Fnm S.p.a. MIL:FNM
FNM S p A : 9M 2024 Consolidated Results
Source: MarketScreener
FNM Group
9M 2024 RESULTS
15 November 2024
An integrated player in transportation and mobility in Northern Italy
Motorways
Management of motorway infrastructure trough a concession expiring in 2028
- Highway from Milan to Serravalle Scrivia (A7 86Km)
- Milan West, East and North ring roads (A50 33Km, A51 29Km, A52 19Km)
- Pavia West ring road (A54 9Km) and Bereguardo-Pavia motorway link (A53 8Km)
185 Km
Motorway Network
Ro.S.Co
& Services
Leasing of rolling stock in the local public transport (LPT) and freight logistics sector (mainly to Trenord and DB Cargo Italia)
Corporate services to subsidiaries and management of its real estate assets
Development of complementary digital platforms according to MaaC paradigm
98
Owned trains
Railway
Management of railway infrastructure in Lombardy on the basis of the concession expiring on 31 October 2060
Infrastructure
Intermodal terminal management and real estate development in freight logistic sector
330 Km
Railway Network
Road
Passenger
Mobility
Energy
LPT road transport in Lombardy (Province of Varese, Brescia and Como) and Veneto (Province of Verona)
Train replacement services for Trenord
Electric car-sharing service
Renewable energy production with 24 already operational plants
Multiple initiatives for photovoltaic and wind power plants in different stages of implementation
Structure with established expertise capable of managing all major stages of the value chain
727
Buses into service
63 MW
Installed capacity
N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements | 2 |
Key investments in Associates and Joint Ventures
1 | 4 | |
JV with Trenitalia (50% stake) active
in Rail Local Public Transport
Alternative digital mobility platforms according to MaaC paradigm (Busforfun 40%, Sportit 33%,
Mbility 30.8%)
JV with Deutsche Bahn (40% stake) active in Freight Rail Transportation
2
Minority investments in Motorway concessionaires active in Lombardy (36.7% stake in APL and 11.3% in TE)
3
Road LPT services in Como and its Province (25.0% stake)
1 - includes the indirect participation in TILO SA (50% controlled by Trenord and 50% by Swiss Federal Railways SBB) | 2 - FNM owns 22.55% of Tangenziali Esterne di Milano S.p.A. which holds a single shareholding equal | |
to 48.4% of the capital of the highway concessionaire Tangenziale Esterna S.p.A., and dicrectly 0.386% of the concessionaire. | 3 - FNM owns 50% of Omnibus Partecipazioni S.r.l. with Arriva Italia, holding company | 3 |
which in turn owns about 50% of ASF Autolinee. The remaining 50% is held by S.P.T. Holding S.p.A. whose shareholders are local public entities; 4 - BFF owns 95% of BFF.CH SA
Overview
Economic & Financial Results
Outlook
Appendix
9M 2024 Financial Highlights - REPORTED1
REVENUES | |||
+3.8% | |||
456.3 | flat | 473.8 | |
excl. M&A | |||
9M 2023 | 9M 2024 | (€mln) | |
ADJ. EBITDA
+7.5% | |||
161.0 | +0.8% | 173.0 | |
excl. M&A | |||
35.3% | 36.5% | ||
9M 2023 | 9M 2024 | (€mln) | |
EBIT | ||
-11.4% | ||
83.4 | 73.9 | |
9M 2023 | 9M 2024 | (€mln) |
ADJ. NET RESULT
-15.2% | ||
56.5 | ||
47.9 | ||
9M 2023 | 9M 2024 | (€mln) |
GROUP NET RESULT
-1.5% | |
54.3 | 53.5 |
9M 2023 | 9M 2024 |
(€mln) |
ADJ. NFP
+21.8% | ||
782.7 | ||
642.8 | ||
31 Dec. 2023 | 30 Sept. 2024 | (€mln) |
- = EBITDA Margin
1 - Including the effects of the consolidation of Viridis and its subsidiaries from 23 February 2024, and Nordcom from 15 July 2024. Pro forma figures, including the effects of | |
Viridis and Nordcom results fully consolidated as if the company had been acquired since January 1, 2023, are provided on slide 27. | 5 |
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 | |||||||||||
200 | Light vehicles | +2.2% | |||||||||
Heavy vehicles | 2,240 | 2,384 | 2,438 | ||||||||
180 | |||||||||||
160 | 1,772 | 1,918 | 1,964 | ||||||||
140 | 468 | 466 | 474 | ||||||||
9M 2022 | 9M 2023 | 9M 2024 | |||||||||
120 | |||||||||||
(mln vehicles-km) | |||||||||||
100 | |||||||||||
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
2024 | 2023 | 2022 | |||||||||
6 |
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
-11.0%
56.2
2.7 | |
50.4 | 50.0 |
2.5 | 2.7 |
TRENORD
-3.9%
153.0
147.0
136.8
-0.8%
53.5
47.947.3
+7.5%
9M 2019 | 9M 2023 | 9M 2024 | |||
FNMA | ATV | (mln passengers) | |||
9M 2019 | 9M 2023 | 9M 2024 |
(mln passengers)
7
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)
63.1
2.0
36.8
2.0 +71.5%
61.1
34.8
9M 2023 | 9M 2024 |
Biogas Solar-PV
ENERGY PRODUCTION (MWh)
66,976
55,58312,914
12,574
+20.5%
54,062
43,009
9M 2023 | 9M 2024 | |||
Biogas | Solar-PV | |||
8
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)
54.3
12.0
Higher depreciation mainly from capitalization of new investments in motorway infrastructure (Segrate Intermodal Centre) and PV-modules following consolidation of Viridis
-0.8mln
(20.6)
Higher borrowing costs offset by income on cash
1.0
Strong result from
Trenord thanks to new
Public Service Contract
53.5
(0.1)
7.8
Adj. Net result -8.6mln YoY (-15.2%)
Group Net Result | ∆ Adj. EBITDA | Non recurring | ∆ D&A | ∆ Net | ∆ Taxes | ∆ Affiliated | Group Net Result |
9M 2023 | expenses | financial result | companies | 9M 2024 | |||
valued at equity | (€mln) | ||||||
9
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% |
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 | 0.8 | +13.6% |
Energy | 0.0 | 9.8 | 9.8 | n.m. |
Total | 161.0 | 173.0 | 12.0 | +7.5% |
PRO FORMA1 | |||||
Adj. EBITDA (€ mln) | 9M 2023 | 9M 2024 | ∆€ | ∆% | |
Motorways | 113.0 | 126.4 | 13.4 | +11.9% | 72% |
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 | 0.8 | +13.6% | |
Energy | 7.5 | 11.3 | 3.8 | +50.7% | |
Total | 168.5 | 174.5 | 6.0 | +3.6% |
14%
1%
4%
9M 2024
€174.5mln 6%
Pro-forma
1 - Considering the consolidation of Viridis and Nordcom from 1 January 2024. The 9M 2023 was similarly pro-formed as if the consolidation of Viridis and Nordcom had occurred on 1 January 2023
10