Toscana Aeroporti

Investor Presentation • Sep 30, 2021

Company Presentation

ISMO -Italian Stock Market Opportunities 2021 Virtual Video Conference

September 30th, 2021

Table of contents

1. Toscana Aeroporti at a glance

• 1. Responses to Covid-19
• 1. 1H2021 Results
• 1. Business Update
• 1. Strategic Framework

Toscana Aeroporti S.p.A. Company Presentation

1. Toscana Aeroporti at a glance

Toscana Aeroporti - milestones

March 2014

June 1st, 2015 Effective date of the merger by incorporation of AdF (Florence Airport) into SAT (Pisa Airport).

Toscana Aeroporti - the 4th Italian Airport System - is born

January 26, 2021

Toscana Aeroporti Costruzioni (TAC) a subsidiary, to carry out the necessary works for the planned infrastructural development at the FLR and PSA airports is born..

Corporación América the largest private operator by number of airports (52 airports mainly in Latin America and Europe) - launches two takeover bids for the companies that operate the Pisa (SAT) and Florence (AdF) airports

July 2014

Corporación América

controlled by

SAT and AdF are jointly

July 1st, 2018 Spin-off of the Ground Handling business to Toscana Aeroporti Handling

Aeroporti 1. Toscana	2. Responses	3. 1H2021	4. Business	5. Strategic
a glance at	to Covid 19	Results	Update	Framework

Toscana Aeroporti shareholders structure

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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Toscana Aeroporti structure Main companies

Parcheggi Peretola S.r.l. 100% subsidiary The mission is to provide TA with the engineering services required for the implementation of the program for the development of the two airports - Florence and Pisa. 100% subsidiary This company mainly focused of the management of a 640-slot payment car parking lot for the public in front of Florence airport. 51% subsidiary TAC carries out airport, road, railway, river and maritime works, as well as acoustic mitigation works. 100% subsidiary Handling activities in airport ground aircraft, passenger and cargo handling services.

51% subsidiary Company that manages the centralized fuel storage facility of the Pisa airport.

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
Florence Profitable destinations and leading	intra-EU airlines service high fashion centers	located in one of with one of highest yield	Main per passenger	Pre-Covid 19 data tourist
A key tourist attraction	in Italy		Passengers traffic	Pax profile
	Milan Venice		13% Domestic	30% Outgoing 70%
Florence Baptistery Battistero di San Giovanni	Florence	Palazzo Vecchio (Palazzo della Signoria)	87% International	Incoming
	Rome		19% Business	Pax per Type of Airline 31% Low Cost
Cathedral of Saint Mary of the Flower (Duomo di Firenze)		Ponte Vecchio	81% Tourist	69% Legacy

Main routes by country

#	Country	%
1	France	20%
2	Germany	18%
3	Italy	13%
4	Spain	12%
5	Netherland	9%
6	Others	28%

11%

Pax Breakdown by Airline

1. 1H2021 Results

2. Business Update

3. Strategic Framework

Pisa

Piazza dei Miracoli

Proven LCC business model in one of main tourist destinations (Toscana) also focused on the development of intercontinental flights

• O&D airport, favorably located in the middle of the European Union, providing access to various geographies and serving as a convenient destination for airlines
• Gateway to Tuscany and central Italy, directly linked to the Italian railway system
• Located in a world-class touristic destination, attracting ~6 mln visitors per year to the Leaning Tower of Pisa
• Efficient business operations, consistently delivering healthy profit margins while offering services and infrastructure at a competitive cost
• Potential to leverage on existing airlines relationships and predominance in the region to foster expansion strategy

Main routes by country

#	Country	%
1	Italy	27%
2	United Kingdom	21%
3	Spain	10%
4	Germany	7%
5	France	5%
6	Others	30%

Pax traffic

Type of pax

Pax profile

Pax per Type of Airline

Pax Breakdown by Airline

Pre-Covid 19 data

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
Long-Term Concession agreements providing secure revenue streams into the future
	Pisa Airport			Florence Airport
Parties	ENAC (Ente Nazionale per SAT (Società Aeroporto	Civile) and Toscano Galileo Galilei)	ENAC (Ente Nazionale and AdF (Aeroporto	per Civile) di Firenze)
Scope	Contracts provide the with rights to grant	rights to develop, update, manage, maintain and use Pisa and Florence airports sub-concessions related to property under concession.
Term	Signed on October 20, 2006 (40 year duration)			Signed on March 11, 2003 (40 year duration)
Extension terms	On July 17, 2020 with the epidemiological emergency, airport activity have been	Law No. 77 in order the terms of the extended by two years.	to contain the economic concessions for the management	effects of the Covid-19 and development of

Aeroporti 1. Toscana	2. Responses	3. 1H2021	4. Business	5. Strategic
a glance at	to Covid 19	Results	Update	Framework

Revenues sources

Aviation Overview of regulated tariff process

TA holds the two concessions for the global management of Florence airport and Pisa airport and is accountable for managing, developing and maintaining the airport assets.

In order to manage the airport infrastructures and to ensure their development, TA collects proceeds arising from the use of the infrastructures and from the services. The amount of such proceeds is set on the basis of regulated tariffs.

The regulated tariffs are set through a mechanism including consultation process with airlines and an assessment performed by the Italian Transport Regulation Authority (ART) on the basis of capital expenditure, quality and environmental targets. The tariffs are valid for 4 years and may be adjusted on an annual basis.

Sets the Investment, Quality and Environment Plan

Approves the Investment, Quality and Environment Plan

Defines the tariff scheme proposal

• Airlines

Consultation with airlines for the tariff scheme proposal

40 days

FLR airport & PSA airport Programme contracts 2019/2022

Definition of tariffs applicable for the next 4 years

Assessment of TA tariff scheme proposal

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

Aviation regulated tariffs

Toscana Aeroporti S.p.A. Company Presentation

2. Responses to Covid-19

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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Impacts of Disruptions on Global Passenger RPKs

Covid-19 Pandemic Unprecedented in Terms of Depth and Time to Recovery

Global passenger kilometres flown (RPKs), indexed

COVID-19 Impact

After years of continuous growth, COVID-19 led to an unprecedented air traffic decline in Florence and Pisa airports

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

COVID-19 Impact

2020 results severely impacted by the health emergency caused by Covid-19

Responses to Covid-19: actions taken to restore airport operations

Ensuring a safe experience for staff and travellers

• Sanitization and social distancing measures;
• Safety and hygiene protocols;
• Screening control with temperature check;
• Communication with travellers about new health & hygiene safety protocols via the , both digitally and physically at airports
• Clear signage throughout the airport to inform travellers;
• Gel dispensers and/or hygiene stations;
• Antigenic and serological tests.

Responses to Covid-19: opex reduction, Cash preservation & Compensations

OPEX REDUCTION

• Personnel costs:
• activated the CIGS (State´s help to cover part of the salary) for all employees,
• mandatory use of accrued holiday leave
• smart-working, where possible;
• Supplier contracts: renegotiated contractual terms with suppliers, where possible;
• Maintenance, operational and utility expenses: reduced expenses due to lower traffic handled, to Florence airport closure and part of Pisa airport closed;

• Concession fees: approved by the regulator the deferral of semi-annual concession fee payment to January 2021, originally due July 2020. The calculation to be based on actual number of passengers in 2020.

• Dividend: revoked distribution of dividends for FY2019;

• Financing: financing for a total of 85 million, backed by SACE guarantees within the framework of the programme "Garanzia Italia".
• Capex: extensive review of the investments, sorting out those related to regulatory requirements or to maintain high quality and security standards and airport safety.

CASH PRESERVATION COMPENSATIONS

TUSCANY REGION FUNDS

• 10 million relief for covid-19 damages granted by Region of Tuscany
• European Commission's approval on March 2nd, 2021
• EBITDA impacted recorded in 2020.

2021 ITALIAN BUDGET LAW

July 26, 2021: the European Commission approved, under EU State aid rules, a 800 million Italian scheme to compensate airports and ground-handling operators for the damage suffered due to the coronavirus outbreak and the travel restrictions that Italy and other countries had to implement to limit the spread of the virus.

Toscana Aeroporti S.p.A. Company Presentation

3. 1H 2021 Results

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

2Q21 TA Results

First signs of traffic recovery

to Covid 19 Results Update Framework a glance at	Aeroporti 1. Toscana	2. Responses	3. 1H2021	4. Business	5. Strategic
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2Q21 TA Results

Cost control dampen COVID-19 impact

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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2Q21 TA Results

Financial results recovery in 2Q21

P&L ( /000)	1Q 2021	% vs 2020	2Q 2021	% vs 2020	1H 2021	% vs 2020
Aviation revenues	1,970	(85.6%)	5,384	280.8%	7,354	(51.2%)
Non Aviation revenues	2,392	(54.9%)	3,128	137.7%	5,520	(16.7%)
Network development expenses	(303)	(85.9%)	(645)	1,012.1%	(948)	(56.9%)
OPERATING REVENUES	4,059	(75.9%)	7,866	194.4%	11,925	(38.8)
Other revenues	174	(41.5%)	967	1,724.5%	1,141	224.8%
Revenues for construction services	2,573	8.4%	4,611	249.1%	7,184	94.4%
TOTAL REVENUES	6,807	(65.1%)	13,443	232.2%	20,250	(14.0%)
Operating expenses	10,361	(42.9%)	11,826	52.2%	22,187	(14.4%)
Costs for construction services	2,227	13.4%	4,154	294.9%	6,381	111.6%
TOTAL COSTS	12.588	(37.4%)	15,980	81.2%	28,568	(1.2%)
EBITDA	(5,781)	na	(2,537)	(46.9%)	(8,318)	54.2%
EBIT	(8,946)	na	(6,206)	(22.5%)	(15,152)	29.6%
PBT	(9,601)	na	(6,813)	(17.6%)	(16,414)	33.5%
NET PROFIT /(LOSS)	(7,726)	na	(5,594)	(6.0%)	(13,320)	49.7%

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

1H21 TA Results Net Financial Debt

Net Financial Debt ( /000)	1H 2021	FY 2020		1H 2020
Liquidity	48,816	76,344	(27,528)	15,908
Current financial debt	41,065	41,042	23	41,015
Current portion of non-current financial debt	6,745	5,484	1,261	5,268
CURRENT FINANCIAL INDEBTEDNESS	47,810	46,525	1,285	46,282
Net current financial indebtedness	(1,006)	(29,818)	28,812	30,374
Non-current financial debt	100,979	103,014	(2,035)	21,113
Non-current trade and other payables	7,531	4,132	3,399	4,089
NON-CURRENT FINANCIAL INDEBTEDNESS	108,509	107,146	1,364	25,203
NET FINANCIAL INDEBTEDNESS*	107,504	77,327	30,176	55,576
Adjusted Net Financial Debt	1H 2021	FY 2020		1H 2020
Liabilities for deferred payment of acquisitions	(4,317)	-	(4,317)	-
Financial liabilities for rights of use	(4,899)	(4,631)	(268)	(4,498)
TOTAL ADJUSTED FINANCIAL DEBT	98,287	72,696	25,591	51,78

1H 2021 Adjusted net financial debt, i.e., net of deferred payment commitments for acquisitions and right-of-use financial liabilities.

1H 2021 Debt-To-Equity Ratio (D/E): 1.14

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

1H21 Capex

Main investments in Infrastructure - Non-binding and non-started capex programs postponed

The works were carried out and conducted by Toscana Aeroporti Costruzioni

Toscana Aeroporti S.p.A. Company Presentation

4. Business Update

Aeroporti 2. Responses 1. Toscana to Covid 19 a glance at	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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Latest trends - recovery passenger volumes Passenger Traffic TA (2021 vs 2019)

* As at September 28, 2021.

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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Macroeconomic and Airport Industry Outline EU Digital Covid Certificate (DCC) and Covid-19 Vaccination campaign

DIGITAL GREEN CERTIFICATE

The EU Digital COVID Certificate facilitates travel in Europe

(Valid in all EU countries and the Schengen area).

The EU Digital COVID Certificate makes it easier to travel to Italy and other countries of the European Union and to the countries of the Schengen area. The EU Digital COVID Certificate (DCC) regulation entered into force on July 1, 2021.

VACCINATION PROGRESS*

• EU/EEA: 72.3% of adult population fully vaccinated & +400 mil DCCs issued
• reduced epidemiological risks TOTAL

81%

75%

74%

71%

67%

64%

45%

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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Lighter Travel Restrictions

UK - as of Oct

• Red list countries (47): only UK nationals & residents with pre-departure & after arrival tests + quarantine
• Rest of the World: all vaccinated people with arrival test (day 2 PCR no longer required)

US opening up to ALL vaccinated travellers (pre-departure test only) - as of Nov

• From country-based to individual-based approach

EU in principle open to all vaccinated travellers (both from EU & non-EU)

• Not fully aligned restrictions/conditions;
• External digital validation tool for EU DCCs under development;
• Mutual recognition of non-EU DCCs progressing.

Source: ACI Europe - Covid-19 Restart, State aid & Sustainability - September 23, 2021.

Aeroporti 1. Toscana	2. Responses	3. 1H2021	4. Business	5. Strategic
a glance at	to Covid 19	Results	Update	Framework

Market overview

EUROCONTROL STATFOR 4-year forecast for Europe 2021-2024 (May 2021)

37

ACI EUROPE European Airport Passenger Traffic 5-year forecast (April 21, 2021)

2019 2020 2021 2022 2023 2024

Aeroporti 1. Toscana	2. Responses	3. 1H2021	4. Business	5. Strategic
at a glance	to Covid 19	Results	Update	Framework

State aid

European Commission more flexible

• More airport aid approved
• Compensation for damages: Italian airports ( 735M up to 14 Jul. 2020). Athens ( 110M up to 30 Jun. 2020)
• Liquidity support: Slovakian airports (up to Dec. 2021)
• Airline Incentive Schemes: Sibiu & Targu Mures (up to Dec. 2021)

Damage compensation for H2 2020 & 2021 damages now possible

• Alitalia up to 30 Apr. 2021 & French sports clubs up to 30 Jun. 2021
• One EU State about to notify new request for an airport (up to Dec. 2020)

Extension of Temporary Framework beyond 2021 under consideration

• Towards a sectorial approach for most damaged activities?
• Joint request for aviation support from Cyprus & other countries.

2024 Aviation State aid Guidelines

• Full revision postponed & extension of current principles (including operating aid beyond 2024)?
• -COVID-19) no longer relevant.

Source: ACI Europe - Covid-19 Restart, State aid & Sustainability - September 23, 2021.

Toscana Aeroporti S.p.A. Company Presentation

5. TA Strategic Framework

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

Pillars of Strategic Development

To face the challenges that await Toscana Aeroporti in the near future, a series of initiatives will need to be developed to reinforce the position on the market based on three main pillars:

Aeroporti 1. Toscana a glance at	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework

Pillars of Strategic Development

The three strategic pillars form the basis for developing initiatives to be divided into four macro-clusters:

IDENTIFICATION OF NEW BUSINESS INITIATIVES OFFERED BY THE NEW MARKET CONTEXT (DITIGAL, MOBILITY, etc.) THAT RESULT IN CEX IMPROVEMENT.	PARKING UNIFIED PROCESS MANAGEMENT	• Same parking management system at the two airports (FLR and PSA); • Successfully ensuring service monitoring, applying the required standards while improving cost efficiency.
	GENERAL AVIATION	• Improving service quality, forming partnerships focusing on high-end passengers to maximize non-aviation revenues generated from this activity; • Refurbishment of current terminal area and new parking areas to develop a highly resilient business.
	E-COMMERCE	• Taking advantage of technological trends to be closer to passengers and increase sales opportunities; • Scouting to identify the e-commerce platform for the sale of TA services + driver for the sale of third-party services; • Revamping of corporate website.

2. Responses to Covid 19 3. 1H2021 Results 4. Business Update 1. Toscana Aeroporti at a glance 5. Strategic

42

Framework

B. EFFICIENCY-BUILDING AND HARMONIZATION PROCESSES

43

SUSTAINABILITY IN ITS WIDER MEANING (ACTIONS TO REDUCE THE IMPACT OF CO2 EMISSIONS; ECONOMIC, SOCIAL AND ENVIRONMENTAL INITIATIVES, ETC).

Both Pisa and Florence airports started their path towards the Airport Carbon Accreditation Program, aiming to achieve Level 1 Certification by 2022.

Efficient use of energy (e.g. energy consumption monitoring systems, replacement

of fluorescent and incandescent lighting with energy-saving LED lamps, thermal energy for domestic hot water production, generation of photovoltaic energy).

Toscana Aeroporti S.p.A. aims to be the first plastic-free airport system in Italy.

The ISO-certified Environmental Management System establishes the monitoring of water consumption and the reporting of any oil or fuel spills in the maneuvering areas.

Toscana Aeroporti has continuous noise monitoring networks at the two airports with fixed and mobile stations.

Compensation areas and replacement measures, in particular at airports boundaries and in the surrounding area.

1. Business Update

2. Responses to Covid 19

3. 1H2021 Results

Aeroporti 1. Toscana at a glance	2. Responses to Covid 19	3. 1H2021 Results	4. Business Update	5. Strategic Framework
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D. INFRASTRUCTURES DEVELOPMENT

From a procedural standpoint, the work will be subject to the Environmental Impact Assessment (VIA) procedure by the Italian Ministry for Ecological Transition (MiTE) and subsequent urban compliance assessment procedure by the Italian Ministry of Sustainable Infrastructure and Mobility (MIMS).

Preparation of ENAC: environmental Technical impact study approval (SIA) project	MiTE: V.I.A. procedure		MIMS: Urban compliance assessment	MiTE: Compliance assessments	Performance of work and inspections
	Request to commence VIA	VIA Request to decree convene	Authorization decree	Compliance decrees
		the Service Conference
			ADMINISTRATIVE PROCEDURES: 19 MONTHS

IR dates & contacts

2021 Financial calendar

Q1 interim release: Wednesday, May 12 Annual General Meeting: Tuesday, May 18 6M interim report: Wednesday, September 8 Q3 interim release: Friday, November 12

IR contacts

Gabriele Paoli Phone: +39 050 849 240 Phone: +39 055 3061 693 Email: gabriele.paoli@toscana-aeroporti.com

Toscana Aeroporti S.p.A.

Via del Termine n. 11 50127 - Firenze

Disclaimer

This document has been prepared by Toscana Aeroporti S.p.A. solely for information purposes and for use in presentations of the Company. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the company, its affiliates, or its representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. This document includes forward-looking statements. These forwardlooking statements express current expectations and projections about future events, involve predictions and are subject to ^a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. Prospective investors are cautioned not to place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond our control. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this document might not occur and no assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as ^a results of risks and uncertainties facing Toscana Aeroporti S.p.A.. Such risks and uncertainties include, but are not limited to increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forwardlooking statements. Moreover, any statements regarding past trends or activities should not be taken as ^a representation that such trends or activities will continue in the future. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By accepting this document, you agree with foregoing.