Fnm S.p.a. MIL:FNM

FNM S p A : FY2023 Annual Report – PDF format

Published May 22, 2025 at 8:12 a.m. UTC

Source: MarketScreener

Joint Stock Company

Registered Office in Milan - Piazzale Cadorna 14 Share capital EUR 230,000,000.00 fully paid up

FNM S.p.A. Consolidated financial statements and Separate financial statements as at 31 December 2023

FNM Group

CORPORATE BODIES

Board of Directors

Chair Andrea Gibelli

Deputy Chair Gianantonio Battista Arnoldi

Directors Tiziana Bortot

Barbara Lilla Boschetti Marcella Caradonna Ivo Roberto Cassetta Mauro Miccio

Board of Statutory Auditors

Chair Eugenio Pinto

Statutory Auditors Roberta Eldangela Benedetti Massimo Codari

General Manager Marco Piuri

Executive in charge

of financial reporting

Eugenio Giavatto

Independent Auditor PricewaterhouseCoopers S.p.A.

CONTENTS
Corporate bodies
1. Letter to the Shareholders	page	1
2. Vision	page	4
3. Mission	page	4
4. History	page	5
5. Significant indicators for the year	page	6
6. Group structure and business segments as at 31 December 2022	page	8
7. Information for investors	page	33
8. Consolidated operating and financial performance	page	43
9. Operating performance of business segments	page	59
10. FNM S.p.A. Operating and financial performance	page	85
11. Regulatory Framework	page	88
12. Main risks and uncertainties	page	92
13. Most relevant litigation and other information	page	105
14. Real estate activity	page	109
15. Employees: numbers, costs and training	page	116
16. Research and development activities	page	119
17. Non-financial statement	page	120
18. FNM S.p.A. Corporate Governance	page	125
19. Transactions of the parent company FNM S.p.A. with related parties	page	127
20. Financial instruments	page	127
21. Equity investments held by Directors, Auditors and General Managers	page	128
22. Significant events during the year	page	128
23. Significant events after the closing of the year	page	131
24. Management outlook	page	131
Glossary of terms and alternative performance indicators used	page	133
Consolidated Statement of Financial Position	page	136
Consolidated Income Statement	page	138
Other Consolidated Comprehensive Income	page	139
Statement of changes in consolidated shareholders' equity	page	140
Consolidated Statement of Cash Flows	page	141
Notes to the consolidated financial statements for the year ended 31/12/2022	page	143
Certification of consolidated financial statements pursuant to Art. 154-bis of
Statement of Financial Position	page	259
Income Statement	page	261
Statement of comprehensive income	page	262
Statement of changes in shareholders' equity	page	262
Statement of Cash Flows	page	263
Notes to the separate financial statements for the year ended 31/12/2023	page	265
Certification of the separate financial statements pursuant to art. 154-bis of

FNM Group

MANAGEMENT REPORT of the year 2023 ‌1. LETTER TO THE SHAREHOLDERS

Dear Shareholders,

The year 2023 on a general level was a period characterised by the consolidation of the recovery of motorway traffic, which finally surpassed pre-Covid levels, and the acceleration of the recovery of LPT. The FNM Group worked to complete some important contracts as well as to make progress on key projects and other regulatory fronts.

As far as infrastructure is concerned, MISE was focused on talks for the approval of the 2020-2024 EFP, which currently incorporates the observations of ART and has been sent to the Ministry of Infrastructure and Transport for subsequent submission to the CIPESS. From now on, MISE will focus on the activities necessary for the approval of the 2024-2028 EFP. The investments made during the year mainly concerned the completion of the redevelopment of the S.P. 46 Rho-Monza (provincial road), extraordinary maintenance on the Po River viaduct and the upgrading of safety measures on the A51. Furthermore, initial activities were carried out for the development of five hydrogen refuelling stations along the Milan-Genoa motorway and Milan's bypass roads.

Also in the area of hydrogen projects, the development of the H2iseO project in Valcamonica continued, with the signing of a second Executive Contract for the supply of two additional trains beyond the 6 already ordered by the RoSCo. In October, Italy's first Coradia Stream hydrogen-powered train was presented by FNM and Alstom during the Expo Ferroviaria [Railway Expo]. Work also started on the railway works for the Iseo plant, and contracts were signed for the hydrogen production, storage and distribution facilities.

Despite the difficulties encountered on the procurement front, which led to some delays with respect to investment forecasts, the RoSCo also focused on the revamping of TAF rolling stock by introducing technological and interior improvements to enhance travel quality and material functionality, while also extending train useful life. Consistent with the fleet renewal and emission reduction objectives set out in the Strategic Plan, in 2023 FERROVIENORD made progress in the

Financial Report as at 31 December 2023 page 1

FNM Group

modernisation of railway infrastructure and the Trenord rolling stock renewal programme on behalf of theRegio Lombardia, which saw the delivery of 58 trains, bringing the total to 144 trains out of a total of 214 planned by 2025. As far as road LPT services are concerned, 68 buses were purchased, 11 of which are electric.

With regard to the road passenger transport service in the province of Verona, it is also worth noting that at the end of December the concession to ATV was extended until the end of 2026, together with a significant investment programme to purchase new, low environmental impact buses, build infrastructure for more sustainable collective mobility and improve customer service. FNMA's road LPT contracts were also extended. On the other hand, in order to streamline operations in the area of road passenger transport, the sale of La Linea and Martini Bus was finalised at the beginning of the year.

The year 2023 was also marked by the renewal of Trenord's Service Agreement with the Regione Lombardia, drafted according to the principles defined by the Transport Regulatory Authority, which will allow for more visibility into the investee company's performance for the next 10 years. The development of activities promoting new community-focused MaaC digital mobility continues, with the acquisition of a 30.8% stake in Mbility, an operator that facilitates the availability and increases the offer of transport services, including accompanied transport, for vulnerable or disabled persons. Also in the area of innovation, we should also mention the recent entry of CDP Venture Capital Sgr's Corporate Partners I Fund into the InfraTech segment, which aims to promote collaboration and investment in start-ups engaged in seeking out technological solutions applicable to infrastructure.

The development of the Fili Project is proceeding, with the continuation of the Piantalalì planting plan and the allocation of EUR 150 million in funding from Development and Cohesion Fund resources, as is the performance of preparatory activities for the formalisation of the Programme Agreement in 2024 for the creation of the Cadorna Synthetic Hanging Forest. The Bovisa Node redevelopment project has been approved and is currently in the tender phase. As for the reorganisation of the Saronno Infrastructure Hub, the final project was approved in the Services Conference in November 2023 and the executive project is currently being finalised with the aim of publishing the call for tenders by mid-2024.

The Group has strengthened its commitment to reaching Net Zero decarbonisation targets by 2050 by expanding the reporting of indirect emissions to all relevant categories linked to its activities throughout the value chain (Scope 3). This activity is preparatory to the definition of a pathway for setting greenhouse gas reduction targets aligned with the Science Based Target Initiative (SBTi). Not least, in order to provide investors and the market with a comprehensive view of its economic

Financial Report as at 31 December 2023 page 2