Fnm S.p.a. MIL:FNM

FNM S p A : 9M 2025 CONSOLIDATED RESULTS

Published

Source: MarketScreener



FNM GROUP 9M 2025 RESULTS

14 November 2025



Financial Highlights - REPORTED1 Revenues | €mln Adj. EBITDA | €mln

+6.3%

473.8 503.6

+6.4%

36.6%

173.0 184.1

36.5%

9M 2024 9M 2025 9M 2024 9M 2025

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

+15.0%

53.5 61.5

+16.2%

776.6

668.5

9M 2024 9M 2025 31/12/24 30/09/25

% = 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 results fully consolidated as if the company had been acquired since January 1, 2024, are provided on slide 24. 2



Operating Highlights | Sustainable mobility

2,437.9

2,498.8

9M 2024

9M 2025

Light vehicles

Heavy vehicles

485.9

474.3

1,963.6

2,012.9

Motorway traffic | mln. v-km

+2.5%

LPT demand | mln. pax

+2.2%

147.0

150.2

+0.8%

50.0

50.4

9M 2024

9M 2025

Trenord

Bus transport





3

Operating Highlights | Renewable energy Installed capacity | MW

83.7

63.7

+20.0

MW

81.7

61.7

30/09/24

30/09/25

Solar-PV

Biogas

Energy production | MWh

100,248

66,976

+49.7%

9M 2024

9M 2025

Solar-PV

Biogas

12,744

12,914

54,062

87,504





4

Overview

Economic & Financial Results

Outlook

Appendix



Consolidated financial results - REPORTED


Group Net Result | €mln

53.5

0.9

+15.0%

+8.0mln

(5.7)

2.6

(1.0)

0.1

61.5

11.1

Development projects related to the acquisition of Viridis

consolidation of Viridis and Nordcom + impairment of right-of-use assets

Lower interest payments on MISE bank loans + TE fair value adjustment

Including +€3.1mln of Associates & JV (See next slide)

9M 2024 ∆ Adj. EBITDA Unexpected /

Non recurring expenses

∆ D&A ∆ Net

financial result

∆ Taxes ∆ Equity in Affiliates + Minorities

9M 2025



6

Consolidated financial results | Associates & JV

1

2

3

4

€mln

9M 2024

9M 2025

∆€

Trenord

6.4

0.1

(6.3)

Autostrada Pedemontana Lombarda (APL)

(1.9)

0.4

2.3

Tangenziali Esterne di Milano (TEM)

(1.5)

6.7

8.2

Other

2.5

1.4

(1.1)

Profit (Loss) of companies consolidated at equity 5.5 8.6 3.1



  1. Trenord performance penalized by increase in costs as well as write-downs, which more than offset the growth in revenues

  2. Starting from 4Q24 APL benefits from capitalization of borrowing costs of the Senior Loan 1 following the start of works on sections B2 and C, with a consequent positive effect on the net result

3

4

Capital gain from revaluation at fair value of shareholding in Tangenziale Esterna (TE) following capital increase to refinance

maturing debt and restructure its financial position1

Nord Energia (-€0.9mln) due to ongoing liquidation process and Nordcom (-€0.2mln) due to full consolidation from 15th July 2024





1 -The operation, finalized in April 2025, was carried out based on a valuation of €2 per share, which led to a revaluation of TE's fair value. This also positively impacted the valuation of Tangenziali Esterne di Milano which now holds

43.6% of Tangenziale Esterna. 7

7% 12%

9M 2025

€184.1mln

7% 3% 71% REPORTED

Adj. EBITDA (€ mln)

9M 2024

9M 2025

∆€

∆%

Motorways

126.4

130.4

4.0

+3.2%

Railway infrastructure

4.8

6.4

1.6

+33.3%

Energy

9.8

12.9

3.1

+31.6%

Ro.S.Co

26.6

22.1

(4.5)

-16.9%

Mobility & Services

5.4

12.3

6.9

n.m.

Total

173.0

184.1

11.1

+6.4%

Consolidated financial results | Segment results


PRO FORMA1

Adj. EBITDA (€ mln)

9M 2024

9M 2025

∆€

∆%

Motorways

126.4

130.4

4.0

+3.2%

Railway infrastructure

4.8

6.4

1.6

+33.3%

Energy

11.3

12.9

1.6

+14.2%

Ro.S.Co

26.6

22.1

(4.5)

-16.9%

Mobility & Services

5.4

12.3

6.9

n.m.

Total

174.5

184.1

9.6

+5.5%

1 - Considering the consolidation of Viridis from 1 January 2024

8

Segment results - Motorways

126.4

54.2%

Adj. EBITDA | €mln

4.0mln

(4.3)

5.3

+3.2%

1.7

(1.9)

130.4

3.2

MAIN DRIVERS

  • Toll revenues driven solely by traffic volumes and mix between light and heavy vehicles, in a context with no tariff adjustments

    54.0%

  • Resumption of riverbank protection works near the River Po bridge and modernization of the IT network supporting the toll collection systems

  • Non-cash component reflects movements of provisions on "Renewal fund" and "Deferred maintenance fund"

  • Higher headcount (+16 FTE) and national contract renewal

  • Design revenues and compensation for motorway damage caused by accidents

    9M 2024

    Traffic +

    Maintenance

    Non-cash

    Personnel

    Other

    9M 2025

    Royalties

    costs



    % = EBITDA Margin 9



    Segment results - Railway Infrastructure

    4.7%

    4.8

    Adj. EBITDA | €mln

    +1.6mln n.m.

    2.5

4.0

(4.0)

(0.9)

6.4

MAIN DRIVERS

    • One-off transactions (already included in 6M results) include:

      • Insurance compensations for flood and hailstorm claims

      • Release of bad debt provision following collection of unpaid receivables

        6.4%

    • Lower recourse to external technical services for design activities, in line with evolution of work orders

    • Completion of trains supply contracts, absence of the €1.7mln positive adjustment from 3Q24 Service Contract (related to 2022-2023) and six-month closure of the Iseo-Brescia line

      9M 2024

      One-off transactions

      Maintenance and design

      Concession revenues

      Other 9M 2025

  • Mainly higher personnel costs due to

national contract renewal



% = EBITDA Margin 10