Enav, the air traffic management company in Italy, has closed the 2023 financial year growing strongly, thanks to the core business (regulated activities) and the numerous services offered as a service provider in the air transport sector. A growth that has allowed the Group to distribute a record dividend of 0.23 euros per share and to lay the foundations for future growth, thanks to the Plan for the three-year period 2024-2026.
The numbers for the 2023 financial year
Enav closes the 2023 financial year with a consolidated net profit of 112.7 million euros, an increase of 7.9% compared to 2022. A year characterized by a strong acceleration in travel and air traffic. En-route traffic grew by 11% and terminal traffic by 10.9%. THE revenues consolidated totals are carried to 1 billion euros, up 5.9% compared to 2022.
The Gross Operating Margin (EBITDA) it stands at 300.1 million euros, a result slightly lower than the record value recorded at the end of 2019 and up by 10.2% compared to 2022. The EBITDA margin in 2023 is equal to 30%. L’EBIT consolidated amounted to 172.7 million euros, an increase of 16.4% compared to 2022.
Net financial debt at 31 December 2023 it had a balance of 322.3 million euros, an improvement of 85.6 million euros compared to 31 December 2022.
The prospects for 2024
The 2024 Outlook indicates a traffic level, aligned with the latest Eurocontrol projections for Italy, equal to 11.3 million en route service units in 2024, with a increase of +6.7% compared to 2023. Compared to 2023, i revenues totals are expected to show mid-single digit percentage growth, with double-digit percentage growth in revenues from the unregulated market. Furthermore, EBITDA is expected to show mid-single digit percentage growth compared to 2023. Investments in 2024 are expected to be around 120 million euros.
The 2024-2026 Plan focuses on organic growth and M&A
Today Enav also presents the development lines for market expansion unregulated over the next three years through both organic and inorganic growth. The criterion that will guide the identification of the sectors subject to growth – it is explained – will be oriented exclusively to value creation for the Company and for the shareholders.
Thus the CEO of Enav SpA Pasqualino Monti: “Our strategy delivers growth, innovation and sustainability are at the centre. The regulated market represents the core business of the Enav Group, both in terms of revenues and resources used, we will therefore continue to strengthen it”, commented CEO Pasqualino Monti.
There organic growth is articulated on two pillars:
- achieving full potential in the current “core” areas third market (e.g. licenses and software, technical and engineering services, aeronautical consultancy)
- optimization and development of other businesses in which ENAV is already present (e.g. platforms dedicated to drone services, training, radio measurements, weather services).
The organic development will allow, in perspective, a strong increase in revenues up to around 70 million euros by 2026 against 43.1 million euros in 2023.
These pillars are flanked by one third strategic line, not organicwhich it predicts selected M&A transactions with the aim of strengthening its positioning, both in the software licensing and services sector, to enhance the offer in terms of software solutions also in the field of cyber security, and in the technical and engineering services sector. In the face of a total financial investment of up to 250 million euros by 2026any M&A operations are estimated to lead to additional revenues exceeding approximately 100 million euros.
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