ENAV S.p.A. (EENNF) Q4 2025 Earnings Call March 23, 2026 10:30 AM EDT
Company Participants
Fabrizio Ragnacci – Head of Investor Relations
Pasqualino Monti – CEO & Director
Luca Colman – Chief Financial Officer
Conference Call Participants
Carlos Caburrasi – Kepler Cheuvreux, Research Division
Nicolò Pessina – Mediobanca – Banca di credito finanziario S.p.A., Research Division
Marco Limite – Barclays Bank PLC, Research Division
Luca Bacoccoli – Intesa Sanpaolo Equity Research
Amal Patel – UBS Investment Bank, Research Division
Presentation
Operator
Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the ENAV Full Year 2025 Results Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Fabrizio Ragnacci, Head of Investor Relations. Please go ahead, sir.
Fabrizio Ragnacci
Head of Investor Relations
Thank you. Good afternoon, ladies and gentlemen, and welcome to the Full Year 2025 Results Presentation, which will be hosted by our CEO, Pasqualino Monti; and our CFO, Luca Colman. In the presentation, management will provide some highlights of the period, and then we’ll walk you through the operational and financial performance for the group. Following the presentation, we will have the usual Q&A session. Before we start, let me remind you that media can be connected to both the presentation and the Q&A session.
Thank you. And now let me hand over to Pasqualino.
Pasqualino Monti
CEO & Director
Thank you, Fabrizio, and good afternoon, everybody. I will start with a closer look at the operating performance.
Since 2023, the Italian airspace has shown a full recovery and continue to grow year after year. In 2025, en-route traffic for Italy stood at plus 24% versus 2019, up by more than 10 percentage points versus the comparator group in Europe. 2026 started on a strong note. As of February, en-route traffic is up by 7.6% versus 2025. In this