Consolidated Half-Year Financial Report Aeroporto Guglielmo Marconi di Bologna Group At June 30, 2022

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Aeroporto Guglielmo Marconi di Bologna S.p.A. 2

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Ownership of the Parent Company Aeroporto G. Marconi di Bologna S.p.A.	4
Board of Directors	5
Board of Statutory Auditors	6
Auditing Firm	6
Directors' Report at June 30, 2022	7
Consolidated Financial Statements for the period ended June 30, 2022	60
• Statement of Consolidated Financial Position	61
• Consolidated Income Statement	62
• Consolidated Statement of Comprehensive Income	63
• Consolidated Cash Flow Statement	64
• Statement of Changes in Consolidated Shareholders' Equity	65
Notes to the Consolidated Financial Statements at June 30, 2022	66
Statement pursuant to Article 154-bis of the CFA	112

Review Report on the Consolidated Half-Year Financial Report at June 30, 2022 113

Aeroporto Guglielmo Marconi di Bologna S.p.A. 3

Aeroporto Guglielmo Marconi di Bologna Spa Via Triumvirato, 84 - 40132 Bologna Bologna Economic and Administrative Register No.: 268716 Bologna Company Registration Office, Tax and VAT No.: 03145140376 Share capital: Euro 90,314,162.00 fully paid-in

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A.

According to the Shareholder Register and the notices received pursuant to Article 120 of Legislative Decree No. 58/98, the shareholders of the Parent Company, Aeroporto Guglielmo Marconi di Bologna S.p.A., with holdings of more than 5% were as follows at June 30, 2022:

SHAREHOLDER	% held
BOLOGNA CHAMBER OF COMMERCE	39.10%
ATLANTIA S.P.A. (EDIZIONE S.R.L.)	29.38%
F2I FONDI ITALIANI PER LE INFRASTRUTTURE SGR SPA	9.99%

The following have been considered in presenting the Parent Company's ownership structure:

Interests held by the party reporting the holding, or by the party at the head of the chain of control of the holding
Interests deriving from notices submitted by shareholders or notices relating to significant shareholdings pursuant to Article 152 of the CONSOB Issuers' Regulation.

Furthermore, on August 2, 2021 the Bologna Chamber of Commerce, Municipality of Bologna, Metropolitan City of Bologna, Region of Emilia-Romagna, Modena Chamber of Commerce, Ferrara Chamber of Commerce, Reggio Emilia Chamber of Commerce and Parma Chamber of Commerce entered into a new shareholder agreement governing certain rights and obligations in respect of the shareholder structure and corporate governance of Aeroporto Guglielmo Marconi di Bologna S.p.A.

This Shareholder Agreement, filed at the Bologna Companies Registration Office on August 5, 2021 and sent to Consob on the same date, includes provisions on voting and transfer restrictions, binding the following interests:

PUBLIC SHAREHOLDERS	% Share Capital subject to Voting Agreement
BOLOGNA CHAMBER OF COMMERCE	39.10%
MUNICIPALITY OF BOLOGNA	3.88%
METROPOLITAN CITY OF BOLOGNA	2.31%
REGION OF EMILIA ROMAGNA	2.04%
MODENA CHAMBER OF COMMERCE	0.30%
FERRARA CHAMBER OF COMMERCE	0.22%
REGGIO EMILIA CHAMBER OF COMMERCE	0.15%
PARMA CHAMBER OF COMMERCE	0.11%

Aeroporto Guglielmo Marconi di Bologna S.p.A. 4

PUBLIC SHAREHOLDERS	% Share Capital subject to Transfer Restriction
	Agreement
BOLOGNA CHAMBER OF COMMERCE	37.5325326%
MUNICIPALITY OF BOLOGNA	3.8477737%
METROPOLITAN CITY OF BOLOGNA	2.2972543%
REGION OF EMILIA ROMAGNA	2.0210297%
MODENA CHAMBER OF COMMERCE	0.0835370%
FERRARA CHAMBER OF COMMERCE	0.0627298%
REGGIO EMILIA CHAMBER OF COMMERCE	0.0427747%
PARMA CHAMBER OF COMMERCE	0.0314848%

Board of Directors

The Board of Directors, appointed by the Shareholders' Meeting of April 29, 2019 and in office until April 26, 2022, the approval date of the financial statements as at December 31, 2021 comprises:

Name	Office
Enrico Postacchini	Chairperson
Nazareno Ventola	Chief Executive Officer (*)
Silvia Giannini	Director (B)
Giada Grandi	Director (A)
Eugenio Sidoli	Director (A)
Valerio Veronesi	Director
Marco Troncone	Director (B)
Giovanni Cavallaro	Director
Laura Pascotto	Director (A) (B)

(*) Chief Executive Officer and General Manager. He has also been appointed as Director responsible for the Internal Control and Risk Management System.

(A) Member of the Remuneration Committee (Chairperson Eugenio Sidoli)

(B) Member of the Control and Risks Committee (Chairperson Silvia Giannini)

The Shareholders' Meeting of April 26, 2022 appointed the new Board of Directors in office until the approval date of the financial statements as at December 31, 2024, comprising:

Name	Office
Enrico Postacchini	Chairperson
Nazareno Ventola	Chief Executive Officer () (*)
Elena Leti	Director (B)
Giada Grandi	Director (A)
Sonia Bonfiglioli	Director (A)
Valerio Veronesi	Director

Aeroporto Guglielmo Marconi di Bologna S.p.A. 5

Alessio Montrella	Director
Giovanni Cavallaro	Director (B)
Laura Pascotto	Director (A) (B)

(*) confirmed Chief Executive Officer by the Board of Directors on May 3, 2022.

(**) continues as General Manager. He has also been appointed as Director responsible for the Internal Control and Risk Management System.

(A) Member of the Remuneration Committee (Chairperson Sonia Bonfiglioli)

(B) Member of the Control, Risks and Sustainability Committee (Chairperson Laura Pascotto)

Board of Statutory Auditors

The Board of Statutory Auditors, appointed by the Shareholders' Meeting of April 29, 2019 and in office until April 26, 2022, the approval date of the financial statements as at December 31, 2021, comprises:

Name	Office
Pietro Voci	Chairperson
Samantha Gardin	Statutory Auditor
Alessandro Bonura	Statutory Auditor
Violetta Frasnedi	Alternate Auditor
Alessia Bastiani	Alternate Auditor

The Shareholders' Meeting of April 26, 2022 appointed the new Board of Statutory Auditors in office until the approval date of the financial statements as at December 31, 2024, comprising:

Name	Office
Rosalba Cotroneo	Chairperson
Francesca Aielli	Statutory Auditor
Alessandro Bonura	Statutory Auditor
Sergio Graziosi	Alternate Auditor
Alessia Bastiani	Alternate Auditor

Auditing Firm

EY S.p.a. was appointed as the auditing firm by the Shareholders' Meeting of May 20, 2015 for the financial years 2015-2023.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 6

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Directors' Report of Aeroporto Guglielmo Marconi di Bologna S.p.A. Group at June 30, 2022

Aeroporto Guglielmo Marconi di Bologna S.p.A. 7

INTRODUCTION 10
1 STRATEGIES AND RESULTS 13
1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND
POSITIONING 13
1.2 IMPACTS OF THE COVID-19 PANDEMIC ON BOLOGNA AIRPORT AND INITIATIVES BY THE ADB GROUP IN RESPONSE
TO THE EMERGENCY 15
1.3 STRATEGIC OBJECTIVES 16

2. KEY OPERATING RESULTS ANALYSIS 18
2.1 AVIATION STRATEGIC BUSINESS UNIT 18
2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA 18
2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 23
2.2 NON-AVIATION STRATEGIC BUSINESS UNIT 24
2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 24
2.3 STRATEGIC BUSINESS UNIT OTHER 25
2.3.1 STRATEGIC BUSINESS UNIT OTHER: FINANCIAL HIGHLIGHTS 25
3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS26
3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS 26
3.2 CASH FLOW ANALYSIS 29
3.3 FINANCIAL POSITION ANALYSIS 32
3.4 KEY INDICATORS 33
3.5 INVESTMENTS 33
3.6 PERSONNEL 35
3.7 KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES 37
4 MAIN NON-FINANCIAL RESULTS ANALYSIS 38
4.1 SUSTAINABILITY 38
4.2 QUALITY 39
5 REGULATORY FRAMEWORK39
5.1 REGULATORY AGREEMENT AND NEW TARIFF DYNAMIC 2020-2023 39
5.2 AIRPORT SECTOR SUPPORT MEASURES: COVID-19 COMPENSATION FUND 40
5.3 FIRE PREVENTION FUND 41

5.4 PRIVACY COMPLIANCE 42
5.5 CONTINUITY OF SERVICES PROVIDED BY ALITALIA IN EXTRAORDINARY ADMINISTRATION 42

	5.6 RETURN OF ENAV VISUAL AID LIGHTS (VAL'S), GOODS AND AREAS 43
	6 DISPUTES 44
	6.1 TAX APPEAL AGAINST THE LAND REGISTRY/TAX AGENCY 44
6.2	FIRE PREVENTION FUND 45
6.3	ALITALIA REVOCATORY ACTION 46
6.4	ACTION BEFORE AGA PROPOSED IN RELATION TO THE DECREE OF APRIL 3, 2020 CONCERNING ENAV ASSETS, INCLUDING THE
	VAL EQUIPMENT 47
6.5	APPEAL OF THE NEW TRA REGULATION MODELS (2020 EDITION) 47
6.6	FFM CUSTOMS DISPUTE 48
6.7	ERNEST REVOCATORY ACTION 49
6.8	NOTICE OF CONTESTATION BY THE BOLOGNA TAX AGENCY REGARDING CERTAIN TAX ASPECTS OF THE RELATIONSHIP WITH THE
	CARRIER RYANAIR 49
	6.9 ADB-CLP CONTRACT - TERMINATION FOR DAMAGES 50
	7 MAIN RISKS AND UNCERTAINTIES 51
	8 ALTERNATIVE PERFORMANCE INDICATORS 56
	9 GUARANTEES PROVIDED 56
	10 SUBSEQUENT EVENTS AND BUSINESS OUTLOOK 57

INTRODUCTION

This report, accompanying the interim Condensed Consolidated Financial Statements of the Aeroporto Guglielmo Marconi di Bologna Group (hereinafter also the "Aeroporto Group", "Aeroporto" or "AdB") for the six months ended June 30, 2022, in presenting the Group's performance indirectly analyses also the performance of the Parent Company, Aeroporto Guglielmo Marconi di Bologna S.p.A., the holder of the concession for the full management of Bologna Airport, i.e. Full Management Concession No. 98 of July 12, 2004 and subsequent Additional Deeds, approved by Decree of the Ministry of Transport and Infrastructure and of the Economy and Finance of March 15, 2006, with a term of 40 years starting on December 28, 2004. Given the drastic drop in traffic at Italy's airports due to COVID-19, Article 102, Paragraph 1-bis of Decree-Law No. 34 of May 19 (Relaunch Decree), converted into Law No. 77 of July 17, 2020, extended the duration of airport concessions by two years in order to cushion the consequent economic blow. Given the direct applicability of the above law, Bologna Airport's concession is extended to December 28, 2046.

The Group's structure at June 30, 2022 and a brief description of the type and businesses of its subsidiaries is presented below:

Tag Bologna S.r.l. (hereinafter also "TAG"), formed in 2001 and operational since 2008, following the completion and opening of the General Aviation Terminal and hangar. In addition to managing the above infrastructure at Bologna airport, the company operates as a handler in the General Aviation sector. The Parent Company on October 2, 2018, taking the opportunity to better control the dedicated airside flight infrastructure, acquired 49% of TAG to gain full ownership;
Fast Freight Marconi Spa (hereinafter also "FFM"), formed in 2008 by the former subsidiary Marconi Handling S.r.l. (GH Bologna Spa with effect from April 1, 2017), following the contribution of a cargo and mail handling business unit based out of Bologna airport. The Parent Company acquired a 100% interest in FFM in 2009.

The amounts in the tables in this Directors' Report are in thousands of Euro, whereas those in the comments are in millions of Euro, unless otherwise indicated. The data is from internal Parent Company sources unless otherwise indicated.

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Business Description

Airport business may be divided into aviation and non-aviation activities. Aviation activities primarily consist of managing, maintaining and developing airports, which also includes security checks and surveillance, as well as aviation services for passengers, other users and airport operators and marketing activities to develop passenger and cargo traffic. Non-aviation activities primarily consist of developing airport real estate and commercial potential.

Based on the nature of operations, the Group manages the airport through the following Strategic Business Units (SBU's):

Aviation Strategic Business Unit
Non-Aviation Strategic Business Unit.

Aviation SBU

The Aviation SBU's main activities involve managing and developing airport infrastructure and in particular of:

providing customers and operators with efficient access to all infrastructure, both land side (terminal, baggage sorting, car parking, traffic and cargo storage) and air side (aircraft runways and aprons);
providing security services and services for passengers with reduced mobility (PRM's);
informing the public and airport users;
developing, revamping and expanding airport infrastructure, including installations and equipment, ensuring compliance with applicable legislation.

Consideration for such services takes the form of airport charges of the following types paid by airlines, airport operators and passengers:

passenger service fees: these fees are due for the use of infrastructure, installations and common areas required for passenger boarding, disembarkation and hospitality and are based on the number of departing passengers, as well as whether they are bound for destinations within or outside the EU, with reductions for minors;
take-off and landing fees: these fees are due for all aircraft that take off and land and are calculated on the basis of the aircraft's maximum authorised weight at take-off and the type of flight (commercial or general aviation);
aircraft parking fees, calculated according to maximum weight at take-off and the duration of stay;
cargo fees based on the weight of the cargo carried by aircraft;
refuelling fees, assessed per cubic metre of fuel supplied to aircraft.

The Aviation SBU's other major revenue sources are:

departing passenger security fees: these fees are due for providing security check services, including the personnel and equipment used by the manager to provide this service;
checked baggage security fees: these fees are due for the equipment and personnel responsible for performing such checks;
PRM fees: they include the fees paid for services for passengers with reduced mobility and are based on the number of departing passengers (PRM and otherwise);

Aeroporto Guglielmo Marconi di Bologna S.p.A. 11

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

fees for the exclusive use of premises: they include fees for using airport infrastructure dedicated to individual carriers or operators (check-in desks, offices, operating premises), calculated according to the duration of use, floor area and/or location and type of the premises used;
centralised infrastructure fees: these fees refer solely to aircraft de-icing services and are based on the number of winter flights;
cargo handling and general aviation fees and fees due for the related activities such as customs clearance and refuelling.

Non-Aviation SBU

The Non-Aviation SBU's main activities relate to parking management, retail sub-concessions, advertising, services for passengers and real estate management.

Parking

Bologna airport's directly operated paid parking areas offer approximately 5,300 car parking spaces, located in three parking areas: the first close to the terminal, the second close to airport grounds and the third located at approx. 1.5 KM away. The latter has been temporarily closed since 2020, taking account of the sharp reduction in demand due to the COVID-19 emergency. This latter parking area was opened in June in order to respond to the traffic recovery.

Retail

Bologna airport's retail offerings include internationally recognised brands with local ties and some of the leading local, domestic and international retail and catering chains. The shopping area extends over approximately 4,250 m² and includes 37 shops. The latest airport upgrade developed the Duty-free areas – one of the SBU's main revenue sources. In 2020 because of the spread of the pandemic and the resulting dramatic fall in traffic most sub-concession holders closed their commercial establishments, only starting to reopen gradually in July. At March 31, 2022, following a gradual recovery in traffic, most of the retail spaces are now operating.

Advertising

Advertising is managed using digital and large-format back-lit displays located in areas of the terminal's interior and exterior where the advertisements are highly visible. Campaigns involving the personalisation of particular areas or furnishings located in the airport are sometimes conducted.

Passenger services

Passenger services include a business lounge operated directly by the Parent Company. The Marconi Business Lounge (MBL) is an exclusive, comfortable environment used mostly by business passengers travelling with the major legacy carriers. The "You First" service provides arriving and departing passengers with access to exclusive services such as check-in and baggage collection assistance, porterage, gate assistance and priority boarding.

Among the other services offered to passengers is car hire: nine rental companies offer a total of 16 specialised brands, with a total of 500 vehicle spaces available for their fleets. Car rental services remained available at all times, despite the drastic reduction in traffic caused by the pandemic.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 12

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Real Estate

Real estate activity is divided into two general areas: sub-concession revenues for aviation-related commercial activities, above all express couriers, and sub-concession revenues for handling services, which are subject to regulated tariffs.

The total commercial premises under sub-concession extend to over 90,000 square metres, of which over 70,000 square metres of offices, warehouses, technical service areas and hangars and approximately 20,000 square metres of outdoor space used for parking operating vehicles, manoeuvring in loading and loading areas and aircraft refuelling vehicle areas. In June 2021, areas under sub-concession increased following the start of operations of a new area for a cargo operator, which was created by the airport operator on a parcel of land within the airport measuring about 17,000 sq. m. and includes a building with a surface area of about 6,000 sq. m. used for offices and warehousing.

1 STRATEGIES AND RESULTS

1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING

Following on from a first quarter marked by the global economic slowdown as a result of the pandemic's resurgence, the economic indicators for Q2 2022 signal downside risks for most of the advanced and emerging economies. Energy commodity costs rose even further, mainly due to the continued war in Ukraine, followed by new highs for inflation, also driven by food product prices.

The most recent forecasts of the international institutions estimate for 2022 a sharp slowdown for the global economy, impacted by the conflict's repercussions, the erosion of household spending power and by the increasing uncertainty on private investments.

Impacted by the war in Ukraine and the erosion of household spending power due to the high levels of inflation, according to the OECD's June forecasts, global GDP growth of 3% is expected in 2022, reflecting a 1.5% downward revision on last December. This revision was particularly pronounced for Russia, with an estimated 10% GDP contraction. Commodity supply difficulties, bottlenecks in trade logistics and inflationary pressures pose downside risks for all countries. A total disruption of Russian gas supplies would have major repercussions on growth - and particularly in Europe - from high inflation and weakening European demand, while other regions would be less impacted.

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Following those of the United States and the United Kingdom in Q1, the EU's ban on Russian crude oil and petroleum product imports, as part of the new sanctions agreed upon in early June, has driven oil prices higher. This was mitigated by the OPEC+ countries decision to raise production targets for July and August and by fears of weakening global demand, which brought oil prices back below USD 115 at the beginning of July, following the peak of USD 129 in June. The new EU restrictions shall enter into force between December 2022 and February 2023 and, according to estimates, will affect approximately 90% of current European imports from Russia. The EU in addition banned the insurance of oil tankers carrying Russian crude to minimise the risks of sanctions evasion. The impact of these measures on the global oil market remains extremely uncertain and dependent on Russia's capacity to refocus its energy exports on other markets. The futures contracts indicate that the price of oil shall remain at high levels over the coming twelve months, driven by a high risk premium component.

According to the Eurosystem experts projections published at the beginning of June, Eurozone GDP growth of 2.8% is estimated for 2022 and of 2.1% for each of the two subsequent years. Compared to the situation in March, the estimates have been revised downwards for 2022 and 2023, although increasing for the subsequent year, principally due to the economic impacts of the war in Ukraine and their gradual abatement. The downward revisions also reflect the expectations for interest rates, driven by the tightening of monetary policies worldwide and particularly in the United States. Consumer inflation, which has been rising since the beginning of 2021, rose to 8.6% over the 12-month period in June (preliminary estimates). Nearly two-thirds of the new price rises are attributable to the energy component, both due to increases in utility bills and fuels directly related to raw materials, and to production cost pressures affecting in particular foodstuffs - with prices up 8.9% - and some service items.

According to the Eurosystem experts projections, Eurozone prices are expected to increase by 6.8% in 2022, with this rise thereby easing off in 2023 (Source: Economic Bulletin, Bank of Italy, July 2022).

In this environment, according to the IATA figures, passenger traffic in June 2022 was driven by a general economic recovery and benefitted from the gradual removal of movement restrictions and particularly in the Asia-Pacific region, which shall drive a recovery also over the coming months, although with demand beginning to show signs of erosion as a result of growing inflation and the general economic uncertainty. Global traffic in June was 29.2% under 2019, compared to a 31.3% gap in May. Global cargo traffic in June down both on the previous month and on the same month of 2021 (respectively -6.4% and -4.3%), with volumes already slowing from March, although a slight recovery was evident in April, supported by the gradual easing of movement restrictions in Asia/Pacific and despite the continued problems at supply chain level caused by the impact of the Ukrainian invasion. Cargo traffic volumes however recovered over 2019, both on a yearly and monthly basis (respectively +0.8% and +2.2%).

European passenger traffic in June was down 18.7% on 2019, continuing to be only marginally impacted by the war in Ukraine. Cargo traffic was down 11.5% on June as 2019, in line with the movement in May (- 11.6%), due to the difficulties arising from a lack of personnel, the outbreak of the Omicron variant and the Russia-Ukraine conflict (Air Passenger and Air Freight Market Analysis (IATA), June 2022).

Aeroporto Guglielmo Marconi di Bologna S.p.A. 14

Italian passenger traffic recovered throughout the first half of the year, with volumes overall 23% behind 2019. In June, passenger traffic was 9% lower than 2019. Cargo traffic however in the first half of the year rose 3.4% on the first half of 2019 (+3.4%). (Source: Assaeroporti, June 2022).

Bologna Airport reported in H1 2022 a 375.5% increase in passenger traffic compared to 2021 (-17.3% compared to 2019). At the end of H1 2022, Bologna Airport ranked seventh in Italy by number of passengers and third by cargo volume transported.

1.2 IMPACTS OF THE COVID-19 PANDEMIC ON BOLOGNA AIRPORT AND INITIATIVES BY THE ADB GROUP IN RESPONSE TO THE EMERGENCY

The beginning of 2022 has been significantly impacted by the ongoing COVID-19 pandemic. Thanks to the gradual easing of restrictions on passengers entering Italy from EU countries, international traffic picked up in February and increased further in March. The significant growth continued until June 30 and was further strengthened by demand in summer 2022.

Again in 2022, as in previous years, the Group has maintained measures to ensure the safety of passengers, employees and the entire airport community, based on best sector practices, while also obtaining the AHA Airport Health Accreditation certification for the third year.

In order to reduce costs while also protecting jobs in the extremely uncertain climate created by the pandemic, in January 2022, AdB signed at regional level an agreement with the Trade Unions/Workers' Representative Body (RSU) for the introduction of an additional period of the Extraordinary Temporary Lay-Off Scheme, with a maximum duration of 12 months (from February 1, 2022 until the end of January 2023). In a situation of considerable market uncertainty and ongoing pandemic,the Italian government has provided the airport sector with recourse to a special temporary lay-off scheme due to a "sudden and unforeseen event" related to the emergence of the COVID-19 Omicron variant. Social security supports were utilised until the end of May 2022 and thereafter terminated following the above outlined increase in traffic.

From a financial viewpoint, the Group entered the critical phase of the COVID-19 emergency 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. Among the main measures introduced to tackle the crisis, in addition to cost reductions, the Group focused on revising the timeframes for investments and non-urgent replacement/upgrade work. In mid-2020, the Parent Company also signed two loans for a total of Euro 58.9 million, in order to ensure adequate resources for the Group to meet its financial needs, related to the increase in working capital and support for its business plan. In addition, in December 2021, AdB signed with the European Investment Bank (EIB) a long-term loan up to a maximum amount of Euro 90 million to support the infrastructural development plan.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 15

1.3 STRATEGIC OBJECTIVES

The Group's strategic objectives which underlie the development of all operations are outlined below.

"Connect"

The Group seeks to maintain a varied range of flight offerings suited to various types of users by adding to the number of airlines operating out of the airport, while continuing to maintain good margins also on the new traffic generated. In terms of traffic development, the Group targets the adding of routes, with the introduction of new Eastern and long-haul destinations, while boosting frequencies to existing destinations. The Group also focuses on improving airport accessibility, through the development of ground connections and the expansion of its catchment area.

"Develop"

The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Group's business. The strategy in question calls for an efficient use of the existing infrastructure's capacity and modular implementation of new investments to ensure that infrastructure capacity keeps pace with expected traffic development. The passenger terminal expansion project is a key part of the infrastructure development plan, permitting the development of - in particular - the security control areas and the boarding gates, in addition to extending dedicated commercial space.

The Group also plans to develop non-aviation business with the opening of new stores, new car spaces and the extension of the range of services available to passengers.

"Experience"

The Group is focused on ensuring the constant improvement of the services offered to airport users in its fields of operation, both directly and indirectly, while also constantly improving its standards of security, quality and respect for the environment. In order to support and improve all aspects of operations and generate Customer loyalty, the Group considers it key to develop a culture of innovation which revolves around the installation of technology that facilitates greater interaction with passengers and optimises the airport travelling experience.

"Care"

The Group is committed to all aspects of sustainability, ranging from those of an environmental nature to compliance with ethical and social principles, in view of the important role which Bologna airport plays as a vital hub for the region. The Group also strives to develop those who work at the Airport and build an organisation which responds to the evolving demands of the market and which supports the individual in their work.

The Group has furthermore identified two overarching guidelines to the strategic objectives identified above which are viewed as a touchpoint for company operations:

"Maximise financial performance"

The Group is focused on consistently improving the financial performance and on ensuring an adequate return for shareholders.

"Performing and sustainable corporation"

The Group aims to improve the efficiency and efficacy of its processes and internal structure, with a view to improving company performance and development, while paying increasing attention to sustainability in its environmental, social and governance components.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 16

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

1.3 SHARE PERFORMANCE

AdB's shares began trading on the STAR segment of the Milan Stock Exchange on July 14, 2015. The following graphs present:

the share performance between January 1, 2022 and June 30, 2022;
tracking of the company's share performance against the FTSE Italia all-share index.

On June 30, 2022, the official share price was Euro 8.40 per share, resulting in an AdB Group market capitalisation of Euro 303.5 million at that date.

AdB share performance (01/01/2022-30/06/2022)

AdB share and FTSE Italia All-Share performance (01/01/2022-30/06/2022)

Aeroporto Guglielmo Marconi di Bologna S.p.A. 17

The AdB share price and volumes in the most recent two-year period were heavily impacted by the COVID-19 health emergency.

In the first six months of 2022, AdB's share price remained essentially stable before slipping in early March as market trading volumes increased, then again in late April at the time of the Shareholders' Meeting. This was followed by a progressive increase in share price to return nearly to the prices seen at the start of the year.

2. KEY OPERATING RESULTS ANALYSIS

2.1 AVIATION STRATEGIC BUSINESS UNIT

2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

The first half of 2022 saw a gradual recovery in traffic volumes. After a January that was adversely impacted by infections of the Omicron variant, traffic volumes posted a gradual increase beginning in February, thanks to a loosening of restrictions for arrivals into Italy from EU countries, before reaching pre-pandemic levels in June. During the first half year, the airport recorded a total of 3,678,375 passengers, a sharp increase compared to H1 2021 (+375.5%), which had been compromised by the second wave of COVID-19 infections. There were 32,341 movements (+193.7%) and 26,389 tonnes of cargo transported (+10.8%). Compared to 2019, passenger traffic for H1 2022 was 17.3% lower and movements were 13.1% lower, whereas cargo traffic increased by 6.0%. The average load factor increased from 60.8% in H1 2021 to 75.5% in H1 2022. Nonetheless, average load factor remained below the levels of H1 2019 (80.7%).

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

+502.9% vs Q1 21 -35.3% vs Q1 19

Aeroporto Guglielmo Marconi di Bologna S.p.A. 18

Passenger traffic performance January-June 2022

	January - June 2022	January - June 2021	Change % 2022-2021	January - June 2019	Change % 2022-2019
Passengers	3,678,375	773,620	375.5%	4,446,465	(17.3%)
Movements	32,341	11,012	193.7%	37,216	(13.1%)
Tonnage	2,202,650	717,337	207.1%	2,434,622	(9.5%)
Cargo	26,388,532	23,820,849	10.8%	24,893,650	6.0%

Data includes General Aviation and transits

Passenger traffic breakdown	January – June 2022	% of total	January – June 2021	% of total	January – June 2019	% of total	Change % 22-21	Change % 22-19
Legacy	911,735	24.8%	260,697	33.7%	1,784,696	40.1%	249.7%	(48.9%)
Low-cost	2,748,178	74.7%	500,228	64.7%	2,608,586	58.7%	449.4%	5.4%
Charter	10,010	0.3%	8,153	1.1%	43,420	1.0%	22.8%	(76.9%)
Transits	3,358	0.1%	1,318	0.2%	6,222	0.1%	154.8%	(46.0%)
Total Commercial Aviation	3,673,281	99.9%	770,396	99.6%	4,442,924	99.9%	376.8%	(17.3%)
General Aviation	5,094	0.1%	3,224	0.4%	3,541	0.1%	58.0%	43.9%
Total	3,678,375	100.0%	773,620	100.0%	4,446,465	100.0%	375.5%	(17.3%)

Aeroporto Guglielmo Marconi di Bologna S.p.A. 19

Low-cost traffic saw increased volumes compared to 2019 (+5.4%), whereas legacy traffic saw a slower recovery (-48.9% compared to 2019) due to both a greater reduction in movements and a lower average load factor. These different growth trends altered the traffic mix, resulting in an increase in the share of low-cost traffic, which offers lower margins, from 58.7% in H1 2019 to 74.7% for H1 2022.

In line with the last two years, and as a result of ongoing partial restrictions on international travel particularly in the initial part of the year - domestic sector passenger numbers performed substantially better than international flights compared to the previous year.

A two-speed recovery is therefore confirmed, with passengers on domestic flights already reaching prepandemic traffic levels (+6.9% on 2019), while international passengers numbers continue to be subdued by uncertainties surrounding the international health situation and the different access rules among countries (-24.0% on 2019).

Passenger traffic breakdown	January – June 2022	% of total	January – June 2021	% of total	January – June 2019	% of total	Change % 22-21	Change % 22-19
Domestic	1,022,720	27.8%	375,431	48.5%	956,479	21.5%	172.4%	6.9%
International	2,650,561	72.1%	394,965	51.1%	3,486,445	78.4%	571.1%	(24.0%)
Total Commercial Aviation	3,673,281	99.9%	770,396	99.6%	4,442,924	99.9%	376.8%	(17.3%)
General Aviation	5,094	0.1%	3,224	0.4%	3,541	0.1%	58.0%	43.9%
Total	3,678,375	100.0%	773,620	100.0%	4,446,465	100.0%	375.5%	(17.3%)

EU traffic contracted 20.8% on the first half of 2019, while non-EU traffic rose on the same period of 2019 (+3.5%), due to the reclassification of UK traffic from EU to Non-EU. Net of this differing classification, Non-EU traffic would be 32.9% down on H1 2019.

Passenger traffic	January – June	% of total	January – June	% of	January – June 2019	% of	Change %	Change %
breakdown	2022		2021	total		total	22-21	22-19
EU	3,014,593	82.0%	634,499	82.0%	3,806,424	85.6%	375.1%	(20.8%)
Non-EU	658,688	17.9%	135,897	17.6%	636,500	14.3%	384.7%	3.5%
Total Commercial Aviation	3,673,281	99.9%	770,396	99.6%	4,442,924	99.9%	376.8%	(17.3%)
General Aviation	5,094	0.1%	3,224	0.4%	3,541	0.1%	58.0%	43.9%
Total	3,678,375	100.0%	773,620	100.0%	4,446,465	100.0%	375.5%	(17.3%)

In the first half of 2022, the share of the domestic traffic component returned in line with pre-COVID levels (27.8% in the first six months of 2022, compared to 21.5% in the first half of 2019). Spain confirmed its number two spot in passenger traffic by volume, accounting for 16.3% of the total. Germany is next, with 6.8% of total passengers, followed by the United Kingdom with 6.3%, France with 6.1% and Romania with 4.8%. Three Non-EU countries are among the top 10: in addition to the United Kingdom, Albania and Turkey.

	January –	% of total	January -		January –		Change	Change
Passenger traffic by country	June 2022		June 2021	% of total	June 2019	% of total	% 22-21	% 22- 19
Italy	1,023,198	27.8%	375,431	48.5%	956,479	21.5%	172.5%	7.0%
Spain	597,833	16.3%	87,501	11.3%	604,180	13.6%	583.2%	(1.1%)
Germany	249,277	6.8%	32,463	4.2%	436,410	9.8%	667.9%	(42.9%)
United Kingdom	231,878	6.3%	8,658	1.1%	438,842	9.9%	2,578.2%	(47.2%)
France	224,169	6.1%	32,063	4.1%	248,746	5.6%	599.2%	(9.9%)
Romania	176,230	4.8%	24,564	3.2%	231,606	5.2%	617.4%	(23.9%)
Netherlands	119,452	3.2%	33,765	4.4%	162,957	3.7%	253.8%	(26.7%)
Greece	104,706	2.8%	11,172	1.4%	112,279	2.5%	837.2%	(6.7%)
Poland	97,236	2.6%	13,752	1.8%	87,670	2.0%	607.1%	10.9%
Albania	92,984	2.5%	43,035	5.6%	72,793	1.6%	116.1%	27.7%
Turkey	91,200	2.5%	26,068	3.4%	139,623	3.1%	249.9%	(34.7%)
Total	1,023,198	81.8%	375,431	89.0%	956,479	78.5%	336.9%	(13.8%)

Despite some continued limitations on international travel, in the first six months of 2022, six of the top ten destinations were overseas cities, with Barcelona the most popular with over 156 thousand passengers.

Main passenger traffic routes	January – June 2022	January – June 2021	Change % 2022-2021	January – June 2019	Change % 2022-2019
Catania	245,548	110,509	122.2%	195,535	25.6%
Palermo	171,129	66,734	156.4%	136,298	25.6%
Barcelona	155,523	20,330	665.0%	182,930	(15.0%)
Madrid	132,952	32,873	304.4%	148,589	(10.5%)
Paris CDG	121,488	27,491	341.9%	154,666	(21.5%)
Bari	115,629	32,186	259.3%	85,025	36.0%
Brindisi	100,519	34,618	190.4%	92,815	8.3%
Tirana	92,984	43,035	116.1%	72,793	27.7%
Bucharest OTP	81,701	14,603	459.5%	107,619	(24.1%)
London STN	78,556	5,692	1,280.1%	128,883	(39.0%)

Passenger traffic including transits

Analysing airline performances, Ryanair was the largest airline with 60.8% of total traffic. Wizz Air was in second place, with its share rising from 5.5% in 2019 to 9.6% in 2022. The leading legacy airlines appear among the top ten at the airport, confirming the wide range of carriers operating at Bologna Airport, despite the extraordinary circumstances.

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Passenger traffic by airline	January – June 2022	% of total	January – June 2021	% of total	January – June 2019	% of total	Change % 22-21	Change % 22-19
Ryanair	2,237,707	60.8%	378,451	48.9%	2,057,110	46.3%	491.3%	8.8%
Wizz Air	352,422	9.6%	98,866	12.8%	244,787	5.5%	256.5%	44.0%
Air France	132,509	3.6%	27,491	3.6%	154,383	3.5%	382.0%	(14.2%)
British Airways	78,539	2.1%	344	0.0%	148,461	3.3%	22,731.1%	(47.1%)
Lufthansa	78,410	2.1%	19,127	2.5%	157,883	3.6%	309.9%	(50.3%)
Turkish Airlines	75,656	2.1%	26,068	3.4%	90,814	2.0%	190.2%	(16.7%)
KLM Royal Dutch Airlines	73,850	2.0%	31,141	4.0%	111,692	2.5%	137.1%	(33.9%)
Vueling	73,543	2.0%	13,969	1.8%	89,993	2.0%	426.5%	(18.3%)
Air Nostrum	70,599	1.9%	28,745	3.7%	77,621	1.7%	145.6%	(9.0%)
Emirates	52,295	1.4%	14,237	1.8%	88,395	2.0%	267.3%	(40.8%)
Other	452,845	12.3%	135,181	17.5%	1,225,326	27.6%	235.0%	(63.0%)
Total	3,678,375	100.0%	773,620	100.0%	4,446,465	100.0%	375.5%	(17.3%)

Cargo Traffic

(in KG)	January – June 2022	January – June 2021	Change % 2022-2021	January – June 2019	Change % 2022-2019
Air cargo of which	20,506,487	18,444,011	11.2%	19,469,594	5.3%
Cargo	20,504,454	18,444,008	11.2%	19,447,901	5.4%
Mail	2,033	3	67,666.7%	21,693	(90.6%)
Road cargo	5,882,045	5,376,838	9.4%	5,424,056	8.4%
Total	26,388,532	23,820,849	10.8%	24,893,650	6.0%

Cargo traffic in the first six months of 2022 amounted to 26,388,532 kg, up 10.8% on the first six months of 2021 and 6.0% on the same period of 2019.

This was a result of the strong business cargo recovery across all its main components, highlighting an improvement on the previous year and growth also on the first half of 2019 (pre-COVID). Road traffic increased by 9.4%, against an air component recovery of 11.2% and an overall increase of 10.8% on the same period of the previous year, outperforming average Italian growth over the January-June 2022 period (6%).

Aeroporto Guglielmo Marconi di Bologna S.p.A. 22

in thousands of Euro	For the half year ended 30.06.2022	For the half year ended 30.06.2021		% change vs 2021	For the half year ended 30.06.2019	% change vs 2019
Passenger Revenues	20,754	4,687	16,067	342.8%	28,446	-27.0%
Carrier Revenues	12,225	5,017	7,208	143.7%	12,429	-1.6%
Airport Operator Revenues	2,264	854	1,410	165.1%	1,648	37.4%
Traffic Incentives	(12,108)	(2,286)	(9,822)	429.7%	(12,471)	-2.9%
Revenues from Construction Services	3,691	2,565	1,126	43.9%	5,965	-38.1%
Other Revenues	708	609	99	16.3%	675	4.9%
Aeronautical and FSC Revenue Reduction	(2)	(296)	294	-99.3%	(1)	100.0%
Total AVIATION SBU Revenues	27,532	11,150	16,382	146.9%	36,691	-25.0%

2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

The Aviation Strategic Business Unit's revenues consist of fees paid by users (passengers and airlines) and airport operators for the use of the infrastructure and services provided on an exclusive basis by the Group for landing, take-off, lighting, aircraft parking and passenger and cargo operations, in addition to centralised infrastructure and exclusive-use premises.

Passenger revenues include in particular passenger boarding fees, security control fees and the PRM fee. Carrier revenues in particular include landing and take-off fees and aircraft parking and shelter fees, cargo fees, fees for the use of certain centralised facilities and cargo handling and general aviation handling revenues. Finally, Airport Operator revenues specifically include fees for the use of exclusive use assets, fueling fees and other fees related to cargo handling and general aviation activities.

Given the public utility aspect of airport services, airport charges are regulated by both national and EU legislation. The new regulations and implementation measures – including the models approved by the Transport Regulation Authority – require that changes to the system or amount of airport fees be made with the consent, on the one hand, of the airport manager, and of the airport's users on the other.

For H1 2022, revenues increased on the same period of 2021, but decreased compared to 2019, due mainly to the trend in traffic volumes plus, in 2019, the decrease in revenues from construction services as a result of decreased investments in assets under concession.

Group revenues from the Aviation Strategic Business Unit were up 146.9% on 2021 and 25% lower than 2019. The individual accounts broke down as follows:

Passenger Revenues (+342.8% on 2021 and -27% on 2019); passenger revenues are in line with the trend in passenger traffic and in tariffs, which, in 2022, decreased slightly compared to both 2021 and 2019, as a result of annual tariff updates;
Carrier Revenues (+143.7% on 2021 and -1.6% on 2019): carrier revenues are in line with the trend in movements and tonnage and with the trend in tariffs, particularly take-off and landing tariffs, which increased on 2019 and decreased on 2021;
Airport Operator Revenues (+165.1% on 2021 and +37.4% on 2019): revenues increased due to the growth in traffic volumes and, compared to 2021, also as a result of the revision of fees for premises and operating equipment granted by the manager in H1 2021 to support operators during the emergency phase; The sharp rise in fuel service revenues also had a significant impact on the performance of this revenue category compared to 2019.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 23

This document is a courtesy translation from Italian into English. In case of any inconsistency between the two versions, the Italian original version shall prevail."

Incentives: the movement in incentives (+429.7% on 2021 and -2.9% on 2019) relates to the incentivised traffic performance;
Revenues from Construction Services: the movement in this account (+43.9% on 2021 and -38.1% on 2019) relates to the investments made.

2.2 NON-AVIATION STRATEGIC BUSINESS UNIT

2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro	For the half year ended 30.06.2022	For the half year ended 30.06.2021	Total change vs 2021	% change vs 2021	For the half year ended 30.06.2019	% change vs 2019

Retail and Advertising	6,282	1,445	4,837	334.7%	7,333	-14.3%
Parking	6,512	1,579	4,933	312.4%	7,970	-18.3%
Real Estate	1,472	1,164	308	26.5%	1,215	21.2%
Passenger services	2,631	628	2,003	318.9%	3,002	-12.4%
Revenues from Construction Services	500	1,220	(720)	-59.0%	1,126	-55.6%
Other Revenues	1,342	693	649	93.7%	1,562	-14.1%
Non-Aeronautical and FSC Revenue Reduction	0	(4)	4	n.a.	0	n.a.
Total NON AVIATION SBU Revenues	18,739	6,725	12,014	178.6%	22,208	-15.6%

Total non-aviation business revenues in the period increased 178.6% on 2021 and decreased 15.6% on 2019.

The individual areas of this business unit performed as follows.

Retail and Advertising

Performance in this revenue category (+334.7% on 2021 and -14.3% on 2019) is mainly tied to the contract terms in effect beginning in 2021, mainly retail and some advertising agreements, according to which fees vary on the basis of traffic levels compared to 2019.