Reported Earnings • May 17
First quarter 2026 earnings released First quarter 2026 results: €0.042 loss per share. Revenue: €196.0m (up 13% from 1Q 2025). Net loss: €22.7m (loss narrowed 23% from 1Q 2025). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Infrastructure industry in Europe. Ankündigung • May 16
Iridium Communications Inc. (NasdaqGS:IRDM) entered into a definitive agreementto acquire 61% stake in Aireon LLC from NAV CANADA, ENAV S.p.A. (BIT:ENAV), Irish Aviation Authority, Naviair Satellite A/S and NATS Limited for approximately $520 million. Iridium Communications Inc. (NasdaqGS:IRDM) entered into a definitive agreement to acquire 61% stake in Aireon LLC from NAV CANADA, ENAV S.p.A. (BIT:ENAV), Irish Aviation Authority, Naviair Satellite A/S and NATS Limited for approximately $520 million on May 13, 2026. The total purchase price of approximately $366.7 million will be paid 50% at closing and 50% on the one-year anniversary. Iridium will also assume Aireon's outstanding debt, expected to be approximately $155 million at closing. At Closing, Iridium will enter into the Credit and Guaranty Agreement pursuant to which the Sellers will provide IIridium with a $183.36 million term loan, bearing no interest, and maturing one year following the Closing, to fund the deferred portion of the purchase price. The loan will be secured by a first-priority lien on the equity interests of Aireon and other intermediate holding company entities.
The Closing is subject to customary conditions, including the accuracy of representations and warranties, performance of covenants, and receipt of required regulatory approvals including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction is targeted to close in early July. The acquisition of Aireon is accretive to Iridium's growth outlook; over the past three years, Aireon's total revenue has grown at a compound annual growth rate (CAGR) of 10%. Iridium expects the acquisition will result in at least an additional consolidated $100 million of service revenue and $30 million of OEBITDA on an annualized basis.
Evercore Inc. acted as financial advisor for Iridium Communications Inc. Josh Holleman of Cooley LLP acted as legal advisor for Iridium Communications Inc. Milbank LLP acted as legal advisor for Iridium Communications Inc. PJT Partners LP acted as financial advisor for Aireon LLC. Steven Kaufman, Joseph Gilligan and Gabrielle Witt of Hogan Lovells US LLP acted as legal advisor for Aireon LLC. RBC Capital Markets, LLC acted as financial advisor for NAV CANADA. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for NAV CANADA. Ankündigung • Apr 07
ENAV S.p.A., Annual General Meeting, May 14, 2026 ENAV S.p.A., Annual General Meeting, May 14, 2026, at 11:00 W. Europe Standard Time. Location: via salaria 716 00138, roma Italy New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 151% Cash payout ratio: 94% Dividend yield: 5.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 27
Full year 2025 earnings released Full year 2025 results: Revenue: €1.02b (up 1.3% from FY 2024). Net income: €93.1m (down 26% from FY 2024). Profit margin: 9.1% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Infrastructure industry in Europe. Declared Dividend • Mar 26
Dividend increased to €0.29 Dividend of €0.29 is 7.4% higher than last year. Ex-date: 22nd June 2026 Payment date: 24th June 2026 Dividend yield will be 5.7%, which is higher than the industry average of 3.5%. Sustainability & Growth Dividend is not covered by earnings (151% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 68% to bring the payout ratio under control. EPS is expected to grow by 67% over the next 3 years, which should be enough to bring the dividend into a sustainable range. Ankündigung • Mar 25
ENAV S.p.A. announces Annual dividend, payable on June 24, 2026 ENAV S.p.A. announced Annual dividend of EUR 0.2900 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Reported Earnings • Nov 14
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €319.3m (up 6.3% from 3Q 2024). Net income: €59.4m (down 11% from 3Q 2024). Profit margin: 19% (down from 22% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Infrastructure industry in Europe. Major Estimate Revision • Aug 07
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €1.01b to €1.03b. EPS estimate increased from €0.131 to €0.152 per share. Net income forecast to shrink 20% next year vs 4.6% growth forecast for Infrastructure industry in Italy . Consensus price target up from €4.34 to €4.49. Share price rose 9.6% to €4.22 over the past week. Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €281.9m (up 9.1% from 2Q 2024). Net income: €36.5m (down 1.0% from 2Q 2024). Profit margin: 13% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Jun 16
Upcoming dividend of €0.27 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 25 June 2025. The company is paying out more than 100% of its profits and is paying out 90% of its cash flow. Trailing yield: 6.6%. Within top quartile of Italian dividend payers (5.5%). In line with average of industry peers (7.0%). Reported Earnings • May 15
Full year 2024 earnings released: EPS: €0.23 (vs €0.21 in FY 2023) Full year 2024 results: EPS: €0.23 (up from €0.21 in FY 2023). Revenue: €1.01b (up 3.9% from FY 2023). Net income: €125.8m (up 11% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Infrastructure industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 15
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.165 to €0.12 per share. Revenue forecast steady at €1.02b. Net income forecast to shrink 50% next year vs 4.6% growth forecast for Infrastructure industry in Italy . Consensus price target of €4.25 unchanged from last update. Share price was steady at €3.97 over the past week. Ankündigung • Apr 03
ENAV S.p.A. announces Annual dividend, payable on June 25, 2025 ENAV S.p.A. announced Annual dividend of EUR 0.2700 per share payable on June 25, 2025, ex-date on June 23, 2025 and record date on June 24, 2025. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 118% Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Reported Earnings • Apr 01
Full year 2024 earnings released Full year 2024 results: Revenue: €1.04b (up 7.5% from FY 2023). Net income: €125.8m (up 11% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Infrastructure industry in Europe. Price Target Changed • Feb 26
Price target decreased by 7.0% to €4.48 Down from €4.82, the current price target is an average from 6 analysts. New target price is 33% above last closing price of €3.37. Stock is up 2.9% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.21 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €326.6m (up 11% from 3Q 2023). Net income: €66.5m (down 2.3% from 3Q 2023). Profit margin: 20% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Infrastructure industry in Europe. Reported Earnings • Aug 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €281.5m (up 13% from 2Q 2023). Net income: €36.9m (down 8.5% from 2Q 2023). Profit margin: 13% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Infrastructure industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 20
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its profits and is paying out 95% of its cash flow. Trailing yield: 5.8%. Within top quartile of Italian dividend payers (5.3%). In line with average of industry peers (6.3%). Reported Earnings • May 16
First quarter 2024 earnings released First quarter 2024 results: €0.025 loss per share. Revenue: €193.6m (up 15% from 1Q 2023). Net loss: €13.7m (loss narrowed 37% from 1Q 2023). Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Italy are expected to grow by 1.7%. New Risk • Apr 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 124% Dividend yield: 6.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: €1.00b (up 10% from FY 2022). Net income: €112.9m (up 7.5% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Italy are expected to remain flat. Buy Or Sell Opportunity • Feb 09
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €3.26. The fair value is estimated to be €4.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €321.6m (up 9.4% from 3Q 2022). Net income: €68.1m (up 6.7% from 3Q 2022). Profit margin: 21% (in line with 3Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Infrastructure industry in Italy. Upcoming Dividend • Oct 16
Upcoming dividend of €0.20 per share at 6.1% yield Eligible shareholders must have bought the stock before 23 October 2023. Payment date: 25 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Within top quartile of Italian dividend payers (5.8%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 06
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €250.2m (up 6.1% from 2Q 2022). Net income: €40.3m (down 6.7% from 2Q 2022). Profit margin: 16% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Infrastructure industry in Italy. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: €176.8m (up 11% from 1Q 2022). Net loss: €21.6m (loss widened 42% from 1Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Infrastructure industry in Italy. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: €944.3m (up 18% from FY 2021). Net income: €105.0m (up 34% from FY 2021). Profit margin: 11% (up from 9.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Italy. Ankündigung • Jan 29
ENAV S.p.A. to Report Fiscal Year 2022 Results on Mar 15, 2023 ENAV S.p.A. announced that they will report fiscal year 2022 results on Mar 15, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: €0.12. Revenue: €318.8m (up 56% from 3Q 2021). Net income: €64.2m (up 126% from 3Q 2021). Profit margin: 20% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Infrastructure industry in Italy. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, Strategic Management Officer & Director Paolo Simioni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 17
Upcoming dividend of €0.11 per share Eligible shareholders must have bought the stock before 24 October 2022. Payment date: 26 October 2022. Trailing yield: 2.9%. Lower than top quartile of Italian dividend payers (5.7%). In line with average of industry peers (3.2%). Buying Opportunity • Sep 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 9.3% per annum over the same time period. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.07 (vs €0.003 in 2Q 2021) Second quarter 2022 results: EPS: €0.07 (up from €0.003 in 2Q 2021). Revenue: €256.6m (up 46% from 2Q 2021). Net income: €43.2m (up €41.4m from 2Q 2021). Profit margin: 17% (up from 1.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.7%, compared to a 6.0% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.17 to €0.14 per share. Revenue forecast steady at €869.5m. Net income forecast to grow 3.4% next year vs 3.4% growth forecast for Infrastructure industry in Italy. Consensus price target of €4.62 unchanged from last update. Share price fell 2.8% to €4.38 over the past week. Reported Earnings • Apr 27
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €798.7m (up 8.4% from FY 2020). Net income: €78.4m (up 44% from FY 2020). Profit margin: 9.8% (up from 7.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 8.9%, compared to a 8.6% growth forecast for the industry in Italy. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO, Strategic Management Officer & Director Paolo Simioni was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 23
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €836.6m (up 14% from FY 2020). Net income: €78.4m (up 44% from FY 2020). Profit margin: 9.4% (up from 7.4% in FY 2020). Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 3.9%, compared to a 9.5% growth forecast for the industry in Italy.