Fnm S.p.a. · MIL:FNM
Fnm — FY2024 Earnings Presentation
35 slides from Fnm's earnings presentation, Mar 25, 2025
Slide 1: FNM Group FY 2024 Results
FNM GROUP FY 2024 RESULTS 25 March 2025
Slide 2: Overview of business segments
Overview of business segments NEW Mobility infrastructure Ro.S.Co. Mobility & Services Energy NEW NEW N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements 2
Slide 3: Overview, Economic & Financial Results, Outlook, Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 4: Financial Highlights – Reported
Financial Highlights – REPORTED1 Revenues | €mln Adj. EBITDA | €mln +5.3% +4.3% 618.1 +0.8% 651.0 211.4 -2.2% 220.5 excl. M&A excl. M&A 34.2% 33.9% 2023 2024 2023 2024 Group Net Result | €mln Adj. NFP | €mln +4.0% -26.7% 80.9 642.8 668.5 59.3 2023 2024 2023 2024 1 – Including the effects of the cons
Slide 5: Operating Highlights | Sustainable mobility
Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km LPT demand | mln. pax +2.3% +5.9% 3,156 3,229 201.1 189.9 2,534 2,595 -2.1% 69.9 68.4 621 633 2023 2024 2023 2024 Light vehicles Heavy vehicles Trenord Bus transport 5
Slide 6: Operating Highlights | Renewable energy
Operating Highlights | Renewable energy Installed capacity | MW Energy production | MWh 71.9 81,727 66,529 +22.8% +35 64,433 36.8 MW 69.9 49,591 34.8 16,938 17,294 2023 2024 2023 2024 Solar-PV Biogas Solar-PV Biogas 6
Slide 7: Consolidated financial results
Consolidated financial results Group Net Result | €mln -26.7% -21.6mln (9.1) Higher contribution 80.9 (30.4) from Trenord / APL 9.1 Adjustments to Earn + revaluation equity Out due to faster value in APL 59.3 pipeline development by 2029 (8.7) Capitalization of road system at Segrate 0.1 17.4 Interm
Slide 8: Consolidated financial results | Associates & JV
Consolidated financial results | Associates & JV €mln FY 2023 FY 2024 ∆€ Trenord 8.3 10.7 2.3 1 Autostrada Pedemontana Lombarda (2.9) 2.1 5.0 2 Other 0.9 0.5 (0.4) Profit (Loss) of companies consolidated at equity 6.4 13.3 6.9 Net revaluation of APL following capital increase fully - 9.8 9.8 3 subsc
Slide 9: Consolidated financial results | Segment results
Consolidated financial results | Segment results REPORTED Adj. EBITDA (€ mln) 2023 2024 ∆€ ∆% Motorways 153.6 156.0 2.4 +1.6% 5% Railway infrastructure 6.3 7.2 0.9 +14.3% Energy 0.0 12.3 12.3 n.m. 15% Ro.S.Co 44.7 34.1 (10.6) -23.7% Mobility & Services 6.8 10.9 4.1 +60.3% Total 211.4 220.5 9.1 +4.3%
Slide 10: Segment results – Motorways
Segment results – Motorways Adj. EBITDA | €mln MAIN DRIVERS • Tariff increase +2.3% effective from +2.4mln January 1st 2024, and positive traffic +1.6% performance (3.9) • Completion of non-recurring works: Po 9.0 (1.7) viaduct and the Zerbolò integrated barrier completed in 2023 (11.2) • Personnel
Slide 11: Segment results – Railway Infrastructure
Segment results – Railway Infrastructure Adj. EBITDA | €mln MAIN DRIVERS • Concession fees: 0.9mln +14.3% > Service Contract +€5.4mln > Programme Agreement +€3.1mln 0.9 (1.9) • Terminal: shunting activity was affected by the temporary interruption of the rail line serving the terminal and delays in
Slide 12: Segment results – Energy
Segment results – Energy Adj. EBITDA | €mln MAIN DRIVERS • Clawback Tax on Renewable Electricity +4.2mln paid in 2023 as by regulatory measures to +43.8% contain energy price increases (so-called 13.8 Decreto Sostegni-ter) 2.0 • Higher capacity in operation vs 2023 (1.1) • Lower productivity essenti
Slide 13: Segment results – Ro.S.Co
Segment results – Ro.S.Co Adj. EBITDA | €mln MAIN DRIVERS • Full consolidation of Nordcom from 15 -10.6mln July 2024 -23.7% • Reduction in lease payments on trainsets 44.7 2.0 leased to Trenord, prorated over a longer time horizon in line with the expiration of (8.7) the Public Service Contract in 2
Slide 14: Segment results – Mobility & Services
Segment results – Mobility & Services Adj. EBITDA | €mln MAIN DRIVERS • Recognition of €6.7 million related to +4.1mln compensation for lost traffic revenues for +60.3% the Covid period, offset by lower PSC 0.5 revenue from reduced mileage • Tariff adjustment affecting travel tickets 2.7 (4.2) since
Slide 15: Cash flow generation
Cash flow generation Gross CAPEX | €mln Cash flow | €mln Net CAPEX 121.7 = €89.0mln (89.0) 38.4 • Acquisition of Viridis for €80.0mln, 162.5 net of cash received equal to net (51.9) outflow of €53.5mln 72.1 16.3 • Acquisition of Nordcom for €8.3mln 26.5 174.5 ≈€136mln related 35.7 to higher trade (6
Slide 16: Financial sustainability
Financial sustainability Net Financial Position | €mln 668.5 642.8 ∆ Adj. NFP “cash” +€118.4mln 616.7 51.8 32.3 (176.8) 38.4 includes the share of grants 80.0 collected in advance of the progress of work orders Adj. NFP Cash Flow excl. Consideration Viridis NFP IFRS 16 and Adj. NFP "cash" Put Option
Slide 17: Financial sustainability | Gross debt composition
Financial sustainability | Gross debt composition Gross Debt | €mln Long term credit ratings (128.5) Baa3 Negative 982.7 BBB Stable 668.5 Breakdown by instrument 442.7 79% Bond 10.0% Bridge loan 13.0% EIB 21% Bank debt 2.0% Other Adj. NFP Cash Advances for Gross Debt 9.0% 31/12/24 Rail Infra. 31/12/
Slide 18: Financial sustainability | Maturity structure
Financial sustainability | Maturity structure Gross Debt | €mln 688.8 181.3 650.0 85.0 35.0 8.4 4.3 3.8 8.4 14.8 48.6 26.6 2025 2026 After 2026 Bond Bridge loan RCF Viridis bank debt EIB Mise bank debt 18
Slide 19: Outlook
Overview Economic & Financial Results Outlook Appendix
Slide 20: Proposed dividend and FY 2025 Outlook
Proposed dividend and FY 2025 Outlook Dividend distribution Proposed DPS €0.0184 per share equal to €8mln (dividend yield 4.2%1) Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln 220-230 180-210 Adj. NFP/EBITDA 780-820 220.5 211.4 642.8 668.5 121.7 72.1 3.5x 3.1x 3.0x 2023 2024 Guidance 2023 202
Slide 21: Appendix
Overview Economic & Financial Results Outlook Appendix
Slide 22: Consolidated Profit & Loss – Reported
Consolidated Profit & Loss – REPORTED € mln 2024 2023 ∆€ ∆% Revenues from sales and services 604.4 579.6 24.8 +4.3% Other revenues and income 46.6 38.5 8.1 +21.0% Total revenues and other income 651.0 618.1 32.9 +5.3% Operating costs (247.5) (242.7) (4.8) +2.0% Personnel costs (183.0) (164.0) (19.0)
Slide 23: Consolidated Profit & Loss – Pro Forma
Consolidated Profit & Loss – PRO FORMA € mln 2024 2023 ∆€ ∆% Revenues from sales and services 606.7 598.1 8.6 +1.4% Other revenues and income 46.7 39.1 7.6 +19.4% Total revenues and other income 653.4 637.2 16.2 +2.5% Operating costs (248.1) (250.1) 2.0 -0.8% Personnel costs (183.3) (166.1) (17.2) +
Slide 24: Segment details – Motorways and Ro.S.Co.
Segment details – Motorways € mln 2024 2023 ∆€ ∆% Toll revenues 282.5 271.0 11.5 4.2% Other revenues 28.8 26.2 2.6 9.9% Total revenues 311.3 297.2 14.1 4.7% Adj. EBITDA 156.0 153.6 2.4 1.6% Adj. EBITDA/Revenues % 50.1 % 51.7 % EBIT 77.0 91.7 (14.7) -16.0% Segment details – Ro.S.Co. € mln 2024 2023 ∆
Slide 25: Segment details – Railway infrastructure
Segment details – Railway infrastructure € mln 2024 2023 ∆€ ∆% Public contracts and grants 96.0 89.0 7.0 7.9% Track access 26.7 25.8 0.9 3.5% Rolling stock leasing 0.0 21.4 (21.4) -100.0% Other revenues 22.6 20.8 1.8 8.7% Total revenues 145.3 157.0 (11.7) -7.5% Adj. EBITDA 7.2 6.3 0.9 14.3% Adj. EBI
Slide 26: Segment details – Mobility & Services and Energy
Segment details – Mobility & Services € mln 2024 2023 ∆€ ∆% Public contracts and grants 57.7 51.6 6.1 11.8% Transport services 58.5 49.9 8.6 17.2% Other revenues 9.7 6.0 3.7 61.7% Total revenues 125.9 107.5 18.4 17.1% Adj. EBITDA 10.9 6.8 4.1 60.3% Adj. EBITDA/Revenues % 8.7 % 6.3 % EBIT (1.5) (2.9)
Slide 27: Net CAPEX breakdown
Net CAPEX breakdown € mln 2024 2023 ∆€ Motorways 38.4 26.5 11.9 Railway infrastructure 16.3 5.7 10.6 Energy 35.7 0.0 35.7 Ro.S.Co. 21.1 18.0 3.1 Mobility & Services 10.2 21.9 (11.7) Gross CAPEX made by FNM 121.7 72.1 49.6 Railway infrastructure + Rolling stock (managed only) 416.9 195.3 221.6 Total
Slide 28: Profit (Loss) of companies consolidated at equity
Profit (Loss) of companies consolidated at equity €/000 2024 2023 ∆€ Trenord S.r.l. * 10,673 8,335 2,338 Autostrada Pedemontana Lombarda 2,123 (2,895) 5,018 Tangenziali Esterne di Milano S.p.A. ** (2,255) (2,127) (128) NORD ENERGIA S.p.A. 979 563 416 DB Cargo Italia S.r.l. 1,065 1,360 (295) Omnibus
Slide 29: Profit (Loss) of companies consolidated at equity – Trenord
Profit (Loss) of companies consolidated at equity – TRENORD € mln 2024 2023 ∆€ ∆% Ticketing revenues 403.5 383.2 20.3 5.3% Revenues from Service Contract 490.0 438.4 51.6 11.8% Other revenues and income 66.1 75.5 (9.4) -12.5% Total revenues and other income 959.6 897.1 62.5 7.0% Operating costs (464
Slide 30: Profit (Loss) of companies consolidated at equity – APL
Profit (Loss) of companies consolidated at equity – APL € mln 2024 2023 ∆€ ∆% Toll revenues 46.1 44.4 1.8 4.1% Other revenues and income 22.4 5.9 16.5 n.d. Total revenues and other income 68.5 50.3 18.2 36.2% Operating costs (20.5) (17.0) (3.5) 20.6% Personnel costs (12.7) (10.8) (2.0) 18.5% EBITDA
Slide 31: Consolidated Balance Sheet
Consolidated Balance Sheet € mln 31/12/2024 31/12/2023 ∆€ Inventories 15.7 13.1 2.6 Trade receivables 143.1 171.0 (27.9) Other current receivables 127.5 95.9 31.6 Current financial receivables 4.7 3.3 1.4 Current contractual assets 23.9 10.5 13.4 Financed investment receivables 117.3 49.2 68.1 Trade
Slide 32: Consolidated Balance Sheet – NFP composition
Consolidated Balance Sheet – NFP composition € mln 31/12/2024 31/12/2023 ∆€ Cash and bank deposits (442.7) (302.3) (140.4) Current financial debt 317.1 178.0 139.1 Current Net Financial Position (Debt/-Cash) (125.6) (124.3) (1.3) Non-current financial debt 794.1 767.1 27.0 Adj. Net Financial Positio
Slide 33: Shareholders and share performance
Shareholders and share performance Share price @ 24-mar-25: €0,44 { } { } Share capital profile Shareholders’ structure Market capitalization @ 24-mar-25: { } €190,9 mln { } 27.7% Regione Lombardia N. of shares 434.9 mln Ferrovie dello Stato Average traded volumes (last 30 days) { 208.456 orders } 5
Slide 34: 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 35: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it