Slide 1: FNM Group 9M 2024 Results
FNM Group 9M 2024 RESULTS 15 November 2024
Slide 2: An integrated player in transportation and mobility in Northern Italy
An integrated player in transportation and mobility in Northern Italy Management of motorway infrastructure trough a concession expiring in 2028 • Highway from Milan to Serravalle Scrivia (A7 86Km) Motorways • Milan West, East and North ring roads (A50 33Km, A51 29Km, A52 19Km) 185 Km • Pavia West r
Slide 3: Key investments in Associates and Joint Ventures
Key investments in Associates and Joint Ventures 1 4 JV with Trenitalia (50% stake) active JV with Deutsche Bahn (40% stake) in Rail Local Public Transport active in Freight Rail Transportation Alternative digital mobility platforms according to MaaC paradigm (Busforfun 40%, Sportit 33%, Mbility 30.
Slide 4: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 5: 9M 2024 Financial Highlights – Reported
9M 2024 Financial Highlights – REPORTED1 REVENUES ADJ. EBITDA EBIT +3.8% +7.5% -11.4% 456.3 flat 473.8 161.0 +0.8% 173.0 83.4 excl. M&A 73.9 excl. M&A 35.3% 36.5% 9M 2023 9M 2024 (€mln) 9M 2023 9M 2024 (€mln) 9M 2023 9M 2024 (€mln) ADJ. NET RESULT GROUP NET RESULT ADJ. NFP -1.5% +21.8% -15.2% 56.5 5
Slide 6: Motorways - traffic trend on MISE network
Motorways - traffic trend on MISE network (vehicles-km) Traffic performance also benefits from the adjustment of the conventional mileage of the Northern Ring Road from March 2023 320 300 280 260 240 220 Light vehicles +2.2% 200 Heavy vehicles 2,384 2,438 2,240 180 1,772 1,918 1,964 160 140 468 466
Slide 7: LPT - mobility demand for bus and rail transport
LPT - mobility demand for bus and rail transport (n. pax) Demand recovery for Rail LPT continues, slow down in Road LPT especially for urban transportation and annual passes BUS TRANSPORT TRENORD -11.0% -3.9% 56.2 153.0 2.7 147.0 50.4 50.0 136.8 2.5 2.7 -0.8% +7.5% 53.5 47.9 47.3 9M 2019 9M 2023 9M
Slide 8: Renewable energy production
Renewable energy production Production up thanks to new assets, despite low irradiance and power limitation on one new plant removed from March INSTALLED CAPACITY (MWp) ENERGY PRODUCTION (MWh) 63.1 66,976 2.0 55,583 12,914 12,574 36.8 2.0 +71.5% +20.5% 61.1 54,062 43,009 34.8 9M 2023 9M 2024 9M 2023
Slide 9: 9M 2024 Group net result – Reported
9M 2024 Group net result – REPORTED Positive operating performance impacted by higher D&A, strong rebound of companies consolidated at equity -1.5% (0.9) -0.8mln (20.6) Strong result from Trenord thanks to new Public Service Contract 54.3 53.5 12.0 Higher borrowing costs offset by income on cash Hig
Slide 10: Adj. EBITDA evolution
Adj. EBITDA evolution Growth driven by good performance of motorways and Viridis acquisition REPORTED Adj. EBITDA (€ mln) 9M 2023 9M 2024 ∆€ ∆% Motorways 113.0 126.4 13.4 +11.9% 14% Ro.S.Co. & Services 33.9 25.3 (8.6) -25.4% Railway infrastructure 8.2 4.8 (3.4) -41.5% Road passenger mobility 5.9 6.7
Slide 11: Adj. EBITDA by segment – Motorways
Adj. EBITDA by segment – Motorways +13.4mln +11.9% 126.4 2.3% tariff increase (4.5) from January 1st and 7.9 2.3 higher vehicles-km • Staff costs up by €2.4mln related to the reorganization initiated in 2023 (+23 FTE) Completion of works on Po and renewal of the CCNL1 7.7 bridge and Zerbolò gate • O
Slide 12: Adj. EBITDA by segment – Ro.S.Co. & Services
Adj. EBITDA by segment – Ro.S.Co. & Services -8.6mln -25.4% 33.9 Lower leasing revenues on CSA, Coradia, Tilo and TSR trains as a (6.2) result of the new framework agreement with Trenord Full consolidation (0.9) of NordCom from 15 July 2024 (2.2) 25.3 0.7 • Higher professional services • Staff costs
Slide 13: Adj. EBITDA by segment – Railway infrastructure
Adj. EBITDA by segment – Railway infrastructure -3.4mln -41.5% • Higher costs for outsourced design, 0.8 (1.2) technical performance, safety, and supervision in rail maintenance • Staff costs up following headcount cancellation of trains due to maintenance increase (+26 FTE) and renewal of CCNL 3.2
Slide 14: Adj. EBITDA by segment – Road passenger mobility
Adj. EBITDA by segment – Road passenger mobility +0.8mln +13.6% 1.1 (1.1) Mainly +15% tariff update on ATV bus passes and train replacement (0.4) 6.7 1.5 Higher unit cost, partially 5.9 compensated by headcount (0.3) 5.6 decrease (-26 FTE) 5.9% 6.6% Adj. EBITDA La Linea/Martini Adj. EBITDA Trasporta
Slide 15: Associates & JV – Trenord
Associates & JV – Trenord Traffic recovery and higher contribution from new Public Service Contract continue to drive positive results • Staff costs up following new hiring plan (+99 FTE) • Opex up mainly due to maintenance on rolling stock (14.7) (-€13.3 mln), replacement services (-€12.5mln) and t
Slide 16: Associates & JV – APL
Associates & JV – APL Operating activity impacting bottom line, still burdened by net interest expenses (€mln) HIGHLIGHTS TRAFFIC PERFORMANCE: • Increased motorway maintenance and provisions for future maintenance +0.8% • Higher software license fees 239.3 237.5 • Internalization of key personnel 19
Slide 17: 9M 2024 Capex analysis
9M 2024 Capex analysis Investments mainly driven by rescheduling of works on motorway and delay in rolling stock deliveries/revamping of TAF trains € mln 9M 2023 9M 2024 ∆€ Motorways 18,1 20.4 2.3 Ro.S.Co. & Services 11.8 10.2 (1.6) Railway infrastructure 3.0 13.6 10.6 Road passenger mobility 19.4 3
Slide 18: Consolidated Cash Flow
Consolidated Cash Flow Cash flow impacted by Viridis acquisition, NWC and seasonality on crediting of grants on railway infrastructure Net CAPEX: €96.0mln (16.5) 172.1 33.3 (2.1) Acquisition of Viridis for Mismatch of reimbursement €80.0mln, net of cash (66.3) vs actual investment received equal to
Slide 19: Net Financial Position evolution
Net Financial Position evolution Adj. NFP impacted by Viridis acquisition and accounting of the related non-monetary financial debt 782.7 ∆ Adj. NFP “cash” +€117.6mln 51.8 (63.9) 730.9 718.8 49.9 Non-monetary debt related to Viridis Cash deriving from 642.8 37.6 acquisition: the crediting of Payable
Slide 20: Gross debt composition at September 2024
Gross debt composition at 30 September 2024 Gross debt (€mln) 7% Bond 3% 3% Bridge loan (125.0) 10% EIB Gross debt 2% Gross Debt: MISE bank debt 993.3 structure by €993.3 mln1 9% Viridis bank debt instrument 66% 782.7 Leasing (IFRS 16) 718.8 335.6 Other 63.9 18% Gross debt Current portion maturity N
Slide 21: Maturity structure at September 2024
Maturity structure at 30 September 2024 Debt average life 1.9 years, in line with total assets structure (€mln) Bond Bridge loan Viridis bank debt* EIB Mise bank debt 687.2 144.1 650.0 85.0 32.0 8.4 3.7 1.8 6.7 8.4 3.8 14.9 47.0 23.5 25.0 2024 2025 2026 After 2026 * Values include the portion of deb
Slide 22: Overview, Economic & Financial Results, Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 23: FY 2024 Outlook
FY 2024 Outlook Guidance confirmed, with downward revision of Adj. NFP and investments OLD NEW Revenues +1% - 5% YoY overall in line YoY excluding the acquisition of Viridis Financial Targets FY24 vs FY23 Adj. EBITDA +5% - 10% YoY overall in line YoY excluding the acquisition of Viridis Adj. EBI
Slide 24: Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 25: Consolidated Profit & Loss – Reported
Consolidated Profit & Loss – REPORTED € mln 9M 2023 9M 2024 ∆€ ∆% Revenues from sales and services 443.1 427.5 15.6 +3.6% Other revenues and income 30.7 28.8 1.9 +6.6% Total revenues and other income 473.8 456.3 17.5 +3.8% Operating costs (169.4) (174.7) 5.3 -3.0% Personnel costs (131.4) (120.6) (10
Slide 26: Consolidated Profit & Loss – Pro Forma
Consolidated Profit & Loss – PRO FORMA € mln 9M 2023 9M 2024 ∆€ ∆% Revenues from sales and services 440.4 445.4 5.0 +1.1% Other revenues and income 29.1 30.8 1.7 +5.8% Total revenues and other income 469.5 476.2 6.7 +1.4% Operating costs (179.1) (170.0) 9.1 -5.1% Personnel costs (121.9) (131.7) (9.8
Slide 27: Segment details – Motorways and Ro.S.Co. & Services
Segment details – Motorways € mln 9M 2023 9M 2024 ∆€ ∆% Toll revenues 203.8 212.3 8.5 +4.2% Other revenues 18.9 20.9 2.0 +10.6% Total revenues 222.7 233.2 10.5 +4.7% Adj. EBITDA 113.0 126.4 13.4 +11.9% Adj. EBITDA/Revenues % 50.7 % 54.2 % EBIT 67.3 66.7 -0.6 -0.9% Segment details – Ro.S.Co. & Servic
Slide 28: Segment details – Railway infrastructure
Segment details – Railway infrastructure € mln 9M 2023 9M 2024 ∆€ ∆% Public contracts and grants 64.6 67.8 3.2 +5.0% Track access 19.2 20.0 0.8 +4.2% Rolling stock leasing 15.4 0.0 (15.4) -100.0% Other revenues 13.9 13.7 (0.2) -1.4% Total revenues 113.1 101.5 (11.6) -10.3% Adj. EBITDA 8.2 4.8 (3.4)
Slide 29: Segment details – Road passenger mobility and Energy
Segment details – Road passenger mobility € mln 9M 2023 9M 2024 ∆€ ∆% Public contracts and grants 36.0 37.1 1.1 +3.1% Transport services 36.8 44.0 7.2 +19.6% Other revenues 4.8 6.1 1.3 +27.1% Total revenues 77.6 87.2 9.6 +12.4% Adj. EBITDA 5.9 6.7 0.8 +13.6% Adj. EBITDA/Revenues % 7.6 % 7.7 % EBIT (
Slide 30: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 9M 2023 9M 2024 ∆€ Trenord S.r.l. * (1,734) 6,444 8,178 Autostrada Pedemontana Lombarda (963) (1,893) (930) Tangenziali Esterne di Milano S.p.A. ** (1,539) (1,539) 0 NORD ENERGIA S.p.A. 708 960 252 DB Cargo Italia S.r.l. 1,576 297 (1,279) Omnib
Slide 31: Profit (Loss) of companies consolidated at equity – Trenord
Profit (Loss) of companies consolidated at equity – TRENORD € mln 9M 2023 9M 2024 ∆€ ∆% Ticketing revenues 282.3 298.9 16.6 +5.9% Revenues from Service Contract 329.1 360.8 31.7 +9.6% Other revenues and income 41.9 38.7 (3.2) -7.6% Total revenues and other income 653.3 698.4 45.1 +6.9% Operating cos
Slide 32: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 9M 2023 9M 2024 ∆€ ∆% Toll revenues 33.2 34.1 0.9 +2.7% Other revenues and income 4.2 4.6 0.4 +9.5% Total revenues and other income 37.4 38.7 1.3 +3.5% Operating costs (12.4) (14.6) (2.2) +17.7% Personnel costs (8.1) (9.1) (1.0) +12.3% EB
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 30/09/2024 31/12/2023 ∆€ Inventories 18.2 13.4 4.8 Trade receivables 154.6 171.0 (16.4) Other current receivables 115.0 95.9 19.1 Current financial receivables 1.2 3.3 (2.1) Current contractual assets 44.9 10.2 34.7 Financed investment receivables 82.8 49.2 33.6 Trad
Slide 34: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 30/09/2024 31/12/2023 ∆€ Cash and bank deposits (335.6) (302.3) (33.3) Current financial debt 280.2 178.0 102.2 Current Net Financial Position (Debt/-Cash) (55.4) (124.3) 68.9 Non-current financial debt 838.1 767.1 71.0 Adj. Net Financial Position 7
Slide 35: Net CAPEX breakdown
Net CAPEX breakdown € mln 9M 2023 9M 2024 ∆€ Motorways 18.1 20.4 2.3 Ro.S.Co. & Services 11.8 10.2 (1.6) Railway infrastructure 3.0 13.6 10.6 Road passenger mobility 19.4 3.7 (15.7) Energy 0.0 18.4 18.4 Gross CAPEX made by FNM 52.3 66.3 14.0 Railway infrastructure (managed only) 111.7 230.1 118.4 To
Slide 36: Rolling Stock Purchase Programme for Regione Lombardia
Rolling Stock Purchase Programme for Regione Lombardia1 Investments managed on behalf of Regione Lombardia Progress of Rolling Stock delivery 178 450 180 425.4 160 144 400 140 350 342.7 120 300 287.3 100 86 260.9 80 250 60 39 14 200 40 16 19 5 20 16 150 20 2 4 4 9 20 26 24 114.5 4 14 0 100 69.7 2019
Slide 37: Shareholders and share performance
Shareholders and share performance Share price @ 14-nov-24: €0,42 { } { } Share capital profile Shareholders’ structure Market capitalization @ 14-nov-24: { } €180,5 mln { } 27.7% Regione Lombardia N. of shares 434.9 mln Ferrovie dello Stato Average traded volumes (last 30 days) { 112.846 orders } 5
Slide 38: 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 39: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it