F2i Italian Airports commercial due diligence

In 2024, Avia Solutions supported a major global infrastructure investor in its evaluation of a significant interest in the 2i airport platform – one of the largest airport networks in Italy.

The assignment included full commercial due diligence across 8 airports: Milan Malpensa, Milan Linate, Bergamo, Naples, Bologna, Turin, Trieste and Salerno:

  • Developed independent traffic and aviation revenue forecasts including scenarios.
  • Assessed non-aviation growth potential.
  • Analysed dual-till regulatory dynamics.
  • Evaluated EBITDA outlooks against peer benchmarks.
  • A particular focus was placed on the Milan system dynamics, where our findings identified upside growth potential at Bergamo versus vendor assumptions.

Our work provided the investor with robust, model-ready commercial inputs and a clear view of value creation levers across the portfolio, helping to support informed investment decision-making in a competitive transaction setting.

Services: Commercial Due Diligence, Traffic Forecasting, Aviation Revenue Review, Opex, Financial Benchmarking.
Region: Italy



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