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Outlook

The current year will continue to see passenger traffic growth, driven by the consolidation of both short-to-medium-haul and intercontinental traffic at Malpensa airport, owing in part to the additional new routes announced by Air Italy, in particular with North America (Los Angeles, San Francisco, Toronto).

Another notable aspect of 2019 will be the closure of Linate airport for three months (from July 27 to October 27) for repairs on the runway and taxiway T and the upgrade of the BHS system to the new Standard 3. A part of the terminal (known as “lot F”) will also be fully renovated as part of a long-term airport restyling project, expected to be concluded in early 2021. The purpose of these initiatives is to increase security at the airport and improve the passenger experience in terms of comfort and quality of service.

During the three months in which Linate will be closed, most flights will be transferred to Malpensa airport, where SEA will focus its commitment to ensuring adequate standards of service during the summer, a period with significant traffic peaks.

This process will entail reduced revenues for the SEA Group due to the suspension of operations at Linate, partially offset by greater revenues at Malpensa, in addition to net non-recurring costs arising from the transfer of operations from Linate to Malpensa, together with greater communication and passenger support costs.

For the reasons stated, performance in 2019 is expected to be weaker than in 2018, while confirming the uptrend witnessed over the past three years, net of the non-recurring effects indicated above.

In addition to the work on Linate, the 2019 infrastructure development plan calls for, inter alia, a series of initiatives at Malpensa (including the creation of new check-in islands, the upgrading of the piers of the South and Central satellites and an increase in BHS carousels for the management of short connections) aimed at expanding the airport’s capacity and functionality in view of the traffic peak coinciding with the closure of Linate, moving forward some measures included in the Group’s Investment Plan. The new General Aviation Terminal is also expected to be opened in Malpensa in time to handle the business traffic managed at Linate by SEA Prime during the period in which the airport is closed.

Management remains committed to further developing the various business areas and to pursuing operating efficiency with the aim of maximising results and company processes.