Toscana Aeroporti

Investor Presentation • Jan 13, 2021

Company Presentation

Italian Stock Market Opportunities 2021 - Virtual Video Conference

January 13, 2021

Table of contents

1. Toscana Aeroporti at a glance

2. 9M 2020 Results

3. Business Update

Toscana Aeroporti S.p.A. Company Presentation

1. Toscana Aeroporti at a glance

Toscana Aeroporti - milestones

March 2014

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

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

July 2014 SAT and AdF are jointly controlled by Corporación América

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

Toscana Aeroporti shareholders structure

5

Florence

Profitable intra-EU airlines service located in one of Main tourist destinations and leading high fashion centers with one of highest yield per passenger

A key tourist attraction in Italy

Country %

1 France 23%

2 Germany 17%

3 Italy 15%

4 Spain 14%

6 Netherland 8%

7 Switzerland 6%

8 Others 8%

Kingdom 9%

United

Pax profile

Milan

Pisa

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

Main routes by country

#	Country	%
1	Italy	27%
2	United Kingdom	21%
3	Spain	10%
4	Germany	7%
5	France	5%
6	Netherland	5%
7	Russia	3%
8	Others	22%

LCC Rationale

• 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

28% 72% Outgoing

Incoming

3%

Others

Tourist

61% 18%

Data year: 2019

Toscana Aeroporti S.p.A. Company Presentation

2. 9M 2020 Results

Responses to COVID-19: opex reduction & Cash preservation

• Personnel costs: activated the CIGS/Extraordinary Wages Guarantee Fund (State´s help to cover part of the in addition to mandatory use of accrued holiday leave and, where possible, smart-working;
• 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: defined an agreement with a pool of leading financial institutions regarding a financing transaction for a total of 85 million, backed by SACE guarantees within the framework of the programme "Garanzia Italia".
• Capex: investments have been subject to extensive review, sorting out those related to regulatory requirements or to maintain high quality and security standards and airport safety.

9M2020 Toscana Aeroporti traffic results

Significant drop due to COVID-19

1. Toscana Aeroporti a glance at	2. 9M 2020 Results	3. Business Update
9M2020 Highlights
OPERATING REVENUES (	EBITDA ( /mln) /mln)	GROUP RESULTS ( /mln)
63,2 40,4	29,7	12,3

9M2019 9M2020

9M results severely impacted by the health emergency caused by Covid-19.

Operating revenues, impacted by the reduction in traffic volumes and the closure of nearly all commercial activities, amounted to 40.4 million, decreasing by 64.9% compared to 63.2 million in 9M2019. Both Aviation and Non-Aviation revenues decreased (-66.3% and -59.3%, respectively).

9M2019 9M2020

-6,7

EBITDA negative at 6.7 million, compared to a positive 29.7 million in 9M2019

-12,8

9M2020 9M2019 9M2020

17

Total costs

Substantial cost cutting measures achieved

PERSONNEL COSTS

Personnel costs down by -37,1% thanks to:

• Extraordinary Wages Guarantee Fund for all employees in service;
• use of accumulated holiday leaves;
• remote working arrangements.

43.8 SERVICE COSTS

• Service costs (-35,3%) decline due to:
• renegotiating contractual terms with suppliers, where possible;
• lower costs directly related to traffic figures;
• lower utility costs.

CONSTRUCTION COSTS

Construction costs (-11,8%)

Net financial debt

( /000)	9M 2020	FY 2019		9M 2019
CASH AND CASH EQUIVALENTS	6,281	19,863	(13,582)	17,890
Current bank loans	41,027	20,010	21,018	26,009
Current portion of non-current debt	4,823	4,930	(107)	4,812
Other current payables to leasing companies	483	410	74	375
CURRENT FINANCIAL INDEBTEDNESS	46,333	25,349	20,984	31,197
Net current financial debt	40,053	5,486	34,566	13,307
Non-current bank payables	19,689	23,352	(3,663)	24,334
Other non-current payables to leasing companies	4,229	4,239	(9)	4,135
NON-CURRENT NET FINANCIAL INDEBTEDNESS	23,918	27,590	(3,672)	28,469
NET FINANCIAL DEBT	63,971	33,077	30,894	41,776

The increase in net financial debt in the first nine months of 2020 compared to the same period of 2019 was chiefly attributable to a greater absorption of cash flows generated by operating activities (approximately 38.1 million).

Toscana Aeroporti S.p.A. Company Presentation

3. Business Update

COVID-19 outbreak heavily affected 4Q traffic results

The Tuscan Airport System reported total passenger traffic of approximately 2.0 million passengers in the 2020, declining by 76.0% compared to the 2019. Florence airport and Pisa airport passengers declined by 76.7% and 75.6%, respectively.

Key business updates

TWO-YEAR EXTENSION OF AIRPORTS CONCESSIONS

July 17, 2020 - Law No. 77: in order to contain the economic effects of the Covid-19 the epidemiological emergency and of the contagion containment measures adopted by the Italian Government and the Regions, the terms of the concessions for the management and development of airport activity have been extended by two years.

NEW FINANCING ( 85 MLN) GUARANTEED BY SACE

November 6, 2020 - TA 85 Million SACE-guaranteed financing disbursed to Toscana Aeroporti by Intesa Sanpaolo and BNL - BNP Paribas Group.

TUSCANY REGION FUNDS

December 3, 2020 - The Regional Council approved Law No. 95 of which provides for financing for the airport system. This regional financial support is subject to approval by the European Community as it classified as a government grant.

2021 ITALIAN BUDGET LAW

December 30, 2020 Article 1, paragraphs 715-720, of the 2021 Italian Budget Law A 500 million fund (of which 450 million reserved for airport management companies and 50 million for handlers) has been established to compensate for the Covid-19-related damages.

Aviation regulated tariffs

2021 Passengers with Reduced Mobility (PRM) tariffs: on November 25, 2020 (Pisa airport) and PRM tariff.

2021 aviation regulated tariffs in line with 2020 ones

Pisa airport terminal development plan

The plan to expand the terminal of the Pisa airport envisages works aimed at increasing 6.5 million passengers.

Florence Airport new runway and terminal development plan

New runway of 2.400 metres and a new terminal with the aim of reaching the target of 4.5M passengers

FLR Masterplan next steps

V.A.S. & V.I.A. PROCEDURES and Public Debate

Florence airport - runway and strips maintenance works

a) STRIPS (1.680 mt. x 300 mt.) ~ 3,5 mln

b) RUNWAY SURFACE (59.000 sqm) ~ 2,8 mln

WILL BE CLOSED TO AIR TRAFFIC FROM FEBRUARY 1, 2021 TO MARCH 20, 2021

IR dates & contacts

2021 Financial calendar

Annual General Meeting: Thursday, April 29 Q1 interim release: Wednesday, May 12 6M interim report: Wednesday, August 4 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.