This financial statements constitute a non-official version which is not compliant with the provisions of the Commission Delegated Regulation (EU) 2019/815.

Consolidated Financial Statements Aeroporto Guglielmo Marconi di Bologna Group and Financial Statements of Aeroporto G. Marconi di Bologna S.p.A. At December 31, 2024

Letter to the Shareholders
	Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A. Board of Directors

	Board of Statutory Auditors
	Auditing Firm	9
	Directors' Report including the Consolidated Sustainability Statement	10
	Declaration on the Sustainability Statement Article 81-ter, para. 1, of Consob Reg. No.
	11971/99
	Independent auditor's limited assurance report on the consolidated sustainability report	248
	Consolidated Financial Statements at December 31, 2024	253
•	Statement of Consolidated Financial Position	254
•	Consolidated Income Statement	255
•	Consolidated Statement of Comprehensive Income	256
•	Consolidated Cash Flow Statement	257
•	Statement of Changes in Consolidated Shareholders' Equity	258
	Notes to the Consolidated Financial Statements at December 31, 2024	259
	Declaration on the Consolidated Financial Statements pursuant to Article 154 bis of the CFA
	Independent auditor's report on the consolidated financial statements	335
	Aeroporto G. Marconi di Bologna S.p.A. Financial Statements at December 31, 2024	343
•	Statement of Financial Position	344
•	Income Statement	345
•	Statement of Comprehensive Income	346

Cash Flow Statement 347 • Statement of Changes in Shareholders' Equity 348 Notes to the Financial Statements at December 31, 2024 349
Declaration on the Statutory Financial Statements pursuant to Article 154 bis of the CFA 404 Report of the Board of Statutory Auditors to the shareholders' meeting 405 Independent auditor's report on the Financial Statements 410

Dear Shareholders,

2024 was a very positive year, with Bologna Airport connecting 10.8 million passengers with Italy and the world. These unprecedented numbers - up 8.1% on 2023 - clearly pose a challenge for our infrastructure and the entire company workforce, in addition to the wider airport community.

Marconi in 2024 ranked 7 th in terms of passenger numbers in Italy, and 4th in terms of cargo handled. The 1 million passenger mark was consistently surpassed in the months from March to October, with total aircraft movements in 2024 numbering 83,264 (+5.9% on 2023), and with 56,371 tonnes of cargo transported (+10.5%). The average load factor also rose to 83.4% in 2024, compared to 82.5% in 2023. These results confirm the full recovery from the pandemic and also Marconi's central role within Italy's airport infrastructure.

AdB during the year continued to place service quality and passenger satisfaction at the core of its strategy, while considering the range of factors on which they are based, and particularly in a period in which a number of works are ongoing. The impacts on operations have been managed through working closely day-to-day with our partners and with the continued support of the State Agencies.

Total investments and activities from the provision for renewal in 2024 totalled Euro 45.3 million and mainly concerned:

the reconfiguration of the departure lounge and completion of the corridor connecting the checkin area to the security control area, with continued work on the expansion of the Schengen boarding lounge, the reconfiguration of 2 existing gates and new retail outlets;
the opening of the new 8-level multi-story car parking, which when completed will accommodate about 2,200 parking spaces and which was designed to include the use of materials according to advanced sustainability criteria;
the upgrading of the security and passport control area with the installation of 6 new generation faster and higher-performance lines, and an additional 2 lines scheduled to be installed in 2025;
the Non-Schengen arrival hall on the 1st Floor with an additional area of approximately 400 sq. metres.
the completion of expropriation and main planting activities for the establishment of the 40-hectare wooded strip along the northern perimeter of the airport with the goal of contributing to climate change mitigation;
the construction of new photovoltaic systems in addition to other energy efficiency measures;
the installation of electric vehicle charging stations, in addition to the purchase of new electric vehicles and the start of the decarbonisation programme for a number of the airport's buildings.

Looking to the operating results, consolidated EBITDA was Euro 55.1 million, compared to Euro 44.1 million in 2023, growth of 25%, while EBIT was up 35.5% to Euro 34.9 million (Euro 25.8 million in 2023). Finally, the consolidated profit was up 46.3% to Euro 24.4 million (Euro 16.7 million in 2023).

From a financial viewpoint, the Group's Net Financial Position at December 31, 2023 was a cash position of Euro 5.4 million, compared to Euro 8.4 million at December 31, 2023. The cash flows generated by operating activities permitted the payment of significant capital expenditure, dividends of Euro 9.5 million from the 2023 net profit and the settlement of maturing loan instalments.

In 2024, the AdB Group also faced another major sustainability reporting challenge as the year of the first application of the European CSRD legislation - "Corporate Sustainability Reporting Directive (CSRD)" for companies in the "first wave." In this area, the double materiality analysis confirmed Own workforce, Workers in the value chain, Business conduct and Affected communities as among the most material sustainability topics. The latter category includes the positive impact of airport activity on the economicemployment development of the area and the development and efficiency of connectivity with and between different forms of public transportation, and the negative impact of the disturbance caused to the population residing in the vicinity of the airport by aircraft flying over residential areas.

2023 saw sustained work on airport noise mitigation, in close collaboration with local authorities and the airport authorities ENAC and ENAV, leading to restrictions on city-side movement routes in the nighttime slot and a new climb procedure for runway 12 take-offs, which reduced the turning altitude and therefore shifted take-off trajectories to areas of the Municipality of Bologna with lower population density. In 2024, AdB began preliminary investigations to prepare a PICAR (Noise Containment and Abatement Plan) proposal, pursuant to current provisions (Law 447/95, Ministerial Decree 29/11/2000, EU Regulation 598/2014), with the goal of reducing noise and bringing it back into line with the established limits.

The PICAR proposal is in the process of being finalised in detail and will be the subject during 2025 of communication to key stakeholders and, as an immediate follow up, of a multi-faceted regulated process, preceded by publication for due comments from co-interests and counter-interests and, then, technical counter-deductions in view of the authorisations and approvals of the domestic and EU bodies institutionally competent in the matter. This proposal has been developed through a balanced approach and includes a multi-faceted set of measures, including also a significant decrease, from the IATA 2027 Summer season, of the share of traffic in the night time period (23.00-05.59). Flights that should actually be subject to reduction in the nighttime band for noise containment purposes will be reasonably subject to allocation in the daytime

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

band in view of the planned further releases of airport capacity related to planned investments, some already in executive start-up and others soon to be initiated.

Also on the Sustainability front, the Company in 2024 achieved Level 4+ (transition level) of ACI Europe's international Airport Carbon Accreditation framework and has set out its own Decarbonisation Plan with the goal of achieving Net Zero of Scopes 1 and 2 by 2030 and a Plan for Reducing Scope 3 Emissions by 26% by 2030 compared to the 2019 levels, excluding those from airline operations. In this regard, a number of Mobility Management initiatives have been introduced, focusing on optimising costs and transportation solutions for airport workers to reduce the use of private vehicles in home-to-work commutes by encouraging alternatives with low environmental impact. A key initiative is the MaaS (Mobility as a Service) project, which integrates public and private transportation (buses, trains, People Movers, car-sharing, bike-sharing), in collaboration with key local stakeholders, such as TPER, Marconi Express, and local governments.

The overall contribution of the Marconi to the community and local economy can be estimated through the application of statistical multipliers that, based on traffic data, identify the theoretical value of wealth and employment generated by each airport. In 2024, the direct impact of Bologna Airport on the national GDP was over Euro 460 million and 8 thousand employees ("Economic Impact Online Calculator" by ACI Europe (Airport Council International), while the overall impact, including the indirect and knock-on effects of airport activity, can be quantified at over Euro 1 billion in GDP and over 20 thousand employees, confirming its strategic role not only for the local area, but also for the entire economic and social system.

the Group reports largely positive results in 2024 in terms of traffic and the operating-financial performance, despite the complex environment outlined and the risk factors related to the now built-in macroeconomic uncertainty. The Group will continue in 2025 its commitment to adjust the infrastructural capacity of certain sub-systems, with various interventions at the terminal, with a view to improving the quality of service and the travel experience of passengers, once the critical issues related to maintaining the full operation of the infrastructure and operational processes amid the construction work have been overcome. In the second half of the year, a first batch of parking spaces (about 1,100) of the new multi-story parking lot will be made available, and at the same time important commitments in the areas of innovation and sustainability will continue, with concrete actions to mitigate the environmental impacts of airport operations, protect natural

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 complaint with the European Single Electronic Format and the Transparency Directive - shall prevail.

resources, improve the quality of life and well-being of the surrounding community, and provide safe and inclusive workplaces.

the 2024 financial statements of the company Aeroporto Guglielmo Marconi di Bologna Spa, which we submit for your approval, report a net profit of Euro 22,693,745.96, for which the Board of Directors, considering the full recovery of traffic, the company's solid financial structure, although also the now structural uncertainty regarding the general economic environment and the challenging long-term investment plan, proposes the following allocation:

a) to the legal reserve 5%, on the basis of the statutory provisions and Article 2430 of the Civil Code, for an amount of Euro 1,134,687.30;

b) to shareholders for 75% for an amount of Euro 17,015,188.22, corresponding to a dividend of Euro 0.471 for each of the 36,125,665 ordinary shares in circulation at the dividend coupon date; c) the residual of Euro 4,543,870.44 to the extraordinary reserve.

The Chairperson of the Board of Directors

(Enrico Postacchini)

Via Triumvirato, 84 - 40132 Bologna Italy 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

Introduction

The Consolidated Financial Statements and Separate Financial Statements of Aeroporto G. Marconi s.p.a. as at December 31, 2024 (hereinafter also referred to as the "Annual Financial Statements") have been prepared in accordance with Legislative Decree No. 58/1998, as amended, as well as in accordance with the Issuers' Regulation issued by Consob.

The Annual Financial Report consists of the Directors' Report, which contains the Directors' comments on the operating performance and business development, including the Sustainability Statement pursuant to Legislative Decree No. 125/2024, and the AdB consolidated and separate Annual Financial Statements as at December 31, 2024.

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 Spa (hereafter also the "Parent Company" or "AdB"), with holdings of more than 5% were as follows at December 31, 2024:

SHAREHOLDER	% Held
BOLOGNA CHAMBER OF COMMERCE	39.57% (*)
MUNDYS S.P.A. (EDIZIONE S.R.L.)	29.38%
F2I FONDI ITALIANI PER LE INFRASTRUTTURE SGR SPA	9.99% (**)

(*) On September 20, 2024, the Bologna Chamber of Commerce purchased 170,000 shares of the Company, increasing its stake from 39.10% to 39.57%.

(**) On January 21, 2025, F2i Fondi Italiani per le Infrastrutture SGR S.p.A. sold its holding (amounting to 3,609,343 shares or 9.99% of AdB's share capital) to respectively the Bologna Chamber of Commerce, which consequently increased its share from 39.57% to 44.06%, and the Modena Chamber of Commerce, which purchased 1,986,912 shares, with a consequent increase in the holding from 0.30% to 5.80%.

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 1, 2024, the Shareholder Agreement signed on August 2, 2021 between the Bologna Chamber of Commerce, the Municipality of Bologna, the Metropolitan City of Bologna, the Region of Emilia-Romagna, the Modena, Ferrara and Ravenna Chamber of Commerce (formerly the Ferrara Chamber of Commerce) and the Emilia Chamber of Commerce (formerly the Reggia Emilia and Parma Chamber of Commerce) governing certain rights and obligations in respect of the shareholder structure and corporate governance of Aeroporto Guglielmo Marconi di Bologna S.p.A. was dissolved on its expiration. The Shareholder Agreement represented a voting syndicate ("Voting Agreement") and a transfer restriction agreement ("Transfer Restriction Agreement") relevant under Article 122, paragraphs 1 and 5(a) and (b) of the CFA.

Board of Directors and Statutory Auditors

For the composition of the Board of Directors and Board of Statutory Auditors, please refer to what is stated later within the Sustainability Statement under Legislative Decree No. 125/2024, under section 1 General Information.

Auditing Firm

PricewaterhouseCoopers SpA was appointed as the auditing firm by the Shareholders' Meeting of April 23, 2024 for the financial years 2024-2032.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 9

Directors' Report of Aeroporto Guglielmo Marconi di Bologna S.p.A. Group for year ended December 31, 2024

INTRODUCTION13
1 MARKET OVERVIEW AND SHARE PERFORMANCE16
1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING 16
1.2 SHARE PERFORMANCE18
2. KEY OPERATING RESULTS ANALYSIS21
2.1 AVIATION STRATEGIC BUSINESS UNIT21
2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA21
2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS25
2.2 NON-AVIATION STRATEGIC BUSINESS UNIT………………………………………………26
2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS…………………………………………26
3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS28
3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS28
3.2 CASH FLOW ANALYSIS31
3.3 FINANCIAL POSITION ANALYSIS33
3.4 KEY INDICATORS34
3.5 AIRPORT INFRASTRUCTURE DEVELOPMENT AND INVESTMENTS35
3.5.1 AIRPORT INFRASTRUCTURE DEVELOPMENT35
3.5.2 INVESTMENTS35
3.6 PERSONNEL 37
3.7 KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES38
4. REGULATORY FRAMEWORK40
4.1 REGULATORY AGREEMENT AND TARIFF DYNAMIC FOR 2023-202640
4.2 CHANGE OF STATUS FROM SCHEDULE-FACILITATED AIRPORT TO CO-ORDINATED AIRPORT……….……41
4.3 FIRE PREVENTION FUND41
4.4 NEW PUBLIC CONTRACTS CODE42
Aeroporto Guglielmo Marconi di Bologna S.p.A.	11

4.5 PRIVACY COMPLIANCE43
4.6 ALITALIA IN EXTRAORDINARY ADMINISTRATION44
4.7 RETURN OF ENAV VISUAL AID LIGHTS (VAL'S), GOODS AND AREAS44
4.8 BUDGET LAW 2025: DEVELOPMENTS REGARDING PASSENGER BOARDING FEE SURTAXES46
4.9 OMNIBUS PACKAGE46
5. DISPUTES47
6. PRINCIPAL RISKS AND UNCERTAINTIES……………………………………………………………………………………………47
7. OPERATING PERFORMANCE OF THE PARENT COMPANY 50
7.1 PARENT COMPANY RESULTS50
7.2 CASH FLOW STATEMENT OF THE PARENT COMPANY52
7.3 PARENT COMPANY STATEMENT OF FINANCIAL POSITION52
8 STATEMENT OF RECONCILIATION BETWEEN SHAREHOLDERS' EQUITY AND NET RESULT…….………53
9 ALTERNATIVE PERFORMANCE INDICATORS 54
10 GUARANTEES PROVIDED54
11 TREASURY SHARES IN PORTFOLIO55
12 SHARES HELD BY DIRECTORS AND STATUTORY AUDITORS55
13 OPT-OUT REGIME55
14 SUBSEQUENT EVENTS AND BUSINESS OUTLOOK55
15 SUSTAINABILITY STATEMENT AS PER LEGISLATIVE DECREE NO. 125/2024………………………………….…….57

INTRODUCTION

Dear Shareholders,

this report, accompanying the Consolidated Financial Statements of the Aeroporto Guglielmo Marconi di Bologna Group (hereinafter also the "Aeroporto Group", "Aeroporto" or "AdB") for the year ended December 31, 2024, 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 until December 2046, 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.

The Group's structure at December 31, 2024 and a brief description of the type and businesses of its subsidiaries and associates 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.

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, which the managing company collects from the carriers and the airport operators:

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);
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.

The concept of diversified flight offerings in terms of functionality and user segments underlies the Manager's operations from a strategic viewpoint for the development of the Aviation SBU, with the low-cost and legacy components substantially balanced. More generally, the policies adopted by the business unit involve developing the network by opening up new markets, meeting the demands of local companies, stimulate outgoing and incoming traffic demand, develop synergies with other local tourism players and enhance infrastructure capacity. The Airport thus features a wide range of carriers, including:

major European carriers, offering service to all points of interest worldwide through multiple daily connecting flights to their hub airports
mid-size carriers with a strong focus on ethnic traffic;
legacy airlines with mostly point-to-point traffic;
leisure and outgoing traffic specialists;
global carriers with high standards of service, offering services to a wide range of intercontinental destinations, particularly in Asia.

AdB's strategy centres on consolidating the low-cost and point-to-point traffic, with a focus on feeder services and mid-range to long-haul flights, which are more responsive to stakeholder needs.

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

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

Bologna airport's directly operated paid parking areas offer approximately 4,600 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.

Retail

Bologna airport'sretail offerings include internationally recognised brands and iconic brands/labels with local ties, offering a unique and distinctive shopping experience. The shopping area extends over approximately 4,000 m² and includes 30 shops at the end of December. There are in addition four shops that are temporarily closed due to modernisation work in the Schengen departures lounge.

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 the business lounge at the discreet and comfortable Marconi Business Lounge (MBL), mostly used by the business passengers of the legacy airlines. 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. In order to better respond to passenger demands and with a view to improving the quality of the service provided, AdB selected an operator with specific expertise in Hospitality management and premium services in 2024 through a Beauty Contest, reflecting market developments and taking the opportunity to refresh its business model.

Among the other services offered to passengers is car hire: 12 rental companies offer a total of 19 specialised brands, with a total of 492 vehicle spaces available for their fleets.

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 100,000 square metres, of which over 75,000 square metres of offices, warehouses, technical service areas and hangars and approximately 30,000 square metres of outdoor space used for parking operating vehicles, manoeuvring in loading and loading areas and aircraft refuelling vehicle areas.

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

1 MARKET OVERVIEW AND SHARE PERFORMANCE

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

The global economy continued to expand in 2024, although with divergent performances among the various regions: (i) consumption levels in the United States continue to support growth (with overall GDP growth according to the OECD of 2.8%), although international tensions and uncertainties upon the economic policies to be deployed by the new US administration weigh on the global economy, (ii) Chinese output although picking up in the fourth quarter - continues to reflect sluggish consumption and the persistent real estate sector crisis, (iii) while the other advanced economies continue to see manufacturing weakness, in addition to emerging signs of a services sector slowdown. The available indicators suggest only a slight increase in Eurozone GDP in Q4 2024, reflecting the disappearance of the temporary factors which supported output over the summer (benefiting from the good tourist season), in addition to a weak industrial cycle, as signalled by the further decline in production over the October-November two-month period. According to the Eurosystem's experts' projections published in December, following growth of 0.7% in 2024, Eurozone GDP will expand 1.1% in 2025, by 1.4% in 2026 and by 1.3% in 2027, down from last September's forecast, mainly reflecting expectations of a more contained recovery in household spending and exports. According to the Bank of Italy's estimates, Italian GDP in Italy will remain weak in the fourth quarter. The most recent macroeconomic projections indicate GDP growth (following 0.5% growth in 2024) averaging 1.0% in the 2025-27 three-year period.

Since the beginning of October 2024, the price of Brent has increased slightly (approximately 3%) to approximately USD 80 per barrel. After declining over the autumn, prices rebounded in the first half of January 2025, following robust US macroeconomic data and the introduction of fresh US sanctions against the Russian oil sector. The outcome of the US elections has fuelled expectations of an expansion in oil production, mitigating the price impact of the OPEC+ member countries' decision to extend supply cuts and postpone subsequent increases until early 2025.

Since October, following a period of significant volatility, the natural gas reference price for the European markets (Title Transfer Facility, TTF) has risen to Euro 47 per megawatt hour. In addition to various demandrelated factors - such as the onset of the cold season and reduced electricity generated by wind farms - since late December, the increase mainly reflects the disruption of Russian gas flows to Eastern Europe via Ukraine, brought about by the non-renewal of the transit agreement between the two countries. The moderate increase in risks to supplies was reflected in the prices of one-year futures contracts, which rose to Euro 43 per megawatt-hour.

In December, 12-month consumer inflation rose slightly: (i) in the United States to 2.9%, (ii) while in the Eurozone inflation remained approximately 2% despite the still significant services component levels, supported by slower-adjusting items. Against this backdrop, Italian consumer inflation rose 2.4% on the previous year in December, according to preliminary estimates, due to energy component movements which returned to slightly positive territory. According to December's Eurosystem experts' projections, prices will rise 2.1% in 2025, 1.9% in 2026 and 2.1% in 2027. (Source: Economic Bulletin, Bank of Italy, January 2025).

Against this backdrop and according to the IATA (International Air Transport Association), passenger traffic in 2024 continued to grow at a record pace, up 10.4% on 2023. Growth is currently being driven by international traffic (+14% on 2023), boosted by the reopening of the Asian market, while domestic traffic grew 6% on the previous year. Global cargo traffic in 2024 was up on 2023 (+11.3%), recovering on the slight decline in the initial months of 2023. Air cargo demand therefore continues to grow, continuing to break

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

records, benefiting from the transoceanic shipping capacity constraints and despite some of the current general economic conditions, such as (i) the stagnant Chinese economy for the third consecutive month, (ii) struggling European production capacity and (iii) jet fuel price movements. Recent expectations point to a decline in exports over the coming months, underscoring weak global demand and a high level of uncertainty regarding the general economic and geopolitical environment. (Source: IATA, Air Passenger and Air Freight Market Analysis, December 2024).

European passenger traffic increased by 7.4% in 2024 compared to the previous year, despite being influenced by general uncertainties concerning current macroeconomic and geopolitical factors. Cargo traffic, in line with the general growth trend, was up 13.2% on 2023 (Source: ACI Europe, December 2024).

After finally emerging from the pandemic, Italian passenger numbers also reported substantially higher volumes compared to 2023 (+11.0% in the year), driven by strong international traffic performance. In December, passenger traffic was up 9.2% compared to the previous year. Cargo traffic grew by 15.0% in 2024 compared to 2023 (Source: Assaeroporti and Aeroporti 2030, December 2024). We highlight that the development of the Italian market in 2025 may potentially be impacted by ITA Airways' acquisition by Lufthansa. With this strategic agreement, ITA joins one of Europe's leading airline groups, with the probability of ITA Airways moving from the current SkyTeam alliance to the Star Alliance (of which Lufthansa is a leading member) and ensuring increased integration with the world's leading airlines.

With a greater focus on the geographic area which AdB serves through its domestic and international connectivity services for people and businesses ("catchment area"), we highlight the increased number of passengers in 2024 compared to the previous year (+6.3%), with significant differences among airports. Again in December, an improvement was reported on the previous year (+9.8%) compared to the final month of 2023 (Source: Assaeroporti and Aeroporti 2030, December 2024). By offering advanced solutions in terms of reachable destinations and service quality, AdB therefore contributes to the economic and social development of the area, which traditionally extends beyond the region's borders, covering 20 Italian provinces and approximately 11 million residents (approximately 18% of the Italian population) and which presents significant potential for growth, also thanks to the transport options which provide easy connections between the City and the Airport.

Bologna Airport reports significant growth in 2024 over 2023 (+8.1%). The trend is now more balanced between domestic and international traffic (+9.0% and +7.8% respectively), maintaining a stable impact on the overall volume. In 2024, Bologna Airport ranked seventh in Italy by number of passengers and fourth by cargo volumes transported (Source: Assaeroporti and Aeroporti 2030, December 2024).

1.2 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, 2024 and December 31, 2024;
tracking of the company's share performance against the FTSE Italia all-share index.

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

On December 30, 2024 (the last day of trading in December), the official share price was Euro 7.44 per share, resulting in an AdB Group market capitalisation of approximately Euro 269 million at that date.

AdB share performance (01/01/2024-31/12/2024)

AdB share and FTSE Italia All-Share performance (01/01/2024-31/12/2024)

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

AdB share performance – prices and volumes (01/01/2024-31/12/2024)

The share performance during 2024 reflects a substantial degree of seasonality following the cyclical cooling phase in the first quarter of the year, reflecting a gradual slowdown in the global economy that emerged towards the end of 2023. Following a decline between the end of January and March, the stock remained stable until the end of July, with occasional spikes coinciding with an increase in trading volumes, while seeing a further decline from the beginning of August. The share again trended downward in November, in line with the market, while then recovering in the final month of the year. Against lower volumes, the average share price decreased both compared to the previous quarter and 2023, when it benefited from a positive general market boost.

2. KEY OPERATING RESULTS ANALYSIS

2.1 AVIATION STRATEGIC BUSINESS UNIT

2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

2024 Was a record year for Bologna airport: the 1,000,000 passenger mark was surpassed for all months between May and October (first achieved only in July and August 2023). The airport recorded a total of 10,775,972 passengers, an increase on 2023 (+8.1%), with 83,264 movements (+5.9%) and 56,371 tonnes of cargo transported (+10.5%). The average load factor rose to 83.4% in 2024 (82.5% in 2023).

Passenger traffic January-December2024

	January - December 2024	January - December 2023	Change% 2024 - 2023
Passengers	10,775,972	9,970,284	8.1%
Movements	83,264	78,658	5.9%
Tonnage	5,796,741	5,480,246	5.8%
Cargo	56,371,050	50,994,486	10.5%

Data includes General Aviation and transits

Aeroporto Guglielmo Marconi di Bologna S.p.A. 21

Passenger traffic breakdown	January - December 2024	% of total	January - December 2023	% of total	Change% 2024 - 2023
Legacy	3,397,236	31.5%	3,117,917	31.3%	9.0%
Low-cost	7,323,956	68.0%	6,792,953	68.1%	7.8%
Charter	38,964	0.4%	42,686	0.4%	-8.7%
Transits	4,531	0.0%	6,649	0.1%	-31.9%
Total Commercial Aviation	10,764,687	99.9%	9,960,205	99.9%	8.1%
General Aviation	11,285	0.1%	10,079	0.1%	12.0%
Total	10,775,972	100.0%	9,970,284	100.0%	8.1%

The presence of downside risks related to the instability of the complex macroeconomic and geopolitical environment of recent years has consolidated a new composition of traffic at the airport. Specifically, legacy traffic saw sustained growth in 2024 (+9.0% on 2023), against increased movements and load factors, while low cost traffic, which features lower margins, grew in a more contained manner (+7.8% on 2023), although confirming its prevalence at the airport.

In this context, international traffic maintained a stable proportion of total passenger volumes, while domestic traffic grew at a quicker pace.

Passenger traffic breakdown	January - December 2024	% of total	January - December 2023	% of total	Change% 2024 - 2023
Domestic	2,657,532	24.7%	2,438,699	24.5%	9.0%
International	8,107,155	75.2%	7,521,506	75.4%	7.8%
Total Commercial Aviation	10,764,687	99.9%	9,960,205	99.9%	8.1%
General Aviation	11,285	0.1%	10,079	0.1%	12.0%
Total	10,775,972	100.0%	9,970,284	100.0%	8.1%

Although EU traffic saw strong growth on 2023, Non-EU traffic was up significantly on the previous year (+12.0%), due to the growth of a number of key connections from/to Bologna airport (e.g. United Kingdom and Albania).

Passenger traffic breakdown	January - December 2024	% of total	January - December 2023	% of total	Change% 2024 - 2023
EU	8,346,788	77.5%	7,800,631	78.2%	7.0%
Non-EU countries	2,417,899	22.4%	2,159,574	21.7%	12.0%
Total Commercial Aviation	10,764,687	99.9%	9,960,205	99.9%	8.1%
General Aviation	11,285	0.1%	10,079	0.1%	12.0%
Total	10,775,972	100.0%	9,970,284	100.0%	8.1%

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

Among the international destinations, Spain confirmed its top spot in passenger traffic by volume, accounting for 14.9% of the total. Germany is next, with 7.0% of total passengers, followed by the United Kingdom with 6.4%, and France and Romania, both with 4.8%. The top 10 countries include three Non-EU countries: The United Kingdom, Turkey and Albania.

Passenger traffic by country	January - December 2024	% of total	January - December 2023	% of total	Change% 2024 - 2023
Italy	2,657,532	24.7%	2,438,699	24.5%	9.0%
Spain	1,604,109	14.9%	1,532,470	15.4%	4.7%
Germany	750,021	7.0%	703,942	7.1%	6.5%
United Kingdom	686,155	6.4%	669,622	6.7%	2.5%
Romania	519,651	4.8%	486,156	4.9%	6.9%
France	517,729	4.8%	538,060	5.4%	-3.8%
Albania	469,311	4.4%	306,724	3.1%	53.0%
Turkey	422,905	3.9%	362,129	3.6%	16.8%
Greece	362,988	3.4%	357,277	3.6%	1.6%
Netherlands	349,296	3.2%	307,594	3.1%	13.6%
Other countries	2,436,275	22.6%	2,267,611	22.7%	7.4%
Total	10,775,972	100.0%	9,970,284	100.0%	8.1%

In 2024, 118 destinations were directly reachable from Bologna (same as 2023).

Destinations reachable from Bologna Airport	2024	2023
Destinations (airports) connected directly	118	118

Reflecting a strong summer performance and resilient demand, eight of the top 10 destinations are overseas cities, the first being Tirana with approximately 469 thousand passengers.

Main passenger traffic routes	January - December 2024	January - December 2023	Change% 2024 - 2023
Catania	614,149	629,398	-2.4%
Tirana	469,311	306,724	53.0%
Barcelona	459,876	437,726	5.1%
Palermo	335,543	313,338	7.1%
Paris CDG	291,414	287,610	1.3%
Madrid	290,816	274,949	5.8%
Istanbul	286,568	248,354	15.4%
London LHR	268,696	253,393	6.0%
Bucharest OTP	267,454	229,291	16.6%
Frankfurt	245,433	244,876	0.2%

Passenger traffic including transits

The airport's network of main airlines reduced slightly on 2023, in consideration of the current geopolitical environment.

Offer development	2024	2023
Airlines	53	55

Analysing the performance of the airlines, Ryanair is confirmed as the leading airline at the airport with 53.8% of total traffic, followed by Wizz Air with 9.6% of traffic (up 3.9% on 2023). The leading legacy airlines are among the top ten at the airport, confirming the wide range of carriers operating at Bologna Airport.

Passenger traffic by airline	January - December 2024	% of total	January - December 2023	% of total	Change% 2024 - 2023
Ryanair	5,802,108	53.8%	5,315,335	53.3%	9.2%
Wizz Air	1,004,398	9.3%	966,363	9.7%	3.9%
Air France	291,069	2.7%	287,290	2.9%	1.3%
Turkish Airlines	285,750	2.7%	248,546	2.5%	15.0%
British Airways	268,696	2.5%	253,444	2.5%	6.0%
Vueling	249,353	2.3%	242,521	2.4%	2.8%
ITA Airways	243,229	2.3%	159,411	1.6%	52.6%
Lufthansa	234,745	2.2%	244,398	2.5%	-3.9%
KLM Royal Dutch Airlines	230,341	2.1%	193,556	1.9%	19.0%
Air Dolomiti	221,067	2.1%	163,578	1.6%	35.1%
Others	1,945,216	18.1%	1,895,842	19.0%	2.6%
Total	10,775,972	100.0%	9,970,284	100.0%	8.1%

Cargo Traffic

Despite the excellent cargo sector performance, a significant degree of uncertainty remains, stemming from the challenging international and economic situation, with a sharp acceleration over recent months for international air cargo traffic as a result of the current maritime transport difficulties related to the Suez crises. Against this backdrop, in 2024, global cargo traffic reported a 11.3% increase in volume compared to 2023. Similarly, there was a notable increase in European cargo traffic compared to 2023 (+13.2%).

Bologna Group cargo and mail traffic in 2024 totalled 56,371,050 kg, significantly up (+10.5%) on 2023. This outcome reflects the positive performance of air cargo, driven by the excellent results of the "combi" segment (now returning to pre-pandemic levels), which offset substantial stability in courier traffic due to the cooling of the global economy. Road cargo was also up significantly on the previous year.

(in KG)	January - December 2024	January - December 2023	Change% 2024 - 2023
Air cargo, of which	45,466,048	41,174,117	10.4%
Cargo	45,465,884	41,173,770	10.4%
Mail	164	347	-52.7%
Road cargo	10,905,002	9,820,369	11.0%
Total	56,371,050	50,994,486	10.5%

2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro	for the year ended 31.12.2024	for the year ended 31.12.2023	Total change vs 2023	% change vs 2023
Passenger Revenues	55,125	56,014	(889)	-1.6%
Carrier Revenues	36,521	30,139	6,382	21.2%
Airport Operator Revenues	5,324	4,381	943	21.5%
Traffic Incentives	(23,741)	(27,370)	3,629	-13.3%
Construction Service Revenues	22,434	25,972	(3,538)	-13.6%
Other revenues	2,109	1,769	340	19.2%
Aeronautical and FSC Revenue Reduction	(308)	(113)	(195)	172.6%
Total AVIATION SBU Revenues	97,464	90,792	6,672	7.3%

Aeroporto Guglielmo Marconi di Bologna S.p.A. 25

The Aviation Strategic Business Unit's revenues consist of fees paid by users (airlines and passengers through the 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.

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.

In 2024, revenues grew on 2023 thanks to the trend in traffic volumes and declining traffic development incentives. The growth was mitigated by decreased investments in assets under concession.

Group revenues from the Aviation Strategic Business Unit were up 7.3% overall. The individual accounts broke down as follows:

Passenger Revenues (-1.6%): despite an increase in passenger traffic (+8.1%), revenues dipped compared to 2023 due to the lower departing passenger tariffs;
Carrier Revenues (+21.9%): 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 2023;
Airport Operator Revenues (+21.5%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling;
Incentives (-13.3%): despite an increase in incentivised traffic, incentives were lower than 2023 due to reduced departing passenger incentives following the renewed incentive contracts;
Revenues from Construction Services (-13.6%): the decrease in this component can be attributed to the reduced investments made during the year.

2.2 NON-AVIATION STRATEGIC BUSINESS UNIT

2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro	for the year ended 31.12.2024	for the year ended 31.12.2023	Total change vs 2023	% change vs 2023
Retail and Advertising	19,977	18,201	1,776	9.8%
Parking	21,203	19,923	1,280	6.4%
Real Estate	2,989	2,985	4	0.1%
Passenger services	8,654	7,464	1,190	15.9%
Construction Service Revenues	13,248	2,442	10,806	442.5%
Other revenues	2,542	3,267	(725)	-22.2%
Non-Aeronautical and FSC Revenue Reduction	(24)	(10)	(14)	140.0%
Total NON AVIATION SBU Revenues	68,589	54,272	14,317	26.4%

Aeroporto Guglielmo Marconi di Bologna S.p.A. 26

Total non-aviation business revenues increased by 26.4% compared to 2023.

The individual areas of this business unit performed as follows.

Retail and Advertising

Performance in this revenue category is mainly tied to traffic, based on the contract terms in effect for most Retail and some Advertising agreements. During this year, growth (+9.8%) was solely attributed to the Retail sector, as Advertising revenues decreased on 2023 due to performance of advertising contracts with fuellers and the non-renewal of a number of contracts. Duty-Free emerged as the top-performing retail segment, with positive contributions also seen from food & beverage and other types of retail sectors.