The SEA Group strategy is implemented through the subdivision of its business into three separate business units, each with its own competences and specific operative processes in order to maximise Group managerial efficiency

The business model of the SEA Group is based on the characteristics of the three business areas in which the company operates:

Commercial Aviation

The Commercial Aviation business includes the Aviation and Non Aviation activities: the former includes the management, development and maintenance of airport infrastructure and plant and the offer to SEA Group customers of services and activities related to the arrival and departure of aircraft, in addition to airport safety services. The revenues generated by these activities are established by a regulated tariff system and comprise airport fees, fees for the use of centralized infrastructure, in addition to security fees and tariffs for the use of check-in desks and spaces by airlines and handlers.
The Non Aviation activity provides a wide and differentiated offer, managed both directly and under license to third parties, of commercial services for passengers, operators and visitors to the Milan Airports, in addition to real estate activities. The revenues from this area consist of the market fees for activities directly carried out by the Group and from activities carried out by third parties under license and of royalties based on a percentage of revenues generated by the licensee, usually with the provision of a guaranteed minimum.
This segment also includes income from rentals of warehouses, spaces and offices for Cargo business operators such as cargo handlers, freight forwarders and courier services.

General Aviation

The General Aviation business includes General Aviation activities that provide the full range of servicesconnected with business traffic at the West apron at Linate airport, and the handling activities related to this traffic. The General Aviation handling business includes activities performed at the Linate airport.


The Energy business includes the generation and sale of electric and thermal energy for the market and third parties.

The main results for each of the businesses described above are presented below.

Operating revenues 658,128 621,404 11,344 12,128 14,484 14,728 683,956 648,260
EBITDA 273,622 2233,710 7,488 7,799 741 1,497 281,851 243,006
EBIT 183,869 122,100 5,577 5,406 23 384 189,469 127,890

The EBITDA reported above includes the IFRIC margin. 
The costs regarding incentives to the airlines for the development of traffic are stated as a reduction of revenues in accordance with IFRS 15.