition to higher accrued income and prepaid expenses as concerning an interim period;

- a decrease in trade payables, also in view of the investments made in the latter part of 2025, partially offset by an increase in tax payables and other payables, with these latter also linked to the increase in the passenger boarding fee surtaxes and the related accruals and deferrals.

In terms of sources, in addition to the net financial debt of Euro 56 million compared to Euro 26.3 million at December 31, 2025, consolidated and Group Shareholders’ Equity amounted to Euro 226.5 million compared to Euro 228.7 million at December 31, 2025. The decrease of Euro 2.2 million is due to the distribution of dividends from the 2025 net profit (Euro 12.6 million), partially offset by the net profit for the period of Euro 10.4 million.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 27 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3.4 AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS

3.4.1 AIRPORT INFRASTRUCTURE DEVELOPMENT

In H1 2026, infrastructure development therefore continued with progress on key projects in the various airside, terminal and landside areas in line with the “2016-2030 Airport Development Plan ” and the content of the “ 2026-2030 Plan for the functional development of the terminal area ”. This is a programme instrument annexed to the Regulatory Agreement ( Contratto di Programma - “CDP”) for short-term interventions.

In H1 2026, the construction projects with the greatest impact on the airport were the airside “Apron 1 Expansion – Lot II”, which involves the reconfiguration of the current Apron 1, and, in the terminal, the “Check-in Area Reconfiguration” and “New Schengen Gate Rooms and BHS Expansion”, as provided for in the current Regulatory Agreement.

Progressive infrastructure releases will ensure capacity to maintain service levels during the future Airport Expansion works, in line with the 2016-2030 Masterplan.

Also in order to support the gradual expansion works, making the traffic contingency operational, the operator requested the airport to be upgraded to “coordinated" level 3, which occurred on 22/03/2024 in accordance with Regulation (EEC) 95/93, as amended by Regulation (EC) 793/2004, as of the IATA "Winter 2024/2025" traffic season.

3.4.2 INVESTMENTS

Total Group investments in H1 2026 amount to Euro 27.9 million2. In particular, Euro 18.6 million concerned infrastructure investments, alongside Euro 9.3 million for investments in airport operations.

The progress of the main infrastructural works is highlighted

below:

 New Multi-storey Car Park: the work that began in September 2025 continues on the construction of the second building of the new multi-storey car park (made up of two separate buildings distributed across eight storeys - ground floor + seven upper floors), which will house 2,218 parking spaces.

 Airside Terminal Expansion : the airside work related to the terminal expansion includes the reorganisation of the aprons and relative taxiways, along with the infrastructure work required to construct the building. The project is divided into two functional phases: phase 1 was completed with the final finishing work in Q1; for Phase 2, the work that began at the start of the year is continuing.

 New Schengen gateroom and expansion of BHS building: The project involves the construction of four new gaterooms in the West area of the airport intended for boarding to Schengen destinations and the expansion of the existing Baggage Handling System (BHS) building. Work is also planned to make functional improvements to the building next to the BHS.

 P4 car park renovation: this project involved the renovation of a long-term car park; work began in January 2026 and was completed in June with the

2 Please refer to Section 8 Alternative performance measures opening of the cark park, which provides a total of 1,675 parking spaces.

 Schengen Departure Hall reconfiguration: the work to expand and modernise the Schengen departures hall has been completed, including the completion of the hall and boarding gates, the construction of a new staircase section to the aircraft stands, and the gradual addition of new seating and retail and food&beverage outlets, which were delivered in the early months of 2026.

The main investments in airport operations to improve the service offered to passengers and increase the efficiency of company processes are listed below:

 Adaptation of airside manoeuvring areas : work continues on paving the green islands adjacent to the taxiways.

 Seismic retrofitting and reprotection of aviation maintenance space at East Terminal :

work continues to expand the East Terminal by redeveloping and improving the efficiency of spaces dedicated to staff, particularly aviation maintenance workers, and to ensure the structural seismic safety of the entire building.

 New BHS System : work continues on upgrading the departing baggage sorting system, which includes (i) the reconfiguration of the existing system, with the addition of new conveyor belts, (ii) the installation of a new metal detector and X-ray machine, (iii) the replacement of the three flight-loading carousels, and (iv) the addition of two additional carousels.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 28 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.  Flood control facility : the restoration of the Olmi Quarry area was completed with the construction of a new flood control basin.

 Construction of a new airport operations coordination center (APOC) : the new APOC, which is designed to consolidate key airport operations management functions into a single facility in order to monitor and co-ordinate all critical airport activities in real time and streamline processes, was inaugurated in July at the COA (Airport Operations Centre).

 Various projects and supplies to ensure operativity (new counter-flow lanes in the Schengen arrivals hall, expansion of CSR electrical rooms, purchase of a new airport sweeper, new lawn mowing robots for the airside area, new wheelchairs, and various upgrades to technical and IT systems), in addition to various innovation technology projects to improve the passenger experience.

Actions focused on environmental sustainability include:  New photovoltaic systems : a European tender is underway for the construction of a ground photovoltaic system located north of the runway.

Work has also begun to create a power line as a preliminary step toward the construction of the photovoltaic plant.

 Renewal of electric cars and vehicles : an electric shuttle for PRM transport was purchased and the renewal of electric cars and vehicles to replace existing fossil-fuel powered ones continues (electric friction tester vehicle, new electric cars).

 Decarbonisation of power plants : work continues on replacing oil-fired power plants with electrically powered ones.

Provisions for Renewal The total amount of renewal and maintenance cycle works on airport infrastructure and plant in H1 2026 is Euro 1.2 million , of which Euro 0.4 million for various airside works, Euro 0.5 million on plant, and Euro 0.3 million for landside works designed to maintain operations.

3.5 PERSONNEL

Workforce breakdown

for the half year ended 30.06.2026 for the half year ended

30.06.2025 Total

change vs

2025 % change

vs 2025

Full Time Equivalent average workforce 570 565 5 1% Executives 9 9 0 0% Managers 44 46 (2) (4)% White-collar 407 404 3 1% Blue-collar 110 106 4 4%

for the half year ended 30.06.2026 for the half year ended

30.06.2025 Total

change vs

2025 % change

vs 2025

Average workforce 648 624 24 4% Executives 9 9 0 0% Managers 44 46 (2) (4)% White-collar 479 457 22 5% Blue-collar 116 112 4 4%

Source: Company workings

The change in headcount compared to 2025 (+5 FTE) is driven by increases in staff, mainly as a result of the internalisation of the help desk service (IT and Innovation area) from July 2025.

These increases were partly offset by lower operational staffing levels due to increased efficiency in security and the absence of staff to manage the business lounge.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 29 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Costs for the half

year ended

30.06.2026 for the half

year ended

30.06.2025 Total

change vs

2025 % change

vs 2025

Personnel costs 19,674 18,062 1,612 8.9%

Source: Company workings

Personnel costs for H1 2026 increased by 8.9% on the same period in 2025, mainly due to:

 the increase in the workforce outlined above;

 the pay increase provided for in the renewal of the national collective bargaining agreements for air transportation (specific part relating to airport operators), effective July 2025;

 the increased use of temporary labour following the internalisation of the security gate support service and the engagement of additional facilitators for Entry-Exit. The European Entry/Exit System is a border management system for passengers from outside the Schengen area, provided for in EU Regulation 2017/2225 and 2017/2226, which modernises border management and improves the security of the Schengen area through electronic registration (passport control and biometric passenger recognition) of the entry and exit of third-country nationals (Non-Schengen).

Trade union relations

In H1 2026, discussions with labour unions continued at the national and local levels. At the national level, the new professional classification system provided for in the renewal of the 2025 national collective bargaining agreements for the Air Transport Sector has been adopted, with the main changes taking effect on March 1, 2026. Discussions on the Sustainability Protocol with ground handling companies and labour and management representatives also continued. At the local level, initiatives to improve the safety and protection of airport staff continued, with positive results in reducing the number of acts of aggression on airport workers. Agreements were also signed during the period to introduce body cameras and to establish regulations for the processing of email metadata, in support of operational security and corporate cyber security. Finally, discussions continue with labour unions and airport operators to establish measures to protect workers exposed to high temperatures, with particular emphasis on activities carried out in the airside area.

Training of personnel The Group continued its commitment to developing managerial and professional skills during the period.

Specifically, the “Let’s Develop 2026” programme was launched, targeting young employees under the age of 35 with less than three years on the job. The goal of the programme is to promote professional growth, organisational engagement, and alignment with company values.

Management and specialised development programmes were also introduced, including executive coaching programmes and training initiatives in the areas of risk management, sustainability, and environmental compliance. Mandatory training on cyber security and whistleblowing also continued.

For the Security division, annual refresher training and initial staff training programmes were provided through the ENAC-

certified Training Center and supplemented by specific specialised courses. Initiatives to support sustainability and organisational well-being also continued, including parenting support programs for employees returning from maternity leave.

3.6 KEY INFORMATION ON THE SUBSIDIARIES’ PERFORMANCES

Fast Freight Marconi Spa The Parent Company acquired a 100% interest in FFM in 2009. The main activity of the subsidiary is cargo and mail handling at Bologna airport. In particular, FFM is the handling agent for cargo export and import operations of carriers moved through the airport via air and for surface cargo and manages the Temporary Customs Warehouse for Non-EU Cargo arriving at the airport. The company thereafter in subsequent years developed accessory services such as booking, operating as a regulated agent and has a specialist customs operations structure.

The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 30 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. At June 30, 2026, the company had 16 employees (15 at December 31, 2025) and, in continuity with previous years, assigned many staff activities to the parent under a management & staffing contract which covers the accounting, administrative, legal, supervision, personnel and ICT areas.

In H1 2026, FFM handled 9,811,476 kg of cargo, a 1% increase on 2025. This was an unexpected result given the economic and political landscape at the start of 2026, which culminated in the outbreak of war in Iran in late February - an event which effectively brought Emirates Airlines’ air freight operations, FFM’s primary aviation customer, to a complete halt for several months.

By contrast, ground freight traffic volumes were up 48%, with traffic to North America growing in particular. This increase more than offset the decline in air traffic.

Revenues in the period decreased 14.8% from H1 2025 due to the volume trend mentioned above, given the lower profitability of ground freight compared to air traffic. Costs meanwhile saw a 4% decline in the period, resulting in a sharp drop in EBITDA (-70.6% compared to the first half of 2025), coming in at Euro 88 thousand, compared to Euro 299 thousand in H1 2025, with the net profit for the period amounting to Euro 69 thousand (compared to Euro 189 thousand, -63.5%).

Finally, reference should be made to Note 29 of these financial statements with regards to the customs dispute involving FFM in 2021, as indirect representative, following the customs declaration assessments made by the Bologna Customs Office.

Tag Bologna Srl TAG began operations in 2008 following the completion and opening of the General Aviation Terminal and hangar, under a sub-concession from AdB. This sub-concession, which was originally set to last 20 years and was therefore scheduled to expire in December 2028, was extended by ENAC to December 31, 2030, following a request from AdB. Tag Bologna, in addition to managing the above infrastructure at Bologna airport, the company operates as a handler in the General Aviation sector. The Parent Company acquired a 100% interest (previously 51%) in TAG Bologna in 2018.

The company, which assigned certain staff activities to the parent under a management & staffing contract covering the legal and personnel area, had 19 employees at June 30, 2026 (16 at December 31, 2025).

The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

In the first half of 2026, Tag reported a 12.4% decline in aircraft movements compared to the same period in 2025, a 1.2% reduction in tonnage, and an 8.2% decrease in passenger traffic, due to the absence of major General Aviation events, considering the exclusion of the Imola circuit from Formula 1 races, as well as more structural factors, such as the reduction in the number of aircraft parking spaces dedicated to private flights.

Total revenue for the period was 28.7% higher than in the first half of 2025, thanks to sales of aviation fuel and certain additional services. Costs rose by 37.6%, driven in part by purchases of aviation fuel, in addition to higher Service costs and, given the increase in the workforce, personnel costs.

EBITDA grew 8.6% to Euro 1 million (Euro 0.9 million in H1 2025), while the Net Profit for the period was Euro 631 thousand, also up (+13.7%) on the comparative period (profit of Euro 555 thousand).

4 MAIN NON-FINANCIAL RESULTS ANALYSIS

4.1 SUSTAINABILITY

In H1 2026, the Group’s commitment to sustainability issues continued through various projects to monitor and reduce the negative impact of airport activities on the surrounding environment with energy efficiency actions, sustainable mobility and renewable energy, taking care of employees and the local area, and developing an increasingly ESG-orientated business model and supply chain.

In the environmental sphere, work continued during the reporting period on decarbonising the airport’s heating plant (see 3.4.2 Investments), as did collaborations with local institutions, technical bodies, and local organisations to develop projects focused on the environment, biodiversity, sustainable mobility, and enhancing the local area. One example of this collaboration is the three-year Protocol signed with Sustenia. This sees AdB participate through a dedicated investment and, during the period under review, took concrete form in the expansion of the Reptile and Amphibian Center (CRA).

During the reporting period, an audit confirmed the certification of the airport’s management systems, which include: Quality (ISO 9001), Environment (ISO 14001),

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 31 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Energy (ISO 50001), and Occupational Health and Safety (ISO 45001).

Work in the social sphere included the first workshop with stakeholders in the supply chain following the ESG risk assessment conducted in 2025. The workshops’ primary objective is to bring sustainability issues into the dialogue with companies operating within AdB’s ecosystem; they form part of the activities to map, analyse, and monitor ESG risks in the supply chain, as outlined in the Group’s Sustainability Plan. A training and discussion session was held for the selected organisations to provide practical tools and raise awareness about sustainability challenges through real-world examples and experience sharing.

Also significant was the launch of an internal occupational health and safety awareness campaign on near misses, which underscores the company’s ongoing commitment to promoting a culture of prevention. Meanwhile, the company continued to focus on issues of diversity, inclusion, and employee well-being through dedicated initiatives such as a webinar on generational differences at the airport and an in-

house meeting to highlight the role of innovation. As regards the topic “Noise and Annoyance” (see section 7 Principal risks and uncertainties - Risks related to exceeding noise zoning limits [noise and annoyance]), the June 16, 2026 launch of the public consultation process with stakeholders was significant. This sought to gather information to help finalise the package of measures to apply a balanced approach to noise management. The consultation process is scheduled to end 120 days after it begins.

Finally, the reporting period saw work begin on introducing ESG software to manage sustainability reporting data. The goal in this area is to streamline the processes for collecting, managing, and monitoring information and ensuring that data is increasingly accurate, traceable, and verifiable.

4.2 QUALITY

In H1 2026, satisfaction with the quality of services offered to passengers remained particularly high. Indicators regarding the effectiveness and accessibility of public information services stand at 99.2%, and the perception of the clarity and effectiveness of internal signage reached 99.7%. This is an improvement on the previous year and reflects the gradual reopening of areas affected by renovation work, including the Schengen departure hall and the security screening area.

The completion of the Schengen departures hall renovation also contributed to a significant improvement in the perception of the availability of charging stations for electronic devices, which now stands at 98%. This result was helped by the installation of new seats equipped with built-in charging ports, which passengers particularly appreciate for their comfort and functionality.

The perceived level of cleanliness and functionality of toilet areas remains very high, at 97.9%. In this regard, the new cleaning service contractor began operations in May 2026, with the goal of further consolidating the standard of quality provided.

In terms of operational processes, positive results were recorded for check-in wait times, baggage delivery times, and on-board waiting times until first passenger disembarkation.

All of these indicators improved on H1 2025, thanks to constant performance monitoring and the well-established synergy between AdB and the operational handlers.

Wait times at security checkpoints remain at good levels and in line with expected standards. After some fluctuations during the first half of the year, the indicators improved steadily in the final months of the reporting period, confirming the effectiveness of the monitoring and optimisation measures adopted.

The assistance service for passengers with reduced mobility (PRM) continues to perform very well, even as the volume of passengers handled increased significantly: in H1 2026, the number of assistance cases increased by 12.9% on the previous year. In this regard, the service continues to provide high levels of efficiency, with wait times consistently remaining below benchmark standards. This result is a testament to the organisational effectiveness of the service and the attention paid to ensuring accessibility.

INDICATORS January – June 2026 January – June 2025 Perception of the cleaning level and functionality of toilets 97.9% 98.3% Perception of the availability of mobile phone and laptop recharging stations in common areas98% 82.1% Overall perception of the efficacy and accessibility of public information services 99.2% 99.2% Perception of the clarity, comprehensibility and effectiveness of internal signage 99.7% 98.9% Check-in waiting time 16’28’’ 18’50’’ Perception of passport control waiting time 05’03’’ 04’54’ Wait time for departing PRM passengers with reservations 09’40’’ 08’57’’ Wait time for arriving PRM passengers with reservations 03’08’’ 03’24’’ First baggage return times 21’59’’ 22’59’’ Last baggage return times 25’59’’ 27’59’’ Boarding wait time for the 1st passenger 05’00’’ 05’20’’

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 32 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

5 REGULATORY FRAMEWORK

The main regulatory updates are reported below, while reference should be made to the 2025 Directors’ Report for those issues not subject to amendments or supplements in the period.

Regulatory agreement and tariff dynamic for

2023-2026

On October 6, 2023, at the ENAC headquarters in Rome, the “Regulatory Agreement” between ENAC and AdB was signed for the 2023-2026 period.

In terms of the tariffs for the four-year period 2023-2026, then, we note that on April 28, 2023, with Resolution No.

82/2023, the Transport Regulation Authority declared compliance with the requirements in relation to the proposed revision of airport fees prepared by AdB and approved by airport users. The requirements set out by the Authority in that resolution were, therefore, fully enacted by the operator and, subsequently, on July 13, 2023 the TRA adopted a final compliance resolution.

In H1 2024, Aeroporto Guglielmo Marconi di Bologna S.p.A.

then put forward (receiving approval from ENAC on August 13, 2024) a justified proposal to update (pursuant to Article 6, paragraph 3 of the CDP) the annexes to the Regulatory Agreement for the four-year period 2023-2026. This considered the most updated traffic forecasts and in any case is substantially in line with previous agreements. It also takes into account the airport co-ordination beginning from the IATA Winter Season 2024-25 and considers the updates made to the Investment Plan based on new priorities and executive phases. The Plan also contains some new investments that bring the value of the investments in the four-year period - previously set at around Euro 140 million -

to approximately Euro 200 million.

The proposal, which was approved by ENAC as mentioned above, is considered to best meet the needs of the airport and its users. The reviewed, authorised reinvestment plan to 2026, accompanied by a business plan, is fully sustainable and will be entirely financed by AdB, using its own funds and bank and European Investment Bank (EIB) financing.

On October 28, 2025, the Annual Hearing of the Users of Bologna's "Guglielmo Marconi" Airport was held, concerning the determination of fees for 2026. The PRM 2026 fee was approved by unanimous user vote. Supervisory activities of the Transportation Regulation Authority, under the terms and for the purposes of Article 6.1.2 of the TRA Model, were successful but with certain prescriptions that were not materially impactful and will be given due consideration in the next update of airport charges. The ENAC oversight activity upon the PRM 2026 fee has also been successfully concluded.

Finally, in September the preliminary process will formally begin for the drafting and subsequent signing of the Regulatory Agreement covering the 2027–2030 regulatory period.

Publication of ITOs for the implementation of the balanced approach under Regulation (EU)

No. 598/2014

On February 26, 2026, ENAC published Technical and Operational Guidance 2026/02-ENV Ed.1, which contains the methodology for implementing the balanced approach for noise containment at domestic airports. The ITOs were issued following the adoption by the same body of the Regulation on "Provisions for the Implementation of the Balanced Approach at National Airports in Application of Regulation (EU) 598/2014," Ed.1 Rev. 1.

Within this framework, the aforementioned European Regulation of 2014 had provided for the innovation and consolidation of airport noise abatement regulations, introducing a common framework based specifically on the concept of a balanced approach. This approach, outlined by ICAO in Resolution A33/7 of 2001 and developed by ECAC, stipulates that any operating restrictions may be introduced, as a last instance, only if other measures are found to be insufficient to achieve the noise containment objectives, while they should only be adopted following a suitable technical process. The balanced approach therefore involves a consistent consideration of, in order, the range of available actions, i.e. reduction of aircraft noise at source, land-use planning and management, operational procedures for noise abatement, and finally operational restrictions, with the aim of solving the noise problem in the most cost-effective manner at the level of individual airports.

ENAC, as the national authority in charge of the procedure for adopting operating restrictions under Article 3 of the European Regulations, has therefore defined, with the ITOs in question, the methodological framework regarding the actions to be taken by airport management companies if it is determined that the limits defined through noise zoning have been exceeded. In particular, the report reviews the measures already provided for in EU legislation and the related operational actions through which these are implemented.

In addition, the ITOs provide a structure for the decision-

making process that must be followed when an airport noise problem is encountered, describing the different steps and actors involved. Beginning with the verification of compliance with the noise limits in the hands of the operator, arrangements are made for the activation of the relevant ENAC territorial directorate to initiate the phase of technical cooperation between ENAC and ENAV and the subsequent activation of the public consultation of stakeholders on the proposed mitigation measures, including the final selection of the measures to be adopted and their validation by the competent acoustics technician. Furthermore, ITOs place particular emphasis on the need for decisions to be based on objective and verifiable evidence, consistent with the principles of sustainability, proportionality, and cost-

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 33 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. effectiveness, especially with regard to the introduction of any operational restrictions.

Entry/Exit System (EES) entering full operation After the gradual start-up phase that began on October 12, 2025, the Entry/Exit System (EES), the new Schengen external border control system introduced by Regulation (EU) No.

2017/2225 and 2017/2226, became fully operational on April 10. The gradual entry into force of the system had been provided for in Regulation (EU) No. 2025/1534 of July 18, 2025, which, as a derogation from the aforementioned sources, had granted Member States a transitional period of 180 days concluding on April 10, 2026.

Until July 9, the option remains for member states to partially suspend EES operations for up to six hours upon the occurrence of exceptional circumstances that cause traffic intensity such that the waiting time at a border crossing is excessive. During this partial suspension, member states are exempt from the requirement to record biometric data, with the responsibility to notify the reason for and duration of the suspension. There is then an automatic extension of these flexibility measures until September 7 where less than 80% of the individual files registered during the phased-in operation of the EES contain biometric data.

In recent months, the European debate on the introduction of the Entry/Exit System (EES) has seen an increase in institutional and industry initiatives, in light of the significant operational challenges encountered at airports during rollout.

On June 29, Europe’s leading air transport associations - ACI EUROPE, Airlines for Europe (A4E), and IATA - sent an open letter to President of the European Commission Ursula von der Leyen, highlighting that wait times at border controls have reached critical levels, sometimes as long as five hours. The associations therefore asked the Commission to ensure that Member States have the necessary flexibility to fully suspend the application of the EES as a precautionary measure during July and August, should traffic volumes exceed available operational capacity. At the national level, on July 1, Assaeroporti and Aeroporti 2030 issued a joint press release in support of the European initiative. On that occasion, the President of Assaeroporti, Carlo Borgomeo, reiterated the priority of introducing mechanisms for greater flexibility, emphasising the need to be able to temporarily suspend the system during the summer and describing the situation created by the EES as objectively unmanageable at nearly all Italian airports.

On July 7, the call for greater flexibility was also formally supported by nine European countries - Italy, France, Germany, Belgium, Greece, Malta, the Netherlands, Portugal, and Switzerland - which sent a joint letter to the European Commissioner for Internal Affairs. The signatories expressed serious concern regarding the system’s operational impacts and asked the European Commission for formal assurances that the option to suspend the collection of biometric data -

temporarily and under exceptional circumstances - would be extended beyond the current deadline of September 6, 2026.

On July 13, another meeting between representatives of the aviation industry and the President of the European Commission failed to produce the practical solutions sought by the sector. After the meeting, ACI EUROPE, A4E, and IATA therefore issued a new appeal to European heads of government, supporting the request made by the nine member states to extend the partial suspension beyond September 6. They also reiterated the need for member states to be able to enact a total suspension of the EES during the summer months to avoid serious repercussions on airport operations.

Suspension of customs duty on non-EU goods worth less than Euro 150 and changes to the

European framework

Article 5 of the Fiscal Decree (DL No. 38/2026), effective March 28, postponed to July 1, 2026 the application of the "customs administrative fee" of Euro 2 for shipments of less than Euro 150 in value from non-EU countries, which had been introduced by the Budget Law 2026 (L. 199/2025).

SME law - exemption from insurance requirement for airport vehicles As of last April 7, with the vacatio legis (intermediate) period related to the publication of the Small and Medium Business Law having ended, the exemption of airport vehicles from third-party liability (RCA) came into effect.

In more detail, Article 9 of Law No. 24/2026 exempted from compulsory insurance vehicles used in areas not accessible to the public in airport areas, as well as port and railway areas, which are already covered by a different policy for third-party liability, along with unregistered forklifts operating within company areas, factories or warehouses.

The prerequisites for the adoption of the measure had manifested following the entry into force of Legislative Decree No. 184/2023, which, by implementing Directive (EU) No. 2021/2118 on third-party liability insurance, had amended Article 122 of the Private Insurance Code under Legislative Decree No. 209/2005, introducing precisely the obligation of third-party liability insurance for all vehicles, regardless of their characteristics and their exclusive use in restricted areas.

The intervention set out in Article 9 of the SME Law, now published in the Gazette, was therefore ordered in order to clarify that operating vehicles circulating in the airside area (e.g., push-backs, ambulifts, baggage belts) are not subject to this obligation since they are already covered by "Aviation" insurance, with limits far higher than those provided for classic statutory third-party liability insurance coverage.

MIT publishes the proposal for the 2026-2035 National Airport Plan On July 16, 2026, the Ministry of Infrastructure and Transport published the proposed 2026-2035 National Airport Plan (NAP), prepared by ENAC in consultation with the Ministry.

In relation to the Plan, ENAC, as the proposing entity, must now file a request with the Ministry of the Environment and Energy Security to begin the second and final phase of the Strategic Environmental Assessment (SEA) procedure. The

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 34 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. new NAP serves as the strategic framework for the development of national air transport to 2035. It consists of a general framework accompanied by four technical annexes (not currently available) on accessibility and connectivity, traffic forecasts, monitoring indicators, and airport capacity analysis. The Plan is also scheduled to undergo periodic reviews, with the first update planned for 2027.

The new NAP introduces a planning framework based on 13 integrated airport systems. These are designed to foster co-

operation between airports with complementary traffic catchment areas and functions, even in the absence of a unified corporate management structure. The Plan also introduces the concept of “co-accessibility” as a new indicator for assessing accessibility and connectivity levels in the local area and guiding planning decisions. The Plan also places key emphasis on intermodal integration, setting measurable targets for sustainable accessibility for the various categories of airports and promoting improvement in rail, road, and local public transportation connections.

In terms of sustainability, the new NAP proposed by the MIT sets targets consistent with European and ICAO objectives, promoting the adoption of sustainable aviation fuels (SAF), hydrogen, the digitalisation of airport processes, and innovative technologies, including Advanced Air Mobility and Remote Digital Towers.

Finally, the NAP focuses on international competitiveness and addresses both the issue of incentives for carriers (regarding which it acknowledges that “measures designed to hinder or discourage airport operators from using incentives to develop traffic risk leading to a loss of competitiveness for the entire Italian airport system”) and the issue of the municipal surtax on boarding fees. In this regard, it notes the need for a review of the entire regulatory framework in order to gradually reduce the tax at all airports.

The text proposed by the MIT will be reviewed by the relevant parliamentary committees, after which it will proceed to the next stages of the adoption process.

ITO on the extension of sub-concessions beyond the expiration date of the main airport

concession

On July 17, 2026, ENAC published Technical and Operational Guidelines (ITOs) No. 2026/05-APT, ed. No. 1, entitled “Implementation of the provisions regarding the duration and extension of sub-concessions set forth in Part II of the certification regulations for providers of airport ground handling services”. The ITOs provide the interpretive and procedural clarifications necessary for the application of Article 2, paragraph 5, of Part II of the “Handling Regulation” (Ed. 8- Rev. 1 of September 27, 2024), governing the circumstances under which ENAC may authorise, for reasons of public interest, the continuation of the sub-concession agreement even beyond the expiration of the main airport concession, in order to allow for the full amortisation of the investments made.

The ITOs also establish the criteria used to determine whether there is public interest in an extension, with regard to both significant airport infrastructure investments and aeronautical industrial activities of particular strategic importance. Furthermore, they identify the criteria that ENAC must evaluate in this regard to ensure a balance between the needs for infrastructure development and the protection of competition and the autonomy of the future operator.

The scope of application of the ITOs is not limited to aviation sub-concessions, but extends to all sub-concessions relating to public interest investments or activities that contribute to the development and operation of the airport (the ITOs expressly include, in addition to aviation activities, infrastructure such as photovoltaic systems and airport hotels, provided they contribute to the development of the airport grounds).

The ITOs govern the authorisation procedure, outlining the various activities and procedural steps and specifying the roles of the relevant Central and Regional Directorates. More specifically, if the proceedings are successful, they conclude with an authorisation from the General Manager of ENAC, followed by the selection process (except where the award is made directly, where the requirement of industrial non-

substitutability is met). This, in turn, is followed by the signing of a trilateral agreement between the operator, the sub-

concessionaire, and the relevant regional ENAC office, ensuring the future concessionaire’s assumption of the concession, and ENAC’s Board of Directors and the MIT are then informed.

European Commission Guidelines on the CER

Directive

On July 10, 2026, the European Commission adopted new guidelines on the implementation of Directive (EU) 2022/2557 (the CER [Critical Entities Resilience] Directive), which outline the measures necessary to strengthen the resilience of critical entities.

The CER Directive, transposed into Italian law by Legislative Decree No. 134/2024, requires Member States to identify -

by July 17, 2026 - critical entities in strategic sectors, with a view to establishing appropriate preventive measures to increase resilience to events that could compromise their operations (including attacks, sabotage, natural disasters, or public health emergencies), placing particular emphasis on the need to conduct risk assessments and report significant incidents to the competent authorities. The Commission has therefore been tasked with adopting guidelines to further specify the technical, security, and organisational measures that critical infrastructure operators may adopt.

Specifically, the Guidelines provide practical, non-binding guidance on the technical, organisational, and security measures that critical entities may adopt to prevent, withstand, respond to, and recover from natural and human-

induced risks. In addition to recommending conduct related to risk management and risk awareness among workers, the document also focuses specifically on countering threats posed by drones, referencing the relevant EU Action Plan and recommending an approach based on risk assessment, the use of detection and countermeasure systems (C-UAS), the integration of anti-drone measures into security and business continuity plans, and strengthened co-operation between

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 35 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. infrastructure operators, competent authorities, and law enforcement agencies.

Publication of the ENAC Regulation on service

quality

On July 3, the ENAC Regulation titled “Service quality in air transport: quality monitoring at airports and Services Charters of airport operators and carriers” was published;

this will take effect on July 16 following the publication of the relevant notice in the Official Gazette. The new Regulation fully replaces the previous Circular GEN-06 and consolidates the rules governing the monitoring of airport service quality and the Services Charters of operators and carriers into a single text, thereby establishing the regulatory framework for operators subject to the obligations of quality monitoring and the preparation of the Services Charter.

The Regulation also confirms certain significant organisational requirements. The minimum frequency of Quality Committee meetings remains mandatory; these must be held monthly or quarterly, depending on traffic volumes at the airport. The 30-

day deadline for responding to user complaints is also obligatory, subject to the possibility of providing an interim response if further verification or investigation is necessary.

Finally, the key changes include the introduction of a requirement for a Cargo Services Charter for airports that handle more than 100,000 tonnes of cargo per year, thereby also extending the quality monitoring system to cargo services. More generally, the Regulation standardises indicators, data collection methods, and the content of Services Charters. Its goal is to ensure consistent performance measurement, enhancing transparency for users, and strengthen ENAC’s oversight of the quality of services provided.

New ITOs for drafting Airport Regulations On June 8, 2026, ENAC published Technical and Operational Guidelines (ITO) No. 2026/03-APT – “Drafting of Airport Regulations for Certified Airports” (Ed. 1), with the goal of establishing uniform criteria for the preparation of airport regulations adopted at certified domestic airports and standardising their structure and content. ENAC then expressly repealed ENAC Circular APT-19, which had previously governed the matter.

More specifically, the new document defines the procedural framework for preparing, approving, updating, and distributing Airport Regulations, identifying the uniform content required of them and specifying the responsibilities of the airport operator and the relevant ENAC Regional Directorate. While striving for greater uniformity at the national level, the ITOs confirm that the Regulations can be adapted to the operational and organisational characteristics of each individual airport.

The ITOs contain a comprehensive set of rules governing the process for issuing and updating Airport Regulations, distinguishing between substantial amendments - which require the adoption of a new edition through a specific order issued by the competent Territorial Directorate - and minor updates (such as changes to regulatory references, contact information, or previously approved procedures), which may be carried out through simplified procedures, provided that they are submitted to ENAC for the necessary evaluations.

A standard template for airport regulations is also being introduced. This is intended to serve as the reference model for all commercial airports. Among other matters, the framework covers the regulations governing access and operations for ground handling service providers, airside activities, passenger services, the Safety Management System, contingency procedures, and Regulation compliance audits.

The ITOs also clarify what content should not be included in the individual regulations, which must consist exclusively of the rules and operating procedures subject to verification and oversight by the Territorial Directorate. The following issues are therefore excluded, among others: references to rates and fees; paid services not provided for by law; provisions regarding occupational health and safety; emergency procedures already addressed in other documents; and activities outside the jurisdiction of the Regional Offices.

Finally, the ITOs dedicate specific attention to the collection and verification of delay codes (IATA Delay Codes), introducing uniform criteria for their assignment and verification, in order to improve the reliability of analyses of the causes of delays and to support the adoption of measures to increase operational punctuality at airports.

6 DISPUTES

For further information on the disputes, reference should be made to Note 29 of this consolidated half-year report.

7 PRINCIPAL RISKS AND UNCERTAINTIES

The AdB Group’s operating results are influenced by air traffic performance, which is, in turn, influenced by the economic environment, the domestic and international environment and the economic and financial situation of the individual airlines and airline alliances, as well as competition, on some routes, with alternative means of transport.

For further information on the management of financial risks, reference should be made to “Type and management of

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 36 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. financial risks” paragraph at Note 28 of these three-month consolidated financial statements.

Risks related to contractions in business caused by

geopolitical instability

The macroeconomic and geopolitical environment of recent years exposes the Group to specific related risks. Specifically, it can lead to airspace closures or restrictions, flight cancellations, longer routes, and other indirect effects, such as a reduction in airline capacity as a result of developments in the global environment. These factors could adversely affect consumer confidence, the propensity to travel and the economic recovery in general.

As regards the major ongoing conflicts and the Group’s related exposure, its business has been affected:

 by the war between Russia and Ukraine since early 2022, which has resulted in a loss of traffic volumes to the countries directly involved in the early phases and - albeit minimally - to nearby Eastern European countries.

Volumes to/from Russia and Ukraine, although very small, are included in Group estimates only from the end of the next five-year period with, therefore, marginal impact if the conflict persists.

 by the suspension of certain routes to Middle Eastern countries affected by internal conflicts, though overall exposure remains limited;

 to a moderate extent, by the US and Israeli attack on Iran, which has resulted in an exacerbation of the pre-existing difficulties stemming from tensions in the area, which consequently raised the level of overall uncertainty within the global geopolitical environment. In terms of direct connectivity, the Group's exposure to the effects of the war in the Middle East is limited (approximately 2% of traffic) and mainly concerns connections with Dubai, which also affects the cargo business. The activities of the carrier Emirates, in fact, were completely suspended following the outbreak of conflict in the area in late February, and only returned to reduced-capacity operations (3 days out of 7 from April, 4 out of 7 from May, and 7 out of 7 only from July). The extent of these impacts, including indirectly on demand from possible airline ticket price raises and from resumed inflation, will depend on the duration of the tensions and any possible further escalation. Even with limited direct exposure, the Group could be affected by indirect effects such as:

o (i) rising costs or potential shortages of jet fuel, which could see airlines reduce flight frequencies, relocate aircraft to more profitable markets, deploy aircraft with lower capacity, and raise ticket prices; and (ii) rising inflation, which could further undermine consumer and business confidence and the propensity to travel.

o by a change in the balance in global economic conditions, particularly from the introduction of tariffs on imported goods by the US administration, the configuration of which impacts strategic sectors for our country (i.e. automotive, fashion and agri-

food), could generate a weakening of trade and the global economy, provoking possible subsequent retaliatory actions by the trading partners of the countries concerned ("trade wars") and an increase in the cost of goods transported globally.

Furthermore, the temporary introduction of internal border controls for flights to and from Spain had a limited impact on the airport’s operations. In fact, passenger flows proved manageable with the available infrastructure and through limited organisational adjustments. However, given that Spain is the Group’s largest international market, if this situation continues, particularly during peak travel times, it could lead to congestion in non-Schengen areas and possible operational delays.

A heightened risk level therefore remains in the international geopolitical landscape, which is directly or indirectly affected by the escalation of existing tensions and the deterioration of global trade relations - factors which could lead to a decline in demand and have a negative impact on consumer confidence. A further intensification of the commercial imbalances and the aforementioned geopolitical conditions could result in increased limitations and closures of airspace, which in turn would result in additional operational restrictions for carriers transiting the affected areas.

A number of challenges therefore remain, both economically and in terms of international security. Against this uncertain backdrop, the AdB Group constantly monitors the effects and consequences of the complex scenario on its airport, as it could potentially suffer negative effects on its business performance, particularly in terms of the volumes of passengers and goods traded.

Risks related to a dependence on Ryanair traffic

volumes

Group operations are significantly based on relations with the leading airlines at the airport and to which the Group offers its services, including - in particular - Ryanair. Due to the large proportion of total passenger flights at the airport operated by Ryanair, the Group is exposed to the risk that the airline may scale back or discontinue entirely its operations at the airport. Ryanair passengers accounted for 55.6% of the airport's total traffic volumes in H1 2026.

In the wake of the successful multi-year arrangement AdB and Ryanair have consolidated the partnership, started in 2008, with a new 6-year agreement signed in February 2023.

Particularly, AdB and Ryanair have signed an agreement, within the framework of their respective development objectives, in order to: ensure the maintenance of an comprehensive and varied network of connections within the areas served by the carrier and also to ensure network development in line with capacity and consistent with the infrastructure development projects of Marconi airport. The agreement pursues overall long-term sustainability goals and includes an incentive scheme linked to the airport's traffic development policy. A dispute has arisen between the Parties regarding the interpretation of a clause in the agreement. As a result, AdB has been compelled, without prejudice to the continuation of the contract, to initiate litigation in this regard. For further details, please refer to Note 29 “Disputes”.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 37 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Although in the Group's opinion Bologna airport is of strategic importance to the airline, it is still possible that Ryanair may decide to change the routes served, significantly reducing or discontinuing entirely its flights at the airport. Any reduction or stoppage of flights by the afore-mentioned airline or the stoppage or change to flights with other destinations with high passenger traffic volumes may negatively impact - even to a significant degree - the Group financial statements.

In relation to this risk, it may increase should the carrier opt for a partial revision of its operations at Bologna's Marconi Airport by shifting individual operations or aircraft based there to other neighbouring airports that recently benefitted from the regional initiative and thus the approval in Parliament of Law 199/2025 (Budget Law 2026), which, in paras. 481-484, establishes the exemption from payment of the municipal surtax on boarding fees for the airports of Rimini, Forlì and Parma as of January 1, 2026, with simultaneous transfer of the entire charge to the Region of Emilia-Romagna for a total of Euro 1.9 million annually. All necessary and appropriate steps are being taken by management to monitor and progressively strengthen the performance of the partnership.

Risk related to the effect of incentives on revenue

margins

The Parent Company is exposed to the risk of a decrease in the margins of its Aviation Business Unit if airlines that receive incentives experience an increase in traffic volumes which is not offset by adequate development of traffic for those with less or no incentive. In accordance with its incentive policy aimed at developing traffic and routes at the Airport, the Company pays some airlines – including both legacy and low-

cost carriers – incentives tied to passenger traffic volumes and new routes. This policy - periodically updated and published on the web - limits incentives to levels compatible with positive margins on each airline’s operations. However, should the passenger traffic and routes operated by airlines receiving incentives increase as a proportion compared to the current market structure, the Company’s positive margins could decline proportionally, with a negative impact, possibly to a material degree, on the Group's financial performance and financial position.

Although the low-cost segment’s share of the Italian national market is significant, the Group manages this risk by proactively developing traffic that generates an increasingly positive marginal contribution. This is also in view of the investment plan, consistent with the approved and current Master Plan through 2030, that the parent company has defined for the next regulatory period 2027-2030.

Risk relating to a reduction in the margin of non-

aviation revenues

The growth in traffic in 2025, with confirmation of volumes in the first half of 2026, suggests a downsizing of the previous risk, keeping it in relation to the potential negative impacts on traffic from areas of the world currently affected by unexpected and significant conflicts, the duration and scope of which are, at the date of preparation of this Report, entirely uncertain.

This critical macroeconomic context could lead to a partial reduction in the profitability of the non-aviation business.

Risks related to implementation of the Action Plan The Parent Company invests in the airport as part of overall management on the basis of an Action Plan approved by ENAC. The Action Plan was drafted on the basis of the investments envisaged in the Master Plan according to a modular approach, the main driver of which is air traffic performance. With Order No. 0100428/P dated August 11, 2022, the National Civil Aviation Authority expressed a favourable opinion on the Investment Plan submitted by AdB for the four-year period 2023-2026. With its Order dated August 13, 2024, the National Civil Aviation Authority expressed a favourable opinion on the technical annex updates - chief amongst which is the Investment Plan -

submitted by AdB for the four-year period 2023-2026. In accordance with current regulations, the preliminary review process will soon begin to define and sign the Regulatory Agreement for the 2027–2030 regulatory period.

AdB could encounter difficulties in implementing the investments provided for under the Action Plan in a timely manner due to unforeseeable events, such as delays in the process of obtaining authorisation for and/or executing the works, delays caused by the complexity of tenders and any related disputes, delays in procurement processes for certain materials or components, with possible adverse effects on the amount of the tariffs that may be applied and possible penal risks of withdrawal from or termination of the Agreement.

The execution of the planned interventions could be conditioned by the non-availability of raw materials or by sharply increasing costs. International geopolitical tensions are likely to result in the maintenance or further increase in prices of energy that have already reached exceptionally high levels, as well as of certain raw materials or components essential to construction activities, and a general increase in inflation. These effects, together with uncertainty regarding the availability of raw materials, could lead to criticality in the supply of certain materials, an increase in operating costs linked to the functioning of airport infrastructure and an increase in the costs of carrying out certain investments.

In addition, as a result of the coordinated airport status, if the Action Plan is not implemented on time, delays in the release of additional infrastructure capacity and thus limitations to future traffic development could be generated. The investment plan as remodelled from time to time, while always ensuring due and constant reporting to ENAC, will be implemented with own financial resources, resources already available as a result of the EIB financing, and with additional financing to be sought and activated soon. Against this backdrop, AdB has launched a process to identify the most efficient financial structure and securing the resources needed to support the implementation of the investment program.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 38 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Risks related to exceeding noise zoning limits (noise

and annoyance)

Managing airport operations in close proximity to population centres drives the Group's increasing focus on sustainable traffic development at its airport. AdB has for some time, as is known, put in place measures to monitor noise levels and constantly monitors the airport acoustic zoning limits and following even the slightest exceedance, within moreover a very low-density residential area in the Calderara area and at the date of drafting this Report, it has now completed the necessary studies and appropriate analyses. On June 16, 2026 (pursuant to EU Regulation 598/2014, ENAC Regulation 20/12/2024, and the 2026 ITOs), AdB therefore launched a public consultation process with stakeholders. This sought to gather useful input to finalise a package of measures to reduce the noise impact of operations through a balanced approach to noise management, according to the applicable regulation and regulatory requirements issued by ENAC. The proposal for measures to mitigate the noise impacts of aviation operations, which is currently under public consultation, was developed in accordance with the principles of the Balanced Approach. This requires an integrated and comparative assessment of possible measures based on the criteria of acoustic effectiveness, operational feasibility, and sustainability. In accordance with these principles, the introduction of any operational restrictions is considered a measure of last resort, to be adopted only following a thorough and comparative assessment of the available alternatives and a comprehensive cost-benefit analysis.

The operator’s target for 2026 remains to develop a comprehensive proposal following consultation with stakeholders. This will be followed, for the respective assessments, by investigations conducted by the national and EU bodies with institutional jurisdiction over the matter.

Once approved and made effective and operational, the final overall package of measures proposed by the operator, following the long and complex regulated process, will involve adopting specific safeguards and measures for the management and mitigation of "noise" risk and impact, also considering the future sustainable development of the airport.

Cyber attack risks The complex international environment and a growth in criminal activities expose the Group to an increasing Cyber Security risk. This is exacerbated during phases of international conflict and particularly affects critical infrastructure such as airports. AdB is in fact an Essential Operator under Legislative Decree No. 138 of October 2024 (transposition of the NIS2 Directive). As such, it is subject to basic obligations, including the Incident Notification Obligation (operative from January 2026), which will be transposed according to the deadlines set out in that obligation. For the Group, this risk takes the form of increasing exposure to data theft and/or temporary disruption of airport systems, generating potential disruptions to passengers, suppliers and employees, and lost revenue.

In addition to having obtained ISO 27001 certification for its Information Security Management System (ISMS), the Group therefore continues to monitor changes in the international environment to allow it to identify any additional risks and impacts on the business, taking mitigation actions and adopting organisational models compliant with recent industry regulations. In 2026, periodic audits for third parties in the areas of privacy and cyber security will continue, accompanied, as in previous years, by “by design” analysis of newly implemented or renewing digital services (HW and SW), alongside the now forthcoming implementation of a comprehensive platform for third-party Cyber posture analysis, the first phase of which was completed in 2025. H1 also saw the continuation of preparatory activities to ensure compliance with NIS2 ahead of full implementation scheduled for 2026.

Risks concerning the regulatory framework The Aeroporto Guglielmo Marconi di Bologna S.p.A. Group's core business involves acting as concession holder operating under special exclusive rights to the Bologna airport grounds.

Primarily for this reason, it operates in an industry that is highly regulated at the domestic, supranational and international levels. Any change to the regulatory framework (and in particular any changes in relations with the state, public bodies and sector authorities, the determination of airport fees and the amount of concession fees, the airport tariff system, the allocation of slots, environmental protection and noise pollution) may impact operations and Company and Group results.

Risks related to climate change Climate change could affect AdB in terms of the occurrence of particularly intense and unforeseen events (high intensity rainfall, hailstorms, heat waves, floods). Such events would have repercussions on the airport's operations, generating inefficiencies and impacts on airport users and, to a lesser extent, risks of damage to airport infrastructure and equipment. To ensure appropriate climate risk mapping and the preparation of an appropriate management plan, the Group has performed a long-term climate vulnerability analysis to ensure the resilience of its infrastructure and operational setup. AdB is also in the process of defining a Climate Adaptation Plan that includes action to manage the risk related to the occurrence of extreme weather events. It also has insurance coverage in place for catastrophic events.

Risk related to the high level of intangible assets in proportion to the Group's total assets and

shareholders’ equity

With regards to the preparation of the consolidated financial statements at June 30, 2026, as indicators of impairment as defined by IAS 36 are not evident and considering that Group economic-financial performances are in line with the 2026-

2046 economic-financial forecast formulated by the Board of Directors and already used in the impairment tests at December 31, 2025 which did not indicate any impairments, no impairment tests were carried out.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 39 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Seasonality of revenues Due to the cyclical nature of the sector in which the Group generally operates, higher revenues and operating results are expected in the third quarter rather than in the first and final quarters of the year. Higher revenues are concentrated in June-September, during the peak summer vacation period experiencing maximum usage levels. In addition, there is a strong business passenger component, due to the characteristics of the local business community and the presence of internationally renowned trade fair events, which offsets the seasonal peaks of tourist activity. Accordingly, financial performance figures for interim periods may not be representative of the Group's financial performance and financial position situation at the annual level.

8 ALTERNATIVE PERFORMANCE INDICATORS

In this Directors’ Report, various performance indicators are presented in order to permit a better assessment of operating performance and financial position.

On December 3, 2015, Consob published Communication No. 92543/15, rendering applicable the Guidelines issued on October 5, 2015 by the European Security and Markets Authority (ESMA) regarding the presentation of such indicators in regulated information circulated or financial statements published on or after July 3, 2016. These Guidelines, updating the previous CESR Recommendation (CESR/05-178b), seek to promote the utility and transparency of alternative performance measures included in regulated information or financial statements within the scope of application of Directive 2003/71/EC in order to improve comparability, reliability and comprehensibility.

The criteria utilised for these indicators, in line with the above communications, are provided below:

 EBITDA: EBITDA (earnings before interest, taxation, depreciation and amortisation) is defined by management as the result before taxes for the year, financial income and charges, income and charges from equity investments, depreciation, amortisation and impairment. It therefore coincides, in this case, with the gross operating margin. EBITDA is not identified as an accounting measure as per IFRS and therefore should be considered as an alternative measure for the evaluation of the Group’s performance. Since calculation of this indicator is not governed by the accounting standards that form the basis of preparation of the Group's Consolidated Financial Statements, the criterion used to determine and measure the indicator might not be uniform with that adopted by other groups. Accordingly, the figure in question might not be comparable with that presented by such other groups;

 ADJUSTED REVENUES AND COSTS: total

revenues net of revenues from construction services and terminal value receivable revenues on the provision for renewal and total costs net of construction service costs.

Adjusted revenues and costs allow for the calculation of adjusted EBITDA as presented below:Adjusted EBITDA: this is a measure used by the Group's management to monitor and assess the Group's operating and financial performance. This is calculated by subtracting from EBITDA:

o the margin calculated as the difference between the Group's construction revenues and construction costs as the Airport's

manager;

o terminal value receivable revenues on the provision for renewal, where this account is understood to refer to the consideration – equal to the present value of the terminal value credit – that the airport manager is entitled to be paid at the end of the concession from the new manager for renewal work on the assets under concession that at the date concerned have not been fully depreciated according to the regulatory accounting rules (Article 703 of the Navigation Code, as amended by Article 15-quinquies, para. 1, of Decree-Law No.

148/2017, converted, with amendments, by Law No. 172 of December 4, 2017).

 Net Financial Debt/Net Financial Position: the composition of the Net Financial Debt/Net Financial Position is represented in accordance with the Consob Communication of July 28, 2006 and ESMA recommendations ESMA/2011/81 and ESMA32-382-

1138 of March 4, 2021.

 Investments: the investments undertaken and outlined in section 3.4.2 refer to the total investments made in the period without considering the mark-up of construction services, work advances paid to suppliers, leased assets and gross of any receivable from Terminal Value.

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 40 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 9 GUARANTEES PROVIDED For details of the guarantees provided by the Group, reference should be made to Note 28 of these consolidated half-year financial statements.

10 OPT-OUT REGIMES

On April 13, 2015 the Board of Directors of the Parent Company decided, in accordance with Article 70, paragraph 8, and Article 71, paragraph 1- bis, of the Issuers’ Regulation, to opt out of publishing the disclosure documents provided for in Annex 3B to the Issuers’ Regulation in the event of significant merger, spin-off, share capital increase through conferment of assets in kind, acquisition, and sales operations.

11 SUBSEQUENT EVENTS AND BUSINESS OUTLOOK

Further to that outlined in the other notes to this Directors’ Report and to the Financial Statements (to which reference should be made), no events have occurred subsequent to the end of the half year that would require changes in terms of the presented performance or equity and financial position and that would therefore necessitate adjustments and/or additional disclosures in the financial statements with reference to the amounts reported at June 30.

Traffic performance

For July and August, Bologna Airport achieved a record number of passengers of 1,136,375 and 1,149,209 respectively, growth of 3.0% and 3.6% on the same months in 2025.

Passengers for the January-August period at Marconi numbered 7,770,825, up 3.5% on the same period of 2025, while movements rose 3.2% on the same period of 2025 to 54,871. Air cargo carried in the first eight months of 2026 totalled 27,911 tonnes, decreasing (-3.8%) on the same period of 2025.

Renewed volcanic activity on Mount Etna and the resulting flight cancellations to and from Catania Airport did not have a significant impact on either traffic volumes or operating results. As a result of the challenges facing Catania Airport -

and supported by the launch of Wizzair’s route on August 1

- Palermo stands out among the month’s “most-travelled” destinations, with a 76% increase, totalling over 50 thousand passengers. Palermo thus jumps to first place, ahead of Tirana and Catania. The month’s “top ten” therefore includes:

Barcelona, Cagliari, Bucharest, Olbia, Madrid, Istanbul and Brindisi.

Also in August, the partnership to deliver growth for Wizz Air was renewed. The airline expects to reach 1.3 million passengers in 2026 and plans to invest further in routes to and from Bologna. The multi-year agreement seeks to promote sustainable growth by using state-of-the-art aircraft and identifying new and exciting destinations for passengers from Bologna and the entire Marconi catchment area.

Operating and Financial Performance and

Business Outlook

The IATA forecasts global passenger traffic growth of 2.1% in 2026, representing a slowdown on the forecasts issued over recent years, with a highly uneven trend across the various regions. The Middle East is expected in fact to see a significant decline due to airspace restrictions, while Africa and Asia-

Pacific shall benefit from the overall reallocation of traffic and routes resulting from the disruptions caused by the conflict.

Against this backdrop, cargo traffic continues to play an important role in the global trade network, contributing to the sector’s resilience. Its growth is however expected to slow to 0.7% in 2026 due to capacity constraints and operational disruptions related to the conflict, shifting carriers' focus toward maintaining higher yields rather than achieving volume growth. In a market therefore featuring limited structural capacity, airline margins are expected to remain positive overall, although under significant pressure due to energy market shocks, resulting in higher jet fuel costs, a greater focus on energy transition issues and limited scope for further cost-efficiency improvements. Rising demand and hedging strategies therefore provide only a degree of mitigation, while fully passing on costs remains a challenge -

particularly given the deteriorating macroeconomic and geopolitical environment ( Source: IATA, Global Outlook for Air Transport, June 2026).

The AdB Group’s direct exposure to the current geopolitical tensions remains limited, affecting approximately 2% of traffic and primarily involving flights to and from Dubai, with a limited impact also on cargo operations. Any indirect effects on demand - resulting from potential increases in airfares and inflationary pressures - will depend on the duration and evolution of the international situation. Connectivity with the Middle East remains however structurally sound, with prospects for a gradual return to pre-conflict levels over the medium-term. Against this backdrop, the AdB Group returned strong results for the first half of 2026. Traffic

Directors’ Report

Aeroporto Guglielmo Marconi di Bologna S.p.A. 41 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. volumes saw robust growth in the first quarter, despite the usual seasonal fluctuations in demand and the winter flight schedule. Q2 meanwhile reported more moderate growth, reflecting an unstable macroeconomic and geopolitical environment, whose effects were partially mitigated by the gradual shift of passenger flows toward destinations not affected by the conflicts.

Against the positive start to the second half of the year, which saw traffic volumes increase in July and August compared with 2025, slot allocations for the winter season reduced on the previous season. In this environment, the Group will continue to monitor the geopolitical situation, while over the coming months rolling out the investments earmarked in the 2023– 2026 Regulatory Agreement and focused on overcoming the infrastructure capacity constraints. Simultaneously, the preliminary process will formally begin for the drafting and subsequent signing of the Regulatory Agreement covering the 2027–2030 regulatory period, while discussions will also begin with the financial institutions to conclude the funding agreements supporting the development plan.

The Chairperson of the Board of Directors

(Enrico Postacchini)

Bologna, September 7, 2026

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 42 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Consolidated Half-Year Financial Statements for the period ended June 30, 2026

Statement of Consolidated Financial Position Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Cash Flow Statement Statement of Changes in Consolidated Shareholders’ Equity

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 43 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Statement of Consolidated Financial Position

in thousands of Euro Note As at 30.06.2026 As at 31.12.2025 Concession rights 1 304,474 283,512 Other intangible assets 2 2,462 2,577 Intangible assets 306,936 286,089 Land, property, plant and equipment 3 17,110 17,137 Investment property 4 1,617 1,617 Tangible assets 18,727 18,754 Shareholdings 5 1 1 Other non-current financial assets 6 30,405 28,722 Deferred tax assets 7 5,245 4,776 Other non-current assets 8 284 586 Other non-current assets 35,935 34,085

NON-CURRENT ASSETS 361,598 338,928

Inventories 9 967 865 Trade receivables 10 20,425 19,691 Other current assets 11 10,856 8,092 Current financial assets 12 800 0 Cash and cash equivalents 13 46,066 81,164

CURRENT ASSETS 79,114 109,812

TOTAL ASSETS 440,712 448,740

Share capital 90,314 90,314 Reserves 125,756 113,582 Profit/(loss) for the period 10,444 24,842

GROUP SHAREHOLDERS’ EQUITY 14 226,514 228,738

MINORITY INTERESTS 0 0

TOTAL SHAREHOLDERS’ EQUITY 14 226,514 228,738

Severance and other personnel provisions 15 2,986 2,941 Provision for renewal of airport infrastructure 16 15,477 15,246 Provisions for risks and future charges 17 3,612 3,853 Non-current financial liabilities 18 94,235 96,170 Other non-current payables 32 41

NON-CURRENT LIABILITIES 116,342 118,251

Trade payables 19 38,071 44,657 Other liabilities 20 46,682 41,654 Provision for renewal of airport infrastructure 16 4,499 4,106 Provisions for risks and charges 17 0 0 Current financial liabilities 18 8,604 11,334

CURRENT LIABILITIES 97,856 101,751

TOTAL LIABILITIES 214,198 220,002

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 440,712 448,740

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 44 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Consolidated Income Statement

in thousands of Euro Note for the half year ended 30.06.2026 for the half year ended

30.06.2025

Revenues from aeronautical services 39,410 35,948 Revenues from non-aeronautical services 28,345 27,430 Revenues from construction services 27,122 20,395 Other operating revenues and proceeds 656 966

REVENUES 21 95,533 84,739

Consumables and goods (2,591) (1,787) Service costs (12,594) (12,709) Costs for construction services (25,831) (19,424) Leases, rentals and other costs (5,969) (5,496) Other operating expenses (1,966) (1,836) Personnel costs (19,674) (18,062)

COSTS 22 (68,625) (59,314)

Amortisation of concession rights (5,984) (4,935) Amortisation of other intangible assets (590) (459) Depreciation of tangible assets (1,637) (1,217)

AMORT., DEPRECIATION & WRITE-DOWNS 23 (8,211) (6,611)

Reversals of impair. losses (net) on trade & other receivables (160) (1) Provision for renewal of airport infrastructure (1,368) (2,498) Provisions for other risks and charges (161) (321)

PROVISIONS FOR RISKS AND CHARGES 24 (1,689) (2,820)

TOTAL COSTS (78,525) (68,745)

OPERATING PROFIT 17,008 15,994

Financial income 25 529 1,100 Financial expenses 25 (2,728) (964)

RESULT BEFORE TAXES 14,809 16,130

TAXES FOR THE PERIOD 26 (4,365) (4,613)

PROFIT (LOSS) FOR THE PERIOD 10,444 11,517

Minorities profit (loss) 0 0 Group profit (loss) 10,444 11,517 Undiluted earnings/(loss) per share (in Euro) 0.29 0.32 Diluted earnings/(loss) per share (in Euro) 0.29 0.32

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 45 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Consolidated Statement of Comprehensive Income

in thousands of Euro for the half year ended 30.06.2026 for the half

year ended

30.06.2025

Profit (loss) for the period (A) 10,444 11,517 Other profits (losses) that will be reclassified in the net result for the period 0 0 Total other profits (losses) that will be reclassified in the net result for the period

(B1)

0 0 Other profits (losses) that will not be reclassified in the net result for the period Actuarial profits (losses) on severance and other personnel provisions (32) 0 Tax impact on actuarial profits (losses) on severance and other personnel provisions 8 0 Total other profits (losses) that will not be reclassified in the net result for the period (B2) 0 0

Total other profits (losses), net of taxes (B1 + B2) = B (24) 0

Total profits (losses), net of taxes (A + B)

10,420 11,517

of which Minority Interests 0 0 of which Group 10,420 11,517

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 46 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Consolidated Cash Flow Statement

in thousands of Euro As at 30.06.2026 As at 30.06.2025 Core income-generating operations Result for the period before taxes 14,809 16,130 Adjustments to items with no impact on cash and cash equivalents

- Margin from construction services (1,291) (971) + Depreciation and impairment of tangible assets and right-of-use assets 8,211 6,611 + Provisions 1,689 2,820 + Interest expense/(income) not involving cash outflows/(inflows) 544 (623) +/- Interest income and financial expenses 1,655 487 +/- Losses/gains and other non-monetary costs/revenues 360 (120) +/- Severance provisions and other personnel costs 74 63 Cash flow generated / (absorbed) by operating activities before changes in working capital 26,051 24,397 Change in inventories (102) 6 (Increase)/decrease in trade receivables (1,352) 286 (Increase)/decrease in other receivables and current/non-current assets (2,476) (2,084) Increase/(decrease) in trade payables 772 2,261 Increase/(decrease) in other liabilities, various and financial 4,370 3,426 Interest paid (1,960) (531) Interest collected 61 64 Taxes paid (3,693) (11,055) Severance paid (110) (180) Use of provisions for payments (1,600) (2,007) Cash flow generated / (absorbed) by net operating activities 19,961 14,583 Purchase tangible assets (1,613) (1,876) Payment from sale of tangible assets 17 6 Purchases of intangible assets/concession rights (35,074) (19,349) Purchase/capital increase of equity investments 0 (222) Payment from sale of equity investments 0 0 Changes in current and non-current financial assets (788) (690) Cash flow generated / (absorbed) by investment activities (37,458) (22,128) Dividends paid (12,643) (17,015) Loans received 0 10,500 Loans repaid (4,764) (4,895) Payments for right-of-use liabilities (193) (78) Cash flow generated / (absorbed) by financing activities (17,600) (11,488) Change in closing cash flow (35,098) (19,033)

Cash and cash equivalents at beginning of period 81,164 41,079 Change in closing cash flow (35,098) (19,033) Cash and cash equivalents at end of period 46,066 22,046

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 47 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Statement of changes in Consolidated Shareholders’ Equity

in thousands of Euro Share capital Share premium reserve Legal reserve Other reserves FTA Reserve Profits

(losses)

carried

forward Actuarial

profits/(losse

s) reserve Profit (loss) for the

period GROUP

SHAREHOLDERS’

EQUITY TOTAL

SHAREHOLDERS’

EQUITY

Shareholders’ Equity at 31.12.2025 90,314 25,683 11,603 97,374 (3,272) (17,145) (662) 24,842 228,738 228,738 Allocation of the 2025 financial year result 0 0 1,174 9,976 0 13,692 0 (24,842) 0 0 Share capital increase 0 0 0 0 0 0 0 0 0 0 Dividends distributed 0 0 0 0 0 (12,643) 0 0 (12,643) (12,643) Total comprehensive profit (loss) 0 0 0 0 0 0 (24) 10,444 10,420 10,420 Shareholders’ Equity at 30.06.2026 90,314 25,683 12,777 107,350 (3,272) (16,097) (686) 10,444 226,514 226,514

in thousands of Euro Share capital Share premium reserve Legal reserve Other reserves FTA

Reserve Profits

(losses)

carried

forward Actuarial

profits/(losses)

reserve Profit (loss) for the

period GROUP

SHAREHOLDERS’

EQUITY TOTAL

SHAREHOLDERS’

EQUITY

Shareholders’ Equity at 31.12.2024 90,314 25,683 10,468 92,035 (3,272) (18,093) (694) 24,437 220,879 220,879 Allocation of the 2024 financial year result 0 0 1,135 5,339 0 17,963 0 (24,437) 0 0 Share capital increase 0 0 0 0 0 0 0 0 0 0 Dividends distributed 0 0 0 0 0 (17,015) 0 0 (17,015) (17,015) Total comprehensive profit (loss) 0 0 0 0 0 0 0 11,517 11,517 11,517 Shareholders’ Equity at 30.06.2025 90,314 25,683 11,603 97,374 (3,272) (17,145) (694) 11,517 215,381 215,381

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 48 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Notes to the consolidated financial statements

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 49 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Information on Group activities The Group operates in the airport management business.

Specifically:

 Aeroporto Guglielmo Marconi di Bologna S.p.A.

(hereinafter “AdB” or the “Parent Company”) is full manager of Bologna airport under Full Management Agreement No. 98 of July 12, 2004 and subsequent additional instruments, approved by Decree of the Ministry of Transport and Infrastructure and the Ministry of the Economy and Finance on March 15, 2006, with a term of 40 years from December 28, 2004 and expiry in December 2046 following the extension of two years in accordance with Law No. 77 of July 17, 2020, which converted Article 102, paragraph 1-bis of Decree-Law No. 34 of May 19, (Relaunch Decree) in order to contain the economic effects of the COVID-19 emergency. Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register.

 Fast Freight Marconi S.p.A. (hereinafter FFM) operates in the cargo and mail handling business at Bologna airport.

Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register. It is subject to management and coordination by Aeroporto Guglielmo Marconi di Bologna S.p.A..

 TAG Bologna S.r.l. (hereinafter TAG) operates in the general aviation business as a handler and manager of the related infrastructure at the Bologna airport. Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register. It is subject to management and coordination by Aeroporto Guglielmo Marconi di Bologna S.p.A..

Accounting standards adopted for the Preparation of the Consolidated Interim Financial Statements as at June 30, 2026

Basis of preparation The condensed consolidated half-year financial statements of the Group (hereafter “the condensed consolidated half-year financial statements of the Group” or “consolidated financial statements”) were prepared for the period ended June 30, 2026 and include the comparative figures for the year ended December 31, 2025, limited to the Consolidated Statement of Financial Position and the comparative figures for the half-

year January 1-June 30, 2025, limited to the Consolidated Income Statement, Consolidated Statement of Comprehensive Income and Consolidated Cash Flow Statement. The consolidated financial statements have been prepared on the historical cost basis, except for the valuation of certain classes of financial assets measured at fair value, as well as on the going concern basis . For further information on risk factors, assumptions and uncertainties, please refer to the relevant paragraph in the Directors’ Report.

The consolidated financial statements are presented in thousands of Euro, which is also the Group functional currency, and all amounts are rounded to the nearest thousands of Euro, where not otherwise indicated.

The publication of the condensed consolidated half-year financial statements of Aeroporto Guglielmo Marconi di Bologna S.p.A. and the two subsidiaries (the Group) for the first half of 2026 was approved by the Board of Directors on September 7, 2026 and was subject to limited audit by PricewaterhouseCoopers Spa.

Content and form of the condensed consolidated half-year financial statements The Condensed Consolidated Financial Statements at June 30 were prepared as per IAS 34 “Interim Financial Statements” including condensed explanatory notes in accordance with the above-mentioned international accounting standard and supplemented in order to provide greater disclosure where considered necessary. These Consolidated Financial Statements must therefore be read together with the Consolidated Financial Statements for the year 2025 prepared in accordance with IFRS International Accounting Standards issued by the International Accounting Standards Board (“IASB”).

The accounting standards and policies utilised are those adopted for the preparation of the annual financial statements at December 31, 2025, to which reference should be made, with the exception of the new accounting standards, amendments and interpretations which entered into force from January 1, 2026, applied for the first time by the Group at the obligatory effective date and summarised in this document in the paragraph “Accounting standards, amendments and interpretations endorsed by the European Union effective from January 1, 2026”. The Group has not adopted in advance any accounting standard, interpretation or amendment issued but not yet in effect.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 50 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Consolidation principles The Consolidated Financial Statements include the Statement of Consolidated Financial Position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash flow statement and the statement of changes in consolidated shareholders’ equity.

The Group opted to prepare the statement of comprehensive income which includes, in addition to the result for the period, also the changes to equity relating to income items which, in accordance with International Accounting Standards, are recognised under equity.

The consolidated financial statements were prepared based on the financial statements of the company and its subsidiaries, directly and indirectly held, approved by the respective shareholders’ meetings or executive bodies, appropriately adjusted in line with IFRS.

The subsidiary companies are fully consolidated from the date of acquisition, or from the date in which the Group acquires control, and ceases to be consolidated at the date on which the Group no longer has control.

The following table summarises the information on the subsidiaries at June 30, 2026 and December 31, 2025 in terms of the Group’s direct and indirect holding.

% Held

SUBSIDIARIES Share capital (Euro thousands) As at 30.06.2026 As at

31.12.2025

Fast Freight Marconi S.p.a. Società Unipersonale 520 100.00% 100.00% Tag Bologna S.r.l. Società Unipersonale 316 100.00% 100.00%

Accounting standards, amendments and interpretations endorsed by the European Union effective from 2026 As of January 1, 2026, a number of amendments to international accounting standards came into force that did not have an impact on the Group's half-year consolidated financial statements as no significant applicable cases occurred.

Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments The IASB amended IFRS 9 "Financial Instruments" following the post-implementation review of classification and measurement requirements. The amendments include guidance on the classification of financial assets, including those with potential characteristics, and specifically address requirements that have arisen for the classification of certain financial assets related to ESG issues. The IASB also amended IFRS 7 "Financial Instruments: Disclosures”, requiring entities to provide additional information on financial assets and liabilities with certain potential characteristics.

Amendments to IFRS 9 and IFRS 7 - Renewable-dependent power contracts The IASB has made the following changes to allow electricity contracts dependent on renewable energy sources to be recognized correctly in the financial statements:

- clarification on the application of "own use" requirements; - modification of hedge transaction accounting requirements when these contracts are used as hedging instruments, if certain conditions are met;

- introduction of additional disclosure requirements to enable investors to understand the impact of these contracts on a company's financial performance and future cash flows.

Improvements to IFRS Accounting Standards (Volume 11) On July 18, 2024, the IASB issued Annual Improvements to IFRS Accounting Standards - Volume 11, which contains amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. IASB annual improvements are limited changes to the text of an IFRS standard or correct certain minor unintended outcomes, oversights or conflicts between requirements in the standards. The changes contained in the annual improvements to IFRS Accounting Standards - Volume 11 concern: - IFRS 1 “First-time adoption of International Financial Reporting Standards – Hedge Accounting at the date of first-

time adoption”;

- IFRS 7 "Financial instruments: disclosures" I. Income or loss on disposals II. Disclosure of differences between fair value and transaction price III. Details on credit risks;

- IFRS 9 – “Financial Instruments”: I. Disposal of lease liabilities II. Transaction price;

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 51 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. - IFRS 10 "Consolidated Financial Statements – Determination of a 'de facto' agent"; - IAS 7 Statement of Cash Flows - Cost Method”.

Accounting standards, amendments and interpretations endorsed by the European Union effective from January 1, 2027 IFRS 18 "Presentation and Disclosure of Financial Statements" In April 2024, the IASB issued IFRS 18 in response to investor concerns on the comparability and transparency of entity performance reporting. The new presentation requirements introduced by IFRS 18 will increase the comparability of financial performance of similar entities, particularly with regard to the definition of "operating profit or loss." New disclosure requirements regarding "management-defined performance indicators" will improve transparency. IFRS 18 will be effective January 1, 2027, and has not yet been adopted by the Group, which is currently assessing the impact of its implementation on the Financial Statements. A transition plan is in fact being planned with the aim of presenting the first 2027 interim financial statements and 2027 annual financial statements under IFRS 18 as well as the assessment of the "specified main business activities" required by the standard.

For further details, reference should be made to the "New accounting standards and amendments not yet effective and not adopted in advance by the Group" in the 2025 Financial Statements.

New accounting standards and amendments not yet applicable as not yet endorsed by the European Union The following standards and interpretations, at the preparation date of this document, had already been issued but were not yet in

force:

IFRS 19 Subsidiaries without public liability: Presentation On May 9, 2024, the IASB issued IFRS 19, which allows certain entities defined by the standard as "eligible" to choose to apply reduced disclosure requirements within the financial statements while complying with recognition, measurement, and presentation requirements in other IFRS accounting standards. To be eligible, as of the end of its fiscal year, an entity must be a subsidiary as defined in IFRS 10, cannot have public liability, and must have a parent (ultimate or interim) that prepares consolidated financial statements that are publicly available and comply with IFRS accounting standards.

IFRS 19 will be in force from January 1, 2027, subject to endorsement, and early application is permitted. The Group believes that there will be no impact on its Financial Statements.

Amendments to IFRS 19 Subsidiaries without Public Liability: Presentation On August 21, 2025, the IASB issued amendments to IFRS 19.

Specifically, the IASB reduced disclosure requirements by excluding disclosure objectives related to vendor financing arrangements, lack of exchangeability, Pillar II model rules, classification and measurement of financial instruments, and non-current liabilities with covenants. It also reduced disclosure requirements related to supplier financing arrangements, excluded disclosure requirements that are actually guidelines rather than obligations, and replaced disclosure requirements related to management-defined performance measures with a cross-reference to IFRS 18.

These amendments will be applicable, subject to endorsement, from January 1, 2027. The Group believes that there will be no impact on its Financial Statements.

Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation into a Hyperinflationary Currency Presentation Issued on November 13, 2025 and pending endorsement. This amendment clarifies how companies should convert financial statements from a non-hyperinflationary currency to a hyperinflationary currency. These amendments will be applicable, subject to endorsement, from January 1, 2027.

IFRS 20 Regulatory Assets and Regulatory Liabilities

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 52 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Issued on May 27, 2026 and pending endorsement, the standard sets out the requirements for the recognition, measurement, presentation and disclosure of regulatory assets, regulatory liabilities, regulatory income and regulatory expenses. In particular, IFRS 20 introduces provisions that enable entities to provide additional disclosures beyond those already presented under IFRS 15. This disclosure will enable financial statement users to understand the total amount of authorised compensation for regulated goods and services provided during each reporting period. The standard in particular - in addition to introducing the concepts of regulatory assets (or liabilities) i.e. current and legally enforceable rights (or obligations) created by a regulatory agreement, which allow for the addition (or deduction) of an amount when calculating the regulated rate to be applied to customers in future periods - also introduces the concept of “total allowed compensation”, according to which such a right or obligation arises where a portion or all of the allowed compensation is recovered or refunded through rates applied in a different period (past or future), thereby generating a timing difference. Where any uncertainty arises regarding the existence of a regulatory asset or liability, the entity must assess whether such uncertainty is “more likely than not” and recognise the asset or liability where such a requirement is met. The standard also imposes certain recognition restrictions based on the existence of a direct relationship between the regulatory capital base and specific related assets (e.g. IAS 16, IAS 38 and IFRS 16). The new standard will be applied, subject to endorsement, to periods beginning on or after January 1, 2029, either retrospectively in accordance with IAS 8 or by applying a simplified retrospective approach that provides for transitional relief. Over the next few months, the Group will establish a working group to assess any potential impacts resulting from the future application of this standard.

Amendments to IAS 28 Investments in Associates and Joint Ventures Issued on June 26, 2026 and pending endorsement. These amendments (narrow-scope amendments) have a limited scope and were introduced to clarify which entities may apply the fair value option to investments in associates and joint ventures. The amendments extend this exemption to entities whose primary business consists of investing in specific types of financial assets, aligning the accounting treatment with IFRS 18 and allowing a greater number of entities to avoid applying the equity method and instead opt for fair value measurement. The amendment, which is pending endorsement, will take effect upon the adoption of IFRS 18, i.e. as of January 1, 2027.

Discretional evaluations and significant accounting estimates Preparation of the financial statements requires the use of estimates and judgments that are reflected in the carrying amounts of assets and liabilities and the disclosures in the notes, including with regard to contingent assets and liabilities at the reporting date. The subsequently observed actual results for the period may differ from such estimates;

estimates and assumptions are also revised and updated periodically and the effects of any changes are immediately reflected in the financial statements. The Group based its estimates and assumptions on information available at the preparation date of the consolidated financial statements.

We summarise below management’s considerations on the aspects considered significant for the preparation of the consolidated financial statements.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 53 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Significant estimates a) Impairment test Reference should be made to Note 1 Concession rights.

b) Provision for renewal of airport infrastructure The Group provides in the Note to the paragraph “16.

Provision for renewal of airport infrastructure (non-current and current)” the breakdown of the provision for the renewal of airport infrastructure, which includes at period-end, in accordance with the obligations assumed, accruals relating to extraordinary maintenance, refurbishment and replacement to be undertaken at a future point in time to ensure that airport infrastructure remains duly functional and secure. The estimate of the provision for renewal of airport infrastructure therefore requires complex professional technical judgement, in particular in relation to the nature of the costs to be incurred, their amount and the timing of the expected interventions.

c) Deferred tax assets The Group provides in the Note to the paragraph “7.

Deferred tax assets" the details of deferred tax assets and their value. The recoverability of deferred tax assets is based on forecasts of taxable income derived from operating and financial forecasts of the Group. Tax assets are shown net of tax liabilities as they can be offset within the same tax authority.

d) Fair value of investment property The Group records investment property at cost. This value is maintained as approximates the fair value of the investment properties given their particular nature (absence of a comparable active market).

e) Fair value of financial instruments The Group provides in the Notes the fair value of the financial instruments. When the fair value of a financial asset or financial liability may no longer be measured based on the prices on an active market, the fair value is determined utilising various valuation techniques, including the discounted cash flow model. The inputs inserted in this model are recorded from observable markets, where possible, but when this is not possible, a certain level of estimation is required to define the fair values. The estimates include considerations on variables such as the liquidity risk, the credit risk and volatility.

The changes of the assumptions on these elements may have an impact on the fair value of the financial instrument recorded.

f) IAS 10 Subsequent events to the reporting date The Group in the analysis of subsequent events to the reporting date analyses the conditions on which it is necessary to make changes on the accounting data and relative disclosures, depending on whether this concerns events occurring after the reporting date: - to operations existing at the reporting date for which an adjustment to the financial statements is necessary (adjusting events);

- to operations which arose after the reporting date and for which no adjustment to the financial statements is necessary (non-adjusting events).

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 54 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Operating Segment information The Aeroporto Guglielmo Marconi di Bologna Group, in application of IFRS 8, identified its operating segments as the business areas which generate revenues and costs, whose results are periodically reviewed by the highest decision-

making level in order to evaluate the outcome of the decisions concerning the allocation of resources and for which separate financial statements are available.

The Group operating segments as per IFRS 8 - Operating Segment are as follows:

- Aviation;

- Non-Aviation;

- Other. In relation to the operating segments, the Group evaluates their performance based on passenger revenues, separating those concerning the aviation sector from those concerning the non-aviation sector.

The item “Other” residually includes what is not directly attributable to the sectors identified.

In Group operations, financial income and charges and taxes are not allocated to the individual operating segments.

The segment assets are those employed by the segment for operating activities or which may be allocated reasonably for the carrying out of operating activities.

The segment assets presented are measured utilising the same accounting policies adopted for the presentation of the Group consolidated financial statements.

in thousands of Euro for the half year

ended

30 06 2026 for the half year ended 30.06.2026 for the half

year ended

30.06.2026 for the half

year ended

30.06.2026

Aviation Non-Aviation Other Revenues 53,411 42,122 0 95,533 Costs (46,948) (21,677) 0 (68,625) of which service costs (10,110) (2,484) 0 (12,594) of which construction service costs (12,485) (13,346) 0 (25,831) of which rent and other costs (3,841) (2,128) 0 (5,969) of which personnel costs (16,916) (2,758) 0 (19,674)

EBITDA 6,463 20,445 0 26,908

Amortisation, depreciation and write-downs (5,003) (3,208) 0 (8,211) Provisions (1,410) (279) 0 (1,689) Operating result 50 16,958 0 17,008 Financial income 0 0 529 529 Financial expenses 0 0 (2,728) (2,728) Result before taxes 50 16,958 (2,199) 14,809 Income taxes 0 0 (4,365) (4,365) Profit/(loss) for the period 50 16,958 (6,564) 10,444 Minority interest profit (loss) 0 0 0 0 Group profit (loss) 50 16,958 (6,564) 10,444

in thousands of Euro for the half year ended 30.06.2025 for the half year ended 30.06.2025 for the half

year ended

30.06.2025 for the half

year ended

30.06.2025

Aviation Non-Aviation Other Revenues 44,901 39,838 0 84,739 Costs (39,313) (20,001) 0 (59,314) of which service costs (9,898) (2,811) 0 (12,709) of which construction service costs (7,771) (11,653) 0 (19,424) of which rent and other costs (3,374) (2,122) 0 (5,496) of which personnel costs (15,416) (2,646) 0 (18,062)

EBITDA 5,588 19,837 0 25,425

Amortisation, depreciation and write -downs (3,821) (2,790) 0 (6,611) Provisions (2,445) (375) 0 (2,820) Operating result (678) 16,672 0 15,994 Financial income 0 0 1,100 1,100 Financial expenses 0 0 (964) (964) Result before taxes (678) 16,672 136 16,130 Income taxes 0 0 (4,613) (4,613) Profit/(loss) for the period (678) 16,672 (4,477) 11,517 Minority interest profit 0 0 0 0 Group profit (loss) (678) 16,672 (4,477) 11,517

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 55 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The table below presents the segment information for assets:

in thousands of Euro for the half year ended 30.06.2026 for the half

year ended

30.06.2026 for the half

year ended

30.06.2026 for the half

year ended

30.06.2026

Aviation Non-Aviation Other Non-current assets 254,104 71,673 35,821 361,598 Intangible assets 243,936 63,000 0 306,936 Concession rights 242,200 62,274 0 304,474 Other intangible assets 1,736 726 0 2,462 Tangible assets 10,069 8,658 0 18,727 Land, real estate, plant and equipment 10,069 7,041 0 17,110 Investment property 0 1,617 0 1,617 Other non-current assets 99 16 35,821 35,935 Shareholdings 0 0 1 1 Other non-current financial assets 0 0 30,405 30,405 Net deferred tax assets 0 0 5,245 5,245 Other non-current assets 99 16 170 284 Current assets 23,313 6,990 48,811 79,114 Inventories 568 399 0 967 Trade receivables 14,467 5,958 0 20,425 Other current assets 8,278 633 1,945 10,856 Current financial assets 0 0 800 800 Cash and cash equivalents 0 0 46,066 46,066 Total assets 277,417 78,663 84,632 440,712

in thousands of Euro for the half year ended 30.06.2025 for the half

year ended

30.06.2025 for the half

year ended

30.06.2025 for the half

year ended

30.06.2025

Aviation Non-Aviation Other Non-current assets 225,569 61,132 26,107 312,810 Intangible assets 217,147 53,934 0 271,082 Concession rights 215,777 52,907 0 268,684 Other intangible assets 1,370 1,027 0 2,398 Tangible assets 8,422 7,198 0 15,621 Land, property, plant and equipment 8,422 5,581 0 14,004 Investment property 0 1,617 0 1,617 Other non-current assets 0 0 26,107 26,107 Shareholdings 0 0 263 263 Other non-current financial assets 0 0 21,077 21,077 Net deferred tax assets 0 0 4,661 4,661 Other non-current assets 0 0 106 106 Current assets 19,110 6,490 24,299 49,899 Inventories 461 345 0 806 Trade receivables 10,976 5,795 0 16,771 Other current assets 7,673 350 1,553 9,576 Current financial assets 0 0 700 700 Cash and cash equivalents 0 0 22,046 22,046 Total assets 244,680 67,622 50,407 362,709

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 56 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Segment disclosure regarding the identified operating segments is undertaken as outlined below.

Aviation: refers to the airport’s core business. This includes aircraft landing, take-off and parking fees, passenger boarding fees, freight fees, in addition to passenger security control fees and hand-carry and checked baggage control fees. It includes also cargo handling, customs clearance and fuelling operations. Finally, this segment includes all centralised infrastructure and exclusive assets: the centralised infrastructure represents revenues received in relation to infrastructure under the exclusive operation of the airport management company for reasons of safety, security or in view of their economic impact. Exclusive assets concern check-in desks, the gates and spaces assigned to airport operators.

Non-Aviation: operations not directly connected to the aviation business. This includes sub-concession, retail, catering, self-hire operations and the management of parking and advertising.

The breakdown of revenues and costs between the Aviation and Non-Aviation SBU’s follows ENAC’s guidelines for analytic/regulatory reporting for airport management companies, in line with Article 11 decies of Law No. 248/05 and the Ministry of Transport Guidelines of December 31, 2006.

The residual accounts excluded from regulatory reporting were subsequently allocated according to the operating criteria.

The main differences were as follows:

- accounts not considered relevant for regulatory accounting purposes which are allocated through a specific review of the individual cost/revenue items;

- revenues and costs for construction services allocated according to an analytical breakdown of investments in the period between the two SBU’s according to regulatory criteria;

- incentives for the development of air traffic, allocated entirely to the Aviation SBU in accordance with the financial statement breakdown.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 57 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. COMMENTS ON THE MAIN ITEMS ON THE STATEMENT OF CONSOLIDATED

FINANCIAL POSITION

ASSETS

1-2 INTANGIBLE ASSETS

The following table breaks down intangible assets at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Concession rights 304,474 283,512 20,962 Software, licences and similar rights 1,412 1,531 (119) Other intangible assets 28 30 (2) Other intangible assets in progress 1,022 1,016 6

TOTAL INTANGIBLE ASSETS 306,936 286,089 20,847

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 58 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The tables below present the changes in intangible assets for the periods ended June 30, 2026 and 2025, by asset category:

31.12.2025 Changes in the period 30.06.2026 in thousands of Euro Historic cost Accumulated amortisation Book value Increases/

Acquisitions Amort-

isation Decrease

s/

Disposals Decrease

provision Historic

cost Accumulat

ed

amortisatioBook value

Concession rights 373,849 (90,337) 283,512 26,946 (5,984) 0 0 400,795 (96,321) 304,474 Software, licences and similar rights 19,386 (17,855) 1,531 468 (587) 0 0 19,854 (18,442) 1,412 Other intangible assets 250 (220) 30 1 (3) 0 0 251 (223) 28 Other intangible assets in progress 1,016 0 1,016 6 0 0 0 1,022 0 1,022

TOTAL INTANGIBLE ASSETS 394,501 (108,412) 286,089 27,421 (6,574) 0 0 421,922 (114,986) 306,936

31.12.2024 Changes in the period 30.06.2025 in thousands of Euro Historic cost Accumulated amortisation Book value Increases/

Acquisitions Amort-

isation Decreases/

Disposals Decrease

provision Historic

cost Accumulated

amortisation Book value Concession rights 334,717 (80,117) 254,600 19,906 (4,935) (875) (12) 353,748 (85,064) 268,684 Software, licences and similar rights 17,847 (16,575) 1,272 437 (456) 0 0 18,284 (17,031) 1,253 Other intangible assets 250 (215) 35 0 (3) 1 0 251 (218) 33 Other intangible assets in progress 761 0 761 351 0 0 0 1,112 0 1,112

TOTAL INTANGIBLE ASSETS 353,575 (96,907) 256,668 20,694 (5,394) (874) (12) 373,395 (102,313) 271,082

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 59 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 1 Concession rights In the first half of 2026, Concession rights increased Euro 26.9 million gross of amortisation in the period (equal to the fair value of construction services provided in the period).

The increase is mainly due to the following investments that came into operation during H1 2026:

- construction of a portion of the airside works related to the expansion of the Terminal 1 lot;

- renovation of the P4 long-stay car park;

- Schengen departures hall reconfiguration in addition to the following interventions in progress at June 30:

- the new multi-storey car park (Park B) in the eastern area, with preliminary works amounting to Euro 0.7 million; - designs and works to expand the terminal;

- east terminal seismic retrofit;

- new gaterooms for boarding flights to Schengen

area destinations;

- expansion of the BHS building and upgrade of its

facilities;

- upgrades to the airside manoeuvring area surfaces and various Apron 3 works.

Amortisation of concession rights in the period amounted to Euro 6 million and was applied according to the residual duration of the concession.

Test on the recoverability of assets and groups of assets With regards to the preparation of the consolidated financial statements at June 30, 2026, as indicators of impairment as defined by IAS 36 are not evident and considering that Group economic-financial performances are in line with the 2026-2046 economic-financial forecast approved by the Board of Directors and utilised in the impairment tests of Concession Rights at December 31, 2025, no impairment tests were carried out.

2 Other intangible assets

Software, licenses and similar rights increased Euro 0.5 million, gross of amortisation in the period, which mainly concerned the purchase of licenses and ongoing system maintenance.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 60 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3-4 TANGIBLE ASSETS

The following table breaks down tangible assets at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Land 775 775 0 Buildings, light constructions and improvements 3,412 3,479 (67) Machinery, equipment & plant 8,459 8,644 (185) Furniture, EDP and transport 2,412 2,168 244 Tangible fixed assets in progress 806 730 76 Investment property 1,617 1,617 0

TOTAL TANGIBLE ASSETS 17,481 17,413 68

Rights-of-use land 854 883 (29) Rights-of-use machinery, equipment and plant 166 222 (56) Rights of use for furniture, EDP and transport 226 236 (10)

TOTAL RIGHTS -OF-USE FOR TANGIBLE ASSETS 1,246 1,341 (95)

TOTAL TANGIBLE ASSETS 18,727 18,754 (27)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 61 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The tables below present the changes in tangible assets for the periods ended June 30, 2026 and 2025, by asset category.

31.12.2025 Changes in the period 30.06.2026 in thousands of Euro Historic cost Accumulated

depreciation/Impairment

provision (*) Book value Increases/ Acquisitions Depreciation Decrease s/

Disposals Decrease

provision Historic cost Accumulated

depreciation/

Impairment

provision (*) Book value Land 775 0 775 0 0 0 0 775 0 775 Buildings, light constructions and improvements 9,372 (5,893) 3,479 44 (111) 0 0 9,416 (6,004) 3,412 Machinery, equipment & plant 24,315 (15,671) 8,644 821 (1,006) (328) 328 24,807 (16,349) 8,459 Furniture, EDP and transport 13,533 (11,365) 2,168 641 (377) (150) 130 14,024 (11,612) 2,412 Tangible fixed assets in progress 730 0 730 76 0 0 0 806 0 806 Investment property 4,732 (3,115) 1,617 0 0 0 0 4,732 (3,115) 1,617

TOTAL TANGIBLE ASSETS 53,457 (36,044) 17,413 1,582 (1,494) (478) 459 54,560 (37,080) 17,481

Rights-of-use land 1,470 (587) 883 5 (39) 5 0 1,480 (626) 854 Rights-of-use machinery, equipment and plant 782 (560) 222 5 (60) (1) 0 786 (620) 166 Rights-of-use furniture, EDP and transport 435 (199) 236 35 (44) (58) 57 412 (186) 226

TOTAL RIGHTS-OF-USE FOR TANGIBLE ASSETS 2,687 (1,346) 1,341 45 (143) (54) 57 2,678 (1,432) 1,246

TOTAL TANGIBLE ASSETS 56,144 (37,390) 18,754 1,627 (1,637) (532) 516 57,238 (38,512) 18,727

(*) The impairment provision relates only to the "Investment Property” item

31.12.2024 Changes in the period 30.06.2025 in thousands of Euro Historic cost Accumulated

depreciation/Impairment

provision (*) Book value Increases/ Acquisitions Depreciation Decreases/

Disposals Decrease

provision Historic cost Accumulated

depreciation/

Impairment

provision (*) Book value Land 775 0 775 0 0 0 0 775 0 775 Buildings, light constructions and improvements 9,159 (6,372) 2,787 355 (91) 0 0 9,514 (6,463) 3,051 Machinery, equipment & plant 19,249 (14,279) 4,970 1,224 (659) (142) 142 20,331 (14,796) 5,535 Furniture, EDP and transport 12,873 (10,781) 2,092 348 (335) (27) 26 13,194 (11,090) 2,104 Tangible fixed assets in progress 1,408 0 1,408 (65) 0 0 0 1,343 0 1,343 Investment property 4,732 (3,115) 1,617 0 0 0 0 4,732 (3,115) 1,617

TOTAL TANGIBLE ASSETS 48,196 (34,547) 13,649 1,862 (1,085) (169) 168 49,889 (35,464) 14,425

Rights-of-use land 1,492 (508) 984 6 (40) (21) 0 1,477 (548) 929 Rights-of-use machinery, equipment and plant 497 (446) 51 18 (54) 0 0 515 (500) 15 Rights-of-use furniture, EDP and transport 512 (449) 63 227 (38) (334) 334 405 (153) 252

TOTAL RIGHTS-OF-USE FOR TANGIBLE ASSETS 2,501 (1,403) 1,098 251 (132) (355) 334 2,397 (1,201) 1,196

TOTAL TANGIBLE ASSETS 50,697 (35,950) 14,747 2,113 (1,217) (524) 502 52,286 (36,665) 15,621

(*) The impairment provision relates only to the "Investment Property” item

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 62 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 3 Land, property, plant and equipment The overall increase in this category at June 30, 2026 was Euro 1.6 million and mainly concerns the purchase of an airport sweeper, seats for the Schengen departure lounge, an electric friction tester and an electric shuttle for Passengers with Reduced Mobility (PRM), in addition to servers and other IT equipment.

This category includes right-of-use assets, recognised in accordance with IFRS 16, which the Group recognises as a lessee primarily for the long-term lease of land used for parking, employee motor vehicles, De Icer plant, photocopy machines and some equipment. The amount recognised at June 30, 2026 corresponds to the present value of the lease instalments falling due, which is reflected under current and non-current financial liabilities for leases.

4 Investment property The Investment properties item includes the total value of the real estate complex owned by the Parent Company and intended for investment properties. This investment was initially recorded at purchase cost, subsequently measured at fair value, updated periodically through valuations commissioned by the Company. The appraisal undertaken for 2025 by independent third parties confirmed the carrying amount of the property given that related town planning rules and other parameters for the appraisal had not changed.

5 Investments

The following table presents the value of Other Investments at June 30, 2026 and December 31, 2025:

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Other investments 1 1 0

TOTAL OTHER SHAREHOLDINGS 1 1 0

The value has not changed compared to December 31, 2025 and consists of the 0.18% stake in the Consorzio Esperienza Energia and the 0.07% stake in Caaf dell’Industria Spa.

The parent company also holds a 5.56% stake in UrbanV S.p.A., a company focused on the international development of urban air mobility, whose value was written down as of December 31, 2025 in accordance with the fair value measurement of the investment.

Finally, Adb is part of the business network “Comunità Aziende Pari Opportunità” (CAPOD) (“Equal Opportunity Community Companies”), together with other major companies in the area to cooperate and exchange information or services in order to individually and collectively increase its innovative capacity and competitiveness on the domestic and international markets.

The participation fee in the common fund is 12.5%, equal to Euro 10 thousand per year, which is expensed as association dues.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 63 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 6 Other non-current financial assets The following table shows the movements in other non-current financial assets for the period ended June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 31.12.2025 Increases/

Acquisitions Decreases/

Disposals Write-downs As at

30.06.2026

Receivables from Terminal Value 14,114 1,875 0 0 15,989 Equity Financial Instruments 13,483 0 0 (203) 13,280 Capitalisation policies 1,125 11 0 0 1,136

TOTAL OTHER NON-CURRENT FINANCIAL

ASSETS 28,722 1,886 0 (203) 30,405

The account “Other non-current financial assets” mainly

comprises:

- Euro 16 million in receivables from Terminal Value relating to investments in concession rights and on the interventions carried out on the provisions for renewal of airport infrastructure. This receivable, recorded at present value, derives from application of the Terminal Value regulation as per Article 703 of the Navigation Code, which established that, for investments in concession rights and for the interventions carried out on the provisions for renewal of airport infrastructure, the airport manager shall receive from the succeeding concession holder, on conclusion of the concession, an amount equal to the residual value at that date of the investment according to the regulatory accounting rules. The movement in the half-year is mainly related to the receivables generated by investments in the period, in addition to the revaluation of the receivable according to the regulatory accounting rules;

- Euro 13.3 million of equity financial instruments in Marconi Express Spa, concession holder for the construction and management of the rapid rail link infrastructure between the Airport and Bologna Central Station called People Mover. The investment, in addition to the strategic/operating interest related to improving accessibility to the airport, meets the company’s objective both in relation to the collection of the contractual cash flows and to any future sale of the financial asset. This financial instrument, underwritten by the parent company on January 21, 2016 for a total value of Euro 10.9 million, was revalued in the period under review. This revaluation resulted in a decrease in value of Euro 0.2 million in accordance with the fair value through profit or loss method under IFRS 9. The assessment is made on the basis of an internally prepared model that updates the present value of the expected cash flows of Marconi Express for the period associated with the airport concession, based on the updated risk free rate (10-

year BTP (Bond)), of the financial risk as measured by Marconi Express' leverage, and of the operational risk of the business. It is recalled that in FY 2025, given the illiquidity of the instrument and the highly subjective nature of the estimate, the Directors requested the involvement of an independent third party to conduct an Independent Business Review (IBR) of Marconi Express’s business plan and to undertake an independent estimate of the instrument’s fair value as of December 31, 2025, taking into account the results of the IBR. The independent external third party, at the end of these activities, concluded that the performance outlook appeared reasonable on the whole and aligned with market trends, although a substantial degree of uncertainty was detected regarding the ability, with the current infrastructure configuration, to serve the passenger flows assumed under the same plan. However, given the sensitivity analyses conducted, a reduction in passenger flows, should it occur, did not appear likely to generate a significant impact on overall expected flows, which were therefore considered to be generally reasonable.

Regarding the estimate of fair value, the expert provided a range of values that approximates the estimate made internally by the company's management at the end of the previous year, thus confirming the soundness of the valuation on the understanding that it is a "hierarchical level 3" of fair value and, therefore, with the highest level of subjectivity. The Euro 203 thousand decrease in the fair value of the Equity Financial Instrument as of June 30, 2026 is primarily due to the changes in the discount rates, whose increase more than offset this

reduction;

- Euro 1.1 million of a capitalisation product purchased in 2019, with a 10-year duration and 2029 maturity. In accordance with the standard IFRS 9, these assets are classified to the category “Held to collect – HTC”, as this complies with the Group’s need to invest temporary liquidity held in order to collect the contractual cash flows. In this specific case, the maturity is defined contractually, but the return is

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 64 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. related to the capital management performance and therefore this financial instrument is measured at fair value through profit and loss.

7 Deferred tax assets The table below presents the overall changes in deferred tax assets and liabilities:

in thousands of Euro As at 31.12.2025 Provisions Util./adjustm ents As at

30.06.2026

Deferred tax assets 7,704 938 (468) 8,174 Deferred tax liabilities (2,928) (9) (8) (2,929)

DEFERRED TAX ASSETS 4,776 929 (460) 5,245

The principal temporary differences on which deferred tax assets are recognised concern:

 fiscally deductible provisions in subsequent periods such as the assets under concession replacement provision, the risks and charges provision and the provision for doubtful accounts;

 maintenance costs as per Article 107 of the CFA, deductible in future years;

 adjustments related to the application of international

accounting standards;

 other expense items concerning subsequent periods.

With regards to the deferred tax assets, which are recognised to the financial statements, their recoverability is reliably attributable to the underlying forecasts from the Group’s most up-to-date financial projections. The deferred tax liabilities were recorded on transition to IFRS following the application of IFRIC 12 “Service concession arrangements”, as illustrated in the note relating to the Transition to International Accounting Standards IFRS in the 2014 Financial Statements. The movement in the period is due to the recognition of deferred taxes related to the IAS 19 valuation of severance pay, in addition to the effects of applying IFRIC 12 to investments in concession rights, which decreased on the corresponding period of the previous year due to the extension of the term of the sub-concession held by the subsidiary Tag Bologna to 2030.

8 Other non-current assets The following table breaks down other non-current assets at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 – 2025 Receivables from the sale of equity investments 76 304 (228) Non-current prepaid expenses and accrued income 114 188 (74) Guarantee deposits 91 91 0 Non-current tax receivables 3 3 0

TOTAL OTHER NON -CURRENT ASSETS 284 586 (302)

The receivable from the sale of equity investments relates to the receivable from GH Italia S.p.A. for the sale of the holding in Marconi Handling in 2012 and whose price adjustment was stipulated with the signing of a settlement agreement in December 2025. The decrease in the receivable recognised at that date, totalling Euro 775 thousand - of which Euro 471 thousand was classified as current assets (see Note 11) - is due to the collection of instalments due as of June 30, 2026.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 65 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 9 Inventories The following table breaks down inventories at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 – 2025 Inventories of raw materials, supplies and consumables 696 680 16 Inventories of finished products 271 185 86

INVENTORIES 967 865 102

Inventories, which increased compared to December 31, 2025,

consist of:

- ancillary and consumable materials regarding stocks of heating oil and antifreeze liquid for de-icing runways, office and consumable materials such as stationery, printed matter and uniforms

- finished products concerning aircraft fuel and antifreeze liquid for de-icing aircraft.

10 Trade receivables The table below illustrates the trade receivables and the relative provision for doubtful accounts:

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Trade receivables 22,834 21,483 1,351 Provision for doubtful accounts (2,409) (1,792) (617)

TRADE RECEIVABLES 20,425 19,691 734

At June 30, 2026, gross trade receivables, which include allowances for invoices and credit notes to be issued and shown net of payables to carriers for commercial incentives that may be offset by the related receivables from airlines, amounted to Euro 20.4 million, with the increase related to the seasonality of the period under review in view of the increased volumes of activity in the second quarter of 2026.

Information concerning the Main Clients In the first half of 2026, the Group’s revenues mainly derived from the following clients (compared with the first half of 2025):

30.06.2026 30.06.2025

RYANAIR DAC (*) RYANAIR DAC (*)

WIZZ AIR HUNGARY LTD (*) WIZZ AIR HUNGARY LTD (*)

HEINEMANN ITALIA SRL HEINEMANN ITALIA SRL

TURKISH AIRLINES AUTOGRILL ITALIA S.P.A.

SOCIETE' AIR FRANCE S.A. EMIRATES

VECCHIA MALGA NEGOZI SRL VECCHIA MALGA NEGOZI SRL

BRITISH AIRWAYS PLC TURKISH AIRLINES

AIR DOLOMITI SPA BRITISH AIRWAYS PLC

AUTOGRILL ITALIA S.P.A. SOCIETE' AIR FRANCE S.A.

ITA ITALIA TRASPORTO AEREO SPA ITA ITALIA TRASPORTO AEREO SPA

(*) Referring to the Group

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 66 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Ryanair and Wizzair remain in first and second positions among the aviation sector clients, followed by Turkish Airlines, Air France, British Airways, Air Dolomiti and ITA. Heinemann remains the top non-aviation client, followed by Vecchia Malga and Autogrill.

An analysis of the aging of trade receivables of the Group at June 30, 2026 compared with December 31, 2025 is reported below.

Receivables due in the near term overall remained largely stable (55% of total receivables as of June 30, 2026, compared with 56% as of December 31, 2025), as did receivables in the other maturity categories. Of trade receivables over 90 days past due, 55% are covered by the provisions for doubtful accounts (as outlined in the following tables). Finally, trade receivables for invoices/credit notes to be issued increased in line with the interim nature of the period.

in thousands of Euro Not yet due Overdue Total at

30.06.2026

Trade receivables for invoices/credit notes issued 12,006 9,628 21,634 Trade receivables for invoices/credit notes to be issued 1,200 0 1,200

TOTAL TRADE RECEIVABLES 13,206 9,628 22,834

in thousands of Euro Not yet due Overdue 0-30 Overdue

30-60

days Overdue

60-90

days Overdue

over 90

days Total

TOTAL TRADE RECEIVABLES 12,006 5,758 2,376 504 991 21,634

in thousands of Euro Not yet due Overdue Total at

31.12.2025

Trade receivables for invoices/credit notes issued 11,977 9,274 21,251 Trade receivables for invoices/credit notes to be issued 232 0 232

TOTAL TRADE RECEIVABLES 12,209 9,274 21,483

in thousands of Euro Not yet due Overdue 0-30 Overdue

30-60

days Overdue

60-90

days Overdue

over 90

days Total

TOTAL TRADE RECEIVABLES 11,977 6,011 2,159 295 809 21,251

Gross trade receivables are shown net of the provision for doubtful accounts, increased due to the write-downs carried out on the basis of specific analysis of cases in arrears and/or in dispute and to the write-down applied on the residual debtor balance, classified by customer category and overdue period, with the simplified parameter method applied, as permitted by IFRS 9 for companies with a diversified and fragmented client portfolio (Provision Matrix ). The provisions in the period total Euro 0.6 million, of which Euro 0.5 million recorded as a direct reduction of the relative revenues as concerning amounts invoiced during the period.

The movements in the provision for doubtful accounts were as

follows:

in thousands of Euro 31.12.2025 Provisions/Increases Utilisati ons Releases 30.06.2026

PROVISIONS FOR DOUBTFUL ACCOUNTS (1,792) (613) (4) 0 (2,409)

in thousands of Euro 31.12.2024 Provisions/Increas es Utilisations Releases 30.06.2025

PROVISIONS FOR DOUBTFUL ACCOUNTS (2,179) (263) 137 48 (2,256)

As at August 31, 2026, the Group companies had collected 82% of trade receivables (trade and surtax and Iresa related) present at June 30, 2026.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 67 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 11 Other current assets The following table breaks down other current assets at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Tax receivables 732 845 (113) Employee receivables 50 42 8 Other receivables 10,074 7,205 2,869

OTHER CURRENT ASSETS 10,856 8,092 2,764

Tax receivables decreased due to the lower direct tax receivables, net of the increase in VAT receivables. “Other receivables”, presented in the table below, increased significantly due to the increase in municipal surtax receivables on passenger boarding fees, linked to the higher traffic volumes in the second quarter of 2026 and of accrued income and prepaid expenses, which increased mainly in view of the seasonal nature of the period under review, as it includes costs recognised in advance during the half-year for insurance premiums, data processing fees and other services billed in advance.

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Municipal surtax receivables 7,794 6,178 1,616 Other current receivables provision for doubtful accounts (1,421) (1,411) (10) Prepaid expenses and accrued income 2,075 643 1,432 Receivables from the sale of equity investments 456 471 (15) Other current receivables 455 537 (82) Trade receivables for IRESA 261 187 74 Pension and social security institutions 247 87 160 Advances to suppliers 207 513 (306)

TOTAL OTHER RECEIVABLES 10,074 7,205 2,869

The account “other current receivables provision for doubtful accounts” includes the provision for passenger boarding fee surtax doubtful accounts and for IRESA, obtained for reclassification under assets in the statement of financial position, as a deduction of the respective receivable, of the surtax and IRESA charged to the carriers which in the meantime were subject to administration procedures or which contested the charge. This item, which is exclusively posted in the statement of financial position, is classified as a deduction of the respective receivables due to the high improbability of recovery, reporting the following movements:

in thousands of Euro As at 31.12.2025 Provisions/Inc reases Utilisations Releases As at

30.06.2026

Municipal surtax receivable provision (1,397) (10) 0 0 (1,407) Provisions for doubtful accounts for IRESA (14) 0 0 0 (14)

TOTAL PROVISIONS FOR OTHER DOUBTFUL

RECEIVABLES (1,411) (10) 0 0 (1,421)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 68 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 12 Current financial assets The following table breaks down current financial assets at June 30, 2026 and in the subsequent table the movements in the period.

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 – 2025 Restricted accounts/ > 3 months "cold money" 800 0 800

CURRENT FINANCIAL ASSETS 800 0 800

in thousands of Euro As at 31.12.2025 Acquisitions Other

increases/

Reclassification

s Decreases/

Disposals/

Reclassifica

tions As at

30.06.2026

Time Deposits 0 30,800 0 (30,000) 800

CURRENT FINANCIAL ASSETS 0 30,800 0 (30,000) 800

The figure at June 30, 2026 comprises the Time Deposits acquired in the half-year and maturing in October 2026 for Euro 400 thousand and in April 2027 for the remaining Euro 400 thousand. During the period, a time deposit of Euro 30 million was also purchased and matured.

13 Cash and cash equivalents

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 – 2025 Bank and postal deposits 46,032 81,131 (35,099) Cash in hand and similar 34 33 1

CASH AND CASH EQUIVALENTS 46,066 81,164 (35,098)

“Bank and postal deposits" represents the bank current account balances, in addition to the Time Deposits of a nominal value of Euro 0.7 million acquired in the period and maturing in July. In addition to the bank current accounts, the parent company has an unutilised credit line at June 30, 2026 of Euro 5 million available.

For the comment on liquidity in the period, reference should be made to Section 3.2 of the Directors’ Report.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 69 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Net Financial Position The following table shows the breakdown of the net financial position at June 30, 2026, December 31, 2025 and June 30, 2025, in accordance with Consob Communication of July 28, 2006 and the ESMA/2011/81 and ESMA32-382-1138 Recommendations of March 4, 2021, as implemented by Consob Call to Attention No. 5/21 of April 29, 2021:

in thousands of Euro For the half

year ended

30.06.2026 For the year

ended

31.12.2025 For the half

year ended

30.06.2025 Change

30.06.2026

31.12.2025 Change

30.06.2026

30.06.2025

A Cash 45,366 80,464 21,346 (35,098) 24,020 B Other cash equivalents 700 700 700 0 0 C Other current financial assets 800 0 700 800 100 D Liquidity (A+B+C) 46,866 81,164 22,746 (34,298) 24,120 E Current financial payables (5,135) (4,913) (12,604) (222) 7,469 F Current portion of non-current debt (3,469) (6,421) (9,665) 2,952 6,196 G Current financial debt (E+F) (8,604) (11,334) (22,269) 2,730 13,665 H Net current financial debt (G -D) 38,262 69,830 477 (31,568) 37,785 I Non-current financial payables (93,189) (94,998) (16,637) 1,809 (76,552) J Debt instrument 0 0 0 0 0 K Trade payables and other non-current payables (1,046) (1,172) (1,075) 126 29 L Non-current financial debt (I+J+K) (94,235) (96,170) (17,712) 1,935 (76,523) M Total financial debt (H+L) (55,973) (26,340) (17,235) (29,633) (38,738)

Account A and Account B are equal to the account “cash and cash equivalents”; reference should be made to note 13 for further details. Account C is equal to the account “current financial assets” at note 12. Account G is equal to the balance of the account “current financial liabilities”; reference should be made to note 18 for further details. Account L is equal to the balance of the account “non-current financial liabilities”;

reference should again be made to note 18 for further details.

There are no payable or receivable positions with related parties in the above accounts.

For a detailed analysis on the movements in the net financial debt in the reporting period, reference should be made to the analysis in the Directors’ Report.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 70 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. LIABILITIES

14 Shareholders’ Equity

The following table breaks down the Shareholders’ Equity at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Share capital 90,314 90,314 0 Reserves 125,756 113,582 12,174 Profit/(loss) for the period 10,444 24,842 (14,398)

GROUP SHAREHOLDERS’ EQUITY 226,514 228,738 (2,224)

i. Share capital The share capital of the Parent Company at June 30, 2026 amounts to Euro 90,314,162, entirely paid-in and comprising 36,125,665 ordinary shares without par value. The following table outlines the calculation of the basic and diluted earnings per share:

in units of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025

Group profit (loss) for the period (*) 10,419,254 11,517,595 Average number of shares outstanding 36,125,665 36,125,665 Undiluted earnings/(losses) per share 0.29 0.32 Diluted earnings/(losses) per share 0.29 0.32 (*) from Consolidated Statement of Comprehensive Income

The undiluted earnings/(losses) and diluted earnings/(losses) per share of the AdB Group at June 30, 2026 and June 30, 2025 are the same due to the absence of potential dilutive instruments.

ii. Reserves

The following table breaks down the Reserves at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Share premium reserve 25,683 25,683 0 Legal reserve 12,777 11,603 1,174 Extraordinary reserve 104,741 97,374 7,367 Extraordinary reserve - EFI fair value changes reserve 2,609 0 2,609 FTA Reserve (3,271) (3,271) 0 Profits (losses) carried forward (16,097) (17,145) 1,048 OCI reserve (686) (662) (24)

TOTAL RESERVES 125,756 113,582 12,174

The legal reserve, the extraordinary reserve and the retained earnings increased due to the allocation of the 2025 profit of the Parent Company and the subsidiaries, net of the distribution of dividends approved by the Shareholders’ Meeting of AdB of April 23, 2026 for Euro 12,643,982.75, corresponding to a gross dividend of Euro 0.35 for each of the 36,125,665 ordinary shares in circulation at the dividend coupon date.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 71 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The retained earnings/accumulated losses also moved due to the profits for the preceding period deriving from the IAS accounting entries of the subsidiaries.

The OCI reserve records the changes deriving from the discounting of the severance provision in accordance with IAS 19 revised (note 15), net of the relative tax effect at June 30, 2026.

15 Employee and similar benefit provisions The following table breaks down employee and similar benefit provisions which include the severance and other personnel provisions at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Post-employment benefits 2,597 2,623 (26) Other personnel provisions 389 318 71

SEVERANCE AND OTHER PERSONNEL PROVISIONS 2,986 2,941 45

The table below shows the movements in the provisions in the period:

in thousands of Euro As at 31.12.2025 Service cost Net

interest Benefits

paid Actuarial

profits/(loss

es) As at 30.06.2026 Post-employment benefits 2,623 8 45 (110) 32 2,597 Other personnel provisions 318 66 4 0 0 389

SEVERANCE AND OTHER 2,941 74 49 (110) 32 2,986

The actuarial valuation of employee benefits is carried out on the basis of the “benefits matured" with the support of actuarial experts.

The principal assumptions in the actuarial estimation process of the severance provisions for the periods concerned are as

follows:

a) discount rate (Iboxx Corporate AA index with duration 7-10 recognised at the valuation date);

3.43% for the valuation at 30.06.2026 and 3.47% for the valuation at 31.12.2025;

b) inflation rate: 2% for the valuation at 30.06.2026 and at 31.12.2025; c) demographic bases (mortality/invalidity): the 2022 ISTAT tables were used for the mortality rates. For invalidity, an INPS table based on age and gender

was utilised;

d) staff turnover rate: 1%.

As for any actuarial valuation the results depend on the technical bases adopted such as, among others, interest rate, inflation rate and expected turnover. The table below shows the sensitivity for each actuarial assumption at the end of the period, highlighting the effects of the changes of the actuarial assumptions reasonably possible at that date, in absolute terms.

Valuation parameter

in thousands of Euro +1 % on turnover rate -1 % on turnover rate + 0.25% on

annual

inflation

rate - 0.25% on

annual

inflation rate + 0.25% on

annual

discount

rate - 0.25% on

annual

discount rate

Post-employment benefits 2,606 2,587 2,625 2,569 2,554 2,641 For completeness the following table also shows the expected disbursements of the plan over a 5-year period:

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 72 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Years Estimated future

disbursements

(Euro thousands)

1 293

2 142

3 324

4 341

5 188

The other personnel provisions at June 30, 2026 concern the long-term incentive plan and the non-competition agreement of the Chief Executive Officer/General Manager of the Parent Company.

16 Provision for renewal of airport infrastructure (non-current and current) The provision for renewal of airport infrastructure includes the provision allocated to cover the conservation maintenance expenses and renewal of the assets held under concession which the Group must return at the end of the concession period in perfect functioning state. The changes in the provision in the half year ending June 30, 2026 are reported below, divided between non-current and current.

in thousands of Euro As at 31.12.2025 Increases Utilisations Reclassificatio ns As at

30.06.2026

Provision for renewal of non-current infrastructure 15,246 1,818 0 (1,587) 15,477 Provision for renewal of current infrastructure 4,106 0 (1,193) 1,587 4,499

TOTAL PROVISION FOR RENEWAL OF

AIRPORT INFRASTRUCTURE 19,352 1,818 (1,193) 0 19,976

At June 30, 2026, the provision for the renewal of airport infrastructure totalled Euro 20 million (Euro 19.4 million at December 31, 2025). The increase is due to the accrual for the period of Euro 1.4 million, in addition to the Euro 0.4 million increase due to the effect of financial expenses for the discounting of cash flows. Utilisations totalling Euro 1.2 million primarily relate to the various improvements to the airside connections and plant.

For completeness the following table shows the sensitivity in the interest rates applied for the discounting of the provisions for renewal of airport infrastructure at June 30, 2026.

in thousands of Euro Financial income/(charges) Sensitivity Analysis

(+0.5%) Sensitivity

Analysis (-0.5%)

Provision for renewal of non-current infrastructure (450) (554) (347)

The discounting curve utilised for the valuation includes the country risk. In this specific case the input data utilised was the short, medium and long-term zero-coupon government bonds (from 3 months to 30 years), sourced from the information provider Bloomberg.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 73 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 17 Provisions for risks and charges (non-current and current) The changes in the non-current and current provision for risks and charges in the period ended June 30, 2026 are reported below:

in thousands of Euro As at 31.12.2025 Provisions Uses/

releases &

reclass. As at

30.06.2026

Risk provision for disputes 3,257 191 (526) 2,923 Provisions for other risks and charges 596 93 0 689

PROVISIONS FOR RISKS AND CHARGES - NON-

CURRENT 3,853 285 (526) 3,612

Employee back-dated provision 0 0 0 0 Provisions for risks and charges 0 0 0 0

PROVISIONS FOR RISKS AND CHARGES - CURRENT 0 0 0 0

TOTAL PROVISIONS FOR RISKS AND CHARGES 3,853 285 (526) 3,612

The non-current provisions include:

- the “Risk provision for disputes" includes the updated liabilities prudently estimated, including with the help of mandated lawyers, for pending litigation. At June 30, 2026, this item mainly comprised the provisions of the Parent Company for the accruals made in the previous years, in addition to the portion in the period of Euro 191 thousand to cover the estimate of any interest due in relation to the payable for the fire prevention service (Euro 23.7 million at June 30, 2026). The utilisations/releases of provisions during the period concerned for Euro 526 thousand the settlement of a dispute against the Company following the early termination of a construction contract (see Note 29 “Disputes”). On the basis of the progress of litigation at the preparation date of this document, supported by an update from their advisors, the Group considers that the provisions set aside in the financial statements are adequate and represent the best estimate of liabilities for risks related to ongoing

disputes;

- the item “non-current provisions for other risks and charges" includes the best estimate of the commitment made by the parent company to establish a multi-year fund to support soundproofing measures for the residential buildings most exposed to the acoustic impact of flights on the city of Bologna, as part of the initiatives put in place to reduce this acoustic impact and whose amount, to be considered as a supplement to the collections of the “IRESA” tax, shall be calculated in their final amount and disbursed on the basis of subsequent analysis and agreements with the local public entities. With regards to the period under review, the movement in this provision (amounting to Euro 0.7 million at June 30) totalled Euro 93 thousand.

18 Non-current and current financial liabilities

The following table breaks down non-current and current financial liabilities at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro As at 30.06.2026 As at 31.12.2025 Change Bank loans – non-current 93,189 94,998 (1,809) Non-current financial liabilities for right-of-use 1,046 1,172 (126)

NON-CURRENT FINANCIAL LIABILIITES 94,235 96,170 (1,935)

Bank loans - current 3,469 6,421 (2,952) Current financial liabilities for right-of-use 297 294 3 Municipal surtax payables and Iresa 4,418 4,066 352 Other current financial payables 420 553 (133)

CURRENT FINANCIAL LIABILITIES 8,604 11,334 (2,730)

TOTAL FINANCIAL LIABILITIES 102,839 107,504 (4,665)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 74 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Total financial liabilities as of June 30, 2026 amount to Euro 102.8 million, decreasing Euro 4.7 million. The main changes compared to December 31, 2025 are mainly due to:

- the repayment of the maturing loan instalments (Euro

4.8 million);

- the increase in the payables due for passenger boarding fee surtaxes and IRESA for the amount received from the carriers at December 30, 2026 and reversed in July, net of the payable for the increase of Euro 0.50 in the passenger boarding fee surtax for non-EU flights, applied from April 1, 2025 following the introduction of the 2025 Budget Law. This payable shall be settled upon the issue of the Ministerial Decree implementing the provisions set forth in Article 6- quarter, paragraphs 3-quinquies to 3-

undecies, of Decree-Law No. 7/2005.

Loans breakdown:

in thousands of Euro As at 30.06.2026 As at 31.12.2025 Change Bank loans – non-current 93,189 94,998 (1,809) Bank loans - current 3,469 6,421 (2,952)

TOTAL LOANS 96,658 101,419 (4,761)

“Loans” include:

- Euro 15 million five-year loan maturing in September 2028 provided in 2023 by Credit Agricole Italia. This is an ESG KPI Linked Loan which stipulates a bonus on this contractually-defined spread on the achievement of a number of ESG KPI’s. At June 30, 2026, this loan is classified for Euro 3.8 million under non-current loans and for Euro 3 million under current loans. Instalments totalling Euro 1.5 million were settled in the first half of 2026;

- loan signed in December 2021 with the European Investment Bank (EIB) up to a maximum amount of Euro 90 million, fully collected as of December 31, 2025. The first tranche of Euro 10 million was collected in 2024, net of the processing fee, has an 18-

year term, two years of grace period and a fixed rate of 4.051%. The second and third tranches of an additional Euro 20 and 60 million were collected in July and September 2025 respectively, have the same term and a rate of 3.987% and 4.042% respectively.

Euro 89.4 million is recorded under non-current liabilities and Euro 0.5 million under current liabilities;

Finally, the following loans were fully repaid during the first half of the year:

- loan with SACE guarantee issued by Unicredit Spa to support the infrastructural development plan and offset the reduction in traffic due to the COVID-19 emergency. During the period, the final two instalments totalling Euro 3.1 million were settled;

- loan granted by Monte dei Paschi di Siena to support the costs of constructing the General Aviation Terminal fully repaid with the settlement of the final instalment of Euro 0.1 million.

The contractual conditions of the loans in place at June 30, 2026 are illustrated below:

Credit Institution Type of loan Interest rate applied Rate Maturity Covenant Credit Agricole Italia ESG KPI Linked Loan Euribor variable 3 Months + spread 1.15% Quarterly 2028 Yes EIB (European Investment Bank) - I tranche Loan Fixed rate of 4.051% Quarterly 2042 Yes EIB (European Investment Bank) - II tranche Loan Fixed rate of 3.987% Quarterly 2043 Yes EIB (European Investment Bank) - III tranche Loan Fixed rate of 4.042% Quarterly 2043 Yes

The loans are not covered by secured guarantees. The covenants to be met by the Group are annual and with reference to the cross default clauses on the loan contracts of the Group, an acceleration clause may be triggered where the Company financed is not in compliance with obligations of a credit or financial nature, or with guarantees assumed with any party. We report that at June 30, 2026, the Group has not received any communication for application of cross default clauses by any of its lenders as it is in compliance with its existing contractual commitments.

A sensitivity analysis is illustrated below on variable interest rate loans held at June 30, 2026.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 75 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Credit Institution

In thousands of Euro Type of loan Interest rate

applied Residual

payable at

30.06.2026 Interest at

30.06.2026 Sensitivity

Analysis

(+0.5%) Sensitivity

Analysis:

(-0.1%)

Credit Agricolè Banking Euribor at 3 months + spread 1.15% 6,750 119 139 115

The following table shows the liabilities for rights-of-use, in accordance with IFRS 16, representing the obligation to make the contractually-agreed payments for the right-to-use assets recorded under fixed assets in note 3.

in thousands of Euro As at 30.06.2026 As at 31.12.2025 Change Non-current financial liabilities for right-of-use 1,046 1,172 (126) Current financial liabilities for right-of-use 297 294 3

TOTAL FINANCIAL LIABILITIES FOR RIGHT-OF-USE 1,343 1,466 (123)

In terms of rights-of-use, the Group has both underwritten contracts as lessor with the sub-license of airport areas and spaces to its customers and also has undertaken contracts as lessee for equipment, plant, machinery, automotive vehicles and land.

We illustrate below the table required by IAS 7 - Cash Flow Statement for a greater disclosure of changes in financial liabilities:

in thousands of Euro 31.12.2025 Cash flows New

contracts Interest/Othe

r 30.06.2026 Reclassificatio ns Loans - current portion 6,421 (4,764) 0 1,812 3,469 Right-of-use liabilities - current portion 294 (192) 20 174 297 Loans - non-current portion 94,998 0 0 (1,809) 93,189 Right-of-use liabilities - non-current portion 1173 0 25 (152) 1,046 Total 102,886 (4,956) 45 25 98,001

19 Trade payables

The following table breaks down trade payables at June 30, 2026 and December 31, 2025.

in thousands of Euro As at 30.06.2026 As at 31.12.2025 Change Trade payables 38,071 44,657 (6,586)

TRADE PAYABLES 38,071 44,657 (6,586)

Trade payables at June 30, 2026 amount to Euro 38 million and are presented net of the payables for commercial incentives, classified as a reduction of the relative trade receivables. Trade payables concern the purchase of goods and services, including investments and mainly concern Italian suppliers.

With regards to the ageing of supplier items, as presented in the following tables, the payables not yet due decreased sharply from 82% of the total at December 31, 2025 to 47% at June 30, 2026, mainly due to the payment of investments made in the latter part of 2025. Overdue payables therefore increased from 18% to 53% of the total, although the largest portion concerns the most recent overdue (41% from 0 to 30 days).

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 76 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro Not yet due Overdue Total at

30.06.2026

Invoices/credit notes received 12,526 13,967 26,493 Invoices/credit notes to be received (*) 11,578 0 11,578

TOTAL TRADE PAYABLES 24,104 13,967 38,071

(*) net of invoices that can be offset against customer accounts in thousands of Euro Not yet due Overdue 0-30 Overdue

30-60 Overdue

60-90 days Overdue

over 90

days Total

TRADE PAYABLES 12,526 10,769 268 606 2,324 26,493

in thousands of Euro Not yet due Overdue Total at

31.12.2025

Invoices/credit notes received 24,612 5,339 29,951 Invoices/credit notes to be received (*) 14,706 0 14,706

TOTAL TRADE PAYABLES 39,318 5,339 44,657

(*) net of invoices that can be offset against customer accounts in thousands of Euro Not yet due Overdue 0-30 Overdue 30-60 Overdue 60-

90 days Overdue

over 90

days Total

TRADE PAYABLES 24,612 3,598 85 0 1,656 29,951

20 Other Liabilities The following table breaks down current liabilities at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Current tax payables 2,216 1,206 1,010 Employee payables and social security institutions 5,636 5,568 68 ENAC concession fee and other State payables 28,477 27,520 957 Other current liabilities, accrued liabilities and deferred income 10,353 7,360 2,993

OTHER LIABILITIES 46,682 41,654 5,028

The principal changes were as follows:

i. Current tax payables The following table breaks down tax payables at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Direct income taxes 890 16 874 Other tax payables 1,326 1,190 136

TOTAL CURRENT TAX PAYABLES 2,216 1,206 1,010

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 77 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The significant increase in tax payables is primarily attributable to the increase in direct tax liabilities, given that as of December 31, 2025 this balance was essentially zero due to the advance payments made for taxes due for the same fiscal year. Other tax payables, which increased slightly on December 31, 2025, mainly concern employee and contracted worker withholdings.

ii. Employee payables and social security institutions The following table breaks down employee payables and social security institutions at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Payables to personnel for deferred compensation 2,060 2,551 (491) Social security payables 1,654 1,602 52 Payables to personnel 1,922 1,415 507

TOTAL PAYABLES TO EMPLOYEES AND SOCIAL SECURITY 5,636 5,568 68

iii. ENAC concession fee and other State payables The ENAC concession fees and other State payables mainly

comprises:

 Euro 23.7 million (Euro 23 million at December 31, 2025) concerning the fire prevention service as governed by Article 1, paragraph 1328 of the 2007 Finance Act, modified by Article 4, paragraph 3bis of Law No. 2/2009. For this item, reference should by made to Note 29 “Disputes”;  Euro 4.8 million (Euro 4.5 million at December 31, 2025) as the variable airport concession fee payable related to the adjustment for 2025 and the estimate of the cost for H1 2026.

iv. Other current liabilities, accrued liabilities and deferred income The following table breaks down current liabilities, accrued liabilities and deferred income at June 30, 2026 (compared with December 31, 2025).

in thousands of Euro 30.06.2026 31.12.2025 Change 2026 - 2025 Payables for boarding fee surtaxes and Iresa 6,646 4,959 1,687 Other current payables 1,753 1,825 (72) Current accrued liabilities and deferred income 1,954 576 1,378

TOTAL OTHER CURRENT LIABILITIES, ACCRUED LIABILITIES AND 10,353 7,360 2,993

The main account concerns the passenger boarding fees surtax and for IRESA, relating to the receivables from carriers not yet received at June 30, for Euro 6.6 million. The portion of the municipality surtax payable and for IRESA relating to receivables collected from carriers, not yet paid to the creditor entities as not yet owing, on the other hand is classified under current financial liabilities (Note 18). “Other current liabilities” include deposits and advances received from customers in addition to deferred income and miscellaneous payables. Finally, accrued liabilities and deferred income indicate an increase related to the interim nature of the period under review, mainly due to the advance billing of sub-license fees.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 78 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. NOTES TO THE MAIN CONSOLIDATED INCOME STATEMENT ACCOUNTS

REVENUES

21 Revenues

The tables below break down revenues for the two comparative periods. In relation to the performance, reference should be made to the greater detail provided in the Directors’ Report.

Consolidated revenues overall totalled Euro 95.5 million, compared to Euro 84.7 million in H1 2025 (+12.7%). Isolating the “revenues from construction services” item, which depends on investments made in concession rights, higher in the half-year under review, and “revenues from the terminal value receivable, linked to provision for renewal works”, the adjusted revenues amounted to Euro 68.3 million (Euro 64.3 million in H1 2025), growth of 6.1%.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Revenues from aeronautical services 39,410 35,948 3,462 Revenues from non-aeronautical services 28,345 27,430 915 Revenues from construction services 27,122 20,395 6,727 Other operating revenues and proceeds 656 966 (310)

REVENUES 95,533 84,739 10,794

The reclassification of Group revenues based on revenue streams defined by IFRS 15, i.e. those from contracts with customers, is shown in the following table:

in thousands of Euro 30.06.2026 30.06.2025 Change 2026 - 2025 Airport fees 33,723 31,487 2,236 Parking 10,906 10,390 516 Revenues from construction services 27,122 20,395 6,727 Other 6,808 7,522 (714)

TOTAL IFRS 15 REVENUE STREAMS 78,559 69,794 8,765

The reconciliation between IFRS 15 revenue streams and total revenues is shown in the following table:

in thousands of Euro for the half year ended 30.06.2026for the half year ended 30.06.2025 Change 2026 - 2025 Airport fees 33,723 31,487 2,236 Parking 10,906 10,390 516 Revenues from construction services 27,122 20,395 6,727 Other 6,808 7,522 (714)

TOTAL IFRS 15 REVENUE STREAMS 78,559 69,794 8,765

Commercial/non-comm. sub-licenses 16,915 14,896 2,019

TOTAL NON IFRS 15 REVENUE STREAMS 16,915 14,896 2,019

TOTAL NON IFRS 15 Revenues 59 49 10

TOTAL REVENUES 95,533 84,739 10,794

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 79 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. i. Revenues from aeronautical services The table below shows aviation revenues in H1 2026 and H1 2025. This revenue category grew 9.6%, thanks to the 3.6% increase in passenger traffic and aviation tariffs.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Centralised infra./other airport services 623 591 32 Exclusive use revenues 884 750 134 Airport fee revenues 47,802 42,241 5,561 PRM revenues 1,897 1,684 213 Air traffic development incentives (16,200) (13,029) (3,171) Handling services 1,545 1,482 63 Other aeronautical revenues 2,859 2,229 630

TOTAL REVENUES FROM AERONAUTICAL SERVICES 39,410 35,948 3,462

The breakdown of airport fee revenues is shown below:

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Passenger boarding fees 21,914 18,379 3,535 Landing, take-off and parking fees 17,109 15,623 1,486 Passenger security fees 6,252 5,467 785 Baggage stowage control fees 2,182 2,163 19 Freight loading and unloading charges 774 825 (51) Reduction fees to prov. for doubtful accs./Other (429) (216) (213)

TOTAL AVIATION FEE REVENUES 47,802 42,241 5,561

ii. Revenues from non-aeronautical services

The table below presents non-aviation service revenues in H1 2026 and H1 2025. This revenue category grew 3.3% overall.

The growth is primarily attributable to the strong revenue performance from the subleasing of premises and commercial spaces (+13.8%), in particular thanks to retail and lounge area sub-concessions, which were managed directly in the first half of 2025 and whose revenue was previously reported under “other commercial revenues”. Revenues from parking also increased (+5%), despite the renovation work on the medium and long-term car parks, thanks to revenue from the first section of the new P6 multi-level car park and the new pricing structure.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Commercial premises and spaces sub -license 15,341 13,484 1,857 Parking 10,906 10,390 516 Other commercial revenues 2,098 3,556 (1,458)

TOTAL REVENUES FROM NON-AERONAUTICAL SERVICES 28,345 27,430 915

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 80 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. The following table breaks down “other commercial revenue”, which decreased in view of the new method of managing the lounge, resulting in the reclassification of the related income to sub-license revenue.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Marconi Business Lounge 0 1,501 (1,501) Advertising 735 698 37 Misc. commercial revenues 1,363 1,357 6

TOTAL OTHER COMMERCIAL REVENUES 2,098 3,556 (1,458)

iii. Revenues from construction services Revenues from construction services concern the construction services undertaken by the Aeroporto Guglielmo Marconi di Bologna S.p.A. Group on behalf of the ENAC granting entity for the capital investments previously commented upon in relation to the Concession Rights in Note 1. These revenues amounted to Euro 27.1 million, compared to Euro 20.4 million in H1 2025, due to the greater investments in airport infrastructure under concession. Reference should be made to the Directors’ Report for further details.

iv. Other Revenues and Income The table below shows other revenues and income in H1 2026 and H1 2025. The decrease in the period is due to the near absence of operating grants related to sustainability initiatives, which had a significant impact in the comparable half-year period.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Compensation, reimbursements and other income 466 289 177 Operating and plant grants 18 671 (653) Revenues from Terminal Value on Provision for Renewal 149 0 149 Capital gains 23 6 17

TOTAL OTHER REVENUES AND INCOME 656 966 (310)

COSTS

Total costs in H1 2026 increased 15.7% on 2025. Isolating the “construction service costs” item which is linked to the increased investment in airport infrastructure in 2026, the adjusted costs increased 7.3%, due mainly to the increase in personnel costs and of consumable goods and materials.

22 Costs

i. Consumables and goods

The table below presents consumables and goods in H1 2026 and H1 2025.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 81 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Fuel and gasoline 1,924 1,271 653 Consumables and goods 550 416 134 Maintenance materials 117 100 17

TOTAL CONSUMABLES AND GOODS 2,591 1,787 804

Compared to the same period in the previous year, this cost category rose 45% due to the increased purchases of aircraft fuel for General Aviation and of de-icing fluid for aircraft.

ii. Service costs The following table shows the breakdown of services costs for H1 2026 and H1 2025.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Maintenance costs 3,360 3,234 126 Third-party services 2,301 3,022 (721) Professional and consultancy services 1,725 1,514 211 Utilities 1,957 1,767 190 Cleaning and accessory services 1,583 1,458 125 Insurance 633 565 68 Advertising, promotion and development 299 183 116 Statutory board fees and expenses 409 423 (14) Other service costs 327 288 39 MBL Services 0 255 (255)

TOTAL SERVICE COSTS 12,594 12,709 (115)

Service costs reduced slightly (-0.9%) as a result of the insourcing of the following services:

- help desk, starting in July 2025;

- streamlined security checkpoints, effective mid-

February 2026;

and due to the absence of costs associated with the direct management of the business lounge, in addition to the shuttle service to the remote car parks until mid-April following the closure of the Long Stay (P4) car park for renovation work.

On the other hand, costs for professional services and consulting, utilities, maintenance, cleaning and insurance increased.

A breakdown of maintenance expenses is provided below:

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Airport infrastructure maintenance expenses 2,581 2,271 310 Owned asset maintenance expenses 551 741 (190) Third party asset maintenance expenses 228 222 6

TOTAL MAINTENANCE EXPENSES 3,360 3,234 126

The breakdown of services is illustrated below:

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 82 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Security service 608 1,002 (394) Porterage, transport third-party services 214 612 (398) Snow clearance 342 267 75 De-icing and other public service charges 65 76 (11) Gym service costs 26 35 (9) Other outsourcing 1,046 1,030 16

TOTAL SERVICES 2,301 3,022 (721)

iii. Construction service costs Construction service costs concern the construction costs incurred by Aeroporto Guglielmo Marconi di Bologna S.p.A. Group for the capital investments previously commented upon in relation to the Concession Rights in Note 1.

iv. Leases, rentals and other costs The following table shows the breakdown of leases, rentals and other costs for H1 2026 and H1 2025.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Concession fees 4,624 4,385 239 EDP processing charges 1,216 1,013 203 Hire charges 82 78 4 Rental charges 16 11 5 Other rental & hire costs 31 9 22

TOTAL LEASES, RENTALS AND OTHER COSTS 5,969 5,496 473

The increase in this category of costs (8.6%) is due to the airport concession fee directly related to the higher traffic volumes and to the increased data processing fees.

v. Other operating expenses The following table shows the breakdown of other operating expenses for H1 2026 and H1 2025.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Tax charges 866 720 146 Fire prevention service contribution 704 699 5 Capital losses 0 0 0 Losses on receivables 0 8 (8) Other operating costs and expenses 396 409 (13)

TOTAL OTHER OPERATING EXPENSES 1,966 1,836 130

The increase in this category of costs (7.1%) is primarily due to the tax charges and, in particular, to the higher IMU tax owed for the new P6 multi-level car park.

vi. Personnel costs

The following table shows the breakdown of personnel costs for H1 2026 and H1 2025.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 83 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Wages and salaries 13,846 12,764 1,082 Social security expenses 3,851 3,649 202 Severance provisions 933 891 42 Retirement pension and similar 152 127 25 Other personnel costs 892 631 261

TOTAL PERSONNEL COSTS 19,674 18,062 1,612

The increase in personnel costs (+8.9%) is due to the rise in the average number of employees (+24 employees on average in the first half of 2026 compared to 2025), in addition to the effects of the renewal of the national collective bargaining agreements.

The increase in headcount is linked to the expansion of certain staff departments, primarily as a result of the in-house transition of the help desk service (IT and Innovation department) from July 2025. The increases were partially offset by efficiency measures in certain areas (security and the termination of business lounge staff).

The breakdown of "other personnel costs" is as follows:

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Employee canteen 404 390 14 Personnel training and refresher courses 111 132 (21) Personnel travel expenses 136 129 7 Misc. personnel costs 175 222 (47) Other personnel provisions/(releases) 66 (242) 308

TOTAL OTHER PERSONNEL COSTS 892 631 261

The average headcount by category in the periods under consideration is shown below:

Average workforce (number) for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change Executives 9 9 0 White-collar 523 503 20 Blue-collar 116 112 4

TOTAL PERSONNEL 648 624 24

The headcount at the end of the two periods under consideration was as follows:

Workforce (number) for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change Executives 9 9 0 White-collar 551 538 13 Blue-collar 121 114 7

TOTAL PERSONNEL 681 661 20

23 Depreciation, amortisation and impairment The following table shows the movement of depreciation, amortisation and impairment for the periods ended June 30, 2026 and 2025.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 84 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Amortisation/write -downs Concession rights 5,984 4,935 1,049 Amortisation/write-down of other intangible assets 590 459 131 Depreciation/write-down of tangible assets 1,637 1,217 420

AMORTISATION, DEPRECIATION AND WRITE -DOWNS 8,211 6,611 1,600

The depreciation and amortisation is in line with the effects of the full year application from the progressive roll-out of investments over the last twelve months (see Investment Chapter in the Directors’ Report and notes 1-4).

Depreciation of tangible assets includes Euro 143 thousand of depreciation of the right-to-use assets in accordance with IFRS 16.

There are no amounts for the impairment of fixed assets in this category.

24 Provisions for risks and charges

The following table shows the movement of the provisions for risks and charges for the periods ended June 30, 2026 and 2025.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended

30.06.2025 Change

2026 - 2025 Reversals of impairment losses (net) on trade & other 160 1 159 Provision for renewal of airport infrastructure 1,368 2,498 (1,130) Provisions for other risks and charges 161 321 (160)

PROVISIONS FOR RISKS AND CHARGES 1,689 2,820 (1,131)

Provisions for risks and charges are determined by updating the valuation of the Group’s various types of probable contingent liabilities. This category of costs shows an overall decrease due to the lower provision for the renewal of airport infrastructure and other provisions for risks and charges. With regard to the item “write-backs (net write-downs) of trade and other receivables”, it should be noted that an additional portion of the increase in the provision for doubtful accounts is classified as a deduction from the related revenues accrued during the period, as outlined in Note 10.

25 Net financial income and expenses

The following table presents the breakdown of financial income and expenses for H1 2025 and H1 2024.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change 2026 - 2025 Increase EFI 0 822 (822) Discounting income on provisions 180 104 76 Other income 337 164 173 Income from securities and similar 12 10 2

TOTAL FINANCIAL INCOME 529 1,100 (571)

Interest expenses and bank charges (1,946) (494) (1,452) Other financial expenses (58) (167) 109 Decrease EFI (203) 0 (203) Discounting charges on provisions (502) (288) (214) Interest charges for discounting of liabilities for leasing (19) (15) (4)

TOTAL FINANCIAL EXPENSES (2,728) (964) (1,764)

TOTAL FINANCIAL INCOME AND EXPENSES (2,199) 136 (2,335)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 85 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Net financial charges of Euro 2.2 million are reported, compared to net income of Euro 0.1 million in the previous year, due to:

- lower financial income, primarily related to the fair value through profit or loss measurement of the equity instrument in Marconi Express, which resulted in a gain of Euro 0.8 million in the first half of 2025 and a loss of Euro 0.2 million in the period under review. This is mainly due to the effect from the changes in rates, whose increase more than offset the effect from the increase of the EFI as the cash flows from the instrument approach their collection dates;

- higher interest expense resulting from increased debt due to the receipt of EIB loans in 2025, and higher discounting charges on financial statement provisions.

26 Taxes for the period The following table shows the taxes for the period for H1 2026 and H1 2025.

in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change Current income taxes 4,825 4,687 138 Deferred tax income and charges (460) (75) (385)

TAXES FOR THE PERIOD 4,365 4,612 (247)

% current taxes on the result before taxes 32.58% 29.06% 3.52% % taxes for the period on the result before taxes 29.48% 28.59% 0.88%

The estimate for income taxes for the first half of 2026 was Euro 4.4 million, compared to Euro 4.6 million for the first half of 2025.

With reference to IRES, we highlight the renewal for the 2024-

2026 three-year period of the option for Group taxation.

The estimated IRES tax charge for the first half of 2026 concerns the consolidated tax charge, corresponding to IRES of 24%.

The IRAP rate is 4.2% for all Group companies.

The reconciliation between the IRES effective and theoretical tax rate is illustrated below:

IRES effective/theoretical Tax Rate Reconciliation for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change Pre-tax result 14,809 16,130 (1,321) Ordinary tax rate 24.00% 24.00% 0.00% Theoretical tax charge 3,554 3,871 (317) Effect of increase or decrease to the IRES ordinary tax rate:

Provisions deductible in future years 977 633 344 Costs deductible in future years 2,581 2,305 276 Other non-deductible costs 348 352 (4) Utilisation provisions deductible in future years (583) (1,485) 902 Costs not deductible in previous years (985) (1,321) 336 Other differences (482) (388) (94) Changes in IAS deferred tax assets/liabilities (31) (92) 61 Total increase/decrease 1,825 4 1,821 Assessable income 16,634 16,134 500 Charges from IRES tax consolidation 3,992 3,872 120 Effective tax rate 26.96% 24.00% 2.95%

The breakdown of current income taxes is illustrated below:

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 86 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in thousands of Euro for the half year ended 30.06.2026 for the half year ended 30.06.2025 Change Charges from tax consolidation 3,992 3,872 120

IRAP 900 839 61

Taxes from previous years (67) (24) (43)

TOTAL CURRENT INCOME TAXES 4,825 4,687 138

27 Related party transactions For the definition of “Related Parties”, reference should be made to IAS 24, approved by Regulation (EC) No. 1725/2003.

Intercompany transactions are carried out within the scope of ordinary operations and at normal market conditions. Related party transactions principally concern commercial and financial transactions, in addition to participation in the tax consolidation. None of these have particular economic or strategic significance for the company as they do not account for a significant percentage of the balance sheet, income statement and cash flows of the Parent Company and the Group.

The Bologna Chamber of Commerce shareholders were identified as a Government party, therefore exempt from the disclosure regarding related parties as defined by IAS 24. The categorisation of the Bologna Chamber of Commerce as a Government party therefore limited the checks required for the identification of related parties to the mere identification of the Bologna Chamber of Commerce. No additional information is reported in the financial statements concerning transactions undertaken by the company with the Bologna Chamber of Commerce as no significant transactions are undertaken with this shareholder.

During the period, the Group undertook commercial transactions with subsidiaries of the shareholder Mundys Spa (Edizione Spa) as follows:

 AdR Engineering: at June 30, 2026, the parent company recognised investments in concession rights for the executive design and coordination of security for the design of the building related to the expansion of the terminal for Euro 586 thousand;

 Telepass Spa: under the contract for the supply of electronic parking payment services, the Parent Company has payables of Euro 31 thousand (Euro 26 thousand at June 30, 2025) and incurred costs of Euro 49 thousand (Euro 52 thousand in H1 2025);

The following tables outline the parent company's transactions with the related parties in the first half of 2026:

2026

in thousands of Euro Non-current

assets Trade

Receivables Other

current

assets Total Assets Other non-

current

payables Trade

payables Other

Liabilities Total

Current

Liabilities Total

liabilities

Telepass 0 0 0 0 0 31 0 31 31 Adr Engineering 586 0 0 586 0 0 0 0 0 Total 586 0 0 586 0 31 0 31 31

2026

in thousands of Euro Revenues from

aeronautical

services Revenues

from non-

aeronautical

services Other

operating

revenues

and income TOTAL REVENUES Service costs Leases,

rentals and

other costs Other

operating

expenses Personnel

costs TOTAL

COSTS

Telepass 0 0 0 0 (49) 0 0 0 (49) Total 0 0 0 0 (49) 0 0 0 (49)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 87 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 28 Commitments, guarantees and risks Commitments from environmental investments and information on climate risks Reference should be made to the Directors’ Report of these Accounts and to the 2025 Sustainability Statement for further information on the environmental initiatives and information on climate risks.

Guarantees granted

The following table summarises the guarantees granted by the Group.

in thousands of Euro 30.06.2026 31.12.2025 Change Change % Sureties 17,736 17,935 (200) (1)% Pledge on Equity Financial Instruments 10,873 10,873 0 0% Patronage letters 0 139 (139) (100)% Total guarantees provided 28,608 28,947 (339) (101)% At June 30, 2026, the guarantees granted by the Group total approximately Euro 28.6 million and principally concern:

- sureties, the principal of which being in favour of ENAC under the Full Management Agreement (Euro 8.8 million), in addition to AdB's co-obligation in the surety of Euro 5.8 million in favour of the Customs Office at the request of the subsidiary, FFM, regarding the customs dispute in which it is involved (see Note 29).

- a pledge of the equity financial instrument issued by Marconi Express S.p.a. and subscribed for by the Company for a nominal value of Euro 10.87 million, securing the obligations of Marconi Express to the credit institutions that financed the People Mover project.

Finally, as of June 30, 2026, the commitment related to the letter of comfort regarding the subsidiary Tag's loan was reduced to zero as the latter has been fully repaid.

Types of financial risks and management In the context of such prolonged uncertainty and given the considerable commitments to infrastructure developments, the liquidity risk could manifest as difficulty in obtaining timely, cost-effective financing to cover the requirements of the operations plan. The Group has addressed this risk, on the one hand by strategically reviewing its investment plan in consultation with ENAC, identifying new priorities and implementation phases based on the 2023-2026 Regulatory Agreement, and on the other by agreeing new loans. These include, in December 2021, an agreement with the European Investment Bank (EIB) for a maximum of Euro 90 million, fully received in 2025. Given the current geopolitical context and ahead of implementation of the infrastructure development plan, AdB has launched a process to identify the leanest financial structure and to secure the necessary resources to support the execution of the investment programme.

With regard to the covenants of the existing loan agreements, the Group is in compliance with its contractual commitments.

The Group has sought to manage interest rate risk , in view of its outstanding financing, by entering into both fixed-rate and floating-rate facilities. The EIB loan allowed a choice between fixed and variable rates, the amount of which was determined by the EIB at the time of the loan request and the overall conditions of disbursement and repayment. The first tranche, received in August 2024, has a fixed rate of 4.051%. For the second tranche collected in July 2025, the fixed rate is 3.987%.

For the third and final tranche collected in September 2025, the fixed rate is 4.042%.

The Group's credit risk is concentrated, in that 57% of its accounts receivable at June 30, 2026 are claimed from its top ten clients (59% at December 31, 2025). In general, the credit risk is offset through specific trade payable management and control tools and procedures, in addition to adequate provisioning for doubtful accounts – taking into account the increased risk owed to the current crisis – according to the principles of prudency and in compliance with the accounting standards IFRS 15 and IFRS 9, which strengthens the ex-ante analysis approach, rather than existing receivable recovery, in the credit risk assessment processes.

The commercial policies pursued by the Group to limit its

exposure involve:

 requesting immediate payment for transactions with end consumers or occasional counterparties (i.e.,

parking areas);

 requesting advance payment from occasional airlines or airlines without an appropriate credit profile or

collateral;

 requesting performance bonds from sub-concession holder clients.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 88 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. In accordance with the disclosure requirements set out in Article 2428, c.2, No. 6- bis, considering the criteria that inform its choice of investments, such as:

 minimising the risk of the return of invested capital;

 the differentiation of the credit institutions;

 the duration, normally less than two years;

 the return offered;

the Group believes the financial risks – understood as the risks of changes in the value of the financial instruments – to be limited.

IFRS 7 defines the following three levels of fair value to which the valuation of financial instruments recognised in the statement of financial position should be referred: (i) Level 1:

quoted prices recorded in an active market; (ii) Level 2: inputs other than the quoted prices referred to in the previous point that are observable directly (prices) or indirectly (derived from prices) in the market; and (iii) Level 3: inputs that are not based on observable market data. During the period, there were no transfers between the various levels of fair values indicated in IFRS 7. The following tables show financial assets by financial instrument category, in accordance with IFRS 7, showing the fair value hierarchy level as of June 30, 2026 and December 31, 2025.

Financial liabilities are all at amortised cost and therefore have not been reported in the table.

Financial instruments at 30.06.2026 Financial

assets Available-

for-sale Financial

assets at

fair value Total Level

1 Level

2 Level

3 Total

(in thousands of Euro) Amortised cost FV vs OCI FV vs P&L Non-current financial assets 15,989 0 14,416 30,405 0 1,136 13,280 14,416 Non-current financial assets 15,989 0 14,416 30,405 0 1,136 13,280 14,416 Trade receivables 20,425 0 0 20,425 0 0 0 0 Other current assets 10,856 0 0 10,856 0 0 0 0 Current financial assets 800 0 0 800 0 0 0 0 Cash and cash equivalents 46,066 0 0 46,066 0 0 0 0 Current financial assets 78,147 0 0 78,147 0 0 0 0

Financial instruments at 31.12.2025 Financial

assets Available-

for-sale Financial

assets at

fair value Total Level

1 Level

2 Level

3 Total

(in thousands of Euro) Amortised cost FV vs OCI FV vs P&L Non-current financial assets 14,114 0 14,608 28,722 0 1,125 13,483 14,608 Non-current financial assets 14,114 0 14,608 28,722 0 1,125 13,483 14,608 Trade receivables 19,691 0 0 19,691 0 0 0 0 Other current assets 8,092 0 0 8,092 0 0 0 0 Current financial assets 0 0 0 0 0 0 0 0 Cash and cash equivalents 81,164 0 0 81,164 0 0 0 0 Current financial assets 108,947 0 0 108,947 0 0 0 0

The Group is not subject to foreign exchange risk since it does not undertake transactions in foreign currencies.

With regards to the disclosure concerning the types and means of non-financial risk management, reference should be made to the specific section of the Directors’ Report.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 89 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. 29 Disputes This section outlines the main - fundamental in financial terms

- disputes and/or those which in the period saw significant legal and/or non-legal developments, without therefore providing an exhaustive outline of all positions for which specific amounts have been allocated to the disputes risk provision.

Fire Prevention Fund Regarding the matter of contributions to the Fund established by the 2007 Budget Law to reduce the State's costs for organizing and performing fire prevention services at Italian airports, since 2012, AdB has contested before the civil courts the obligation to pay into the Airport Fire Prevention Fund, established by Article 1, paragraph 1328 of Law No. 296 of December 27, 2006 (2007 Budget Law, or the so-called "Establishing Provision"), as amended by Article 4, paragraph 3-bis, of Decree Law No. 185/2008, which came into force on January 29, 2009 (the so-called "Amendment"), which eliminated the commutative relationship between parties obligated to make monetary contributions and the benefits derived from the financed activities. Since that date, in fact, the resources pertaining to the Fund in question have been allocated no longer to the exclusive coverage of the costs incurred by the State for firefighting services at airports but to the different salary allowances introduced with renewal of the national collective bargaining agreement for fire fighters, more than 90% of which is intended for firefighting personnel who do not work at airports.

While awaiting the civil procedure, which extended over numerous years across a series of different judges and postponements, a consolidated jurisprudence (ex pluris Rome Provincial Tax Court No. 10137/51/2014 - passed into Law - and Rome Provincial Tax Court No. 2517/2019 - passed into law) sealed by the pronouncement of the Court of Cassation No. 3162 of February 1, 2019 and, latterly, by the Lazio Regional Tax Commission No. 7164/2019, affirmed: i) the nature of the contribution to the Fire Prevention Fund, ii) the consequent competent tax jurisdiction, iii) the non-

obligation to pay the tax from 2009, due to the non-

applicability of its original legislative purpose, pending a legitimate legal provision.

Following the established jurisdiction of the civil courts pursuant to the ruling of the Regional Tax Commission of Lazio No. 252/10/2011, action was initially brought before the Court of Rome with General Registry No. 22375/2012 but, after the definitive determination of the Airport Fire Prevention Fund's nature as a special-purpose tax by virtue of Constitutional Court ruling No. 167/2018 and the Joint Divisions of the Court of Cassation ruling No. 3162/2019, steps were taken to transfer the proceedings before the tax courts. More specifically, regarding AdB's direct interest, on February 8, 2022, the Court of Rome issued ruling No.

2012/2022 confirming the jurisdiction of the tax courts.

Therefore, the Company, in order to obtain a direct recognition of the principles embodied universally by the Court of Cassation and by the Rome Provincial Tax Court in December 2022, presented the case before the Rome Court (RG No. 22375/12). On April 17, 2023, the Rome Provincial Tax Court dismissed AdB's appeal, radically departing from all relevant precedents. On December 4, 2023, AdB's legal representatives formally notified the Administrations of the prepared appeal for the revision of the First Instance Tax Court ruling No. 5768/23 of May 2, 2023, which unexpectedly, contrary to all documentary evidence in the proceedings and legal determinations contained in final judgments between the parties, deemed the contested annual payments to the Airport Fire Prevention Fund as due. On December 5, 2023, the appeal was registered under General Appeal Registry No. 5921/2023 at the Second Instance Regional Tax Commission of Lazio. This appeal proceeding concerned – as it relates to AdB – all six annual payments requested to date (2007-2010, 2012, and 2014). The statute of limitations for the 2011 payment has also been invoked.

This appeal proceeding before the Second-Instance Tax Court of Lazio recently concluded with Judgment No.

3969/2026, published on June 23, 2026, which was partially favourable, in that (in brief terms):

a) it rejected all the unfounded and instrumental procedural objections raised by the local governments regarding the alleged untimeliness of the reinstatement ruling and the novelty of the claims raised ( errors in the calculation of tax rates; no liability for the tax on the part of both companies without a concession and companies without tariff

coverage);

b) it upheld all the formal objections raised on behalf of Bologna Airport regarding the erroneous determination of the parameters used to calculate the contribution for the years 2007 to 2010;

c) it rejected the objection regarding the erroneous inclusion among the liable parties of companies without a concession that operated under the quite different regime of mere advance occupancy, without the authority to coordinate other parties and without collecting landing, take-off and parking fees at their respective airports;

d) it also ruled that the objection regarding the non-

liability of companies without tariff coverage to pay the tax was unfounded.

In addition, as outlined in the previous Reports, an unfavourable precedent for the legitimate claims of airport operators has emerged: on January 10, 2024, in a different proceeding (General Registry No. 7833/20) to which AdB was not a party, the Court of Cassation published ruling No.

990/2024, upholding the Administrations' appeal and establishing the new legal principle that the Airport Fire Prevention Fund “has the nature of a tied tax” in order to reduce the cost borne by the State in the fire prevention

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 90 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. service at airports, specifying further that the allocation constraint arises “limited to the phase of use of the revenue” and that this “allocation constraint is unrelated to the regulatory framework of the tax collection phase, but pertains to the use of the revenue”. Additional proceedings initiated by other national operators are still pending regarding this line of cases.

On July 8, 2025, in its ruling No. 100/2025, the Constitutional Court declared as unfounded the questions of constitutional legitimacy entered under No. 191 of 2024, as raised by the tax court of second instance of Lazio within the framework of the lawsuit instituted by SEA against the 2008 annuity only, deeming it reasonable that the particular tax of the Airport Fire Prevention Fund should be borne solely by the airport management companies and not also by the other economic operators in the airport value chain, such as carriers and handlers.

Following this ruling of the Constitutional Court and in view of the latest rulings of the Court of Cassation (judgment no.

990/2024) and of the Constitutional Court (judgment no.

100/2025), the additional pending questions of law may validly be brought before the Court of Cassation in any subsequent appeal of legitimacy.

On the basis of the opinion of the appointed lawyers, possible adequate settlement solutions to the entire dispute will also continue to be sought at the national level, as well as the promotion, in all competent forums, of every attempt to repeal the 2009 rule and the issuance of a legitimate device in favour of taxpayers (i.e. airport operators) and the recipients (National Fire Prevention Service for the management of fire prevention activities in the local areas of airport sites).

Tax appeal against the Tax Agency - Provincial Office

On November 28, 2018, the Municipality of Bologna invited the Parent Company for the first time to reconsider the cadastral classification of some properties (procedure ex L.311/2004) on airport land, based on a purported orientation of case law that would point to a different classification. This request was then reiterated on February 10, 2020, with amendments to the scope of the request, resulting, in certain cases, in the new and retroactive assessment of IMU property tax.

The Parent Company has always opposed these requests out of court within the scope of administrative procedure and with the filing, in July 2021, of a protective request with the Bologna provincial office of the Italian Tax Administration and the Municipality of Bologna, disputing the merits and underscoring the fact that the original registration of the properties concerned was done in 2007 in coordination with and based on the instructions and authentic interpretation of applicable legislation by said local Land Registry. This initial registration was, in fact, carried out in concert with the competent authority and in accordance with the provisions of Law 262/2006 and circulars 4/T 2006 and 4/T 2007, which are still valid and unchanged, without even being able to point to the existence of changes in construction or other factors of non-conformity that could not be known since 2007.

Therefore, in the second half of 2021 and in early 2022, we reached the start of the concluding phase of this procedure by way of a potential proposed settlement with the Municipality of Bologna with regard to IMU, following the official measure for the cadastral assignment, as per Law 311/04, for these properties, as communicated on December 13, 2021, by the Bologna provincial office of the Italian Tax Administration responsible for land registration.

Therefore, the Group decided to submit a proposal for settlement, with limited and justified concessions in the interest of the company and without the assessment of the sanctions demanded by the Municipality of Bologna, in light of the provisions of Law 212/2000 (the Taxpayers Law), given the legitimate expectations of the companies of the Group. The voluntary settlement proposal is not an admission of guilt and is solely motivated so as to settle the 2015-2020 period of taxation without having to contest the individual assessments for each year and to avoid a tax dispute that would, in any event, be excessively costly.

The position was conclusively finalised with the signature of the deed of adhesion and the payment by AdB and TAG of a total of Euro 152 thousand in IMU tax in April 2022, with a request to exclude administrative penalties.

At the same time, on February 9, 2022, a tax appeal has been filed against the Land Registry and Tax Administration to contest the classification of December 13, 2021, for which we fundamentally dispute the assumptions and justifications. On May 18, 2022, the appeal was filed with the Bologna Provincial Tax Commission for the purpose of settling the dispute, following the rejection of the attempted mediation communicated together with a draft of the counter arguments of the other party. On June 3, 2022, the Tax Agency - Bologna Provincial Office filed Counterclaims to the Appeal. The Parent Company’s legal team has filed various rebuttals to the Office's Counterclaims in further illustration and emphasis of the arguments made in the introductory appeal.

The hearing on the merits before the competent Tax Commission was held on March 7, 2023, the outcome of which was favourable, with the Tax Court of First Instance of Bologna

- with ruling No. 123/2023 filed on March 13, 2023 - having accepted the Group's reasons in full, ruling - disregarding all contrary objections - for the annulment of the contested act and compensating for costs.

On October 11, 2023, the Italian Tax Agency - Bologna Provincial Branch nevertheless submitted an appeal, challenging the favourable result issued by the Tax Court of First Instance.

On December 6, 2023, the Parent Company’s legal team submitted the appropriate counterclaims by the legal deadlines,

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 91 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. in order to further illustrate the arguments supporting the positions of the Parent Company.

With regard to the further request for classification to category “D” notified on October 25, 2022 to the Parent Company, in terms of which on March 27, 2023 the Company initiated legal proceedings before the Bologna Tax Court of First Instance (CGT) via an electronically filed notification of appeal.

On April 17, 2024, section 1 of the Bologna CGT, with ruling no. 350/2024 of 17/07/2024, fully upheld AdB’s appeal and, consequently, cancelled the contested category assessment notice, finding, in the opinion of the Court, that the correct cadastral category for the disputed building is E/1. On February 13, 2025, the Agency served an Appeal against the first instance decision favourable to AdB. On March 28, 2025, the Parent Company proceeded to file, within the legal deadlines, a counterclaim against the Office's appeal and a request for the case to be heard in open court.

Until the settlement of the cadastral dispute and the achievement of a final judgment on the matter of classification, the Group will pay the IMU taxes due according to what is shown in the land registries, which have also been updated as a result of the favourable judgments that have returned the properties in question to cadastral category E1.

Based on the above and for the purposes of the prescriptive period, in 2025 and within the legal deadlines, the Group companies involved submitted requests for refunds for the amounts paid in excess of the amount due in relation to the years in which the properties had been subject to ex officio classification in category ”D,” later returned to category “E” following the favourable judgment and as resulting from the cadastral data thus updated.

Action before AGA proposed in relation to the Decree of April 3, 2020 concerning ENAV assets, including the VAL

equipment

On November 30, 2020 a decree was published that had been signed on April 3, 2020 by the Ministry of Economy and Finance on the “Return to the State of assets no longer instrumental for the institutional duties of ENAV and their subsequent reassignment to ENAC, under the combined provisions of Articles 692 and 693 of the Navigation Code, and subsequent provision under concession to the airport manager” (Official Gazette No. 297 of 30-11-2020, General Series). The decree

states:

- the airport managers shall take delivery of the VALs within 18 months of the decree’s publication in the Official Gazette, and they shall, under their own responsibility and at their own expense, manage, maintain and supply them with electricity, recovering the associated costs through the airport tariffs;

- the airport managers shall take delivery of the goods and areas and sole areas within 60 days of the decree’s publication in the Official Gazette, and they shall, under their own responsibility and at their own expense, manage, maintain and supply them with electricity, recovering the associated costs through the airport tariffs.

With specific reference to the tariff profile of the goods and areas comprising the VALs, the act provides in Article 2: “[...] Until the above-mentioned airport managers take responsibility for them, and in any event until the end of the above-mentioned period, ENAV shall be in possession of the VAL systems and shall manage, maintain and supply them with electricity, and is entitled to recover the associated costs through its terminal tariff. 2. From the publication date of this decree, ENAV may add to the terminal tariff the non-amortised book value of the assets covered by this decree, in accordance with a graduated mechanism agreed with ENAC.” The return provision was adopted following a lengthy preliminary procedure involving the Ministry of Infrastructure and Transport (MIT), ENAC and ENAV, but not the airport managers. Based on the above, AdB, like other Italian airport managers, brought an administrative appeal against this decree, highlighting the various grounds for deeming it unlawful, including the infringement of the right to be heard and requesting that an investigation be duly launched into what the equipment and assets returned consist of. In parallel, negotiations were launched with ENAC, with the additional help of Assaeroporti. They are currently addressing the issue of the local decentralised bodies, i.e. the ENAC airport offices.

At Bologna airport, we note the activity of the local ENAC department, which supported the verification and inspection, in the presence of representatives from ENAV and AdB, of certain assets that are no longer used for ENAV's institutional purposes and other than the VAL’s, as a result of which the assets were legitimately consigned. This was done by introducing appropriate protections in the formal documents, given the poor state and condition of most of the assets, which, net of pro-tempore usage, will subsequently be demolished, in line with the Master Plan's provisions and, in any event, without settlement of the matter involved in the dispute.

The Regional Administrative Court for Emilia Romagna, with ruling 848/2026 published on May 11, 2026, partially upheld the appeal brought by AdB, to the extent of the residual interest, with annulment of the inter-directorial decree of April 3, 2020 and the preliminary acts, only insofar as they concern the Bologna airport AVL systems referred to in Article 1, paragraph 1, Article 2 and Sheet no. 6, Section 1, of Annex A. The binding effect of the judgment means that the relevant administrations will have to reissue the power by establishing a new procedural segment limited, with regards to this matter, to the Bologna airport AVL systems, based on the principles set out in the judgment. At that time, therefore, notice of the initiation of the proceedings should be given to the applicant, without prejudice to any further action.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 92 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Tender contract - termination for damages The dispute related to a tender contract for works to reconfigure the Parent Company’s Security and Passport Control Area, which was terminated due to a serious delay attributable to the Contractor on June 16, 2022, at the proposal of the Public Contracts Manager, pursuant to and for the purposes of Article 108 of Legislative Decree No. 50/2016, was settled with a final agreement that allowed the release of part of the provisions prudently set aside pending the outcome of the judicial dispute.

Administrative disputes - Appeals to the Emilia-Romagna Regional Administrative Court following denial of sub-

concession extension measures for current fuel providers These are two disputes initiated by AdB in 2024 with appeals to the Administrative Judicial Authority (Regional Administrative Court of Emilia-Romagna) for the annulment of the measures issued by ENAC – Territorial Directorate of Emilia Romagna.

They relate to the denial of the reasoned application to extend two sub-concession contracts for areas on airport premises for aviation fuel storage and refuelling facilities and the provision of related fuelling services, and for the annulment of all other prior and subsequent, preparatory or consequential measures in any way connected with the contested measures.

The rationale immediately appeared to lack legitimacy, so proceedings were initiated with the relevant Regional Administrative Court.

The appeal in the first instance was of the aforementioned measures together with any other prerequisite act, whether prior or subsequent, preparatory or consequential, in any way connected with the challenged measure, even if not known.

Additional grounds were therefore raised (to be considered, if necessary, as a separate appeal) following a two-year extension granted subsequently, in February 2025. The contested measures do not affect the operators’ current activities nor, therefore, refuelling for the airport’s carriers, but rather the relocation of the fuel distribution facilities (for aircraft) envisaged in the Master Plan. These require new investments and as such also the necessary extensions in duration of the sub-

concession rights to allow for due amortisation.

The judicial proceedings are currently underway in accordance with established procedures, while the substantive hearings on the appeals have been postponed at the joint request of the Parties to the two judicial proceedings to assess the outcome of the matter concerning the ENAC Regulation (in its latest version, following the version previously annulled by the General Administrative Court (AGA) as of the date of the aforementioned denial of authorisation by ENAC - Emilia Romagna Territorial Directorate), which is currently the subject of an appeal before the Council of State following the annulment ordered by the Lazio Regional Administrative Court.

Dispute concerning charges and fees In relation to the resolutions passed by the Transport Regulation Authority (hereinafter “TRA”) relating to charges and fees for the regulatory period 2023-2026, an extraordinary appeal was submitted to the Head of State, subsequently brought before the Regional Administrative Court of Piedmont Turin (RG 820/2023) by DHL Express (Italy) Srl, FedEx Express Italy Srl, and United Parcel Service Italia Srl (“jointly the couriers”) against the TRA, the Ministry for the Economy and Finance, the Ministry of Infrastructure and Transportation, and towards AdB, for the annulment, inter alia, of TRA Resolution No. 82/2023 of April 28, 2023, on the proposed revision of some airport fees of Bologna Guglielmo Marconi Airport for the 2023-2026 tariff period. In October 2023, the Parent Company granted a legal defence mandate, having also identified the main arguments to defend the procedural acts for which the plaintiffs seek annulment, as established in the related judgement.

With ruling No. 208/2025, filed on January 24 2025, the Piedmont Regional Administrative Court rejected the appeal of the couriers in full. The opposing parties appealed this ruling to the Council of State, and AdB appeared as required, presenting appropriate defences and arguments.

In a recent ruling by the Council of State, No. 4663/2026, published on June 10, 2026, the appeal filed by the couriers was dismissed in its entirety, fully upholding the fee schedule adopted by AdB. The Council of State found all grounds for appeal against the ruling of the Turin Regional Administrative Court - which had already dismissed the appeal - to be unfounded.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 93 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Appeal to the Piedmont Regional Administrative Court - results of the monitoring activities of airport charges for 2025 and in relation to the investment concerning the Ariete land expropriation (P4 parking) The parent company filed an appeal on February 21, 2025, before the Piedmont Regional Administrative Court against the Transport Regulation Authority (hereinafter also "TRA") and against ENAC and Italia Trasporto Aereo S.p.A. for the annulment, inter alia, of the TRA note dated December 23, 2024, concerning "Results of the monitoring activities of airport charges for the year 2025 Bologna airport" and of the TRA note dated February 14, 2025, concerning "Results of the monitoring activities of airport charges for the year 2025 Bologna airport response to TRA note prot. 0135419/2024 of December 23, 2024, and request for self-remedy intervention together with notice of administrative appeal." The parent company considers the Authority's determination to be illegitimate and not adherent to the peculiar circumstances of the case and requests that the legitimate expectations of return on investment incurred in execution of the expropriation functions delegation received from ENAC be fulfilled, considering the completion of the expropriation process during 2024 and the disbursement, also in 2024, of the provisional expropriation compensation with financial benefit assured in the same year to the aviation state property. The final compensation was determined as a result of proceedings conducted by an arbitration panel, and the balance was paid to the expropriated party in February 2026.

The case filed before the Turin Regional Administrative Court against the notices of the TRA was concluded with ruling No.

1632/2025, in which the Board declared the appeal to be inadmissible for failure to challenge Resolutions 82/2023 and 120/2023 (the former on the request for the application of corrective measures and the latter on the compliance of fees with the relevant Model) and, in any event, unfounded.

An appeal was proposed before the Council of State against this judgment.

Jurisdictional actions are currently underway according to proper procedure, and hearings on the merits of the appeals have not yet been scheduled.

Dispute regarding the interpretation of a clause in the contract in place with Ryanair DAC A dispute has arisen regarding the interpretation of a clause in the agreement between AdB and Ryanair DAC entered into in February 2023. The parent company sought to reach a negotiated settlement of the dispute with Ryanair, taking into account their long-standing partnership and the customer’s importance, although was unable to reach a mutually agreed-

upon solution. More recently, the parent company has also identified additional conduct by Ryanair that appears to violate further contractual obligations.In this regard, while the contract remains in effect, AdB was compelled to file a request for arbitration with the London Court of International Arbitration on September 4, 2026, in order to resolve the dispute over interpretation and, more broadly, to protect its interests. The estimated value of the dispute as of June 30, 2026, is approximately Euro 3.4 million.

Potential liabilities with low likelihood of loss FFM customs dispute On April 20, 2021, the Bologna Customs Office notified Fast Freight Marconi of three notices of correction concerning various customs declarations, following controls carried out on behalf of third party importers on personal protective equipment as part of the COVID-19 emergency and also intended for the healthcare authorities of Emilia-Romagna. As the Customs did not consider the conditions for exemption from import duties and exemption from value added tax on importation to be met, Customs invited FFM to settle the higher duties and VAT, together with interest on arrears, amounting to approximately Euro 4.3 million, within 10 days.

The aforementioned notices identify FFM (indirect representation declarant courier) and, jointly and severally, the importers (legal and physical persons) as the parties obliged to pay.

FFM considers that it has always operated with absolute correctness and legality and, in particular, during the most critical phases of the spread of the pandemic, as a cargo sector operator, took action and did its utmost following requests and contacts from regional and local authorities, making the greatest operational and managerial efforts to provide assistance to the extraordinary cargo flights that imported into Italy the medical equipment that was highly sought after by local hospitals and healthcare authorities. The operations were carried out by the subsidiary in full compliance with procedures and regulations, insofar as they were the responsibility of the latter, and therefore strongly rejects the claims of the customs authorities.

An appeal has been filed against these notices. The Bologna Provincial Tax Commission rejected the appeals, upholding only the request for annulment of the VAT payment request for the period after May 19, 2022, in the amount of approximately Euro 850 thousand.

As a result of the appeal, a hearing is now pending before the second instance Tax Court.

Bologna Customs granted, under Article 45 of the UCC, the suspension of enforceability of the assessment notices in light of

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 94 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. the filing of the insurance policy for the total amount of Euro 5.8 million.

Additionally, two proceedings are pending before the Tax Court of First Instance of Bologna for the annulment of two additional and otherwise related notices of adjustment issued by the Bologna Customs Office, which has proceeded to recalculate the duties deemed due on the basis of the new tax base determined by also including freight charges. In this regard:

- an insurance policy has been filed for the total amount of Euro 278 thousand, obtaining from Bologna Customs the suspension of enforceability of the notices under Article 45 of

the UCC;

- judgment No. 132/2024 of March 26, 2024, was filed by the court of first instance, whereby the challenged acts were annulled limited to the recoveries concerning VAT amounting to approximately Euro 134 thousand;

- an appeal has been filed to partially alter the contested judgment and, consequently, to declare in full the illegality of the contested measures also for the part in which they establish FFM’s liability for the duties assessed (approximately Euro 50 thousand).

The Customs Agency also appealed for a reversal of the ruling insofar as it annulled the notices with regard to the VAT claim.

The date of the hearing is currently being awaited. The subsidiary also filed a conservative preventive sequestration action against the importer to protect its overall position. As part of the related proceedings during 2026, new information came to light. Specifically, the opposing party’s lawyer informed FFM’s legal team that Comitek’s outstanding payable totals approximately Euro 2,117 thousand, in addition to late-payment interest and other charges totalling approximately Euro 2,739 thousand. This amount also includes approximately Euro 800 thousand in VAT, which has already been determined not to be due from FFM.

It follows that the actual risk to FFM appears to have decreased significantly since the dispute began.

In light of these developments, FFM once again submitted a substantiated request to the Customs Agency to reduce the guarantee it had provided, although received a negative response.

The appointed lawyers, having evaluated the dossier outlining the position, the jurisprudence on the subject, and the judicial and extrajudicial framework described above, continue to consider it possible but not probable that the case will be lost.

Specific tax access for 2022 for IRES, IRAP and VAT purposes and Tax Credit as per Legislative Decree

145/2013

On October 29, 2025, the parent company was the subject of a tax audit by the Emilia Romagna Regional Tax Agency – Large Taxpayers Office, for a specific tax access that began on November 4, 2025, and ended with issuance of the tax audit report on January 15, 2026.

The audit concerned IRES and IRAP related to fiscal year 2022, as well as the correct use of the tax credit for Research and Development pursuant to Article 3 of Law Decree 145/2013, with reference to the years of accrual – i.e. fiscal years 2015, 2016 and 2017 – and its use in offset in the years 2017 and 2018, for a total of Euro 0.6 million.

With regard to direct taxes, the audit report did not note any findings against the Company. Objections were, however, raised regarding the Research and Development tax credit, despite the fact that the consultants who assisted the Company – both when preparing the original documentation for the purpose of its quantification and during the audit – confirmed the correctness of the approach adopted and the actions taken.

At present, AdB, bolstered by the findings of a certified technical report issued by a designated consultant listed on the relevant registry maintained by the Ministry of Enterprises and Made in Italy (MIMIT), considers that it can reasonably defend the actions taken, while also considering the risk to still be possible but not probable, in accordance with current accounting standards, as agreed with its consultants.

In fact, on July 7, 2026, AdB was served with a collection notice by the Italian Revenue Agency’s Emilia-Romagna Regional Revenue Directorate - Large Taxpayers Office, which reiterates the arguments and justifications put forward by the auditors in the tax assessment and reaches the same conclusions.

The parent company, as already confirmed by the appointed technical consultants, has filed a request for an agreed settlement procedure, accompanied by the aforementioned expert report.

Labor disputes

A dispute has been brought recently by a number of AdB employees in connection with which legal mandate has already been granted and the preparatory stages initiated. Currently, the risk of losing the dispute is defined by the appointed independent lawyers as possible.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 95 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK

Further to that outlined in the other notes to this Directors’ Report and to the Financial Statements (to which reference should be made), no events have occurred subsequent to the end of the half year that would require changes in terms of the presented performance or equity and financial position and that would therefore necessitate adjustments and/or additional disclosures in the financial statements with reference to the amounts reported at June 30.

In August, the partnership to deliver growth for Wizz Air was renewed. The airline expects to reach 1.3 million passengers in 2026 and plans to invest further in routes to and from Bologna.

The multi-year agreement seeks to promote sustainable growth by using state-of-the-art aircraft and identifying new and exciting destinations for passengers from Bologna and the entire Marconi catchment area.

Reference should be made to the Directors’ Report for further information on the business outlook.

The Chairperson of the Board of Directors

(Enrico Postacchini)

Bologna, September 7, 2026

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 96 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail. Declaration on the condensed consolidated financial statements as per Article 154-

bis, paragraph 5, CFA

1. The undersigned Nazareno Ventola, as Chief Executive Officer, and Patrizia Muffato, as Executive Officer for Financial Reporting, of Aeroporto Guglielmo Marconi di Bologna S.p.A., declare, also in consideration of Article 154- bis, paragraphs 3 and 4 of Legislative Decree No. 58 of February 24, 1998:

- the adequacy considering the company’s

characteristics and

- the effective application of the administrative and accounting procedures for the compilation of the condensed half-

year financial statements in the first half-

year of 2026.

2. The valuation of the adequacy of the accounting and administrative procedures for the preparation of the condensed consolidated half-year financial statements at June 30, 2026 is based on a process defined by Aeroporto Guglielmo Marconi di Bologna S.p.A. in accordance with the Internal Control - Integrated Framework defined by the Committee of the Sponsoring Organisations of the Treadway Commission, which represents a benchmark standard generally accepted at international level. 3. We also declare that:

3.1 the half-year financial statements at June 30,

2026:

a) are drawn up in conformity with the applicable international accounting standards recognised by the European Union in conformity with Regulation (CE) No.

1606/2002 of the European Parliament and the Commission of 19 July 2002;

b) correspond to the underlying accounting documents and records;

c) provide a true and fair view of the financial position, financial performance and cash flow of the Issuer and of the other companies in the consolidation scope.

3.2 The Interim Directors’ Report includes a reliable analysis of the significant events in the first six months of the year and their impact on the condensed consolidated half-year financial statements, with a description of the principal risks and uncertainties for the remaining six months. It also presents a reliable analysis of the significant transactions with related parties.

Bologna, September 7, 2026

Chief Executive Officer Executive officer for Financial Reporting (Nazareno Ventola) (Patrizia Muffato)

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 97 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Consolidated Financial Statements for the period ended June 30, 2026 Aeroporto Guglielmo Marconi di Bologna S.p.A. 98 This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail.

Aeroporto Guglielmo Marconi di Bologna S.p.A.