SEA's stakeholder relations policies contemplate the design and implementation over time of structured activities to listen to and involve stakeholders, through which opinions, perceptions, reports, suggestions and assessments are collected on the Company's reputational profile, satisfaction with the services provided, health and safety and wellbeing in the workplace, the quality of relations established with stakeholders and the impact generated on the context. Periodic surveys are carried out on samples of corporate stakeholders, divided into categories, entrusted to leading demoscopic survey institutes. These surveys are flanked - in support of relevant activities such as the drafting of airport Master Plans, a materiality analysis, and the improvement of passenger service quality - by structured moments of discussion with the most representative corporate stakeholders. SEA's main stakeholders are:

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Some stakeholder categories were also involved in the impact relevance assessment process.

Discover our Value Creation Model

SEA's value creation model contemplates the various forms of non-financial capital that underpin the Company's ability to produce satisfactory economic-financial results through an increase in the level of socio-economic wellbeing in favour of the reference context.

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Infrastructural capital Human capital Intellectual capital Natural capital Socio-relational capital

A description of the different capital inputs follows:

• SEA's infrastructural capital is made up of all the physical assets that enable the Company to carry out airport management and that define its operational capacity. It includes both the physical assets managed directly (terminals, runways, warehouses, car parks, etc.) and those that are not managed but are part of the "value proposition" of its airports (roads, rail access lines to the airports, etc.). Under the Convention signed with ENAC in 2001 and valid until 2043, SEA is required to implement the Airport Development Plan and provide for the infrastructural investments envisaged therein. With the coming into force of the new Programme Contract, SEA will be obliged to carry out the investments set forth in the Investment Plan attached to said contract, with a duration of five years, which identifies the new works and extraordinary maintenance works. Investments aimed at developing airport infrastructure are made on the basis of and in compliance with planning instruments, subject to the control and approval of ENAC, which regulate building activities in the areas where the two airports are located. The Master Plan is the long-term planning tool for the adaptation and development of airport infrastructure;
• Natural capital corresponds to the collection of environmental resources affected by airport processes and integrated in business processes both in the role of input and as receptors of emissions and therefore subject to possible degradation or reduction of stocks, with effects on ecosystem balances. It includes noise emissions, which in any case have a strong socio-relational component. The monitoring and management, maintenance and conservation of natural capital takes place within and through certified environmental management systems (ISO 14001, ISO 50001, Airport Carbon Accreditation);
• Human capital corresponds to the characteristics and size of the workforce of employees and collaborators. Its management and development are governed through empowerment (training, growth, health & safety, diversity) and engagement (welfare, communication, benefits) policies and actions addressed to employees and collaborators;
• Socio-relational capital corresponds to an endowment of intangible assets that play an enabling function in terms of business management and development. It concerns the quality of the relational dynamics put in place by SEA with stakeholders at all levels (corporate reputation, employee engagement, customer satisfaction, commercial policies towards customers, supply chain management);
• Intellectual capital is the intangible resource through which the Company generates skills and innovative solutions functional to the development of its business. It embraces the level of technological endowment that characterises organisational and operational processes and the ways in which internal and external competencies are activated to generate innovation.

The management output is represented by the set of characteristic activities carried out and the manner in which they are implemented. It therefore corresponds to the organisational, operational, competitive effort made during the year of reference to make the airports operate in the best interest of the territory served and in line with the latter's expectations. It includes not only the volume and quality of the operational performance delivered, but also the systemic impact generated to the benefit of the socio-economic context of reference. It defines and measures the way in which the management of the airport system has managed to act as an enabling factor and a catalyst for economic and social development, through the generation of air connectivity of adequate quality and in line with the competitive profile of the territorial system served.

 The economic value generated is placed at the last stage of SEA's value creation process, signifying its derivation from and dependence on a balanced, effective and far-sighted management of capital, which makes possible a competitive offer of services and the generation of positive systemic effects capable of sustaining and consolidating over time the Company's economic-financial success and responding to the performance expectations of investors and shareholders. This interdependence describes how SEA's competitive and economic success is strongly dependent on the economic vitality of the territory and vice versa. It is clear that the presence of Linate and Malpensa in one of the most dynamic and wealthiest European areas, with a high industrial and tertiary presence, a high vocation for exports and a strongly growing tourist attraction capacity, are decisive elements for SEA's entrepreneurial success. The same applies to the role of the airports for the development of the territory, which would not be as high and resilient without them.

Waiting times at check-in

In 2024, we took important steps to improve check-in waiting times at our airports. To reduce queuing, we have introduced Passenger Flow Monitoring at Malpensa Terminal 1, a technology that allows us to monitor passenger flows in real time and identify critical situations at an early stage. In this way, we can intervene promptly to improve the travel experience. In addition, we are continuing with the installation of the new Self Bag Drops at Malpensa Terminal 1, a system that simplifies the check-in process and reduces waiting times. At Linate, we are evaluating the implementation of these systems based on the results of the ongoing trial. 

Assistance for PRMs (passengers with reduced mobility)

Regarding assistance to passengers with reduced mobility (PRMs), in 2024 we implemented an advanced management system called GroundStar, which allows us to optimise the allocation and planning of resources in real time. Thanks to this system, we can guarantee more timely and efficient assistance, while continuously improving the service through performance monitoring. Furthermore, we confirm our commitment to launch a new certification scheme for care services, involving disability rights associations in the field verification.