Fnm S.p.a. · MIL:FNM
Fnm — Investor Presentation (May 2026)
40 slides from Fnm's investor presentation, May 20, 2026
Slide 1: FNM Group Corporate Presentation
FNM Group Corporate Presentation May 2026
Slide 2: Why invest in FNM
Why invest in FNM 1xxx 2 3 4 Strategic Low-Risk Strong Inherently Assets Model Financials ESG focused Integrated operator of 80% of revenues derive Ambitious growth toll roads, railways, from concessions or outlook with €1.3bln FNM’s activities have local public regulated contracts Capex plan in ’24
Slide 3: An integrated player in infrastructure management and mobility services in Northern Italy
An integrated player in infrastructure management and mobility services in Northern Italy… Historical business Shareholders’ structure Historical business 2021 2024 Regione Lombardia Free float 57.57% 27.69% • Leasing of • Railway • LPT road • Motorway • Renewable rolling stock infrastructure transp
Slide 4: …and energy infrastructure assets
…and energy infrastructure assets Pipeline of 440 MW Renewable Energy Portfolio | MW with a target to reach 350 MW by 2030 Pipeline only 88 ≈220 Operating / Pipeline Awarded “FER-X” auction at fixed price 92 Awarded “FER1” 29 auction at fixed price 19 24 87 19 53 o/w 8 MW with 88 5 years PPA 24 10 I
Slide 5: Operating sectors
Operating sectors • Management of toll roads trough a concession expiring in October 2028 Mobility Management of railway infrastructure in Lombardy trough a concession expiring Infrastructure • in 2060 185 Km 548 Km Motorway Rail • Intermodal terminal management and freight logistic development Netw
Slide 6: Past performance – steady growth and strong resilience
Past performance – steady growth and strong resilience, despite extraordinary macro events Adj. EBITDA | €mln CAPEX | €mln Adjusted NFP | €mln MISE is fully 227 146 759 767 consolidated from 221 140 211 723 26 February 2021 193 669 122 MISE 643 VIRIDIS 154 34% 34% 34% 93 32% 32% 4.3x 4.0x 72 3.3x 25
Slide 7: Group Overview, Strategic Plan 2024-2029, 1Q 2026 financial results
Group Overview Strategic Plan 2024-2029 1Q 2026 financial results Appendix 7
Slide 8: Highlights
Highlights 1 2 3 4 5 BUSINESS MOTORWAY FINANCIAL CAPITAL SUSTAINABILITY GROWTH CONCESSION STRUCTURE ALLOCATION › Gross CAPEX of €1.3bln › Right to take-over value › Full coverage of the › Focus on low volatility › -35% CO2 emissions from over 2024-2029, mainly financial needs of the sectors with sta
Slide 9: Strategic commitment to invest in businesses with low volatility profile
Strategic commitment to invest in businesses with low volatility profile High Infrastructure Services Infrastructure Volatility Mobility infrastructure Ro.S.Co. Mobility & Services Energy • Long-term railway concession • Long-term contracts extending • Public Service Contracts • Existing capacity >8
Slide 10: Consolidated financial projections show progression driven by mobility infrastructure and energy
Consolidated financial projections show progression driven by mobility infrastructure and energy Revenues| €mln Adj. EBITDA | €mln 1.000 400 800 673 651 300 600 221 227 400 200 200 100 0 -200 0 2024A 2025A 2029 2024A 2025A 2029 Strategic Plan 1 Strategic Plan 1 Energy Mobility infrastructure Ro.S.Co
Slide 11: Investments focused on low-volatility businesses
Investments focused on low-volatility businesses 450 350-400 400 350 Gross CAPEX ≈ €1.3bln 200 150 100 50 2024A 2024 2025A 2025 2026 2027 2028 2029 11
Slide 12: Financial sustainability
Financial sustainability Net Financial Position | €mln UPDATE: ≈1bln • €1bln loan agreement o Term Facility: €500mln expiring in 2031 and a partial 780-820 amortization plan starting in 2029 TERMINAL o Capex Facility (Green Loan): €450mln with bullet repayment 723 VALUE1 in 2031 and +2 years extensi
Slide 13: Dividend Policy
Dividend Policy Accrued dividends evolution | €mln Dividend per share1 of a minimum of 2.3 euro cents up to 3.2 euro cents MAX 10.0 MIN 2023A 2024A 2025A 2026 2027 2028 1 – Dividend per ordinary share outstanding (equal to 434,902,568 shares) 13
Slide 14: Surplus assets at book value (31 December 2025)
Surplus assets at book value (31 December 2025) Other JV with Trenitalia (50% stake) active Real Estate in Rail Local Public Transport Include Cadorna HQ carried at historical cost. Not included «Palazzo U9» classified as leased asset with zero-cost purchase option Aggregate carrying value of JV wit
Slide 15: Group Overview, Strategic Plan 2024-2029, 1Q 2026 financial results
Group Overview Strategic Plan 2024-2029 1Q 2026 financial results Appendix 15
Slide 16: 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 16
Slide 17: 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 17
Slide 18: 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 18
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 23
Slide 24: 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 25: 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 26: 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 26
Slide 27: Group Overview, Strategic Plan 2024-2029, 1Q 2026 financial results
Group Overview Strategic Plan 2024-2029 1Q 2026 financial results Appendix 27
Slide 28: Core business segments overview
Core business segments overview Mobility infrastructure Ro.S.Co. Mobility & Services Energy 28
Slide 29: Infrastructure portfolio of mobility assets
Infrastructure portfolio of mobility assets Infrastructure portfolio of mobility assets Motorways, Railways and LPT low high Transfer corridors - volume Railway Network FERROVIENORD Railway Network Motorway Network MISE Motorway Network Area covered by bus service 29
Slide 30: Unfolding the MISE concession – a journey shaped by external events
Unfolding the MISE concession – a journey shaped by external events 1° REGULATORY PERIOD 2° REGULATORY PERIOD TRANSITION 3° REGULATORY PERIOD 4° REGULATORY PERIOD 2008 […] 2012 2013 […] 2017 2018 2019 2020 2021 2022 2023 2024 2025 […] 2028 MISE Concession Concession Draft 2018-22 EFP Draft 2020-24 E
Slide 31: Addendum #2 acknowledges MISE's right to receive a terminal value
Addendum #2 from 2020-2024 EFP acknowledges MISE’s right to receive a terminal value at concession expiry Concession Addendum #1 › Regulatory period 2013-2017 › Full completion and amortization of investments NEW ELEMENT: APPROVED RIGHT TO TAKE-OVER VALUE Concession Addendum #2 ARTICLE 8.3 › Regulat
Slide 32: Trenord | Among the most important LPT railway players in Europe
Trenord | Among the most important LPT railway players in Europe excluding the National train operatorsties Trenord | Among the most important LPT railway players in Europe excluding the National train operatorsties Around Passengers per day on regional trains Other (‘000 pax/day)1 Trenord 700,000 2
Slide 33: APL | A strategic infrastructure for Lombardy's road system
APL | A strategic infrastructure for Lombardy’s road system APL | A strategic infrastructure for Lombardy’s road system • FNM holds though MISE a 22.05% stake in APL (Regione Lombardia controls the remaining 77.95%) + a shareholder loan of nominal €150mln • Total length of ≈188km, o/w 85km in operat
Slide 34: TEM | The new outer road system in Milan
TEM | The new outer road system in Milan TEM | The new outer road system in Milan • FNM holds though MISE a 10.2% stake in TE1 (ASTM controls the remaining 88.7%) • The new outer ring road system was needed to improve traffic flow: A35 ✓ rationalize the congested mobility following significant urban
Slide 35: Mobility as a Community | The community-based approach as an innovative paradigm
Mobility as a Community | The community-based approach as an innovative paradigm, exploiting new technologies MaaC FNM aims to integrate mobility, technology and digital services through investments in innovative startups complementary to the Group’s traditional Ecosystem transportation and infrastr
Slide 36: Digital platforms integrating FNM's core activities
Digital platforms integrating FNM’s core activities Digital platforms integrating FNM’s core activities Shared mobility for events Sports tourism and Inclusive mobility for and communities outdoor experiences fragile people • Developer of the Flexymob platform • Sportit operates a B2C and B2B travel
Slide 37: Relevant sustainability objectives
Relevant sustainability objectives CLIMATE CHANGE AND BIODIVERSITY ✓ ≈ 650 GWh of renewable energy ✓ Adoption of a transition plan to ✓ ≈ 35% reduction in emissions production from photovoltaic and achieve net-zero GHG emissions by generated by buses and corporate wind power 2050 consumption [tCO2eq
Slide 38: Climate change
ENVIRONMENT Climate change Key strategic levers for decarbonization: MOBILITY ENERGY RO.S.CO. MOBILITY & SERVICES INFRASTRUCTURE MOTORWAYS • investments for the • Investments with own funds for • improvement of public road • enhancing safety development of installed 13 new electric trains transport
Slide 39: GHG Emissions
ENVIRONMENT GHG Emissions Main highlights: E1, E1-4 2025 [tCO2] Scope 1: 7% Scope 1 36.463 Direct GHG emissions Scope 2 (location-based) 25.123 Scope 2: 5% Scope 3 Indirect GHG emissions 43% Capital goods (Cat.2) Scope 3 444.595 Scope 3: 88% 42% Investments (Cat.15) Indirect GHG emissions in 12% Pur
Slide 40: Contacts
Contacts Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.minazzi@fnmgroup.it investor.relations@fnmgroup.it