Toscana Aeroporti S p A : The Board of Directors approves the Half-Year Financial Report at June 30, 2023

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE HALF-YEAR

FINANCIAL REPORT AT JUNE 30, 2023

Sharp growth in passenger traffic and marked improvement in the main

financial indicators

• In the first half of the year, the Tuscan Airport System handled 3.6 million passengers:
  +29% compared to the same period of 2022 and recovering by 95.6% on the 2019 pre-Covid period.
• Consolidated operating revenues: million, up 31.0% million in 2022). Both Aviation and Non-Aviationrevenues rose (+29% and +32%, respectively).

	EBITDA:	million, up 153.2% compared to	million in 2022.
	Net profit for the period:	million compared to a net loss of	million in 2022.
	Net financial debt:	million compared to	million at December 31, 2022 and
	million at June 30, 2022. Debt/Equity ratio: 0.86.

• Passenger traffic results were excellent in July and August, with a +16.3% and a +16.7% increase, respectively, compared to 2022. 2019 pre-Covid traffic levels exceeded by +6.3% in July and by +4.1% in August.

Florence, September 19, 2023 The Board of Directors of Toscana Aeroporti S.p.A. an Italian company listed on Euronext Milan of Borsa Italiana S.p.A. which manages Florence and Pisa airports met today to examine and approve the Half-year Financial Report at June 30, 2023, confirming the preliminary consolidated results published on July 27, 2023.

Toscana Aeroporti Chairman Marco Carrai stated: the first half of 2023, the Company recorded an excellent performance in terms of both passenger traffic increasingly closing the gap with the 2019 pre-Covid levels and economic and financial results, returning to profit as early as in the first half of the year and thus confirming a robust post- pandemic recovery.Although the geopolitical and macroeconomic scenario is still marked by several uncertainties, the results at June 30, 2023 allow us to look to the second half of the year with confidence and optimism and lay a solid foundation for the strategic plans, particularly regarding ESG and Sustainability.

Passenger and cargo traffic results for H1 2023

In the first half of the year, the Tuscan Airport System handled 3.6 million passengers overall, increasing by 29% compared to the same period of 2022 and recovering by 95.6% on 2019. Total flights grew sharply (+15.2%), as did the load factor of scheduled traffic (+6.6pps), which reached 83.4% at June 30, 2023, exceeding the 83.0% figure reported in the same 2019 pre-Covid period.

Pisa Galileo Galilei airport

Pisa airport handled 2,263,361 passengers in H1, with a 19% increase compared to 2022 and a 92.4% recovery on the same 2019 pre-Covid period. International commercial passenger traffic grew (+32.6% on 2022), whereas the national component declined by 5.3%, within a context where international traffic accounted for 71.6% of total traffic. A positive performance was reported in terms of both total flights (+5.3%) and the 85.4% load factor of scheduled traffic (+8.5pps), the latter being in line with the 2019 pre-Covid level (85.5%).

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Italy ranked first among Pisa airport's markets, accounting for 28.4% of total traffic, followed by the United Kingdom (19.3% of scheduled traffic) and Spain (10.4%). With 6,653 tons of carried goods and mail, cargo traffic for the period declined by 11.4% compared to 2022, but rose by +4.3% on the first half of the 2019 pre-Covid year.

Florence Amerigo Vespucci airport

Passengers handled in H1 2023 amounted to 1,357,858. Florence airport exceeded the passenger traffic of both 2022 (+50.0%) and the 2019 pre-Covid period (+1.4%). A robust growth was reported by both international (+39.5%) and national (+256.8%) passenger traffic, in a context where the international component accounted for 88.2% of total traffic. The increase in the period was driven by the positive performance of total flights (+27.4%) and the 79.8% load factor of scheduled traffic (+3.9pps), which exceeded the 78.8% figure of the 2019 pre- traffic) followed by Spain (14.9%) and Germany (13%).

Consolidated operating results

It should be noted that, in compliance with IFRS 5, the Income Statement of the business line sold does not contribute to any of the cost and revenue lines of the result for the period,

but is reported in a specific line of the Income Statement, i.e., income from assets sold

or held for Accordingly, the financial indicators for H1 2022 were restated following the sale of 80% of Toscana Aeroporti Handling S.r.l., finalized on December 30, 2022.

Consolidated revenues amounted to	million, up 36% compared to	million for
H1 2022. Operating revenues rose by 31.0% from	million to	million at June 30,

2023. As a result of the sharp traffic recovery in the period, Aviation revenues grew by

29.0% to .2 million and Non-Aviationrevenues rose by 31.8% to million. Revenues from construction services, directly correlated with the investments made,

increased by 62.9% from million to million at June 30, 2023. Other revenues grew by 72.3% mainly due to the operations of the subsidiary Toscana Aeroporti Costruzioni S.r.l.

million) and to the two	greater charge-back of	utilities
thousand).
Total costs amounted to	million in H1 2023, up 18.8% compared to	million in

2022. In detail, operating costs rose by 17.9% and costs for construction services by 29.1% due to the same reasons as illustrated for the corresponding revenue item. Analyzing in detail the main operating costs items, the change in costs for services million) was chiefly attributable to the higher traffic handled in the period and to the

costs associated with the subsidiary Toscana Aeroporti Costruzioni S.r.l.	thousand),
with the corresponding revenue item	rev	as described above. Personnel
costs grew in H1 2023	million) primarily as a result of the higher traffic handled,

lower social shock absorbers and an increase in variable components compared to 2022.

The aforementioned income statement performance led to an EBITDA of	million
compared to	million at June 30, 2022.
EBIT was positive for	million compared to a negative	million in H1 2022.
Total net finance costs were negative at	million compared to a negative	million

at June 30, 2022, mainly due to higher banking interests linked to rising interest rates.

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PBT was positive for	million at June 30, 2023 compared to a negative	million for
2022.
The result from operating activities amounted to	million compared to a negative
million at June 30, 2022	million).

Net income from assets sold or held for sale, equal to zero in the first half of the year, had

been negative at thousand at June 30, 2022 due to the net result for the period of the business line sold.

The	net result at June 30, 2023 amounted to	million, sharply improving
compared to a net loss of	million in H1 2022.

Investments and financial results

The overall investments at June 30, 2023 amounted to million, chiefly

referring to the upgrade and expansion of Pisa terminal and the update of

Florence Master Plan and environmental impact assessment, in addition to the project for the new Florence terminal.

Net Financial Debt was	million in H1 2023, compared to	million at December
31, 2022 and	million at June 30, 2022. The change was mainly due to the cash

outflows for the period attributable to the outstanding loan repayment and the support to infrastructural investments, partly offset by cash flows generated by operating activities.

The Debt/Equity ratio at June 30, 2023 was Adjusted net financial debt, i.e., net of deferred payment commitments for acquisitions and right-of-use financial liabilities,

amounted to	million at June 30, 2023 compared to	million at December 31,
2022 and	million at June 30, 2022.

Significant events occurred after June 30, 2023

Passenger traffic results in July and August 2023

With 947 thousand passengers handled in July and 942 thousand handled in August, the Tuscan Airport System grew by +16.3% and +16.7% compared to the same months of 2022, also exceeding by +6.3% and +4.1%, respectively, the traffic reported in July and August of the 2019 pre-Covid year. Overall, in the first eight months of the year, Florence and Pisa airports handled 5,510,688 passengers, with an increase of +24.4% on the same period of 2022 and reaching 98.7% of the 2019 pre-Covid traffic levels.

Outlook

In the first eight months of 2023, the Tuscan Airport System handled a total of approximately 5.5 million passengers, up +24.4% compared to the same period of 2022 (-1.4% compared to the 2019 pre-pandemic levels). A traffic level very close to the 2019 pre- Covid volume is expected for 2023, with the ensuing full recovery of operations and margins, despite the context of international tensions triggered by the still ongoing Russia- Ukraine conflict, which could impact passenger mobility. In the second half of 2023, the Company will focus on continuing and finalizing all the activities related to the approval

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The consolidated financial statements at June 30, 2023 are attached hereto. The Consolidated Half- year Financial Report at June 30, 2023, subject to a limited review by KPMG S.p.A., will be made available to the public in accordance with the terms and methods established by laws at the

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Company's registered office and through the authorized storage mechanism 1INFO. It will also be published on the corporate website, under the Investor Relations section. The Independent Report will be made available with the same terms and in the same manners provided for by applicable laws in force.

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The Director responsible for financial reporting, Marco Gialletti, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

* * *

-EU accounting standards, the meaning and content of which are described below, in line with Recommendation CESR/05-178b published on November 3, 2005:

Gross Operating Profit (EBITDA): defined as the difference between revenues (Aviation, Non- Aviation, Final difference in inventories, other revenues and income) and operating costs (raw materials, services, personnel, fees, sundry operating expenses). This is the margin earned before determining amortization/depreciation and write-downs, allocations to provisions for risks and charges and the bad debt reserve, financial operations and taxes.

Operating Profit (EBIT): defined as the difference between the Gross Operating Profit and the value of amortization/depreciation, provisions for risks and liabilities, and the bad debt reserve. This is the margin earned before financial operations and taxes.

Net Financial Debt: defined as the algebraic sum of cash and cash equivalents, current and non- current financial receivables and payables.

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This press release contains forward-forward-looking statements are based on the present expectations and projections of the Toscana Aeroporti Group concerning future events, and they are, by their very nature, intrinsically risky and uncertain. Actual results may differ significantly from those contained in said forward-looking statements due to multiple factors, including changes in macroeconomic conditions and in the economic growth, as well as other changes in business conditions, a continuous volatility and a further deterioration of capital and financial markets, and many other factors, the majority of which are not under the control of the Group.

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This press release is also available on the corporate website at the following address www.toscana-

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Toscana Aeroporti S.p.A. is the management company of the Florence and Pisa airports. Founded on 1 June 2015 through the merger of AdF - Aeroporto di Firenze S.p.A. (managing company of the Florence A. Vespucci airport) and SAT - Società Aeroporto Toscano S.p.A. (managing company of the Pisa G. Galilei Airport), Toscana Aeroporti S.p.A. stands out for the complementary nature of the two airports, each with its own specific features: Florence airport focuses on the development of business and leisure traffic through full-service carriers, linking the major European hubs; whereas Pisa airport focuses mainly on tourism traffic operated by low-cost carriers and on cargo flights, paying particular attention to intercontinental connections. The Tuscan Airport System is one of the most important in Italy and is a driver of local economic development

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Contacts:

Toscana Aeroporti S.p.A.

Gabriele Paoli

Investor Relations Manager Tel. [phone] [e-mail]

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TOSCANA AEROPORTI GROUP CONSOLIDATED INCOME STATEMENT

	at 30.06.2023	at 30.06.2022*
REVENUES
Operating revenues	41,952	32,029
Other revenues	3,721	2,160
Revenues from construction services	4,977	3,056
TOTAL REVENUES (A)	50,650	37,245
OTHER INCOME (B)	406	11
COSTS
Operating costs
Consumables	516	385
Personnel costs	12,421	10,857
Service costs	18,099	15,403
Sundry operating expenses	922	669
Airport leases	3,087	2,401
Total operating costs	35,044	29,716
Costs for construction services	3,202	2,481
TOTAL COSTS (C)	38,246	32,196
GROSS OPERATING MARGIN (A+B-C)	12,810	5,060
Depreciation, amortization and write-downs	4,928	4,949
Provision for risks and repairs	1,479	1,703
Net reversals (write-downs) of trade and other receivables	85	124
OPERATING RESULT	6,319	(1,716)
NET FINANCE COSTS
Finance income	6	3
Finance expense	(3,292)	(1,500)
Gains (losses) from investments	13	(254)
TOTAL NET FINANCE COSTS	(3,274)	(1,752)
PROFIT (LOSS) BEFORE TAXES	3,045	(3,468)
Taxes for the period	(1,172)	514
RESULT FROM CONTINUING OPERATIONS	1,873	(2,954)
Result from discontinued operations	0	(692)
PROFIT/(LOSS) FOR THE PERIOD	1,873	(3,646)
Minority interests	(300)	240
	1,573	(3,406)
Parents Company	0,084	(0,183)
from continuing operations	0,084	(0,146)
from discontinued operations	0,000	(0,037)

• The financial indicators for the first half-year of 2022 were restated following the sale of 80% of Toscana Aeroporti Handling S.r.l., finalized on December 30, 2022.

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