Fnm S.p.a. · MIL:FNM
Fnm — Investor Presentation (September 2026)
38 slides from Fnm's investor presentation, September 2026
Slide 1: Corporate Presentation
Corporate Presentation September 2026
Slide 2: Why invest in FNM
Why invest in FNM 1xxx 2 3 4 Strategic Low-Risk Strong Inherently Assets Model Financials ESG focused Integrated operator of ≈80% of revenues Ambitious growth FNM’s activities have railways, toll roads, derive from outlook with €1.3bln positive social impact public transport and concessions or Capex
Slide 3: 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 e
Slide 4: Operating sectors
Operating sectors FOCUS • 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 548 Km Motorway Rail • Intermodal terminal management and freight logistic developmen
Slide 5: Motorway 2025-2028 economic-financial plan update
Motorway 2025-2028 economic-financial plan update New ART regulatory framework › Since 2019 motorway toll regulation has been governed by a uniform framework established by ART trough Resolutions n. 69/2019 and n. 15/2024 › ART Resolution n. 241/2025, effective from January 1st 2026, further revised
Slide 6: Robust and visible pipeline development
Robust and visible pipeline development 500 MW PV and wind pipeline under development (o/w ≈230 MW Renewable energy portfolio | MW currently in the permitting phase) 73 ≈220 From July 2026 ≈20.3 MW of capacity reallocated out of FER incentive scheme, with energy production now sold at market prices
Slide 7: Commitment to supporting the development of public transport services in Lombardy
Commitment to supporting the development of public transport services in Lombardy and addressing evolving mobility needs Rolling stock | # of trains Key characteristics › New trains will be leased to Trenord under existing contractual 132 arrangements and will support the expansion of regional rail
Slide 8: Group Overview / Strategic Plan 2024-2029 / 1H 2026 financial results
Group Overview Strategic Plan 2024-2029 1H 2026 financial results Appendix 8
Slide 9: Past performance – steady growth and strong resilience
Past performance – steady growth and strong resilience, despite extraordinary macro events Adj. EBITDA | €mln CAPEX | €mln Adjusted NFP | €mln MISE is fully 227 146 767 consolidated 221 759 140 from 26 February 211 723 2021 669 193 122 643 MISE VIRIDIS 154 34% 34% 34% 93 32% 32% 4.3x 4.0x 72 3.3x 25
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 1.000 400 800 673 651 300 600 221 227 400 200 200 100 0 -200 0 2024A 2025A 2029 2024A 2025A 2029 Strategic Plan 1 Strategic Plan 1 Energy Mobility infrastructure Ro.S.Co
Slide 11: Investments focused on low-volatility businesses
Investments focused on low-volatility businesses 450 Updated guidance €300-350mln 350-400 400 Gross 350 CAPEX ≈ €1.3bln 200 150 100 50 2024A 2024 2025A 2025 2026 2027 2028 2029 11
Slide 12: Financial sustainability
Financial sustainability Net Financial Position | €mln UPDATE: • Financial discipline also excluding terminal value recognition ≈1bln • Confirmed I.G. rating – Moody’s Baa3 | Fitch BBB+ • Full coverage of the financial needs of the Strategic Plan and strengthening capital structure: 750-800 TERMINAL
Slide 13: 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 2025A 2026 2027 2028 1 – Dividend per ordinary share outstanding (equal to 434,902,568 shares) 13
Slide 14: Strategic Plan ESG objectives
Strategic Plan ESG objectives CLIMATE CHANGE AND BIODIVERSITY ≈ 650 GWh of renewable energy Adoption of a transition plan to ≈ 35% reduction in emissions production from photovoltaic and achieve net-zero GHG emissions by generated by buses and corporate wind power 2050 consumption [tCO2eq vs 2
Slide 15: Group Overview / Strategic Plan 2024-2029 / 1H 2026 financial results
Group Overview Strategic Plan 2024-2029 1H 2026 financial results Appendix 15
Slide 16: Financial Highlights
Financial Highlights Revenues | €mln EBITDA | €mln Net Result | €mln +4.0% +1.6% -21.7% 327.1 340.1 114.3 116.1 41.9 32.8 34.9% 34.1% 1H 2025 1H 2026 1H 2025 1H 2026 1H 2025 1H 2026 Gross CAPEX | €mln Adj. NFP | €mln +41.1% -0.9% 102.0 722.5 716.3 72.3 1H 2025 1H 2026 31/12/25 30/06/26 % = EBITDA Ma
Slide 17: Operating Highlights | Sustainable mobility
Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km LPT demand | mln. pax +2.6% +5.9% 1,602.8 1,645.1 110.7 104.5 1,281.7 1,312.5 +1.4% 34.7 35.2 321.1 332.6 1H 2025 1H 2026 1H 2025 1H 2026 Light vehicles Heavy vehicles Trenord Bus transport 17
Slide 18: Operating Highlights | Renewable energy
Operating Highlights | Renewable energy Installed capacity | MW Net energy produced | MWh 106.6 73,763 59,689 71.9 +23,6% +34.7 MW 66,238 104.6 51,964 69.9 7,725 7,525 30/06/2025 30/06/2026 1H 2025 1H 2026 Solar-PV Biogas Solar-PV Biogas 18
Slide 19: Consolidated financial results
Consolidated financial results Group Net Result | €mln -21.7% -9.1mln (0.7) 0.2 (3.1) 41.9 (6.9) 1.8 Broadly stable as lower In 1H25 recorded interest costs following Higher taxable 32.8 insurance claim for debt repayments were income, lower €2.6mln and Covid offset by lower financial recognition of
Slide 20: Consolidated financial results | Associates & JV
Consolidated financial results | Associates & JV €mln 1H 2025 1H 2026 ∆€ Trenord 2.2 1.6 (0.6) 1 Autostrada Pedemontana Lombarda (APL) 0.5 0.4 (0.1) Tangenziali Esterne di Milano (TEM) 6.8 (0.4) (7.2) 2 Other 1.0 0.0 (0.1) Profit (Loss) of companies consolidated at equity 10.5 1.6 8.9 1 Trenord perf
Slide 21: Consolidated financial results | Segment EBITDA
Consolidated financial results | Segment EBITDA 1H 2025 114.3 3% Motorways 0.9 16% Railway Infrastructure (1.3) 6% Energy (0.5) 1H 2026 €116.1mln 2% Ro.S.Co. 6.3 72% Mobility & Services (3.6) 1H 2026 116.1 21
Slide 22: Cash flow generation
Cash flow generation Gross CAPEX | €mln Cash flow | €mln Mostly driven by higher funded investments Net CAPEX = 102.0 101.1 receivables and current contract assets €88.8mln 8.0 linked to project progress on railway 9.0 infrastructure and rolling stock investments 72.3 (54.9) Higher investments 23.3
Slide 23: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings Partially offset by "Funded 1,073.9 (277.9) investment receivables" Baa3 Stable recognized in Operating Net Working Capital BBB+ Stable 796.0 716.3 Breakdown by instrument 357.6 Bond 9.0% Finlombarda 3.0% 5.
Slide 24: Financial sustainability | Maturity structure
Financial sustainability | Maturity structure Total maturities | €mln UPDATE: • Prepayment of €35mln RCF on March 5th 2026 €724.5mln • €650mln bond maturing in October 2026 – fully covered by 673.0 available cash balance and drawdown of term loan facility • Repaid €16mln bank loans, with the remaini
Slide 25: FY 2026 outlook: Confirmed EBITDA estimates, Adj. NFP revised downward
FY 2026 outlook: Confirmed EBITDA estimates, Adj. NFP revised downward Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln Adj. NFP/EBITDA 230-240 226.5 350-400 850-900 300-350 750-800 722.5 3.5x / 4.0x 3.0x / 140.2 3.2x 3.5x 2025 Guidance 2025 Guidance Guidance 2025 Guidance Guidance 2026 2026 20
Slide 26: Group Overview / Strategic Plan 2024-2029 / 1H 2026 financial results
Group Overview Strategic Plan 2024-2029 1H 2026 financial results Appendix 26
Slide 27: Core business segments overview
Core business segments overview Mobility infrastructure Ro.S.Co. Mobility & Services Energy 27
Slide 28: 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 28
Slide 29: Surplus assets at book value (30 June 2026)
Surplus assets at book value (30 June 2026) Other Real Estate JV with Trenitalia (50% stake) active in Rail Local Public Transport Include Cadorna HQ carried at historical cost. Not included «Palazzo U9» classified as leased asset with zero-cost purchase option Aggregate carrying value of JV with De
Slide 30: 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 31: APL | A strategic infrastructure for Lombardy's road system
APL | A strategic infrastructure for Lombardy’s road system • FNM holds though MISE a 22.05% stake in APL (Regione Lombardia controls the remaining 77.95%) + a shareholder loan of nominal €150mln • Total length of ≈188km, o/w 85km in operation since 2015 (A, B1, A59, A60) • Concession of 30 years st
Slide 32: 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 33: Mobility as a Community
Mobility as a Community | The community-based approach as an innovative paradigm, exploiting new technologies MaaC FNM aims to integrate mobility, technology and digital services through investments in innovative startups complementary to the Group’s traditional Ecosystem transportation and infrastr
Slide 34: Digital platforms integrating FNM's core activities
Digital platforms integrating FNM’s core activities Shared mobility for events Sports tourism and Inclusive mobility for and communities outdoor experiences fragile people • Developer of the Flexymob platform • Sportit operates a B2C and B2B travel-tech • Innovative startup that developed a digital
Slide 35: The FILI Project | A new urban landscape
The FILI Project | A new urban landscape MILANO CADORNA MILANO BOVISA SARONNO HUB BUSTO ARSIZIO ALONG FERROVIENORD RAILWAY NETWORK FROM MILANO CODORNA TO MALPENSA 35
Slide 36: Climate change
ENVIRONMENT Climate change Key strategic levers for decarbonization*: MOBILITY ENERGY RO.S.CO. MOBILITY & SERVICES INFRASTRUCTURE MOTORWAYS • investments for the • Investments with own funds for • improvement of public road • enhancing safety development of installed 13 new electric trains transport
Slide 37: GHG Emissions
ENVIRONMENT GHG Emissions Main highlights: E1, E1-4 2025 [tCO2] Scope 1: 7% Scope 1 36.463 Direct GHG emissions Scope 2 (location-based) 25.123 Scope 2: 5% Scope 3 Indirect GHG emissions 43% Capital goods (Cat.2) Scope 3 444.595 Scope 3: 88% 42% Investments (Cat.15) Indirect GHG emissions in 12% Pur
Slide 38: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it