Fnm S.p.a. · MIL:FNM
Fnm — H1 2025 Earnings Presentation
37 slides from Fnm's earnings presentation, Aug 1, 2025
Slide 1: FNM Group 1H 2025 Results
FNM GROUP 1H 2025 RESULTS 1 August 2025
Slide 2: Financial Highlights – Reported
Financial Highlights – REPORTED1 Revenues | €mln Adj. EBITDA | €mln +7.0% +7.8% 305.6 327.1 106.0 114.3 34.7% 34.9% 1H 2024 1H 2025 1H 2024 1H 2025 Group Net Result | €mln Adj. NFP | €mln +38.3% +7.8% 41.9 668.5 720.4 30.3 1H 2024 1H 2025 31/12/24 30/06/25 1 – Including the effects of the consolidat
Slide 3: Operating Highlights | Sustainable mobility
Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km LPT demand | mln. pax +2.2% +1.3% 1,567.6 1,602.8 103.2 104.5 1,251.2 1,281.7 -1.7% 35.3 34.7 316.4 321.1 1H 2024 1H 2025 1H 2024 1H 2025 Light vehicles Heavy vehicles Trenord Bus transport 3
Slide 4: Operating Highlights | Renewable energy
Operating Highlights | Renewable energy Installed capacity | MW Energy production | MWh 71.9 60,166 48.1 39,770 +51.3% +23.8 51,606 MW 69.9 31,084 46.1 8,686 8,560 30/06/24 30/06/25 1H 2024 1H 2025 Solar-PV Biogas Solar-PV Biogas 4
Slide 5: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 6: Consolidated financial results – Reported
Consolidated financial results – REPORTED Group Net Result | €mln +38.3% +11.6mln 41.9 (4.1) (0.5) 0.9 2.9 30.3 Development Mainly 4.1 Including +€5.0mln projects related consolidation Lower interest of Associates & JV 8.3 to the acquisition of Viridis and payments on MISE (See next slide) of Viridi
Slide 7: Consolidated financial results | Associates & JV
Consolidated financial results | Associates & JV €mln 1H 2024 1H 2025 ∆€ Trenord 5.3 2.2 (3.1) 1 Autostrada Pedemontana Lombarda (APL) (0.8) 0.5 1.3 2 Tangenziali Esterne di Milano (TEM) (1.0) 6.7 7.7 3 Other 2.0 1.1 (0.9) 4 Profit (Loss) of companies consolidated at equity 5.5 10.5 5.0 1 Trenord pe
Slide 8: Consolidated financial results | Segment results
Consolidated financial results | Segment results REPORTED Adj. EBITDA (€ mln) 1H 2024 1H 2025 ∆€ ∆% Motorways 80.0 83.1 3.1 +3.9% 7% Railway infrastructure 0.4 4.0 3.6 n.m. Energy 5.5 7.5 2.0 +36.4% 11% Ro.S.Co 17.3 12.1 (5.2) -30.1% Mobility & Services 2.8 7.6 4.8 n.m. Total 106.0 114.3 8.3 +7.8% 7
Slide 9: Segment results – Motorways
Segment results – Motorways Adj. EBITDA | €mln MAIN DRIVERS • Toll revenues driven solely by traffic 3.1mln volumes and mix between light and heavy +3.9% vehicles, in a context with no tariff adjustments 3.0 (3.3) • Exceptional pavement repair works 83.1 carried out in 1H24 following weather- relate
Slide 10: Segment results – Railway Infrastructure
Segment results – Railway Infrastructure Adj. EBITDA | €mln MAIN DRIVERS • One-off transactions (already embedded +3.6mln in FY guidance) include: n.m. o Insurance compensations for flood and hailstorm claims o Release of bad debt provision 0.9 following collection of unpaid (1.6) receivables 4.0 •
Slide 11: Segment results – Energy
Segment results – Energy Adj. EBITDA | €mln MAIN DRIVERS • New plants in operation vs 1H24 0.5mln +7.1% • Reduction in energy prices – mainly contracted at fixed price for 2025 – partially compensated by slightly higher (0.7) production YoY on existing plants 2.0 • Higher costs mainly related to bio
Slide 12: Segment results – Ro.S.Co
Segment results – Ro.S.Co Adj. EBITDA | €mln MAIN DRIVERS • Full consolidation of Nordcom from 15 -5.2mln July 2024 -30.1% • Reduction in lease payments mainly driven by TSR and Coradia trainsets leased 1.8 to Trenord (in line with contractual 17.3 forecasts) (5.0) • Higher headcount (+7 FTE), contr
Slide 13: Segment results – Mobility & Services
Segment results – Mobility & Services Adj. EBITDA | €mln MAIN DRIVERS • Additional compensation for reduced +4.8mln tariff revenues due to the Covid-19 +171.4% emergency (0.4) • Growing demand for daily travel tickets 1.1 (0.4) 7.6 and Public Service Contract revenue from increased mileage in Verona
Slide 14: Cash flow generation
Cash flow generation Gross CAPEX | €mln Cash flow | €mln Net CAPEX Mainly higher trade receivables due to 72.3 112.0 = €66.4mln timing differences in payments for rolling stock leasing, network access and interconnected motorway companies (35.7) 30.1 3.6 34.4 5.6 6.5 (66.4) Lower investments grants
Slide 15: Financial sustainability
Financial sustainability Net Financial Position | €mln 720.4 20.4 668.5 31.5 includes the share of grants 51.8 collected in advance of the 616.7 progress of work orders Adj. NFP "cash" Put Option Adj. NFP Net Cash Flow IFRS 16 and Adj. NFP 31/12/24 + Earn Out 31/12/24 Other effects 30/06/25 15
Slide 16: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings (135.2) Baa3 Stable 957.2 BBB Positive 720.4 Breakdown by instrument 372.0 80% Bond 10.0% Bridge loan 11.0% EIB Bank debt 2.0% 20% Other 9.0% Adj. NFP Cash Advances for Gross Debt 30/06/25 Rail Infra. 30/06/
Slide 17: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings €1,020.6mln at 30/06/24 (135.2) Baa3 Stable €875.6mln at 30/06/24 957.2 BBB Positive 720.4 Breakdown by instrument 372.0 80% Bond 10.0% Bridge loan 11.0% EIB Bank debt 2.0% 20% Other 9.0% Adj. NFP Cash Advan
Slide 18: Financial sustainability | Maturity structure
Financial sustainability | Maturity structure Gross Debt | €mln UPDATE: €1bln loan agreement • Syndication process attracted strong interest with an 688.8 oversubscription of over 60% • The financing includes three types of credit facilities: 155.3 o Term Facility: €500mln with 6y maturity and a par
Slide 19: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 20: FY 2025 outlook: Confirmed EBITDA estimates, Adj. NFP revised downward
FY 2025 outlook: Confirmed EBITDA estimates, Adj. NFP revised downward Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln Adj. NFP/EBITDA 220-230 220.5 180-210 170-210 780-820 700-760 668.5 121.7 3.4x / 3.0x / 3.6x 3.4x 3.0x 2024 Guidance 2024 Guidance Guidance 2024 Guidance Guidance 2025 2025 20
Slide 21: Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 22: Overview of business segments
Overview of business segments Mobility infrastructure Ro.S.Co. Mobility & Services Energy N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements 22
Slide 23: Consolidated Profit & Loss – Reported
Consolidated Profit & Loss – REPORTED € mln 1H 2024 1H 2025 ∆€ ∆% Revenues from sales and services 287.9 303.6 15.7 +5.5% Other revenues and income 17.7 23.5 5.8 +32.8% Total revenues and other income 305.6 327.1 21.5 +7.0% Operating costs (111.5) (116.4) (4.9) +4.4% Personnel costs (88.1) (96.4) (8
Slide 24: Consolidated Profit & Loss – Pro Forma
Consolidated Profit & Loss – PRO FORMA 1H 2024 1H 2025 ∆€ ∆% € mln PROFORMA Revenues from sales and services 290.2 303.6 13.4 +4.6% Other revenues and income 17.8 23.5 5.7 +32.0% Total revenues and other income 308.0 327.1 19.1 +6.2% Operating costs (112.1) (116.4) (4.3) +3.8% Personnel costs (88.4)
Slide 25: Segment details – Motorways, Railway infrastructure
Segment details – Motorways € mln 1H 2024 1H 2025 ∆€ ∆% Toll revenues 138.5 141.0 2.5 +1.8% Other revenues 13.1 15.8 2.7 +20.6% Total revenues 151.6 156.8 5.2 +3.4% Adj. EBITDA 80.0 83.1 3.1 +3.9% Adj. EBITDA/Revenues % 52.8 % 53.0 % EBIT 40.2 44.8 4.6 +11.4% Segment details – Railway infrastructure
Slide 26: Segment details – Energy, Ro.S.Co.
Segment details – Energy € mln 1H 2024 1H 2025 ∆€ ∆% PROFORMA Revenues from sale of energy 5.8 7.0 1.2 +20.7% Other revenues 4.7 5.2 0.5 +10.6% Total revenues 10.5 12.2 1.7 +16.2% Adj. EBITDA 7.0 7.5 0.5 +7.1% Adj. EBITDA/Revenues % 66.7 % 61.5 % EBIT 2.6 2.7 0.1 +3.8% Segment details – Ro.S.Co. € m
Slide 27: Segment details – Mobility & Services
Segment details – Mobility & Services € mln 1H 2024 1H 2025 ∆€ ∆% Public contracts and grants 25.5 30.6 5.1 +20.0% Transport services 26.8 30.7 3.9 +14.6% Other revenues 3.8 6.7 2.9 +76.3% Total revenues 56.1 68.0 11.9 +21.2% Adj. EBITDA 2.8 7.6 4.8 n.d. Adj. EBITDA/Revenues % 5.0 % 11.2 % EBIT (2.4
Slide 28: Segment details – Revenue breakdown
Segment details – Revenue breakdown € mln - REPORTED 1H 2024 1H 2025 ∆€ ∆% Motorways 151.6 156.8 5.2 +3.4% Railway infrastructure 65.8 68.6 2.8 +4.3% Energy 8.1 12.2 4.1 +50.6% Ro.S.Co. 38.2 46.1 7.9 +20.7% Mobility & Services 56.1 68.0 11.9 +21.2% Intercompany elisions (14.2) (24.6) (10.4) +73.2% T
Slide 29: Net CAPEX breakdown
Net CAPEX breakdown € mln 1H 2024 1H 2025 ∆€ Motorways 6.5 30.1 23.6 Railway infrastructure 10.8 3.6 (7.2) Energy 9.7 5.6 (4.1) Ro.S.Co. 5.4 16.5 11.1 Mobility & Services 2.0 16.5 14.5 Gross CAPEX made by FNM 34.4 72.3 37.9 Railway infrastructure + Rolling stock (managed only) 149.6 217.1 67.5 Total
Slide 30: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 1H 2024 1H 2025 ∆€ Trenord S.r.l. * 5,316 2,198 (3,118) Autostrada Pedemontana Lombarda (844) 455 1,299 Tangenziali Esterne di Milano S.p.A. ** (977) 6,762 7,739 NORD ENERGIA S.p.A. 1,007 50 (957) DB Cargo Italia S.r.l. 270 335 65 Omnibus Parte
Slide 31: Profit (Loss) of companies consolidated at equity – Trenord
Profit (Loss) of companies consolidated at equity – TRENORD € mln 1H 2024 1H 2025 ∆€ ∆% Ticketing revenues 201.0 207.1 6.1 +3.0% Revenues from Service Contract 242.3 240.2 (2.1) -0.9% Other revenues and income 25.2 28.2 3.0 +11.9% Total revenues and other income 468.5 475.5 7.0 +1.5% Operating costs
Slide 32: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 1H 2024 1H 2025 ∆€ ∆% Toll revenues 22.7 23.2 0.5 +2.2% Other revenues and income 3.2 8.8 5.6 n.d. Total revenues and other income 25.9 32.0 6.1 +23.6% Operating costs (9.8) (10.2) (0.4) +4.1% Personnel costs (6.2) (6.9) (0.7) +11.3% EBIT
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 31/12/2024 30/06/2025 ∆€ Inventories 15.7 18.2 2.5 Trade receivables 143.1 188.0 44.9 Other current receivables 127.5 166.5 39.0 Current financial receivables 4.7 0.9 (3.8) Current contractual assets 23.9 56.9 33.0 Financed investment receivables 117.3 114.5 (2.8) Tr
Slide 34: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 31/12/2024 30/06/2025 ∆€ Cash and bank deposits (442.7) (372.0) 70.7 Current financial debt 317.1 311.9 (5.2) Current Net Financial Position (Debt/-Cash) (125.6) (60.1) 65.5 Non-current financial debt 794.1 780.5 (13.6) Adj. Net Financial Position 6
Slide 35: Shareholders and share performance
Shareholders and share performance Share price @ 31-lug-25: €0,41 { } { } FNM S.p.A. vs. Major Indexes Indexed Price Performance Price (Indexed to 100) FNM S.p.A. FTSE Italia All-Share FTSE Italia Small Cap FTSE Italia All-Share / Consumer Services - IND 134 115 90 84 1/24 4/24 7/24 10/24 1/25 4/25
Slide 36: Glossary
Glossary Adjusted EBITDA: it is represented by EBITDA (earnings for the year before income taxes, of the other financial income and expenses, of depreciation, amortization and impairments of fixed assets), excluding non-ordinary expenses and income, such as: (i) income and expenses deriving from r
Slide 37: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it