Fnm S.p.a. · MIL:FNM
Fnm — Q1 2025 Earnings Presentation
36 slides from Fnm's earnings presentation, May 15, 2025
Slide 1: FNM Group 1Q 2025 Results
FNM GROUP 1Q 2025 RESULTS 15 May 2025
Slide 2: 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 3: Operating Highlights | Sustainable mobility
Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km LPT demand | mln. pax +0.1% +1.6% 723.5 724.0 50.1 50.9 571.9 570.6 -2.8% 18.1 17.6 151.6 153.4 1Q 2024 1Q 2025 1Q 2024 1Q 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 18,835 13,990 47.0 +34.6% +25 14,584 MW 69.9 9,651 45.0 4,339 4,251 31/03/24 31/03/25 1Q 2024 1Q 2025 Solar-PV Biogas Solar-PV Biogas 4
Slide 5: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 6: Consolidated financial results – Reported
Consolidated financial results – REPORTED Group Net Result | €mln -11.1% -1.5mln (2.4) (0.7) 0.8 (2.4) 13.5 2.0 Development 1.2 12.0 Mainly projects related consolidation More advantageous to the acquisition cash yield. 1Q24 See next slide of Viridis and of Viridis Nordcom included charges from sett
Slide 7: Consolidated financial results | Associates & JV
Consolidated financial results | Associates & JV €mln 1Q 2024 1Q 2025 ∆€ Trenord 2.9 1.0 (1.8) 1 Autostrada Pedemontana Lombarda (0.2) 0.4 0.6 2 Other 0.6 (0.5) (1.2) 3 Profit (Loss) of companies consolidated at equity 3.3 0.9 (2.4) 1 Trenord performance penalized by increase in operating and person
Slide 8: Consolidated financial results | Segment results
Consolidated financial results | Segment results REPORTED Adj. EBITDA (€ mln) 1Q 2024 1Q 2025 ∆€ ∆% Motorways 36.0 35.6 (0.4) -1.1% 2% Railway infrastructure 0.8 2.8 2.0 n.m. Energy 1.1 1.9 0.8 +72.7% 18% Ro.S.Co 9.8 9.3 (0.5) -5.1% Mobility & Services 0.9 1.0 0.1 +11.1% Total 48.6 50.6 2.0 +4.1% 4%
Slide 9: Segment results – Motorways
Segment results – Motorways Adj. EBITDA | €mln MAIN DRIVERS • Toll revenues broadly stable, in line with traffic trend, following non-adjustment of -0.4mln tariffs as by EFP 2025-2028 -1.1% 36.0 0.3 • Frontloading of paving works and riverbank protection near the Po bridge, 35.6 as well as moderniza
Slide 10: Segment results – Railway Infrastructure
Segment results – Railway Infrastructure Adj. EBITDA | €mln MAIN DRIVERS • Insurance compensations attributable to +2.0mln flood and hailstorm claims (already +250.0% embedded in FY guidance) • Higher cost of materials, maintenance 2.8 activities on the Bornato–Sale Marasino section and on the railw
Slide 11: Segment results – Energy
Segment results – Energy Adj. EBITDA | €mln MAIN DRIVERS • Higher capacity in operation vs 1Q 2024 -0.7mln • Lower productivity essentially due to -26.9% whether conditions below historical average and to reduction in energy prices, 0.5 (0.4) mainly contracted at fixed price for 2025 2.6 • Higher co
Slide 12: Segment results – Ro.S.Co
Segment results – Ro.S.Co Adj. EBITDA | €mln MAIN DRIVERS • Full consolidation of Nordcom from 15 -0.5mln July 2024 -5.1% • Reduction in lease payments mainly driven by TSR and Coradia trainsets leased to Trenord (in line with contractual (0.7) 0.9 forecasts) and by the termination of the contract f
Slide 13: Segment results – Mobility & Services
Segment results – Mobility & Services Adj. EBITDA | €mln MAIN DRIVERS • Higher PSC revenue from increased urban +0.1mln and suburban LPT mileage in Verona +11.1% • No tariff adjustment and increased use of subcontracting to third parties to ensure (0.3) service delivery as a result of the chronic 0.
Slide 14: Cash flow generation
Cash flow generation Gross CAPEX | €mln Cash flow | €mln Net CAPEX 36.2 = €33.7mln 51.8 13.6 Mainly payment of funded investments on rail and motorway infrastructure 2.0 14.1 (73.8) (0.4) 3.2 9.6 7.5 1.3 70.2 Higher investments 1.2 grants collected vs 7.8 investments made 2.4 1.1 (33.7) 1Q 2024 1Q 2
Slide 15: Financial sustainability
Financial sustainability Net Financial Position | €mln 717.2 62.8 668.5 (14.1) 51.8 616.7 includes the share of grants collected in advance of the 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 31/03/25 15
Slide 16: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings (194.0) Baa3 Negative 982.1 BBB Positive 717.2 Breakdown by instrument 458.9 78% 9.0% Bond Bridge loan 14.0% EIB 22% Bank debt 2.0% Other Adj. NFP Cash Advances for Gross Debt 9.0% 31/03/25 Rail Infra. 31/03
Slide 17: Financial sustainability | Maturity structure
Financial sustainability | Maturity structure Gross Debt | €mln UPDATE: Refinancing approved by BoD • Approved Commitment Letters and Head of Terms 688.8 with ISP and BNPP for a loan structure of up to €1bln, 181.3 including the refinancing of the bond maturing in 2026 • Approved Term Sheet with Fin
Slide 18: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 19: 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 20: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 21: 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 21
Slide 22: Consolidated Profit & Loss – Reported
Consolidated Profit & Loss – REPORTED € mln 1Q 2025 1Q 2024 ∆€ ∆% Revenues from sales and services 140.2 134.3 5.9 +4.4% Other revenues and income 14.3 9.4 4.9 +52.1% Total revenues and other income 154.5 143.7 10.8 +7.5% Operating costs (57.7) (53.2) (4.5) +8.5% Personnel costs (46.2) (41.9) (4.3)
Slide 23: Consolidated Profit & Loss – Pro Forma
Consolidated Profit & Loss – PRO FORMA 1Q 2024 1Q 2025 € mln PROFORMA ∆€ ∆% Revenues from sales and services 140.2 136.6 3.6 +2.6% Other revenues and income 14.3 9.5 4.8 +50.5% Total revenues and other income 154.5 146.1 8.4 +5.7% Operating costs (57.7) (53.8) (3.9) +7.2% Personnel costs (46.2) (42.
Slide 24: Segment details – Motorways and Railway infrastructure
Segment details – Motorways € mln 1Q 2025 1Q 2024 ∆€ ∆% Toll revenues 65.2 65.0 0.2 0.3% Other revenues 7.4 5.9 1.5 25.4% Total revenues 72.6 70.9 1.7 2.4% Adj. EBITDA 35.6 36.0 (0.4) -1.1% Adj. EBITDA/Revenues % 49.0 % 50.8 % EBIT 16.5 16.2 0.3 1.9% Segment details – Railway infrastructure € mln 1Q
Slide 25: Segment details – Energy and Ro.S.Co.
Segment details – Energy € mln 1Q 2025 1Q 2024 ∆€ ∆% PROFORMA Revenues from sale of energy 2.4 2.3 0.1 4.3% Other revenues 1.5 1.7 (0.2) -11.8% Total revenues 3.9 4.0 (0.1) -2.5% Adj. EBITDA 1.9 2.6 (0.7) -26.9% Adj. EBITDA/Revenues % 52.5 % 56.8 % EBIT (0.5) 0.2 (0.7) n.m. Segment details – Ro.S.Co
Slide 26: Segment details – Mobility & Services
Segment details – Mobility & Services € mln 1Q 2025 1Q 2024 ∆€ ∆% Public contracts and grants 12.9 12.4 0.5 4.0% Transport services 13.7 12.9 0.8 6.2% Other revenues 3.8 1.7 2.1 123.5% Total revenues 30.4 27.0 3.4 12.6% Adj. EBITDA 1.0 0.9 0.1 11.1% Adj. EBITDA/Revenues % 3.3 % 3.3 % EBIT (2.0) (1.6
Slide 27: Segment details – Revenue breakdown
Segment details – Revenue breakdown € mln - REPORTED 1Q 2025 1Q 2024 ∆€ ∆% Motorways 72.6 70.9 1.7 2.4% Railway infrastructure 34.9 32.1 2.8 8.7% Energy 3.9 1.6 2.3 144% Ro.S.Co. 24.5 18.9 5.6 29.6% Mobility & Services 30.4 27.0 3.4 12.6% Intercompany elisions (11.8) (6.8) (5.0) 73.5% Total revenues
Slide 28: Net CAPEX breakdown
Net CAPEX breakdown € mln 1Q 2025 1Q 2024 ∆€ Motorways 13.6 1.3 12.3 Railway infrastructure 2.0 1.2 0.8 Energy 3.2 1.5 1.7 Ro.S.Co. 9.6 2.4 7.2 Mobility & Services 7.8 1.1 6.7 Gross CAPEX made by FNM 36.2 7.5 28.7 Railway infrastructure + Rolling stock (managed only) 65.3 49.6 15.7 Total Gross CAPEX
Slide 29: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 1Q 2025 1Q 2024 ∆€ Trenord S.r.l. * 1,041 2,879 (1,838) Autostrada Pedemontana Lombarda 362 (188) 550 Tangenziali Esterne di Milano S.p.A. ** (693) (563) (130) NORD ENERGIA S.p.A. 20 925 (905) DB Cargo Italia S.r.l. 62 189 (127) Omnibus Parteci
Slide 30: Profit (Loss) of companies consolidated at equity – Trenord
Profit (Loss) of companies consolidated at equity – TRENORD € mln 1Q 2025 1Q 2024 ∆€ ∆% Ticketing revenues 96.5 94.5 2.0 2.1% Revenues from Service Contract 128.8 125.6 3.2 2.5% Other revenues and income 12.5 12.0 0.5 4.2% Total revenues and other income 237.8 232.1 5.7 2.5% Operating costs (119.8)
Slide 31: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 1Q 2025 1Q 2024 ∆€ ∆% Toll revenues 11.0 10.8 0.2 1.9% Other revenues and income 4.0 1.3 2.7 n.d. Total revenues and other income 15.0 12.1 2.9 24.0% Operating costs (4.5) (3.8) (0.7) 18.4% Personnel costs (3.4) (3.0) (0.4) 13.3% EBITDA 7
Slide 32: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 31/03/2025 12/31/2024 ∆€ Inventories 17.1 15.7 1.4 Trade receivables 153.0 143.1 9.9 Other current receivables 165.6 127.5 38.1 Current financial receivables 9.9 4.7 5.2 Current contractual assets 30.0 23.9 6.1 Financed investment receivables 92.3 117.3 (25.0) Trade
Slide 33: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 31/03/2025 12/31/2024 ∆€ Cash and bank deposits (458.9) (442.7) (16.2) Current financial debt 383.9 317.1 66.8 Current Net Financial Position (Debt/-Cash) (75.0) (125.6) 50.6 Non-current financial debt 792.2 794.1 (1.9) Adj. Net Financial Position 7
Slide 34: Shareholders and share performance
Shareholders and share performance Share price @ 14-mag-25: €0,40 { } { } 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 132 108 97 88 1/24 4/24 7/24 10/24 1/25 4/25
Slide 35: 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 36: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it