Fnm S.p.a. MIL:FNM

FNM S p A : 1Q 2026 CONSOLIDATED RESULTS

Published May 15, 2026 at 10:40 a.m. UTC

Source: MarketScreener

FNM GROUP 1Q 2026 RESULTS

15 May 2026

Financial Highlights Revenues | €mln EBITDA | €mln

+3.1%

154.5 159.3

+6.1%

33.7%

50.6 53.7

32.8%

1Q 2025 1Q 2026 1Q 2025 1Q 2026

Group Net Result | €mln Adj. NFP | €mln

+15.8%

12.0 13.9

+2.5%

722.5 740.3

1Q 2025 1Q 2026 31/12/25 31/03/26

% = EBITDA Margin 2

Operating Highlights | Sustainable mobility Motorway traffic | mln. v-km

+4.4%

724.0

755.8

1Q 2025

Light vehicles

1Q 2026

Heavy vehicles

159.4

153.4

570.6

596.4

LPT demand | mln. pax

+7.7%

50.9

54.8

+1.1%

17.6

17.8

1Q 2025

Trenord

1Q 2026

Bus transport

Operating Highlights | Renewable energy Installed capacity | MW

87.3

71.9

+15.4

85.3

69.9

31/03/2025

Solar-PV

31/03/2026

Biogas

Net energy produced | MWh

21,426

18,500

+15.8%

1Q 2025

Solar-PV

1Q 2026

Biogas

3,702

3,848

14,652

17,724

Overview

Economic & Financial Results

Outlook

Appendix

Consolidated financial results

Group Net Result | €mln

12.0

(0.7)

Increase depreciation and

+15.8%

+1.9mln

Including -€0.2mln of Associates & JV (See next slide)

3.1 amortization for expense on loans rolling stock and following the gradual

new busses repayment of debt

0.3

Reduction in interest

(0.4) (0.4)

13.9

1Q 2025 ∆ EBITDA ∆ D&A ∆ Net

financial result

∆ Taxes ∆ Equity in Affiliates + Minorities

1Q 2026

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)

Trenord performance still affected by increase in operating and personnel costs, which more than offset the growth in revenues

Include the improved performance of Tangenziale Esterna (TE) following the turnaround and the capital strengthening, supported by

+2% YoY traffic growth and a favorable mix

EBITDA| €mln

Motorways

Railway infrastructure

Energy

Ro.S.Co

Mobility & Services

35.6

2.8

1.9

9.3

1.0

39.0

0.4

1.9

10.2

2.2

3.4

(2.4)

0.0

0.9

1.2

+9.6%

-85.7%

+0.0%

+9.7%

+120.0%

Total 50.6 53.7 3.1 +6.1%

1Q 2025 1Q 2026 ∆€ ∆%

4% 19%

1Q 2026

€53.7mln

3% 1% 73%

Consolidated financial results | Segment results

Segment results - Motorways

3.8

35.6

Adj. EBITDA | €mln

3.4mln

+9.6%

1.7

(1.8)

(0.3)

39.0

MAIN DRIVERS

Toll revenues driven by traffic volumes and mix, as well as +1.5% tariff increase effective from 1st January 2026
50.5%
Completion of non-recurring works in 1Q25, reduced winter maintenance, different schedule for pavement work and the replacement of safety barriers vs 2025
Non-cash component mainly reflects net provisions of the "Renewal fund"
49.0%
1Q 2025
Traffic +
Royalties
Maintenance
Non-cash
Other 1Q 2026

% = EBITDA Margin 9

Segment results - Railway Infrastructure
5.0%
2.8
Adj. EBITDA | €mln
-2.0mln n.m.
(2.6)

(0.3)

0.8

2.7%

MAIN DRIVERS

1Q25 included a one-off insurance reimbursement for hail damage and the flooding of the Breno River
Concession revenues impacted by completion of new train deliveries and lower design activities for managed investments, partly offset by Brescia-Edolo reopening and additional compensation for safety functions
Non-recurring maintenance activities recorded in 1Q25 linked to the Bornato-Sale Marasino line and railway track
(0.9)

1.8

1Q 2025

Insurance

claim

Concession revenues

Maintenace

Other 1Q 2026

% = EBITDA Margin 10

Segment results - Energy

1.9

0.4

Adj. EBITDA | €mln

Flat YoY

(0.2)

1.9

MAIN DRIVERS

New plants in operation vs 1Q25
Production on existing plants affected by
lower-than-average solar radiation
Reduction in the average effective selling price driven by (a) fixed-price PPAs signed during the previous summer for FY26; (b) inclusion of 2 plants equal to 10.3 MW under the "FER 1" incentive scheme

38.8%

48.7%

1Q 2025

New capacity

Price / Volume effect

Other 1Q 2026

% = EBITDA Margin 11

Segment results - Ro.S.Co

9.3

1.2

Adj. EBITDA | €mln

0.9mln

+9.7%

(1.0)

10.2

0.7

MAIN DRIVERS

Mainly start from 2Q25 of lease payments for maintenance activities on TILO, TAF and CSA train fleets
Mainly consulting and IT costs linked to compliance with NIS2 regulation, sponsorships, as well as headcount increase (+27 FTE)
€0.5mln capital gain from the disposal of real estate assets no longer used
38.0% 37.6%
1Q 2025
Rolling stock leasing
Opex /
Personnel costs
Non-recurring
/ Other
1Q 2026

% = EBITDA Margin 12

Segment results - Mobility & Services Adj. EBITDA | €mln
+1.2mln
+120.0%
0.6

(0.2)

(0.1)

2.2

MAIN DRIVERS

Performance driven by mobility services as well as lower maintenance and energy costs, without tariff adjustments
6.9%
Increase in the €/km contribution of the Public Service Contract in Verona and higher investment grants
Initial effects of the Middle East conflict on

energy costs visible only from March

0.9

1.0

3.1%

1Q 2025

Traffic

PSC + Grants

Personnel

Other

1Q 2026

% = EBITDA Margin 13

Cash flow generation

Net CAPEX =

€32.4mln

39.1

25.4

1Q 2025

Motorways

Railway infrastructure

Energy

0.6

1Q 2026

Ro.S.Co.

Mobility & Services

7.8

9.6

3.2

2.0

13.6

8.7

3.8

0.6

Gross CAPEX | €mln

36.2

Cash flow | €mln

54.4

Mostly driven by lower trade payables due to payments for funded investments in railway infra. and higher receivables towards Trenord and Province of Verona

Higher investments grants collected vs investments made

0.2

(2.6)

FFO

∆ NWC

Net Capex

Net Capex Rail Infra.

managed only

Other

Net CF

(32.4)

61.6

(86.4)

Financial sustainability

Net Financial Position | €mln

includes the share of grants collected in advance of the progress of work orders

2.6

14.2

1.0

740.3

722.5

Adj. NFP

31/12/25

Net Cash Flow

Change in financial debt

IFRS 16 and

Other effects

Adj. NFP

31/03/26

Financial sustainability | Gross debt composition

Gross Debt | €mln

Long term credit ratings

740.3

330.5

(256.5)

€848.4mln at 31/12/25

814.3

Baa3

BBB+

Breakdown by instrument

Bond

Stable Stable

9.0%

Finlombarda

EIB

Bank debt Other

5.0%

5.0% 1.0%

Adj. NFP

31/03/26

Cash Advances for Rail Infra.

investments

Gross Debt

31/03/26

Avg. cost of debt1 = 1.44% Interest rate composition1

= 90% fixed rate

80.0%

Liquidity headroom: available uncommitted credit lines of €126mln

1 -Only on bank debt and bond 2 - xxx 16

Financial sustainability | Maturity structure

Gross Debt | €mln

687.4

33.8

5.9

2026

2027

2028

2029

After 2029

Bond

Finlombarda Viridis bank debt

EIB

Mise bank debt

UPDATE:

Prepayment of €35mln RCF on March 5th 2026
€650mln bond maturing in October 2026 - fully covered by available cash balance and drawdown of term loan facility

Overview

Economic & Financial Results

Outlook

Appendix

FY 2026 Outlook confirmed Adj. EBITDA | €mln Gross CAPEX | €mln

226.5

230-240

350-400

140.2

2025

Guidance

2026

2025

Guidance

2026

Adj. NFP | €mln

Adj. NFP/EBITDA

850-900

722.5

3.5-4.0x

3.2x

2025

Guidance

2026

Overview

Economic & Financial Results

Outlook

Appendix