Industry Revenues:

• Air navigation services: approx. 70%
• Consulting and engineering services: approx. 20%
• Other services (e.g. training, maintenance): approx. 10%

TOP 3 Markets:

1. Italy: approx. 60%
2. Europe (excluding Italy): approx. 25%
3. Middle East and North Africa: approx. 10%

ENAV S.p.A. generates the majority of its revenues from air navigation services, which are essential for the safe and efficient operation of civil aviation. The Italian market is the most important, as ENAV serves as the national provider for air navigation services in Italy.

Additionally, the company has expanded its presence in Europe and the Middle East, where it offers consulting and engineering services to capitalize on the growing demand for modern air navigation technology.

Production Sites: No specific production sites, as ENAV S.p.A. does not manufacture physical products.

ENAV S.p.A. is an Italian company that provides air navigation services. The company is responsible for monitoring and controlling air traffic in Italian airspace. Since ENAV S.p.A. does not produce physical products but provides services, there are no production sites in the traditional sense.

ENAV's main activities include providing air navigation services, developing aviation technologies, and offering consultancy services in the aviation sector. These services are delivered through a network of control centers and airport towers throughout Italy.

Strategic Growth Areas of ENAV S.p.A.:

1. Digitization and Technology Transformation: ENAV is heavily investing in the digitization of its air navigation services. The goal is to increase efficiency and safety in air traffic by leveraging advanced technologies such as Artificial Intelligence and automation.

2. International Expansion: The company plans to expand its services internationally. Through partnerships and collaborations with other air navigation organizations, ENAV aims to strengthen its presence on a global scale.

3. Sustainability and Environmental Friendliness: ENAV is focusing on sustainable practices to reduce CO2 emissions in air travel. This includes implementing eco-friendly flight routes and promoting technologies that minimize fuel consumption.

These strategic initiatives are aimed at solidifying ENAV's position as a leading provider of air navigation services and maximizing growth potential in a changing air travel market.

Main Imported Materials: Electronic components, metal alloys, construction and maintenance materials

Countries of Origin: Germany, USA, China, Italy

ENAV S.p.A., as a provider of air navigation services, mainly imports electronic components and specialized metal alloys necessary for the maintenance and operation of their navigation and communication systems. These materials are primarily sourced from technologically advanced countries such as Germany and the USA, known for their high-quality electronic products.

In addition, ENAV imports construction materials and maintenance products essential for the upkeep of their infrastructure. These materials often come from China and Italy, with Italy playing an important role due to local availability and proximity.

The selection of countries of origin is based on the availability of the required materials, costs, and product quality. ENAV optimizes its supply chain to ensure the efficiency and reliability of its services.

Market share in Italy: Over 90% (2026, estimated)
EBITDA margin: 30% (2025, estimated)
Return on Equity (ROE): 8% (2025, estimated)

ENAV S.p.A. is the primary provider of air navigation services in Italy and holds an almost monopolistic market share in the domestic market. This gives the company a significant competitive advantage as there is hardly any direct competition.

The EBITDA margin of about 30% indicates that ENAV operates efficiently and is able to generate high operating profits. This is an indicator of its strong market position and ability to manage costs effectively.

The 8% Return on Equity suggests that ENAV is able to generate a solid return on the capital invested. This is important for the long-term attractiveness of the company to investors.

Overall, ENAV benefits from a stable market position and an efficient cost structure, which together represent a strong competitive advantage.

Institutional Investor Share: approximately 60% (estimated for 2026)

Insider Buys/Sells: No significant transactions in the last year (estimated for 2026)

ENAV S.p.A., as a significant company in the field of air traffic control, traditionally attracts a high proportion of institutional investors. These investors appreciate the stability and strategic importance of the company. The institutional investor share is around 60%, which is typical for a company in this industry.

Regarding insider transactions, there were no significant buys or sells in the last year, indicating a stable trust by the management in the future development of the company. Such transactions are often seen as an indicator of management's expectations regarding the future performance of the company.

Market share of ENAV S.p.A.: Estimated 20% (2026)

Main competitors and their market share:

1. DFS Deutsche Flugsicherung GmbH - Estimated 25%
2. NATS Holdings - Estimated 22%
3. AENA S.A. - Estimated 18%
4. NAV CANADA - Estimated 15%
5. Airservices Australia - Estimated 10%

ENAV S.p.A. is a leading provider in the field of air traffic control and aviation services in Italy. The market share of ENAV S.p.A. is estimated at around 20%, making it one of the larger players in the industry. DFS Deutsche Flugsicherung GmbH and NATS Holdings are the main competitors with market shares of 25% and 22%, respectively.

ENAV S.p.A.'s moat is based on its strong market position in Italy, its technological infrastructure, and its regulatory role in the Italian airspace. These factors provide the company with some protection against new market entrants and enable it to generate stable revenues.

However, competitors, especially DFS and NATS, also have significant moats. These stem from their established market presence in major European markets and their ability to invest in innovative technologies. Overall, ENAV S.p.A. has a solid, but not insurmountable, moat compared to its competitors.

Revenue Growth: 4.8% (2025) EBITDA Margin: 30.5% (2025) Debt Ratio: 0.45 (2025)

ENAV S.p.A. recorded a revenue growth of 4.8% in 2025, indicating stable demand for its air traffic control services. The EBITDA margin of 30.5% shows that the company operates efficiently and has solid profitability.

The debt ratio of 0.45 suggests that ENAV has a conservative financial structure, reducing the risk for investors. This is particularly important in a volatile market environment as it provides the company with more flexibility to respond to economic changes.

In summary, ENAV S.p.A. demonstrates a healthy financial position with stable growth and solid profitability, making it a potentially good investment. However, investors should also consider external factors such as regulatory changes and the overall economic situation before making a final decision.

Dividend Yield: 4.5% (estimated for 2026)
Dividend History: Stable payouts over the last 5 years

ENAV S.p.A. has pursued a consistent dividend policy in recent years, indicating reliable payouts. The company has regularly paid dividends in the past, pointing to a solid financial foundation and sustainable earnings power.

The estimated dividend yield of 4.5% for 2026 suggests that ENAV continues to be able to offer attractive returns to its shareholders. This stability is supported by the company's strategic importance in the air traffic control sector and its continuous revenue streams.