Fnm S.p.a. MIL:FNM
FNM S p A : FY 2024 consolidated results
Source: MarketScreener
FNM GROUP
FY 2024 RESULTS
25 March 2025
Overview of business segments
N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements
2
Financial Highlights - REPORTED1
excl. M&A
Revenues | €mln
618.1
+5.3%
+0.8%
651.0
2023
2024
-2.2%
Adj. EBITDA | €mln
+4.3%
211.4
34.2% | 33.9% |
2023
= 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 23.
220.5
2024
Operating Highlights | Sustainable mobility
+2.3%
Motorway traffic | mln. v-km
3,156
3,229
2,534 | 2,595 |
621 | 633 |
2023
2024
Light vehiclesHeavy vehicles
+5.9%
LPT demand | mln. pax
189.9
201.1
-2.1%
69.9
68.4
2023
2024
TrenordBus transport
Operating Highlights | Renewable energy
Consolidated financial results
Consolidated financial results | Associates & JV
€mln | FY 2023 FY 2024 ∆€ |
8.3 (2.9) 0.9
Trenord
10.7 2.3
Autostrada Pedemontana Lombarda Other
2.1 5.0 2
0.5 (0.4)
Profit (Loss) of companies consolidated at equity | 6.4 13.3 6.9 |
Net revaluation of APL following capital increase fully subscribed by Regione Lombardia | - 9.8 9.8 |
6.4 23.0 16.7 |
3
Trenord benefited from Public Service Contract renewal starting from Dec.'23 and lengthening of rolling stock leasing terms in line with PSC contractual duration (expiry in 2033)
Starting from 2024 APL will benefit 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
Capital gain from dilution of MISE's stake in APL from 36.66% to 25.85% due to non-subscription of the capital increase approved in
November 2024, partially offset by impairment charges to align investment's value as per the Impairment Test
Consolidated financial results | Segment results
1 - Considering the consolidation of Viridis from 1 January 2024. The FY 2023 was similarly pro-formed as if the consolidation of Viridis had occurred on 1 January 2023
Segment results - Motorways
MAIN DRIVERS
• Tariff increase +2.3% effective from January 1st 2024, and positive traffic performance
• Completion of non-recurring works: Po viaduct and the Zerbolò integrated barrier completed in 2023
• Personnel costs up as a result of contractual adjustments and increased headcount (+23 FTE), as well as an increased exit incentive policy
• Opex up mainly due to ASECAP event held in May, IT expenses and insurance premiums
• Non-cash component reflects net movements of provisions (mainly Renewal fund and Delayed maintenance fund)