ENAV: Early 2Q traffic remains resilient, regulation highly defensive in a slowdown scenario

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ENAV: Early 2Q traffic remains resilient, regulation highly defensive in a slowdown scenario

Equity Research

European Transportation

26 May 2026

ENAV

Early 2Q traffic remains resilient,

regulation highly defensive in a

ENAV.MI/ENAV IM OVERWEIGHTslowdown scenario

Unchanged

Model update post 1Q26 with limited changes to forecasts. European Transportation NEUTRAL

Trading environment remains resilient in April and May. Unchanged

Defensive nature of ENAV vs traffic/inflation could be Price Target UnchangedEUR 5.90

attractive in a weak macro scenario for 2H. Awaiting 2Q Price (22-May-26) EUR 5.23

results for FY26 guidance/ new CEO. Potential Upside/Downside +12.8% Source: Bloomberg, Barclays Research

No guidance for FY26 yet, but traffic remains resilient in April/May. Limited changes to Market Cap (EUR mn) 2833

forecasts post 1Q. ENAV did not provide an outlook for FY26 given uncertainty around fuel jet Shares Outstanding (mn) 541.74

availability, traffic. Given the regulated nature of the business, offering visibility on ranges, we Free Float (%) 46.65

think the decision was more driven by the pending appointment of the new CEO. Trading 52 Wk Avg Daily Volume (mn) 0.7

remains very strong, with April number of flights growth of c3% and service units +5% YoY and Dividend Yield (%) 5.54

1% ahead of business plan. First days of May were also seen by the management as trending Return on Equity TTM (%) 8.50

well. Guidance for cost inflation for c6% YoY increase remains, despite a slightly lower opex Current BVPS (EUR) 2.12

increase in 1Q26 at 4.9%. Whilst costs are running slightly below the FY26 run rate, it remains to Source: Bloomberg

be whether opex will increase over the summer, as busier-than-forecast periods generally lead