FNM S p A : FY 2025 CONSOLIDATED RESULTS

FNM GROUP FY 2025 RESULTS

20 March 2026

Financial Highlights - REPORTED1

Revenues | €mln

Adj. EBITDA | €mln

+3.4%

+2.7%

33.9%

33.7%

651.0 673.0 220.5 226.5

FY 2024 FY 2025 FY 2024 FY 2025

Group Net Result | €mln

Adj. NFP | €mln

+8.1%

668.5

722.5

31/12/24

31/12/25

+24.1%

73.6

59.3

FY 2024 FY 2025

%

= 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 23. 2

Operating Highlights | Sustainable mobility

Motorway traffic | mln. v-km

LPT demand | mln. pax

+2.9%

651.5

633.2

3,228.5 3,323.6

+0.9%

68.5

69.1

201.1

+1.8%

204.8

FY 2024

FY 2025

FY 2024 FY 2025

Light vehicles Heavy vehicles Trenord Bus transport

Operating Highlights | Renewable energy

Installed capacity | MW

Net energy produced | MWh

87.3 120,060

63.7

+23.6

MW

85.3

61.7

80,103

+49.9%

15,426

15,668

64,435

104,634

31/12/2024

31/12/2025

FY 2024

FY 2025

Solar-PV Biogas Solar-PV Biogas

Overview

Economic & Financial Results

Outlook

Appendix

Consolidated financial results - REPORTED

Group Net Result | €mln

+24.1%

+14.3mln

(16.2)

(1.2)

73.6

59.3

17.1

4.5

4.1

Including +€3.5mln

of Associates & JV (See next slide)

Lower interest payments on MISE bank loans

Consolidation of Viridis and Nordcom + impairment of right-of-use assets, biogas plants and goodwill of Viridis

Adjustment to Earn-Out following delay of pipeline development beyond 2029

(≈50 MW)

6.0

FY 2024 ∆ Adj. EBITDA Unexpected /

Non recurring

expenses

∆ D&A ∆ Net

financial result

∆ Taxes ∆ Equity in Affiliates + Minorities

FY 2025

Consolidated financial results | Associates & JV

1

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

2

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

3

Net revaluation of APL carrying amount following the change in ownership interest (€6.1mln vs €9.8mln in FY 2024)2

Fair value adjustment of direct shareholding in TE (€1.5mln)

7

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. 2 - MISE's stake in APL declined from 36.7% to 25.85% in December 2024 due to non-participation in a €272mln capital increase fully subscribed by Regione Lombardia; following the additional €159ln capital increase approved on 18 November 2025, its interest further decreased to 22.05%.

7%

14%

FY 2025

€226.5mln

7%

71%

REPORTED

Consolidated financial results | Segment results

PRO FORMA1

1 - Considering the consolidation of Viridis from 1 January 2024

8

Segment results - Motorways

MAIN DRIVERS

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

• 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" / "Deferred maintenance fund"

• Higher headcount and national contract

  renewal

• Design revenues and compensation for motorway damage caused by accidents

Adj. EBITDA | €mln

5.0mln

+3.2%

161.0

7.8

156.0

50.1%

49.9%

Segment results - Railway Infrastructure

MAIN DRIVERS

• Several items impacted concession revenues: (1) completion of trains supply contracts; (2) progress of T2 Malpensa-Sempione project; (3) absence of the

  €2.0mln positive adjustment in FY24

  Service Contract (related to 2022-2023);

  (4) six-month closure of Iseo-Brescia line

• Lower recourse to engineering services, reflecting the reduction in design and construction management activities, in line with evolution of work orders

• Lower contributions under "Decreto Aiuti" supporting raw material cost increases

Adj. EBITDA | €mln

7.2

-3.6mln n.m.

3.6

9.2

(10.5)

2.7%

5.0%

FY 2024

Concession revenues

Operating costs

Other FY 2025

Segment results - Energy

MAIN DRIVERS

• New plants in operation vs FY24

• Higher production YoY on existing plants, partially mitigated by lower energy prices (mainly contracted at fixed price for 2025)

• OpeEx related to number of plants in operation and cost of biomass for power generation

Adj. EBITDA | €mln

1.2mln

+8.7%

15.0

13.8

64.2%

56.2%

FY 2024

New capacity

Price / Volume effect

Other FY 2025

Segment results - Ro.S.Co

MAIN DRIVERS

• Full consolidation of Nordcom from 15 July 2024

• Reduction in lease payments mainly driven by TSR and Coradia trainsets leased to Trenord (in line with contractual forecasts)

• Institutional communication and sponsorships linked to the Milano Cortina 2026 Olympics partnership

Adj. EBITDA | €mln

-2.0mln

-5.9%

34.1

32.1

31.8%

39.0%

FY 2024

Nordcom

Rolling stock leasing

Opex

Other FY 2025

Segment results - Mobility & Services

MAIN DRIVERS

• Final compensation for reduced tariff revenues due to the Covid-19 emergency (€4.3mln vs €6.7mln booked in FY24)

• Growing demand for daily travel tickets without tariff increase

• Additional resources unlocked at national level allowed Regione Veneto to increase

  €/Km contribution by 11% vs FY24

• Higher subcontracting costs incurred to maintain service levels due to a persistent shortage of bus drivers and extraordinary demand for train replacement services

Adj. EBITDA | €mln

+3.9mln

+35.8%

(0.2)

14.8

10.9

8.7%

10.4%

FY 2024

Covid-19

PSC + Traffic

Other FY 2025

Cash flow generation

Gross CAPEX | €mln

Cash flow | €mln

197.3

Mostly driven by higher trade receivables towards Trenord and utilization of the renewal and cyclical maintenance funds

Higher investments grants collected vs investments made

(0.4)

56.6

31.0

(115.9)

(55.4)

Net CAPEX =

€115.9mln

140.2

48.4

121.7

FY 2024

Motorways

Railway infrastructure

Energy

FY 2025

Ro.S.Co.

Mobility & Services

FFO

∆ NWC

Net Capex

Net Capex Rail Infra.

managed only

Other Net CF

Financial sustainability

Net Financial Position | €mln

722.5

668.5

3.4

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

Adj. NFP

31/12/24

Net Cash Flow

Change in financial debt

IFRS 16 and

Other effects

Adj. NFP

31/12/25

Financial sustainability | Gross debt composition

Gross Debt | €mln

Long term credit ratings

(242.7)

€982.7mln at 31/12/24

848.4

722.5

368.6

Baa3 BBB+

Stable Stable

Adj. NFP

31/12/25

Cash Advances for

Rail Infra. investments

Gross Debt

Breakdown by instrument

Bond Finlombarda EIB

Bank debt

Other

8.0%

9.0%

5.0% 1.0%

Avg. cost of debt1 = 2.03%

Interest rate composition1

= 86% fixed rate

77.0%

31/12/25

Liquidity headroom: available uncommitted credit lines of €115.8mln

Financial sustainability | Maturity structure

Gross Debt | €mln

UPDATE:

• €1bln loan agreement signed on July 22nd leading to extension of the average maturity to 2031

• All conditions precedent for the first drawing are met, including the effectiveness of Concession Addendum #2 from October 22nd for the regulatory period 2020-2024

• Drawdown of €40mln loan from Finlombarda on July 29th

• Repayment of €85mln Bridge loan facility on August 12th with available cash balance

• 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

724.1

33.8

5.9

5.9

5.9

2026 2027 2028 2029 After 2029

Bond Finlombarda Viridis bank debt

EIB

Mise bank debt RCF

Overview

Economic & Financial Results

Outlook

Appendix

Proposed dividend and FY 2026 Outlook

Dividend distribution

Proposed DPS €0.023 per share equal to €10.0mln (dividend yield 4.9%1)

Adj. EBITDA | €mln

Gross CAPEX | €mln

Adj. NFP | €mln

220.5

226.5

230-240

350-400

Adj. NFP/EBITDA

850-900

2024 2025 Guidance

2026

2024 2025 Guidance

121.7

140.2

2026

2024 2025 Guidance

668.5

722.5

3.0x

3.2x

3.5-4.0x

2026

Overview

Economic & Financial Results

Outlook

Appendix