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        • Unit cost
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        • Regulatory Result

    Cost-efficiency - Portugal

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    Terminal charging zone

    Unit cost

    Actual and determined data
    Total costs - nominal (M€) 2025 2026 2027 2028 2029
    Determined costs 53.9 58.1 59.9 64.2 66.5
    Actual costs 49.8 NA NA NA NA
    Difference costs -4.1 NA NA NA NA
    Inflation assumptions 2025 2026 2027 2028 2029
    Determined inflation rate 2.0% 2.0% 2.0% 2.0% 2.0%
    Determined inflation index* 109.8 112.1 114.3 116.7 119.1
    Actual inflation rate 2.2% NA NA NA NA
    Actual inflation index* 110.5 NA NA NA NA
    Difference inflation index (p.p.) +0.7 NA NA NA NA
    *100 = 2022
    NoteFocus on unit cost

    AUC vs. DUC

    In 2025, the terminal AUC was -7.4% (or -10.58 €2022) lower than the planned DUC. This results from the combination of significantly lower than planned terminal costs in real terms (-8.1%, or -4.0 M€2022) and slightly lower than planned TNSUs (-0.8%).

    Terminal service units

    The difference between actual and planned TNSUs (-0.8%) falls inside the ±2% dead-band. Hence, the loss of terminal revenues is borne by the ANSPs.

    Terminal costs by entity

    Actual real terminal costs are -8.1% (-4.0 M€2022) lower than planned. This is the result of lower costs for the main ANSP, NAV Portugal (-8.4%, or -4.0 M€2022) and the NSA (-14.1%, or -0.1 M€2022) and higher costs for the MET service provider (+3.3%, or +0.1 M€2022).

    Terminal costs for the main ANSP (NAV Portugal (Continental)) at charging zone level

    Based on the additional information to the terminal reporting tables, the significantly lower than planned terminal costs in real terms for NAV Portugal in 2025 (-8.4%, or -4.0 M€2022) result from:

    • Significantly lower than planned staff costs (-8.1%), mainly due to significantly lower-than-expected defined benefit pension costs, driven by favourable financial market conditions, while remuneration and other social charges remained in line with plan.

    • Significantly lower than planned other operating costs (-7.6%), mainly due to lower electricity prices and reduced expenditure on rent and leasing, maintenance and repairs, and travel, partially offset by increased investment in IT and security.

    • Slightly higher than planned depreciation (+1.7%), driven by the commissioning of investments implemented in recent years.

    • Significantly lower than planned cost of capital (-51.0%) resulting from a much smaller-than expected asset base.

    Assessment of the actual performance in the charging zone reported by the NSA

    The NSA of Portugal provides the following overall assessment of the actual performance in 2025 at charging zone level:

    “Total terminal costs, in real terms, were 8.1% lower than planned, which, combined with a negative deviation of 0.8% in service units, resulted in an actual unit cost 7.4% lower than projected.

    This result was based on NAV Portugal, whose actual costs were 8.4% lower than the estimated costs, mainly due to the behavior of costs associated with defined benefit pension funds, where savings resulting from market factors – approximately 1.9 million euros – will be returned to airspace users in the next reference period.”

    Explanation of the differences between actual and determined costs at charging zone level reported by the NSA

    The NSA provides the following explanation for the differences between actual and determined costs in the charging zone:

    “As justified above.”

    Recommendations formulated by the NSA to the ANSP (NAV Portugal (Continental)) to rectify the situation and actions taken by the ANSP

    The NSA 2025 monitoring report indicates the following recommendations formulated by the NSA:

    “There is no deviation to rectify.”

    NAV Portugal reports the implementation of the following actions:

    “The cost-efficiency targets for terminal have been met by the ANSP.”

    Actual unit cost incurred by the users (AUCU) (PI#1)

    AUCU components (€/SU) – 2025
    €/SU
    DUC 156.41
    Inflation adjustment 0.91
    Cost exempt from cost sharing -7.22
    Traffic risk sharing adjustment 0.00
    Traffic adjustment (costs not TRS) 0.06
    Financial incentives 1.52
    Modulation of charges 0.00
    Cross-financing 0.00
    Other revenues 0.00
    Application of lower unit rate 0.00
    Total adjustments -4.73
    AUCU 151.68
    AUCU vs. DUC -3.0%
    Cost exempt from cost sharing by item - 2025 €'000 €/SU
    New and existing investments -537.9 -1.57
    Competent authorities and qualified entities costs -52.1 -0.15
    Eurocontrol costs 0.0 0.00
    Pension costs -1,878.5 -5.50
    Interest on loans 0.0 0.00
    Changes in law 0.0 0.00
    Total cost exempt from cost risk sharing -2,468.5 -7.22
    NoteFocus on AUCU

    Terminal AUCU monitoring at charging zone level

    The actual terminal unit cost incurred by airspace users (AUCU) in respect of activities performed in 2025 (151.68 €) is -3.0% lower than the nominal DUC (156.41 €). The difference between these two figures (-4.73 €/SU) is due to:

    • the positive inflation adjustment resulting from higher than planned inflation (+0.91 €/SU);

    • the impact of adjustments resulting from the costs exempted from cost sharing mechanism (-7.22 €/SU);

    • the addition of the traffic adjustment (+0.06 €/SU) for the costs not subject to traffic risk sharing; and,

    • the impact of financial incentives (+1.52 €/SU).

    The share of the regulatory result (see next sub-section) in the AUCU (before the deduction of other revenues) is 5.0%.

    Initiatives implemented or planned that will improve this PI reported by the NSA

    The NSA of Portugal provides the following information regarding the initiatives:

    “The effective savings in 2025 – when comparing the actual unit cost that will be borne by airspace users with the determined unit cost – were €4.73 per service unit, an effect that will be reflected in the price to be paid in subsequent years. This results from various adjustments, some refunds and other recoveries, but the largest contribution comes from the reimbursement of costs exempt from cost sharing, as explained in spreadsheet 2.4.1.B.TERM.”

    Regulatory result (RR)

    NoteFocus on regulatory result

    NAV Portugal (Continental) net gain/loss on activity in the Portugal terminal charging zone in 2025

    NAV Portugal reported a net gain of +2.1 M€, as a combination of a gain of +2.0 M€ arising from the cost sharing mechanism, with a loss of -0.4 M€ arising from the traffic risk sharing mechanism and a gain of +0.5 M€ relating to financial incentives.

    NAV Portugal (Continental) overall regulatory result (RR) for the terminal activity

    Ex-post, the overall RR, taking into account the net gain from the terminal activity mentioned above (+2.1 M€) and the actual RoE (+0.6 M€), amounts to +2.6 M€ (5.3% of the terminal revenues). The resulting ex-post rate of return on equity is 24.4%, which is much higher than the 5.3% planned in the PP.

     
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