Fnm S.p.a. · MIL:FNM
Fnm — Q1 2026 Earnings Presentation
34 slides from Fnm's earnings presentation, May 15, 2026
Slide 1: FNM Group 1Q 2026 Results
FNM GROUP 1Q 2026 RESULTS 15 May 2026
Slide 2: Financial Highlights
Financial Highlights Revenues | €mln EBITDA | €mln +3.1% +6.1% 154.5 159.3 50.6 53.7 32.8% 33.7% 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Group Net Result | €mln Adj. NFP | €mln +15.8% +2.5% 13.9 722.5 740.3 12.0 1Q 2025 1Q 2026 31/12/25 31/03/26 % = EBITDA Margin 2
Slide 3: Operating Highlights | Sustainable mobility
Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km LPT demand | mln. pax +4.4% +7.7% 755.8 54.8 724.0 50.9 570.6 596.4 +1.1% 17.6 17.8 153.4 159.4 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Light vehicles Heavy vehicles Trenord Bus transport 3
Slide 4: Operating Highlights | Renewable energy
Operating Highlights | Renewable energy Installed capacity | MW Net energy produced | MWh 87.3 21,426 18,500 71.9 +15.8% +15.4 17,724 MW 85.3 14,652 69.9 3,848 3,702 31/03/2025 31/03/2026 1Q 2025 1Q 2026 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
Consolidated financial results Group Net Result | €mln +15.8% (0.7) +1.9mln (0.4) (0.4) 13.9 Increase 0.3 12.0 Including -€0.2mln depreciation and Reduction in interest 3.1 amortization for expense on loans of Associates & JV rolling stock and following the gradual (See next slide) new busses repaym
Slide 7: Consolidated financial results | Associates & JV
Consolidated financial results | Associates & JV €mln 1Q 2025 1Q 2026 ∆€ Trenord 1.0 0.5 (0.5) 1 Autostrada Pedemontana Lombarda (APL) 0.4 0.3 (0.1) Tangenziali Esterne di Milano (TEM) (0.7) (0.2) 0.5 2 Other 0.2 0.1 (0.1) Profit (Loss) of companies consolidated at equity 0.9 0.7 (0.2) 1 Trenord per
Slide 8: Consolidated financial results | Segment results
Consolidated financial results | Segment results EBITDA| €mln 4% 1Q 2025 1Q 2026 ∆€ ∆% Motorways 35.6 39.0 3.4 +9.6% Railway infrastructure 2.8 0.4 (2.4) -85.7% 19% Energy 1.9 1.9 0.0 +0.0% Ro.S.Co 9.3 10.2 0.9 +9.7% Mobility & Services 1.0 2.2 1.2 +120.0% Total 50.6 53.7 3.1 +6.1% 1Q 2026 3% €53.7m
Slide 9: Segment results – Motorways
Segment results – Motorways Adj. EBITDA | €mln MAIN DRIVERS • Toll revenues driven by traffic volumes 3.4mln and mix, as well as +1.5% tariff increase +9.6% effective from 1st January 2026 • Completion of non-recurring works in 1.7 (1.8) 1Q25, reduced winter maintenance, (0.3) 39.0 different schedul
Slide 10: Segment results – Railway Infrastructure
Segment results – Railway Infrastructure Adj. EBITDA | €mln MAIN DRIVERS -2.0mln • 1Q25 included a one-off insurance n.m. reimbursement for hail damage and the 2.8 flooding of the Breno River • Concession revenues impacted by completion of new train deliveries and lower design activities for managed
Slide 11: Segment results – Energy
Segment results – Energy Adj. EBITDA | €mln MAIN DRIVERS • New plants in operation vs 1Q25 • Production on existing plants affected by Flat YoY lower-than-average solar radiation • Reduction in the average effective selling (0.2) price driven by (a) fixed-price PPAs signed during the previous summer
Slide 12: Segment results – Ro.S.Co
Segment results – Ro.S.Co Adj. EBITDA | €mln MAIN DRIVERS • Mainly start from 2Q25 of lease payments 0.9mln for maintenance activities on TILO, TAF +9.7% and CSA train fleets • Mainly consulting and IT costs linked to 10.2 compliance with NIS2 regulation, sponsorships, as well as headcount (1.0) 1.2
Slide 13: Segment results – Mobility & Services
Segment results – Mobility & Services Adj. EBITDA | €mln MAIN DRIVERS • Performance driven by mobility services +1.2mln as well as lower maintenance and energy +120.0% costs, without tariff adjustments (0.2) • Increase in the €/km contribution of the (0.1) 2.2 Public Service Contract in Verona and 0
Slide 14: Cash flow generation
Cash flow generation Gross CAPEX | €mln Cash flow | €mln Net CAPEX = Mostly driven by lower trade payables due 39.1 54.4 to payments for funded investments in €32.4mln 36.2 3.8 railway infra. and higher receivables 0.6 towards Trenord and Province of Verona 13.6 8.7 Higher investments grants collect
Slide 15: Financial sustainability
Financial sustainability Net Financial Position | €mln 740.3 1.0 14.2 722.5 2.6 includes the share of grants collected in advance of the progress of work orders Adj. NFP Net Cash Flow Change in financial debt IFRS 16 and Adj. NFP 31/12/25 Other effects 31/03/26 15
Slide 16: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings (256.5) €848.4mln Baa3 Stable at 31/12/25 BBB+ Stable 814.3 740.3 Breakdown by instrument 330.5 Bond 9.0% Finlombarda 5.0% EIB 5.0% 1.0% Bank debt Other Adj. NFP Cash Advances for Gross Debt Avg. cost of deb
Slide 17: Financial sustainability | Maturity structure
Financial sustainability | Maturity structure Gross Debt | €mln UPDATE: • Prepayment of €35mln RCF on March 5th 2026 687.4 • €650mln bond maturing in October 2026 – fully covered by available cash balance and drawdown of term loan facility 33.8 5.9 5.9 5.9 2026 2027 2028 2029 After 2029 Bond EIB Fin
Slide 18: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 19: FY 2026 Outlook confirmed
FY 2026 Outlook confirmed Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln Adj. NFP/EBITDA 230-240 350-400 850-900 226.5 722.5 3.5-4.0x 140.2 3.2x 2025 Guidance 2025 Guidance 2025 Guidance 2026 2026 2026 19
Slide 20: Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 21: Consolidated Profit & Loss
Consolidated Profit & Loss € mln 1Q 2025 1Q 2026 ∆€ ∆% Revenues from sales and services 141.5 150.0 8.5 +6.0% Other revenues and income 13.0 9.3 (3.7) -28.5% Total revenues and other income 154.5 159.3 4.8 +3.1% Operating costs (57.7) (57.4) 0.3 -0.5% Personnel costs (46.2) (48.2) (2.0) +4.3% Adj. E
Slide 22: Revenue breakdown, EBITDA breakdown
Revenue breakdown € mln 1Q 2025 1Q 2026 ∆€ ∆% Motorways 72.6 77.2 4.6 +6.3% Railway infrastructure 34.9 31.9 (3.0) -8.6% Energy 3.9 4.9 1.0 +25.6% Ro.S.Co. 24.5 27.1 2.6 +10.6% Mobility & Services 30.4 31.8 1.4 +4.6% Intercompany eliminations (11.8) (13.6) (1.8) +15.3% Total revenues 154.5 159.3 4.8
Slide 23: Segment details – Motorways, Railway infrastructure
Segment details – Motorways € mln 1Q 2025 1Q 2026 ∆€ ∆% Toll revenues 65.2 69.4 4.2 +6.4% Other revenues 7.4 7.8 0.4 +5.4% Total revenues 72.6 77.2 4.6 +6.3% Adj. EBITDA 35.6 39.0 3.4 +9.6% Adj. EBITDA/Revenues % 49.0 % 50.5 % EBIT 16.5 19.4 2.9 +17.6% Segment details – Railway infrastructure € mln
Slide 24: Segment details – Energy, Ro.S.Co.
Segment details – Energy € mln 1Q 2025 1Q 2026 ∆€ ∆% Revenues from sale of energy 2.4 2.7 0.3 +12.5% Incentives 1.5 1.4 (0.1) -6.7% Other revenues 0.0 0.8 0.8 —% Total revenues 3.9 4.9 1.0 +25.6% Adj. EBITDA 1.9 1.9 0.0 —% Adj. EBITDA/Revenues % 48.7 % 38.8 % EBIT (0.5) (0.5) 0.0 —% Segment details
Slide 25: Segment details – Mobility & Services
Segment details – Mobility & Services € mln 1Q 2025 1Q 2026 ∆€ ∆% Public contracts and grants 13.2 13.8 0.6 +4.5% Transport services 13.7 15.0 1.3 +9.5% Other revenues 3.5 3.0 (0.5) (14.3)% Total revenues 30.4 31.8 1.4 +4.6% Adj. EBITDA 1.0 2.2 1.2 n.d. Adj. EBITDA/Revenues % 3.3 % 6.9 % EBIT (2.0)
Slide 26: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 1Q 2025 1Q 2026 ∆€ Trenord S.r.l. * 1,041 518 (523) Autostrada Pedemontana Lombarda S.p.A. 362 250 (112) Tangenziali Esterne di Milano S.p.A.** (693) (238) 455 NORD ENERGIA S.p.A. in liquidazione 20 0 (20) DB Cargo Italia S.r.l. 62 85 23 Omnibu
Slide 27: Profit (Loss) of companies consolidated at equity – TRENORD
Profit (Loss) of companies consolidated at equity – TRENORD € mln 1Q 2025 1Q 2026 ∆€ ∆% Ticketing revenues 96.5 102.8 6.3 +6.5% Revenues from Service Contract 128.8 135.0 6.2 +4.8% Other revenues and income 12.6 12.0 (0.6) -4.8% Total revenues and other income 237.9 249.8 11.9 +5.0% Operating costs
Slide 28: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 1Q 2025 1Q 2026 ∆€ ∆% Toll revenues 11.0 11.4 0.4 +3.6% Other revenues and income 4.0 5.9 1.9 +47.5% Total revenues and other income 15.0 17.3 2.3 +15.3% Operating costs (4.5) (5.9) (1.4) +31.1% Personnel costs (3.4) (3.6) (0.2) +5.9% EBI
Slide 29: Net CAPEX breakdown
Net CAPEX breakdown € mln 1Q 2025 1Q 2026 ∆€ Motorways 13.6 3.8 (9.8) Railway infrastructure 2.0 0.6 (1.4) Energy 3.2 8.7 5.5 Ro.S.Co. 9.6 25.4 15.8 Mobility & Services 7.8 0.6 (7.2) Gross CAPEX made by FNM 36.2 39.1 2.9 Public contributions - Mobility & Services 0.0 6.2 6.2 Public contributions - M
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 31/12/2025 31/03/2026 ∆€ Inventories 20.4 20.4 0.0 Trade receivables 175.7 201.4 25.7 Other current receivables 105.8 105.6 (0.2) Current financial receivables 5.1 4.7 (0.4) Current contractual assets 165.3 115.1 (50.2) Financed investment receivables 46.0 46.3 0.3 T
Slide 31: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 31/12/2025 31/03/2026 ∆€ Cash and bank deposits (368.6) (330.5) 38.1 Current financial debt 964.2 943.8 (20.4) Current Net Financial Position (Debt/-Cash) 595.6 613.3 17.7 Non-current financial debt 126.9 127.0 0.1 Adj. Net Financial Position 722.5
Slide 32: Shareholders and share performance
Shareholders and share performance Share price @ 14-mag-26: €0,50 { } { } 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 106 110 95 Jan Feb Mar Apr Source: FactSet Prices Share capital profile Shareholders’ structu
Slide 33: 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 34: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it