Strategy and execution

Maximise financial performance

 Maximise financial performance FY 2025

2025 closed a significant year in terms of investments progression, amounting to Euro 56.3 million in infrastructure development and renewal, innovation and sustainability, and allowing the connection of the airport with over 11 million passengers.

Aeroporto di Bologna thus reports in 2025 a consolidated profit of Euro 24.8 million, increasing on Euro 24.4 million in 2024 (+1.7%), with the approval of a dividend distribution of Euro 12.6 million. The Gross Operating Margin (EBITDA) in 2025 totalled Euro 54.5 million, while the adjusted EBITDA amounted to Euro 51.6 million, confirming the positive trend generated by the impressive reults registered in air traffic.

Performing and sustainable corporation

 Performing and sustainable corporation FY 2025

Bologna Airport firmly embraces Sustainability as a strategic driver for the development of the airport system.

The Sustainability Plan encompasses a comprehensive set of initiatives aimed at enhancing the Group’s ESG performance. Structured around the three pillars—PLANET, PEOPLE, and PROSPERITY—it defines targeted actions to promote environmental and social sustainability, with careful consideration of both the positive and negative impacts the Group may have on the environment and the socio-economic context in which it operates. The Plan also includes specific measures to reinforce a business model and value chain increasingly aligned with ESG principles, with a strong focus on governance, anti-corruption and anti-fraud practices, and the protection of human rights. Progress is tracked annually through defined Key Performance Indicators, ensuring accountability and supporting a process of continuous improvement.

Complementing the Sustainability Plan is the Innovation Plan, which encompasses a range of initiatives assigned to cross-functional teams. These initiatives focus on key areas such as Big Data & Business Intelligence, Communication, Customer Service, Cybersecurity, Technological Infrastructure, Internal Systems, and the development of relations with the airport community and local stakeholders, as well as operational technologies.

Connect

 Connect FY 2025

As the operator of Bologna’s airport infrastructure, AdB provides individuals and businesses with extensive national and international connectivity. The relationship between the Group and the local area is both mutual and virtuous. On one hand, the Airport contributes to the region’s economic and social development through its offering of advanced solutions in terms of accessible destinations and service quality—particularly crucial in a globalized context that demands mobility for competitiveness, employment, and education. On the other hand, the Airport itself grows and generates value by benefiting from the development of the territory in which it operates.

In 2025, the strong growth in air traffic continued, driven by a positive global trend and resilient demand. This dynamic enabled Bologna Airport to surpass, for the first time in its history, the milestone of 11 million passengers.

AdB’s strategy remains focused on consolidating low-cost and point-to-point traffic, with particular emphasis on feeder routes and medium-to-long-haul segments.

In 2025, AdB continues to work in collaboration with local authorities and transport operators to maintain a high level of accessibility to airport facilities. Key initiatives developed over the years include: (i) the elevated monorail connection “Marconi Express”, operational since 2021; (ii) supplemental shuttle services, which improve integration between the airport and public transport; and (iii) shared mobility services. Moreover, as part of the air-rail modal integration effort, from February 2025 passengers will be able to purchase a combined train ticket to Bologna Airport, including the monorail “People Mover” segment from the central railway station to the airport station.

With regard to cycling infrastructure, AdB has completed the design of a bike lane running parallel to Via del Triumvirato, alongside the creation of specific working groups that involve local authorities.

Develop

 Develop FY 2025

The implementation of the investments outlined in the Masterplan and the Regulatory Agreement is instrumental to AdB’s business development. The strategy involves expanding existing infrastructure through both short- to medium-term interventions—aimed at increasing capacity and improving service levels through internal reconfigurations and limited-scale expansions—and medium- to long-term projects entailing substantial enlargements adjacent to existing facilities, which will remain fully operational.

The total amount of investments carried out in 2025 amounts to €51.9 million, including infrastructure-related projects and initiatives focused on sustainability, innovation, quality, and airport operations. Among the infrastructure investments, the main projects include the realization of the first section of the new multi-storey car park, the functional and structural upgrading of a section of the runway and two taxiways, the Schengen Departure Hall reconfiguration, the redevelopment of security and passport control area (with the expansion of the security control area with the installation of new-generation, faster and more efficient screening lines), the Non-Schengen Arrivals Hall redevelopment (equipped the Non-Schengen passport control with an additional queuing area of approx. 400 sqm on the first and ground floors), the west Staff car park redevelopment and the progression of the planning phases and enabling works related to the terminal expansion projects.

Regarding environmental sustainability, key initiatives include the completion of land expropriation procedures for the creation of a woodland buffer along the northern perimeter of the airport site, the installation of new photovoltaic systems and other energy efficiency measures, the deployment of electric vehicle charging stations, the purchase of new electric vehicles, and the launch of a decarbonization program for certain airport buildings.

Non-aviation revenues recorded a 1.5% increase over 2024, driven by positive traffic trends and despite varying performances among the business lines. In particular, passenger services saw a contraction due to the temporary closure of the Business Lounge for redevelopment work. The lounge reopened in September under sub-concession to a specialised operator following its transfer from direct management.

Experience

 Experience FY 2025

Guided by the values of people empowerment and innovation, Bologna Airport strives to be one of the most modern and efficient airports in Italy, offering passengers a welcoming, highly connected facility that enhances the travel experience while creating value for the local community.

Among the initiatives aimed at enhancing the passenger experience, several actions were implemented to improve service quality, in line with the Company’s objective of expanding and strengthening airport services. These included the insourcing of the Help Desk service, which enabled its extension from a 16-hour to a 24-hour operation and ensured the continuous presence of qualified personnel, as well as a range of initiatives designed to meet the diverse needs of passengers. In particular, during 2025 two new facilities were completed: the PET Area, dedicated to passengers travelling with pets and assistance animals, and the Sala Amica, a dedicated waiting area for passengers with reduced mobility (PRMs). Further improvements included the redevelopment of the waiting area in the bus services forecourt through the construction of a covered passenger shelter, as well as the refurbishment of the Schengen boarding area, which involved the opening of new retail outlets and the installation of additional seating equipped with charging points for electronic devices.

In 2025, AdB also organised the “Marconi Living Lab” event, involving passengers, airlines, ground handlers and sub-concessionaires, with the aim of collecting first-hand experiences and identifying stakeholders’ needs through workshops and dedicated working groups. The initiative resulted in the identification of four strategic priorities: the improvement of infrastructure with a focus on comfort and sustainability, customer experience initiatives, partnerships with airlines to promote inclusiveness and sustainability, and the development of integrated mobility solutions.

Care

 Care FY 2025

As part of the sustainable development strategy implemented through the Sustainability Plan, namely environmental protection, pursuing decarbonisation goals and reducing environmental impacts, and social responsibility, both in relation to employees and all stakeholders interacting with the Group, are of particular importance.

During 2025, AdB continued implementing the actions of its Net-Zero Carbon 2030 Plan, including (i) the installation of heat pumps replacing conventional boilers in the Cargo Building and Ramp Equipment Depot, (ii) the completion of two new photovoltaic systems, (iii) the purchase of 100% renewable electricity through Guarantees of Origin (GOs), and (iv) the renewal of the corporate fleet, which today comprises 37% electric and hybrid vehicles and is supported by more than 44 charging points. dB also maintained Level 4+ “Transition” accreditation under the Airport Carbon Accreditation programme.

Alongside its decarbonisation initiatives, AdB continued implementing projects aimed at protecting the environment and local area, including a partnership with the municipalities participating in GIAPP (Integrated Management of Protected Areas of the Plain) to support biodiversity enhancement and nature conservation initiatives. Additional actions included circular economy projects focused on reducing single-use plastics and promoting packaging recovery, developed through collaborations with Aliplast and Plastic Free, as well as ongoing improvements to separate waste collection systems.

AdB also continued its commitment to responsible airport noise management, through constant monitoring, dialogue with relevant authorities, and the advancement of the new Noise Containment and Abatement Plan (PCAR-BAR).

From a social sustainability perspective, AdB continued implementing initiatives targeting both employees and the value chain, with a focus on occupational health and safety, diversity and inclusion, and ESG risk management across the supply chain.

With regard to employees, occupational health and safety activities continued through (i) the implementation of the Workplace Safety Programme, (ii) the testing of additional personal protective equipment (PPE), and (iii) awareness-raising campaigns promoting the reporting of near misses. In 2025, the UNI/PdR 125:2022 Gender Equality Certification was renewed with a score of 100/100, supported by training programmes on diversity, inclusion, gender equality and the prevention of gender-based violence. During the year, AdB also completed a review of administrative roles and remuneration levels against market benchmarks. In addition, the Company continued promoting sustainable mobility among employees through subsidised public transport schemes, Bike to Work initiatives and the provision of bicycles on a loan-for-use basis.

With regard to the value chain, alongside the adoption and promotion of the Synesgy platform and the integration of ESG criteria into supplier selection and tender procedures, in 2025 AdB developed an ESG risk assessment tool for suppliers and business partners. The tool will support the launch of targeted audits and assessments from 2026 onwards to verify compliance with the Company's Code of Ethics and the Supplier and Business Partner Code of Conduct.