Previous years results

FY 2024

 Maximise financial performance

The year 2024 marked the end of one cycle and the beginning of a new one for AdB. The investments made enabled the renewal of infrastructure, resulting in a modernized, expanded, technologically advanced, and sustainable facility, capable of connecting the airport with nearly 11 million passengers.

Aeroporto di Bologna thus reports in 2024 a consolidated profit of Euro 24.4 million, compared to 16.7 million in 2023, up 46.3%. The Gross Operating Profit (EBITDA) grow 25%: Euro 55.1 million, compared with 44.1 million in 2023, as well as the adjusted EBITDA (+25%) which amounted to Euro 53.2 million, compared to Euro 42.6 million in 2023, confirming the positive trend generated by the impressive reults registered in air traffic.

 Performing and sustainable corporation

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

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 2024, 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 10 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 2024, 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 (e.g. 944 and 949), 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 and has initiated discussions with local authorities to define the agreement governing the construction and ongoing maintenance of the project.

 Develop

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 2024 amounts to €42.6 million, including infrastructure-related projects and initiatives focused on sustainability, innovation, quality, and airport operations. Among the infrastructure investments, the main projects include the reconfiguration of the Schengen departure hall, the construction of a new multi-storey car park, the upgrade of the security and passport control area (with the installation of six new-generation, faster and more efficient screening lines, and two additional lines planned for 2025), and the renovation of the non-Schengen arrivals hall on the first floor, which will include an additional 400 sqm of space.

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 7.8% increase over 2023, driven by positive traffic trends and the solid performance of all segments. This growth was also supported by the introduction of new commercial strategies and the revision of selected contractual frameworks.

 Experience

Guided by the values of customer centrality, people empowerment, and forward-looking vision, 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 region.

In 2024, AdB continued to place service quality and customer experience at the heart of its strategy, taking into account the various factors influencing them—especially in a period marked by extensive ongoing construction works. To this end, internal discussions and consultations with stakeholders continued within the designated committees. In parallel, Extraordinary Committees were established to address the operational impacts of construction, with dedicated sessions focused on the 2024 summer and 2024–2025 winter seasons. These involved AdB, handling companies, airlines, and ENAC to promptly identify and implement mitigation measures. Additionally, collaboration continued within the QUP (Quality Under Pressure) working group, which brings together various company functions to address operational challenges linked to construction and customer experience. This group adopts a proactive approach based on the shared analysis of quality performance indicators.

Among the projects aimed at improving the passenger experience, specific initiatives have focused on families with children (e.g., a nursing area currently being developed in the new service zone of the Schengen departure hall) and enhancements to the comfort of waiting areas, including the installation of water dispensers. Further renewal and maintenance activities have been carried out in common areas, such as repainting and replacement of protective films on furnishings.

 Care

As part of the sustainable development strategy implemented through the Sustainability Plan, 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.

Key environmental sustainability initiatives include: (i) targeted actions and projects to reduce noise pollution, such as the introduction of night-time flight restrictions over the Bologna area, which have led to a significant reduction in night overflights, while also protecting natural resources (air and water), preserving biodiversity, and reducing both direct and indirect CO₂ emissions; (ii) the approval in 2024 by AdB’s Board of Directors of the Net Zero Carbon 2030 Plan, implemented through the Decarbonisation Plan, which has so far enabled the airport to achieve Level 4+ “Transition” accreditation under the international Airport Carbon Accreditation programme; (iii) a range of circular economy and waste management initiatives, including a collaboration with the non-profit organisation Plastic Free, a partnership with Aliplast, and an ongoing process to strengthen and optimise separate waste collection.

In terms of social sustainability, AdB has: (i) formally recognised marriage and parental leave rights for same-sex couples; (ii) responded to the needs of an increasingly diverse workplace by creating dedicated spaces for religious worship, offering suitable facilities for employees of different faiths; (iii) enhanced corporate welfare initiatives, including access to a gym at subsidised rates to promote a healthy and active lifestyle, the selection of a new catering provider for the company canteen with a focus on healthy eating, and the continued availability of a listening and support service provided by a professional psychologist, in line with previous years.

FY 2023

 Maximise financial performance

Despite the fact that the Bologna Airport system suffered a marked slowdown owing to the pandemic, the impact on jobs and the GDP generated in the region in 2022 are already reflecting a rapid recovery in traffic, defined by a recovering demand driven by a strong passenger propensity to travel. Once again, in 2023, there was continued recovery in all indicators, despite major downside risks such as the uncertain climate, geopolitical tensions and economic-financial strain linked to the major rise in inflation.

A consolidated profit of Euro 16.7 million was reported for 2023, against Euro 31.1 million for 2022. This figure, however, included recognition of the contribution of Euro 21.1 million in COVID-19 compensation pursuant to Law no. 178, of December 30, 2020, (2021 Budget Law). 2023 EBITDA was Euro 44.1 million, compared to Euro 54.8 million in 2022. Net of certain factors related to airport infrastructure improvements undertaken during the period and the COVID contribution for the period, adjusted EBITDA amounted to Euro 42.7 million, compared to Euro 32.9 million in 2022 (+29%) confirming the positive trend generated by the recovery in air traffic.

 Performing and sustainable corporation

Bologna Airport strongly believes in using the values of Sustainability to facilitate the progress of the Airport System.

Bologna Airport strongly believes in using the values of sustainability to facilitate the responsible development of the Airport System. The Sustainability Plan (SP) comprises all initiatives to improve the Group’s ESG performance, dividing projects into three pillars: PLANET, PEOPLE, and PROSPERITY. The initiatives (see the paragraph on Sustainability Governance) seek to achieve environmental and social sustainability goals in relation to the Group’s positive and negative impacts on the environment and the socio-economic landscape in which it operates. In addition, the Plan includes specific actions taken to consolidate a business model and supply chain with an increasing focus on ESG topics, placing greater emphasis on governance aspects, the prevention of fraud and corruption, and a respect for human rights. The Plan is monitored annually by means of Key Performance Indicators so that the achievement of goals can be reported on with a view to refining and improving them over time.

In addition to the Sustainability Plan there is the Innovation Plan, which includes several initiatives assigned to different cross-functional working groups such as: Big Data & BI, Communication, Customer Service, Cyber Security, Technological infrastructure, Internal Systems, Development of airport/territory relationship with local community and Operating technologies.

 Connect

In its capacity as Bologna Airport Manager, AdB provides people and businesses with ample national and international connectivity. The Group’s relationship with the local area is both reciprocal and principled. The Airport plays a dual role in promoting local economic and social development. Firstly, by providing convenient access to a wide range of destinations and superior service quality, the Airport facilitates global competition, work opportunities, and training. Secondly, the Airport itself benefits from the growth and progress of the region in which it operates, creating value in the process.

2023 stood out owing to the following factors:

• a continuation of the positive trend seen in H2 2022;
• a substantial decline in the consequences of the pandemic, with a general recovery in the demand for air transport;
• the ongoing conflict in Ukraine and the resulting repercussions on the air transport market: closure of flights to/from Ukraine, the blockade of Russian companies (which are banned from flying in many European countries), closure of air space with the resulting need for longer and more costly routes to reach destinations in the Far East;
• resumption of the Arab-Israeli conflict in October, with resulting suspension of the Ryanair route to Tel Aviv.

During 2023, AdB’s efforts to maintain a good level of accessibility to facilities continued, in cooperation with local authorities and transportation operators. In this respect, some of the most relevant AdB’s initiatives are related to (i) the fast elevated monorail “Marconi Express - People Mover” (fully operating in 2022), (ii) the 944 shuttle service, (iii) sharing services (such as “Corrente”), (iv) BLQ Bike Station realization, (v) PRECINCT, CONCILIA and SIGN-AIR projects participation and (v) a 5% share in UrbanV, incorporated in 2022 by Aeroporti di Roma, Aeroporto di Venezia and Aeroports de la Cote d’Azur to develop Urban Air Mobility internationally.

 Develop

The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Company's business. The strategy in question calls for expansion of the existing infrastructure through short/medium term initiatives aimed at increasing capacity and improving service levels by means of internal retrofits and limited expansion, as well as medium/long-term initiatives that involve substantial extensions next to existing buildings, which will remain in full use.

The infrastructure currently available to Aeroporto di Bologna has a capacity of approximately 9.5 million passengers per year and was fully used in 2023. It is managed using a variety of planning tools, including the airport utilisation plan, the extraordinary maintenance plan for the short term, and the master plan for the medium and long term. Specifically, measures focusing on sustainability include: (i) almost completed environmental compensation (i.e. the creation of a wooded strip along the northern perimeter of the airport site, in order to comply with the requirements of the EIA Decree Masterplan and the Regional Implementing Agreement for the Decarbonisation of the airport); (ii) realization and beginning fo activities related to the new photovoltaic systems, (iii) the new laminating plant installation and (iv) other efficiency upgrades and renovations.

Non-Aeronautical adj. revenues increased by 22.6% vs 2022 and +17.0% vs 2019, due to a good performance of all sectors. In particular, good results were registered by the real estate thanks to a new courier agreement, by car rentals with more companies operating at the airport, by parking as a result of the review of commercial strategies and by retail, with a strong duty-free performance.

 Experience

Inspired by customer-centricity, the value of its people and foresight, Bologna Airport is working to be among the most modern and efficient in Italy, capable of offering passengers an accommodating, well-connected facility that improves their travelling experience while also creating value for the local area. The strong recovery over the last year has made the execution of short-term infrastructural work more complex for AdB. Despite this, AdB’s objective remains the timely execution of the planned works, endeavouring to mitigate as far as possible the impact the impact of the work on operations. 2023 was the first entirely normal year, after the Covid period, in terms of quality of service and traffic.

2023 was the first entirely normal year, after the Covid period, in terms of quality of service and traffic. The main health and safety measures introduced during the two-year period of the pandemic were maintained and, based on the critical issues and solutions previously encountered, the workforce and organisation, infrastructures and guarantee of the service. Bologna Airport launched and monitored various projects with significant effects on quality of service, the positive effects of which continued to be felt in 2023, mitigating potential critical issues linked to traffic volumes. The work on external roads was fundamental in easing traffic and thus significantly mitigating the problems that arose in the previous summer season. AdB also airconditioned the boarding bridges, refurbished the main bathroom blocks and improved the signage inside the terminal in addition to increase operational staff to ensure the continuous improvement of service levels.

 Care

Environmental protection and the pursuit of decarbonisation targets are of special importance as part of the sustainable development strategy followed through the introduction of the Sustainability Plan. Environmental impact management, in particular, takes the shape of specific actions and programmes to minimise noise, safeguard natural resources (air, water), and biodiversity, and reduce direct and indirect CO2 emissions. With regard to the latter, during 2022 AdB made a formal commitment to attain Net Zero carbon by 2030, i.e. zero absolute direct and indirect CO2 emissions.

The Decarbonisation Plan, which contains specific initiatives targeted at eliminating fossil fuels, meeting all electricity demands with renewable sources, constructing a wooded strip to absorb leftover CO2, and electrifying the business vehicle fleet, is the approved deployment mechanism. Our commitment to climate action and energy efficiency has so far earned us Airport Carbon Accreditation Level 3+ Neutrality, under ACI-Europe’s programme for airport operators pursuing carbon neutrality targets. In addition, AdB has also signed a new ESG KPI-Linked Loan with an Italian banking institution for Euro 15 million with a term of 60 months. This provides a bonus according to a contractually defined spread on the achievement of certain ESG KPIs. Specifically, commitments were shared to gradually reduce the intensity of climate gas emissions. Between cogeneration, photovoltaics and high-efficiency LED lighting, it is estimated there will be savings of approximately 1,500,000 kWh, equivalent to 700 tonnes of CO2.

FY 2022

 Maximise financial performance

The outbreak and spread of the pandemic severely impacted the aviation sector from 2020, deeply weakening its ability to contribute to wealth and well-being. The Bologna airport system is no exception. Due to the pandemic and the consequent slowdown in airport activity, jobs and the GDP generated by the local area dropped sharply in 2020 and 2021 compared to 2019. 2022 saw a rapid recovery in traffic, defined by recovering demand supported by travellers’ strong propensity to travel. However, the current year has been marked by a context of uncertainty, global tensions, and rising commodity prices.

2022 reports a consolidated profit of Euro 31.1 million, compared to a loss of Euro 6.7 million in 2021. The strongly positive result for the financial year under review is due, in addition to a significant recovery in traffic, to the inclusion of a contribution of Euro 21.1 million from the Compensation Fund for damages suffered as a result of COVID-19 in the period from March 1 to June 30, 2020, as specified in Law No. 178 of December 30, 2020. (2021 Budget Law). Gross Operating Margin (EBITDA) in 2022 was positive at 54.8 million Euro, compared to 3.5 million Euro in 2021. Net of the COVID contribution and other factors related to airport infrastructure improvements undertaken during the period, adjusted EBITDA amounted to Euro 32.9 million, indicating the strong increase in core operations as a result of the post-emergency recovery.

 Performing and sustainable corporation

Bologna Airport strongly believes in using the values of Sustainability to facilitate the progress of the Airport System. Following on the Sustainability Plan activities started in 2021, the Group continued to pay special attention to all major sustainability topics in 2022, pursuing more than 60 projects.

AdB's Sustainability Plan is structured around three pillars: PLANET, PEOPLE, and PROSPERITY, which relate to environmental, social and economic sustainability topics respectively. The Group has defined action areas and strategic objectives for each pillar. Added to this is the “Corrente” car sharing service: a fleet of 100% electric free-flowing cars present in the Bologna area, but also in Imola, Ferrara and Rimini. The service was also used for business purposes, further contributing to the decarbonisation of airport operations.

In addition to the Sustainability Plan there is the Innovation Plan, which includes several initiatives assigned to different cross-functional working groups such as: Big Data & BI, Communication, Customer Service, Cyber Security, Technological infrastructure, Internal Systems, Development of airport/territory relationship with local community and Operating technologies.

 Connect

Between 2009 and 2019 passenger traffic grew at a consistently higher rate at Bologna Airport than in Italy as a whole. Starting in 2021 and continuing through 2022, AdB collaborated extensively with carriers to expedite a recovery that can now be easily read in the 2022 statistics. After a January impacted by the Omicron variant, starting in February, thanks to the reduction of restrictions on the entry of passengers from EU countries into Italy, traffic volumes showed a gradual increase. Beginning in June, traffic surpassed pre-pandemic levels and recorded highs in passengers in July and August. However, in the last months of the year, corresponding to the start of the winter season, there was a new slowdown compared to the pre-pandemic values.

In 2022, the airport recorded a total of 8,496,000 passengers, with a strong increase from 2021 (+107.0%), with 70,871 movements (+66.8%) and 55,195 tons of cargo transported (+10.1%). However, compared to 2019 - the last pre-Covid year - passenger traffic in 2022 was 9.7% lower and movements 8.1% lower. Compared to 2019, cargo traffic was 13% higher in 2022. The two-speed evolution of domestic traffic compared to international traffic is confirmed, penalized by the continuation of partial restrictions on the movement of people between some countries (especially in the first part of the year). The average load factor is up from 68.7% in 2021 to 79.2% in 2022.

The “People Mover“, the unique, rapid mass transit system, came into full service in 2022, making it possible to reach the centre and station of Bologna in only a few minutes (5 km in about 7.5 minutes) from the “Guglielmo Marconi” Airport.

 Develop

The infrastructure facility available to Aeroporto di Bologna handles approximately 9.5 million passengers per year and is managed using a variety of planning tools, including the bus station utilisation plan, the extraordinary maintenance plan for the short term, and the master plan for the medium and long term.

With regard to 2022, development on a new aircraft apron, a new water laminating basin, and an upgraded cargo terminal continued. Medium/long-term initiatives are expected to have the greatest impact and will include phase 1 of the terminal expansion project, which is one of the most important phases of the Masterplan and is aimed at increasing outgoing passenger capacity.

Total non-aviation business revenues increased 99% on 2021 and decreased 9.1% on 2019. Non aeronautical revenues increase vs 2021 is mainly related to the boost registered in traffic recovery. Compared to 2019 the business showed a good grip due to a good performance of all businesses, in particular real estate, with higher revenues than 2019 thanks to a new sub-concession agreement, and car rentals, that have already achieved pre-Covid levels. In addition, good performances of retail and parking helped in enhancing 2022 results, mainly driven by traffic recovery and implementation of new commercial strategies.

 Experience

As part of its development strategies, the Group works every day with unwavering commitment to provide passengers with a unique travelling experience that prioritises customers through efficient innovative services, and a comfortable, functional infrastructure.

The pandemic emergency progressively reduced its effects in 2022, and from a quality standpoint, the anti-infection measures introduced in the preceding two years were gradually reduced. Nonetheless, the buffer point remained active at all times. Aeroporto di Bologna has extended its ACI Airport Health Accreditation (the European Airport Association’s acknowledgement of health and safety for passengers and airport users) until 2022, demonstrating the relevance of the topic in passenger perception. During the year, the MIRT (Inter-functional Traffic Resumption Meeting) Committee met biweekly throughout the summer in partnership with agencies, handlers and carriers to manage the essential challenges of the present in a coordinated manner.

Overall, 2022 was an unexpectedly intense year of recovery. In reality, strong traffic and passenger flow necessitated immediate action to restore 2019 service levels beginning in June. Like all European airports, Aeroporto di Bologna was affected by this rapid, albeit welcome, change of course and had to be provided with additional staff such as security officers and facilitators as soon as possible. The same can be said for other industry participants such as handlers and suppliers (e.g. cleaners). It required time to get the entire machine up and running, which caused a lot of disturbances, at least in the early stages, which were eventually overcome during the summer.

 Care

Environmental protection and the pursuit of decarbonisation targets are of special importance as part of the sustainable development strategy followed through the introduction of a dedicated Sustainability Plan. Environmental impact management, in particular, takes the shape of specific actions and programmes to minimise noise, safeguard natural resources (air, water), and biodiversity, and reduce direct and indirect CO2 emissions. With regard to the latter, during 2022 AdB made a formal commitment to attain Net Zero carbon by 2030 (i.e. zero absolute direct and indirect CO2 emissions). This specific commitment has so far earned accreditation to Level 3+ “Neutrality” of the international Airport Carbon Accreditation programme.

In addition, as of April 2022, 100 thousand bees have been “hired” at Aeroporto di Bologna to assist in the constant monitoring of air quality in a 7 km radius surrounding the airport. The initiative, promoted by AdB, involves the Department of Agrifood Sciences and Technologies of the University of Bologna, Ergo Consulting (a spin-off company of Alma Mater Studiorum) and Conapi (National Consortium of Beekeepers).

Several initiatives were launched in the interests of AdB’s employees (which contributed to the wining of “1st Place -Top Job – Italy’s Best Employers 2022/2023” according to La Repubblica - Affari & Finanza statistics), such as: the Post-Emergency Remote Working Agreement starting from August 1, 2022, the Gender Equality Certification promoted by the Ministry of Equal Opportunity (UNI PDR: 125/2022), talent retention and youth skill development programmes sponsored via the use of inter-professional funds and addition of several initiatives to the Welfare Plan (including the stipulation of a health care policy to cover COVID-related hospitalisations).

FY 2021

 Maximise financial performance

The outbreak and spread of the pandemic severely impacted the aviation sector in 2020, deeply weakening its ability to contribute to wealth and well-being. The Bologna Airport system is no exception. Due to the pandemic and the consequent slowdown in airport activity, jobs and the GDP generated by the local area dropped sharply in 2020 and 2021 compared to 2019.

For AdB, 2021 closes with a consolidated loss of Euro 6.7 million compared to a loss of Euro 13.6 million in 2020. While the 50.6% improvement is significant, it is still a far cry from the results of the last pre-COVID year, which closed with a net profit of Euro 20.9 million. EBITDA in 2021 is positive Euro 3.5 million compared to a margin of Euro -3.9 million in 2020 and Euro +44.9 million in 2019, positive thanks to revenue growth which is closely linked to the recovery in traffic volumes against a backdrop of greater cost rigidity, considering the typical high fixed-cost structure of airport operators. From a financial viewpoint, the AdB Group faced the 2021 with a solid and balanced equity and financial structure, which has allowed it to meet its commitments even in those months of greatest pressure on liquidity.

 Performing and sustainable corporation

Among the main initiatives carried out by AdB in 2021 with regard to sustainability and innovation, there are the Sustainability Plan 2021-2030 and the Innovation Plan.

The Innovation Plan includes c. 50 initiatives assigned to different cross-functional working groups and are mainly related to: Big Data & BI, Communication, Customer Service, Cyber Security, Technological infrastructure, Internal Systems, Development of airport/territory relationship with local community and Operating technologies.

AdB's Sustainability Plan is structured around three pillars: PLANET, PEOPLE, and PROSPERITY, which relate to environmental, social and economic sustainability topics respectively. The Group has defined action areas and strategic objectives for each pillar.

 Connect

Between 2009 and 2019 passenger traffic grew at a consistently higher rate at Bologna Airport than in Italy as a whole. AdB worked with carriers to accelerate recovery, which is evidenced by the official figures for 2021, year in which about 4.1 million passengers have travelled through Bologna Airport, improving by +64% vs 2020 but falling -56% vs 2019. The recovery is driven by the advanced countries (especially by the United States), despite the heterogeneity of the GDP trend in the rest of the world, where few countries still register a slowed recovery due to the Omicron variant and increase in raw material prices.

AdB continues to register a slowdown of the international traffic with respect to 2019 levels (-65%), while the domestic trend signals a better recovery (-22%), pushed by the positive impact of the gradual loosening of travel-related Covid restrictions. The 2021 recovery with respect to 2020 results has mainly interested the low-cost traffic (+87% vs 2020 and -45% vs 2019), showing a better resilience compared to legacy carriers. With regard to the cargo traffic, again performed better than passenger traffic, with the volume of cargo transported by air reaching 2019 levels (+2,1%). The average load factor increased from 60,5% in 2020 to 68,7% in 2021.

In 2021, AdB continued its efforts – in cooperation with local authorities and transport operators – to maintain and improve its levels of airport accessibility despite the pandemic, with the People Mover – a high-speed monorail (5km) that connects the airport to Bologna railway station, with a journey time of about 7.5 minutes.

 Develop

AdB’s infrastructure currently supports traffic of approximately 9.5 million passengers a year and is managed according to various planning instruments such as the Air Terminal Use Plan, the Extraordinary Maintenance Plan in the near term and the Master Plan in the medium and long term.

The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Company's business, with also short/medium-term initiatives that are aimed at increasing capacity and improving service levels by means of internal retrofits and limited expansion. In particular, in 2021 a new cargo building was constructed and brought into operation for a leading operator, while work also began on the construction of a new aircraft apron and the expansion and upgrading of security and outgoing passport controls.

Total non-aviation business revenues in the period declined 12.6% on 2020 and 54.3% on 2019. The decline in 2021 on 2020 is primarily due to the changes in traffic on 2019 levels related to the Covid pandemic, review of the contractual basis agreed by the operator with the retail sub-concessionaires to support them in the emergency phase and the reduced level of revenues coming from investment, only partially offset by an increase in real estate revenues due to a new sub-concession agreement related to new areas delivered during the year.

 Experience

As part of its development strategies, the Group works every day with unwavering commitment to provide passengers with a unique travelling experience that prioritises customers through efficient innovative services, and a comfortable, functional infrastructure.

From its earliest stages, the COVID-19 emergency prompted Group to review its passenger assistance processes and to establish new priorities in terms of safety, social distancing, hygiene, and digitalisation, confirming and strengthening in 2021 all the anti-contagion measures. Therefore, in 2021 AdB renewed its ACI Health Accreditation: the recognition from the European airport association on health and safety for passengers and airport users.

The Group also continues to take surveys on the quality of standard services and on ASQ program indicators. The surveys faithfully reflected satisfaction trends in line with traffic growth, as per the contextual framework outlined above. The strengths of our airport were confirmed by the courtesy and professionalism of the airport staff, the ease of moving around the airport and the sense of security.

 Care

Communication played an important role in Bologna airport’s efforts to manage the health emergency and mainly concerned passengers and airport workers. The airport's website and social media channels were key to providing passengers with timely, up-to-date information, in addition to providing answers to various questions.

A new section of the website, directly accessible from the homepage has been activated for passengers, named, "COVID-19: Travel informed”, including 2 sections: "Latest updates”, with constantly updated news on the new rules for passengers, and "Insights" which describes what AdB has done since the beginning of the pandemic to ensure health and safety at the airport. Regarding pandemic issues, we note the constant and fruitful collaboration between AdB and the Bologna Local Health Unit (AUSL), which enabled the Company to comply with the various rules issued by the government during the year with reference to "at risk" countries and “COVID-free" flights. Several initiatives were added to the AdB Welfare Plan during the pandemic, including the stipulation of a health care policy to cover COVID-related hospitalisations, the introduction of the Smart Working Emergency, flexible clock-on and clock-off times, the extension of the single-parenting agreement and the Hour Bank agreement to help single parents with children and the granting of extended periods of voluntary redundancy in the case of particular needs.

In 2021 Bologna Airport obtained Level 3 - Optimisation accreditation as part of the international "Airport Carbon Accreditation" programme; the certification promoted by ACI-Europe aimed at airport management companies that intend to pursue "carbon neutrality" objectives.

FY 2020

 Maximise financial performance

After years of uninterrupted growth and with 2019 representing a record year for the Group’s growth in terms of traffic and economic results, following the outbreak of the pandemic at the beginning of the year, 2020 turned out to be a "hannus horribilis" not only in the history of Bologna Airport, but also for the entire industry and worldwide.

In 2020 traffic data (-73.4% compared to 2019) brought the airport back to 1997 traffic levels, resulting in a sharp decline in revenues compared to the previous year (-57.6 million €) and reporting a negative EBITDA of € -3.9 million, € 48.9 million lower than 2019 net result.

 Performing and sustainable corporation

In order to contain the negative effects of the traffic drop caused by the pandemic crisis on profitability, the Group promptly put in place a cost containment plan, mainly through the renegotiation of contracts with suppliers, the closure of some operational areas to achieve savings in utilities and services costs, the elimination or postponement of non-strategic activities.

 Connect

In 2020, about 2.5 million passengers have travelled through Bologna Airport, a strong decrease of 73.4% compared to 2019. The massive loss in traffic is linked to the impacts of the outbreak and the spread of the Covid-19 pandemic since early 2020, as well as to the consequent emergency restrictions to people free movement globally imposed by governments, which have deeply affected the aviation sector worldwide.

The strict restrictions on cross-borders movements, as well as the climate of uncertainty in terms of constraints and obligations introduced to free movement for the protection of health, caused a significant drop in international traffic (-77.2% compared to 2019), greater than the decrease suffered by domestic traffic (-59.0% compared to 2019). The crisis triggered by the pandemic has substantially affected all traffic components; however, the LCC segment during 2020 Summer, with the partial reopening of borders, showed a faster recovery compared to legacy carriers.

In line with passenger traffic numbers, both the number of air transport movements and the take-off weight have also consistently dropped (respectively by -60.9% and by -59.9%). The average load factor decreased from 81.5% in 2019 to 60.5% in 2020.

 Develop

The negative impact on air traffic trends caused by the Covid-19 pandemic could also lead the Group, in agreement with Enac, to develop the investment plan according to new priorities and executive phases, in order to consistently meet the new traffic requirements and allow for adequate remuneration of the investments and their full financial sustainability.

Despite the difficult scenario, in 2020 the Group successfully fulfilled its commitments realizing a total of 29 million euros investments (17.4 million in 2019) in addition to 4.3 million euros for the renewal of the airport infrastructures (2 million in 2019). These investments included the structural and functional maintenance works on a section of the runway in September: to take advantage of the low traffic period the Group decided to carry out the maintenance works planned for both 2020 and 2022 together, closing the airport for 10 days rather than 5, as originally planned.

After the “Conferenza dei Servizi” on the urban planning compliance of the 2016-2030 Airport Development Plan was concluded with a favourable opinion in January 2020, great efforts were made during the whole year in continuing the procedures necessary for the final approval of the Masterplan to 2030.

However, similarly to aeronautical revenues, non-aeronautical revenues suffered a strong reduction (-65.2% compared to 2019) in all the components due to the drop in traffic, the closures of shops and the reduction in fees granted to sub-concessionaires to support them in the emergency phase.

 Experience

The Group pays particular attention to the continuous improvement of the quality of the services offered to passengers, also and above all in a pandemic context.

Confirming the Group's commitment to adopt measures aimed at minimizing the risk of contagion between passengers and workers, Bologna Airport has been the first airport in Italy and among the first in the world to receive the Airport Health Accreditation from ACI World.

The Group also continues to take surveys on the quality of standard services and on ASQ program indicators, in order to monitor passenger flows and operational processes that have undergone adjustments and changes after the outbreak of COVID-19 emergency. The Group believes that an accurate monitoring, as well as continuous in-depth analyses of the propensity and expectations of passengers with respect to travel (and in particular to flight) can provide useful information for a prompt and adequate recovery when the health crisis will either be resolved or under control.

 Care

In 2020, the Group's efforts were aimed in particular at protecting the health of its employees, as well as safeguarding employment levels. During the health emergency, the Bologna Airport also supported its staff by enriching the Welfare Plan; supporting with numerous initiatives family management as well as the reconciliation of private and work life.

In terms of sustainable mobility, the Group has developed a project that provides the airport community with the option of a convenient integrated Home-Work Commuting subscription, including the use of various means and transport services. This is the first "MaaS-Mobility as a service" initiative in Italy at an airport, and was awarded the "IoMobility Award 2020", conceived and organized by Innovability to promote the culture of innovation, sustainability and mobility entrepreneurship in Italy.

FY 2019

 Maximise financial performance

Consolidated revenues in 2019 amounted to Euro 125.1 mln, increasing by 9.7% compared to 2018, thanks to the positive trend registered by both Aviation (airport charges paid by passengers, airlines and airport operators) and Non-Aviation (retail concessionaires, car parking activities and services to passengers) revenues.

The growth in passengers’ traffic, the positive dynamics started with the introduction of new flights, the activities to support the aviation marginality and the tight operating cost control have contributed to the consolidated net result which amounted to Euro 20.9 mln in 2019 (+16.3% compared to 2018).

 Performing corporation

In order to guarantee the ongoing monitoring of the strategy execution, in 2019 Bologna Airport further improved the Corporate Performance Management system developed in 2018. The system is based on indicators defined according to the corporate targets and the related implementation schedule.

 Connect

In 2019, more than 9.4 million passengers have travelled through Bologna Airport, an increase of 10.6% compared to 2018.

This growth is linked to the increase in traffic of both legacy carriers (+4.9%), thanks to the introduction of new routes and additional flights to some hubs by the main international carriers, and LCC (+14.7%), primarily due to the consolidation of the main carriers.

Both the number of air transport movements and the take-off weight have also grown (respectively by +7.9% and by +8.4%). The average load factor was equal to 81.5% in 2019, slightly higher than the 81.3% registered in 2018.

 Develop

In 2019, 19.4 million Euro worth of investments in maintenance and infrastructure development have been realised. In particular, the final design activities for some major strategic investments, e.g. the terminal extension and the new multilevel car parking, have been completed. Also, during the year the de-icing pad and building construction works have been completed and the construction of the new cargo building has started.

To be highlighted that in January 2020 the “Conferenza dei servizi” gave the green light to Bologna Airport Masterplan.

An increase in non-aviation revenues has also been registered, as a result of the increase in retail and advertising revenues (+6.8%), parking revenues (+5.5%), real estate revenues (+2.4%) and service to aviation passenger revenues (+10.6%).

 Experience

The Group focuses on the continuous improvement of passenger service quality.

In 2019 the airport registered good performances in terms of service quality offered to the passenger. Within the framework of the Airport Service Quality programme of ACI World, Bologna’s general satisfaction level (overall satisfaction: 3.82) has slightly improved when compared to 2018.

 Care

The importance assigned to environmental sustainability and the respect of ethical and social principles has resulted in the company’s commitment in 2019, together with other major airports members of ACI EUROPE, to reach net zero emissions by 2050.

Also, during the year a 700 sqm gym for the airport community and the customers of the Marconi Business Lounge has been realized, partnering with Technogym: the "BLQ Fitness Lounge" is the first gym in an European airport.

In 2019 the company developed an important sustainable mobility plan aimed at supporting employees in making sustainable choices regarding the daily home-work commute.

FY 2018

 Maximise financial performance

Consolidated revenues in 2018 amounted to Euro 114 mln, increasing by 15.1% compared 2017, thanks to the positive trend registered by both Aviation (airport charges paid by passengers, airlines and airport operators) and Non-Aviation (car parking activities, retail concessionaires and services to passengers) revenues.
The growth in passengers’ traffic, the positive dynamics started with the introduction of new flights, the activities to support the aviation marginality and the tight operating cost control have contributed to the consolidated net results which amounted to Euro 17.9 mln (+10.8% compared 2017).

 Performing corporation

In 2018, Bologna Airport developed a Corporate Performance Management project. In order to guarantee a continuous monitoring of the strategy execution, the company has developed a corporate performance management system based on indicators, defined according to targets and timing of realisation.

 Connect

In 2018, 8.5 million passengers have travelled through Bologna Airport, an increase of 3.8% compared to 2017.
This growth is linked to the increase in traffic of both legacy carriers (+ 4.3%), due to the introduction of new routes and the strengthening of the existing ones, and LCC (+2.6%), primarily due to the consolidation of the main carriers.
The number of air transport movements was stable (-0.2%), while the take-off weight increases (+3.0%) as a result of larger aircraft size. The average load factor also increased to 81.3% in 2018, compared to 80.9%, registered in 2017.

 Develop

In 2018, 24 mln Euro worth of investments in maintenance and infrastructure development have been realised.
Among those, the activities related to the final design of the terminal expansion project, which will allow the extension of the departure and commercial areas, have been concluded.
A significant increase in non-aviation revenues has also been registered as a consequence of the increase in parking revenue (+5.6%), retail and advertising revenue (+10.6%), real estate (+3.8%) and service to aviation passenger revenues (+10.3%).

 Experience

The Group focuses on the continuous improvement of passenger service quality.
In this context, we highlight an improvement of the Customer Satisfaction Index, which increased to 98,5% in 2018, compared to 97% in 2017, and some initiatives implemented to improve the passenger experience (the new bag drop desks, the video help phone to assist PRMs and the footpath beside the terminal).

 Care

The importance assigned to environmental sustainability and the respect of ethical and social principles are translated into investments in the new air quality monitoring system and in the construction of a “training center”, in compliance with the new EU regulation n. 139/2014 (EASA) on safety matters.

FY 2017

 Maximise financial performance

In the financial year 2017, the Group has registered 99.1 mln € in revenues, a 9.6% increase compared to 2016. This has been possible thanks to the positive trend of both the aviation and non-aviation revenues (mainly due to parking, retail and passenger services).
The revenue growth and the tight operating cost control have determined an EBITDA of 34.2 mln €, corresponding to a 21.3% increase compared to 2016.
The increase in passenger traffic, the positive dynamics started with the introduction of new routes, the increase of frequency of already existing ones and the actions taken to support the aviation marginalization have contributed to reach, in 2017, the consolidated net income of 16.2 mln €, 41.9% higher than 2016.

 Performing corporation

In 2017, Bologna Airport has started a project to strengthen the monitoring of actions taken to reach the main company’s targets. In order to guarantee a continuous monitoring of the strategy execution, the company has developed a corporate performance management system based on indicators, defined on the base of targets and timing of realisation.

 Connect

In 2017, over 8 million passengers have travelled through Bologna Airport, an increase in 6.7% compared to 2016. This growth is linked to the increase in traffic of legacy carriers (+ 8.6%), due to the introduction of new routes and the strengthening of the existing ones.
The number of air transport movements has increased (+3.1%), as well as the take-off weight (+2.6%) as a result of larger aircraft size. The average load factor also increased to 80.9% in 2017.

 Develop

In 2017, 15.5 mln € worth of investments in maintenance and infrastructure development have been realised. Among those, the activities related to the final design of the terminal expansion project, which will allow the extension of the departure and commercial areas, are close to be concluded.
A significant increase in non-aviation revenues has also been registered as a consequence of the increase in parking revenue (+6.2%), retail and advertising revenue (+11.1%) and service to aviation passenger revenues (+12.0%).

 Experience

The group attaches high importance to the continuous improvement of service quality provided to passengers.
In this context, we highlight the increase in the Airport Service Quality indicator, which adds up to 3.79 in 2017 compared to 3.71 of 2016 and the initiatives implemented to improve the passenger experience and to strengthen airport operations. These include queuing and check-in areas optimisation, the creation of security lane for staff and the passengers’ business lounge upgrade.

 Care

The importance assigned to environmental sustainability and the respect of ethical and social principles are translated into investments in the development of the new air quality monitoring system, in the new canteen service and in the construction of a “training center”, in compliance with the new EU regulation n. 139/2014 (EASA) on safety matters.