Consolidated Interim Financial Report as at 30 June 2026

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Half-year Financial Report At 30 June 2026

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Interim Financial Report at 30 June 2026 2

Contents

Interim Report on Opera Ɵons ............................................................................................. 3 1. Overview ............................................................................................................................ 4 1.1 ENAV Group in figures ................................................................................................................... 4 1.2 Corporate Bodies........................................................................................................................... 5 1.3 The history of the ENAV Group ..................................................................................................... 6 1.4 ENAV share performance .............................................................................................................. 8 1.5 Corporate Structure .................................................................................................................... 10 2. Managing risks and opportuni Ɵes ..................................................................................... 12 3. OperaƟng and economic-financial performance ................................................................. 19 3.1 Market and air traffic developments .......................................................................................... 19 3.2 Performance and financial position of the ENAV Group ............................................................ 26 4. Other informa Ɵon ............................................................................................................ 35 5. Outlook for opera Ɵons ...................................................................................................... 38 Condensed Consolidated Interim Financial Statements at 30 June 2026 ............................ 40 Condensed Consolidated Interim Financial Statements ..................................................... 41 Notes to the Condensed Consolidated Interim Financial Statements ................................. 48 AƩestaƟon of the Chief Execu Ɵve Officer and the Manager Responsible for Financial ReporƟng ......................................................................................................................... 91 Independent Auditors’ Report .......................................................................................... 92

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Interim Report on Opera Ɵons

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1. Overview

1.1 ENAV Group in figures

Economic figures 1H 2026 1H 2025 Changes %

Total revenues 479,805 446,653 33,152 7.4%

EBITDA 83,217 68,810 14,407 20.9%

EBITDA margin 17.3% 15.4% 1.9%

EBIT 30,333 17,305 13,028 75.3%

EBIT margin 6.3% 3.9% 2.4% Period result a Ʃributable to shareholders of the Parent 20,353 7,272 13,081 n.a.

(thousands of euros)

Equity - financial informa Ɵon at 30.06.2026 at 31.12.2025 Changes %

Net capital employed 1,276,421 1,306,371 (29,950) -2.3% Consolidated shareholders’ equity 1,034,987 1,168,921 (133,934) -11.5% Net financial debt 241,434 137,450 103,984 75.7% (thousands of euros)

Other indicators 1H 2026 1H 2025 Changes %

En-route service units 5,969,838 5,617,282 352,556 6.3% Terminal service units 1st charging zone 306,736 302,129 4,607 1.5% Terminal service units 2nd charging zone 247,122 232,880 14,242 6.1% Free cash flow (thousands of euros) 65,397 53,508 11,889 22.2% Workforce year-end 4,574 4,536 38 0.8%

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at 30 June 2026 5 1.2 Corporate Bodies The Shareholders' Mee Ɵng held 14 May 2026 appointed the new Board of Directors for a term of office of three financial years, and therefore un Ɵl the Mee Ɵng that will be called to approve the financial statements for the year ending 31 December 2028.

At its mee Ɵng held on 20 May 2026, the Board of Directors established the following Board Commi Ʃees in accordance with the recommenda Ɵons of the Corporate Governance Code.

BOARD OF DIRECTORS

(Three-year period 2026-2028)

OFFICE NAME

Chair Sandro Pappalardo Chief Execu Ɵve Officer Igor De Biasio Director Stefano Arcifa Director Antonella Ballone Director Maria LeƟzia Ermetes Director Stella Mele Director Enzo Peruffo Director Marco Giuseppe Maria Rigo ƫ Director Maria Cris Ɵna Vismara

CONTROL, RISKS, SUSTAINABILITY AND RELATED PARTIES COMMITTEE

OFFICE NAME

Chair Stefano Arcifa Member Antonella Ballone Member Enzo Peruffo Member Marco Giuseppe Maria Rigo ƫ

GOVERNANCE COMMITTEE, SCENARIOS

OFFICE NAME

Chair Sandro Pappalardo Member Maria LeƟzia Ermetes Member Stella Mele Member Enzo Peruffo

REMUNERATION COMMITTEE

OFFICE NAME

Chair Maria Cris Ɵna Vismara Member Antonella Ballone Member Stella Mele Member Marco Giuseppe Maria Rigo ƫ

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APPOINTMENTS COMMITTEE

OFFICE NAME

Chair Maria LeƟzia Ermetes Member Stefano Arcifa Member Maria Cris Ɵna Vismara

BOARD OF STATUTORY AUDITORS

(Three-year period 2025-2027)

OFFICE NAME

Chair Roberto Cassader Standing Auditor Eleonora Di Vona Standing Auditor Leonardo Quagliata Alternate Auditor Luigi Lausi Alternate Auditor Guido Lenzi

SUPERVISORY BODY

(Three-year period 2025-2027)

OFFICE NAME

Chair Maurizio Bortolo Ʃo Member Silvia Massi Member Andrea Miroli

AUDIT FIRM

PwC S.p.A. appointed by the Shareholders' Mee Ɵng of 10 May 2024 for the financial years 2025-2033

MAGISTRATE OF THE COURT OF AUDITORS DELEGATED TO AUDIT ENAV S.p.A.

ViƩorio Raeli

1.3 The history of the ENAV Group ENAV S.p.A. is an Italian joint-stock company opera Ɵng in a European regulated market as an exclusive provider of civil airspace management and control services under the supervision of the Italian Ministry of Infrastructure and Transport (MIT) and the na Ɵonal regulator ENAC (Ente Nazionale Aviazione Civile - Na Ɵonal Civil Avia Ɵon Authority).

ENAV was set up pursuant to the provisions of Italian Law 665 of 21 December 1996, by virtue of which the former "Azienda Autonoma di Assistenza al Volo per il Traffico Aereo Generale (AAAVTAG)", an independent structure of the public administra Ɵon of the Italian State, was first transformed into a "public economic en Ɵty" called "Ente Nazionale di Assistenza al Volo" [Na Ɵonal Flight Assistance Body" and, subsequently, on 1 January 2001, by virtue of Interdepartmental Decree 704993 of 22 December 2000 of the Ministry of Infrastructure and Transport and the Department of the Treasury, it assumed the current legal form of joint-stock company, taking the name ENAV S.p.A.

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at 30 June 2026 7 In December 1995, with Italian Law 575 of 20 December 1995, Italy ra Ɵfied the "Eurocontrol Interna Ɵonal ConvenƟon on Coopera Ɵon for the Safety of Airspace" by joining the European Organisa Ɵon for the Safety of Air Naviga Ɵon (Eurocontrol), an intergovernmental organisa Ɵon comprising, among others, the Member States of the European Union.

Since 26 July 2016, ENAV shares have been listed on the Euronext Milan Market organised and operated by Borsa Italiana S.p.A. and, at 30 June 2026, 53.28% of the Parent Company was owned by the Ministry of Economy and Finance and 46.46% by ins ƟtuƟonal and individual shareholders, with 0.26% being held by ENAV as treasury shares.

1981

•Following the demilitarisation of air traffic control, the non-economic public entity AAAVTAG was created

1996

•AAAVTAG was transformed into an economic public entity under the name ENAV, Ente Nazionale per l'Assistenza al Volo (National Agency for Flight Assistance)

2001

•ENAV was transformed into a fully publicly owned Joint-Stock Company, named ENAV S.p.A.

2006

•Vitrociset Sistemi, a company branch spun off from Vitrociset, was acquired, which in 2007 was renamed Techno Sky, with the mission of maintaining ENAV's technological systems

2008

•ENAV participated in the French company ESSP SAS, with a 16.7% share, for the provision of the GPS satellite navigation service

called EGNOS

2013

•ENAV Asia Pacific, incorporated under Malaysian law and based in Kuala Lumpur, was established to provide air traffic control consultancy services and act as a commercial outpost in the Southeast Asian regions

2014

•ENAV North Atlantic, a company incorporated under US law, was formed to manage the participation in Aireon, a company set up to build the world's first global satellite surveillance system for air traffic control and in which ENAV holds 8.6% of the share capital

2016

•ENAV was listed on the Euronext Milan Market in July 2016, organised and managed by Borsa Italiana S.p.A.

2018

•D-Flight, a company in which ENAV holds a 60% stake, was established to provide low-flying air traffic management services for remotely piloted aircraft

2019

•Acquisition of IDS AirNav, a business unit of IDS SpA, which operates in the unregulated sector of air traffic management services

and technologies

2026

• Acquisition of 85% of the company Aiview Group, a company specialising in drone services and unmanned systems, with a focus on the application of artificial intelligence aimed at collecting, analysing and enhancing data

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at 30 June 2026 8 1.4 ENAV share performance ENAV has been listed on the Euronext Milan Market operated by Borsa Italiana S.p.A. since 26 July 2016 and is currently the only air naviga Ɵon service provider (ANSP) listed on an equity market.

From the date of lis Ɵng to 30 June 2026, the stock appreciated by 57.4% (capital gain), providing a total shareholder return of +149% (Total Shareholder Return).

During the first half of 2026, the share price recorded a posi Ɵve performance (+10.2%), to which must be added the payment of the dividend of €0.29 per share (ex-dividend date on 22 June 2026). The share trend is largely aƩributable to the apprecia Ɵon of the financial markets for the results achieved in 2025, to the upward revision of the dividend for 2025 and 2026, and to the solid trend observed for air traffic in the first half of 2026. The share closed the first half of 2026 at a value of €5.19 per share.

Below is the ENAV share performance in the first half of 2026.

Shareholders

At 30 June 2026, the ENAV share capital amounted to €541,744,385 and remained unchanged compared to 31 December 2025. The shares are held 53.28% by the Ministry for the Economy and Finance, 0.26% by ENAV as treasury shares and 46.46% by the general market, mainly ins ƟtuƟonal investors (mostly Italian, European, BriƟsh, North American and Australian), with a smaller por Ɵon held by retail investors.

Below is the composi Ɵon of the shareholder base as per the Internal Shareholder Iden ƟficaƟon updated to April 2026.

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Shareholders by geographical area

Own Shares

The Parent Company holds, at 30 June 2026, a total of 1,419,105 treasury shares equal to 0.26% of the share capital for a total value of €6.6 million.

The Ordinary Shareholders’ Mee Ɵng held on 28 May 2025 resolved to authorise the Board of Directors to purchase and dispose of ENAV own shares for the following purposes: i) implement the remunera Ɵon policies adopted by ENAV and specifically to fulfil obliga Ɵons deriving from share op Ɵon programmes or other share

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at 30 June 2026 10 assignments to employees or members of the administra Ɵve bodies of the Company and/or directly or indirectly controlled companies; ii) carry out ac ƟviƟes to support market liquidity, in compliance with market pracƟce permiƩed pursuant to art. 180, paragraph 1 le Ʃer c) of the TUF. Authorisa Ɵon was granted for the purchase of a maximum of 1,400,000 shares, valid for eighteen months from the date of the shareholders’ resoluƟon. Authorisa Ɵon for the disposal and/or use of treasury shares held in the por ƞolio was granted without Ɵme limits, due to the absence of regulatory constraints. The 1,400,000 shares envisaged were fully purchased in December 2025.

Over the past few years, treasury shares acquired under previous shareholders’ resolu Ɵons have been allocated to the beneficiaries of the first Performance Share Plan 2017-2019 and the second ves Ɵng cycle of the second Performance Share Plan 2020-2022.

1.5 Corporate Structure The ENAV Group consists of various companies grouped into four dis Ɵnct opera Ɵonal sectors, organised by area of acƟvity, namely i) air naviga Ɵon services; ii) maintenance services; iii) Aeronau Ɵcal Informa Ɵon Management (AIM) soŌware solu Ɵons and iv) other services.

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at 30 June 2026 11 The Air naviga Ɵon services sector is the exclusive domain of ENAV S.p.A. whose core business is providing air traffic control and management services and other essen Ɵal air naviga Ɵon services in Italian airspace and at the naƟonal civil airports for which it is responsible, ensuring the highest technical and system standards in flight safety and upgrading the technology infrastructure of air naviga Ɵon systems. ENAV is the fi Ōh-ranked player in Europe and a major actor at the global level in the Air Traffic Control (ATC) industry.

The maintenance services sector is covered by Techno Sky S.r.l. wholly owned by ENAV, whose core business is the management and maintenance of the equipment and systems used to for na Ɵonal air traffic control, ensuring its full opera Ɵonal efficiency and uninterrupted availability around the clock, in addi Ɵon to certain services provided within the unregulated market.

The AIM (Aeronau Ɵcal Informa Ɵon Management) So Ōware solu Ɵons service segment is occupied by IDS AirNav S.r.l., wholly-owned by ENAV, which is involved in the development and sale of so Ōware solu Ɵons for the management of aeronau Ɵcal informa Ɵon and air traffic, as well as delivering a range of commercial services.

The products are currently in use with a variety of customers in Italy, Europe and elsewhere in the world.

The residual Other services segment includes:

 ENAV Asia Pacific Sdn Bhd , a Malaysian company wholly owned by ENAV, which carried out business development and the delivery of services on the non-regulated market, with par Ɵcular regard to the areas of strategic interest in South-east Asia. In December 2024, the ENAV Board of Directors resolved to put the company into voluntary liquida Ɵon, and officially entered into liquida Ɵon proceedings as of April 2025.

 ENAV North Atlan Ɵc LLC, which currently holds, through Aireon Holdings LLC, an 8.60% interest (pre-

redempƟon) in Aireon LLC. Aireon realised and manages the first global satellite monitoring system for air traffic control, with the aim of enabling the comprehensive surveillance of all routes worldwide, with a focus on the polar, oceanic and other remote areas currently not covered by the radar-based air traffic control services, and enabling the op ƟmisaƟon of routes and achieving ever higher standards of flight safety and efficiency. The net assets related to ENAV North Atlan Ɵc LLC were classified, at 30 June 2026, as a disposal group as they are held for sale. This follows the decision taken by company management in April 2026 to proceed with the finalisa Ɵon of acƟviƟes for the sale of the company that holds the equity investment in Aireon Holding LLC, as it is deemed no longer aligned with the strategic vision of the ENAV Group.

 D-Flight S.p.A. , a company 60% owned by ENAV and 40% owned ini Ɵally by the industrial partnership formed by Leonardo S.p.A. and Telespazio S.p.A. through the specifically incorporated company named UTM Systems & Services S.r.l., and from 1 January 2025 by Leonardo alone following the merger by incorpora Ɵon of UTM Systems & Services S.r.l. into Leonardo as per the merger deed dated 12 December 2024. D-Flight's corporate purpose is the development and provision of low-al Ɵtude air traffic management services for remotely piloted aircra Ō and all other types of aircra Ō falling under the category of Unmanned Aerial Vehicles Traffic Management (UTM).

 Aiviewgroup S.r.l., which joined the ENAV Group on 26 March 2026 following the finalisa Ɵon of the acquisiƟon of 85% of the share capital a Ōer the signing of the binding term sheet on 23 December 2025 and the subsequent share purchase agreement upon the fulfilment of specific condi Ɵons referred to

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at 30 June 2026 12 therein. Aiviewgroup specialises in drone services and unmanned systems and operates mainly in the field of advanced inspec Ɵons and maintenance of complex infrastructure, through a proprietary so Ōware plaƞorm and the use of commercial drones.

2. Managing risks and opportuni Ɵes In carrying out its ins ƟtuƟonal and commercial ac ƟviƟes, the ENAV Group is exposed to risks that, if not effecƟvely monitored, managed and mi Ɵgated, could affect its economic and financial results. In this regard, in line with the architecture of its internal control and risk management system (ICRMS), the Group has an Enterprise Risk Management (ERM) System to monitor and manage risks in terms of both threats and opportuni Ɵes, adopƟng a risk classifica Ɵon model with four key areas (Strategic, Financial, Opera Ɵons and Compliance). Periodic risk assessments are carried out to assess risk exposure in both qualita Ɵve and quanƟtaƟve terms, adjus Ɵng the relevant treatments to the specific risk appe Ɵte thresholds approved by the Board of Directors.

For the analysis of purely financial risks, please see sec Ɵon 39 of the explanatory notes of the Consolidated Financial Statements at 31 December 2025.

An analysis of the most significant risks for the Group is shown below.

OPERATIONS RISKS

Safety of Air Naviga Ɵon Services The preven Ɵon and containment of the risks associated with the provision of our core business ac ƟviƟes is a primary objec Ɵve of the ENAV Group. The level of opera Ɵonal safety of air naviga Ɵon services is an indispensable priority for ENAV, which in pursuing its ins ƟtuƟonal objec Ɵves reconciles the interdependencies of the various performance areas with achievement of pre-eminent safety objec Ɵves.

Safety is the result of our professionals' con Ɵnuous commitment to maintaining high levels of safety in our operaƟons. This is why ENAV promotes the development of Safety Culture so that the priority and commitment to Safety are values reflected in individual and organisa Ɵonal aƫtudes.

Safety performance is constantly monitored and we have developed and operate a specific Safety Management System, approved and validated by ENAC as part of its surveillance of the cer ƟficaƟon of ENAV as an Air NavigaƟon Service Provider.

The Parent Company develops its own Safety policies and prepares an improvement plan for the same called Safety Plan, in which the ac ƟviƟes that it intends to carry out are programmed in order to achieve the objec Ɵves defined for Safety performance and for the improvement of Safety as a whole.

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at 30 June 2026 13 Business Con Ɵnuity On the basis of an in-depth Business Impact Analysis, the Group has defined and regularly tests specific Business ConƟnuity and Disaster Recovery plans, including appropriate procedures to be applied in the event of events leading to a significant deteriora Ɵon of service levels or an interrup Ɵon thereof, in order to preserve con Ɵnuity in the various possible emergency scenarios. The availability of opera Ɵonal personnel is ensured on a conƟnuous basis, pu ƫng this staff through periodic training programmes in order to maintain their required professional qualifica Ɵons, while also guaranteeing the necessary availability of technology systems with specific func Ɵonal redundancies and an extensive maintenance plan for all systems and equipment suppor Ɵng air naviga Ɵon services. The service level of the technological component is also supported by specific investments plans designed to enhance the reliability, availability, safety and efficiency of systems and equipment.

InformaƟon security

InformaƟon security is an essen Ɵal element in the provision of air naviga Ɵon services. Worldwide, the speed of technological development, the constantly increasing frequency and intensity of cyber a Ʃacks, as well as the tendency to target cri Ɵcal infrastructures and strategic industrial sectors, highlight the poten Ɵal risk that, in extreme cases, normal business opera Ɵons may be affected.

The Group adopts an IT security risk management methodology based on “risk-based” and “security by design” approaches. In parallel, the Group leverages the best technologies available on the market, also ac Ɵng on the human factor through ini ƟaƟves aimed at increasing personnel's cyber security awareness and knowledge.

InformaƟon security management is also carried out through a dedicated organisa Ɵonal unit, through the Security Opera Ɵon Center (SOC) as well as the management of a specific Security Management System cer Ɵfied in accordance with the ISO/IEC 27001:2022 standard.

The confiden Ɵality, integrity and availability of opera Ɵonal and corporate informa Ɵon are constantly monitored and guaranteed through a complex architecture of physical and logical security controls as well as internal rules and procedures, thus also ensuring compliance with privacy regula Ɵons. This is complemented by technological modernisa Ɵon, vulnerability assessments, training and awareness-raising for internal staff, as well as essen Ɵal coordinaƟon with the relevant civil and military authori Ɵes for the protec Ɵon of opera Ɵonal data, par Ɵcularly within the framework of the Na Ɵonal Plan for Cyber Protec Ɵon and Informa Ɵon Security.

Health & Safety The main health and safety risks to which ENAV Group and contractor personnel are exposed are due to the performance of opera Ɵonal acƟviƟes at Group sites.

The failure to comply with applicable health and safety laws, regula Ɵons and procedures can generate health and safety risks for employees, workers and stakeholders and trigger the risk of incurring administra Ɵve or judicial sanc Ɵons and with poten Ɵal financial and reputa Ɵonal impacts.

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at 30 June 2026 14 In order to manage and mi Ɵgate possible risks, the ENAV Group adopts an Occupa Ɵonal Health and Safety Management System (OHSMS) cer Ɵfied according to ISO 45001:2018 and has put in place a dedicated organisaƟonal structure to oversee the obliga Ɵons deriving from Italian Legisla Ɵve Decree 81/08 Occupa Ɵonal Health and Safety Act, monitoring regulatory developments. In addi Ɵon, the Group has an ar Ɵculated structure delegaƟng funcƟons of the employer in ma Ʃers of workplace health and safety.

Compliance with the relevant regula Ɵons is ensured both by organisa Ɵonal supervision and by constant training and awareness-raising ac ƟviƟes for Group personnel, as well as by periodic internal and external audits.

ParƟcular aƩenƟon is also paid to measures to guarantee the safety of workers opera Ɵng abroad in countries at risk (Travel Security). To this end, workplace health and safety assessments are carried out in advance on individual missions, with the Competent Doctor issuing specific recommenda Ɵons for missions in countries with a non-generic health-biological risk. Similarly, specific con Ɵngency plans are drawn up for security aspects.

Worker training/informa Ɵon sessions are also provided and 'emergency response' and assistance services are provided through a specialised provider.

Human Capital

The adequacy of human capital represents a cri Ɵcal success factor both for the opera Ɵon of the services we deliver and, more generally, the achievement of corporate objec Ɵves.It is preserved through specific models, processes and staff development tools, which are also helpful for mapping training needs with a view to developing skills.

The conƟnuous improvement of technical knowledge, skills and capabili Ɵes is not just an aspect of compliance with laws and regula Ɵons at opera Ɵonal level, which is periodically verified by external regulators.It is also considered an opportunity for planning the overall growth of the Group, including with regard to non-regulated acƟviƟes and future technological and business challenges.

For the key corporate officers, appropriate succession tables have been established on the basis of periodic internal evalua Ɵons conducted using performance assessment systems and metrics designed to help iden Ɵfy high poten Ɵal talent (using a variety of assessment techniques), also with a view to ensuring that skills and company posi Ɵons are aligned.

We have also adopted merit-based incen Ɵve systems for the en Ɵre corporate popula Ɵon.

COMPLIANCE RISK

The ENAV Group operates in a highly regulated market and changes in the rules, with their requirements and obligaƟons, can affect the Group's opera Ɵons and results.

The Parent Company constantly monitors poten Ɵal risks engendered by the evolu Ɵon of applicable legisla Ɵon in order to ensure prompt compliance, in accordance with best prac Ɵces and the relevant legal and regulatory framework, taking care to constantly adjust governance and control responsibili Ɵes, processes and organisaƟonal systems.

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Market Abuse

The ENAV Group manages the risks associated with market abuse in order to prevent and manage the possible dissemina Ɵon of false or misleading informa Ɵon to manipulate the financial markets and to prevent the use of inside informa Ɵon in order to take advantage of it (so-called internal dealing). To prevent this risk, the Group has adopted a centralised organisa Ɵonal and procedural architecture, accompanied by training programmes for the corporate bodies and top management as well as all other personnel in order to create the necessary culture and sensi Ɵvity regarding inside informa Ɵon and compliance with applicable regula Ɵons.

Privacy

With regard to exposure to risks related to the protec Ɵon of personal data (risks that may take the form of a loss of confiden Ɵality, integrity and availability of personal data of customers, employees and third par Ɵes), the ENAV Group adopts dedicated organisa Ɵonal structures to manage and mi Ɵgate this risk, with first, second and third-level controls, ensuring compliance with applicable regulatory requirements. In par Ɵcular, said structures ongoing support to the Group's organisa Ɵonal structures to ensure that data processing complies with the provisions of the GDPR and manages personnel training ini ƟaƟves on the subject.

Trade Compliance

With regard to the management of risks associated with the conduct of commercial ac ƟviƟes, and in par Ɵcular with respect to export control and compliance with interna Ɵonal sanc Ɵons regimes, the ENAV Group has adopted a comprehensive system of organisa Ɵonal, procedural and technological compliance controls, in line with interna Ɵonal best prac Ɵces. In this context, an Internal Compliance Programme (ICP) has been established, which includes risk-based due diligence and screening processes for customers, intermediaries, agents and business partners, including checks on customers and end-users, verifica Ɵon of sector-specific sanc Ɵons and restricƟon lists, and the applica Ɵon of standard contractual clauses.

To ensure the effec Ɵveness of the system, regular training and awareness-raising ac ƟviƟes are provided for personnel exposed to risk, while promo Ɵng overall a widespread and measurable culture of compliance.

AnƟ-Fraud and An Ɵ-CorrupƟon The ENAV Group has consolidated specific an Ɵ-corrupƟon measures, including the An Ɵ-CorrupƟon Management System (ACMS) cer Ɵfied in accordance with Standard UNI ISO 37001:2016, as well as a structured due diligence system for natural and legal en ƟƟes using a dedicated so Ōware plaƞorm. From a risk-based perspecƟve, the control model provides for: i) periodic mapping of at-risk areas and upda Ɵng of preven Ɵon measures; ii) an Ɵ-corrupƟon contractual clauses and integrity standards for third par Ɵes; iii) policies and procedures on gi Ōs and hospitality, conflicts of interest, charitable dona Ɵons and sponsorships, including registers and authorisa Ɵon thresholds; iv) whistleblowing channels that comply with current legisla Ɵon, with protecƟon of confiden Ɵality and a prohibi Ɵon on retalia Ɵon. Recurring training ac ƟviƟes are also planned for the company popula Ɵon and for agents/intermediaries, along with ac Ɵve monitoring of the effec Ɵveness of the controls.

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Environment

ENAV has a Group Environmental Management System (EMS) compliant with ISO 14001:2015, which guarantees the presence of structured policies and procedures for the iden ƟficaƟon and management of environmental risks and opportuni Ɵes associated with each business ac Ɵvity.

The implementa Ɵon of the EMS, together with the presence of centralised organisa Ɵonal supervision, guarantees constant control of compliance with the applicable regula Ɵons on the subject, including through training, awareness-raising and support ac ƟviƟes for Group personnel, in addi Ɵon to Level 1 check ac ƟviƟes.

Moreover, the Group has a structure of delegated func Ɵons of the employer in environmental ma Ʃers, as well as figures responsible for managing the special waste cycle with the task of ensuring compliance with the requirements of Italian Legisla Ɵve Decree 152/2006.

Compliance with tax regula Ɵons The Parent Company’s Board of Directors has defined and approved the Group’s tax strategy, which sets out the objecƟves, principles and values guiding the Group’s approach to tax management issues and contributes to the promo Ɵon of a corporate culture based on the values of honesty and integrity and the principle of legality.

STRATEGIC RISKS

Image & Reputa Ɵon The creaƟon of reputa Ɵonal value is a process implemented on an ongoing basis by the ENAV Group on the basis of specific policies, systema Ɵcally managing communica Ɵon and rela Ɵons with stakeholders.

Corporate image and reputa Ɵon are cri Ɵcal factors of success for organisa Ɵons that have to interact with customers, ins ƟtuƟons, authori Ɵes, shareholders and other stakeholders in the conduct of their business.This is especially true for companies like ENAV who are listed on regulated markets, as the community of investors is highly sensi Ɵve to events that could jeopardise their reputa Ɵon.

In view of the disclosure obliga Ɵons incumbent upon the Group, the Parent Company takes specific steps to safeguard its corporate image and reputa Ɵon and constantly monitors image-relevant content in the press, on the radio, television, the Internet and social media.

In general, image & reputa Ɵon management arrangements comprise: i) compliance with regula Ɵons governing financial disclosure (press releases, rules of engagement, equal access to informa Ɵon, the use of regulated informaƟon services); and ii) contacts with the specialist press (economic/financial).

As far as crisis communica Ɵon is concerned, ENAV has implemented specific processes to manage major events and handle the associated external communica Ɵon effort.

InsƟtuƟonal RelaƟons

Pursuing the ENAV Group’s strategic objec Ɵves requires constant management of ins ƟtuƟonal relaƟons, represenƟng corporate interests within the decision-making process of na Ɵonal and interna Ɵonal public insƟtuƟons. To this end, a proac Ɵve and reliable network of ins ƟtuƟonal relaƟons at the na Ɵonal and

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at 30 June 2026 17 internaƟonal levels has been developed with decision-makers, channelling documenta Ɵon and posi Ɵon papers on issues of strategic interest for the Group. Rela Ɵons with the Parliament, the Government, ministries and local public ins ƟtuƟons are therefore constantly managed.

Macro Trends and Cost Governance Any devia Ɵons in air traffic trends with respect to forecasts can impact the ENAV Group's ability to create value, mainly in terms of changes in the parameters that determine revenues from ins ƟtuƟonal acƟviƟes with respect to the esƟmates made when determining tariffs. For the new Reference Period 4 (2025-2029), the current regulatory framework con Ɵnues to provide for mechanisms to compensate for any shor ƞall in revenues compared to the planned level. In par Ɵcular, a revenue stabilisa Ɵon system (so-called traffic risk sharing) based on risk sharing with airspace users (the airlines) is in place, with the possibility of significantly limi Ɵng losses due to demand downturns of more than 2%.

In line with the performance scheme in force in RP4, the Parent Company is required to provide service in compliance with the capacity targets set out in the National Performance Plan, applying a symmetrical bonus/malus incentive system to promote high levels of operational performance. Within the same regulatory period, the terminal charging structure was also streamlined, with the transition from three to two Terminal Charging Zones and the extension of the performance plan framework to all airports, along with the abolition of the previous cost recovery mechanism for airports not covered by the performance plan (formerly Charging Zone 3). All of this promotes greater regulatory predictability and requires rigorous governance of determined costs and efficiency programmes.

With regard to the infla Ɵonary profile, it is confirmed that EU regula Ɵons allow for the recovery of the varia Ɵon in inflaƟon with respect to the forecast figure through the balance mechanism, thereby safeguarding the economic and financial equilibrium of the service within the context of RP4. Furthermore, the traffic forecasts for the period (base scenario) and the actual upward trends support the adop Ɵon of a dynamic approach to monitoring volumes and costs, in line with the regulatory targets and the business efficiency and investment plans.

Risks related to Climate Change In the long term, the effects of climate change may lead to interrup Ɵons or degrada Ɵons in the provision of services due to impacts on infrastructure and technological assets and, indirectly, affect traffic volumes and operaƟng costs. The main risk drivers include the intensifica Ɵon of precipita Ɵon and extreme events, rising temperatures, water/coastal risk, and changes in wind pa Ʃerns, as also outlined in industry analyses.

The impacts of the phenomena caused by climate change on air traffic stakeholders have been iden Ɵfied and studied at the interna Ɵonal level for years. In par Ɵcular, the EUROCONTROL document “Climate change risks for European avia Ɵon” idenƟfies five main types of weather phenomena that could poten Ɵally impact avia Ɵon:

1) precipita Ɵon, meaning rain, snow and hail, which at intense levels may require greater separa Ɵon distances between aircra Ō and thus have a direct impact on airport capacity. In addi Ɵon, airport infrastructures, as well as electronic equipment, can be exposed to the risk of flooding; 2) temperature, the rise in which can cause

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at 30 June 2026 18 impacts on infrastructures, with a consequent increase in the related energy costs; 3) sea level rise and river flooding with a risk concentrated on airports located in the coastal strip; 4) wind, meaning changes in direc Ɵon and intensity with consequent need to modify flight procedures and redesign airspace; 5) extreme events such as thunderstorms and hurricanes that could impact flight delays.

The Parent Company conducted a specialised study to assess in detail the effects of climate change in the provision of ENAV services in Italy and in par Ɵcular at airports. The study was carried out to assess the impacts of climate change over two different Ɵme horizons (2030 and 2050) and two different climate scenarios used by the Intergovernmental Panel on Climate Change (IPCC). The first scenario (SSP8.5), the most pessimis Ɵc, assumes, by 2100, atmospheric CO2 concentra Ɵons will triple or quadruple (840/1120 ppm) compared to pre-

industrial levels (280 ppm).

For both the medium-term (2030) and long-term (2050) Ɵme horizons, no cri Ɵcal issues in terms of con Ɵnuity in the provision of naviga Ɵon services are iden Ɵfied at present compared to the current scenario. The results of the analyses conducted form the basis for monitoring the phenomena under study over Ɵme, with the scenario analyses required to assess the opera Ɵonal and financial impacts of climate risks being systema Ɵcally updated every several years. Risk management is ensured through BIA/BCP, technological redundancies, and regular monitoring, with scenario analyses updated every several years.

Based on the above, to date the Group has considered the effects of climate change in its business plan and no significant economic or cash flow impacts are expected.

Macro-economic Context

During the first half of 2026, the ENAV Group did not record any opera Ɵonal, commercial or economic-financial impacts directly related to the Russian-Ukrainian conflict. Each open posi Ɵon with customers belonging to the Russian Federa Ɵon was already subject to write-down during the previous years and there are no further relaƟonships in place with par Ɵes affected by the sanc Ɵons regime.

With reference to the Middle East crisis, Italian air traffic showed an overall growth in en-route service units of 6.3% compared to the corresponding period of 2025, mainly supported by the general abandonment of the tradiƟonal Europe-Asia corridors that crossed the Middle East in favour of routes in Southern Europe and, for interconƟnental flights, by the greater use of technical stopovers at European airports involving Italian airspace.

The ENAV Group’s non-regulated market has experienced some delays in delivery ac ƟviƟes in the Middle East, mainly due to opera Ɵonal restric Ɵons and, in some cases, the impossibility of opera Ɵng on site, and there have been some delays in the processes of acquiring new orders. Overall, thanks to the commercial levers available, the forecasts in terms of revenues from the non-regulated market for 2026 are s Ɵll in line with the Group's strategic objec Ɵves.

The Group con Ɵnues to monitor the impact on its business and to take all appropriate steps to ensure full compliance with the sanc Ɵoning regime adopted by the European Union states and to promptly iden Ɵfy possible consequences on its current and prospec Ɵve business in view of the ongoing cri Ɵcal nature of the scenario.

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at 30 June 2026 19 3. OperaƟng and economic-financial performance 3.1 Market and air traffic developments The air traffic trend in the first half of 2026, for Eurocontrol member states, showed essen Ɵally unchanged volumes compared to the same period in 2025, with a slight reduc Ɵon in Service Units (hereina Ōer also “SUs”) of 0.2%, influenced by the slowdown that occurred only in the second quarter of 2026, and a slight increase in assisted flights of +0.9%, compared to the same period in 2025.

The trend in en-route service units (*) in Italy was markedly different, with a 6.3% increase in the first half of 2026 compared to the first half of 2025. This represents the best performance among the main European countries in the so-called con Ɵnental European comparator group, surpassing France (+3.3%), Great Britain (+2.9%), Spain (3.6%), and Germany (-0.2%). This performance is also confirmed when considering the second quarter of 2026 alone, which shows a 4.8% increase in Service Units for Italy compared to the second quarter of 2025, a higher increase than the European countries in the comparator group.

Terminal Service Units in Italy in the first half of 2026 recorded an increase of +3.5% compared to the same period of the previous year, showing a more moderate performance than en-route traffic.

The performance of air traffic in Italy during the first half of 2026 is also reflected in the trend of passenger traffic at domes Ɵc airports. In fact, 111.6 million passengers passed through Italian airports, with an increase of 5.3% compared to the first half of 2025, and with an upward trend in May and June of +5.8% and +5.9% respecƟvely compared to the same period. In this context, domes Ɵc traffic reached 34.8 million passengers, with a growth of 1.5%, and interna Ɵonal traffic totalled 76.8 million passengers, with a posi Ɵve change of 6.4% compared to the first half of 2025.

Looking at the results achieved in this part of the year, it can be seen that, despite the context of instability and uncertainty that con Ɵnues to characterise the interna Ɵonal geopoli Ɵcal scenario, including the situa Ɵon in the Middle East that has intensified since the end of February 2026, the trend in air traffic in our country has nevertheless been posi Ɵve in terms of volume, supported by the boost from interna Ɵonal air traffic as well as by the increase in flights crossing Italian airspace (known as overflights).

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at 30 June 2026 20

Total en-route traffic 1H 2026 1H 2025 Changes Service Units (**) no. %

France 11,485,407 11,121,978 363,429 3.3% Germany 7,048,782 7,065,997 (17,215) -0.2% Great Britain 6,173,661 5,998,641 175,020 2.9% Spain 6,952,304 6,709,132 243,172 3.6% Italy (***) 5,969,838 5,617,282 352,556 6.3% Total Eurocontrol member states 81,454,806 81,604,530 (149,724) -0.2%

(*) overflight traffic in Italian airspace, with or without layover;

(**) “service unit” is the unit of measurement used within Eurocontrol to determine the value of services rendered. It is a combina Ɵon of two elements: the weight of the aircra Ō at departure and the distance travelled;

(***) excluding exempt traffic not reported to Eurocontrol.

En-route traffic

Total en-route traffic in Italy in the first half of 2026 registered an increase of +7.3% in the number of service units (SUs) reported by Eurocontrol (the same value if the residual category Exempt not reported to Eurocontrol is included) and an increase of +4.8% in the number of assisted flights (same value including the residual category Exempt not reported to Eurocontrol ) compared to the first half of 2025.

The favourable trend in air traffic flows during the first half of 2026 confirms the strategic role of Italian routes, both in terms of the Country’s a ƩracƟveness as a final des ƟnaƟon, reflected in interna Ɵonal traffic, and its relevance as a transit corridor, reflected in overflight traffic. This is also influenced by the new distribu Ɵon of traffic flows across European airspace following interna Ɵonal challenges, shi Ōing the focus towards routes that mainly involve south-eastern countries, including Italy. In contrast, the slowdown in domes Ɵc air traffic conƟnues.

The analysis of the routes that affected the na Ɵonal airspace in the first half of 2026, classified according to the distance in kilometres travelled, shows, in comparison with the corresponding period of 2025, a significant increase in Service Units for long-haul routes (> 700 km) of +10%, while medium-haul (between 350 and 700 km) and low-haul (< 350 km) routes both recorded an increase of 4%. In the same period, France and Spain were confirmed as the main countries of origin or des ƟnaƟon of flights crossing Italian airspace, followed by the United Kingdom and Germany. The importance of traffic to and from the countries of the Mediterranean basin is also confirmed, in par Ɵcular Greece, Turkey, Egypt, Malta and Tunisia, all with increasing traffic volumes.

Outside the European context, there was an increase in connec Ɵons with the United States (+2% SUs), while those from the Middle East, in par Ɵcular the United Arab Emirates and Saudi Arabia, were down, with SUs volumes decreasing by 7%.

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at 30 June 2026 21

En-route traffic

1H 2026 1H 2025Changes (number of flights) no. %

DomesƟc 144,280 143,401 879 0.6% InternaƟonal 555,762 527,965 27,797 5.3% Overflight 411,973 390,329 21,644 5.5% Paying total 1,112,015 1,061,695 50,320 4.7% Military 20,242 18,768 1,474 7.9% Other exempt 11,083 9,997 1,086 10.9% Total exempt 31,325 28,765 2,560 8.9% Total reported by Eurocontrol 1,143,340 1,090,460 52,880 4.8% Exempt not reported to Eurocontrol 13,624 13,031 593 4.6% Overall total 1,156,964 1,103,491 53,473 4.8%

En-route traffic

1H 2026 1H 2025Changes (Service Units) no. %

DomesƟc 884,523 878,933 5,590 0.6% InternaƟonal 2,395,562 2,249,721 145,841 6.5% Overflight 2,600,691 2,412,638 188,053 7.8% Paying total 5,880,776 5,541,292 339,484 6.1% Military 81,066 67,792 13,274 19.6% Other exempt 7,996 8,198 (202) -2.5% Total exempt 89,062 75,990 13,072 17.2% Total reported by Eurocontrol 5,969,838 5,617,282 352,556 6.3% Exempt not reported to Eurocontrol 1,896 1,856 40 2.2% Overall total 5,971,734 5,619,138 352,596 6.3%

An analysis of the composi Ɵon of en-route air traffic shows:

 internaƟonal commercial traffic , a category of flights depar Ɵng from or arriving at an airport on Italian territory, which recorded a posi Ɵve result in the first half of 2026 compared to the previous year both in

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at 30 June 2026 22 terms of Service Units (+6.5%) and in the number of assisted flights (+5.3%). Interna Ɵonal traffic represents in terms of SUs about 40% of the total reported by Eurocontrol. With regard to the distance travelled on internaƟonal traffic routes (short-, medium-, and long-haul within Italian airspace) during the first half of 2026, all categories saw a significant increase in terms of Service Units, with the long-haul category at +10.6% and the medium-haul category at +6.2% compared to the corresponding period in 2025.

With regard to flight routes per con Ɵnent, the first six months of 2026 showed, in terms of service units, an increase in all routes between Italy and the various geographical areas of the rest of the world, with the excepƟon of the Asian con Ɵnent. In par Ɵcular, flights to the rest of Europe recorded an increase of +6.8% and accounted for around 77% of the total interna Ɵonal traffic SUs, flights to Africa increased by +10.1% and flights to the American con Ɵnent by +13.1%, accoun Ɵng for 8% and 7% of the total interna Ɵonal traffic SUs respec Ɵvely, while flights to Asia recorded a decrease of -4.1% and accounted for 8% of the total internaƟonal traffic SUs;

 commercial overflight traffic , category that includes flights that only cross through domes Ɵc airspace, posted an increase in both the Service Units (+7.8%) and the number of assisted flights (+5.5%) during the first half of 2026, and an increase in the average distance flown (+2.9%). In terms of Service Units, overflight traffic accounts for 44% of the total SUs reported by Eurocontrol.

With reference to the kilometre distances travelled during the period under review, in terms of SUs, there was a greater use of routes in all kilometre ranges, and in par Ɵcular medium-haul and long-haul routes, which recorded an increase respec Ɵvely of +7.8% and 10.7% in terms of SUs.

With regard to the main traffic routes, in the first half of 2026, there was a 11.4% increase in terms of SUs of connec Ɵons involving Europe for intra-European flights, represen Ɵng about 54% of the total number of overflight SUs, while those involving Europe-Africa and Europe-Asia connec Ɵons, which represent about 22% and 14% respec Ɵvely, show an increase of +6.2% SUs and +4.6% SUs;

 domesƟc commercial traffic in the first six months of 2026 recorded a modest increase in both service units (+0.6%) and the number of assisted flights (+0.6%), favourably influenced by the good performance of the second quarter of 2026 alone which saw higher SUs by +3.8% Domes Ɵc traffic represents, in terms of SUs, 15% of the total reported by Eurocontrol.

During the period under review, there was increased use of long-haul routes (>700 km) connec Ɵng desƟnaƟons in the North with the South of the country, which showed a 2.7% increase in terms of SUs, also thanks to the increased connec Ɵons of flights from Catania airport to des ƟnaƟons in Northern Italy. The medium-haul segment, which includes the majority of flights from Rome and Naples airports to the rest of Italy, remained broadly in line with the corresponding period of the previous year, while low-haul connecƟons decreased (-6.4% SUs);

 exempt traffic is divided into: i) exempt traffic reported by Eurocontrol , which posted an increase of 17.2% in terms of service units and 8.9% in the number of assisted flights. This category of flights is mainly reflected in the trend of military flight ac Ɵvity (+19.6% SUs), which represents approximately 91% of exempt traffic; ii) exempt traffic not reported to Eurocontrol , with a residual impact on revenues, shows an increase

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at 30 June 2026 23 both in service units (+2.2%) and in the number of assisted flights equal to +4.6%. Exempt air traffic accounted for just 1.5% of total SUs reported by Eurocontrol in 2024.

In terms of airlines, in the first half of 2026. the low-cost segment flight ac Ɵvity remains central to the volumes of air traffic generated in Italian airspace in 2024, with Ryanair, Easyjet and Wizz Air, which represent the top three airlines in terms of the number of SUs developed in the repor Ɵng period. Vueling, Transavia, Aegean Airlines and Eurowings also achieved posi Ɵve traffic volumes in the Italian air market compared to the first semester of 2025. Ryanair is the leading carrier in Italy in terms of traffic volumes, with a market share of 22% of the total SUs in the first half of 2026 and an increase of 11.5% of SUs compared to the same period in 2025.

Among the tradi Ɵonal carriers, increases were recorded among Middle Eastern airlines such as Turkish Airlines (+6% SUs), Emirates (+11% SUs), while Qatar Airways (-23.6% SUs) and Saudia (-8.3% SUs) recorded decreases. The various Middle Eastern airlines together represent a share of the Italian market of 8.5% of SUs.

Among the major European airlines, LuŌhansa (-0.4% SUs), Air France (-3.1% SUs) and ITA Airways (-10.8% SUs) recorded decreases in comparison with the first half of 2025.

Terminal traffic

The terminal traffic reported by Eurocontrol, which concerns take-off and landing ac ƟviƟes within a radius of 20 km from the runway, records, in the first half of 2026, a posi Ɵve trend both in terms of service units of +3.5% and in number of assisted flights equal to +3.7%, compared to the corresponding period of the previous year.

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at 30 June 2026 24

Terminal traffic

1H 2026 1H 2025Changes (number of flights) no. %

DomesƟc

Chg. Zone 1 49,780 51,498 (1,718) -3.3% Chg. Zone 2 89,644 87,444 2,200 2.5% Total domes Ɵc flights 139,424 138,942 482 0.3%

InternaƟonal

Chg. Zone 1 160,987 155,949 5,038 3.2% Chg. Zone 2 115,312 106,311 9,001 8.5% Total interna Ɵonal flights 276,299 262,260 14,039 5.4% Paying total 415,723 401,202 14,521 3.6%

Exempt

Chg. Zone 1 693 517 176 34.0% Chg. Zone 2 10,902 10,374 528 5.1% Total exempted flights 11,595 10,891 704 6.5% Total reported by Eurocontrol 427,318 412,093 15,225 3.7% Exempt not reported to Eurocontrol Chg. Zone 1 152 169 (17) -10.1% Chg. Zone 2 7,854 6,552 1,302 19.9% Total exempted flights not reported to Eurocontrol 8,006 6,721 1,285 19.1% Totals per Charging Zone Chg. Zone 1 211,612 208,133 3,479 1.7% Chg. Zone 2 223,712 210,681 13,031 6.2% Overall total 435,324 418,814 16,510 3.9%

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at 30 June 2026 25

Terminal traffic

1H 2026 1H 2025Changes (Service Units) no. %

DomesƟc

Chg. Zone 1 60,513 63,601 (3,088) -4.9% Chg. Zone 2 104,404 102,764 1,640 1.6% Total domes Ɵc SUs 164,917 166,365 (1,448) -0.9%

InternaƟonal

Chg. Zone 1 245,707 238,138 7,569 3.2% Chg. Zone 2 137,713 125,569 12,144 9.7% Total interna Ɵonal SUs 383,420 363,707 19,713 5.4% Paying total 548,337 530,072 18,265 3.4%

Exempt

Chg. Zone 1 503 376 127 33.8% Chg. Zone 2 4,443 4,072 371 9.1% Total exempt SUs 4,946 4,448 498 11.2% Total reported by Eurocontrol 553,283 534,520 18,763 3.5% Exempt not reported to Eurocontrol Chg. Zone 1 13 14 (1) -7.1% Chg. Zone 2 562 475 87 18.3% Tot. exempt SUs not reported to Eurocontrol 575 489 86 17.6% Totals per Charging Zone Chg. Zone 1 306,736 302,129 4,607 1.5% Chg. Zone 2 247,122 232,880 14,242 6.1% Overall total 553,858 535,009 18,849 3.5%

In overall terms, the results of the first half of 2026 compared with the previous semester show increases in acƟvity in terms of service units and assisted flights common to both charging zones. In par Ɵcular:

 Charging Zone 1 , which includes the airports of Rome Fiumicino, Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio, showed an increase in the first six months of 2026, in terms of service units, of +1.5% and +1.7% in terms of assisted flights. In February 2026, the airports in Lombardy and Veneto benefited from an extraordinary share of air traffic resul Ɵng from the holding of the Milan-Cor Ɵna

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at 30 June 2026 26 Winter Olympics, while Milan Malpensa airport was par Ɵally closed for upgrading work on one of the runways in the period March-May 2026.

Compared to the first half of 2025, there was a reduc Ɵon in domes Ɵc air traffic (-4.9% SUs), which affected all airports except Bergamo Orio al Serio (+3.3% SUs) and Venice Tessera (+3% SUs). On the other hand, internaƟonal air traffic was posi Ɵve (+3.2% SUs), mainly at Milan Linate airport (+19.3% SUs), Bergamo Orio al Serio (+8.7% SUs), Venice Tessera (+7.3% SUs) and Rome Fiumicino (+1.4% SUs);

 Charging Zone 2, which includes the remaining domes Ɵc airports, recorded an increase during the period both in terms of SUs (+6.1%) and assisted flights (+6.2%), mainly due to interna Ɵonal air traffic with an increase of +9.7% in terms of SUs, supported by growth at the airports of Naples (+9.5% SUs), Palermo (+25.1% SUs), Catania (+5.1% SUs), Bari (+20.3% SUs), and Turin (+14.4% SUs). Lower growth was recorded for domes Ɵc air traffic, which stood at +1.6% SUs, with be Ʃer results recorded at the airports of Bologna (+4.5% SUs), Turin (+16.4% SUs) and Cagliari (+2.7% SUs).

3.2 Performance and financial posi Ɵon of the ENAV Group DefiniƟon of alterna Ɵve performance measures In order to illustrate the performance and financial posi Ɵon of the ENAV Group, separate reclassified schedules have been prepared from a management perspec Ɵve, that differ from the schedules in line with interna Ɵonal accounƟng standards adopted by the Group for use in Condensed Consolidated Interim Financial Statements.

These reclassified schedules contain alterna Ɵve performance indicators differing from those drawn directly from the financial statements, which are used by management for monitoring the performance of the Group and represen Ɵng the performance and financial results produced by the business.

The use of alterna Ɵve performance indicators in the context of regulated informa Ɵon disclosed to the public was made mandatory with CONSOB Communica Ɵon no. 0092543 of 3 December 2015, which transposed the guidelines (no. 2015/1415) issued on 5 October 2015 by the European Securi Ɵes and Markets Authority (ESMA). The indicators are intended to ensure the comparability, reliability and understanding of financial informaƟon.

These indicators were constructed on the basis of the following criteria:

 EBITDA (Earnings Before Interest, Taxes, Deprecia Ɵon and Amor ƟsaƟon): an indicator of profit before the effects of financial opera Ɵons and taxa Ɵon, as well as deprecia Ɵon, amor ƟsaƟon and write-downs of tangible assets and intangible assets and receivables and provisions, as reported in the financial statements and adjusted for investment grants directly related to the deprecia Ɵng and amor Ɵsing investments to which

they refer;

 EBITDA margin : EBITDA expressed as a percentage of total revenues and adjusted for investment grants as

specified above;

 EBIT (Earnings Before Interest and Taxes) : EBITDA less deprecia Ɵon and amor ƟsaƟon adjusted for investment grants and write-downs for impairment of property, plant and equipment and intangible assets and receivables and provisions;

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at 30 June 2026 27  EBIT margin : EBIT expressed as a percentage of total revenues less investment grants as specified above;

 Net non-current assets : a financial measure represented by the fixed capital employed in opera Ɵons, which includes tangible assets, intangible assets, investments, non-current receivables, and other non-current assets and liabili Ɵes;

 Net working capital : capital employed in opera Ɵons comprising inventory, receivables and other non-

financial current assets, net of payables and other current liabili Ɵes excluding those of a financial nature;

 Gross capital employed : the sum of net non-current assets and net working capital;

 Net capital employed : the sum of gross capital employed, less employee benefit provisions, the provision for risks and charges and deferred tax assets/liabili Ɵes;

 Net financial debt : is the sum of current and non-current financial liabili Ɵes, non-current payables and cash and cash equivalents; The net financial debt differs from the provisions of Guideline 39 issued by ESMA for the hedging deriva Ɵve instrument classified under current financial payables;

 Free cash flow : the sum of the cash flow generated or absorbed by opera Ɵng acƟviƟes and the cash flow generated or absorbed by inves Ɵng acƟviƟes.

Changes in the scope of consolida Ɵon On 26 March 2026, the company Aiviewgroup S.r.l. entered the scope of consolida Ɵon following the finalisa Ɵon, on the same date, of the acquisi Ɵon of 85% of the company's share capital.

The reclassified consolidated schedules for the income statement, statement of financial posi Ɵon and statement of cash flows, the net consolidated financial debt and the key economic and financial indicators used by management to monitor performance are reported below.

Reclassified consolidated income statement The ENAV Group’s results for the first half of 2026 reflect the con Ɵnued growth in assisted air traffic, with service units increasing by +6.3% for en-route traffic and +3.5% for terminal traffic compared to the same period of the previous year, showing a posi Ɵve trend across all months in the first half of 2026. These results led to revenues from opera Ɵons increasing by 4.9% compared to the same period of the previous year, reaching €551.9 million.

This includes €531.2 million mainly from the Parent Company's core business revenues and €20.7 million from revenues from the non-regulated market, an increase of €6 million.

OperaƟng costs recorded an overall increase of +5% compared to the first half of 2025, due to higher personnel costs (6.2%) and the increase in other opera Ɵng costs (4.2%), dynamics par Ɵally miƟgated by the increase in capitalised internal work of +27%. These effects, together with the overall increase in revenues of +7.4%, determined a posi Ɵve EBITDA of €83.2 million, up 20.9% compared to the corresponding period of the previous year.

DepreciaƟon and amor ƟsaƟon during the period, along with impairment and provisions for risks, resulted in an EBIT of €30.3 million, up by €13 million compared to the first half of 2025.

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at 30 June 2026 28 Financial opera Ɵons had a nega Ɵve impact of €1 million and showed an improvement of €3.5 million compared to the first half of 2025, which is mainly affected by the lower financial expenses rela Ɵng to the reduced variable rate bank debt.

As a result of these dynamics, the consolidated profit for the period stood at €20.1 million, an increase of €13.1 million compared to the comparison period.

1H 2026 1H 2025 Changes

Values %

Revenues from opera Ɵons 551,945 525,956 25,989 4.9% Balance (89,593) (96,887) 7,294 -7.5% Other opera Ɵng income 17,453 17,584 (131) -0.7% Total revenues 479,805 446,653 33,152 7.4% Personnel costs (328,789) (309,738) (19,051) 6.2% Capitalised costs for internal work 17,877 14,080 3,797 27.0% Other opera Ɵng expenses (85,676) (82,185) (3,491) 4.2% Total opera Ɵng costs (396,588) (377,843) (18,745) 5.0%

EBITDA 83,217 68,810 14,407 20.9%

EBITDA margin 17.3% 15.4% 1.9% Net amor ƟsaƟon of investment grants (50,829) (49,041) (1,788) 3.6% Write-downs, impairment (reversal of impairment) and provisions (2,055) (2,464) 409 -16.6%

EBIT 30,333 17,305 13,028 75.3%

EBIT margin 6.3% 3.9% 2.4% Financial income/(expense) (1,029) (4,532) 3,503 -77.3% Income before taxes 29,304 12,773 16,531 n.a.

Taxes for the period (9,233) (5,775) (3,458) 59.9% Consolidated profit/(loss) for the period 20,071 6,998 13,073 n.a.

Profit/(loss) for the period a Ʃributable to the shareholders of the Parent Company 20,353 7,272 13,081 n.a.

Profit/(loss) for the period a Ʃributable to non-

controlling interest (282) (274) (8) 2.9% (thousands of euros) Revenues from opera Ɵons amounted to €551.9 million, an increase of €26 million compared to the same period of the previous year, made up of €531.2 million from the Parent Company's core business (+€20 million

Consolidated Interim

Financial Report

at 30 June 2026 29 compared to the first semester of 2025) and €20.7 million from the Group's business on the third-party market, an increase of 40.7% compared to the first half of 2025 due to ac ƟviƟes carried out on exis Ɵng orders, the acquisiƟon of new businesses, and €1.4 million in revenues contributed by the entry into the consolida Ɵon perimeter of Aiviewgroup star Ɵng from 26 March 2026.

Balance component, also part of the Parent Company's opera Ɵng acƟvity, had a nega Ɵve impact of €89.6 million, down €7.3 million compared to the corresponding period of the previous year, and is mainly represented by the use in the income statement of the por Ɵon pertaining to the first half of 2026 of the balance recorded in the combined period 2020-2021 and by the balance recorded in the two previous years, and recovered in tariffs in 2026, for a total nega Ɵve amount of €86.6 million (€93.6 million in the first half of 2025).

The Balance item also includes the balance emerging in the current half-year, which amounted to a nega Ɵve €2.8 million represented by the traffic risk balance and the infla Ɵon balance and by balance changes in the amount of a nega Ɵve €0.3 million.

Total operaƟng costs increased by 5% compared to the same period of the previous year, reaching €396.6 million, of which Aiviewgroup accounts for 0.5%, due to higher personnel costs of +6.2%, mainly due to the 2.5% revalua Ɵon of contractual minimums effec Ɵve from January 2026, in accordance with the agreements signed with trade unions, the 2% revalua Ɵon of contractual minimums defined in previous years with the last increase effec Ɵve from 1 July 2025, and the increase in assisted air traffic, which was reflected in an increase in operaƟonal over Ɵme for CTA (Air Traffic Controllers) and FISO (Flight Informa Ɵon Service Officer) personnel.

The Group's workforce at the end of the first half of 2026 recorded +65 average units and +38 effec Ɵve units, compared to the corresponding period of 2025, and takes into account 30 effec Ɵve resources from Aiviewgroup, not present in the comparison period, and closes with an effec Ɵve Group workforce of 4,574 units (4,536 effec Ɵve Group units in the first half of 2025).

Other opera Ɵng expenses amounted to €85.7 million, a net increase of €3.5 million compared to the same period of the previous year, due to an increase in some cost items related to contract renewals, professional support for the development of ac ƟviƟes on the third-party market and the higher cost of the Eurocontrol contribuƟon.

These values had an impact on the determina Ɵon of EBITDA, which stood at €83.2 million, an increase of €14.4 million (+20.9%) compared to the first half of 2025.

The calcula Ɵon of EBIT was affected by deprecia Ɵon and amor ƟsaƟon (net of investment grants), which increased by 3.6% compared to the same period of the previous year, as well as by the impairment of receivables and provisions for risks, which together amounted to €2.1 million. As a result, EBIT stood at €30.3 million, up €13 million (+75.3%) from the first half of 2025.

Financial income and expenses showed a nega Ɵve balance of €1 million, an improvement of €3.5 million compared to the corresponding period of the previous year, due to a reduc Ɵon in financial expenses of €3.7 million, related to the lower variable rate bank debt as well as to the be Ʃer condiƟons applied.

Taxes for the period show a balance of €9.2 million, an increase of €3.5 million compared to the first half of 2025, due to the greater tax base and the dynamics linked to deferred taxes.

Consolidated Interim

Financial Report

at 30 June 2026 30 The result for the period , as a result of the above, showed profit a Ʃributable to Parent Company shareholders of €20.4 million, an increase of €13.1 million compared to the corresponding period of the previous year.

The share of the result for the period a Ʃributable to non-controlling interest amounted to a loss of €0.3 million, in line with the corresponding period of the previous year.

Consolidated Interim

Financial Report

at 30 June 2026 31 Reclassified consolidated statement of financial posi Ɵon

at 30.06.2026 at 31.12.2025 Changes %

Property, plant and equipment 785,704 794,455 (8,751)-1.1% Right-of-use assets 19,186 11,244 7,94270.6% Intangible assets 194,180 190,696 3,4841.8% Investments in other en ƟƟes 177 53,733(53,556)-99.7% Receivables from regulated ac ƟviƟes 130,426 195,098 (64,672)-33.1% Other non-current assets and liabili Ɵes (125,966) (136,581) 10,615-7.8% Net non-current assets 1,003,707 1,108,645 (104,938) -9.5% Inventories 60,058 59,820 2380.4% Trade receivables 340,749 260,916 79,83330.6% Receivables/(Payables) from regulated ac ƟviƟes 164,477 187,627 (23,150)-12.3% Trade payables (120,543) (138,903) 18,360-13.2% Other current assets and liabili Ɵes (211,668) (156,551) (55,117) 35.2% Assets held for sale net of related liabili Ɵes 63,809 (2)63,811 n.a.

Net working capital 296,882 212,907 83,97539.4% Gross capital employed 1,300,589 1,321,552 (20,963) -1.6% Employee benefits (31,088) (32,361) 1,273-3.9% Provisions for risks and charges (8,353) (5,791) (2,562)44.2% Deferred tax assets/(liabili Ɵes) 15,273 22,971 (7,698)-33.5% Net capital employed 1,276,421 1,306,371 (29,950) -2.3% Shareholders’ equity a Ʃributable to the shareholders of the Parent Company 1,034,185 1,167,837 (133,652) -11.4% Equity aƩributable to non-controlling interest 802 1,084 (282)-26.0% Consolidated Shareholders’ Equity 1,034,987 1,168,921 (133,934) -11.5% Net financial debt 241,434 137,450 103,984 75.7% Total funding 1,276,421 1,306,371 (29,950) -2.3% (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 32 Net capital employed amounted to €1,276.4 million at 30 June 2026, a decrease of €29.9 million compared to 31 December 2025. Of the total, 81.1% is funded by consolidated equity (vs 89.5% in 2025) and 18.9% by net financial debt (vs 10.5% in 2025).

Net non-current assets amounted to €1,003.7 million, a net decrease of €104.9 million compared to 31 December 2025, mainly due to: i) the decrease in tangible assets of €8.7 million due to the recogni Ɵon of higher depreciaƟon than the investments in progress made in the first half of the year, with the excep Ɵon of the higher assets for rights of use (+€7.9 million), which reflect the renego ƟaƟon and extension of the lease for Via Casale Cavallari in Rome; ii) the higher value of intangible assets, mainly due to the recogni Ɵon of goodwill of €8.9 million as a provisional alloca Ɵon of the excess purchase price of the company Aiviewgroup S.r.l., which entered the scope of consolida Ɵon with effect from 26 March 2026, the date of the closing of the transac Ɵon, at a total price of €9 million, plus the value of the put op Ɵon on the residual non-controlling interest with three-

year lock-up period; iii) the reduc Ɵon in the item Investments in other companies of €53.6 million due to the classificaƟon of the value of the investment held in Aireon Holding LLC among assets held for disposal following the finalisa Ɵon of the preparatory ac ƟviƟes for the sale of the company that holds the related equity investment, with closing on 2 July 2026, at the price of $65.7 million; iv) the reduc Ɵon in receivables from regulated ac ƟviƟes of €64.7 million due to the reclassifica Ɵon, under net working capital, of the por Ɵon of balance receivables that will be included in the unit rate in 2027, net of the balance that emerged in the first half of 2026 and recognised under this item.

Net working capital stood at €296.9 million, an increase of €84 million from 31 December 2025. The main changes concerned: i) the net increase in trade receivables for €79.8 million, mainly related to receivables from Eurocontrol for the higher invoicing referred to the months of May and June, not yet due, compared to the last two months of 2025; for €15 million to the higher receivable from the Ministry of Infrastructure and Transport for the contribu Ɵon for plant safety and opera Ɵonal safety recognised on an accrual basis at 30 June 2026; ii) the net decrease in receivables and payables from regulated ac ƟviƟes due to the reversal to the income statement of the por Ɵon of the balance pertaining to the period; iii) the reduc Ɵon in trade payables of €18.4 million, referring both to the lower debt emerging in the half-year towards the Group's suppliers and to the higher payments made; iv) the change in other current assets and liabili Ɵes, which resulted in a net effect of greater debt of €55.1 million, mainly due to the increase in payables to personnel for the provisions pertaining to the first half of 2026 and for tax and social security payables rela Ɵng to the charges to be se Ʃled in July for the 14th month's salary paid to personnel in June, for the increased other liabili Ɵes to the Italian Air Force and ENAC for the por Ɵon recorded in the half-year amoun Ɵng to €38.3 million, corresponding to their share of the collecƟons of en-route and terminal credits accrued in the period.

The net capital employed, which amounts to €1,276.4 million, is also affected by the item Employee benefits of a negaƟve €31.1 million, which recorded a net reduc Ɵon of €1.3 million in the period due to severance pay paid to employees, provisions for risks and charges of €8.3 million, an increase of €2.6 million, and deferred tax assets net of deferred tax liabili Ɵes of €15.3 million.

Total consolidated shareholders' equity amounted to €1,035 million and recorded a net decrease of €133.9 million compared to 31 December 2025 mainly due to the payment of the dividend resolved by the

Consolidated Interim

Financial Report

at 30 June 2026 33 Shareholders' Mee Ɵng on 14 May 2026 for €156.7 million. This decrease was par Ɵally offset by the recogni Ɵon of profit for the period for €20.1 million.

Net financial debt at 30 June 2026 presents a balance of €241.4 million, a decrease of €104 million compared to the figure recorded at 31 December 2025 and takes into account the liquidity of the subsidiary Enav North AtlanƟc for €4 thousand classified under assets held for sale.

The higher net financial debt at 30 June 2026 is mainly due to the trend of collec Ɵons and payments for the period related to ordinary opera Ɵons (free cash flow), which produced a posi Ɵve cash flow. This was mainly affected by collec Ɵons from the Parent Company's core business and collec Ɵons from the NRRP, which did not allow fully offse ƫng the cash absorp Ɵon for the payment of the dividend of €156.7 million and for the acquisiƟon of Aiviewgroup for €9 million.

It should be noted that, at 30 June 2026, the Group had short-term commi Ʃed and uncommi Ʃed credit lines non-uƟlised amoun Ɵng to €143 million, to which should be added the remaining loan commitment of €80 million rela Ɵng to the loan agreement signed by the Parent Company with the EIB in October 2023 for an original amount of €160 million. This amount was fully u Ɵlised on 7 July 2026.

at 30.06.2026 at 31.12.2025 Changes %

Cash and cash equivalents 239,897 451,917 (212,020) -46.9% Current financial debt (21,500) (379,726) 358,226 -94.3% Current lease liabili Ɵes as per IFRS 16 (2,866) (2,709) (157) 5.8% Other financial payables (44) 0 (44) n.a.

Net current financial posi Ɵon 215,487 69,482 146,005 n.a.

Non-current financial debt (428,144) (188,016) (240,128) n.a.

Non-current lease liabili Ɵes as per IFRS 16 (16,858) (8,764) (8,094) 92.4% Other financial payables (1,576) 0 (1,576) n.a.

Non-current trade payables and from regulated acƟviƟes (10,343) (10,152) (191) 1.9% Non-current financial debt (456,921) (206,932) (249,989) n.a.

Net financial debt (241,434) (137,450) (103,984) 75.7% (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 34 Consolidated statement of cash flows

1H 2026 1H 2025 Changes

Cash flow generated/(absorbed) from opera Ɵng acƟviƟes 112,025 96,233 15,792 Cash flow generated/(absorbed) from inves Ɵng acƟviƟes (46,628) (42,725) (3,903) Cash flow generated/(absorbed) from financing ac ƟviƟes (277,417) (156,608) (120,809) Net cash flow for the period (212,020) (103,100) (108,920) Cash and cash equivalents at the beginning of the period 451,917 361,334 90,583 Exchange rate differences on cash 0 (300) 300 Cash and cash equivalents at the end of the period 239,897 257,934 (18,037) Free cash flow 65,397 53,508 11,889 (*) Cash and cash equivalents at the end of the period include the cash and cash equivalents of Enav North Atlantic, which is classified as held for sale. (thousands of euros)

Cash flows from opera Ɵng acƟviƟes Cash flow generated from opera Ɵng acƟviƟes in the first half of 2026 amounted to €112 million, a posi Ɵve change of €15.8 million compared to the figure for the corresponding period of 2025. This posi Ɵve flow was determined by the combined effect of the following factors: i) the net increase in current trade receivables of €77 million, mainly related to the receivable from Eurocontrol for higher invoicing for flights in May and June, which were not yet due; ii) the reduc Ɵon in receivables and payables from regulated ac ƟviƟes of €88.2 million due to the recogni Ɵon in the income statement of the por Ɵon pertaining to the balance recognised in the 2020-

2021 combined period and in the two previous financial years to a greater extent than the entries pertaining to the period; in the comparison with the corresponding period, there is a greater decrease in payables from regulated ac ƟviƟes of €5.7 million; iii) the net increase in other current assets and liabili Ɵes of €49.4 million, aƩributable to higher current liabili Ɵes for payables to the Italian Air Force and ENAC for the por Ɵon of en-

route and terminal collec Ɵons pertaining to them that emerged in the period, for personnel provisions recognised on an accrual basis, an effect that was partly offset by the collec Ɵon of receivables for NRRP grants and projects financed under SESAR, and for the increase in prepaid expenses related to the 14th month's salary paid in June and pertaining to the following months; iv) the decrease in current and non-current trade payables of €26.1 million in total, due to lower payables to suppliers for Group opera Ɵng acƟviƟes and higher payments made in the period.

Consolidated Interim

Financial Report

at 30 June 2026 35 Cash flows from investment ac ƟviƟes Cash flow from investment ac ƟviƟes in the first half of 2026 absorbed liquidity for €46.6 million, €3.9 million higher than the figure recorded in the corresponding period of 2025. The composi Ɵon of this change refers to:

i) an overall reduc Ɵon in investment-related items of €4 million, which shows an increase in Capex for the period of €6 million, reaching €44.3 million, and a reduc Ɵon in the payment of investment projects of €10 million, compared to the corresponding period of 2025; ii) the purchase of the investment in Aiviewgroup S.r.l. at the end of March 2026 for a total value of €9 million, with cash acquired for €1 million.

Cash flow from financing ac ƟviƟes Cash flow from financing ac ƟviƟes in the first half of 2026 absorbed liquidity for €277.4 million, highligh Ɵng a negaƟve change of €120.8 million compared to the corresponding period of the previous financial year. This change is primarily due to the refinancing transac Ɵon, completed in January 2026, of a por Ɵon of the maturing debt with the subscrip Ɵon of (i) a €150 million 5-year term loan and (ii) a €100 million 3-year term loan with a pool of banks (Intesa Sanpaolo, UniCredit, and Mediobanca), both to be repaid in full upon maturity. The proceeds from this refinancing transac Ɵon were used to cover a por Ɵon of the full repayment of the €360 million Term Loan signed in March 2023. In the half-year was the payment of semi-annual instalments on exisƟng loans, in accordance with the agreed amor ƟsaƟon schedules, amoun Ɵng to €9.8 million, and the dividend payment of €156.7 million made in June, as approved by the Shareholders’ Mee Ɵng. This dividend payment was €10.5 million higher than in the same period of the previous year.

The free cash flow amounted to a posi Ɵve €65.4 million, an improvement of €11.9 million compared to the same period of the previous year, when it stood at €53.5 million due to the cash flow generated by opera Ɵng acƟviƟes, which fully covered the cash flow absorbed by investment ac ƟviƟes.

4. Other informa Ɵon

Performance Plan

ENAV core business is regulated at a European level through the submission and approval, through the regulatory body (ENAC), of the Performance Plan in which various objec Ɵves are defined, including the cost and traffic levels necessary to determine the tariffs for the five-year dura Ɵon of the plan.

As part of the regulatory ac ƟviƟes required by European legisla Ɵon and the Na Ɵonal Performance Plan, the laƩer approved by the European Commission Implemen Ɵng Decision (EU) No. 2025/1058 for the fourth Regulatory Period (RP4) 2025-2029, the preliminary ac ƟviƟes required by the na Ɵonal regulator con Ɵnued in early 2026, aimed at analysing the 2025 final accounts and preparing the preliminary charges for the year 2027.

Following this assessment phase, in which the Company's relevant departments provided the necessary support to document the links between the figures of the 2025 financial statements and the balance sheet items to be allocated to the 2027 charges, the na Ɵonal regulator then prepared the charge tables with the rates envisaged for 2027, submi ƫng them to Eurocontrol and the European Commission for the Enlarged Commi Ʃee meeƟng held in Brussels in June.

Consolidated Interim

Financial Report

at 30 June 2026 36 For the year 2026, the changes to the terminal charging zones are confirmed, where from 2025 two new zones have been envisaged, subject to EU regula Ɵon in the field of unit rates and performance, composed as follows:

 the previous two zones, in force un Ɵl 2024, were merged into a single charging zone, the new Zone 1, from

2025;

 the former zone 3, in force un Ɵl 2024, became the new zone 2 in 2025. Previously subject to the na Ɵonal regulatory scheme, this zone is regulated by the EU unit rate and performance scheme.

Sustainability Plan

The 2025 – 2029 Sustainability Plan approved by the Board of Directors on 31 July 2025 pursues the following strategic objec Ɵves: i) to implement the Group’s climate strategy by contribu Ɵng to the decarbonisa Ɵon of the sector and con Ɵnuing to reduce emissions across the en Ɵre value chain; ii) to lead the transi Ɵon within the aviaƟon supply chain by suppor Ɵng the challenges faced by our main clients and stakeholders through innovaƟon; iii) to generate a posi Ɵve social impact by raising awareness on sustainability issues; iv) to further promote a culture of diversity, equity, and inclusion; v) to embrace technological innova Ɵon as a cross-cu ƫng lever for achieving sustainability goals.

The implementa Ɵon of the Plan is progressing in line with the objec Ɵves set, with progress being made in all four strategic pillars. With reference to climate change, the programme for the procurement of renewable electricity through the green op Ɵon conƟnued, reaching a coverage of approximately 98% of directly purchased electricity. At the same Ɵme, the acquisi Ɵon of POD progressed, facilita Ɵng the extension of the same green opƟon, while the energy efficiency plan saw the installa Ɵon of addi Ɵonal heat pumps in the Parent Company's faciliƟes.

In relaƟon to the value chain, the ESG programme targe Ɵng the Group's suppliers was launched, involving 12 companies through mee Ɵngs and ques Ɵonnaires dedicated to assessing sustainability performance. In terms of social impact, the ESG Stakeholder Engagement Policy was approved, the Sustainability Ambassadors were acƟvated with an internal ac Ɵon plan, and the second edi Ɵon of the Genera Ɵonal Report was produced, integrated with the content of the sustainability repor Ɵng and the Climate Report.

Finally, in the area of Diversity, Equity and Inclusion (DEI), in addi Ɵon to the organisa Ɵonal analyses carried out to strengthen the inclusion of people with disabili Ɵes, a Disability Manager was appointed within the Sustainability department; an internal survey on DEI issues was conducted and an awareness-raising programme on inclusive leadership was launched, star Ɵng in January 2026, aimed at management and new recruits, with ini ƟaƟves planned throughout the year.

Human resources

The ENAV Group ensures the provision of air naviga Ɵon services across the en Ɵre naƟonal territory (the so-

called “regulated market”) and delivers, both in Italy and abroad, aeronau Ɵcal products, systems and services, and consul Ɵng (the so-called “non-regulated market”) with a workforce that, as of 30 June 2026, stood at 4,574,

Consolidated Interim

Financial Report

at 30 June 2026 37 an increase of 38 compared to the headcount of 4,536 recorded in the first half of 2025, of which 30 were employed by Aiviewgroup.

With regard to Industrial Rela Ɵons, in the first half of 2026, the main ac Ɵvity of discussion with the Company Partners focused on the nego ƟaƟon of the renewal of the ATM Services Specific Part of the Air Transport Sector NaƟonal Collec Ɵve Labour Contract (CCNL), which was effec Ɵvely renewed for the three-year period 2026-2028 on 16 April 2026 by ASSOCONTROL (employers' associa Ɵon represen Ɵng ENAV and Techno Sky) and the Air Transport Secretariats of the Trade Union Organisa Ɵons FIL-CGIL, FIT-CISL. UGL-Trasporto Aereo and FAST-

CONFSAL AV (among the recognised and accredited Trade Unions, only UILTRASPORTI, despite par ƟcipaƟng in all the nego ƟaƟon phases, decided not to sign the renewal).

The renewal of the ATM Services Specific Part, in addi Ɵon to the economic elements (rela Ɵng to the maintenance of the purchasing power of employees and/or the enhancement of the high skills that characterise the Group's human resources), contains regulatory changes (for example, the contractual framework that will apply to the personnel employed in the future Remote Tower Control Centres) that are func Ɵonal and necessary to provide con Ɵnuity and support for the implementa Ɵon of the Group's Business Plan and to strengthen the ability of the Group's companies to support the growth of air transport in Italy.

The fact that the three-year renewal was completed just four months before the natural expiry of the contract highlights the ability of the Social Partners to share strategic elements for medium- to long-term sustainability, confirms the convergent focus on the necessary changes to the business model, and consolidates the effecƟveness of an industrial rela Ɵons model centred on enhancing the Human Capital of ENAV and Techno Sky.

The most significant measures introduced by the renewal of the ATM Services Specific Part of the Air Transport NaƟonal Collec Ɵve Bargaining Agreement include:

 definiƟon of wage increases to cover planned infla Ɵon for each of the three years of validity;

 progressive increase in remunera Ɵon for services rendered during over Ɵme and on Sundays;

 new professional job descrip Ɵons for the opera Ɵonal staff who will be called upon to provide services at the future Remote Tower Control Centres;

 stabilisaƟon of the regula Ɵons on solidarity holidays;

 provision for the replacement, from 2033, of the Specific Sec Ɵon Low Traffic Installa Ɵons.

In parallel with the nego ƟaƟons that led to the signing of the renewal of the Specific Part ATM Services of the Air Transport Na Ɵonal Collec Ɵve Bargaining Agreement, the agreement was revised and renewed to link the commitment of air traffic controllers and the achievement of the maximum level of "bonus" which, in accordance with the Incen Ɵve Scheme linked to the Performance Plan for the fourth reference period, may be awarded to the Parent Company according to the performance levels achieved in 2026 in terms of guaranteed punctuality for en-route air traffic (be Ʃer performance than the target defined in the Key Performance Area Capacity).

Related-party transac Ɵons Related par Ɵes refer to en ƟƟes directly or indirectly controlled by ENAV, the Ministry for Economy and Finance (MEF, the parent en Ɵty) and subsidiary and associated en ƟƟes controlled directly or indirectly by the MEF and

Consolidated Interim

Financial Report

at 30 June 2026 38 the Ministry with oversight responsibility, namely the Ministry of Infrastructure and Transport. Other related parƟes are the directors and their immediate family, standing members of the Board of Statutory Auditors and their immediate family, Execu Ɵves with strategic responsibility and their immediate family of the Parent Company and companies directly and/or indirectly controlled by it and the post-employment benefit plan funds for Group employees.

Related-party transac Ɵons conducted by the ENAV Group in the first half of 2026 essen Ɵally involved services that were provided as part of ordinary opera Ɵons and se Ʃled on market terms and condi Ɵons, as described in more detail in note 33 of the Condensed Consolidated Interim Financial Statements at 30 June 2026.

The Parent Company, in compliance with the provisions of art. 2391 bis of the civil code and in compliance with the principles dictated by the RegulaƟon containing provisions on related-party transac Ɵons adopted with CONSOB resolu Ɵon 17221 of 12 March 2010 and subsequent amendments and addi Ɵons, has established, effecƟve from the date of admission to trading of the company's shares on the Euronext Milan Market, organised and managed by Borsa Italiana, the approved procedure governing Transac Ɵons with Related Par Ɵes by the Board of Directors in the mee Ɵng of 21 June 2016 and subject to subsequent updates, the latest version of which was approved by the Board of Directors, following the favourable opinion of the Control, Risk and Related Par Ɵes Commi Ʃee, on 17 March 2025. The new Procedure for Disciplining Related Party Transac Ɵons incorporated the amendment to the Related Party Regula Ɵons implemented by CONSOB with Resolu Ɵon No.

21624 of 10 December 2020 in implementa Ɵon of the proxy contained in the amended Ar Ɵcle 2391-bis of the Italian Civil Code. This procedure is available on the ENAV website www.enav.it/en , in the Governance sec Ɵon of the company documents area.

It should be noted that in the first half of 2026 there were no transac Ɵons subject to disclosure obliga Ɵons because they qualify as cases exempt under the procedure or transac Ɵons that had a significant impact on the consolidated financial posi Ɵon or the consolidated results for the period.

5. Outlook for opera Ɵons The air traffic trend recorded in the first half of 2026, both in terms of flights and Service Units, was characterised by constant growth, higher than the volumes recorded in the same period in 2025 and also compared to the budget es Ɵmates.

The Eurocontrol Sta ƟsƟcal Office, the European body responsible for formula Ɵng air traffic forecasts to support European air traffic control companies in their es Ɵmates, published an update of the forecasts on 30 March 2026, and for Italy it forecast an increase in Service Units at the end of 2026 of +5.1% in the "base" scenario.

Looking at the results achieved in this part of the year, it can therefore be seen that, despite the situa Ɵon related to the context of the interna Ɵonal geopoli Ɵcal crisis – with par Ɵcular reference to the conflict in Iran – air transport performance in our country has nevertheless remained posi Ɵve in terms of volume, supported by the boost from interna Ɵonal traffic serving domes Ɵc airports, as well as by the significant increase in flights crossing Italian airspace, known as overflights. Therefore, the effects on the Italian air transport market resul Ɵng from

Consolidated Interim

Financial Report

at 30 June 2026 39 the Middle East crisis would appear to be limited at present, and their impact is also limited as a result of the simultaneous growth of other connec Ɵons on other air routes, both to European countries and to interconƟnental countries.

Therefore, should the situa Ɵon observed in this first part of the year remain stable over the coming months, the overall result expected at the end of 2026 in terms of flights and Service Units would confirm the posi Ɵve performance achieved so far, i.e., with traffic volumes increasing both compared to 2025 and compared to the budget es Ɵmates.

It should be noted, however, that the scenario is s Ɵll under observa Ɵon, given that the peace ini ƟaƟves implemented by the par Ɵes to the conflict currently appear to be characterised by uncertain methods and Ɵming. Therefore, pending the consolida Ɵon of the normalisa Ɵon process in the Middle East, the poten Ɵal risk remains related both to aircra Ō fuel – in terms of increased cost or limited availability – and to traffic flows related to the Middle East.

With regard to the ENAV Group's ac ƟviƟes on the non-regulated market, which accounts for about 5% of the Group's total revenues, there are some delays in the delivery of orders and some postponements in the acquisiƟon processes of new orders in the Middle East areas, without, however, genera Ɵng significant impacts on the Group's results.

Lastly, it should be noted that management is star Ɵng the process of upda Ɵng the Business Plan, which is expected to be completed in the first quarter of next year.

Consolidated Interim

Financial Report

at 30 June 2026 40

Condensed Consolidated Interim Financial Statements at 30 June 2026

Consolidated Interim

Financial Report

at 30 June 2026 41

Condensed Consolidated Interim Financial Statements

Consolidated Interim

Financial Report

at 30 June 2026 42 Condensed consolidated statement of financial posi Ɵon

ASSETS

(figures in euro) Notes at 30.06.2026 at 31.12.2025 of which with related par Ɵes (Note 33) of which with related par Ɵes

(Note 33)

Non-current assets

Property, plant and equipment 7 804,889,470 0 805,699,495 0 Intangible assets 8 194,179,798 0 190,695,958 0 Investments in other en ƟƟes 9 176,666 0 53,732,623 0 Non-current financial assets 10 402,147 0 343,787 0 Deferred tax assets 11 15,272,788 0 23,010,651 0 Receivables from regulated acƟviƟes 13 130,426,008 0 195,098,530 0 Non-current trade receivables 14 325,953 0 272,689 0 Other non-current assets 16 34,426 0 59,576 0 Total non-current assets 1,145,707,256 1,268,913,309

Current assets

Inventories 15 60,057,983 0 59,820,244 0 Current trade receivables 14 340,748,684 66,377,421 260,916,457 54,624,187 Receivables from regulated acƟviƟes 13 186,597,484 0 220,445,833 0 Income tax receivables 12 8,926,673 0 16,384,064 0 Other current assets 16 39,657,495 187,066 38,124,945 7,308,217 Cash and cash equivalents 17 239,892,393 0 451,918,015 0 Total current assets 875,880,712 1,047,609,558 Assets held for sale 18 64,137,197 11,312

TOTAL ASSETS 2,085,725,165 2,316,534,179

Consolidated Interim

Financial Report

at 30 June 2026 43

EQUITY AND LIABILITIES

(figures in euro) Notes at 30.06.2026 at 31.12.2025 of which with related par Ɵes of which with related parƟes (Note 33)

Shareholders’ equity

Share capital 19 541,744,385 0541,744,385 0 Reserves 19 414,282,250 0486,032,029 0 Retained earnings/(loss carryforward) 19 57,805,576 047,004,645 0 Profit/(Loss) for the period 19 20,352,919 093,056,103 0 Total equity a Ʃributable to shareholders of the Parent 19 1,034,185,130 01,167,837,162 0 Capital and reserves a Ʃributable to non-

controlling interest 1,083,853 01,014,578 0 Profit/(loss) a Ʃributable to non-controlling interest (281,888) 0 69,275 0 Total equity a Ʃributable to non-controlling interest 801,965 01,083,853 0 Total shareholders’ equity 19 1,034,987,095 1,168,921,015

Non-current liabili Ɵes Provisions for risks and charges 20 605,570 02,682,175 0 Employee benefits 21 31,087,793 032,360,940 0 Deferred tax liabili Ɵes 11 0 0 39,651 0 Non-current financial liabili Ɵes 22 446,578,474 0196,779,703 0 Non-current trade payables 23 303,695 0 470,899 0 Payables from regulated ac ƟviƟes 13 10,039,669 09,680,799 0 Other non-current liabili Ɵes 24 126,728,389 0137,257,783 0 Total non-current liabili Ɵes 615,343,590 379,271,950 Current liabili Ɵes Provisions for risks and charges 20 7,746,901 03,108,780 0 Current trade payables 23 120,543,340 28,492,058 138,902,600 46,257,825 Payables from regulated ac ƟviƟes 13 22,119,792 032,819,265 0 Income tax payables 12 923,467 0 791,985 0 Current financial liabili Ɵes 22 24,410,125 0382,434,847 0 Other current liabili Ɵes 24 259,326,799 84,213,195 210,269,490 69,650,635 Total current liabili Ɵes 435,070,424 768,326,967 LiabiliƟes directly associated with assets held for sale 18 324,056 14,247 Total Liabili Ɵes 1,050,738,070 1,147,613,164 Total shareholders’ equity and liabili Ɵes 2,085,725,165 2,316,534,179

Consolidated Interim

Financial Report

at 30 June 2026 44 Condensed consolidated statement of profit or loss (figures in euro) Notes 1H 2026 1H 2025 of which with related par Ɵes (Note 33) of which with related par Ɵes

(Note 33)

Revenues

Revenues from opera Ɵons 25 551,944,972 43,182,694 525,956,258 45,681,699 Balance 25 (89,592,616) 0(96,886,937) 0 Total revenues from contracts with customers 25 462,352,356 429,069,321 Other opera Ɵng revenues and income 26 26,358,796 17,570,385 25,798,819 19,705,236 Total revenues 488,711,152 454,868,140

Costs

Costs for raw materials, supplies, consumables and goods 27 (3,463,497) (285,682) (3,457,816) (363,232) Costs for services 27 (79,378,579) (7,532,070) (76,101,805) (7,524,195) Personnel cost 28 (328,789,208) (1,467,222) (309,738,200) (1,270,430) Costs for leases and rentals 27 (875,509) (15,604) (898,761) (13,352) Other opera Ɵng expenses 27 (1,959,122) 0(1,725,838) 0 Capitalised costs for internal work 29 17,876,655 014,080,327 0 Total costs (396,589,260) (377,842,093) AmorƟsaƟon 7 and 8 (59,734,547) 0(57,256,170) 0 (Write-downs)/write-backs for impairment of receivables 14 (1,432,498) 0(735,934) 0 Provisions 20 (622,644) 0(1,728,379) 0 OperaƟng income 30,332,203 17,305,564 Financial income and expense Financial income 30 6,165,114 07,752,803 0 Financial expense 30 (7,425,291) 0(11,113,540) 0 Exchange rate gains (losses) 30 231,744 0(1,171,768) 0 Total financial income and expense (1,028,433) (4,532,505) 0 -

Income before taxes 29,303,770 12,773,059 Taxes for the period 31 (9,232,739) 0(5,774,591) 0 Profit/(Loss) for the period 20,071,031 6,998,468 aƩributable to Parent Company shareholders 20,352,919 7,272,570 aƩributable to non-controlling interests (281,888) (274,102) Basic profit/(loss) per share 36 0.04 0.01 Diluted profit per share 36 0.04 0.01

Consolidated Interim

Financial Report

at 30 June 2026 45 Condensed consolidated statement of comprehensive income

(figures in euro) Notes 1H 2026 1H 2025

Profit/(Loss) for the period 19 20,071,031 6,998,468 Items of the comprehensive income statement that will be subsequently reclassified in the profit/(loss) of the period:

-differences arising from the transla Ɵon of foreign financial statements 19 1,958,618 (7,486,765) Total items of the comprehensive income statement that will be subsequently reclassified in the profit/(loss) of the period: 1,958,618 (7,486,765) Items of the comprehensive income statement that will not be subsequently reclassified in the profit/(loss) of the period:

- fair value measurement of investments in other en ƟƟes 18 45,617 3,882,252

- actuarial gains/(losses) on employee benefits 19 and 21 (250,294) 19,375

- tax effect 18 (9,579) (815,273) Total items of the comprehensive income statement that will not be subsequently reclassified in the profit/(loss) of the period: (214,256) 3,086,354 Total Comprehensive Income 21,815,393 2,598,057 share aƩributable to the shareholders of the Parent Company 22,097,281 2,872,159 share aƩributable to non-controlling interests (281,888) (274,102)

Consolidated Interim

Financial Report

at 30 June 2026 46 Condensed consolidated statement of changes in equity Group Share Capital and Reserves

NotesShare

capital Legal

reserve Sundry

reserves Reserve for

actuarial

gains/(losses)

for employee

benefits Cash

Flow

Hedge

Reserve Total

reserves Retained

earnings/(loss

carryforward) Profit/(loss)

for the

period Total equity

aƩributable

to

shareholders

of the Parent Equity

aƩributable

to non-

controlling

interests Total

shareholders’

equity

(figures in euro)

Shareholders’ equity

at 1 January 2025 19 541,744,385 52,630,315 448,526,647 (7,943,390) 1,957,172 495,170,744 65,598,122 125,828,827 1,228,342,078 1,014,578 1,229,356,656 AllocaƟon of net profit from the previous year 05,909,546 0 0 05,909,546 119,919,281 (125,828,827) 0 0 0 Dividend distribu Ɵon 0 0(7,448,000) 0 0(7,448,000) (138,720,000) 0 (146,168,000) 0 (146,168,000)

(Purchase)/award of

treasury shares 0 0882,894 0 0882,894 0 0 882,894 0 882,894 Currency transla Ɵon difference reserve 0 0(7,877,497) 0 0(7,877,497) 0 0 (7,877,497) 0 (7,877,497) Long-term incen Ɵve plan 0 0382,279 0 0382,279 (99,705) 0 282,574 0 282,574

Comprehensive

profit/(loss), of which: 0

- - - - - - - - - -

- profit/(loss)

recognised directly in equity 0 03,457,711 19,375 03,477,086 0 0 3,477,086 0 3,477,086

- profit/(loss) for the period 0 0 0 0 0 0 07,272,570 7,272,570 (274,102) 6,998,468

Shareholders' equity

at 30 June 2025 19 541,744,385 58,539,861 437,924,034 (7,924,015) 1,957,172 490,497,052 46,697,698 7,272,570 1,086,211,705 740,476 1,086,952,181

Shareholders’ equity

at 1 January 2026 19 541,744,385 58,539,861 432,942,854 (7,407,858) 1,957,172 486,032,029 47,004,645 93,056,103 1,167,837,162 1,083,853 1,168,921,015 AllocaƟon of net profit from the previous year 04,112,841 0 0 04,112,841 88,943,262 (93,056,103) 0 0 0 Dividend distribu Ɵon 0 0(78,552,000) 0 0(78,552,000) (78,142,331) 0 (156,694,331) 0 (156,694,331)

(Purchase)/award of

treasury shares 0 0 0 0 0 0 0 0 0 0 0 Currency transla Ɵon difference reserve 0 01,958,618 0 01,958,618 0 0 1,958,618 0 1,958,618 Long-term incen Ɵve plan 0 0965,213 0 0965,213 0 0 965,213 0 965,213

Comprehensive

profit/(loss), of which: 0

- - - - - - - - - -

- profit/(loss)

recognised directly in equity 0 036,038 (250,294) (20,195) (234,451) 0 0 (234,451) 0 (234,451)

- profit/(loss) for the period 0 0 0 0 0 0 020,352,919 20,352,919 (281,888) 20,071,031

Shareholders' equity

at 30 June 2026 19 541,744,385 62,652,702 357,350,723 (7,658,152) 1,936,977 414,282,250 57,805,576 20,352,919 1,034,185,130 801,965 1,034,987,095

Consolidated Interim

Financial Report

at 30 June 2026 47 Condensed consolidated statement of cash flows

(thousands of euros) Notes 1H 2026 1H 2025 of which with related par Ɵesof which with related par Ɵes

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD (A) 17 451,917 361,334

Net cash flow generated/(absorbed) from opera Ɵng acƟviƟes Income for the period before taxes 19 29,304 012,773 0 AmorƟsaƟon 7 and 8 59,735 057,256 0 Interest cost 21 555 0 558 0 Exchange rate effect 19 95 0 189 0 Loss on sale of property, plant and equipment and impairment loss of property, plant and equipment and intangible assets 7 and 8 (85) 0 0 0 Other income/expense on non -monetary flows 1,095 0 0 0 Provision for stock grant plans 28 965 01,165 0 Provisions/absorp Ɵon of provisions for risks and charges 20 623 01,728 0 Decrease/(Increase) in inventories 15 328 01,256 0 Decrease/(Increase) in current and non -current trade receivables 14 (76,974) (11,753) (80,648) (10,303) Decrease/(Increase) in current and non-current receivables/payables from regulated ac ƟviƟes 13 88,181 093,883 0 Decrease/(Increase) in income tax receivables and payables 12 (2,432) 0(22,057) 0 Changes in Other current assets and liabili Ɵes 16 and 24 49,453 21,682 35,441 16,575 Change in Other non-current assets and liabili Ɵes 16 and 24 (10,544) 0 570 0 Net change in liabili Ɵes for employee benefits 21 (2,217) 0(2,429) 0 Increase/(decrease) in current and non -current trade payables 23 (26,057) (13,399) (3,452) 16,752

TOTAL CASH FLOW FROM OPERATING ACTIVITIES (B) 112,025 96,233

of which Taxes paid (1,716) (20,031) of which Interest paid (5,573) (10,081) Net cash flow generated/(absorbed) from inves Ɵng acƟviƟes Investments in property, plant and equipment 7 (36,960) 0(28,095) 0 Investments in intangible assets 8 (7,297) 0(10,183) 0 Increase/(Decrease) in trade payables for investments 23 5,538 (4,367) (4,447) (8,027) Equity investments net of cash and cash equivalents acquired (7,909) 0 0 0

TOTAL CASH FLOW FROM INVESTING ACTIVITIES (C) (46,628) (42,725)

Net cash flow generated/(absorbed) from financing ac ƟviƟes New medium/long -term loans 22 250,000 0 0 0 (Repayments) of medium and long -term loans 22 (369,846) 0(9,489) 0 Net change in financial liabili Ɵes 22 (877) 0(951) 0 Dividend distribu Ɵon 19 (156,694) (83,487) (146,168) (77,878)

TOTAL CASH FLOW FROM FINANCING ACTIVITIES (D) (277,417) (156,608)

Total cash flow (E = B+C+D) (212,020) (103,100) Exchange rate differences on cash and cash equivalents (F) 0 (300)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (G = A+E+F) 17 239,897 257,934

(*) Cash and cash equivalents at the end of the period include the cash and cash equivalents of Enav North Atlantic, which is classified as held for sale.

Consolidated Interim

Financial Report

at 30 June 2026 48

Notes to the Condensed Consolidated Interim Financial

Statements

Consolidated Interim

Financial Report

at 30 June 2026 49 1. General Disclosures ENAV S.p.A. (hereina Ōer also the “Company” or the “Parent Company”), was established in 2001 following the transforma Ɵon with Law 665/1996 of the “Ente Pubblico Economico denominato Ente Nazionale di Assistenza al Volo” (the Na Ɵonal Agency for Flight Assistance), a public enterprise, that was formerly known as the “Azienda Autonoma di Assistenza al Volo per il Traffico Aereo Generale” (A.A.A.V.T.A.G.) (Autonomous Company providing Flight Assistance for General Traffic) and has its registered office in Rome, 716 Via Salaria and other secondary offices and opera Ɵng faciliƟes located throughout Italy.

Since 26 July 2016, ENAV shares have been listed on the Mercato Telema Ɵco Azionario (EXM – Euronext Milan) organised and operated by Borsa Italiana S.p.A. and, at 30 June 2026, 53.28% the Company was owned by the Ministry for the Economy and Finance (MEF) and 46.46% by ins ƟtuƟonal and individual shareholders, with 0.26% being held by ENAV as treasury shares.

The acƟvity of the ENAV Group consists of the service, carried out by the Parent Company, of air traffic management and control from 45 Control Towers and four Area Control Centers (ACC) on the na Ɵonal territory 24 hours a day and other essen Ɵal services provided by the Parent Company for air naviga Ɵon in Italian airspace and at the na Ɵonal civil airports for which it is responsible, as well as the technical opera Ɵon and maintenance of air traffic control equipment and systems, the sale of aeronau Ɵcal soŌware solu Ɵons and commercial development and aeronau Ɵcal consul Ɵng acƟviƟes as well as in the provision of services regarding Unmanned Aerial Vehicles Traffic Management (UTM). The measurement and presenta Ɵon of opera Ɵons is broken down into four opera Ɵng sectors, namely air naviga Ɵon services, maintenance services, AIM so Ōware solu Ɵons and a remaining sector defined as other sectors.

These Condensed Consolidated Interim Financial Statements cover the half-year ended 30 June 2026 and are prepared in euro, the func Ɵonal currency adopted by the Group.

The publica Ɵon of this Condensed Consolidated Interim Financial Statements was authorised by the Directors on 03 August 2026 and is subject to a limited audit by PwC S.p.A.

2. Form and content of the Condensed Consolidated Interim Financial Statements The Condensed Consolidated Interim Financial Statements at 30 June 2026 of ENAV S.p.A. and its subsidiaries (hereinaŌer also the “Group”) were prepared in conformity with the Interna Ɵonal Accoun Ɵng Standards (IAS) and Interna Ɵonal Financial Repor Ɵng Standards (IFRS) issued by the Interna Ɵonal Accoun Ɵng Standards Board (IASB) and the related interpreta Ɵons (IFRIC and SIC), endorsed by the European Union in accordance with the provisions of Regula Ɵon (EC) No. 1606/2002 as well as Legisla Ɵve Decree 38 of 28 February 2005, which governed the applica Ɵon of the IFRS under the scope of Italian law.

In parƟcular, these financial statements, prepared on a going-concern basis, were prepared in accordance with IAS 34 Interim Financial Repor Ɵng and Ar Ɵcle 154-ter paragraph 3 of the Consolidated Finance Act. In applicaƟon of the op Ɵon granted by IAS 34, the informa Ɵon content provided in the Condensed Consolidated Interim Financial Statements is reduced compared to that of complete annual financial statements, as aimed at providing an update on the ac ƟviƟes, facts and circumstances that occurred during the half-year in ques Ɵon, as well as certain minimum addi Ɵonal informa Ɵon expressly required by the standard, thus omi ƫng

Consolidated Interim

Financial Report

at 30 June 2026 50 informaƟon, data and notes already presented and commented on in the ENAV Group's Consolidated Financial Statements at 31 December 2025. Therefore, the Condensed Consolidated Interim Financial Statements at 30 June 2026 should be read in conjunc Ɵon with the Group's Consolidated Financial Statements for the year ended 31 December 2025, to which reference should be made for a more complete understanding of the informa Ɵon contained herein.

Finally, it should be noted that the ENAV Group has iden Ɵfied the half-year as the interim period of reference for the purposes of applying the aforemen Ɵoned interna Ɵonal accoun Ɵng standard IAS 34 and the defini Ɵon of interim financial statements.

With regard to the method of presenta Ɵon of the financial statements, it should be noted that for the statement of financial posi Ɵon, the criterion of dis Ɵnguishing between current and non-current assets and liabili Ɵes has been adopted; the income statement has been prepared by classifying opera Ɵng costs by nature and the cash flow statement by the indirect method.

In accordance with Consob Resolu Ɵon No. 15519 of 27 July 2006, the statement of financial posi Ɵon, income statement and cash flow statement show the amounts referring to posi Ɵons or transac Ɵons with related par Ɵes for the purpose of understanding the financial posi Ɵon, results of opera Ɵons and financial flows.

3. Scope and principles of consolida Ɵon The consolida Ɵon principles adopted for the prepara Ɵon of the Condensed Consolidated Interim Financial Statements at 30 June 2026 are consistent with those adopted for the prepara Ɵon of the Consolidated Financial Statements at 31 December 2025, approved on 14 May 2026 and available at www.enav.it/en at the following address: hƩps://www.enav.it/en/investors/financial-statements-presenta Ɵons-reports The scope of consolida Ɵon in the first half of 2026, compared to 31 December 2025, changed due to the entry into the scope of consolida Ɵon of the company Aiviewgroup S.r.l.

On 26 March 2026, ENAV S.p.A. finalised the acquisi Ɵon of 85% of the share capital of Aiviewgroup S.r.l., a high-

tech company ac Ɵve in the monitoring and collec Ɵon of data rela Ɵng to the state of maintenance and conservaƟon of the infrastructures monitored through the use of drones. To this end, the company plans and carries out flights with drones, collec Ɵng high-quality photos and videos and subsequently processing the images collected to produce maps and models, in order to highlight any informa Ɵon useful for planning and developing interven Ɵons relaƟng to the maintenance and conserva Ɵon of the monitored infrastructure.

The acquisi Ɵon price was €7.6 million, paid upon signing the deed of sale of the shares, net of the adjustments provided for in the purchase and sale agreement, which amounted to €1.4 million, paid in April 2026, for a total purchase cost of €9 million, against net assets with a book value of €1.7 million. In accordance with the provisions of IAS 32, the financial liability rela Ɵng to the put op Ɵon granted to minority shareholders was also recognised, determined in accordance with the provisions of the "Shareholders' Agreement" signed between the parƟes, which provides for a fixed price for the exercise of the op Ɵon. It should be noted that, as required by IFRS 10, since the economic benefits and risks associated with ownership of the shares do not remain with the third-party shareholders, the Group does not recognise the interests of third-party shareholders in the consolidated financial statements.

Consolidated Interim

Financial Report

at 30 June 2026 51 At 30 June 2026, the difference between the purchase price and the net book value was provisionally allocated to goodwill pending comple Ɵon of the purchase price alloca Ɵon process.

(thousands of euros) Book values at the acquisi Ɵon date Intangible assets 86 Property, plant and equipment 290 Rights of use 176 Equity investments 10 Financial assets 59 Trade receivables 2,912 Other assets 75 Cash and cash equivalents 1,094 Employee severance pay (TFR) (138) Financial liabili Ɵes (679) Trade payables (1,706) Current tax payables (174) Other liabili Ɵes (304) Net idenƟfiable assets/(liabili Ɵes) acquired (A) 1,701 Amounts a Ʃributable to non-controlling interests (B) (255) AcquisiƟon price (C) 9,003 Put opƟon (D) 1,311 Goodwill (C)-(A)+(B)+(D) 8,868

It should be noted that the first half of 2026 was not affected by any significant transac Ɵons or unusual events.

TranslaƟon of financial statements of foreign companies The interim balance sheet and income statement of subsidiary companies are prepared using the currency of the primary economic environment in which they operate. For the purposes of the Condensed Consolidated Interim Financial Statements, the balance sheet and income statement of each foreign company is translated into euro, which is the Group's func Ɵonal currency. The exchange rates used to translate the balance sheet and

Consolidated Interim

Financial Report

at 30 June 2026 52 income statement of companies that use a func Ɵonal currency other than the euro are shown in the table

below:

1H 2026 at 31.12.2025 1H 2025

6-month

averageAccurate at

30 June12-month

averageAt 31

December6-month

averageAccurate at

30 June

Malaysian ringgit 4.6447 4.6544 4.8324 4.7682 4.7812 4.9365 US dollars 1.1670 1.1394 1.1293 1.1750 1.0930 1.1720

4. Newly applied accoun Ɵng standards and interpreta Ɵons The accoun Ɵng standards adopted for the prepara Ɵon of the Condensed Consolidated Interim Financial Statements at 30 June 2026 are consistent with those used for the prepara Ɵon of the Consolidated Financial Statements at 31 December 2025, to which reference should be made for a more detailed discussion, except for the adop Ɵon of new standards, amendments and interpreta Ɵons effecƟve as of 1 January 2026, which did not have an impact on the Condensed Consolidated Interim Financial Statements. The Group has not proceeded with early adop Ɵon of any new standards, interpreta Ɵons or amendments issued but not yet effec Ɵve.

New applicable accoun Ɵng standards, interpreta Ɵons and amendments that did not have an impact on the Group’s Condensed Consolidated Interim Financial Statements.

Below is a list of new accoun Ɵng standards, amendments and interpreta Ɵons applicable to the Group, star Ɵng from 1 January 2026:

 Annual Improvements Volume 11 – issued on 18 July 2024 and approved on 9 July 2025. This cycle of improvements proposes amendments applicable to several standards by regula Ɵng hedge accoun Ɵng for a first-Ɵme adopter (IFRS 1), the disclosure to be made in terms of gain or loss arising from the derecogni Ɵon of financial instruments (IFRS 7) and the introduc Ɵon of guidance for the implementa Ɵon of IFRS 7, certain clarifica Ɵons for the derecogni Ɵon of a lease liability (IFRS 9), the iden ƟficaƟon of the de facto agent in the assessment of the control requirement in the Consolidated financial statements (IFRS 10) and the clarifica Ɵon of the cost method in the statement of cash flow (IAS 7). The amendments had no effects on the Condensed Consolidated Interim Financial Statements;

 Amendment to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity – issued on 18 December 2024 and approved on 30 June 2025. These amendments concern the peculiari Ɵes of electricity contracts anchored to renewable sources, where the amount of energy generated can vary depending on uncontrollable factors such as weather condi Ɵons (e.g. solar, wind, etc.). The amendments clarify the applicaƟon of own-use requirements and regulate hedge accoun Ɵng when such contracts are used as hedging instruments, as well as introducing certain disclosure requirements to enable investors to

Consolidated Interim

Financial Report

at 30 June 2026 53 understand the effect of such contracts on company performance. The amendment had no effects on the Condensed Consolidated Interim Financial Statements;

 Amendment to IFRS 9 and IFRS 7: ClassificaƟon and Measurement of Financial Instruments – issued on 30 May 2024 and approved on 27 May 2025. The main purpose of these amendments is to clarify the classificaƟon of financial assets with ESG and similar characteris Ɵcs, as ESG factors could affect loans when measured at amor Ɵsed cost or fair value, and to provide guidance on how the contractual flows on these types of loans should be measured. In addi Ɵon, some guidelines for the se Ʃlement of liabili Ɵes through the use of electronic payment systems have been introduced, clarifying the date on which the derecogni Ɵon of an asset and/or liability can take place. In addi Ɵon, disclosure requirements were extended to ensure transparency to stakeholders with regard to equity instruments measured at fair value through OCI with conƟngent characteris Ɵcs, such as investments related to ESG objec Ɵves. The amendment had no effects on the Condensed Consolidated Interim Financial Statements.

AccounƟng standards not yet applied as they have not been endorsed by the European Union The following is a list of new accoun Ɵng standards, amendments and interpreta Ɵons that will be applied by the Group in years a Ōer 2026. The Group will assess the expected impact of their first- Ɵme adopƟon:

 IFRS 19 Subsidiaries without Public Accountability: Disclosures – issued on 09 May 2024, pending approval.

This standard will enable the subsidiaries to reduce their costs of preparing financial statements. In fact, when the Parent Company prepares IFRS-compliant Consolidated Financial Statements, the subsidiaries will provide IFRS repor Ɵng to it. However, subsidiaries may use IFRS, IFRS for SMEs or na Ɵonal accoun Ɵng standards for their separate financial statements. Since the disclosures required for subsidiaries using IFRS standards may some Ɵmes be dispropor Ɵonate to the informa Ɵon needs of their users, the introduc Ɵon of this standard will allow subsidiaries to use a single set of accoun Ɵng records and reduce disclosure requirements. This standard will be applicable by subsidiary companies that do not have public liability, if the Parent Company uses IFRS for the prepara Ɵon of its Consolidated Financial Statements. The new standard will be applicable, following approval, from 1 January 2027.

 Amendments IFRS 19 Subsidiaries without Public Accountability: Disclosures – issued on 21 August 2025, pending approval. With this amendment, the IASB clarifies that, at the Ɵme of the issuance of IFRS 19 in May 2024, the reduced disclosure requirements related to the IFRS in effect at 28 February 2021. This new amendment clarifies the disclosure requirements applicable to amendments and addi Ɵons made between February 2021 and May 2024. Said amendments will be applicable, following approval, as from 1 January 2027.

 Amendments IAS 21 The Effects of Changes in Foreign Exchange Rates: Transla Ɵon to a Hyperinfla Ɵonary PresentaƟon Currency – issued on 13 November 2025, pending approval. This amendment clarifies how companies should convert financial statements from a non-hyperinfla Ɵonary currency to a hyperinfla Ɵonary currency. Said amendments will be applicable, following approval, as from 1 January

2027;

Consolidated Interim

Financial Report

at 30 June 2026 54  IFRS 20 Regulatory Assets and Regulatory Liabili Ɵes – issued on 27 May 2026, pending approval. The standard defines the requirements for the recogni Ɵon, measurement, presenta Ɵon and disclosure of regulatory assets, regulatory liabili Ɵes, regulatory income and regulatory expenses. In par Ɵcular, IFRS 20 introduces provisions that allow for the provision of addi Ɵonal informa Ɵon to that which an en Ɵty already presents when applying IFRS 15. This informa Ɵon will enable users of the financial statements to understand the total amount of authorised remunera Ɵon for regulated goods and services provided in each reporƟng period. In par Ɵcular, the standard, in addi Ɵon to introducing the concepts of regulatory asset (or liability) understood as a current and legally enforceable right (or obliga Ɵon) created by a regulatory agreement, which allows an amount to be added (or deducted) in the calcula Ɵon of the regulated tariff to be applied to customers in future periods, also introduces the concept of total allowed compensa Ɵon, according to which such a right or obliga Ɵon arises when part or all of the allowed remunera Ɵon is recovered or returned through tariffs applied in a different period (past or future), thus genera Ɵng a Ɵming difference. If there is an element of uncertainty about the existence of a regulatory asset/liability, the en Ɵty shall assess whether that uncertainty is more likely than not and recognise the asset/liability if that requirement is met. The standard also provides for certain constraints on recogni Ɵon based on the existence of a direct rela Ɵonship between the regulatory capital base and specific related assets (e.g.

IAS 16, IAS 38 and IFRS 16). The new standard will be applied, following approval, to periods beginning on or aŌer 1 January 2029, with retrospec Ɵve applica Ɵon in accordance with IAS 8, or by applying a simplified retrospec Ɵve approach that provides for transi Ɵonal relief. The Group set up a Working Group in order to assess any impacts arising from the future applica Ɵon of this standard.

 Amendment IAS 28 Investments in Associates and Joint Ventures – issued on 26 June 2026, pending approval. These amendments (narrow scope amendments) have a limited scope and were introduced in order to clarify which en ƟƟes may apply the fair value op Ɵon to investments in associates and joint ventures. The amendments extend this exemp Ɵon to enƟƟes whose main ac Ɵvity is to invest in specific types of financial assets, aligning the accoun Ɵng treatment with IFRS 18, allowing a greater number of enƟƟes to avoid the applica Ɵon of the equity method and instead opt for fair value measurement. The amendment, pending approval, will be applicable at the same Ɵme as the adop Ɵon of IFRS 18, i.e. 1 January 2027.

AccounƟng standards endorsed by the European Union but not yet applicable by the Group At the date of approval of the Condensed Consolidated Interim Financial Statements, the relevant bodies of the European Union had endorsed the following amendments, not yet adopted by the Group:

 IFRS 18 Presenta Ɵon and Disclosure in Financial Statements – issued on 9 April 2024, approved on 13 February 2026. This is the standard that will replace IAS 1, with the aim of providing more transparent and comparable informa Ɵon on a company’s financial performance. In par Ɵcular, the interven Ɵons are aimed at improving comparability in the income statement, favouring the standardisa Ɵon of defined par Ɵals and sub-subtotals, greater transparency in the defini Ɵon of alterna Ɵve performance indicators, and more useful

Consolidated Interim

Financial Report

at 30 June 2026 55 grouping of informa Ɵon in the financial statements, in order to avoid excessively concise or detailed reporƟng. The new standard will be applicable, following approval, beginning on or a Ōer 1 January 2027 and early adop Ɵon is allowed.

During 2026, working groups were ac Ɵvated with the ul Ɵmate aim of assessing the effects that the applicaƟon of IFRS 18 could have on the Consolidated Financial Statements, in par Ɵcular, the presenta Ɵonal implicaƟons on the structure of the Group's income statement, the cash flow statement and the addi Ɵonal informaƟon required in rela Ɵon to management performance measures (“MPM”), as well as the impact on the methods of presen Ɵng informa Ɵon in the financial statements.

5. Use of esƟmates In accordance with the IAS/IFRS, the prepara Ɵon of the condensed half-year consolidated financial statement requires management to make accoun Ɵng esƟmates based on overall and/or subjec Ɵve judgements, evaluaƟons, esƟmates based on historic experience and assump Ɵons considered to be reasonable and realis Ɵc in view of the related circumstances and on the informa Ɵon available at the Ɵme of the es Ɵmate. The applicaƟon of these es Ɵmates and assump Ɵons influences the carrying amount of assets and liabili Ɵes and the disclosures on con Ɵngent assets and liabili Ɵes at the date of the financial statements, as well as the amount of revenues and costs in the reference period. Actual results could differ from es Ɵmated results as a result of the uncertainty in the assump Ɵons and condi Ɵons on which the es Ɵmates are based. For the purposes of preparing these Condensed Consolidated Interim Financial Statements, the use of es Ɵmates concerned the same ma Ʃers already characterised by an es ƟmaƟon process for the purposes of preparing the annual financial statements.

For a more extensive descrip Ɵon of the most relevant valua Ɵon processes for the Group, refer to paragraph "5.

Use of esƟmates" in the Consolidated financial statements at 31 December 2025.

6. Effects of seasonality It should be noted that the type of business in which the Parent Company operates is normally affected by seasonality. Indeed, air traffic trends are by nature non-linear over the course of the year. In par Ɵcular, air traffic shows significant varia Ɵons depending on the Ɵme of year, depending on tourism-related ac ƟviƟes.

Specifically, the level of revenues, which is closely linked to the level of air traffic, peaks in the summer months and is therefore not uniform throughout the year, while the costs of the service show an almost linear trend throughout the year. It follows that the Group's interim results do not contribute uniformly to the forma Ɵon of the year's economic and financial results.

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Financial Report

at 30 June 2026 56

Notes to the condensed consolidated statement of financial posi Ɵon 7. Property, plant and equipment The table below shows changes in tangible assets (property, plant and equipment) at 30 June 2026compared to 31 December 2025.

Land and

buildingsPlants and

machineryIndustrial

and

commercial

equipment Other assets Asset under

construcƟon Total

Historical cost 603,489 2,133,371 276,924 369,784 283,223 3,666,791 Accumulated amor ƟsaƟon (361,192) (1,918,091) (249,771) (332,038) 0(2,861,092) Residual value at 31.12.2025 242,297 215,280 27,153 37,746 283,223 805,699 Investments 16,574 9,531 1,056 2,183 36,960 66,304 Changes in the scope of consolida Ɵon 177 247 1 41 0 466 Disposals - historical cost (5,773) (62) (2,300) (232) 0(8,367) Disposals - accumulated deprecia Ɵon 962 62 2,300 227 0 3,551 Transfers in the year 0 0 0 0 (15,313) (15,313) Other changes 0 (17) 0 0 (1,406) (1,423) AmorƟsaƟon (10,980) (25,048) (3,075) (6,924) 0(46,027) Total changes 960(15,287) (2,018) (4,705) 20,241 (809) Historical cost 614,517 2,143,197 275,682 371,815 303,464 3,708,675 Accumulated amor ƟsaƟon (371,260) (1,943,204) (250,547) (338,774) 0(2,903,785) Residual value at 30.06.2026 243,257 199,993 25,135 33,041 303,464 804,890 (thousands of euros)

Property, plant and equipment in the first half of 2026 decreased by a net €809 thousand, reflec Ɵng the

following events:

 depreciaƟon for the half-year of €46,027 thousand (€46,824 thousand in the first half of 2025), essen Ɵally in line with the previous half-year figure;

 Investments in property, plant and equipment totalling €66,304 thousand, of which €15,332 thousand related to investments in various categories that were completed and entered service during the half-year, and €14,012 thousand related to rights of use under mul Ɵ-year lease contracts, including the revision of the lease for the property on Via Casale Cavallari in Rome to extend the lease to the en Ɵre building, with a

Consolidated Interim

Financial Report

at 30 June 2026 57 term of twelve years star Ɵng in May 2026. Among the investments that were completed and entered service, the following are noteworthy: i) the reloca Ɵon of the Genoa approach radar control posi Ɵon to the Milan Area Control Center, comple Ɵng the phase of the transfer of approach radars to the Milan Area Control Center; ii) the modernisa Ɵon of airport radio aids at Perugia and Pescara airports; iii) the modernisa Ɵon of approach radar systems at several airports. Investments for €36,960 thousand refer to asset under construc Ɵon regarding the progress of investment projects, among which we highlight: i) the conƟnuaƟon of the 4-Flight programme, the objec Ɵve of which is to develop the en Ɵre Air Traffic Management (ATM) technological pla ƞorm for ACC, to replace the one currently in opera Ɵon, based on SESAR opera Ɵng concepts and assuming the Coflight system as a basic component; ii) the programme to move the approach radar control sta Ɵons from the current dedicated sites at the airports to the ACC above;

iii) the refurbishment works on the buildings and parking facili Ɵes at the Rome Ciampino headquarters; iv) the conƟnuaƟon of acƟviƟes connected to the construc Ɵon of the remotely operated Control Towers, which also includes the prepara Ɵon of the physical space needed at the ACC to host them;

 Other changes, totalling €1,423 thousand, relate to the reclassifica Ɵon of €566 thousand of certain operaƟng system components under inventories as spare parts, and the remainder to amounts classified under intangible assets.

The table below shows changes in rights of use, which are already included in the table showing overall changes in property, plant and equipment. The item Land and buildings includes the leases of the proper Ɵes housing the registered offices of the subsidiaries, as well as a branch office of the Parent Company. The item Other assets includes the medium-term leasing of company cars.

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Financial Report

at 30 June 2026 58

Land and buildings Other assets Total

Historical cost 13,199 4,620 17,819 Accumulated amor ƟsaƟon (3,779) (2,796) (6,575) Residual value at 31.12.2025 9,420 1,824 11,244 Investments 13,584 428 14,012 Changes in the scope of consolida Ɵon 177 7 184 Disposals - historical cost (5,773) (223) (5,996) Disposals - accumulated deprecia Ɵon 960 218 1,178 AmorƟsaƟon (967) (469) (1,436) Total changes 7,981 (39) 7,942 Historical cost 21,237 4,837 26,074 Accumulated amor ƟsaƟon (3,836) (3,052) (6,888) Residual value at 30.06.2026 17,401 1,785 19,186 (thousands of euros)

Leases with a term of less than 12 months and leases for assets of low value are recognised through profit or loss under the item “Lease and rental costs”.

8. Intangible assets Intangible assets amounted to €194,180 thousand at 30 June 2026 and recorded a net increase of €3,483 thousand compared to the end of the 2025 financial year, mainly due to the acquisi Ɵon of the company Aiviewgroup on 26 March 2026.

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Financial Report

at 30 June 2026 59

Industrial

patents and

intellectual

property rightsOther

intangible

assetsIntangible

assets in

progress Goodwill Total

Historical cost 295,846 12,358 47,606 93,472 449,282 Accumulated amor ƟsaƟon (249,693) (8,892) 0 0(258,585) Residual value at 31.12.2025 46,153 3,466 47,606 93,472 190,697 Investments 9,809 07,297 017,106 Changes in the scope of consolida Ɵon 86 0 08,868 8,954 Disposals 0 0 0 0 0 Transfers in the year 0 0(9,727) 0(9,727) Other changes 0 0 858 0 858 AmorƟsaƟon (13,257) (451) 0 0(13,708) Total changes (3,362) (451) (1,572) 8,868 3,483 Historical cost 305,813 12,358 46,034 102,340 466,545 Accumulated amor ƟsaƟon (263,022) (9,343) 0 0(272,365) Residual value at 30.06.2026 42,791 3,015 46,034 102,340 194,180 (thousands of euros)

The change in the half-year was mainly a Ʃributable to the following events:

 amorƟsaƟon for the period amoun Ɵng to €13,708 thousand (€10,432 thousand in the first half of 2025);

 investments in intangible assets totalling €17,106 thousand, of which €9,809 thousand related to assets completed and entered into use during the half-year, mainly concerning: i) the transfer to the cloud of an applicaƟon within the non-business-cri Ɵcal operaƟng perimeter at the AOIS Data Centre in Rome Ciampino;

ii) the further implementa Ɵon of the Unmanned Aerial Vehicles Traffic Management (UTM) pla ƞorm; iii) soŌware development and func Ɵonal upgrades related to the FPDAM (Flight Procedure Design and Airspace Management) product;

 Other changes, amoun Ɵng to €858 thousand, relate to items reclassified to this item from property, plant and equipment.

Goodwill totalled €102,340 thousand, an increase of €8,868 thousand compared to 31 December 2025, due to the acquisi Ɵon of the company Aiviewgroup S.r.l., finalised on 26 March 2026 at a total price of €9 million represenƟng 85% of the share capital, and allocated €8.9 million to goodwill as a provisional alloca Ɵon of the excess purchase price of the company compared to the shareholders' equity at the acquisi Ɵon date.

This item also includes the higher acquisi Ɵon value of the subsidiary Techno Sky S.r.l. with respect to net assets at fair value for €66,486 thousand, and is representa Ɵve of future economic benefits. This value is allocated

Consolidated Interim

Financial Report

at 30 June 2026 60 enƟrely to the Maintenance Services CGU, coinciding with the legal en Ɵty Techno Sky S.r.l. It should be noted that, in addi Ɵon to goodwill, no other intangible assets with indefinite useful life were allocated to the CGU in quesƟon. The posi Ɵve difference between the acquisi Ɵon value of the subsidiary IDS AirNav S.r.l. and the current value of net assets, amoun Ɵng to €26,986 thousand, is representa Ɵve of future economic benefits. This value, determined following the purchase price alloca Ɵon process, has been en Ɵrely allocated to the AIM SoŌware Solu Ɵons CGU, coinciding with the legal en Ɵty IDS AirNav.

With reference to intangible assets, including goodwill, it should be noted that there were no internal and/or external indicators of impairment to request a verifica Ɵon of the recoverability of the assets at 30 June 2026 in applicaƟon of the provisions of IAS 36 Impairment of assets .

9. Investments in other en ƟƟes The item Investments in other en ƟƟes amounted to €177 thousand (€53,733 thousand at 31 December 2025) and recorded a net decrease of €53,556 thousand referring to the 8.6% equity investment in Aireon LLC through Aireon Holding Company (Hold Co), reclassified under the item assets held for disposal. Please refer to comment no. 18 for further informa Ɵon.

10. Non-current financial assets Non-current financial assets amounted to €402 thousand and recorded a decrease of €58 thousand compared to 31 December 2025, for financial assets related to Aiviewgroup.

11. Deferred tax assets and deferred tax liabili Ɵes Deferred tax assets and deferred tax liabili Ɵes, as well as deferred tax assets offse Ʃable, where permi Ʃed, against deferred tax liabili Ɵes, are reported in the following below, with amounts impac Ɵng income statement and those impac Ɵng other comprehensive income (Shareholders’ equity) reported separately.

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Financial Report

at 30 June 2026 61

at

31.12.2025Incr./decr. through

profit or lossIncr./decr. for reclassifica Ɵons Exchange rate differences at 30.06.2026 Deferred tax assets Taxed provisions 9,631 114 0 0 9,745 Write-down of inventories 2,280 152 0 0 2,432 DiscounƟng of receivables 1,300 (400) 0 0 900 Tax effect of IFRS conversion 91 0 0 0 91 Others 13,806 498 (8,723) 265 5,846 Total deferred tax assets 27,108 364 (8,723) 265 19,014

Deferred tax liabili Ɵes Others 2,032 31 0 0 2,063 DiscounƟng on debts 81 0 0 0 81 Tax effect of IFRS conversion 142 0 0 0 142 Fair value of deriva Ɵves 620 0 0 0 620 Fair value of investment 306 0 (316) 10 0 Capital gains arising from business combinaƟons 956 (121) 0 0 835 Total deferred tax liabili Ɵes 4,137 (90) (316) 10 3,741 Total offse Ʃable deferred tax assets 27,108 19,014 Total offse Ʃable deferred tax liabiliƟes (4,097) (3,741)

Net deferred tax assets 23,011 15,273 Net deferred tax liabili Ɵes 40 0

(thousands of

euros)

The change during the period in assets for deferred tax assets and deferred tax liabili Ɵes, which present a balance before offse ƫng respec Ɵvely of €19,014 and €3,741 thousand, is a Ʃributable to the following effects:

 the uƟlisaƟon of deferred taxa Ɵon associated with the discoun Ɵng of receivables and balance payables following the recogni Ɵon in the income statement of the por Ɵon pertaining to the half-year;

 the recogni Ɵon of new taxed risk provisions and the provision for doub ƞul accounts as a result of the circumstances discussed in Notes 14 and 20;

 the measurement and reversal to income statement of the elimina Ɵon of margins on Group transac Ɵons;

Consolidated Interim

Financial Report

at 30 June 2026 62  the reversal of the deferred tax liabili Ɵes connected with the purchase price alloca Ɵon of the subsidiary IDS AirNav allocated as intangible assets;

 the reduc Ɵon in deferred tax assets due to the reclassifica Ɵon of deferred tax assets rela Ɵng to Enav North AtlanƟc under the item Assets held for sale, as reported in Note 18.

The Group considers the deferred tax assets recognised to be reasonably recoverable on the basis of the prospecƟve taxable income inferred from the approved plans.

12. Income tax receivables and payables Income tax assets amounted to €8,927 thousand (€16,384 thousand at 31 December 2025), a net decrease of €7,457 thousand compared to 31 December 2025, reflec Ɵng the lower net effect of taxes recognised on an accrual basis in the first half of 2026 and advance payments for IRES and IRAP taxes by the Parent Company and Techno Sky.

Income tax payables amoun Ɵng to €923 thousand (€792 thousand at 31 December 2025) represent the net amount of taxes recognised in the year and the balance paid for the 2025 fiscal year and advance payments in the first half of 2026 for the subsidiary IDS AirNav.

13. Receivables and payables from regulated ac ƟviƟes

at 30.06.2026 at 31.12.2025 Change Non-current receivables from regulated ac ƟviƟes Balance receivables 130,426 195,098 (64,672)

Current receivables from regulated ac ƟviƟes Balance receivables 186,597 220,446 (33,849) (thousands of euros)

Balance receivable , net of the discoun Ɵng effect, totalled €317,023 thousand (€415,544 thousand at 31 December 2025), classified within non-current receivables for €130,426 thousand, which includes: i) the balance that emerged in the first half of 2026 and mainly refer to the balance for traffic risk in charging zone 1 for €1.9 million per unit of service in the final balance, which was -5.50% lower than the figure planned in the Performance Plan; ii) the balance not yet recovered in the tariff rela Ɵng to previous years.

The current por Ɵon of the balance receivable , equal to €186,597 thousand, includes, net of the financial effect, the porƟon relaƟng to the receivables recorded in 2024 and the fourth por Ɵon of the balance recorded in the two-year period 2020-2021. It should be noted that these balance are subject to recovery in five years star Ɵng from 2023 for the en-route credit and for the former first two terminal charging zones and in seven years for

Consolidated Interim

Financial Report

at 30 June 2026 63 the terminal credit of the former third charging zone, in compliance with the request made by the ENAC regulator and envisaged as the recovery Ɵmeframe by Community Regula Ɵon 2020/1627.

at 30.06.2026 at 31.12.2025 Change Non-current payables from regulated ac ƟviƟes Balance payables 10,040 9,681 359

Current payables from regulated ac ƟviƟes Balance payables 22,120 32,819 (10,699) (thousands of euros)

Balance payables total of €32,160 thousand (€42,500 thousand at 31 December 2025), of which the por Ɵon classified as current payables is equal to €22,120 thousand and mainly corresponds to the amount to be repaid in 2026 through the tariff.

The Balance payable in the non-current por Ɵon includes the balance recorded in the first half of 2026, which, gross of the financial component, amount to €4.7 million and relate to the en-route traffic risk balance recognised as a result of final service units that +2.04% higher than planned, and the infla Ɵon balance of €2.6 million, determined on the basis of the 2025 infla Ɵon index.

14. Current and non-current trade receivables Current trade receivables amounted to €340,749 thousand and non-current trade receivables to €326 thousand and recorded the changes reported in the following table during the first half of 2026 compared to 31 December 2025:

Consolidated Interim

Financial Report

at 30 June 2026 64 at 30.06.2026 at 31.12.2025 Change Current trade receivables Receivables from Eurocontrol 255,845 186,267 69,578 Receivables from the Ministry of Economy and Finance 7,769 12,989 (5,220) Receivables from the Ministry of Infrastructure and Transport 45,000 30,000 15,000 Receivables from other customers 58,181 56,420 1,761 Contract assets 12,556 12,405 151 379,351 298,081 81,270 Provision for doub ƞul accounts (38,602) (37,165) (1,437) Total 340,749 260,916 79,833 Non-current trade receivables Receivables from customers 326 273 53 Total 326 273 53 (thousands of euros)

Receivables from Eurocontrol regard to the fees in respect of en-route and terminal revenues not yet received as of 30 June 2026, most of which had not yet fallen due, amoun Ɵng to €188,185 thousand (€134,675 thousand at 31 December 2025) and €67,660 thousand (€51,592 thousand at 31 December 2025), respec Ɵvely, gross of the provision for doub ƞul accounts. The total increase of €69,578 thousand mainly refers to the higher turnover generated in May and June 2026 compared to the receivable in the last two months of 2025 due to the higher air traffic served in the period under review. The receivable from Eurocontrol, net of the direct por Ɵon of the provision for doub ƞul accounts, amounted to €228,178 thousand (€159,723 thousand at 31 December 2025).

Receivable from the Ministry of Economy and Finance (MEF) amoun Ɵng to €7,769 thousand relates en Ɵrely to en-route and terminal exemp Ɵons recognised in the first half of 2026. The receivable at 31 December 2025 of €12,989 thousand was offset, a Ōer approval of the 2025 financial statements, with the payable to the Italian Air Force for collec Ɵons in respect of en-route charges of €68,801 thousand, resul Ɵng in a payable of €55,812 thousand due to the MEF, which was recognised under other current liabili Ɵes.

Receivables from the Ministry of Infrastructure and Transport includes the opera Ɵng grant for the year intended to offset the costs incurred by the Parent Company to guarantee the safety of its plant and opera Ɵonal safety, as provided for by Ar Ɵcle 11-sep Ɵes of Law 248/05, increased by €15 million equal to the por Ɵon pertaining to the first half of 2026.

The provision for doub ƞul accounts totalled €38,602 thousand, with changes in the first half of 2026 broken down as follows:

Consolidated Interim

Financial Report

at 30 June 2026 65

Balance at 31.12.2025 37,165

Provisions 2,078

Releases (641)

Derecogni Ɵon 0 Balance at 30.06.2026 38,602 (thousands of euros)

The period increase in the provision for doub ƞul accounts reflects the posi Ɵons that were subject to write-

down due to the applica Ɵon of the valua Ɵon model adopted, which takes into account the deteriora Ɵon of creditworthiness, as well as punctual write-downs on specific credit posi Ɵons.

The decreases in the provision for doub ƞul accounts refer en Ɵrely to receivables that were pruden Ɵally wriƩen down in previous years and collected in the first half of 2026.

The following table provides a breakdown of current and non-current trade receivables at 30 June 2026 grouped by overdue bands, net of the provision for doub ƞul accounts:

at 30.06.2026 Due Past due 0- 30 daysPast due 31- 90 daysPast due 91- 150 daysPast due over 150

days

Trade receivables 367,121274,377 4,225 3,647 3,372 81,500 Contract assets 12,55612,556 0 0 0 0 Provision for doub ƞul accounts (38,412) (39) (135) (89) (584) (37,565) Provision for impairment of contract assets (190)(190) 0 0 0 0 Net value 341,075286,704 4,090 3,558 2,788 43,935 % of ECL (expected credit loss) by past due band 10.2% 0.1% 3.2% 2.4% 17.3% 46.1% (thousands of euros)

15. Inventories

Inventories, primarily consis Ɵng of spare parts, amounted to €60,058 thousand net of the write-down provision (€59,820 thousand at 31 December 2025) and increased slightly by €238 thousand in the first half of 2026, primarily due to the purchase of hardware for sales projects to foreign customers located in Kosovo and the Republic of Liberia by the subsidiary IDS AirNav.

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Financial Report

at 30 June 2026 66 16. Other current and non-current assets Other non-current assets amounted to €34 thousand (€60 thousand at 31 December 2025), a decrease of €26 thousand compared to the end of 2025.

Other current assets amounted to €39,657 thousand (€38,125 thousand at 31 December 2025) and recorded a net increase of €1,532 thousand due, on the one hand, to the collec Ɵon of part of the projects financed under the NRRP for €8.4 million and the Connec Ɵng Europe Facility (CEF), in addi Ɵon to the closure of posi Ɵons with parƟcipants in the financed projects, and, on the other hand, to the recogni Ɵon of accruals and deferrals on personnel costs accruing in subsequent months and referring mainly to the 14th monthly salary paid to employees in June.

17. Cash and cash equivalents Cash and cash equivalents amounted to €239,892 thousand, a net decrease of €212,026 thousand compared to 31 December 2025. This change was affected not only by the dynamics of collec Ɵons and payments related to ordinary opera Ɵons, which produced a posi Ɵve cash flow mainly due to higher collec Ɵons from the Parent Company's core business, closely associated with the increased air traffic during the period, but also by the collecƟons received as part of the NRRP; however, the overall cash flow (free cash flow) was also affected by other events, such as: i) the payment of the dividend at the end of June 2026 in accordance with the shareholders' resolu Ɵon for a total of €156.7 million; ii) the effect resul Ɵng from the refinancing opera Ɵon, thus the signing of two new Term Loans for a total of €250 million and the simultaneous full repayment of a Term Loan of €360 million maturing in March 2026; iii) the repayment of the half-yearly instalments of the loans in place according to the contractualised amor ƟsaƟon schedules for a total of €9.6 million; and iii) the payment to Aeronau Ɵca Militare of the por Ɵon of terminal collec Ɵons referring to the second half of 2025 for €12.4 million.

18. Assets held for sale and associated liabili Ɵes Assets and liabili Ɵes held for sale include assets amoun Ɵng to €64,137 thousand (€11 thousand at 31 December 2025) and liabili Ɵes amoun Ɵng to €324 thousand (€14 thousand at 31 December 2025). This item includes the assets related to the US subsidiary Enav North Atlan Ɵc LLC, classified as a disposal group pursuant to IFRS 5 as held for sale and mainly related to the value of the investment in Aireon Holding LLC and deferred tax assets, totalling approximately €64 million. This follows the decision taken by company management in April 2026 to proceed with the finalisa Ɵon of acƟviƟes for the sale of the company that holds the equity investment in Aireon Holding LLC, as it is deemed no longer aligned with the strategic vision of the ENAV Group. The transac Ɵon consists of the purchase by Iridium of all the equity interests held by the ANSP shareholders in Aireon, through the sale of the respec Ɵve special purpose vehicles. The total amount of the transac Ɵon is approximately $366.7 million, of which the considera Ɵon paid to the Parent Company for the sale of Enav North Atlan Ɵc LLC is $65.7 million. During the second quarter, the contractual ac ƟviƟes to finalise the transac Ɵon were completed and the closing took place on 2 July 2026.

Consolidated Interim

Financial Report

at 30 June 2026 67 In addiƟon, the item in ques Ɵon includes the assets related to ENAV Asia Pacific for about €15 thousand, for which the Parent Company's Board of Directors resolved on the voluntary liquida Ɵon in December 2024 and the effecƟve iniƟaƟon of the liquida Ɵon procedure in Malaysia in April 2025.

19. Shareholders’ equity Consolidated shareholders’ equity at 30 June 2026 amounted to €1,034,988 thousand and breaks down as follows.

at 30.06.2026 at 31.12.2025 Changes

Share capital 541,744 541,744 0 Legal reserve 62,653 58,540 4,113 Other reserves 364,677 440,270 (75,593) IAS FTA reserve (727) (727) 0 Reserve for actuarial gains/(losses) for employee benefits (7,658) (7,408) (250) Cash flow hedge reserve 1,937 1,957 (20) Reserve for treasury shares (6,600) (6,600) 0 Retained earnings/(loss carryforward) 57,806 47,005 10,801 Profit/(Loss) for the period 20,353 93,056 (72,703) Total equity a Ʃributable to shareholders of the Parent 1,034,185 1,167,837 (133,652) Capital and reserves a Ʃributable to non-controlling interests 1,085 1,016 69 Profit/(loss) a Ʃributable to non-controlling interests (282) 69 (351) Total equity a Ʃributable to non-controlling interests 803 1,085 (282) Total shareholders’ equity 1,034,988 1,168,922 (133,934) (thousands of euros)

On 14 May 2026, at the Ordinary Shareholders' Mee Ɵng convened, among other things, to approve the annual financial statements for the year ended 31 December 2025, it was resolved to allocate the Parent Company net profit for the year of €4,113 thousand to the legal reserve, pursuant to art. 2430(1) Civil Code, €78,142 thousand as dividend to be distributed to shareholders and €2 thousand to be carried forward. In addi Ɵon, a resoluƟon was passed to withdraw an amount of €78,552 thousand from the available capital reserve, in order to distribute, together with the alloca Ɵon of the net profit as dividends, a total dividend of €156,694 thousand, equivalent to €0.29 for each share outstanding on the ex-dividend date, falling on 22 June 2026.

At 30 June 2026, the share capital consisted of 541,744,385 ordinary shares with no nominal value.

Consolidated Interim

Financial Report

at 30 June 2026 68 20. Provisions for risks and charges Provisions for risks and charges totalled €8,353 thousand, of which the por Ɵon classified in current liabili Ɵes amounted to €7,747 thousand, and changed as reported in the following table.

at 31.12.2025 IncreasesTo profit or

lossUƟlisaƟonat 30.06.2026

Provisions for disputes with personnel 5,540 3,203 0 (574) 8,169 Provision for other pending li ƟgaƟon 49 18 0 0 67 Provisions for other charges 202 71 0 (156) 117 Total provisions 5,791 3,292 0 (730) 8,353 (thousands of euros)

At 30 June 2026, the provision for personnel-related li ƟgaƟon amounted to €8,169 thousand and highlights in the period under review, an overall increase of 3.2 million to take into account li ƟgaƟon the liability risk of which is considered probable. Uses of the provision relate to the unfavourable ruling of some disputes with personnel in the first half of 2026. At 30 June 2026 the total value of legal claims rela Ɵng to outstanding disputes for which Group legal counsel have deemed the risk of a loss to be possible is €5.7 million.

Consolidated Interim

Financial Report

at 30 June 2026 69 21. Severance pay and other employee benefits The provision for severance pay and other employee benefits amounted to €31,088 thousand, and is composed of the employee severance pay provision governed by Ar Ɵcle 2120 of the Civil Code, which reports the esƟmated liability determined using actuarial techniques in respect of amounts payable to ENAV Group employees at the end of their employment rela Ɵonship.

Developments in the liability for severance pay and other employee benefits during the half-year break down

as follows:

at 30.06.2026 at 31.12.2025

LiabiliƟes for employee benefits at the beginning of the year 32,361 36,428 Interest cost 543 1,082 Actuarial (gains)/losses on defined benefits 250 (535) Advances, benefit payments and other varia Ɵons (2,066) (4,614) LiabiliƟes for employee benefits at the end of the year 31,088 32,361 (thousands of euros) The interest cost component of the provision, equal to €543 thousand, was recognised under financial expense.

The uƟlisaƟon of €2,066 thousand of the severance pay provision reflected benefits paid out to personnel leaving the Group during the half-year and advances disbursed to personnel who so requested.

The difference between the expected value of provision at the end of the observa Ɵon period and the expected present value of benefits payable in the future, recalculated at period end on the basis of the updated assumpƟons, represents the actuarial gain (loss). At 30 June 2026, this calcula Ɵon generated an actuarial loss of €250 thousand.

The discount rate used to determine the current value of the bond was equal to 3.43% (3.37% at 31 December 2025) taken from the Iboxx Corporate AA index with dura Ɵon 7-10 recorded at the valua Ɵon date.

Consolidated Interim

Financial Report

at 30 June 2026 70 22. Current and non-current financial liabili Ɵes Current and non-current financial liabili Ɵes include payables to credit ins ƟtuƟons for medium- and long-term loans with the short-term por Ɵon shown under current financial liabili Ɵes including interest expense recognised on an accrual basis, financial liabili Ɵes for leases and other financial payables mainly represented by the put opƟon on non-controlling interests acquired in connec Ɵon with the acquisi Ɵon of Aiviewgroup.

The values of these items at 30 June 2026 compared with those at 31 December 2025 and the associated changes are shown below:

at 30.06.2026 at 31.12.2025 Changes

current

sharenon-

current

share Totalcurrent

sharenon-

current

share Totalcurrent

sharenon-

current

share Total

Bank loans 21,500428,144 449,644 379,726 188,016 567,742 (358,226) 240,128 (118,098) Lease liabili Ɵes as per IFRS 16 2,86616,858 19,724 2,709 8,76411,473 1578,094 8,251 Other financial payables 441,576 1,620 0 0 0 441,576 1,620 Total 24,410446,578 470,988 382,435 196,780 579,215 (358,025) 249,798 (108,227) (thousands of euros)

Bank loans at 30 June 2026 recorded a net decrease of €118,098 thousand due to both a refinancing transacƟon, completed in January 2026, of part of the maturing debt with the taking out of (i) a Term Loan of €150 million, with a term of 5 years, and (ii) a Term Loan of €100 million, with a term of 3 years, with a pool of banks (Intesa Sanpaolo, UniCredit and Mediobanca). Both new loans bear a floa Ɵng rate indexed to 3M EUR and provide for full repayment at maturity. In accordance with market prac Ɵces, the financing contract also includes nega Ɵve pledge, pari passu , cross-default and change of control clauses and also provides for compliance with financial covenants, verified on an annual and half-yearly basis and calculated on the Group's consolidated data. The parameters have not changed from those in place on exis Ɵng loans and described in the consolidated financial statements at 31 December 2025. At 30 June 2026, based on the figures for performance and financial posi Ɵon reported in the Condensed Consolidated Interim Financial Statements, it is felt that the covenants in the exis Ɵng loan agreements have been complied with.

The proceeds from this refinancing transac Ɵon were used to cover a por Ɵon of the full repayment of the €360 million Term Loan signed in March 2023. The instalments of the loans under amor ƟsaƟon have also been repaid, of which the following are highlighted: i) the repayment of the half-yearly instalment of the loan with EIB of iniƟal €80 million for an amount of €2,667 thousand; ii) the payment of the half-yearly instalment of another loan with EIB of ini Ɵal €100 million for an amount of €4,476 thousand; iii) the repayment of a half-yearly instalment of the loan with EIB of ini Ɵal €70 million for an amount of €2,414 thousand.

Consolidated Interim

Financial Report

at 30 June 2026 71 The porƟons of the loans, to be repaid within the first half of 2027, in line with the repayment plans, are shown under current liabili Ɵes for a total of €21,500 thousand, including accruals accrued and the effects connected to the amor Ɵsed cost.

At 30 June 2026, the Group had undrawn commi Ʃed and uncommi Ʃed short-term credit lines for €143 million, plus the remaining €80 million loan commitment signed with the EIB.

The esƟmated average annual debt rate on bank loans is 2.81%, lower than the average borrowing rate at 31 December 2025 (3.59%).

In connec Ɵon with the disclosure required under IFRS 7, it is reported that the fair value of bank loans at 30 June 2026 is es Ɵmated at €437.3 million. The es Ɵmate was made considering a free risk curve of market rates, plus a spread equal to the BTP/Bund differen Ɵal to reflect the credit risk component.

Lease liabili Ɵes as per IFRS 16 include a total of €19,724 thousand in financial liabili Ɵes in respect of rights of use, broken down into long- and short-term in accordance with contractual due dates. During the first half of the year, a net increase of €8,251 thousand was recorded following the renego ƟaƟon and expansion of the lease contract for Via Casale Cavallari in Rome.

The following table reports the composi Ɵon of net financial debt at 30 June 2026 determined in accordance with the guidelines on disclosure requirements under the Prospectus Regula Ɵon issued by the European SecuriƟes & Markets Authority (ESMA) on 4 March 2021, which took effect on 5 May 2021, and were incorporated in CONSOB warning no Ɵce no. 5/21 of 29 April 2021 and considering the liquidity of the subsidiary Enav North Atlan Ɵc for a total of €4 thousand, classified under assets held for sale. The following table differs from the statement reported in the interim report on opera Ɵons (Net Financial Debt) by €44 thousand rela Ɵng to the hedging deriva Ɵve instrument classified under current financial liabili Ɵes.

Consolidated Interim

Financial Report

at 30 June 2026 72

at 30.06.2026of which with related

parƟesat

31.12.2025of which with related

parƟes

(A) Cash and cash equivalents 239,897 0451,917 0 (B) Other cash equivalents 0 0 0 0 (C) Other current financial assets 0 0 0 0 (D) Liquidity (A)+(B)+(C) 239,897 0451,917 0 (E) Current financial debt (2,866) 0(2,709) 0 (F) Current por Ɵon of non-current debt (21,500) 0(379,726) 0 (G) Current financial debt (E)+(F) (24,366) 0(382,435) 0 (H) Net current financial posi Ɵon (D)+(G) 215,531 069,482 0 (I) Non-current bank loans (446,578) 0(196,780) 0 (J) Debt instrument 0 0 0 0 (K) Non- current payables from regulated and commercial ac ƟviƟes (10,343) 0(10,152) 0 (L) Non-current financial debt (I)+(J)+(K) (456,921) 0(206,932) 0 (M) Total Net Financial Debt – ESMA (H)+(L) (241,390) 0(137,450) 0 (thousands of euros)

23. Current and non-current trade payables At 30 June 2026, current trade payables totalled €120,847 thousand (€139,373 thousand at 31 December 2025) and recorded a net decrease of €18,526 thousand, both due to payments made in the first half of the year and lower invoices received from the Group's suppliers during the first half of 2026.

24. Other current and non-current liabili Ɵes Other current and non-current liabili Ɵes recorded an overall posi Ɵve net change of €38,527 thousand, compared to 31 December 2025, following the changes recorded in the items in the following table:

Consolidated Interim

Financial Report

at 30 June 2026 73

at 30.06.2026 at 31.12.2025 Changes

current

sharenon-current

share Totalcurrent

sharenon-current

share Totalcurrent

sharenon-current

share Total

Payments

on account 44,400 044,400 87,327 087,327 (42,927) 0(42,927) Tax payables 19,347 019,347 9,780 09,780 9,567 09,567

Social

security

payables 42,295 042,295 24,888 024,888 17,407 017,407

Other

payables 136,758 24136,782 72,001 072,001 64,757 2464,781

Deferred

income 16,527 126,704 143,231 16,274 137,258 153,532 253(10,554) (10,301) Total 259,327 126,728 386,055 210,270 137,258 347,528 49,057 (10,530) 38,527 (thousands of euros)

Payments on account totalled to €44,400 thousand and include €35,849 thousand in respect of the debt to the Italian Air Force (IAF) for the por Ɵon of accrued revenues received in the first half of 2026 for en-route and terminal services and €8,551 thousand in respect of the debt to Italian Civil Avia Ɵon Authority (ENAC) for accrued revenues concerning the same services. During the first half, the IAF was paid its accrued share for terminal services in the total amount of €12.4 million and IAF payments on account for en-route services registered at 31 December 2025 for €68.8 million were offset against the receivable due from the Ministry for the Economy and Finance (MEF), which produced a payable of €55.8 million, which was recognised under other payables.

Tax payables of €19,347 thousand mainly refer to the IRPEF (personal income tax) payable for employees, which was paid in July 2026 and increased compared to 31 December 2025 due to the higher payable accrued on the June staff accruals, which included the 14th monthly payment.

Social security payables , amounƟng to €42,295 thousand, recorded an increase of €17,407 thousand compared to 31 December 2025, both due to higher personnel accruals and contribu Ɵons accrued on provisioned personnel costs for the period.

Other payables , which amounted to €136,758 thousand, recorded a net increase of €64,781 thousand compared to 31 December 2025, a Ʃributable, in addi Ɵon to the recogni Ɵon of the payable to the MEF for €55.8 million, to the payable to employees recognised on an accrual basis in the first half of 2026 and referring specifically to the variable por Ɵon of remunera Ɵon.

Deferred income mainly refers to deferred income rela Ɵng to investment projects that had received grant support, of which the current por Ɵon represents the amount that will be reversed to profit or loss in the next

Consolidated Interim

Financial Report

at 30 June 2026 74 12 months. The net change in the period is due to the recogni Ɵon in the income statement of the por Ɵon of plant contribu Ɵons related to specific financed investments.

Consolidated Interim

Financial Report

at 30 June 2026 75 Notes to the condensed consolidated statement of profit or loss

25. Revenues from contracts with customers Revenues from contracts with customers, represented by revenues from opera Ɵng acƟviƟes and the balance adjustment component, totalled €462,352 thousand, up by €33,283 thousand compared to the first half of 2025, due to the increased assisted air traffic, which had a posi Ɵve impact on the Parent Company's core business revenues, which amounted to €531.2 million, up by 3.9% compared to the first half of 2025, and to acƟviƟes carried out on the unregulated market, up by 40.7% compared to the same period of the previous year.

The following tables provide a breakdown of the individual items that make up the revenues from contracts with customers in addi Ɵon to a breakdown of those revenues by nature and type of ac Ɵvity in accordance with the requirements of IFRS 15.

1H 2026 1H 2025 Changes %

En-route revenues 398,778 381,503 17,275 4.5% Terminal revenues 124,702 122,922 1,780 1.4% En-route and terminal exemp Ɵons 7,769 6,826 943 13.8% Revenues from non-regulated market 20,696 14,705 5,991 40.7% Total revenues from opera Ɵons 551,945 525,956 25,989 4.9% Balance (89,593) (96,887) 7,294 -7.5% Total revenues from contracts with customers 462,352 429,069 33,283 7.8% (thousands of euros)

En-route revenue amounted to €398,778 thousand, up by €17,275 thousand, compared to the corresponding period of the previous year, as a result of the higher service units developed in the repor Ɵng period, which amounted to +6.3% (+7.3% 1H2025 vs 1H2024) with a good performance of interna Ɵonal and overflight traffic.

This result is reflected in revenues, although the unit rate applied in 2026 is reduced by 1.8% compared to the unit rate in 2025 (€73.61 in 2026 vs. €74.94 in 2025), change that is zeroed if the unit rate is considered net of the balance component.

Considering en-route revenues also with the component of exempt flights, which recorded an increase of 15% due to the higher service units developed in the period (+17.2% vs 1H2025) and the adjustment component for Balance, en-route revenues amounted to a total of €330.7 million, as shown below:

Consolidated Interim

Financial Report

at 30 June 2026 76

1H 2026 1H 2025 Changes %

En-route revenues 398,778 381,503 17,275 4.5% En-route exemp Ɵons 6,209 5,397 812 15.0% Subtotal revenues 404,987 386,900 18,087 4.7% En-route balance for the period (4,009) (1,102) (2,907) n.a.

En-route discoun Ɵng balance for the period 109 153 (44) -28.8% Change in en-route balance (148) (3,350) 3,202 -95.6% Use of en-route balance (n-2) (70,216) (73,207) 2,991 -4.1% Subtotal balance (74,264) (77,506) 3,242 -4.2% Total en-route revenues with balance 330,723 309,394 21,329 6.9% (thousands of euros)

The en-route balance for the half-year period had a nega Ɵve impact of €4 million and refers to the balance for traffic risk resul Ɵng from the higher service units recorded in the final balance compared to the figure planned in the performance plan (+2.04%) and the infla Ɵon balance recorded on the basis of the infla Ɵon index at the end of 2025, which amounted to €1.9 million. In the period under comparison, the change in service units stood at 1.1%, therefore within the 2% threshold, with minor changes in some balance items in return to carriers. The item Change in en-route balance, which has a nega Ɵve impact of 148 thousand of euros, mainly relates to the Eurocontrol cost delta between the amount included in the unit rate in 2025 and the amount actually recognised at the close of the previous year figures. The balance of the balance item is also affected by “Use of en-route balance (n-2)” referring to the balance recognised in the 2020-2021 combined-period, in addi Ɵon to the balance recognised in the two previous years for the por Ɵon pertaining to the half-year and recoverable in the tariff in 2026.

Terminal revenues amounted to €124,702 thousand, an increase of 1.4% compared to the first half of 2025, due to the posi Ɵve trend in service units developed at individual airports categorised by charging zones, which overall stood at +3.5% (+4.4% in 1H2025 vs 1H2024), due to the posi Ɵve results of interna Ɵonal traffic that offset the nega Ɵve trend in domes Ɵc air traffic.

Charging zone 1 , now represented by the airports of Rome Fiumicino, Milan Malpensa, Milan Linate, Venice Tessera and Bergamo Orio al Serio, recorded an increase in assisted air traffic, expressed in service units, of +1.5% compared to the corresponding period of the previous financial year (+3.6% 1H2025 vs 1H2024) with parƟcularly posi Ɵve results for interna Ɵonal air traffic. The unit rate applied in 2026 amounts to €177.19, a reducƟon of 3.7% compared to 2025, a change that is cancelled out if only the unit rate net of the balance component is considered.

Consolidated Interim

Financial Report

at 30 June 2026 77 Charging zone 2, comprising 40 airports with medium and low traffic, recorded a higher value in managed air traffic, expressed in service units, of +6.1% compared to the corresponding period of 2025 (+5.4% H12025 vs H12024), and mainly related to interna Ɵonal air traffic and to a lesser extent to domes Ɵc air traffic. The 2026 tariff stands at €331.96, a decrease of 2.2% compared to the tariff applied in 2025 and an increase of 2.4% if the tariff net of the balance component is considered.

Considering terminal revenues together with revenues from exempt flights, which increased by 9.2% compared to the corresponding period of the previous year due to the higher number of managed service units during the half-year (+11.2%), and the adjustment component for Balance, terminal revenues total €110.9 million, an increase of €6 million compared to the first half of 2025.

1H 2026 1H 2025 Changes %

Terminal revenues 124,702 122,922 1,780 1.4% Terminal exemp Ɵons 1,560 1,429 131 9.2% Subtotal 126,262 124,351 1,911 1.5% Terminal balance for the period 1,247 1,032 215 20.8% Terminal discoun Ɵng balance for the period (34) (36) 2 -5.6% Change in terminal balance (155) 0 (155) n.a.

Use of terminal balance n-2 (16,387) (20,377) 3,990 -19.6% Subtotal (15,329) (19,381) 4,052 -20.9% Total terminal revenues with balance 110,933 104,970 5,963 5.7% (thousands of euros)

The terminal balance for the half-year had a posi Ɵve impact of €1.2 million, represented by the posi Ɵve traffic risk balance that emerged for the first charging zone, where the actual service units stood at -5.50% compared to the figure planned in the Performance Plan, while the second charging zone recorded a change of -0.26%, in terms of service units, below the 2% threshold, and the nega Ɵve inflaƟon balance for a total of €0.7 million. In the comparison period, there was a balance from traffic risk in return to carriers for the second charging zone, which had generated a -3.03% change in final service units compared to the planned figure. The total value of the terminal balance is affected by the u ƟlisaƟon in the income statement of the balance recognised in the 2020-2021 combined-period for the por Ɵon of the half-year in addi Ɵon to the balance recognised in the two previous years and being recovered in the 2026 tariff.

Consolidated Interim

Financial Report

at 30 June 2026 78 Revenues from the non-regulated market amounted to €20,696 thousand and recorded an increase of €5,991 thousand, compared to the same period of the previous year, both due to the advancement of ac ƟviƟes related to various orders, including aeronau Ɵcal consultancy for the development of the Na Ɵonal Plan for air naviga Ɵon in Saudi Arabia, the project for the supply, installa Ɵon and commissioning of a new radar for air traffic surveillance in both the military and civil sectors at the Sigonella Air Base, and for in-flight control ac ƟviƟes of air naviga Ɵon systems in Romania, Kenya, Croa Ɵa and Uganda. New orders contributed to the results for the first half of 2026, including the contract formalised with the Airports Authority of India for the supply of soŌware licences for the EMACS (ElectroMagne Ɵc Airport Control and Survey) product, the supply of licences and services for the AMHS (Aeronau Ɵcal Message Handling System) system to the customer in Uzbekistan, the iniƟal acƟviƟes related to the project for the supply of a remote tower in Malaysia, and the revenues of €1.4 million from the subsidiary Aiviewgroup, joined the Group as of 26 March 2026, the date of acquisi Ɵon of control of the company.

1H 2026 1H 2025 Changes %

Revenues from non-regulated market Sale of licences and delivery of services 11,688 8,794 2,894 32.9% Flight inspec Ɵon 1,172 895 277 30.9% AeronauƟcal consul Ɵng 1,903 1,263 640 50.7% Technical and engineering services 3,578 2,097 1,481 70.6% Unmanned aerial vehicle services 173 300 (127) -42.3% Remotely piloted detec Ɵon and inspec Ɵon services 1,412 0 1,412 100.0% Training 72 22 50 n.a.

Other revenues 698 1,334 (636) -47.7% Total revenues from non-regulated market 20,696 14,705 5,991 40.7% (thousands of euros)

26. Other opera Ɵng revenues and income Other opera Ɵng revenues and income amounted to €26,359 thousand, showing an increase of €560 thousand compared to the first half of 2025. This was mainly due to capital grants recognised in the income statement, amounƟng to €8.9 million (€8.2 million in the first half of 2025), propor Ɵonate to the deprecia Ɵon and amorƟsaƟon of the assets to which the grants relate, including Na Ɵonal Opera Ɵonal Plan (PON) and NRRP contribuƟons. This item also includes the opera Ɵng grant of €15 million recognised to the Parent Company pursuant to Ar Ɵcle 11 sep Ɵes of Law 248/05, commensurate to the half-year, in order to compensate costs incurred to ensure the safety of its plants and opera Ɵng safety.

Consolidated Interim

Financial Report

at 30 June 2026 79 Below is a breakdown of total revenues for the first half of 2026 compared to the corresponding period of the previous year, broken down by geographic area.

Revenues 1H 2026% of revenues 1H 2025% of

revenues

Italy 472,976 96.8% 443,506 97.5%

EU 4,504 0.9% 5,308 1.2%

Extra-EU 11,231 2.3% 6,054 1.3% Total revenues 488,711 454,868 (thousands of euros)

27. Costs for raw materials, supplies, consumables and goods, costs for services, costs for leases and rentals and other opera Ɵng costs The costs in ques Ɵon amount to a total of €85,676 thousand, an increase of 4.2% compared to the corresponding period of the previous financial year, which would amount to a lower increase (+3.6%) not considering the costs brought by Aiviewgroup, and are composed as shown in the table below.

Consolidated Interim

Financial Report

at 30 June 2026 80

1H 2026 1H 2025 Changes %

Costs for raw materials, supplies, consumables and goods 3,463 3,458 5 0.1% Costs for services:

Maintenance costs 13,442 13,030 412 3.2% Costs for Eurocontrol contribu Ɵons 22,356 21,707 649 3.0% Costs for u ƟliƟes and telecommunica Ɵons 13,771 14,281 (510) -3.6% Costs for insurance 1,670 1,873 (203) -10.8% Cleaning and security 3,631 2,673 958 35.8% Other personnel-related costs 8,145 7,657 488 6.4% Professional services 9,255 7,854 1,401 17.8% Other costs for services 7,109 7,027 82 1.2% Total Costs for Services 79,379 76,102 3,277 4.3% Costs for leases and rentals 875 899 (24) -2.7% Other opera Ɵng expenses 1,959 1,726 233 13.5% Total 85,676 82,185 3,491 4.2% (thousands of euros)

The costs for services showed a net increase of €3,277 thousand compared to the same period of the previous year. This reflected an increase in cleaning costs linked to the renewal of contracts, which saw an update in prices, higher costs related to the travel of employees associated with ac ƟviƟes on foreign job orders, an increase in professional services for specialist support for Group ac ƟviƟes, and a higher cost of contribu Ɵons paid to Eurocontrol. These increases were partly offset by the reduc Ɵon in electricity costs, which benefited from lower prices associated with the change of operator and the insurance tender, which resulted in a lower unit cost.

28. Personnel cost Personnel costs amounted to €328,789 thousand and recorded an increase of €19,051 thousand, compared to the first half of 2025, which is reflected in the fixed component of remunera Ɵon and to a lesser extent in the variable component.

Consolidated Interim

Financial Report

at 30 June 2026 81

1H 2026 1H 2025 Changes %

Wages and salaries, of which:

fixed remunera Ɵon 177,387 166,008 11,379 6.9% variable remunera Ɵon 53,956 51,725 2,231 4.3% Total wages and salaries 231,343 217,733 13,610 6.3% Social security contribu Ɵons 76,570 72,326 4,244 5.9% Employee severance pay (TFR) 14,985 14,231 754 5.3% Other costs 5,891 5,448 443 8.1% Total personnel cost 328,789 309,738 19,051 6.2% (thousands of euros)

In parƟcular, fixed remunera Ɵon increased by €11,379 thousand due to the 2.5% revalua Ɵon of contractual minimums effec Ɵve from January 2026, in accordance with the agreements signed with the trade unions, due to the 2% revalua Ɵon of contractual minimums defined in previous years, with the last increase effec Ɵve from 1 July 2025, and due to the stabilisa Ɵon in fixed remunera Ɵon of part of the performance bonus for employees in line with the agreements signed between the par Ɵes. At the end of the first half of 2026, the Group’s workforce stood at +65 average full- Ɵme equivalents and +38 actual employees compared to the first half of 2025, with a Group headcount of 4,574 actual employees (4,536 in the first half of 2025), of which 30 employees are related to Aiviewgroup for €0.4 million.

Variable remunera Ɵon recorded a net increase totalling €2,231 thousand, mainly due to the increase in operaƟonal overƟme due to the greater assisted air traffic and to holiday en Ɵtlement accrued and not taken.

Social security contribu Ɵons increased by €4,244 thousand, In line with the increase in the taxable base, other personnel costs recorded a net increase of €443 thousand compared to the corresponding period of the previous financial year, due to the greater early re Ɵrement incen Ɵve offset by the reduc Ɵon in personnel insurance costs following the lower cost obtained at the Ɵme of contract renewal.

The following table provides a breakdown of Group’s headcount by professional category:

Consolidated Interim

Financial Report

at 30 June 2026 82

1H 2026 1H 2025 Change

ExecuƟves 55 53 2 Middle managers 415 425 10 Office staff 4,104 4,058 46 Workforce at period end 4,574 4,536 38 Average workforce 4,597 4,532 65

29. Capitalised costs for internal work Capitalised costs for internal work amounted to €17,877 thousand, an increase of €3,797 thousand compared to the figure for the corresponding period of the previous financial year, referring to the increased ac ƟviƟes performed by Group personnel employed in investment projects in progress.

30. Financial income and expense Financial income and expenses showed an overall nega Ɵve balance of €1,028 thousand, an improvement compared to the first half of 2025, due to the lower incidence of financial expenses and the posi Ɵve effect of foreign currency posi Ɵons (€0.2 million), which in the first half of 2025, had a nega Ɵve impact of €1.2 million.

1H 2026 1H 2025 Changes %

Income from investments in other en ƟƟes 1,167 0 1,167 n.a.

Financial income from discoun Ɵng of balance and receivables 1,412 3,005 (1,593) -53.0% Other interest income 3,586 4,748 (1,162) -24.5% Total financial income 6,165 7,753 (1,588) -20.5% (thousands of euros)

Financial income recorded a net decrease of €1.6 million due to the reduced impact of the financial component of balance receivables, recognised in the income statement for the share pertaining to the period, and lower interest income earned on bank current account balance. These effects were par Ɵally offset by the collec Ɵon of dividends received from ESSP for €1.2 million.

Consolidated Interim

Financial Report

at 30 June 2026 83

1H 2026 1H 2025 Changes %

Interest expense on bank loans 6,558 10,371 (3,813) -36.8% Interest expense on employee benefits 543 558 (15) -2.7% Interest expense on lease liabili Ɵes 273 137 136 99.3% Other interest expense 51 47 4 8.5% Total financial expense 7,425 11,113 (3,688) -33.2% (thousands of euros)

Financial expenses decreased overall by €3.7 million mainly due to the lower interest expense on variable rate exposure linked both to the reduc Ɵon in bank debt and to the improvement in the condi Ɵons applied. The average cost of debt on an annual basis is es Ɵmated at 2.81%, down from the average rate for 2025, when it was 3.59%.

31. Income taxes for the period Income taxes for the period totalled €9,233 thousand, an increase of €3,458 thousand, compared to the first half of 2025, due to the higher taxable income that affected current taxes and the different impact associated with deferred tax assets.

1H 2026 1H 2025 Changes %

IRES (corporate income tax) 7,692 2,615 5,077 n.a.

IRAP (regional business tax) 1,995 1,060 935 88.2% Total current taxes 9,687 3,675 6,012 n.a.

Deferred tax assets (365) 2,301 (2,666) n.a.

Deferred tax liabili Ɵes (89) (201) 112 -55.7% Total current tax and deferred tax assets and liabili Ɵes 9,233 5,775 3,458 59.9% (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 84 Other informa Ɵon

32. Segment repor Ɵng The informa Ɵon on opera Ɵng segments has been prepared in accordance with the provisions of IFRS 8 ‘OperaƟng Segments’, which require that the informa Ɵon be presented in a manner consistent with the procedures adopted by the "Chief Opera Ɵng Decision Maker" (CODM), iden Ɵfied as the Chief Execu Ɵve Officer of the Parent Company. The ENAV Group is organised in strategic units iden Ɵfied on the basis of the nature of the services provided and, for the purposes of monitoring by management, has the three opera Ɵng segments

described below:

 Flight assistance services : the opera Ɵng segment coincides with the legal en Ɵty of the Parent Company, ENAV, whose core business is providing air traffic control and management services and other essen Ɵal air navigaƟon services in Italian airspace and at the na Ɵonal civil airports for which it is responsible, ensuring the highest technical and system standards in flight safety and upgrading the technology infrastructure of air naviga Ɵon systems;

 Maintenance services: the opera Ɵng segment coincides with the subsidiary Techno Sky S.r.l. whose core business is the technical management and maintenance of air traffic control equipment and systems. Air infrastructure, like the country’s other logis Ɵcs infrastructure, requires constant maintenance and conƟnuous development to ensure safety, punctuality and opera Ɵonal conƟnuity. This is clearly stated in the European Union’s Single European Sky regula Ɵons, which on the one hand define the future structure of the air traffic management system and on the other set the technological, qualita Ɵve, economic and environmental targets that all service providers must meet;

 AIM soŌware solu Ɵons services : this opera Ɵng segment coincides with the subsidiary IDS AirNav S.r.l., whose core business is the development of so Ōware solu Ɵons for the management of aeronau Ɵcal informaƟon and air traffic and the provision of associated commercial and maintenance services, for a range of customers in Italy, Europe and around the world.

The column Other sectors is also provided, which includes the residual ac ƟviƟes of the Group that do not fall into the sectors men Ɵoned above and do not present indicators of impairment.

No opera Ɵng segment has been aggregated to create the opera Ɵng segments subject to repor Ɵng indicated below for 1H 2026 and 1H 2025.

Consolidated Interim

Financial Report

at 30 June 2026 85

1H 2026

Flight

assistance

servicesMaintenance

servicesAIM soŌware

soluƟonsOther sectorsConsolida Ɵon

adjustments /

reclassifica Ɵons Enav Group

Revenues from third par Ɵes 470,682 2,872 12,918 2,223 16 488,711 Intersegment revenues 4,191 47,214 2,266 213 (53,884) 0 Total revenues 474,873 50,086 15,184 2,436 (53,868) 488,711 Personnel costs (281,950) (38,868) (7,602) (369) 0 (328,789) Other net costs (102,675) (10,133) (6,201) (1,785) 52,995 (67,799) Total opera Ɵng costs (384,625) (49,001) (13,803) (2,154) 52,995 (396,588) AmorƟsaƟon (57,399) (1,191) (1,232) (696) 783 (59,735) Write-downs and provisions (1,912) (75) (135) 67 0 (2,055)

EBIT 30,937 (181) 14 (347) (90) 30,333

Financial income/(expenses) (810) (184) 41 (64) (12) (1,029) Income before taxes 30,127 (365) 55 (411) (102) 29,304 Taxes for the period (9,090) (26) (21) (118) 22 (9,233) Consolidated profit/(loss) for the period 21,037 (391) 34 (529) (80) 20,071 Total Assets 2,058,709 171,744 49,190 81,661 (275,608) 2,085,696 Total Liabili Ɵes 1,092,739 86,433 27,050 12,299 (167,783) 1,050,738 Net Financial Debt (246,760) (9,127) 5,802 8,651 0 (241,434) (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 86

1H 2025

Flight

assistance

servicesMaintenance

servicesAIM soŌware

soluƟonsOther sectorsConsolida Ɵon

adjustments /

reclassifica ƟonsEnav Group

Revenues from third par Ɵes 442,888 1,555 9,620 805 0454,868 Intersegment revenues 4,603 45,558 1,933 37 (52,131) 0 Total revenues 447,491 47,113 11,553 842 (52,131) 454,868 Personnel costs (268,338) (34,740) (6,660) 0 0(309,738) Other net costs (103,885) (8,453) (6,382) (938) 51,553 (68,105) Total opera Ɵng costs (372,223) (43,193) (13,042) (938) 51,553 (377,843) AmorƟsaƟon (55,511) (863) (1,100) (699) 917 (57,256) Write-downs and provisions (2,308) 21 (177) 0 0 (2,464)

EBIT 17,449 3,078 (2,766) (795) 339 17,305

Financial income/(expenses) (3,910) (105) (468) (49) 0 (4,532) Income before taxes 13,539 2,973 (3,234) (844) 339 12,773 Taxes for the period (4,799) (939) 62 3 (102) (5,775) Consolidated profit/(loss) for the period 8,740 2,034 (3,172) (841) 237 6,998 Total Assets 2,268,773 144,110 44,527 77,223 (268,875) 2,265,758 Total Liabili Ɵes 1,236,038 64,238 33,909 11,928 (167,307) 1,178,806 Net Financial Debt (355,316) (1,458) 969 6,052 0(349,753) (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 87 33. Related par Ɵes ENAV Group related par Ɵes were iden Ɵfied in accordance with the provisions of IAS 24 Related-party disclosures and are involved in transac Ɵons carried out in the interest of the Group, are part of ordinary operaƟons and are se Ʃled on market terms and condi Ɵons unless otherwise indicated. On 17 March 2025, the Board of Directors of the Parent Company, having obtained a favourable opinion of the Control, Risks and Related Par Ɵes Commi Ʃee, approved the new Procedure governing related-party transac Ɵons, which incorporates the amendment of the Related Par Ɵes Regula Ɵon introduced by CONSOB with Resolu Ɵon no.

21624 of 10 December 2020 in implementa Ɵon of the enabling authority contained in the amended version of ArƟcle 2391-bis of the Italian Civil Code. The procedure was prepared in conformity with that ar Ɵcle of the Civil Code and in compliance with the principles dictated by the “Regula Ɵon containing provisions on related-party transacƟons” approved with CONSOB Resolu Ɵon no. 17221 of 12 March 2010 as amended.

The following tables show the balance sheet and income statement balances arising from the Group's transacƟons with related en ƟƟes outside the Group, including those concerning administra Ɵve staff, members of the Board of Statutory Auditors, and execu Ɵves with strategic responsibili Ɵes, for the first half of 2026 and the balance sheet at 31 December 2025 and income statement balances for the first half of 2025, respec Ɵvely.

Balance Sheet and Income Statement Balances at 30 June 2026 Company Name Trade

receivables

and other

current and

non-current

assetsTrade

payables and

other current

liabiliƟes Revenues and

other

operaƟng

revenuesCosts for

goods and

services and

other

operaƟng

costsCosts for

leases and

rentals

External related par Ɵes Min. of Economy and Finance 7,769 83,841 7,769 0 0 Ministry of Infrastructure and Transport 45,167 0 17,369 0 0 ITA Airways 12,354 0 34,237 0 0 Leonardo Group 458 12,141 190 1,123 0 CDP Group 623 16,357 694 6,065 0 Other external related par Ɵes 193 8 494 54 16 Balance in financial statements 380,406 379,870 578,304 84,801 876 inc.% related par Ɵes on balance of Financial Statements 17.5% 29.6% 10.5% 8.5% 1.8% (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 88

Balance sheet balances at 31.12.2025- Income statement balances at 1H 2025 Company Name Trade

receivables and

other current

assetsTrade payables

and other

current

liabiliƟesRevenues and

other

operaƟng

revenuesCosts for goods

and services

and other

operaƟng costsCosts for leases

and rentals

External related par Ɵes Min. of Economy and Finance 12,989 68,801 6,826 0 0 Ministry of Infrastructure and Transport 37,308 0 19,610 0 0 ITA Airways 10,888 0 38,437 0 0 Leonardo Group 377 16,340 132 627 0 CDP Group 329 29,918 345 6,104 0 Other external related par Ɵes 41 14 37 257 13 Balance in financial statements 299,041 349,172 551,755 81,286 899 inc.% related par Ɵes on balance of Financial Statements 20.7% 33.0% 11.9% 8.6% 1.4% (thousands of euros)

The nature of the main transac Ɵons with external related par Ɵes, namely the Ministry for the Economy and Finance (MEF) and the Ministry of Infrastructure and Transport (MIT) and the en ƟƟes subject to the control of the MEF are in line with what emerged in the 2025 Integrated Annual Report to which reference is made.

ExecuƟves with strategic responsibility (DIRS) comprise the ENAV CEO and four execu Ɵves holding senior posiƟons in the Group, namely the Chief Financial Officer, the Chief Human Resources and Corporate Services Officer, the Chief Opera Ɵng Officer and the Chief Technology Officer.

The remunera Ɵon of the Group’s Execu Ɵves with strategic responsibility, gross of pension and social security costs and contribu Ɵons, is reported in the following table:

1H 2026 1H 2025

Short/medium-term remunera Ɵon 1,227 1,405 Other long-term benefits 0 0 Share-based payments 816 651 Total 2,043 2,056 (thousands of euros)

Consolidated Interim

Financial Report

at 30 June 2026 89 With regard to the Group’s Board of Statutory Auditors’ remunera Ɵon, this amounted to €114 thousand (€116 thousand in the first half of 2025).

34. Disclosures on the long-term and short-term incen Ɵve plan The 2023-2025 Long-Term Share Incen Ɵve Plan, approved by the Shareholders' Mee Ɵng on 28 April 2023, saw the launch of the first ves Ɵng cycle (2023-2025) with a resolu Ɵon of the Board of Directors on 18 July 2023, of the second ves Ɵng cycle (2024-2026) with a resolu Ɵon of the Board of Directors on 29 November 2024 and of the third ves Ɵng cycle (2025-2027) with a resolu Ɵon on 31 July 2025, in which the related regula Ɵons were also approved.

Please refer to the 2025 Integrated Annual Report in Note 34 of Consolidated financial statements where the characteris Ɵcs of the plan are explained.

In the first half of 2026, the por Ɵons of the current plans pertaining to the period totalling €378.3 thousand were recorded and the adjustment of the por Ɵons relaƟng to the first ves Ɵng cycle of the 2023–2025 plan was recorded, following the approval of the final report by the Board of Directors, for a total of €437.7 thousand.

The associated shares were granted in July 2026.

At its mee Ɵng held on 28 May 2025, the Shareholders' Mee Ɵng of ENAV also approved, among other items, the “InformaƟon Document concerning the gran Ɵng of rights to receive free shares in rela Ɵon to the deferred porƟon of the Short-Term Incen Ɵve (STI) scheme ” for the 2024 and 2025 financial years. This refers to the variable short-term incen Ɵve plan, based on the value of the accrued STI, of which 20% will be deferred and granted in the form of rights, subject to the achievement of specific performance targets. The number of rights of the STI 2024 plan, calculated as the ra Ɵo between the deferred por Ɵon and the reference price (determined as the arithme Ɵc average of the share prices recorded over the 30 open market days prior to the grant date), was set at 50,536 total rights for the Chief Execu Ɵve Officer and Execu Ɵves with strategic responsibili Ɵes. This number of rights was redetermined following the finalisa Ɵon of the two-year target (period 1 January 2024 to 31 December 2025) for cumula Ɵve Capex in the two-year period 2024-2025, which was approved by the Board of Directors on 30 March 2026, at 56,377 rights for the Chief Execu Ɵve Officer and Execu Ɵves with Strategic Responsibili Ɵes. These rights will be converted into shares a Ōer the Shareholders' Mee Ɵng approving the financial statements at 31 December 2026.

Consolidated Interim

Financial Report

at 30 June 2026 90 35. Assets and liabili Ɵes by maturity

Within one year From 2nd to 5th year Beyond 5th year Total

Non-current financial assets 0 384 0384 Deferred tax assets 0 15,273 015,273 Non-current receivables for regulated ac ƟviƟes 0 130,426 0130,426 Non-current trade receivables 0 144 182 326 Total 0 146,227 182146,409 Financial liabili Ɵes 24,410 344,695 101,884 470,989 Other non-current liabili Ɵes 0 32,837 93,891126,728 Non-current payables from regulated ac ƟviƟes 0 10,040 010,040 Non-current trade payables 0 304 0304 Total 24,410 387,876 195,775 608,061 (thousands of euros) Non-current trade receivables beyond the 5th financial year refer to receivables from foreign customers, for the porƟon expected to be collected a Ōer that period.

Financial liabili Ɵes beyond 5 years refer to bank loans.

Other non-current liabili Ɵes maturing in more than 5 years refer to the share of capital grants recognised in line with the deprecia Ɵon and amor ƟsaƟon of the investment projects to which they refer for the amount that will be reversed to income statement a Ōer the 5th year.

36. Basic and diluted profit per share Basic earnings per share and diluted earnings per share, which both amount to a posi Ɵve €0.04 per share, are shown at the bo Ʃom of the income statement and are calculated by dividing the profit for the period aƩributable to the shareholders of the parent company by the weighted average number of ordinary shares outstanding during the same period.

37. Significant events a Ōer the repor Ɵng date of the Condensed Consolidated Interim Financial

Statements

On 2 July 2026, the closing was finalised for the sale of Enav North Atlan Ɵc LLC, which holds the investment in Aireon Holding LLC. The transac Ɵon saw the purchase by Iridium of all the equity interests that were held by the ANSP shareholders in Aireon, through the sale of the respec Ɵve special purpose vehicles. The total amount of the transac Ɵon was approximately $366.7 million, of which the considera Ɵon paid to ENAV S.p.A. for the sale was $65.7 million.

Consolidated Interim

Financial Report

at 30 June 2026 91

AƩestaƟon of the Chief Execu Ɵve Officer and the Manager Responsible for Financial Repor Ɵng

(This certification has been translated from the original which was issued in accordance with Italian legislation) Attestation of the condensed consolidated interim financial statement for the six months ended 30 June 2026 pursuant to art. 154 -bis, paragraph 5, of Legislative Decree 58 of 24 February 1998 and art. 81 -ter of Consob Regulation 11971 of 14 May 1999

1. The undersigned Igor De Biasio as Chief Executive Officer and Loredana Bottiglieri as Manager responsible for ENAV Spa’s financial reporting, having also taken into account of the provisions of art.

154 bis, paragraphs 3 and 4 of Legislative Decree 58 of 24 February 1998, hereby attest to:

• the adequacy with regard to the nature of the Company and • the effective application of the administrative and accounting procedures adopted in preparation of the ENAV Group’s condensed consolidated interim financial statements during the period from 1 January 2026 to 30 June 2026 .

2. In this regard, it should be noted that:

• the administrative and accounting procedures adopted in preparation of the ENAV Group’s condensed consolidated interim financial statements at 30 June 2026 were drawn up, and their adequacy assessed, based on the regulations and methods adopted by ENAV S .p.A. in accordance with the Internal Control – Integrated Framework Model issued by the Committee of Sponsoring Organizations of the Treadway Commission . This Commission has established a body of general principles providing a standard for internal control and risk management systems that is generally accepted at international level;

• the assessment of the internal control system over financial reporting did not identify any material issues.

3. We also attest that:

3.1 the ENAV Group’s condensed consolidated interim financial statements for the six months ended 30 June 2026 :

a) have been prepared in compliance with the International Financial Reporting Standards endorsed by the European Union through EC Regulation 1606/2002, issued by the European Parliament and by Council on 19 July 2002;

b) are consistent with the underlying accounting books and records;

c) give a true and fair view of the financial position and results of operations of the issuer and th e companies included in the scope of consolidation.

3.2 the Directors’ Interim Report on Operations includes a reliable analysis of significant events during the first six months of the year and of their impact on the condensed consolidated interim financial statements, together with a description of the main risks and uncertainties for the remaining six months of the year. The Interim Report on Operations also includes a reliable analysis of material related party transactions.

Rom e, 3 August 2026

Chief Executive Officer Manager responsible for financial reporting Igor De Biasio (original signed) Loredana Bottiglieri

(original signed)

Consolidated Interim

Financial Report

at 30 June 2026 92

Independent Auditors’ Report

Review report on condensed consolidated interim financial statements To the S hareholders of

Enav SpA

Foreword

We have reviewed the accompanying condensed consolidated interim financial statements of Enav SpA (the “Company”) and its subsidiaries (the “ Enav Group ” or the “Group”) as of 30 June 2026 , comprising the condensed consolidated statement of financial position, condensed consolidated statement of profit or loss , condensed consolidated statement of comprehensive income , condensed consolidated statement of changes in equity , condensed consolidated statement of cash flow s and related notes. The directors of Enav Group are responsible for the preparation of the condensed consolidated interim financial statements in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of review We conducted our work in accordance with the criteria for a review recommended by Consob in Resolution 10867 /1997. A review of condensed consolidated interim financial statements consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than a full -scope audit conducted in accordance with International Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that

2 of 2

might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed consolidated interim financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial statements of Enav Group as of 30 June 2026 are not prepared, in all material respects, in accordance with the accounting standard IAS 34 as issued by the International Accounting Standards Board and adopted by the European Union applicable to interim financial reporting.

Rome , 3 August 2026

PricewaterhouseCoopers SpA

Signed by

Luca Bonvino

(Partner)

This review report has been translated into the English language solely for the convenience of international readers. Accordingly, only the original text in Italian language is authoritative.

Consolidated Interim

Financial Report

at 30 June 2026 93 Legal informa Ɵon and contacts

Registered office

Enav S.p.A.

Via Salaria 716 – 00138 Rome Tel. +39 06 81661

www.enav.it

Legal informa Ɵon Share capital: €541,744,385.00 fully paid-up Tax ID and enrolment number in the Company Register of Rome no. 97016000586 VAT Registra Ɵon No. 02152021008

Investor Rela Ɵons

e-mail: ir@enav.it