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 both 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, Malpensa, Venice Tessera and Rome Ciampino airports. This business was consolidated with the full consolidation method until March 31, 2016, the date when the sale of 60% of the investment was finalised which had previously beenheld by the Group in that segment.


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.

(€/000)Commercial AviationGeneral AviationEnergyConsolidated data
Operating revenues 670,856 625,870 12,124 11,750 14,718 15,892 697,698 653,512
EBITDA 233,435 226,076 7,867 6,727 1,704 1,600 243,006 234,403
EBIT 121,800 144,873 5,481 4,907 609 219 127,890 149,999

The EBITDA reported above includes the IFRIC margin.