Aeroporto Guglielmo Marconi Di Bologna

Quarterly Report • Jun 23, 2025

Consolidated Interim Financial Report Aeroporto Guglielmo Marconi di Bologna Group At March 31, 2024

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.

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. 2

CONTENTS

Ownership of the Parent Company Aeroporto Guglielmo Marconi di Bologna S.p.A.	3
Board of Directors	5
Board of Statutory Auditors	5
Auditing Firm	5
Directors' Report at March 31, 2024	6
Financial Statements at March 31, 2024	47
 Statement of Consolidated Financial Position	48
 Consolidated Income Statement	49
 Consolidated Statement of Comprehensive Income	50
 Consolidated Cash Flow Statement	51
 Statement of Changes in Consolidated Shareholders' Equity	52
Notes to the Consolidated Financial Statements as at March 31, 2024	53
Statement pursuant to Article 154 bis of the CFA	84

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. 2

Aeroporto Guglielmo Marconi di Bologna Spa

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

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 March 31, 2024:

SHAREHOLDER	% Held
BOLOGNA CHAMBER OF COMMERCE	39.10%
MUNDYS 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.

This Shareholder Agreement, filed at the Bologna Companies Registration Office on August 5, 2021 sent to Consob on the same date and concludes on August 1, 2024, and includes provisions on voting and transfer restrictions, binding the following interests.

The table below presents the percentage holding of each Public Shareholder pursuant to the Shareholder Agreement and the number of voting rights related to the shares corresponding to the share capital percentage.

Public shareholders	% share capital of AdB*	% of shares allocated to the Voting Agreement*	No. of votes conferred to the Voting Agreement
Bologna Chamber Of Commerce	39.10	81.26	14,124,377
Municipality of Bologna	3.88	8.06	1,400,590
Metropolitan City of Bologna	2.31	4.81	836,201
Region of Emilia-Romagna	2.04	4.23	735,655

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 3

Modena Chamber of Commerce	0.30	0.62	107,637
Ferrara Chamber of Commerce	0.22	0.47	80,827
Reggio Emilia Chamber of Commerce	0.15	0.32	55,115
Parma Chamber of Commerce	0.11	0.23	40,568
Total	48.11	100.00	17,380,970

* Percentages rounded to the second decimal place

The number of voting rights in the Company's shares corresponding to the share capital percentages indicated in the following table are allocated subject to the transfer restriction agreement referred to below (the "Transfer Restriction Agreement").

Public shareholders	% blocked shares of AdB's share capital*	% of shares allocated to the Transfer Restriction Agreement**	No. of voting rights conferred to the Transfer Restriction Agreement
Bologna Chamber Of Commerce	37.5325326	81.74	13,558,877
Municipality of Bologna	3.8477737	8.38	1,390,034
Metropolitan City of Bologna	2.2972543	5.00	829,898
Region of Emilia-Romagna	2.0210297	4.40	730,110
Modena Chamber of Commerce	0.0835370	0.18	30,178
Ferrara Chamber of Commerce	0.0627298	0.14	22,662
Reggio Emilia Chamber of Commerce	0.0427747	0.09	15,453
Parma Chamber of Commerce	0.0314848	0.07	11,374
Total	45.9191166	100	16,588,586

* Percentages rounded to the seventh decimal place

** Percentages rounded to the second decimal place

We note that on June 22, 2023, the Issuer was informed of the merger between the Ferrara Chamber of Commerce and the Ravenna Chamber of Commerce (a non-shareholder entity and therefore not a party to the Shareholder Agreement), forming a single entity under the name of the Ferrara and Ravenna Chamber of Commerce. This therefore assumed the same rights and obligations in the Shareholder Agreement as were previously held by the Ferrara Chamber of Commerce.

We also note that on July 18, 2023, the Issuer was informed of the merger between the Reggio Emilia Chamber of Commerce, the Parma Chamber of Commerce and the Piacenza Chamber of Commerce (a non-shareholder entity and therefore not a party to the Shareholder Agreement), forming a single entity under the name of the Emilia Chamber of Commerce. This therefore assumed the same rights and obligations in the Shareholder Agreement as were previously held by the Reggio Emilia Chamber of Commerce and the Parma Chamber of Commerce.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 4

Board of Directors

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

Name	Office
Enrico Postacchini	Chairperson
Nazareno Ventola	Chief Executive Officer (*)
Elena Leti	Director (B)
Giada Grandi	Director (A)
Sonia Bonfiglioli	Director (**)
Claudia Bugno	Director (**)
Valerio Veronesi	Director
Alessio Montrella	Director
Giovanni Cavallaro	Director (A) (B)
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.

(**) On February 28, 2024, board member Sonia Bonfiglioli resigned with irrevocable effect. On March 14, 2024, the Board of Directors therefore resolved, with the Board of Statutory Auditors' approval and in accordance with Article 2386 of the Italian Civil Code, to co-opt Claudia Bugno to replace the outgoing independent director Sonia Bonfiglioli.

• (A) Member of the Remuneration Committee (Chairperson Giovanni Cavallaro, appointed to the Remuneration Committee and named Chairperson by resolution of the board on March 6, 2024, to replace the outgoing 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 26, 2022 and in office until the approval date of the financial statements as at December 31, 2024 are:

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

Auditing Firm

With the approval of the 2023 Financial Statements by the Shareholders' Meeting of April 23, 2024, the nineyear engagement of the auditing firm EY SpA concluded. The Auditing Firm appointed by the above Shareholders' Meeting for the years 2024-2032 is Pricewaterhousecoopers SpA.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 5

Directors' Report of Aeroporto Guglielmo Marconi di Bologna S.p.A. Group at March 31, 2024

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. 6

INTRODUCTION 9
1 STRATEGIES AND RESULTS 12
1.1 AIR TRANSPORT GENERAL SECTOR AND PERFORMANCE: G. MARCONI AIRPORT OVERVIEW AND POSITIONING . 12
1.2 STRATEGIC OBJECTIVES 13
1.3 SHARE PERFORMANCE 14
2. KEY OPERATING RESULTS ANALYSIS 17
2.1 AVIATION STRATEGIC BUSINESS UNIT 17
2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA 17
2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 20
2.2 NON-AVIATION STRATEGIC BUSINESS UNIT 21
2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS 21
3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS 23
3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS 23
3.2 CASH FLOW ANALYSIS………………………………………………………………………………………………………………… 25
3.3 FINANCIAL POSITION ANALYSIS 27
3.4 KEY INDICATORS 28
3.5 INVESTMENTS 28
3.6 PERSONNEL 29
3.7 KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES 31
4 MAIN NON-FINANCIAL RESULTS ANALYSIS 32
4.1 SUSTAINABILITY 32
4.2 QUALITY 32
5. REGULATORY FRAMEWORK 34
5.1 REGULATORY AGREEMENT AND NEW TARIFF DYNAMIC FOR 2023-2026 34
6 DISPUTES 35
6.1 FIRE PREVENTION FUND 35
6.2 FFM CUSTOM'S DISPUTE 35
6.3 TAX APPEAL AGAINST THE TAX AGENCY - PROVINCIAL OFFICE 35
6.4 ALITALIA REVOCATORY ACTION 35
6.5 ACTION BEFORE AGA IN RELATION TO THE DECREE OF APRIL 3, 2020, ON ENAV ASSETS 35
6.6 TENDER CONTRACT-TERMINATION FOR DAMAGES 35

6.7 APPEAL AGAINST ENAC "FUELERS" REGULATION – LAZIO REGIONAL ADMINISTRATIVE COURT 36
7. PRINCIPAL RISKS AND UNCERTAINTIES 36
8. ALTERNATIVE PERFORMANCE INDICATORS 43
9. GUARANTEES PROVIDED 44
10. SUBSEQUENT EVENTS AND BUSINESS OUTLOOK 44

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 8

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, 2023, 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 2046.

The Group's structure at March 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.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 9

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;

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• 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.

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 5,000 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's retail 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 32 shops. However, major modernisation works are currently underway in the Schengen departure lounge, which is impacting certain retail outlets and leading to a temporary reduction in the commercial offering.

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: 12 rental companies offer a total of 19 specialised brands, with a total of 483 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.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 11

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.

1 STRATEGIES AND RESULTS

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

At the beginning of 2024, signs of a global economic upturn emerged. However, progress remains uneven across various nations, while remaining marginally impacted by the recent conflicts in the Middle East. Against this backdrop, according to projections released by the International Monetary Fund in April, global GDP is anticipated to grow by 3.2% in 2024, mirroring the figures from 2023. This positive trend is attributed partly to the better-than-expected performance of US GDP. Nevertheless, potential escalations of conflicts in Ukraine and the Middle East remain key sources of uncertainty for economic development and could contribute to rising inflation. By the end of 2023, GDP in the eurozone had plateaued for the fifth consecutive quarter, primarily due to a lack of growth in the German economy. However, GDP increased in all major European countries. According to projections released by ECB experts in March, the eurozone's GDP is expected to increase by 0.6% in 2024, followed by growth of 1.5% in 2025 and 1.6% in 2026, reflecting a weakened outlook. In Q4 2023, Italy's GDP continued to grow, albeit at a modest pace.

The price of Brent crude oil increased by 20% compared to the beginning of the year, reaching over USD 90 a barrel in April. Upward pressure was driven by higher-than-expected demand for oil and extended production cuts by OPEC+, alongside tensions in the Middle East. Meanwhile, the reference price of natural gas on European markets (Title Transfer Facility, TTF) continued its decline, dropping below the levels observed in summer 2021, prior to disruptions in Russian supply flows.

In Q1 2024, despite tensions in Red Sea maritime commerce, consumer inflation remained modest, with core inflation further decreasing due to a notable slowdown in goods prices, while the reduction in service costs was less pronounced. In Europe, preliminary estimates in March suggest that consumer inflation fell to 2.4% over the year, with ECB experts forecasting a further decline to 2.3% in 2024, reaching 2.0% in 2025, and 1.9% in 2026. This trend also kept Italy's consumer price growth at a low level (Source: Economic Bulletin, Bank of Italy, April 2024).

Against this backdrop, the IATA (International Air Trasport Association) reported a major uptick in passenger traffic in March 2024,, echoing the significant recovery witnesses throughout 2023 and finally reaching prepandemic levels, with a 16.9% increase compared to March 2023. Growth is currently being driven by international traffic (+19% compared to the same month in 2023), boosted by the reopening of the Asian market, while domestic traffic grew by 6.6% compared to the same month of the previous year. March's global cargo traffic is up on the same month of 2023 (+10.3%), reflecting a particularly poor comparative month. The growing demand for air cargo traffic therefore confirms the important role played by ecommerce in the current global landscape. In addition, the recent interest in air-sea services following the

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 12

constraints imposed on maritime traffic due to the complexities surrounding the situation in the Red Sea, emerged as an additional driver of growth, albeit to a lesser extent (Source: IATA, Air Passenger and Air Freight Market Analysis, March 2024).

European passenger traffic increased by 10.2% in Q1 2024 compared to the previous year, despite being influenced by general uncertainties concerning current macroeconomic and geopolitical factors. Cargo traffic increased by 10% compared to Q1 2023, in line with the overall growth trend (Source: ACI Europe, March 2024).

After finally emerging from the pandemic, Italian passenger numbers also reported substantially higher volumes compared to 2023 (+12.4%), driven by strong international traffic performance. In March, passenger traffic was up 13.7% compared to the previous year. Cargo traffic grew by 17% in Q1 compared to 2023 (Source: Assaeroporti and Aeroporti 2030, March 2024).

Bologna Airport experienced significant growth in Q1 compared to the same period in 2023 (+8% over Q1 2023). The trend is now balanced between domestic and international traffic (+8.6% and +8.0% respectively), maintaining a stable impact on the overall volume. In Q1 2024, Bologna Airport ranked eighth in Italy by number of passengers and third by cargo volume transported (Source: Assaeroporti and Aeroporti2030, March 2024).

1.2 THE 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 boarding gates area, in addition to extending dedicated commercial space.

This project is complemented by targeted work to increase the capacity of some specific subsystems, such as security and passport controls.

"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

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 13

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.

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

On March 28, 2024 (the last day of trading in March), the official share price was Euro 7.92 per share, resulting in an AdB Group market capitalisation of approximately Euro 286 million at that date.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 14

AdB share and FTSE Italia All-Share performance (01/01/2024-31/03/2024)

Aeroporto Guglielmo Marconi di Bologna S.p.A.

AdB share performance – prices and volumes (01/01/2024-31/03/2024)

The share performance during Q1 2024 reflects a cyclical phase of relative stability, reflecting a gradual slowdown in the global economy that began towards the end of 2023. Following a decline observed between the end of January and March, the stock remained stable until the end of the period under review, with occasional spikes coinciding with an increase in trading volumes. The average share price experienced a slight decrease compared to the previous quarter. However, it demonstrated a stronger performance compared to the same period last year, when it benefited from a positive general market boost.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 16

2. KEY OPERATING RESULTS ANALYSIS

2.1 AVIATION STRATEGIC BUSINESS UNIT

2.1.1 AVIATION STRATEGIC BUSINESS UNIT: TRAFFIC DATA

During Q1 2024, the ongoing growth in traffic volumes marked a definitive departure from the challenging pandemic period.

During the first three months of the year, the airport recorded a total of 1,949,775 passengers, an increase on 2023 (+8.1%), with 15,789 movements (+5.9%) and 13,457 tonnes of cargo transported (+0.3%). The average load factor remained substantially stable at 81.8% in 2024 compared to 81.4% in the same period of 2023.

Passenger traffic performance January-March 2024

	January – March 2024	January – March 2023	Change % 2024-2023
Passengers	1,949,775	1,803,185	8.1%
Movements	15,789	14,916	5.9%
Tonnage	1,111,944	1,033,939	7.5%
Cargo	13,457,459	13,413,206	0.3%

Data includes General Aviation and transits

Aeroporto Guglielmo Marconi di Bologna S.p.A.

Passenger traffic breakdown	January – March 2024	% of total	January – March 2023	% of total	Change % 24-23
Legacy	704,497	36.1%	612,810	34.0%	15.0%
Low-cost	1,237,742	63.5%	1,183,464	65.6%	4.6%
Charter	5,342	0.3%	3,925	0.2%	36.1%
Transits	439	0.0%	1,210	0.1%	(63.7%)
Total Commercial Aviation	1,948,020	99.9%	1,801,409	99.9%	8.1%
General Aviation	1,755	0.1%	1,776	0.1%	(1.2%)
Total	1,949,775	100.0%	1,803,185	100.0%	8.1%

Low-cost traffic reported increased volumes compared to 2023 (+4.6%), while legacy traffic experienced an even more accelerated recovery (+15.0% compared to 2023), driven by increased movements and of the average load factor. These varying growth trends during the post-pandemic years altered the traffic mix, resulting in the sustained dominance of the low-cost share. Despite this segment offering lower margins, its share decreased from 65.6% in 2023 to 63.5% in 2024.

Although international traffic over recent years has been negatively impacted by the significant slowdowns related to continued partial restrictions on the movement of people between countries, in addition to the unstable general economic and geopolitical environment, from summer 2022 a significant recovery on prepandemic values was evident, reflecting the benefit from "revenge tourism" as a result of the lifting of movement restrictions. The trend is now balanced between domestic and international traffic (+8.6% and +8.0% respectively), maintaining a stable impact on the overall volume.

Passenger traffic breakdown	January – March 2024	% of total	January – March 2023	% of total	Change % 24-23
Domestic	461,304	23.7%	424,674	23.6%	8.6%
International	1,486,716	76.3%	1,376,735	76.4%	8.0%
Total Commercial Aviation	1,948,020	99.9%	1,801,409	99.9%	8.1%
General Aviation	1,755	0.1%	1,776	0.1%	(1.2%)
Total	1,949,775	100.0%	1,803,185	100.0%	8.1%

In line with the reopenings to movements and despite the positive effect of revenge tourism, seven of the top ten destinations were foreign cities, with Tirana leading the way with approximately 100 thousand passengers.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 18

Main passenger traffic routes	January – March 2024	January – March 2023	Change % 2024-2023
Catania	152,290	150,765	1.0%
Tirana	100,006	63,728	56.9%
Barcelona	91,493	91,183	0.3%
Paris CDG	71,088	65,722	8.2%
Istanbul	67,332	53,097	26.8%
Palermo	67,238	61,242	9.8%
Madrid	65,607	63,871	2.7%
London LHR	62,904	59,875	5.1%
Bucharest OTP	60,588	49,413	22.6%
Rome Fiumicino	54,467	27,587	97.4%

Passenger traffic including transits

Cargo Traffic

Global cargo traffic picked up significantly in recent months, despite challenging global economic and geopolitical conditions, largely due to disruptions in shipping caused by the Suez crisis. Against this backdrop, in Q1 2024, global cargo traffic reported a 10.3% increase in volume compared to 2023. Similarly, there was a notable increase in European cargo traffic during the same period (+10% on 2023).

Regarding the Group's cargo operations, cargo and mail traffic at Bologna amounted to 13,457,459 kg in Q1 2024, showing a marginal uptick (0.3%) over the corresponding period in 2023. This outcome reflects the positive performance of air cargo, driven by the excellent results of the "combi" segment, which offset a decline in courier traffic attributed to reduced consumption and economic stagnation. Road cargo also declined.

(in KG)	January – March 2024	January – March 2023	Change % 2024-2023
Air cargo of which	10,868,746	10,678,150	1.8%
Cargo	10,868,639	10,678,002	1.8%
Mail	107	148	(27.7%)
Road cargo	2,588,713	2,735,056	(5.4%)
Total	13,457,459	13,413,206	0.3%

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2.1.2 AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Passenger Revenues	9,971	10,126	(155)	-1.5%
Carrier Revenues	7,293	5,961	1,332	22.3%
Airport Operator Revenues	1,025	823	202	24.5%
Traffic Incentives	(3,820)	(4,889)	1,069	-21.9%
Revenues from Construction Services	2,977	5,209	(2,232)	-42.8%
Other revenues	575	404	171	42.3%
Aeronautical and FSC Revenue Reduction	0	(46)	46	n.a.
Total AVIATION SBU Revenues	18,021	17,588	433	2.5%

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 Q1 2024, revenues grew compared to the same period of 2023 thanks to the trend in traffic volumes, but the growth was mitigated by decreased investments in assets under concession.

Group revenues from the Aviation Strategic Business Unit were up 2.5% overall on 2023. The individual accounts broke down as follows:

• Passenger Revenues (-1.5%): despite an increase in passenger traffic, revenues dipped compared to the same period in 2023 due to decreased unit fares for passenger fees and passenger and baggage security;
• Carrier Revenues (+22.3%): 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 (+24.5%): revenue fluctuated due to changes in traffic volumes and increased fees for subleasing operational spaces, providing check-in desks, and fuelling services;
• Incentives (-21.9%): despite an increase in incentivised traffic, incentives were lower than Q1 2023 due to reduced departing passenger incentives following renewed incentive contracts;
• Revenues from Construction Services (-42.8%): the decrease in this component can be attributed to the reduced investments made during the period.

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2.2 NON-AVIATION STRATEGIC BUSINESS UNIT

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Retail and Advertising	3,833	3,315	518	15.6%
Parking	4,455	3,861	594	15.4%
Real Estate	744	752	(8)	-1.1%
Passenger services	1,748	1,529	219	14.3%
Revenues from Construction Services	1,015	129	886	n.a.
Other revenues	813	766	47	6.1%
Non-Aeronautical and FSC Revenue Reduction	(12)	0	(12)	n.a.
Total NON AVIATION SBU Revenues	12,596	10,352	2,244	21.7%

2.2.1 NON-AVIATION STRATEGIC BUSINESS UNIT: FINANCIAL HIGHLIGHTS

Total non-aviation business revenues increased by 21.7% in Q1 2024 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 period, growth (+15.6%) was solely attributed to the Retail sector, while Advertising revenues remained on par with 2023. Duty-Free emerged as the topperforming segment, with positive contributions also seen from food & beverage and other retail sectors.

Parking

The movement in parking and rail access revenues (+15.4%) was also strictly tied to the trend in traffic volumes, in addition to improved performance resulting from a new sales strategy put in place in 2023.

Real Estate

Real Estate revenues remained consistent with 2023.

Passenger services

In Q1 2024, passenger services posted growth of 14.3% on 2023, attributable both to premium services (i.e. lounge and accessory services) and car hire. The performance of the individual businesses is described below.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 21

Premium services

This business posted an increase in revenues compared to the same period in 2023 due to a growth in traffic and the share of departing passengers requiring this service. We note that Q1 2024 reported a full recovery to pre-pandemic volumes.

Self-hire sub-concessions

The quarterly results reflect the positive impact of rising passenger traffic and contractual conditions, leading to a higher percentage of royalties received by the operator. The increased penetration of car hire services at the airport also contributed to this trend.

Revenues from Construction Services

The performance of this component relates to investments in the business unit over the same period of the previous year.

Other revenues

The increase in other revenues compared to 2023 (+6.1%) is owed primarily to the fulfilment of the contribution for the funded PRECINCT project, which has concluded and has been recognised to the financial statements. The objective of the PRECINCT project is to systemise and connect the parts that make up the public and private CIs (critical infrastructures) of a specific geographical area, and thus provide cyber-physical security with a common approach that can ensure protection for the local area, inhabitants and infrastructures, meaning that PRECINCT that can be efficiently replicated for a safer Europe.

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3 ANALYSIS OF THE OPERATING RESULTS, FINANCIAL POSITION AND CASH FLOWS

3.1 CONSOLIDATED OPERATING RESULTS ANALYSIS

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Revenues from aeronautical services	14,690	12,029	2,661	22.1%
Revenues from non-aeronautical services	11,632	10,390	1,242	12.0%
Revenues from construction services	3,992	5,337	(1,345)	-25.2%
Other operating revenues and income	303	184	119	64.7%
REVENUES	30,617	27,940	2,677	9.6%
Consumables and goods	(758)	(841)	83	-9.9%
Service costs	(5,866)	(6,007)	141	-2.3%
Revenues from construction services	(3,802)	(5,083)	1,281	-25.2%
Leases, rentals and other costs	(2,148)	(1,927)	(221)	11.5%
Other operating expenses	(803)	(848)	45	-5.3%
Personnel costs	(8,160)	(7,332)	(828)	11.3%
COSTS	(21,537)	(22,038)	501	-2.3%
GROSS OPERATING PROFIT/(LOSS) (EBITDA)	9,080	5,902	3,178	53.8%
Amortisation of concession rights	(2,180)	(1,878)	(302)	16.1%
Amortisation of other intangible assets	(194)	(119)	(75)	63.0%
Depreciation of tangible assets	(528)	(538)	10	-1.9%
DEPRECIATION, AMORTISATION AND IMPAIRMENT	(2,902)	(2,535)	(367)	14.5%
Provisions for doubtful accounts	(48)	(274)	226	-82.5%
Provision for renewal of airport infrastructure	(567)	(525)	(42)	8.0%
Provisions for other risks and charges	(297)	(342)	45	-13.2%
PROVISIONS FOR RISKS AND CHARGES	(912)	(1,141)	229	-20.1%
TOTAL COSTS	(25,351)	(25,714)	363	-1.4%
OPERATING RESULT	5,266	2,226	3,040	136.6%
Financial income	248	220	28	12.7%
Financial expenses	(428)	(795)	367	-46.2%
RESULT BEFORE TAXES	5,086	1,651	3,435	208.1%
TAXES FOR THE PERIOD	(1,555)	(486)	(1,069)	220.0%
PROFIT (LOSS) FOR THE PERIOD	3,531	1,165	2,366	203.1%
Profit (loss) for the period - Minority interests	0	0	0	n.a.
Profit (loss) for the period – Group	3,531	1,165	2,366	203.1%

A consolidated profit of Euro 3.5 million is reported for the first quarter of 2024, compared to 1.2 million in the first quarter of 2023.

Operating revenues overall grew 9.6%. Revenues break down as follows:

• revenues from aeronautical services were up 22.1% on 2023, as a result of the increased traffic volumes. The revenue increase exceeded the increased traffic levels, thanks to a contraction in the per-passenger incentive, on the basis of the conditions under the renewed incentive contracts;

• revenues from non-aeronautical services grew 12% due to the performance of the various category components, as outlined in the relative section;

• revenues from construction services (-25.2%) contracted due to reduced investments in the aviation sector;

• other operating revenues and income: the growth on 2023 (+64.7%) was mainly driven by the contribution outlined in the non-aviation section.

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Costs in the period overall contracted 2.3% on the same period of 2023. These break down as follows:

• costs for consumables and goods contracted 9.9%, due to reduced purchases of aircraft de-icing liquid and of general aviation aircraft fuel;
• service costs decreased on 2023 (-2.3%), due to the absence of the outsourced airside PRM assistance service, brought in-house from December 2023 and lower utility costs, not fully offset by the increased costs for cleaning, consultancy and professional services, maintenance and security services;
• the movements in the lease, rentals and other costs account (+11.5%) is mainly due to the change in traffic volume, on whose basis the concession and security fees are calculated;
• other operating expenses decreased 5.3%, as a result of the reduced membership fees in the period compared to the previous year.

Reference should be made to the personnel costs section of this report for further details.

EBITDA of Euro 9.1 million is reported for the first quarter of 2024, compared to Euro 5.9 million in 2023.

Looking to overheads, "depreciation, amortisation and impairments" amounted to Euro 2.9 million, increasing 14.5% on the first quarter of 2023, due to the increased capex.

Provisions, on the other hand, decreased 20.1% - from Euro 1.1 million to Euro 0.9 million - as a result of the reduced accruals to the provision for doubtful accounts in view of the assessment of the substantial adequacy of the provision at December 31, 2023.

EBIT was Euro 5.3 million, compared to Euro 2.2 million in 2023 (+136.6%).

Financial management reports net financial expense of Euro 180 thousand, compared to net expense of Euro 575 thousand in the first quarter of 2023, due to the lower debt following the financial structure optimisation undertaken by the parent company in September 2023, which involved the early settlement of the Intesa Sanpaolo Spa loan for Euro 33.9 million, which had stipulated increasing SACE guarantee fees, and the signing of a new "ESG KPI Linked Loan" with Credit Agricole Italia for Euro 15 million. The reduction in discounting charges on the financial statement provisions also contributed to this result in view of the changed interest rates.

As a result of that outlined above, the Result before taxes for the period was a profit of Euro 5.1 million (Euro 1.6 million in Q1 2023). The increase in the assessable base resulted in higher income taxes, which rose from Euro 0.5 million to Euro 1.6 million in the first quarter of 2024.

The result for the quarter, entirely concerning the Group, was therefore a profit of Euro 3.5 million, compared to Euro 1.2 million in Q1 2023.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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The EBITDA adjusted for the construction services margin is presented below:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Revenues from aeronautical services	14,690	12,029	2,661	22.1%
Revenues from non-aeronautical services	11,632	10,390	1,242	12.0%
Other operating revenues and income	303	184	119	64.7%
ADJUSTED REVENUES	26,625	22,603	4,022	17.8%
Consumables and goods	(758)	(841)	83	-9.9%
Service costs	(5,866)	(6,007)	141	-2.3%
Leases, rentals and other costs	(2,148)	(1,927)	(221)	11.5%
Other operating expenses	(803)	(848)	45	-5.3%
Personnel costs	(8,160)	(7,332)	(828)	11.3%
ADJUSTED COSTS	(17,735)	(16,955)	(780)	4.6%
ADJUSTED GROSS OPERATING PROFIT (ADJUSTED EBITDA)	8,890	5,648	3,242	57.4%
Revenues from construction services	3,992	5,337	(1,345)	-25.2%
Revenues from construction services	(3,802)	(5,083)	1,281	-25.2%
Construction Services Margin	190	254	(64)	-25.2%
GROSS OPERATING PROFIT/(LOSS) (EBITDA)	9,080	5,902	3,178	53.8%

Adjusted revenues were up 17.8% on 2023, while Adjusted costs increased 4.6%, resulting in Adjusted EBITDA of Euro 8.9 million, compared to 5.6 million in 2023 (+57.4%).

3.2 CASH FLOW ANALYSIS

The consolidated cash flow statement, indicating cash flows generated/absorbed from operating, investing and financing activities, is summarised below for the first quarters of 2024 and 2023:

in Euro thousands	As at 31.03.2024	As at 31.03.2023	Change
Cash flow generated / (absorbed) by operating activities before working capital changes	8,919	5,738	3,181
Cash flow generated / (absorbed) by net operating activities	2,226	(3,785)	6,011
Cash flow generated / (absorbed) by investing activities	(7,075)	9,721	(16,796)
Cash flow generated / (absorbed) by financing activities	(2,578)	(1,818)	(760)
Change in closing cash flow	(7,427)	4,118	(11,545)
Cash and cash equivalents at beginning of period	44,334	27,868	16,466
Change in closing cash flow	(7,427)	4,118	(11,545)
Cash and cash equivalents at end of period	36,907	31,986	4,921

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Cash flow generated by operating activities before working capital changes amounted to Euro 8.9 million, against Euro 5.7 million in the same period of 2023.

Working capital absorbed cash of Euro 6.7 million in the period, due to:

• the reduction in trade payables for Euro 4.5 million, and in "other payables" for Euro 3.3 million, with this latter mainly due to the decrease in payables for surtaxes and IRESA;
• partially offset by the decrease in receivables of Euro 1.8 million (trade receivables decreasing Euro 2.6 million, and other receivables increasing by Euro 0.8 million);
• outflows for the payment of interest and the use of provisions for Euro 0.7 million.

As a result of that outlined above, cash flows from operating activities, net of working capital changes, generated cash of Euro 2.2 million, compared to a cash absorption of Euro 3.8 million in the same period of 2023.

The absorption of cash flows of Euro 7.1 million from investing activities was due to:

• the absorption of cash from investment activities in tangible and intangible assets, mainly concession rights for Euro 11.2 million, compared to Euro 5.3 million in the comparative period;
• the generation of resources of Euro 5 million for the reclassification into cash and cash equivalents of the time deposits with a residual duration of less than 3 months, partially offset by the acquisition of a time deposit for Euro 700 thousand;
• the recapitalisation of the investee company UrbanV for Euro 200 thousand.

Financial activities absorbed cash flows of Euro 2.6 million (Euro 1.8 million in the first quarter of 2023), as a result of the repayment of the loan instalments maturing and the settlement of lease liabilities.

As a result, the final overall change in cash for the period was a negative Euro 7.4 million.

The Group's net financial position at March 31, 2024 compared to December 31, 2023 is presented below, in accordance with Consob Communication of July 28, 2006 and the ESMA/2011/81 and ESMA32-382-1138 Recommendations of March 4, 2021.

	in thousands of Euro	for the quarter ended 31.03.2024	for the year ended 31.12.2023	Change
A	Cash and cash equivalents	31,560	35,323	(3,763)
B	Other cash equivalents	5,347	9,011	(3,664)
C	Other current financial assets	700	5,002	(4,302)
D	Liquidity (A+B+C)	37,607	49,336	(11,729)
E	Current financial debt	(2,689)	(7,232)	4,543
F	Current portion of non-current debt	(12,331)	(12,323)	(8)
G	Current financial debt (E + F)	(15,020)	(19,555)	4,535
H	Net current financial debt (G - D)	22,587	29,781	(7,194)
I	Non-current financial payables	(18,838)	(21,284)	2,446
J	Debt instruments	0	0	0
K	Trade payables and other non-current payables	(78)	(115)	37
L	Non-current financial debt (I + J + K)	(18,916)	(21,399)	2,483
M	Total net financial Position (H + L)	3,671	8,382	(4,711)

The Net Financial Position at March 31, 2024 was a cash position of Euro 3.7 million, compared to Euro 8.4

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. 26

million at December 31, 2023.

In terms of liquidity, the movement was due to the absorption of cash flows from investing activities for Euro 7.1 million, and from financing activities of Euro 2.6 million, and the operating cash flows net of the change in Net Working Capital which generated Euro 2.2 million, as outlined in the previous paragraph.

In terms of payables, the reduction follows the decrease in payables for the municipal surtax in the period and the normal settlement of financial payables.

3.3 FINANCIAL POSITION ANALYSIS

The Group financial position, classified according to "sources" and "uses", is presented below:

USES	As at 31 03 2024	at 31 12 2023 As	As at 31.03.2023	Change 31.03.2024	Change 31.03.2024
in thousands of Euro				31.12.2023	31.03.2023
- Trade receivables	16,469	19,702	15,682	(2,603)	787
- Tax receivables	328	360	465	(32)	(137)
Other Receivables	7,534	6,522	7,950	1,012	(416)
- Inventories	854	878	ਰੇਖੇਟ	(24)	(a)
Sub-total	25,185	26,832	25,042	(1,647)	143
-Trade payables	(22,360)	(26,897)	(18,666)	4,537	(3,694)
- Tax payables	(4,766)	(2,664)	(3,337)	(2,102)	(1,429)
- Other payables	(37,190)	(36,305)	(36,575)	(885)	(୧୯୮)
Sub-total	(64,316)	(65,866)	(58,578)	1,550	(5,738)
Net operating working capital	(39,131)	(39,034)	(33,536)	(97)	(5,595)
Fixed assets	247,309	238,820	223,382	8,489	23,927
- Deferred tax assets	6,981	6,831	9,807	150	(2,826)
- Other non-current assets	16,467	16,263	13,892	204	2,575
Total fixed assets	270,757	261,914	247,081	8,843	23,676
- Provisions for risks, charges & severance	(22,899)	(22,426)	(18,441)	(473)	(4,458)
- Deferred tax liabilities	(2,805)	(2,790)	(2,857)	(15)	52
- Other non-current liabilities	(92)	(77)	(115)	(15)	23
Sub-total	(25,796)	(25,293)	(21,413)	(203)	(4,383)
Fixed Operating Capital	244,961	236,621	225,668	8,340	19,293
Total Uses	205,830	197,587	192,132	8,243	13,698

SOURCES	As at 31 03 2024	As at 31 222073	As at 31.03.2023	Change 31.03.2024	Change 31.03.2024
in thousands of Euro				31.12.2023	31.03.2023
Net financial (debt) position	3,671	8,382	(1,657)	(4,711)	5,328
- Share Capital	(90,314)	(90,314)	(90,314)	0	0
Reserves	(115,656)	(98,949)	(98,996)	(16,707)	(16,660)
- Result for the period	(3,531)	(16,706)	(1,165)	13,175	(2,366)
Group Shareholders' Equity	(209,501)	(205,969)	(190,475)	(3,532)	(19,026)
Minority Interests	O	O	O	0	0
Total Shareholders' Equity	(209,501)	(205,969)	(190,475)	(3,532)	(19,026)
Total Sources	(205,830)	(197587)	(192,132	(8,243)	(13,698)

Net invested capital at March 31, 2024 was Euro 205.8 million, compared to Euro 197.6 million at December 31, 2023 and Euro 192.1 million at March 31, 2023.

In terms of uses, the increase on December 31, 2023 (Euro 8.2 million) was almost exclusively due to the increase in the fixed operating capital as a result of investments, including advances for works in progress.

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Also compared to March 31, 2023, the increase of Euro 13.7 million was due to the increase in fixed assets, partially offset by the increase in current payables and in the provisions for risks and charges.

In terms of sources, at March 31, 2024 a net financial (cash) position of Euro 3.7 million is reported, compared to a net financial (cash) position of Euro 8.4 million at December 31, 2023, and a net financial (debt) position of Euro 1.6 million at March 31, 2023, while consolidated and Group Shareholders' Equity amounted to Euro 205.8 million (compared to Euro 197.6 million at December 31, 2023), increasing due to the overall profit in the period ahead of the recognition of the allocation approved by the Shareholders' Meeting of April 23, 2024.

3.4 KEY INDICATORS

The Directors deemed the Group's major income statement and statement of financial position indicators at and for the period ended March 31, 2024 to be immaterial due to their interim nature.

3.5 INVESTMENTS

Total Group investments in Q1 2024, net of advances for works carried out, amounted to Euro 5.8 million. In particular, Euro 3.2 million concerned infrastructure investments, alongside Euro 2.6 million for investments in airport operations.

The progress of the main infrastructural works is highlighted below:

• Security and Passport Control Area Redevelopment: work continues with an aim to raise the efficiency of the terminal's main control subsystems, including security checks and passport control and increase the level of quality and service offered to passengers;
• Schengen Departure Hall Reconfiguration: the Schengen departure hall expansion works, initiated at the end of 2023, continues. These works involve both the expansion of airside areas and rearrangement and improvement of the existing passenger flow structure;
• Aircraft Parking Lot 3 expansion: work on this project continues, specifically the construction of a new fuel facility for General Aviation flights and work on the installation of new LVAs (Luminous Visual Aids);
• New perimeter roadway: work on the new perimeter roadway is reaching completion; this comprises the execution of urbanisation works to commission the roadway and the future construction of fuel depots and aprons;
• New Multistorey Car Park: work continues on the construction of a new multistorey car park made up of two separate buildings distributed across eight storeys (ground floor + seven upper floors), which will house 2,218 parking spaces;
• Terminal expansion: the verification of the executive project concerning the airside area of the passenger terminal expansion works is nearing completion. The evaluation of technical proposals for the tender to appoint the executive project for the construction of the Terminal expansion building has been completed.

The main investments in airport operations to improve the service offered to passengers and increase the efficiency of company processes are listed below:

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• The replacement of rollers and installation of next-generation X-ray machines has commenced. The first two (out of a total of eight planned lines) have been installed and are now operational, seeking to streamline and expedite the security control process;
• Supplies for expanding the security control area have been procured (walk-through detectors and shoe scanners);
• Civil works have begun to extend the current BHS back-up system facility;
• Works are underway on technical and Innovation Technology systems to enhance the passenger experience.

Actions focused on sustainability include:

• Environmental compensation works: we note the completion of expropriation activities for an additional 10 hectares of land within the areas earmarked for the creation of a wooded strip along the northern perimeter of the airport site, in order to comply with the requirements of the EIA Decree Masterplan and the Regional Implementing Agreement for the Decarbonisation of the airport. Progress continues to be made on the creation of woodland, while the construction of a cycle path through the wooded area has begun;
• new photovoltaic plants: the construction of a more powerful photovoltaic panel system compared to the previous plant covering the terminal, is nearing completion. In addition, plans are underway to build a ground-mounted photovoltaic plant north of the runway;
• other efficiency and renewal works: charging stations for electric vehicles have been installed in the airside area and the vehicle fleet has been renewed following the procurement of an initial tranche of new electric cars.

Provisions for Renewal

The total cyclical renewal and maintenance works on the airport infrastructure and plant at March 31, 2024 amount to Euro 0.4 million, covering various interventions on installations and landside operations to ensure operational continuity.

3.6 PERSONNEL

Workforce breakdown

	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Full Time Equivalent average workforce	518	451	67	15%
Executives	8	8	0	0%
Managers	44	36	8	22%
White-collar	358	317	41	13%
Blue-collar	108	90	18	20%

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	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Average workforce	578	497	81	16%
Executives	8	8	0	0%
Managers	44	36	8	22%
White-collar	411	360	51	14%
Blue-collar	115	93	22	24%

Source: Company workings

The increase in the workforce on 2023 (+67 FTE) almost entirely concerns operating personnel and therefore concerns traffic movements and the bringing in-house of the airside PRM service from December 2023.

Costs

	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Total change vs 2023	% change vs 2023
Personnel costs	8,160	7,332	828	11.3%

Source: Company workings

Personnel costs for Q1 2024 increased by 11.3% on the same period in 2023, mainly due to:

• the increase in the workforce outlined above;
• increased use of temporary staffing;
• increased costs for canteen, training, missions.

Trade union relations

In Q1 2024, the Group engaged consistently with the General Workers' Representative Body (RSU) and trade unions, focusing specifically on operational and personnel management issues during the construction phase.

While no union agreements were reached during the first quarter, plans for 2024 include the renewal of agreements concerning Performance Bonuses and Welfare.

Training of personnel

During the first quarter of 2024, the funded training programme for executives, titled "Le Radici e le Ali" (Roots and Wings), successfully concluded. It supported and accompanied the Company's initiative to revise its values, leadership model, and skills framework.

In addition, training initiatives continued, including the "SDG Action Manager" course for employees sitting on the inter-company sustainability committee, the "Arms and Explosives" course for security personnel, the "Train the Trainer" programme for 15 security supervisors on new X-ray machines, who subsequently trained the remaining staff, and the mandatory "cyber security" course, run by in-house instructors and via online platform resources, including simulated phishing scenarios.

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3.7 KEY INFORMATION ON THE SUBSIDIARIES' PERFORMANCES

Fast Freight Marconi Spa

The Parent Company acquired a 100% interest in FFM in 2009. The main activity of the subsidiary is cargo and mail handling at Bologna airport. In particular, FFM is the handling agent for cargo export and import operations of carriers moved through the airport via air and for surface cargo and manages the Temporary Customs Warehouse for Non-EU Cargo arriving at the airport. The company thereafter in subsequent years developed accessory services such as booking, operating as a regulated agent and has a specialist customs operations structure.

The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

At March 31, 2024, the company had 15 employees (same as December 31, 2023) and, in continuity with previous years, assigned many staff activities to the parent under a management & staffing contract which covers the accounting, administrative, legal, supervision, personnel and ICT areas.

In Q1 2024, FFM handled 5,134,634 kg of cargo, marking a 17% decrease on 2023, primarily due to the discontinuation of a temporary courier service. Breaking down the components, air traffic appears to be up 55%, while road traffic decreased by 43%, largely attributed to the loss of the courier volumes mentioned above.

Despite the traffic trends described above, overall revenues for the period increased by 17% over 2023, driven by the growth in air traffic. At the same time, cost increases, mainly resulting from personnel and service expenses, were limited to 2.9%. Consequently, the EBITDA for Q1 2024 rose by 83.8% compared to the same period in 2023, with the Net Result for the period standing at a profit of Euro 200 thousand, reflecting an 86.4% increase.

Finally, reference should be made to the disputes section with regards to the customs dispute involving FFM in 2021, as indirect representative, following the customs declaration assessments made by the Bologna Customs Office.

Tag Bologna Srl

TAG began operations in 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 acquired a 100% interest (previously 51%) in TAG Bologna in 2018.

The company, which assigned certain staff activities to the parent under a management & staffing contract covering the legal and personnel area, had 16 employees at March 31, 2024 (17 employees at December 31, 2023).

The company prepares its financial statements according to Italian GAAP. The key indicators for the period, adjusted where necessary entirely for the purposes of preparing these consolidated financial statements as per IAS/IFRS, are presented below.

In Q1 2024, Tag experienced a slight decrease in movements (-0.4%) compared to 2023, alongside a 6.2%

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increase in tonnage, confirming the positive trend seen in recent years. In Q1 2024, passenger traffic declined by 1.5% compared to the same period in 2023.

Total revenues for the period were slightly lower than 2023 figures (-0.81%), attributed to a minor reduction in catering and aircraft hangarage revenues. Meanwhile, costs decreased (-1.04%) due to higher fuel purchase expenses and increased personnel costs. As a result, there were no significant deviations from Q1 2023 in terms of EBITDA and the Net Result for the period, which remained at Euro 84 thousand.

Reference should be made to the specific paragraph of the Notes to this document for information concerning transactions undertaken during the period with subsidiaries and related parties.

4 MAIN NON-FINANCIAL RESULTS ANALYSIS

4.1 SUSTAINABILITY

In Q1 2024, the Group continued its commitment to addressing all major sustainability topics, with more than 60 projects underway. The initiatives seek to monitor and reduce the negative impact of airport activities on the surrounding environment by implementing energy efficiency actions, investing in sustainable mobility and renewable energy, taking care of employees and the local area, and for the development of an increasingly ESG-oriented business model and supply chain.

Key initiatives included environmental compensation activities, such as the creation of wooded areas along the northern perimeter of the airport grounds – including a cycle path – new photovoltaic plants and various efficiency and renewal projects, including the deployment of charging stations for electric vehicles, and the simultaneous renewal of the vehicle fleet. For further insights into the progress of the main initiatives, please refer to the "3.5 INVESTMENTS" section.

4.2 QUALITY

Service Quality in the first quarter of 2024 confirms both the strengths and challenges faced in 2023: while satisfaction remains high for cleanliness, communication and comfort, performance remains either unchanged or declined for check-in waiting times, aircraft deplaning, and baggage reclaim. Waiting time at security checks have fared well despite increased traffic and the start of construction works, thanks to effective mitigation actions introduced in terms of security resources and facilitation, along with continuous service monitoring. There have also been improvements in the service times for Passengers with Reduced Mobility (PRM), both departing and arriving, compared to the previous year. Performance data is regularly shared at Regularity and Quality of Service Committee meetings with handling companies and airlines, and through periodic reporting and focused discussions on specific critical issues.

Initiatives to enhance passenger quality and experience are ongoing in 2024. With regard to ambience and decor specifically, the cross-departmental Quality & Facilitation team continues its diligent monitoring activities, including regular inspections to take the necessary corrective actions concerning maintenance and information signage. On the accessibility and mobility front, several projects to better manage vehicle flows and parking were launched in the first quarter of the year, with a focus on upgrading parking access signage. Finally, the cross-departmental Quality, Infrastructure, Communication, Commercial and Operations team continued its coordinated efforts to oversee ongoing construction works at the terminal, particularly in the security control area.

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INDICATORS	Jan-Mar 2024	Jan-Mar 2023
Perception of the cleaning level and functionality of toilets	100	98.3
Perception of the availability of mobile phone and laptop recharging stations in common areas	96.7	90.4
Overall perception of the efficacy and accessibility of public information services	99.7	99.7
Perception of the clarity, comprehensibility and effectiveness of internal signage	98.5	99.5
Check-in waiting time	18'19''	18'00''
Perception of passport control waiting time	05'27''	08'29''
Wait time for departing PRM passengers with reservations	06'34''	09'18''
Wait time for arriving PRM passengers with reservations	05'09''	06'37''
First baggage return times	24'59''	25'59''
Last baggage return times	33'59''	33'59''
Boarding wait time for the 1st passenger	05'29''	07'12''

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5. REGULATORY FRAMEWORK

5.1 REGULATORY AGREEMENT AND TARIFF DYNAMIC FOR 2023-2026

On October 6, 2023, at the ENAC headquarters in Rome, the ENAC-AdB "Regulatory Agreement" was signed for the 2023-2026 period.

In terms of the tariffs for the four-year period 2023-2026, then, we note that on April 28, 2023, with Resolution No. 82/2023, the Transport Regulation Authority declared compliance with the requirements in relation to the proposed revision of airport fees prepared by AdB S.p.A. and approved by airport users. The requirements set out by the Authority in that resolution were, therefore, fully enacted by the operator and, subsequently, on July 13, 2023 the TRA adopted a final compliance resolution.

On October 25, 2023, the Annual Hearing of the Users of Bologna's "Guglielmo Marconi" Airport was held, concerning the determination of fees for 2024.

The supervisory activity of the Italian Transport Regulation Authority (ART), under the terms of and in accordance with paragraph 6.1.2 of the ART Model and those of ENAC concerning the approved 2024 PRM fee were completed.

In relation to the aforementioned Authority resolutions, an extraordinary appeal was submitted to the Head of State, subsequently brought before the Regional Administrative Court of Turin (RG 820/2023) by DHL Express (Italy) Srl, FedEx Express Italy Srl, and United Parcel Service Italia Srl against the Transport Regulation Authority (TRA), the Ministry of the Economy and Finance, the Ministry of Infrastructure and Transportation, and towards AdB, for the annulment, inter alia, of TRA Resolution No. 82/2023 of April 28, 2023, on the proposed revision of the airport fees of Aeroporto Guglielmo Marconi di Bologna for the 2023-2026 tariff period. In October 2023, the Parent Company granted a legal defence mandate, having also identified the main arguments to defend the procedural acts for which the plaintiffs seek annulment, as established in the related judgement.

At present, acceptance of the appeal is difficult to predict; however, considering both the limited significance of the contested tariff and the existing mechanisms for the distribution of costs on tariffs, the Company believes that the appeal would not, in any event, have a significant financial impact.

The first hearing set for July 10, 2024 will be rescheduled.

For all other topics within the Regulatory Framework, further details can be found in the Regulatory Framework section of the 2023 Financial Statements. At the preparation date of this Report, there are no further updates to be made.

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6 DISPUTES

This section only covers the main disputes (in terms of economic relevance) mentioned in the Directors' Report at 31.12.2023, or thereafter. Updates are provided only where there have been judicial and/or outof-court developments. For all other matters, please refer to the Directors' Report mentioned above.

6.1 Fire Prevention Fund

Please refer to the Directors' Report to the financial statements at 31.12.2023.

6.2 FFM customs dispute

In referring to the Directors' Report to the Financial Statements at 31.12.2023, we indicate that, pending the decisions on appeal, the Company, for the full and broad protection of its position has instructed its legal team, through its Board of Directors, to also take precautionary action against the importer, who is believed to be the possible direct perpetrator of the charges filed by ADM against FFM in the litigation before the Tax Court. Consequently, an attachment procedure is underway, with the first hearing held on April 4, 2024, adjourned to July 11, 2024, by mutual agreement between the parties. Recent documentation filed by the Comitek Group companies has revealed pertinent information concerning FFM's position. The company, in collaboration with its legal team, is preparing necessary actions to safeguard its interests. This includes ongoing discussions concerning its role of joint and several guarantor with Customs, with a specific petition currently being drafted.

There have been no specific changes to the risk profile outlined in the Annual Report.

6.3 Tax appeal against the Tax Agency - Provincial Office

Referring to the Directors' Report at 31.12.2023, we note that, with regard to the further request for classification to category "D" notified on October 25, 2022 to the Parent Company, in terms of which on March 27, 2023 the Company initiated legal proceedings before Bologna Tax Court of First Instance (CGT) via an electronically filed notification of appeal, on April 17, 2024 the hearing was held. The ruling has not yet been issued.

As long as the land registry dispute continues, pending a final judgment regarding classification, the Group will pay the relevant IMU taxes if and insofar as the buildings are classified in a category other than "E". Subsequently, within the terms of the law, the Group will make any claims for reimbursement of the amount paid.

6.4 Alitalia Revocatory Action

Reference should be made to the Directors' Report to the financial statements at 31.12.2023.

6.5 Action before AGA proposed in relation to the Decree of April 3, 2020 concerning ENAV assets, including the VAL equipment

Reference should be made to the Directors' Report to the financial statements as at 31.12.2023.

6.6 Tender contract - termination for damages

Referring to the Directors' Report at 31.12.2023, we note that related proceedings have been consolidated, with the initial hearing, possibly including a conciliation attempt, now set for May 15, 2024.

There have been no specific changes to the risk profile outlined in the Annual Report.

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6.7 Appeal against ENAC "fuellers" Regulation – LAZIO Regional Administrative Court

Regarding the Directors' Report at 31.12.2023, we note that on May 7, ENAC filed an appeal with the Council of State against the ruling of the Lazio Regional Administrative Court dated February 9, 2024. This ruling fully upheld the grounds of appeal presented by AdB, leading to the annulment of the new ENAC Regulations governing the construction and management of fuel depots and facilities at airports.

7. MAIN RISKS AND UNCERTAINTIES

The AdB Group's financial performance is influenced by air traffic, which is, in turn, influenced by the economic environment, national and international health conditions, the economic and financial situation of individual airlines and airline alliances, as well as competition, on some routes, with alternative means of transport.

Depending on the specific way in which they evolve, these factors can have a impact on long-term performance, thus resulting in changes to the Group's development policies. The areas listed below may be affected by these issues, given the pervasive and uncertain nature of the developing pandemic.

In the context of such an extreme and prolonged crisis and given the considerable commitments to infrastructure developments, the liquidity risk could manifest as difficulty in obtaining timely, cost-effective financing to cover the requirements of the operations plan. The Group has addressed this risk, on the one hand by strategically reviewing its investment plan in consultation with ENAC, identifying new priorities and implementation phases based on the 2023-2026 Regulatory Agreement, and on the other by agreeing new loans, most recently, in December 2021, with the European Investment Bank (EIB) up to a maximum of Euro 90 million. Thanks to these new sources, the current account balances and the additional credit line of Euro 5 million, the Group believes to have a flexibility of financing in line with the progress of the infrastructure development plan and with actual funding needs. With regard to the covenants of the existing loan agreements, the Group is in compliance with its contractual commitments.

The Group has sought to manage interest rate risk, in view of its outstanding financing, by entering into both fixed-rate and floating-rate facilities. The EIB loan, not yet utilised at March 31, 2024, allows a choice between fixed and variable rates, the amount of which in both cases will be determined by the EIB in relation to the timing of the loan request and the overall conditions of disbursement and repayment.

The Group's credit risk is concentrated, in that 40% of its accounts receivable at March 31, 2024 are claimed from its top ten clients (51% at December 31, 2023). In general, the credit risk is offset through specific trade payable management and control tools and procedures, in addition to adequate provisioning for doubtful accounts – taking into account the increased risk owed to the current crisis – according to the principles of prudency and in compliance with the accounting standards IFRS 15 and IFRS 9, which strengthens the ex-ante analysis approach, rather than existing receivable recovery, in the credit risk assessment processes.

The commercial policies pursued by the Group to limit its exposure involve:

• requesting immediate payment for transactions with end consumers or occasional counterparties (i.e., parking areas);
• requesting advance payment from occasional airlines or airlines without an appropriate credit profile or collateral;
• requesting performance bonds from sub-concession holder clients.

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In accordance with the disclosure requirements set out in Article 2428, c.2, No. 6-bis, considering the criteria that inform its choice of investments, such as:

• minimising the risk of the return of invested capital;
• the differentiation of the credit institutions;
• the duration, normally less than two years;
• the return offered;

the Group believes the financial risks – understood as the risks of changes in the value of the financial instruments – to be limited.

The Group is not subject to foreign exchange risk since it does not undertake transactions in foreign currencies.

Risks arising from the conflicts in Ukraine and in the Middle East

The Group is exposed to the risk of a loss of traffic volumes to Eastern European countries due to the still ongoing conflict between Russia and Ukraine. Therefore, negative consequences on the recovery of traffic volumes are possible, but are already included both in the actual figures and in the forecasts related to impairment and are not significant. Currently, the Group, in its estimates, does not expect a recovery of traffic to/from Russia and Ukraine in the short term.

This conflict could, however, adversely affect consumer confidence, the propensity to travel and the economic recovery in general, including outside of Eastern Europe. The conflict in Ukraine could further exacerbate the rise in commodity prices, negatively impacting utility costs and supplies of certain materials. Moreover, the Cyber Security risk is increased by a phase of international conflict, in particular for critical infrastructures such as airports. The Group therefore continues to monitor developments in the conflict to identify any additional risks and impacts on the business.

This has recently been compounded by the conflict in the Middle East, which exacerbates the difficulties posed by increasing global geopolitical uncertainties.

Risk of cyber attack on information systems and technology infrastructure

The current global landscape is now characterized by the ubiquity of information systems within organisations. In today's volatile geopolitical context, exacerbated by the recent conflicts in Ukraine and the Middle East, the increasing ability of organised hackers to attack and penetrate companies' information and technological systems and the predisposition for increasingly aggressive and significantly rising number of cyber attacks necessitate ever-more focus on the creation of cyber-security systems to protect the data of both individuals and businesses.

In light of the above, the Group has implemented cyclical and ongoing actions to protect airport systems, aiming to reduce the risk of temporary interruptions (with consequent potential disservices) and of exposure to data theft. In addition to the constant updating of software and the installation of new antivirus systems, ongoing activities include conducting periodic audits (according to ISO 27001 certification) and monthly vulnerability assessments, the execution of annual penetration tests, and the continuous training of employees and other efforts to increase awareness of cyber-security issues. The Group also has a long-term Cyber Security Governance Plan in place, in addition to IT continuity and disaster recovery procedures.

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Risks of interruption of airport operations due to accidents, damage to aircraft and airport equipment as a result of intense and unforeseen weather events

As a direct cause of climate change, particularly intense and unanticipated weather events (high intensity rainfall, hailstorms, heat waves) have occurred in recent times. Some of these adverse weather events could cause operational problems, as well as a high risk of damage to aircraft and operational equipment/vehicles. As a result, the Group is exposed to the risk of damage to airport infrastructure and equipment, as well as inefficiencies and impacts on airport users, despite the fact that immediate response actions such as the Snow Clearance Plan and remote warning systems are already in place.

The possible impacts of the occurrence of one of these events on airport operations currently do not appear to be readily assessable. The Group, however, has begun planning for climate change vulnerability analyses that will include (i) assessment of climatic phenomena and their probability of occurrence; and (ii) definition of specific contingency plans for the purpose of containing possible damage and disruption caused by such climatic events.

The ESMA in the Public Statement of October 25, 2023 recommended that issuers consider climate change issues to the extent that their effects are relevant to the Company, and in this case, ensure consistency in financial disclosure between financial statements and sustainability reports, while outlining in the financial statements the timing and financial impacts of transition and adaptation plans to address climate change risks.

At the beginning of 2023, AdB commissioned the Mediterranean Center on Climate Change Foundation to conduct a climate change-related risk analysis for the airport with the goal of supporting the identification of specific adaptation strategies for assets most vulnerable to climate change in order to make them more resilient. The analysis, now in its final stages, began with the identification of the following climatic hazards to which the airport is exposed: temperature (extreme heat events and extreme cold events), precipitation (extreme rain and snow events) and wind. Subsequently, exposure factors were assessed, i.e. all infrastructural and non-infrastructure elements of the airport that could be threatened by the aforementioned climatic hazards. Finally, vulnerability factors were assessed, i.e. for each of the above elements, the propensity of the element itself to be negatively impacted by climate change was evaluated. The risk factors (hazard, exposure and vulnerability) were, finally, integrated to develop a risk matrix for each climate hazard according to the three emission scenarios outlined by the IPCC - Intergovernmental Panel on Climate Change (RCP 2.6 low emission scenario, RCP 4.5 intermediate scenario and RCP 8.5-high emission scenario).

The final risk matrix regarding extreme heat events showed that the risk related to this climate hazard is mainly between "Medium" and "High" for most of the exposed samples in both the intermediate (RCP4.5) and high emissions scenarios (RCP8.5). This result is due to the presence of significant changes in the hazard level in the future period, and thus a significant increase in the probability of occurrence of such events, under all climate scenarios considered. For the other climatic hazards, the risk was found to be low overall, although a cautious approach to the results is necessary, especially in relation to the "rainfall" hazard and particularly in light of the floods that hit the Emilia-Romagna Region in May 2023, which stemmed in fact from extreme rainfall events.

The results of this analysis will enable the Company to define specific climate hazard intervention priorities for the airport system and targeted adaptation strategies in line with the most up-to-date scientific literature, and will thus provide the starting point for subsequent economic-financial assessments. In any case, from the analysis carried out and the assessments made so far, it is considered that:

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• a number of relevant climate change mitigation environmental compensation works have already been presented in the parent company's financial statements and investment plan (e.g., forest strip and other environmental compensation works related to the "Via decree" of the 2016-2030 Airport Masterplan);
• a number of additional measures are already in place (e.g. a snow-protection plan, weather monitoring, employee training, de-icing procedures, etc.);
• any additional increased costs, provisions and/or investments resulting from such should be adequately covered in the tariff dynamics.

At present, based on these considerations, climate change risks are deemed to have been taken duly into account within the scope of impairment testing, as described in greater detail in the notes to the 2023 financial statements.

Risks related to a dependence on Ryanair traffic volumes

Group operations are significantly based on relations with the leading airlines at the airport and to which the Group offers its services, including - in particular - Ryanair. Due to the large proportion of total passenger flights at the airport operated by Ryanair, the Group is exposed to the risk that the airline may scale back or discontinue entirely its operations at the airport. Ryanair passengers accounted for 47.8% of the airport's total traffic volumes in Q1 2024.

In the wake of the successful multi-year arrangement AdB and Ryanair have consolidated the partnership, started in 2008, with a new 6-year agreement signed in February 2023. Particularly, AdB and Ryanair have signed an agreement, within the framework of their respective development objectives, in order to: ensure the maintenance of an comprehensive and varied network of connections within the areas served by the carrier and also to ensure network development in line with capacity and consistent with the infrastructure development projects of Marconi airport. The agreement pursues overall long-term sustainability goals and includes an incentive scheme linked to the airport's traffic development policy.

Although in the Group's opinion Bologna airport is of strategic importance to the airline, it is still possible that Ryanair may decide to change the routes served, significantly reducing or discontinuing entirely its flights at the airport. Any reduction or stoppage of flights by the afore-mentioned airline or the stoppage or change to flights with other destinations with high passenger traffic volumes may negatively impact - even to a significant degree - the Group financial statements.

In view of the recent air transport industry crisis, any redistribution of passenger traffic among other airlines is more complex and uncertain. However, the Parent Company maintains proactive relationships and other initiatives with all sector operators.

Risk related to the effect of incentives on revenue margins

The Parent Company is exposed to the risk of a decrease in the margins of its Aviation Business Unit due to an increase in traffic volumes by airlines that receive incentives. In accordance with its incentive policy aimed at developing traffic and routes at the Airport, the Company pays some airlines – including both legacy and low-cost carriers – incentives tied to passenger traffic volumes and new routes. This policy limits incentives to levels compatible with positive margins on each airline's operations. However, should passenger traffic and the routes operated by airlines receiving incentives increase over time, the Company's positive margins could decline proportionally, with a negative impact, possibly to a material degree, on the Group's financial performance and financial position.

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Although the low-cost segment's share of the Italian national market is increasing, the Group manages this risk by proactively developing traffic that generates a positive marginal contribution.

Unlike the risk of interruption and/or significant change in the volumes of traffic developed with the low-cost airlines, which is currently considered remote, risks related to potential outcomes of future negotiations on incentives that are worse than the assumptions currently included in the forecast information prepared by the Group have been the subject of specific sensitivity analyses within impairment testing, as better described in the explanatory notes to the 2023 financial statements, and have not pointed to any indicators of impairment losses.

Risk relating to a reduction in the margin of non-aviation revenues

In view of the revised contractual structures consequent to the pandemic resulting in a significant amount of variable fees, compared to the previous and more certain structures with MAG (minimum annual guarantees) there is a risk of variability of Non-Aviation Business Unit revenues - in the retail areas - related to traffic trends at the airport. Similarly, parking revenues are also affected by the same risk profile, which is closely dependent on passenger traffic at Marconi airport.

In this regard, however, the Group considers that the forecast for a recovery in traffic, corroborated in part by the initial 2024 data, results in a non-significant profile for this risk.

Risks related to implementation of the Action Plan

The Parent Company invests in the airport as part of its overall management on the basis of an Action Plan approved by the Italian Civil Aviation Authority (ENAC). The Action Plan was drafted on the basis of the investments envisaged in the Master Plan according to a modular approach, the main driver of which is air traffic performance. With Order No. 0100428/P dated August 11, 2022, the National Civil Aviation Authority expressed a favourable opinion on the Investment Plan submitted by AdB for the four-year period 2023- 2026.

AdB could encounter difficulties in implementing the investments provided for under the Action Plan in a timely manner due to unforeseeable events, such as delays in the process of obtaining authorisation for and/or executing the works, delays in procurement processes for certain materials or components, with possible adverse effects on the amount of the tariffs that may be applied and possible penal risks of withdrawal from or termination of the Agreement. The execution of the planned interventions could be conditioned by the non-availability of raw materials or by sharply increasing costs. Recent international geopolitical tensions have, in fact, led to an increase in energy prices, which have reached exceptionally high levels and a general rise in inflation. These effects, together with uncertainty regarding the availability of raw materials, could lead to criticality in the supply of certain materials, an increase in operating costs linked to the functioning of airport infrastructure and an increase in the costs of carrying out certain investments.

The investment plan as remodelled from time to time, while always ensuring due and constant reporting to ENAC, will be implemented with the financial resources that are largely already available as a result of the EIB financing.

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Risks related to the failure to guarantee user services by certain airport operators

The handling companies operating at the airport, in response to growing and intense competitive pressure and in order to ensure the economic sustainability of their operations, in recent years placed particular attention on containing personnel costs, as featuring a significant labour intensive component, in addition to their efficiency, even to detriment of their quality. The difficult market conditions in which these parties operate were thereafter further worsened by the crisis emerging with the COVID-19 outbreak which hits the entire air sector, making already fragile operating-financial conditions even more difficult. This situation may therefore compromise the quality and the continuity of services offered to passengers by handlers at Bologna airport. The Parent Company is working to draw up a contingency plan aimed at and limited to ensuring the continuity of services that are the direct responsibility of the airport manager, including where difficulties arise among the airport operators currently providing those services, which in 2021 began with the awarding to Tag of the H24 service and which was strengthened with the insourcing of the airside PRM service, previously entrusted to a handler as of December 1, 2023.

Risks concerning the regulatory framework

The Aeroporto Guglielmo Marconi di Bologna S.p.A. Group's core business involves acting as concession holder operating under special exclusive rights to the Bologna airport grounds. Primarily for this reason, it operates in an industry that is highly regulated at the domestic, supranational and international levels. Any change to the regulatory framework (and in particular any changes in relations with the state, public bodies and sector authorities, the determination of airport fees and the amount of concession fees, the airport tariff system, the allocation of slots, environmental protection and noise pollution) may impact operations and Company and Group results.

Risk related to the high level of intangible assets in proportion to the Group's total assets and shareholders' equity

In terms of the risk of the non-recoverability of the carrying amount of the Concession Rights recognised to intangible assets consolidated at December 31, 2023 for Euro 225 million, as per IAS 36, the Group carried out an impairment test on the most recent cash flow projections approved by the Board of Directors of the Parent Company and based on assumptions considered reasonable and demonstrable, in order to present the best estimate of the future economic conditions that the current situation of uncertainty - in particular on the duration of the crisis - permits.

The impairment test and related analyses of sensitivity concerning assumptions characterised by greater randomness did not point to any impairment of the carrying amounts of the concession rights recognised at December 31, 2023; therefore, no impairment losses were recognised on the assets concerned.

On the recoverability of the value of assets please also see note 4 – other non-current financial assets – and note 8 – trade receivables.

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Operational restrictions and other risks resulting from exceeding airport noise zoning limits

In 2022, the LVA acoustic footprint was found to be close to airport acoustic zoning limits. Following the ministerial meeting on night flight operations, on June 13, 2023 AdB revised its nighttime landing and takeoff procedures from June, which are designed and managed by ENAV in order to decrease overflight impacts on the city of Bologna. Specifically, operational procedures by ENAV in the night time slot (11pm-6am), both on take-off and landing, avoided overflying city neighbourhoods, except where operation safety and security needs make this unavoidable, while maintaining the schedule of passenger and cargo flights for the entire season substantially unchanged. Additional measures have also been confirmed at the ministerial level, and made operational from October, which consist of departing aircraft turning earlier than provided for by the previous ascent procedures. The objective is to further reduce the overflight of populated areas, with important overall benefits in terms of the noise footprint.

As part of the noise impact monitoring and management programme, AdB prepared the calculation of the airport noise level (LVA) for the year 2023, according to the current regulations, from which certain excesses of the noise limits provided by the airport noise zoning maps were detected in areas falling mainly in the western sector of the airport featuring limited surface area and low population density. The same surveys also verified the containment of emission levels within acoustic limits in high-density residential areas located in the eastern sector of the airport (Navile, Pescarola and Corticella neighbourhoods).

In relation to the excesses detected, in the identified reported areas, of the acoustic limits as indicated above, AdB will immediately initiate the appropriate discussions with the members of the Commission as per Article 5 of Ministry of the Environment Decree of 31/10/1997, in order to develop in updated and adequate terms the acoustic remediation plan, as prescribed by the European and domestic regulations, allocating adequate resources consistent with the sustainable development plans of the airport management company and sharing with the municipalities concerned effective uses of the revenue of the IRESA purpose tax.

Within the framework of these initiatives, there is also the public commitment to setting up a multi-year fund to support soundproofing of the residential buildings most exposed to noise impact from airport operations, as described in note 16 to the financial statements.

In this regard, we note that, as per the relevant EU regulations, several alternative corrective manoeuvres may be introduced before air traffic restrictions are required. Any further investment that should result should be adequately covered by tariff dynamics.

Seasonality of revenues

Due to the cyclical nature of the sector in which the Group generally operates, higher revenues and operating results are expected in the third quarter rather than in the first and final quarters of the year. Higher revenues are concentrated in June-September, during the peak summer vacation period experiencing maximum usage levels. In addition, there is a strong business passenger component, due to the characteristics of the local business community and the presence of internationally renowned trade fair events, which offsets the seasonal peaks of tourist activity. Accordingly, financial performance figures for interim periods may not be representative of the Group's financial performance and financial position situation at the annual level.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 42

8 ALTERNATIVE PERFORMANCE INDICATORS

In this Directors' Report, various performance indicators are presented in order to permit a better assessment of operating performance and financial position.

On December 3, 2015, Consob published Communication No. 92543/15, rendering applicable the Guidelines issued on October 5, 2015 by the European Security and Markets Authority (ESMA) regarding the presentation of such indicators in regulated information circulated or financial statements published on or after July 3, 2016. These Guidelines, updating the previous CESR Recommendation (CESR/05-178b), seek to promote the utility and transparency of alternative performance indicators included in regulated information or financial statements within the scope of application of Directive 2003/71/EC in order to improve their comparability, reliability and comprehensibility.

The criteria utilised for these indicators, in line with the above communications, are provided below:

• EBITDA: EBITDA (earnings before interest, taxation, depreciation and amortisation) is defined by management as the pre-tax result for the year, financial income and charges, income and charges from equity investments, depreciation, amortisation and impairment. It therefore coincides, in this case, with the gross operating margin. EBITDA is not identified as an accounting measure as per IFRS and therefore should be considered as an alternative measure for the evaluation of the Group's performance. Since calculation of this indicator is not governed by the accounting standards that form the basis of preparation of the Group's Consolidated Financial Statements, the criterion used to determine and measure the indicator might not be uniform with that adopted by other groups. Accordingly, the figure in question might not be comparable with that presented by such other groups;
• ADJUSTED REVENUES AND COSTS: total revenues net of revenues from construction services and terminal value receivable revenues on the provision for renewal and total costs net of construction service costs. Adjusted revenues and costs allow for the calculation of adjusted EBITDA as presented below:
• Adjusted EBITDA: this is a measure used by the Group's management to monitor and assess the Group's operating and financial performance. This is calculated by subtracting from EBITDA:
  • o the margin calculated as the difference between the Group's construction revenues and construction costs as the Airport's manager;
  • o terminal value receivable revenues on the provision for renewal, where this account is understood to refer to the consideration – equal to the present value of the terminal value credit – that the airport manager is entitled to be paid at the end of the concession from the new manager for renewal work on the assets under concession that at the date concerned have not been fully depreciated according to the regulatory accounting rules (Art. 703 of the Navigation Code, as amended by Art. 15-quinquies, para. 1, of Decree-Law No. 148/2017, converted, with amendments, by Law No. 172 of December 4, 2017) and
• Net Financial Debt/Net Financial Position: the composition of the Net Financial Debt/Net Financial Position is represented in accordance with the Consob Communication of July 28, 2006 and ESMA recommendations ESMA/2011/81 and ESMA32-382-1138 of March 4, 2021.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 43

9 GUARANTEES PROVIDED

The following table summarises the guarantees provided by the Group compared with the values as of December 31, 2023:

in thousands of Euro	31/03/2024	31/12/2023	Change	Change
Sureties	14,110	10,664	3,444	32%
Pledge on Equity Financial Instruments	10,873	10,873	0	0%
Patronage letters	1,078	1,206	-128	-11%
Total guarantees provided	26,060	22,742	3,317	15%

At March 31, 2024, the guarantees provided by the Group total Euro 26.1 million and principally concern:

• sureties, the principal of which being in favour of ENAC under the Full Management Agreement (Euro 6.1 million), in addition to AdB's co-obligation in the surety of Euro 5.8 million in favour of the Customs Office at the request of the subsidiary, FFM, regarding the customs dispute in which it is involved (see the section on disputes in the Directors' Report).
• a pledge of the equity financial instrument issued by Marconi Express S.p.a. and subscribed for by the Company for a nominal value of Euro 10.87 million, securing the obligations of Marconi Express to the credit institutions that financed the People Mover project;
• letter of comfort concerning the mortgage loan granted to the subsidiary Tag Bologna S.r.l. by Banca Agricola Mantovana (now Monte dei Paschi di Siena) which at the end of the period amounted to Euro 1.1 million.

10 SUBSEQUENT EVENTS AND BUSINESS OUTLOOK

No events have occurred subsequent to the end of the quarter that would require changes in terms of the presented performance or equity and financial position and that would therefore necessitate adjustments and/or additional disclosures with reference to the amounts reported at March 31, 2023.

Resignation of an independent director and non-executive director and co-option of a new director

On March 6, 2024, the Board of Directors noted the resignation submitted on February 28 by Independent and Non-Executive Director Sonia Bonfiglioli, who was also Chairperson of the Remuneration Committee. The Board of Directors on the same date approved the reinstatement of a Remuneration Committee comprising of three members, appointing Independent Director Giovanni Cavallaro and also appointing him as Chairperson.

On March 14, 2024, the Board of Directors resolved, with the Board of Statutory Auditors' approval, to coopt Claudia Bugno to replace Independent Director Sonia Bonfiglioli. The Shareholders' Meeting of the Parent Company on April 23, 2024 confirmed Claudia Bugno's appointment as an Independent Director until the natural conclusion of the Board of Directors' term or until the approval date of the 2024 Financial Statements.

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 44

Appointment of the Independent Audit Firm

Following the conclusion of EY S.p.A.'s mandate for auditing the Group's accounts upon the approval of the 2023 Financial Statements, on April 23, 2024 the Shareholders' Meeting of the Parent Company appointed PricewaterhouseCoopers S.p.A. to audit its accounts and for the related activities for the 2024-2032 period, determining the corresponding remuneration based on the reasoned proposal of the Board of Statutory Auditors, in compliance with Legislative Decree No. 39/2010. On the same date, the Shareholders' Meetings of the subsidiary companies Tag Bologna and FFM appointed Pricewaterhousecoopers S.p.A. to audit their accounts and related activities for the 2024-2026 period.

Distribution of dividends for the 2023 financial year

On April 23, 2024, the Shareholders' Meeting also approved the distribution of a gross ordinary dividend of Euro 0.264 per ordinary share. This dividend, amounting to Euro 9,537,175.56, was paid out on March 8, 2024, with coupon no. 5 dated May 6, 2024, and a record date of May 7, 2024.

Adherence to the Air Transport Decarbonisation Pact

In April, AdB signed the Air Transport Decarbonisation Pact, which seeks to expedite the achievement of air transport sustainability targets with regard to the SDGs and 2030 Agenda framework. The pact intends to achieve Net Zero Emissions by 2050.

Traffic performance

In April, Bologna airport welcomed just under one million passengers, totalling 980,834, a 12.4% increase compared to April 2023.

Passengers for the first four months of 2024 numbered 2,928,854, up 9.5% on the same period of 2023, while movements rose to 21,913, up by 7.6% from 2023. Air cargo transport from January to April totalled 14,503 tonnes, reflecting a 5.5% increase on 2023.

Operating and Financial Performance and Business Outlook

The latest traffic forecasts by Eurocontrol for the 2024-2030 period revise the overall growth of air movements downward, citing varied trends between Eastern and Western European regions due to a slowdown in growth in certain areas in November and December 2023. This slowdown was primarily attributable to reduced flight schedules for WS23-24 and flight adjustments due to weather events. The forecasts suggest an expected return to pre-pandemic movements between 2025 and 2026, followed by an estimated annual growth rate of about 2%. Trends are therefore still heavily affected by tensions stemming from Russia's invasion of Ukraine, recent conflicts in the Middle East, and a general slowdown in the global economy. Nevertheless, we note (i) a significant increase in movements along Asian routes, along with (ii) a notable improvement in the reported load factor, and (iii) a reduction in supply chain constraints at the busiest airports (Source: EUROCONTROL Seven-Year Forecast 2024-2030 - Spring 2024 Update, February 2024).

Aeroporto Guglielmo Marconi di Bologna S.p.A.

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. 45

In the complex environment outlined above, the Group will continue to be engaged in overcoming the limits of 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. Also in the area of non-aviation services, construction work has begun on the new multi-story parking lot for a total of an additional 2,200 parking spaces available to passengers. At the same time, important commitments in the areas of innovation and sustainability continue, with concrete actions by the Group to mitigate the negative environmental impacts of airport operations, protect natural resources, improve the quality of life and well-being of the surrounding community, and provide safe and inclusive workplaces.

The Chairperson of the Board of Directors (Enrico Postacchini)

Bologna, May 15, 2024

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. 46

Consolidated Financial Statements at March 31, 2024

Statement of Consolidated Financial Position Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Cash Flow Statement Consolidated statement of changes in equity

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. 47

Statement of Consolidated Financial Position

in thousands of Euro	Note	as at 31.03.2024	as at 31.12.2023
Concession rights		231,928	224,716
Other intangible assets		1,922	1,480
Intangible assets	1	233,850	226,196
Land, property, plant and equipment		11,842	11,007
Investment property		1,617	1,617
Tangible assets	2	13,459	12,624
Investments	3	244	44
Other non-current financial assets	4	16,037	16,032
Deferred tax assets	5	6,981	6,831
Other non-current assets	6	186	187
Other non-current assets		23,448	23,094
NON-CURRENT ASSETS		270,757	261,914
Inventories	7	854	878
Trade receivables	8	16,469	19,072
Other current assets	9	7,862	6,882
Current financial assets	10	700	5,002
Cash and cash equivalents	11	36,907	44,334
CURRENT ASSETS		62,792	76,168
TOTAL ASSETS		333,549	338,082

in thousands of Euro	Note	as at 31.03.2024	as at 31.12.2023
Share capital		90,314	90,314
Reserves		115,656	98,949
Profit (loss) for the period		3,531	16,706
GROUP SHAREHOLDERS' EQUITY	12	209,501	205,969
MINORITY INTERESTS		0	0
TOTAL SHAREHOLDERS' EQUITY	12	209,501	205,969
Severance and other personnel provisions	13	3,327	3,317
Deferred tax liabilities	14	2,805	2,790
Provision for renewal of airport infrastructure	15	12,714	12,107
Provisions for risks and charges	16	4,436	4,276
Non-current financial liabilities	17	18,916	21,399
Other non-current liabilities		92	77
NON-CURRENT LIABILITIES		42,290	43,966
Trade payables	18	22,360	26,897
Other liabilities	19	41,956	38,969
Provision for renewal of airport infrastructure	15	1,819	2,259
Provisions for risks and charges	16	603	467
Current financial liabilities	17	15,020	19,555
CURRENT LIABILITIES		81,758	88,147
TOTAL LIABILITIES		124,048	132,113
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		333,549	338,082

Aeroporto Guglielmo Marconi di Bologna S.p.A.

Consolidated Income Statement

		for the quarter	for the quarter
in thousands of Euro	Note
		ended 31.03.2024	ended 31.03.2023
Revenues from aeronautical services		14,690	12,029
Revenues from non-aeronautical services		11,632	10,390
Revenues from construction services		3,992	5,337
Other operating revenues and income		303	184
Revenues	20	30,617	27,940
Consumables and goods		(758)	(841)
Service costs		(5,866)	(6,007)
Revenues from construction services		(3,802)	(5,083)
Leases, rentals and other costs		(2,148)	(1,927)
Other operating expenses		(803)	(848)
Personnel costs		(8,160)	(7,332)
Costs	21	(21,537)	(22,038)
Amortisation of concession rights		(2,180)	(1,878)
Amortisation of other intangible assets		(194)	(119)
Depreciation of tangible assets		(528)	(538)
Amortisation, depreciation & write-downs	22	(2,902)	(2,535)
Provisions for doubtful accounts		(48)	(274)
Provision for renewal of airport infrastructure		(567)	(525)
Provisions for other risks and charges		(297)	(342)
Provisions for risks and charges	23	(912)	(1,141)
Total Costs		(25,351)	(25,714)
Operating result		5,266	2,226
Financial income	24	248	220
Financial expenses	24	(428)	(795)
Profit before taxes		5,086	1,651
Taxes for the period	25	(1,555)	(486)
Profit (loss) for the period		3,531	1,165
Minority interest profit (loss)		0	0
Group profit (loss)		3,531	1,165
Undiluted earnings/(loss) per share (in Euro)		0.10	0.03
Diluted earnings/(loss) per share (in Euro)		0.10	0.03

Aeroporto Guglielmo Marconi di Bologna S.p.A.

Consolidated Comprehensive Income Statement

	for the	for the
in thousands of Euro	quarter	quarter
	ended	ended
	31.03.2024	31.03.2023
Profit (loss) for the period (A)	3,531	1,165
Other profits (losses) that will be reclassified in the net result for the period	0	0
Total other profits (losses) that will be reclassified in the net result for the period (B1)
	0	0
Other profits (losses) that will not be reclassified in the net result for the period
Actuarial profits (losses) on severance and other personnel provisions	0	0
Tax impact on actuarial profits (losses) on severance and other personnel provisions	0	0
Total other profits (losses) that will not be reclassified in the net result for the period (B2)	0	0
Total other profits (losses), net of taxes (B1 + B2) = B	0	0
Total profits (losses), net of taxes (A + B)	3,531	1,165
of which Minority Interests	0	0
of which Group	3,531	1,165

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. 50

Consolidated Cash Flow Statement

in thousands of Euro	as at 31.03.2024	as at 31.03.2023
Core income-generating operations
Result for the period before taxes	5,086	1,651
Adjustments to items with no impact on cash and cash equivalents
- Margin from construction services	(190)	(254)
+ Depreciation and impairment of tangible assets and right-of-use assets	2,902	2,535
+ Provisions	918	1,141
+ Interest charges not involving cash outlays	46	256
+/- Interest income and financial expenses	134	319
+/- Losses/gains and other non-monetary costs/revenues	(12)	46
+/- Severance provisions and other personnel costs	35	44
Cash flow generated / (absorbed) by operating activities before changes in working capital	8,919	5,738
Change in inventories	24	(33)
Increase/(decrease) in trade receivables	2,543	(3,218)
(Increase)/decrease in other receivables and current assets (non financial)	(795)	(3,187)
Increase/(decrease) in trade payables	(4,537)	(6,314)
Increase/(decrease) in other liabilities, various and financial	(3,267)	4,015
Interest paid	(266)	(374)
Interest received	90	1
Severance paid	(45)	(45)
Utilisation of provisions for payments	(440)	(368)
Cash flow generated / (absorbed) by net operating activities	2,226	(3,785)
Purchase tangible assets	(1,343)	(390)
Purchases of intangible assets/concession rights	(9,837)	(4,889)
Purchase/capital increase of equity investments	(200)	0
Changes in current and non-current financial assets	4,305	15,000
Cash flow generated / (absorbed) by investment activities	(7,075)	9,721
Loans repaid	(2,440)	(1,689)
Leases liability payments	(138)	(129)
Cash flow generated / (absorbed) by financing activities	(2,578)	(1,818)
Change in closing cash flow	(7,427)	4,118
Cash and cash equivalents at beginning of period	44,334	27,868
Change in closing cash flow	(7,427)	4,118
Cash and cash equivalents at end of period	36,907	31,986

Aeroporto Guglielmo Marconi di Bologna S.p.A.

Statement of changes in Consolidated Shareholders' Equity

thousands of Euro	Share capital	Share Premium Reserve	Legal Reserve	Other reserv es	FTA Reserv e	Actuarial profits/ (losses) reserve	Profit (losses) carried forward	Profit (loss) for the period	Group shareholders' equity Total
Shareholders' Equity as at 31.12.2023	90,314	25,683	9,673	85,926	(3,272)	(703)	(18,359)	16,706	205,969
Allocation of the 2023 financial year result	0	0	0	0	0	0	16,706	(16,706)	0
Share capital increase	0	0	0	0	0	0	0	0	0
Dividends paid	0	0	0	0	0	0	0	0	0
Assets held-for-sale	0	0	0	0	0	0	0	0	0
Total comprehensive profit (loss)	0	0	0	0	0	0	0	3,531	3,531
Shareholders' Equity at 31.03.2024	90,314	25,683	9,673	85,926	(3,272)	(703)	(1,653)	3,531	209,501

thousands of Euro	Share capital	Share Premium Reserve	Legal Reserve	Other reserves	FTA Reserve	Actuarial profits/(losses) reserve	Profit (losses) carried forward	Profit (loss) for the period	Group shareholders' equity Total
Shareholders' Equity at 31.12.2022	90,314	25,683	8,179	57,389	(3,272)	(658)	(19,435)	31,109	189,310
Allocation of the 2022 financial year result	0	0	0	0	0	0	31,109	(31,109)	0
Share capital increase	0	0	0	0	0	0	0	0	0
Dividends paid	0	0	0	0	0	0	0	0	0
Assets held-for-sale	0	0	0	0	0	0	0	0	0
Total comprehensive profit (loss)	0	0	0	0	0	0	0	1,165	1,165
Shareholders' Equity at 31.03.2023	90,314	25,683	8,179	57,389	(3,272)	(658)	11,674	1,165	190,475

Aeroporto Guglielmo Marconi di Bologna S.p.A.

Notes to the consolidated financial statements March 31, 2024

Aeroporto Guglielmo Marconi di Bologna S.p.A. 53

Information on Group activities

The Group operates in the airport management business. Specifically:

• Aeroporto Guglielmo Marconi di Bologna S.p.A. (hereinafter "AdB" or the "Parent Company") is full manager of Bologna airport under Full Management Agreement No. 98 of July 12, 2004 and subsequent additional instruments, approved by Decree of the Ministry of Transport and Infrastructure and the Ministry of the Economy and Finance on March 15, 2006, with a term of 40 years from December 28, 2004 and expiry in December 2046 following the extension of two years in accordance with Law No. 77 of July 17, 2020, which converted Article 102, paragraph 1-bis of Decree-Law No. 34 of May 19, (Relaunch Decree) in order to contain the economic effects of the COVID-19 emergency. Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register.
• Fast Freight Marconi S.p.A. (hereinafter FFM) operates in the cargo and mail handling business at Bologna airport. Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register. It is subject to management and coordination by Aeroporto Guglielmo Marconi di Bologna S.p.A..
• TAG Bologna S.r.l. (hereinafter TAG) operates in the general aviation business as a handler and manager of the related infrastructure at the Bologna airport. Its registered office is located at Via del Triumvirato 84, Bologna and it is registered with the Bologna Companies Register. It is subject to management and coordination by Aeroporto Guglielmo Marconi di Bologna S.p.A..

Accounting standards adopted for the Preparation of the Consolidated interim financial statements as at March 31, 2024

Basis of preparation

The condensed consolidated interim financial statements of the Group (hereafter "the consolidated interim financial statements of the Group" or "consolidated financial statements") were prepared for the quarter ended March 31, 2024 and include the comparative figures for the year ended December 31, 2023, limited to the Consolidated Statement of Financial Position and the comparative figures for the January 1, 2023 - March 31, 2023 quarter, limited to the Consolidated Income Statement, Consolidated Statement of Comprehensive Income and Consolidated Cash Flow Statement. The consolidated financial statements were prepared under the historic cost convention, except for any financial assets held-for-sale, and any Intangible Assets comprising Energy Certificates, which were recognised at fair value, and in accordance with the going concern principle.

The consolidated financial statements are presented in thousands of Euro, which is also the Group functional currency, and all amounts are rounded to the nearest thousands of Euro, where not otherwise indicated.

The publication of the consolidated interim financial statements of Aeroporto Guglielmo Marconi di Bologna S.p.A. and its subsidiaries (the Group) for the quarter ended March 31, 2024 was approved by the Board of Directors on May 15, 2024.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 54

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.

Content and form of the consolidated financial statements

The Condensed Consolidated Interim Financial Statements at March 31 were prepared as per IAS 34 "Interim Financial Statements" including condensed explanatory notes in accordance with the above-mentioned international accounting standard and supplemented in order to provide greater disclosure where considered necessary. These Consolidated Financial Statements must therefore be read together with the Consolidated Financial Statements for the year 2023 prepared in accordance with IFRS International Accounting Standards issued by the International Accounting Standards Board ("IASB") and prepared considering the transition date to IFRS (First Time Adoption "FTA") as January 1, 2012.

The accounting standards and policies utilised are those adopted for the preparation of the financial statements at December 31, 2023, as from January 1, 2024 the new amendments to international accounting standards entered into force which did not have an impact on the quarter under review.

This interim report has not been audited.

The Group opted to apply the Separate and Comprehensive Statement of Income, as permitted by IAS 1, considering such more representative of operations. In particular, the Statement of Consolidated Financial Position has been prepared by separating assets and liabilities into current and non-current categories.

An asset is current when:

• it is expected to be realised, or is held for sale or consumption, in the normal course of the operating cycle;
• it is held principally for trading;
• it is expected to be realised within twelve months from the reporting date;
• it comprises cash or cash equivalents, upon which no prohibition exists on their exchange or utilisation to settle a liability for at least 12 months from year-end.

All other assets are classified as non-current.

A liability is considered current when:

• it is expected to be settled within the normal operating cycle;
• it is held principally for trading;
• it must be settled within twelve months of year-end; or
• the entity does not have an unconditional right to defer settlement of the liability for at least twelve months of year-end.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

The Consolidated Income Statement has been prepared by classifying income and expenses by their nature, whereas the Consolidated Cash Flow Statement has been prepared using the indirect method, according to which cash flows are classified into operating, investing and financing categories.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 55

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.

Consolidation scope

The consolidated financial statements were prepared based on the financial statements of the Parent Company and its subsidiaries, directly and indirectly held, approved by the respective shareholders' meetings or executive bodies, appropriately adjusted in line with IFRS. The subsidiary companies are fully consolidated from the date of acquisition, or from the date in which the Group acquires control, and ceases to be consolidated at the date on which the Group no longer has control.

The following tables summarise the information on the subsidiaries at March 31, 2024 and December 31, 2023 in terms of the Group's direct and indirect holding.

		% Held
SUBSIDIARIES (in thousands of Euro)	Share capital	as at 31.03.2024	as at 31.12.2023
Fast Freight Marconi S.p.a. Società Unipersonale	520	100.00%	100.00%
Tag Bologna S.r.l. Società Unipersonale	316	100.00%	100.00%

Operating Segment information

The Aeroporto Guglielmo Marconi di Bologna Group, in application of IFRS 8, identified its operating segments as the business areas which generate revenues and costs, whose results are periodically reviewed by the highest decision-making level in order to evaluate the outcome of the decisions concerning the allocation of resources and for which separate financial statements are available.

The Group operating segments as per IFRS 8 - Operating Segment are as follows:

• Aviation;
• Non-Aviation;
• Other.

The disclosure concerning operating segments for the Continuing Operations is outlined to reflect the future organisational structure of the Group, with separate disclosure for Discontinued Operations.

In relation to the operating segments, the Group evaluates their performance based on passenger revenues, separating those concerning the aviation sector from those concerning the non-aviation sector.

The account "Other" residually includes those businesses not directly attributable to the identified segments.

In Group operations, financial income and charges and taxes are not allocated to the individual operating segments.

The segment assets are those employed by the segment for operating activities or which may be allocated reasonably for the carrying out of operating activities.

The segment assets presented are measured utilising the same accounting policies adopted for the presentation of the Group consolidated financial statements.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 56

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.

in thousands of Euro	for the quarter ended 31.03.2024 Aviation	for the quarter ended 31.03.2024 Non-Aviation	for the quarter ended 31.03.2024 Other	Total for the quarter ended 31.03.2024
Revenue	18,021	12,596	0	30,617
Costs	(16,214)	(5,323)	0	(21,537)
EBITDA	1,807	7,273	0	9,080
Depreciation, amortisation & impairment	(1,800)	(1,102)	0	(2,902)
Provisions	(809)	(103)	0	(912)
Operating result	(802)	6,068	0	5,266
Financial income	0	0	248	248
Financial expenses	0	0	(428)	(428)
Profit before taxes	(802)	6,068	(180)	5,086
Taxes for the period	0	0	(1,555)	(1,555)
Profit (loss) for the period	(802)	6,068	(1,735)	3,531
Minority interest profit (loss)	0	0	0	0
Group profit (loss)	0	0	0	3,531

in thousands of Euro	for the quarter ended 31.03.2023 Aviation	for the quarter ended 31.03.2023 Non-Aviation	for the quarter ended 31.03.2023 Other	Total for the quarter ended 31.03.2023
Revenues	17,588	10,352	0	27,940
Costs	(17,616)	(4,422)	0	(22,038)
EBITDA	(28)	5,930	0	5,902
Depreciation, amortisation & impairment	(1,709)	(826)	0	(2,535)
Provisions	(964)	(177)	0	(1,141)
Operating result	(2,701)	4,927	0	2,226
Financial income	0	0	220	220
Financial expenses	0	0	(795)	(795)
Result before taxes	(2,701)	4,927	(575)	1,651
Taxes for the period	0	0	(486)	(486)
Profit (loss) for the period	(2,701)	4,927	(1,061)	1,165
Minority interest profit (loss)	0	0	0	0
Group profit for the period	0	0	0	1,165

Aeroporto Guglielmo Marconi di Bologna S.p.A. 57

The table below presents the segment information for assets:

	As at	As at 31.03.2024	As at 31 03.20234 Other	As at
in Euro thousands	31.03.2024			31 03.2024
	Aviation	Non-Aviation		Total
Non-current assets	208,411	38,981	23,365	270,757
Intangible assets	203,515	30,335	0	233,850
Concession rights	202,489	29,439	0	231,928
Other intangible assets	1,026	896	0	1,922
Tangible assets	4,824	8,635	0	13,459
Land, property, plant and equipment	4,824	7,018	0	11,842
Investment property	0	1,617	0	1,617
Other non-current assets	72	11	23,365	23,448
Investments	0	0	244	244
Other non-current financial assets	0	0	16,037	16,037
Deferred tax assets	0	0	6,981	6,981
Other non-current assets	72	11	103	186
Current assets	15,608	7,822	39,362	62,792
Inventories	467	387	0	854
Trade receivables	9,699	6,770	0	16,469
Other current assets	5,442	665	1,755	7,862
Current financial assets	0	0	700	700
Cash and cash equivalents	0	0	36,907	36,907
Total assets	224,019	46,803	62,727	333,549

in Euro thousands	As at 31.03.2023	As at 31.03.2023	As at 31 03.2023	As at
	Aviation	Non-Aviation	Other	31.03.2023 Total
Non-current assets	188,301	35,176	23,604	247,081
Intangible assets	184,707	26,266	0	210,973
Concession rights	183,983	25,605	0	209,588
Other intangible assets	724	661	0	1,385
Tangible assets	3,513	8,896	0	12,409
Land, property, plant and equipment	3,513	7,279	0	10,792
Investment property	0	1,617	0	1,617
Other non-current assets	81	14	23,604	23,699
Investments	0	0	119	119
Other non-current financial assets	0	0	13,499	13,499
Deferred tax assets	0	0	9,807	9,807
Other non-current assets	81	14	179	274
Current assets	17,736	5,634	63,849	87,219
Inventories	447	498	0	945
Trade receivables	11,286	4,396	0	15,682
Other current assets	6,003	740	1,672	8,415
Current financial assets	0	0	30,191	30,191
Cash and cash equivalents	0	0	31,986	31,986
Total assets	206,037	40,810	87,453	334,300

Aeroporto Guglielmo Marconi di Bologna S.p.A. 58

Segment disclosure regarding the identified operating segments is undertaken as outlined below.

Aviation: refers to the airport's core business. This includes aircraft landing, take-off and parking fees, passenger boarding fees, freight fees, in addition to passenger security control fees and hand-carry and checked baggage control fees. It includes also cargo handling, customs clearance and fuelling operations. Finally, this segment includes all centralised infrastructure and exclusive assets: the centralised infrastructure represents revenues received in relation to infrastructure under the exclusive operation of the airport management company for reasons of safety, security or in view of their economic impact. Exclusive assets concern check-in desks, the gates and spaces assigned to airport operators.

Non-Aviation: operations not directly connected to the aviation business. This include sub-concession, retail, catering, self-hire and parking management operations, the Marconi Business Lounge and advertising.

The breakdown of revenues and costs between the Aviation and Non-Aviation SBU's follows the guidelines for analytic/regulatory reporting for airport management companies.

The residual accounts excluded from regulatory reporting were subsequently allocated according to the operating criteria.

The main differences were as follows:

• accounts not considered relevant for regulatory accounting purposes which are allocated through a specific review of the individual cost/revenue items;
• revenues and costs for construction services allocated according to an analytical breakdown of investments in the year between the two SBU's according to regulatory criteria;
• incentives for the development of air traffic, allocated entirely to the Aviation SBU in accordance with the financial statement breakdown. For regulatory accounting purposes, however, incentives are allocated to the Non Aviation SBU in line with the provisions of the TRA guidelines on regulatory accounting in Resolution No. 38 of March 9, 2023.

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.

COMMENTS ON THE MAIN ITEMS ON THE STATEMENT OF CONSOLIDATED FINANCIAL POSITION

ASSETS

1. Intangible assets

The following table breaks down intangible assets at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Concession rights	231,928	224,716	7,212
Software, licences and similar rights	1,183	861	322
Other intangible assets	39	40	(1)
Other intangible assets in progress	700	579	121
TOTAL INTANGIBLE ASSETS	233,850	226,196	7,654

In the first quarter of 2024, Concession rights increased Euro 9.4 million gross of amortisation in the period (equal to the fair value of construction services provided in the period) and the advancements of works.

The growth in concession rights primarily stems from various initiatives launched during the quarter, including the expansion of security control zones related to reconfiguration works, and the introduction of a new connecting corridor between security and check-in areas as part of Schengen departure hall renovations, along with ongoing projects as of March 31, 2024.

These include urban redevelopment projects to construct a fuel storage facility as part the work on the new perimeter road system, in addition to the new multi-storey car park in the eastern area, with preliminary works amounting to Euro 5.7 million.

Amortisation of concession rights in the year amounted to Euro 2.2 million and was applied according to the residual duration of the concession.

Software, licenses and similar rights increased Euro 0.5 million, gross of amortisation in the period, which mainly included software licenses.

Test on the recoverability of assets and groups of assets

The Group constantly monitors financial performance and compares it with the 2024-2046 forecasts approved by the Board of Directors of the Parent Company and used to conduct impairment testing of the concession rights for the year ended December 31, 2023, which did not point to any impairment losses. In view of the performance for the first three months of 2024, against the 2024 Y-o-Y forecasts, as indicators of impairment as defined by IAS 36 are not evident, the Group confirms the relative recoverability results of the amounts recognised to Concession rights at March 31, 2024, in addition to the Group's net capital employed.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 60

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.

2. Tangible assets

The following table breaks down tangible assets at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Land	2,763	2,763	0
Buildings, light constructions and improvements	3,001	3,077	(76)
Machinery, equipment & plant	2,431	1,756	675
Furniture, EDP and transport	2,247	1,955	292
Building plant and machinery in progress and advances	978	911	67
Investment property	1,617	1,617	0
TOTAL TANGIBLE ASSETS	13,037	12,079	958
Land in leasing	163	254	(91)
Leased buildings and minor construction and improvements	0	0	0
Leased machinery, equipment & plant	138	161	(23)
Leased furniture, office machinery, transport equipment	121	130	(9)
TOTAL LEASED TANGIBLE ASSETS	422	545	(123)
TOTAL TANGIBLE ASSETS	13,459	12,624	835

At March 31, 2024, this category amounted to Euro 1.4 million before related depreciation and amortisation, and mainly concerned:

• an X-ray machine for hand-luggage security checks and automatic roller conveyors;
• explosive trace detection devices;
• partial renewal of the vehicle fleet with electric vehicles;
• servers and other IT equipment, in addition to a new telephone exchange, under construction as of March 31.

This category includes right-of-use assets, recognised in accordance with IFRS 16, which the Group recognises as a lessee primarily for the long-term lease of land used for parking, employee motor vehicles, De Icer plant and some equipment. The amount recognised at March 31, 2024 corresponds to the present value of the lease instalments falling due, which is reflected under current and non-current financial liabilities for leases.

The Investment properties item includes the total value of the real estate complex owned by the Group and intended for investment properties. This investment was initially recorded at purchase cost, subsequently measured at fair value, updated periodically through valuations commissioned by the parent company.

In the financial statements at December 31, 2022, on the basis of the appraisal carried out by an outside expert to support the fair value measurement, the value of this property complex was written down. As of the date of preparation of these financial statements, the above assessment is confirmed as no indicators of impairment emerged.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 61

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.

3. Investments

The following table breaks down other investments at March 31, 2024 (compared with December 31, 2023):

in thousands of Euro	as at 31.12.2023	Increases / Acquisitions	Decreases / Disposals	Write-downs	as at 31.03.2024
Other investments	44	200	0	0	244
TOTAL INVESTMENTS	44	200	0	0	244

The increase in the quarter relates to the transaction to recapitalise the investee company UrbanV S.p.A.; the 5% investment was fully written-down at December 31, 2023 due to the losses recognised by the company to November 30, 2023, with the consequent reduction, as per Article 2447 of the Civil Code, of the Share Capital to zero and its simultaneous increase to Euro 100 thousand, as approved by the Shareholders' Meeting of UrbanV of January 30, 2024. The recapitalisation transaction stipulated a total subscription price of Euro 4 million, to be allocated for Euro 100 thousand to the nominal value and for Euro 3.9 million to share premium. Adb took part in the transaction with a payment of Euro 200 thousand in February 2024, of which Euro 5 thousand Share Capital and Euro 195 thousand Share Premium reserve.

The composition of the account is as follows:

in thousands of Euro	Holding	as at 31.03.2024	as at 31.12.2023	Change
UrbanV Spa	5.5%	200	0	200
Bologna Welcome Srl	10%	41	41	0
Consorzio Energia Fiera District in liquidation	14.3%	3	3	0
CAAF dell'Industria Spa	0.07%	0	0	0
TOTAL OTHER INVESTMENTS		244	44	200

4. Other non current financial assets

The following table shows the movements in other non-current financial assets for the period ended March 31, 2024 (compared with December 31, 2023):

in thousands of Euro	as at 31.12.2023	Increases/ Acquisitions	Decreases / Reclass.	Write downs	as at 31.03.2024
Receivables from Terminal Value	4,076	0	0	0	4,076
Equity Financial Instruments	10,873	0	0	0	10,873
Other financial assets	1,083	5	0	0	1,088
TOTAL OTHER NON-CURRENT FINANCIAL ASSETS	16,032	5	0	0	16,037

The account "Other non-current financial assets" mainly comprises:

• Euro 4.1 million in receivables from Terminal Value relating to investments in concession rights and on the interventions carried out on the provisions for renewal of airport infrastructure. This receivable, recorded at present value, derives from application of the Terminal Value regulation as per Article 703 of the Navigation Code, which established that, for investments in concession rights and for the interventions carried out on the provisions for renewal of airport infrastructure, the airport manager shall receive from the succeeding concession holder, on conclusion of the concession, an amount equal to the residual value at that date of the investment according to the regulatory accounting rules.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 62

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.

• Euro 10.9 million of equity financial instruments in Marconi Express Spa, concession holder for the construction and management of the rapid rail link infrastructure between the Airport and Bologna Central Station called People Mover. This financial instrument, subscribed by the Parent Company on January 21, 2016 for a total value of Euro 10.9 million, is recorded corresponding to the amount effectively paid or rather the cost incurred at that date. The investment, in addition to the strategic/operating interest related to improving accessibility to the airport, meets the company's objective both in relation to the collection of the contractual cash flows and to any future sale of the financial asset. In accordance with IFRS 9, since it is an equity instrument, financial assets are measured at fair value through profit or loss. In this case, considering the difficulty in measuring the fair value of these Equity Financial Instruments, the subsequent valuations of this EFI is at cost as the best fair value estimate. Due to the wide range of values that the fair value of the instrument can take as part of a valuation based on the present value of expected cash flows over a very long period such as that of the airport concession, this analysis is used only for the purpose of identifying possible impairment, which did not emerge at December 31, 2023 and at the reporting date of these financial statements;

• Euro 1.1 million of a capitalisation product purchased in 2019, with a 10-year duration and 2029 maturity. In accordance with the standard IFRS 9, these assets are classified to the category "Held to collect – HTC", as this complies with the Group's need to invest temporary liquidity held in order to collect the contractual cash flows. In this specific case, the maturity is defined contractually, but the return is related to the capital management performance and therefore this financial instrument is measured at fair value through profit or loss.

5. Deferred tax assets

The following table presents the movements in deferred tax assets for the quarter ended March 31, 2024, compared with December 31, 2023.

in thousands of Euro	as at 31.12.2023	Provisions		Util./adjustments	as at 31.03.2024
DEFERRED TAX ASSETS	6,831		325	(175)	6,981

6. Other non-current assets

The following table breaks down other non-current assets at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Non-current prepaid expenses and accrued income	43	42	1
Guarantee deposits	93	95	(2)
Non-current tax receivables	50	50	0
OTHER NON-CURRENT ASSETS	186	187	(1)

7. Inventories

The following table breaks down inventories at March 31, 2024 (compared with December 31, 2023).

Aeroporto Guglielmo Marconi di Bologna S.p.A. 63

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Inventories of raw materials, supplies and consumables	612	587	25
Inventories of finished products	242	291	(49)
INVENTORIES	854	878	(24)

8. Trade receivables

The table below illustrates the trade receivables and the relative provision for doubtful accounts:

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Trade receivables	18,301	20,844	(2,543)
Provisions for doubtful accounts	(1,832)	(1,772)	(60)
TRADE RECEIVABLES	16,469	19,072	(2,603)

At March 31, 2024, gross trade receivables, which include allowances for invoices and credit notes to be issued, totalled Euro 18.3 million, decreasing Euro 2.5 million on December 31, 2023.

Gross trade receivables are shown net of the provision for doubtful accounts: this latter is calculated on the write-downs carried out on the basis of specific analysis of cases in arrears and/or in dispute and to the writedown applied on the residual debtor balance, classified by customer category and overdue period, with the simplified parameter method applied, as permitted by IFRS 9 for companies with a diversified and fragmented client portfolio (Provision Matrix).

The assessment of the solvency of credit positions in the quarter resulted in an accrual of Euro 64 thousand, of which Euro 12 thousand as a direct reduction of the relative revenues as concerning amounts invoiced in the period and not considered as collectible, while the provision was not utilised.

The movements in the provisions for doubtful accounts were as follows:

in thousands of Euro	as at 31.12.2023	Provisions	Utilisations	Releases	as at 31.03.2024
PROVISIONS FOR DOUBTFUL ACCOUNTS	(1,772)	(64)	0	4	(1,832)

9. Other current assets

The following table breaks down other current assets at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
VAT Receivable	208	265	(57)
Direct income tax receivables	89	53	36
Other tax receivables	31	42	(11)
Employee receivables	57	55	2
Other receivables	7,477	6,467	1,010
OTHER CURRENT ASSETS	7,862	6,882	979

Aeroporto Guglielmo Marconi di Bologna S.p.A. 64

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Receivables for passenger boarding fees surtax	5,549	5,666	(117)
IRESA receivables	308	185	123
Other current receivables provision for doubtful accounts	(1,331)	(1,337)	6
Accrued income and prepayments	1,226	715	511
Advances to suppliers	659	517	142
Pension and social security institutions	302	69	233
Other current receivables	764	652	112
TOTAL OTHER RECEIVABLES	7,477	6,467	1,010

The summary of "other receivables", the account which saw the largest increase in the quarter, is as follows:

The increase is mainly related to the "accrued income and prepayments" item due to the seasonality of the period, and in terms of "Pensions and Social Security Institutions" the INAIL receivable.

The account "other current receivables provision for doubtful accounts" includes the provision for passenger boarding fee surtax doubtful accounts and for IRESA, obtained for reclassification under assets in the statement of financial position, as a deduction of the respective receivable, of the surtax and IRESA charged to the carriers which in the meantime were subject to administration procedures or which contested the charge. This item, which is exclusively posted in the statement of financial position, is classified as a deduction of the respective receivables due to the high improbability of recovery, with no movements in the quarter.

in thousands of Euro	as at	31.12.2023 Provisions/Increases Utilisations	Releases		as at 31.03.2024
Municipal surtax receivable provision	(1,327)	0	0	5	(1,321)
Provisions for doubtful accounts for IRESA	(10)	0	0	1	(9)
TOTAL PROVISIONS FOR OTHER DOUBTFUL RECEIVABLES	(1,337)	0	0	6	(1,331)

10. Current financial assets

The following table breaks down the account at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Time deposits	700	5,002	(4,302)
CURRENT FINANCIAL ASSETS	700	5,002	(4,302)

The movements in the account in the period were as follows:

in thousands of Euro	as at 31.12.2023	Acquisitions	Other increases Reclassifications	Decreases / Disposals	as at 31.03.2024
Time deposits	5,002	700	45	(5,047)	700
TOTAL CURRENT FINANCIAL ASSETS	5,002	700	45	(5,047)	700

Aeroporto Guglielmo Marconi di Bologna S.p.A. 65

Current financial assets at December 31, 2023 included for Euro 5 million the Time Deposit acquired in December with six-months duration and, therefore reclassified at March 31, 2024 to account 11. Cash and cash equivalents. Finally, the item includes additional Time Deposits for Euro 700 thousand acquired in February, with maturity on August 1, 2024.

11. Cash and cash equivalents

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Bank and postal deposits	37,567	44,304	(6,737)
Cash in hand and similar	40	30	10
CASH AND CASH EQUIVALENTS	37,607	44,334	(6,727)

"Bank and postal deposits" represent the bank current account balances, in addition to the Time Deposits of a nominal value of Euro 5.3 million, maturing in March (Euro 300 thousand) and June 2024 (Euro 5 million). At December 31, 2023, this item included also Euro 9 million of Time Deposits maturing in March 2024 and, therefore, collected by March 31, 2024. In addition to bank current accounts, the parent company has an unutilised credit line of Euro 5 million available.

For the comment on liquidity in the period, reference should be made to Section 3.2 of the Directors' Report.

LIABILITIES

12. Shareholders' Equity

The following table breaks down the Shareholders' Equity at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Share capital	90,314	90,314	0
Reserves	115,656	98,949	16,706
Profit (loss) for the period	3,531	16,706	(13,175)
GROUP SHAREHOLDERS' EQUITY	209,501	205,969	3,531

i. Share capital

The share capital of the Parent Company at March 31, 2024 amounts to Euro 90,314,162, entirely paid-in and comprising 36,125,665 ordinary shares without par value.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 66

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.

The following table outlines the calculation of the basic and diluted earnings per share:

in Euro	for the quarter ended 31.03.2023	for the quarter ended 31.03.2023
Group profit (loss) for the period (*)	3,530,798	1,165,279
Average number of shares outstanding	36,125,665	36,125,665
Undiluted earnings/(losses) per share	0.10	0.03
Diluted earnings/(losses) per share	0.10	0.03

(*) from Consolidated Statement of Comprehensive Income

The undiluted earnings/(losses) and diluted earnings/(losses) per share of the AdB Group at March 31, 2024 and December 31, 2023 are the same due to the absence of potential dilutive instruments.

ii. Reserves

The following table breaks down the Reserves at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Share premium reserve	25,683	25,683	0
Legal reserve	9,673	9,673	0
Extraordinary reserve	85,926	85,926	0
FTA Reserve	(3,272)	(3,272)	0
Profits (losses) carried forward	(1,653)	(18,359)	16,706
OCI reserve	(703)	(703)	0
TOTAL RESERVES	115,656	98,949	16,706

The share premium reserve comprises:

• o Euro 14.35 million following the paid-in share capital increase approved by the Shareholders' Meeting of February 20, 2006;
• o Euro 11.33 million following the public offering of shares in July 2015.

Pursuant to Article 2431 of the Civil Code this reserve is available but may not be distributed until the legal reserve has reached the limit established as per article 2430 of the Civil Code.

Profits (losses) carried forward increased due to the 2023 profit, ahead of the resolutions of the Shareholders' Meetings of the Group companies held in April.

The OCI reserve is unchanged on December 31, 2023 as the Group proceeded with discounting the severance and other personnel provisions in accordance with IAS 19 revised, only for the half-year and annual financial statements

13. Severance and other personnel provisions

The following table breaks down severance and other personnel provisions at March 31, 2024 (compared with December 31, 2023).

Aeroporto Guglielmo Marconi di Bologna S.p.A. 67

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.

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Severance	3,066	3,086	(20)
Other personnel provisions	261	231	30
SEVERANCE AND OTHER PERSONNEL PROVISIONS	3,327	3,317	10

The table below shows the movements in the provisions in the period:

in thousands of Euro	as at 31.12.2023	Service cost	Net interest	Benefits paid	Actuarial profits/(loss es)	as at 31.03.2024
Severance	3,086	5	19	(45)	0	3,066
Other personnel provisions	231	30	0	0	0	261
SEVERANCE AND OTHER PERSONNEL PROVISIONS	3,317	35	19	(45)	0	3,327

Actuarial profits/losses did not report any movement in the quarter, due to that stated at note 12.

14. Deferred tax liabilities

The following table breaks down the deferred tax liabilities at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.12.2023	Provisions	Utilisations	as at 31.03.2024
DEFERRED TAX LIABILITIES	2,790	15	0	2,805

15. Provision for renewal of airport infrastructure (non-current and current)

The provision for renewal of airport infrastructure includes the provision allocated to cover the conservation maintenance expenses and renewal of the assets held under concession which the Group must return at the end of the concession period in perfect functioning state.

The changes in the provision in the period ending March 31, 2024 are reported below, divided between noncurrent and current.

in thousands of Euro	as at 31.12.2023	Provisions	Utilisati ons	Reclassificati ons	as at 31.03.2024
Provision for renewal of airport infrastructure (non-current)	12,107	607	0	0	12,714
Provision for renewal of airport infrastructure (current)	2,259	0	(440)	0	1,819
TOTAL PROVISION FOR RENEWAL OF AIRPORT INFRASTRUCTURE	14,366	607	(440)	0	14,533

The increase of Euro 0.6 million is due to the accrual for the quarter of Euro 567 thousand, in addition to Euro 40 thousand of financial expenses due to the updating of the cash flow discounting rates. The uses concern works on plant and landside works to maintain operations.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 68

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.

16. Provisions for risks and charges (non-current and current)

The changes in the non-current and current provision for risks and charges in the quarter ended March 31, 2024 are reported below:

in thousands of Euro	as at 31.12.2023	Provisions	Util./Other decreases	as at 31.03.2024
Risk provision for disputes	2,305	144	(5)	2,444
Provisions for other risks and charges	1,971	21	0	1,992
PROVISIONS FOR RISKS AND CHARGES (NON-CURRENT)	4,276	165	(5)	4,436
Employee back-dated provision	467	136	0	603
PROVISIONS FOR RISKS AND CHARGES (CURRENT)	467	136	0	603
TOTAL PROVISIONS FOR RISKS AND CHARGES	4,743	301	(5)	5,039

The "Risk provision for disputes" includes the updated liabilities prudently estimated, including with the help of mandated lawyers, for pending litigation. Reference should be made to the Disputes section of the Directors' Report to the 2023 Annual Accounts for further details and of this report. No new disputes emerged during the period.

The accrual in the period is due to the estimate of interest owing in relation to the fire prevention service (Euro 20.4 million at March 31, 2024), as governed by Article 1, paragraph 1328 of the 2007 Finance Act, modified by Article 4, paragraph 3-bis of Law No. 2/2009.

On the basis of the progress of litigation at the preparation date of this document, supported by an update from their advisors, the Group believes that the provisions set aside in the financial statements are adequate and represent the best estimate of liabilities for risks and charges.

Current provisions, finally, include the employee back-dated provision and, in particular, the estimated economic impact of the renewal of the Airport Operators' Collective Bargaining Agreement, which concluded on December 31, 2022.

Contingent liabilities

In relation to the customs dispute involving the subsidiary FFM in 2021, which is described in greater detail in the "disputes" section of the Directors' Report of the 2023 Annual Accounts and to which reference should be made, and concerning notices of adjustment of various customs declaration assessments, the Company, supported by the opinion of its appointed lawyers, having evaluated the dossier outlining the position and the jurisprudence on the subject, and also in light of the first instance ruling, consider it possible but not probable that the case will be lost.

In relation, finally, to the extraordinary administration of Alitalia, the Group assessed the potential liability related to the revocation of receivables arising in the six months before the procedure, for an amount of Euro 2.01 million (gross of municipal surtaxes for passenger boarding fees previously paid to the relevant authorities). At the preparation date of this document, and specifically taking account of the information noted and the defensive arguments against the advanced action, the Directors, having met with the appointed lawyers, considered it appropriate to provide disclosure in the Notes, without making any accrual, while at the same time continuing its defensive action. In any event, the case will not be settled before the end of the year 2024.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 69

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.

17. Non-current and current financial liabilities

The following table breaks down non-current and current financial liabilities at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Bank loans – non-current	18,838	21,284	(2,446)
Non-current financial liabilities for leasing	78	115	(37)
NON-CURRENT FINANCIAL LIABILIITES	18,916	21,399	(2,483)
Bank loans - current	12,331	12,323	8
Current financial liabilities for leasing	378	454	(76)
Payables due for boarding fee surtaxes and Iresa	2,238	6,742	(4,504)
Other current financial debt	73	36	37
CURRENT FINANCIAL LIABILITIES	15,020	19,555	(4,535)
TOTAL FINANCIAL LIABILITIES	33,936	40,954	(7,018)

"Loans" include:

• loan with SACE guarantee, maturing in 2026, issued by Unicredit Spa in July 2020 for Euro 25 million to support the infrastructural development plan and offset the reduction in traffic due to the COVID-19 emergency. This loan is classified for Euro 7.8 million under non-current financial liabilities and for Euro 6.2 million under current loans. Instalments of Euro 1.6 million were settled in the first quarter of 2024;
• ten-year bank loan with March 2024 maturity, with a balance of Euro 2.6 million at December 31, 2024, issued by Intesa Sanpaolo Spa and classified under current loans. There were no instalments due in the quarter under review;
• Euro 15 million five-year loan maturing in September 2028 provided in 2023 by Credit Agricole Italia. This loan is classified for Euro 10.5 million under non-current loans and for Euro 3 million under current loans. A Euro 0.7 million instalment was settled in the first quarter of 2024;
• fifteen-year bank loan with maturity 2026, with a residual balance at March 31, 2024 of Euro 1.1 million, granted by Monte dei Paschi di Siena (former Banca Agricola Mantovana) to fund investments of the General Aviation Terminal. This liability is classified for Euro 0.6 million under non-current loans and for Euro 0.5 million under current loans. In the first quarter of 2024, the instalment falling due was settled for Euro 0.1 million;

In order to guarantee the necessary liquidity to support the airport infrastructure investment and development plan, in December 2021 the Parent Company signed a loan with the European Investment Bank (EIB), for which as of March 31, 2024 no request for disbursement has yet been made.

Loans breakdown:

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Bank loans – non-current	18,838	21,284	(2,446)
Bank loans - current	12,331	12,323	8
TOTAL LOANS	31,169	33,607	(2,438)

Aeroporto Guglielmo Marconi di Bologna S.p.A. 70

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.

The contractual conditions of the loans in place at March 31, 2024 are illustrated below:

Credit Institution	Type of loan	Interest rate applied	Rate	Maturity	Covenant
			Half-Yearly	2024	NFP/EBITDA
Intesa San Paolo S.p.A.	Loan	Fixed rate of 3%			NFP/SE
Unicredit Spa Sace					NFP/EBITDA
guarantee	Loan	Fixed rate of 0.77%	Quarterly	2026	NFP/SE
	ESG KPI Linked
Credit Agricole Italia	Loan	Euribor variable 3 Months + spread 1.15%	Quarterly	2028	Yes
Monte dei Paschi di Siena
(former Banca Agricola
Mantovana)	Loan	Euribor variable 3 Months + spread 0.9%	Quarterly	2026	No

The annual nominal cost of the Unicredit loan with SACE guarantee granted in 2020, shown in the table above, is in addition to the cost of the SACE guarantee, which in this fourth year of the loan is 2% of the guaranteed portion of the debt.

The loans are not covered by secured guarantees.

With reference to the cross default clauses on the loan contracts of the Group, an acceleration clause may be triggered where the Company financed is not in compliance with obligations of a credit or financial nature, or with guarantees assumed with any party. We report that at March 31, 2024, the Group has not received any communication for application of cross default clauses by any of its lenders as it is in compliance with its existing contractual commitments.

The following table shows the liabilities for leases, in accordance with IFRS 16, representing the obligation to make the contractually-agreed payments for the right-to-use assets recorded under fixed assets in note 2.

in thousands of Euro	as at 31.03.2024 as at 31.12.2023		Change
Non-current lease liabilities	78	115	(37)
Current lease liabilities	378	454	(76)
TOTAL LEASE LIABILITIES	456	569	(113)

The Group has both underwritten leasing contracts as lessor with the sub-license of airport areas and spaces to its customers and also has undertaken leasing contracts as lessee for equipment, plant, machinery, automotive vehicles and land.

The table above refers to these latter obligations broken down into non-current and current financial liabilities for leases:

We illustrate below the table required by IAS 7 - Cash Flow Statement for a greater disclosure of changes in financial liabilities:

Aeroporto Guglielmo Marconi di Bologna S.p.A. 71

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.

in thousands of Euro	31/12/2023	Cash flows	New contracts	Interest/Other Reclassifications	31/03/2024
Loans - current portion	12,323	(2,440)	0	2,448	12,331
Lease liabilities - current portion	454	(138)	20	42	378
Loans - non-current portion	21,284	0	0	(2,446)	18,838
Lease liabilities - non-current portion	115	0	3	(40)	78
Total	34,175	(2,578)	23	4	31,625

Finally, the passenger boarding fee surtax and IRESA payable concerns the portion received from carriers at March 31, 2024 and reversed to the Authority in April.

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Payables due for boarding fee surtaxes and Iresa	2,238	6,742	(4,504)
PAYABLES DUE FOR BOARDING FEE SURTAXES AND IRESA	2,238	6,742	(4,504)

18. Trade payables

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
TRADE PAYABLES	22,360	26,897	(4,537)

Trade payables, which decreased compared to December 31, 2023, concern the purchase of goods and services, including investments and mainly concern Italian suppliers.

19. Other Liabilities

The following table breaks down current liabilities at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024 as at 31.12.2023		Change
Current tax payables	4,766	2,664	2,102
Employee payables and social security institutions	6,308	5,157	1,151
ENAC concession fee and other State payables	23,111	24,535	(1,424)
Other current liabilities, accrued liabilities and deferred income	7,771	6,613	1,158
TOTAL OTHER CURRENT LIABILITIES	41,956	38,969	2,987

The principal changes were as follows:

i. CURRENT TAX PAYABLES

The following table breaks down tax payables at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
VAT payable	409	0	409
Direct income taxes	3,324	1,637	1,687
Other tax payables	1,033	1,027	6
TOTAL CURRENT TAX PAYABLES	4,766	2,664	2,102

Aeroporto Guglielmo Marconi di Bologna S.p.A. 72

The increase in tax payables is due, in addition to the VAT payable absent at December 31, 2023, to the increase of the payable for direct income taxes in relation to the estimate for income taxes in the period. This specifically concerns the increase in the IRES tax base compared to 2023, thanks to the full use of the remaining 2020-2021 tax losses.

ii. Employee payables and social security institutions

The following table breaks down employee payables and social security institutions at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Employee salaries	1,207	1,270	(63)
Employee deferred compensation	3,421	2,466	955
Social security payables	1,680	1,421	259
EMPLOYEE PAYABLES AND SOCIAL SECURITY INSTITUTIONS	6,308	5,157	1,151

The payables to employees and social security institutions increased on December 31, 2023, also due to the interim nature of the current period, which includes deferred remuneration.

iii. ENAC concession fee and other State payables

The ENAC concession fees and other State payables mainly comprises:

• Euro 20.4 million (Euro 20.1 million at December 31, 2023) concerning the fire prevention service as governed by Article 1, paragraph 1328 of the 2007 Finance Act, modified by Article 4, paragraph 3bis of Law No. 2/2009. For further details, reference should be made to the chapter on Disputes in the Directors' Report;
• Euro 2.7 million (compared to Euro 4.4 million at December 31, 2023) as the variable airport concession fee payable regarding the 2023 final settlement, in addition to the portion matured in the quarter.

iv. Other current liabilities, accrued liabilities and deferred income

The following table breaks down current liabilities, accrued liabilities and deferred income at March 31, 2024 (compared with December 31, 2023).

in thousands of Euro	as at 31.03.2024	as at 31.12.2023	Change
Payables due for boarding fee surtaxes and Iresa	4,538	4,526	12
Other current liabilities	1,569	1,753	(184)
Current accrued liabilities and deferred income	1,664	334	1,330
TOTAL OTHER CURRENT PAYABLES, ACCRUED EXPENSES AND DEFERRED INCOME	7,771	6,613	1,158

The main account concerns the surtax for passenger boarding fees and for IRESA, relating to the receivables from carriers not yet received at December 31, 2024 for Euro 4.5 million, substantially unchanged on December 31, 2023. The portion of the passenger boarding fees payable and for IRESA relating to receivables collected from carriers, to be paid to the creditor entities on the other hand is classified under current financial liabilities (Note 17).

Aeroporto Guglielmo Marconi di Bologna S.p.A. 73

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.

"Other current liabilities" include deposits and advances received from customers in addition to deferred income and miscellaneous payables. Finally, "other accrued liabilities and deferred income" increased, mainly due to the interim nature of the period in which advanced invoicing of sub-licensing fees and other revenues is made.

NOTES TO THE MAIN CONSOLIDATED INCOME STATEMENT ACCOUNTS

REVENUES

20. Revenues

The tables below break down revenues for the comparative periods. In relation to the performance, reference should be made to the greater detail provided in the Directors' Report.

Consolidated revenues totalled Euro 30.6 million, growth of Euro 2.7 million on the first quarter of 2023. Isolating the item "revenues from construction services", which depends on investments in concession rights in the quarter, reducing on the comparative period (nearly Euro 4 million, compared to Euro 5.3 million in 2023), revenues in the quarter were up 17.79%, from Euro 22.6 million in the first quarter of 2023 to Euro 26.6 million in 2024.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Revenues from aeronautical services	14,690	12,029	2,661
Revenues from non-aeronautical services	11,632	10,390	1,242
Revenues from construction services	3,992	5,337	(1,345)
Other operating revenues and income	303	184	119
TOTAL REVENUES	30,617	27,940	2,677

The reclassification of Group revenues based on revenue streams defined by IFRS 15, i.e. those from contracts with customers, is shown in the following table:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Airport fees	12,630	10,373	2,257
Parking	4,455	3,861	594
Revenues from construction services	3,992	5,337	(1,345)
Other	3,607	3,154	453
TOTAL IFRS 15 REVENUE STREAMS	24,684	22,725	1,959

Aeroporto Guglielmo Marconi di Bologna S.p.A. 74

The reconciliation between IFRS 15 revenue streams and total revenues is shown in the following table:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Airport fees	12,630	10,373	2,257
Parking	4,455	3,861	594
Revenues from construction services	3,992	5,337	(1,345)
Other	3,607	3,154	453
TOTAL IFRS 15 REVENUE STREAMS	24,684	22,725	1,959
Commercial/non-comm. sub-licenses	5,919	5,211	708
TOTAL NON IFRS 15 REVENUE STREAMS	5,919	5,211	708
TOTAL NON IFRS 15 Revenues	14	4	10
TOTAL REVENUES	30,617	27,940	2,677

i. Revenues from aeronautical services

This revenue category rose 22.1%, as outlined in the following table which compares the quarters ending March 31, 2024 and 2023:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Centralised infrastructure/other airport services	330	227	103
Exclusive use revenues	300	213	87
Airport fee revenues	15,201	13,951	1,250
PRM revenues	1,035	1,192	(157)
Air traffic development incentives	(3,820)	(4,889)	1,069
Handling services	698	672	26
Other aeronautical revenues	946	663	283
TOTAL REVENUES FROM AERONAUTICAL SERVICES	14,690	12,029	2,661

The breakdown of airport fee revenues is shown below:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Passenger boarding fees	6,402	6,230	172
Landing, take-off and parking fees	5,960	4,849	1,111
Passenger security fees	1,799	1,945	(146)
Baggage stowage control fees	736	759	(23)
Freight loading and unloading charges	304	214	90
Reduction fees to Prov. for doubtful accounts	0	(46)	46
TOTAL AVIATION FEE REVENUES	15,201	13,951	1,250

Aeroporto Guglielmo Marconi di Bologna S.p.A. 75

ii. Revenues from non-aeronautical services

The table below shows revenues from non-aeronautical services in Q1 2024 and Q1 2023. These revenues grew 12%.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Commercial premises and spaces sub-concession	5,325	4,704	621
Parking	4,455	3,861	594
Other commercial revenues	1,852	1,825	27
TOTAL REVENUES FROM NON-AERONAUTICAL SERVICES	11,632	10,390	1,242

The increase in revenues from the sub-concession of spaces and commercial areas and for parking services are both related to the increased traffic served. The breakdown of the item "Other commercial revenues" is as follows:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Marconi Business Lounge	765	645	120
Advertising	317	327	(10)
Misc. commercial revenues	770	853	(83)
TOTAL OTHER COMMERCIAL REVENUES	1,852	1,825	27

iii. Revenues from construction services

Revenues from construction services concern the construction services undertaken by the Aeroporto Guglielmo Marconi di Bologna S.p.A. Group on behalf of the ENAC granting entity for the capital investments previously commented upon in relation to the Concession Rights in Note 1.

These revenues amounted to nearly Euro 4 million, compared to Euro 5.3 million in the first quarter of 2023. For further details, reference should be made to the Directors' Report.

iv. Other Revenues and Income

The table below presents other revenues and income in Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Indemnities, reimbursement and misc. income	303	184	119
TOTAL OTHER REVENUES AND INCOME	303	184	119

"Indeminities, reimbursements and miscellaneous income" was up 64.67%, mainly due to the recognition of the operating grant related to the Precinct project for the identification of cyber-physical criticalities within the region's critical infrastructure.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 76

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.

COSTS

Costs in the first quarter of 2024 decreased 2.3% on the first quarter of 2023, due to the reduction in "construction services costs", decreasing as a result of the reduced investment in airport infrastructure during the quarter. Overall costs, adjusted for this item, increased 4.6% as a result of the higher personnel costs.

21. Costs

i. Consumables and goods

The table below presents consumables and goods in Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Consumables and goods	304	342	(38)
Maintenance materials	57	59	(2)
Fuel and gasoline	397	440	(43)
TOTAL CONSUMABLES AND GOODS	758	841	(83)

These costs decreased 9.9%, mainly relating to aircraft de-icing liquid and General Aviation aircraft fuel.

ii. Service costs

The table below shows service costs in Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Maintenance costs	1,337	1,257	80
Utilities	718	1,008	(290)
Cleaning and accessory services	737	589	148
Services	1,611	1,737	(126)
MBL Services	124	105	19
Advertising, promotion and development	152	147	5
Insurance	259	309	(50)
Professional and consultancy services	570	482	88
Statutory board fees and expenses	254	240	14
Other service costs	104	133	(29)
TOTAL SERVICE COSTS	5,866	6,007	(141)

Service costs decreased 2.3%, mainly due to savings on utilities and third party services. These latter decreased mainly due to the absence of PRM assistance service costs, as this service was brought in-house from December 1, 2023 (please refer to the table below).

A breakdown of maintenance expenses is provided below:

Aeroporto Guglielmo Marconi di Bologna S.p.A. 77

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.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Owned asset maintenance expenses	272	328	(56)
Airport infrastructure maintenance expenses	932	770	162
Third party asset maintenance expenses	133	159	(26)
TOTAL MAINTENANCE EXPENSES	1,337	1,257	80

The breakdown of services is illustrated below:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Snow clearance	231	234	(3)
Porterage, transport third-party services	204	213	(9)
PRM assistance service	0	211	(211)
De-icing and other public service charges	210	210	0
Security service	501	459	42
Other outsourcing	465	410	55
TOTAL SERVICES	1,611	1,737	(126)

iii. Revenues from construction services

Construction service costs concern the construction costs incurred by Aeroporto Guglielmo Marconi di Bologna S.p.A. Group for the capital investments previously commented upon in relation to the Concession Rights in Note 1.

iv. Leases, rentals and other costs

The following table shows the breakdown of leases, rentals and other costs for Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Concession fees	1,618	1,420	198
Hire charges	32	33	(1)
Rental charges	92	40	52
EDP service processing charges	405	434	(29)
Other rental & hire costs	1	0	1
TOTAL LEASES, RENTALS AND OTHER COSTS	2,148	1,927	221

The increase in this cost category (+11.5%) is due to the airport concession fee due to the higher traffic volumes on the basis of which it is calculated.

v. Other operating expenses

The table below shows other operating expenses in Q1 2024 and Q1 2023; no significant changes occurred.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 78

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Tax charges	390	387	3
Fire prevention service contribution	295	299	(4)
Other operating costs and expenses	118	162	(44)
TOTAL OTHER OPERATING EXPENSES	803	848	(45)

vi. Personnel costs

The following table shows the breakdown of personnel costs for Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Salaries and wages	5,710	5,139	571
Social security charges	1,656	1,499	157
Severance provisions	356	321	35
Retirement pension and similar	50	48	2
Other personnel costs	388	325	63
TOTAL PERSONNEL COSTS	8,160	7,332	828

The increase in personnel costs is due to the expanded workforce, which almost entirely concerned operational staff (+81 average personnel in the quarter, +80 personnel at March 31, 2024 compared to March 31, 2023), which also resulted in higher "other personnel costs", as detailed in the following table:

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Employee canteen	184	144	40
Personnel training and refresher courses	56	35	21
Personnel travel expenses	55	37	18
Misc. personnel costs	63	70	(7)
Other personnel provisions	30	39	(9)
TOTAL OTHER PERSONNEL COSTS	388	325	63

The average headcount by category in the two periods under consideration is shown below:

Average workforce (No.)	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Executives	8	8	0
White-collar	455	396	59
Blue-collar	115	93	22
TOTAL PERSONNEL	578	497	81

Aeroporto Guglielmo Marconi di Bologna S.p.A. 79

The headcount at the end of the two financial years under consideration was as follows:

Workforce (number)	as at 31.03.2024	As at 31.03.2023	Change
Executives	8	8	0
White-collar	468	412	56
Blue-collar	115	91	24
TOTAL PERSONNEL	591	511	80

22. Amortisation, depreciation & write-downs

The table below shows depreciation and amortization in Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Amortisation of concession rights	2,180	1,878	302
Amortisation of other intangible assets	194	119	75
Depreciation of tangible assets	528	538	(10)
TOTAL DEPRECIATION, AMORTISATION AND IMPAIRMENT	2,902	2,535	367

The depreciation and amortisation is in line with the schedule on the basis of the progressive roll-out of investments over the last twelve months (see Investments section in the Directors' Report and notes 1 and 2).

"Depreciation of tangible assets" includes Euro 143 thousand of depreciation on leased assets in accordance with IFRS 16. No revaluations have been made in the period.

23. Provisions for risks and charges

The following table shows the movement of the provisions for risks and charges for the periods ended March 31, 2024 and 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Provisions for doubtful accounts	48	274	(226)
Provision for renewal of airport infrastructure	567	525	42
Provisions for other risks and charges	297	342	(45)
TOTAL PROVISIONS	912	1,141	(229)

These costs decreased, mainly due to the reduced accruals to the provision for doubtful accounts as a result of the assessment of substantial adequacy of the provision at December 31, 2023.

Aeroporto Guglielmo Marconi di Bologna S.p.A. 80

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.

24. Net financial income and expenses

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Income from securities	5	4	1
Other income	234	208	26
Discounting income on provisions	9	8	1
TOTAL FINANCIAL INCOME	248	220	28
Interest expenses and bank charges	(262)	(390)	128
Discounting charges on provisions	(54)	(263)	209
Other financial expenses	(112)	(142)	30
TOTAL FINANCIAL EXPENSES AND WRITE-DOWNS OF INVESTMENTS	(428)	(795)	367
TOTAL FINANCIAL INCOME AND EXPENSES	(180)	(575)	395

Financial management reported lower net expenses than in the first quarter of 2023, thanks to the decrease in interest expense on loans as a result of the reduced debt following the voluntary repayment of a loan in September 2023, in addition to the reduced discounting charges on provisions as a result of changes in prospective interest rates.

25. Taxes for the period

The following table shows income taxes for Q1 2024 and Q1 2023.

in thousands of Euro	for the quarter ended 31.03.2024	for the quarter ended 31.03.2023	Change
Current and deferred taxes	(1,555)	(486)	(1,069)
TOTAL TAXES FOR THE PERIOD	(1,555)	(486)	(1,069)
% income taxes for the period on results before taxes	-31%	29.44%	-60%

The estimate for income taxes for the first quarter of 2024 was Euro 1.6 million, compared to Euro 0.5 million in the first quarter of 2023, as a result of the increased assessable base.

26. Related party transactions

For the definition of "Related Parties", reference should be made to IAS 24, approved by Regulation (EC) No. 1725/2003.

Intercompany transactions are carried out within the scope of ordinary operations and at normal market conditions. Related party transactions principally concern commercial and financial transactions, in addition to participation in the tax consolidation. None of these have particular economic or strategic significance for the company as they do not account for a significant percentage of the total financial statement amounts.

The Bologna Chamber of Commerce shareholders were identified as a Government party, therefore exempt from the disclosure regarding related parties as defined by IAS 24. The categorisation of the Bologna Chamber of Commerce as a Government party therefore limited the checks required for the identification of related parties to the mere identification of the Bologna Chamber of Commerce. No additional information is reported in the financial statements concerning transactions undertaken by the company with the Bologna Chamber of Commerce as no significant transactions are undertaken with this shareholder.

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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.

Transactions with subsidiary companies

Commercial transactions between the Parent Company and the subsidiary Tag Bologna Srl, in terms of receivables, principally concern the provision of administration, legal and maintenance services, including the compensation, reversed to the employer AdB, of directors of the Parent Company, in addition to the twenty-year sub-concession of the General Aviation traffic assistance infrastructure for Euro 36 thousand (Euro 27 thousand in Q1 2023).

AdB payables to the subsidiary mainly concern the capital grant for the covering of General Aviation terminal infrastructure operation and maintenance costs for the boarding and disembarking of passengers, against the financial advantage for AdB of including these costs in the calculation of passenger boarding fees, in addition to the 24H service contract. Overall, costs for TAG totalled Euro 114 thousand in Q1 2024, compared to Euro 118 thousand for the comparative period.

Non-commercial transactions with Tag concerned:

• the tax consolidation contract renewed on the basis of the Board of Directors' motions of the companies Aeroporto Guglielmo Marconi di Bologna Spa of February 5, 2024 (consolidating company) and Tag Bologna Srl of March 11, 2024 (consolidated company) for the years 2024-2026;
• a letter of patronage concerning the mortgage loan granted to the subsidiary Tag Bologna S.r.l. by Banca Agricola Mantovana (now Monte dei Paschi di Siena), equal to the residual principal, which at the end of the period amounted to Euro 1.1 million.

Commercial transactions between the Parent Company and the subsidiary Fast Freight Marconi S.p.A. concern mainly the provision by AdB of the following services:

• sub-concession of offices, areas and operating rooms;
• management and staffing, including the following staff services: accounting, administration, finance, operating control, management reporting, personnel, legal, ICT, personnel secondment and directors' competences and Supervisory Board;
• packages and goods x-ray controls.

Revenues in the year from the subsidiary amount to Euro 128 thousand, compared to Euro 121 thousand in Q1 2023.

The costs to the subsidiary FFM in the first quarter of 2024 amounted to Euro 1 thousand for services.

Non-commercial transactions with FFM included:

• the tax consolidation contract renewed on the basis of the Board of Directors' motions of the companies Aeroporto Guglielmo Marconi di Bologna Spa of February 5, 2024 (consolidating company) and FFM of March 11, 2024 (consolidated company) for the years 2024-2026;
• the co-obligation of AdB in a number of FFM's guarantees for Euro 6 million, the most significant of which (at Euro 5.8 million) is the guarantee issued by UnipolSai to the customs authority on request of FFM for a customs dispute in which the subsidiary is involved. For more information, see the Directors' Report for the 2023 Annual Accounts.

Related party transactions

In the first three months of 2024, the parent company undertook commercial transactions with subsidiaries of the shareholder Mundys Spa (Edizione Srl) as follows:

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.

• Telepass Spa: under the contract for the supply of electronic parking payment services using the Telepass system, the Parent Company incurred costs of Euro 43 thousand (Euro 46 thousand at March 31, 2023) and had payables of Euro 44 thousand (Euro 49 thousand at March 31, 2023);
• Urban V: at March 31, 2024 the parent company incurred costs for professional services provided by the investee for Euro 75 thousand (Euro 50 thousand in 2023) and recognised trade payables for Euro 50 thousand;
• Malpensa Logistica Europa Spa: payables of FFM to the cargo agency for Euro 3 thousand (Euro 1 thousand at March 31, 2023).

27. Commitments and risks

Types and management of other risks

With regards to the disclosure concerning the types and means of financial risk management under Article 2428, paragraph 2 No. 6 bis, reference should be made to the specific section of the Directors' Report, also with regards to the comment upon the other risks to which the Group is subject.

SUBSEQUENT EVENTS AND BUSINESS OUTLOOK

No events have occurred subsequent to the end of the quarter that would require changes in terms of the presented performance or equity and financial position and that would therefore necessitate adjustments and/or additional disclosures in the financial statements with reference to the amounts reported at March 31.

Reference should be made to the Directors' Report for further details and for information on the business outlook.

The Chairperson of the Board of Directors (Enrico Postacchini)

Bologna, May 15, 2024

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.

Statement pursuant to Article 154-bis, paragraph 2 of the C.F.A.

Interim Financial Report at March 31, 2024

The officer in charge of preparing the corporate accounting documents, Patrizia Muffato, hereby declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Act (CFA), that the accounting information contained in this Report corresponds to information contained in the accounting documents, registers and entries.

The officer in charge of preparing the corporate accounting documents

(Patrizia Muffato)

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.

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