Fnm S.p.a. MIL:FNM
FNM S p A : 2024-2029 STRATEGIC PLAN
Source: MarketScreener
FNM Group
Strategic Plan 2024-2029
19 November 2024
Highlights
FNM aims to become the reference point in mobility infrastructure & services and energy to drive the competitiveness of regional territories with innovative, safe, and sustainable solutions
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BUSINESS GROWTH
MOTORWAY FINANCIAL
CONCESSION STRUCTURE
CAPITAL
ALLOCATION
SUSTAINABILITY
- Gross CAPEX of €1.3bln over 2024-2029,mainly driven by Motorway EFP, development of additional RES capacity and new rolling stock
- Improvement of the economic and financial performance on all the business segments over the Plan horizon
- Recognition of a take-over value (est. ≈€400-450mlnin 2028)
- Assumed as most likely scenario a technical extension beyond 2028, in line with past track record across Italian concessions
- MISE will bid in the tender for the concession award when launched
- Refinancing of bond maturing in 2026 and investment plan secured by formal support from a leading credit institution
- Commitment to maintain investment grade rating
- Focus on low volatility sectors with stable cash flows
- CAPEX shift from rolling stock to motorway and energy with higher IRR
- Avg. 3.5x Adj. NFP/EBITDA without including terminal value recognition
- Min. DPS of c.€2.3 up to a max. of c.€3.2 with attractive dividend yield
- -35%CO2 emissions from busses and corporate consumption vs 2023
- Target ≈650 GWh RES generation by 2029
- Significant investments in security & safety in motorway and railway infrastructure
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The FNM Group
Strategic Plan Guidelines
Sustainability targets
Strategic Plan Projections
Appendix
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An integrated player in infrastructure management and mobility services in Northern Italy
Historical business | 2021 | 2024 |
Shareholders' structure
Regione
Lombardia
Free float | 57.57% |
27.69%
• | Leasing of | • | Railway | • | LPT road |
rolling stock | infrastructure | transport | |||
• | Corporate and | management | • | Train | |
ICT services | • | Intermodal | replacement | ||
• | Digital | terminal and | • | Car-sharing | |
freight logistics | |||||
platforms | |||||
# 98 | 540 | 27 mln |
tracks-km | bus-km | |
Owned | Rail network | LPT service |
Trains | ||
• Motorway | • | Renewable |
infrastructure | energy | |
management | generation | |
• | Development | |
of new | ||
initiatives | ||
185 km | 63 MW | |
Motorway | Installed | |
Network | Capacity1 |
Ferrovie dello Stato
14.74%
1 - Installed capacity at 30 September 2024
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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
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…and energy infrastructure assets
Installed capacity by 2025 | MW
118 | ||
34 | ||
21 | 84 | |
63 | ||
29 | ||
24 | o/w 8 MW with | 24 |
5 years PPA | ||
10 | 10 |
Installed | Under | Ready-to-build | Installed | ||
capacity at | construction | capacity by 2025 | |||
30 Sept. 2024 | |||||
Feed-in-tariff | Feed-in-Premium | Market | |||
(FER) | (Conto Energia) |
Pipeline only
Operating / Pipeline
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Past performance - steady growth and strong resilience, despite extraordinary macro events
Adj. EBITDA | €mln
MISE is fully | 220-230 | ||
consolidated from | 211 | ||
26 February 2021 | |||
193 | |||
154 | 35% | ||
34% | |||
32% | 32% | ||
23% | 25% | ||
70 | 70 |
2019 2020 2021 | 2022 2023 E 2024 | |||
Adj. EBITDA | EBITDA Margin | |||
CAPEX | €mln | Adjusted NFP | €mln |
146 | 759 | 767 | 780-820 | ||||||||
VIRIDIS | |||||||||||
100-140 | MISE | 643 | |||||||||
financed with | |||||||||||
Avg. ≈€100mln/y | 93 | a €650mln | At the | ||||||||
bond issue | bottom of | ||||||||||
4.3x | the range | ||||||||||
4.0x | 3.5x-4.0x | ||||||||||
72 | |||||||||||
68 | 3.3x | ||||||||||
40 | 0.6x | ||||||||||
44 | |||||||||||
(39) | |||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | E 2024 | 2019 | 2020 | 2021 | 2022 | 2023 | E 2024 |
Adj. NFP | Adj. NFP/EBITDA |
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The FNM Group
Strategic Plan Guidelines
Sustainability targets
Strategic Plan Projections
Appendix
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Driving competitiveness in metropolitan and regional areas with innovative, safe, and sustainable solutions…
Our VISION is to be a driving force for the development of metropolitan and
regional areas, enhancing the quality of life for people, cities, and businesses in
an accessible and inclusive way, creating connections that generate value…
…for this reason, our MISSION is to develop and manage infrastructure and services for a world in motion and the energy transition, according to principles of innovation, safety, and economic, social, and environmental sustainability
We recognize the importance of our role in contributing to the Country's ecological transition
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… thanks to sustainable infrastructures and services
Long term trajectories
DEVELOPMENT OF LARGE
METROPOLITAN & REGIONAL AREAS
- Population growth and aging
- Italian GDP concentration in Lombardy
SUSTAINABLE & DIGITAL COLLECTIVE
MOBILITY
- Technologically advanced, safe, accessible, sustainable and interconnected transport infrastructure
- Dissemination of innovative mobility models
GREEN TRANSITION
- Support from EU and Italian green regulation
- Need to increase renewable energy production and contribute to the energy transition plan
LARGE METROPOLITAN AND REGIONAL AREAS, ENGINES | FNM Group's |
OF THE COUNTRY SYSTEM | territories of |
presence |
Infrastructure & | Energy |
mobility services | |
Sustainable mobility | ...and in |
in economic, | environmental |
social...terms
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