Fnm S.p.a. · MIL:FNM
Fnm — Investor Presentation (June 2025)
40 slides from Fnm's investor presentation, Jun 19, 2025
Slide 1: FNM Group Corporate Presentation
FNM Group Corporate Presentation Milan, 19 June 2025
Slide 2: An integrated player in infrastructure management and mobility services in Northern Italy
An integrated player in infrastructure management and mobility services in Northern Italy Shareholders’ structure Historical business 2021 2024 Regione Lombardia Free float 57.57% 27.69% • Leasing of • Railway • LPT road • Motorway • Renewable rolling stock infrastructure transport infrastructure en
Slide 3: Infrastructure portfolio of mobility assets…
Infrastructure portfolio of mobility assets… Motorways, Railways and LPT low high Transfer corridors - volume Railway Network FERROVIENORD Railway Network Motorway Network MISE Motorway Network Area covered by bus service 3
Slide 4: …and energy infrastructure assets
…and energy infrastructure assets Installed capacity by 2025 | MW Pipeline only ≈120 Operating / Pipeline 26 7 72 16 79 38 24 24 o/w 8 MW with 5 years PPA 10 17 Installed Under Ready-to-build Installed capacity at construction capacity by 2025 31/03/25 Feed-in-tariff (FER) Market/PPA/Energy release
Slide 5: Operating sectors
Operating sectors • Management of toll roads trough a concession expiring in October 2028 Mobility Infrastructure • Management of railway infrastructure in Lombardy trough a concession expiring in 2060 185 Km 540 Km Motorway Rail • Intermodal terminal management and freight logistic development Netw
Slide 6: Past performance – steady growth and strong resilience, despite extraordinary macro events
Past performance – steady growth and strong resilience, despite extraordinary macro events Adj. EBITDA | €mln CAPEX | €mln Adjusted NFP | €mln MISE is fully 221 146 759 767 consolidated from 211 26 February 2021 193 669 122 643 MISE VIRIDIS financed with 154 Avg. ≈€100mln/y a €650mln 34% 34% 93 bond
Slide 7: Group Overview / Strategic Plan 2024-2029 / Appendix
Group Overview Strategic Plan 2024-2029 Appendix 7
Slide 8: Highlights
Highlights FNM aims to become the reference point in mobility infrastructure & services and energy to drive the competitiveness of regional territories with innovative, safe, and sustainable solutions 1 2 3 4 5 BUSINESS MOTORWAY FINANCIAL CAPITAL SUSTAINABILITY GROWTH CONCESSION STRUCTURE ALLOCATION
Slide 9: Strategic commitment to invest in businesses with low volatility profile
Strategic commitment to invest in businesses with low volatility profile High Infrastructure Services Infrastructure Volatility Mobility infrastructure Ro.S.Co. Mobility & Services Energy • Long-term contracts (≈10 • Public Service Contracts • Existing capacity >80% • Long-term railway concession in
Slide 10: Consolidated financial projections show progression driven by mobility infrastructure and energy
Consolidated financial projections show progression driven by mobility infrastructure and energy Revenues| €mln Adj. EBITDA | €mln ≈850 ≈320 +5% CAGR +7% CAGR 651 625-650 618 221 220-230 211 2023A 2024A 2024E 2029E 2023A 2024A 2024E 2029E Energy Mobility infrastructure Ro.S.Co. Mobility & Services I
Slide 11: Investments focused on low-volatility businesses
Investments focused on low-volatility businesses Investment Grants 28 40 69 25 4 9 400 Mobility infrastructure 22% Ro.S.Co. Mobility & Service Energia Gross 300 CAPEX ≈ 47% 9% €1.3bln 200 122 100-140 Net CAPEX ≈€1.1bln 100 22% 20204A 2024E 2025 2026 2027 2028 2029 11
Slide 12: Cash flow generation support investment plan
Cash flow generation support investment plan Sources & Uses 2024-2029 Cumulated cash flow Mainly due to timing effect related to ≈1.0bln advance payments from Regione 3% Dividend Lombardia on funded investments payment 780-820 Additional 669 54% debt 53% Net CAPEX Cash Debt 46% 44% generation repaym
Slide 13: Financial sustainability
Financial sustainability Net Financial Position | €mln UPDATE: Refinancing approved by BoD • Approved Commitment Letters and Head of Terms ≈1bln with ISP and BNPP for a loan structure of up to €1bln, including the refinancing of the bond maturing in 2026 780-820 TERMINAL • Approved Term Sheet with F
Slide 14: Adj. NFP at 2029 covered by assets value
Adj. NFP at 2029 covered by assets value Net Financial Position | €mln ≈1bln Exclude: • Trenord valorization (i.e. cash accumulated up to 2033) • PV of future rolling stock cash flows / net book value • Net book value of busses Adj. NFP 2029 MISE PV of future MISE equity + Fair value of real estate
Slide 15: Dividend Policy
Dividend Policy Accrued dividends evolution | €mln Dividend per share1 of a minimum of 2.3 euro cents up to 3.2 euro cents MAX 10.0 MIN 2023A 2024A 2025 2026 2027 2028 1 – Dividend per ordinary share outstanding (equal to 434,902,568 shares) 15
Slide 16: Group Overview / Strategic Plan 2024-2029 / Appendix
Group Overview Strategic Plan 2024-2029 Appendix 16
Slide 17: Core business segments overview
Core business segments overview Mobility infrastructure Ro.S.Co. Mobility & Services Energy 17
Slide 18: Unfolding the MISE concession – a journey shaped by external events
Unfolding the MISE concession – a journey shaped by external events 1° REGULATORY PERIOD 2° REGULATORY PERIOD TRANSITION 3° REGULATORY PERIOD 4° REGULATORY PERIOD 2008 […] 2012 2013 […] 2017 2018 2019 2020 2021 2022 2023 2024 2025 […] 2028 MISE Concession Concession Draft 2018-22 EFP Draft 2020-24 E
Slide 19: Addendum #2 from 2020-2024 EFP acknowledges MISE’s right to receive a terminal value
Addendum #2 from 2020-2024 EFP acknowledges MISE’s right to receive a terminal value at concession expiry… Concession Addendum #1 › Regulatory period 2013-2017 › Full completion and amortization of investments NEW ELEMENT: APPROVED RIGHT TO TAKE-OVER VALUE Concession Addendum #2 ARTICLE 8.3 › Regula
Slide 20: … and the duty to continue ordinary operations with a right to apply tariff increases
… and the duty to continue ordinary operations with a right to apply tariff increases until concession hand over › Applicable tariffs − Operational charge: based on the “carryover” of the tariff in force FOCUS: ART DEFINES TECHNICAL − Construction charge: determined with art.21 of ART n.69/2019 › St
Slide 21: Motorway | Financial and operating highlights
Motorway | Financial and operating highlights EBITDA | €mln Technical STRATEGIC OBJECTIVE extension +4% CAGR • Strengthen position in motorway ≈190 ≈190 concessions, leveraging recent know-how 153.6 156.0 150-170 and O&M expertise • Participate in upcoming concession tender for MISE when launched 20
Slide 22: CAPEX plan back-end loaded and short remaining concession life…
CAPEX plan back-end loaded and short remaining concession life… Committed1 91% 79% 62% 57% Investment 11% Grants 13 13 54 23 - Technical 160 extension 10% 31% Gross 120 CAPEX ≈ €550 mln 80 Simulation of maintenance 40 capex during of which ≈€380 mln extension committed investments1 49% 0 2024A 2024E
Slide 23: … determine terminal value at concession expiry
… determine terminal value at concession expiry RAB and notional items evolution | €mln RAB “ante” and notional items are linearly amortized over remaining concession life ensuring sustainable tariff dynamic TERMINAL VALUE AT CONCESSION EXPIRY 34% €400-450mln 2023 RAB + notional items ≈€480mln 59% 7
Slide 24: The acquisition of Viridis initiates a strategic path that brings multiple benefits
The acquisition of Viridis initiates a strategic path that brings multiple benefits to the FNM Group… Diversify mobility infrastructure portfolio and enhance growth potential: 1 › › Expands FNM's portfolio with a different risk/return profile, mitigated by incentivized contracts (CFDs/energy bills)
Slide 25: Energy | Financial and operating highlights
Energy | Financial and operating highlights EBITDA | €mln STRATEGIC OBJECTIVE Expanding its presence in renewable energy, ≈53 investing in both PV and Wind power, to actively contribute to the energy transition H2 PV/Wind 12.3 10-13 MAIN ASSUMPTIONS • Realize and operate ≈350 MW of PV and 2024A 2024
Slide 26: Industry-leading asset management and O&M
Industry-leading asset management and O&M Direct OPEX PV & Wind | €/MWh Achieved through… 16 • Flexible O&M: In-house asset management combining outsourced O&M activities performed by prime suppliers with 24/7 availability and premium/penalty for emergencies Warehouse standardization and higher inst
Slide 27: Goal to develop pipeline for additional 280 MW by 2029
Goal to develop pipeline for additional 280 MW by 2029 Gross CAPEX | €mln Installed capacity | MW 120 400 +280 ≈€290mln ≈350 20% 300 13% 80 6% 200 40 118 95% 87% 80% 100 72 72 36 38 0 2024A 2024E 2025 2026 2027 2028 2029 2023A 2024A 2024E 2025 2026 2027 2028 2029 Wind PV & Biogas 27
Slide 28: Production maximization and route to market
Production maximization and route to market Energy scenario | €/MWh RES production | GWh 800 Mainly 18 months 250 Incentive phase-in period before incentives ≈650 Market 600 200 PPA 400 150 200 100 82 ≈80 2024A 2024E 2025 2026 2027 2028 2029 50 PV Wind 0 Yield 2024 2025 2026 2027 2028 2029 ≈ 1,650 ≈
Slide 29: Ro.S.Co | Financial and operating highlights
Ro.S.Co | Financial and operating highlights EBITDA | €mln STRATEGIC OBJECTIVE +1% CAGR • Consolidate its role as Ro.S.Co. for Local 44.7 ≈46 Public Transport by pursuing criteria of 34.1 environmental and economic 25-35 sustainability 2023 like-for-like 1 2024A 2024E 2029 MAIN ASSUMPTIONS • Remuner
Slide 30: Mobility infrastructure - Railway | Financial and operating highlights
Mobility infrastructure - Railway | Financial and operating highlights EBITDA | €mln Terminal STRATEGIC OBJECTIVE Rail +13% CAGR ≈13 • Strengthen rail network management 8-12 under concession 6.3 7.2 • Execute funded investments in railway network and rolling stock 2023A 2024A 2024E 2029 MAIN ASSUMP
Slide 31: Mobility & Services | Financial and operating highlights
Mobility & Services | Financial and operating highlights EBITDA | €mln STRATEGIC OBJECTIVE Consolidate positioning in the LPT sector and ≈18 +19% CAGR prepare for the new tenders planned after 10.9 2029 to create a “Lombardy hub” of mobility 6-10 6.6 MAIN ASSUMPTIONS 2023 like-for-like 1 2024A 2024E
Slide 32: Key investments in Associates and Joint Ventures
Key investments in Associates and Joint Ventures 3 Other 1 Road LPT services in Como and its Province JV with Trenitalia (50% stake) active (25.0% stake) in Rail Local Public Transport (see slide 6 for details) Equity interests in strategic assets JV with Deutsche Bahn (40% stake) active in linked t
Slide 33: Trenord | Among the most important LPT railway players in Europe
Trenord | Among the most important LPT railway players in Europe excluding the National train operatorsties Around Passengers per day on regional trains Other 700,000 Trenord (‘000 pax/day)1 24% 28% Lazio Lombardy faces a complex Pax/day 2.9mln operating environment with high pax/day in Tuscany rail
Slide 34: APL | A strategic infrastructure for Lombardy’s road system
APL | A strategic infrastructure for Lombardy’s road system • FNM holds though MISE a 25.85% stake in APL (Regione Lombardia controls the remaining 74.15%) + a shareholder loan of nominal €150mln (€62.7mln NBV at 31/12/24) • Total length of ≈188km, of which 85km in operation since 2015 (A, B1, A59,
Slide 35: TEM | The new outer road system in Milan
TEM | The new outer road system in Milan • FNM holds though MISE a 10.2% stake in TE1 (ASTM controls the remaining 88.7%) • The new outer ring road system was needed to improve traffic flow: A35 rationalize the congested mobility following significant urban expansion, especially towards the east,
Slide 36: Mobility as a Community | The community-based approach as an innovative paradigm
Mobility as a Community | The community-based approach as an innovative paradigm, exploiting new technologies MaaC FNM has initiated a VENTURE CAPITAL PATH, investing in STARTUPS consistently with a clear industrial logic and a long-term approach, to complement traditional Ecosystem mobility busines
Slide 37: Flexymob | the platform that aggregates mobility services
Flexymob | the platform that aggregates mobility services • Flexymob is a digital platform designed for B2B clients, aggregating mobility services to meet the needs of businesses, large events and stadiums • Key Features: − Centralized platform for planning, booking, and paying for mobility solution
Slide 38: Financial Highlights – REPORTED
Financial Highlights – REPORTED1 Revenues | €mln Adj. EBITDA | €mln +7.5% +4.1% 143.7 154.5 48.6 50.6 33.8% 32.8% 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Group Net Result | €mln Adj. NFP | €mln +7.3% -11.1% 13.5 668.5 717.2 12.0 1Q 2024 1Q 2025 31/12/24 31/12/25 1 – Including the effects of the consolidatio
Slide 39: Dividend approved and FY 2025 outlook confirmed
Dividend approved and FY 2025 outlook confirmed Dividend distribution AGM approved DPS €0.0184 per share equal to €8mln (dividend yield 4.6%1) Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln 220-230 180-210 Adj. NFP/EBITDA 780-820 220.5 668.5 121.7 3.5x 3.0x 2024 Guidance 2024 Guidance 2024 Gu
Slide 40: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it