FNM S p A : THE BOARD OF DIRECTORS APPROVES THE RESULTS AT 30 JUNE 2025

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE RESULTS AT 30 JUNE 2025

Milan, 1 August 2025 - The Board of Directors of FNM S.p.A. ("FNM" or the "Company") met today under the chairmanship of Dr. Andrea Angelo Gibelli and reviewed and approved the Condensed Consolidated interim financial statements of the FNM Group as at 30 June 2025.

Group economic and financial highlights

The results for the first half of 2025 and the comparative period reflect i) the acquisition of 80% of Viridis Energia S.p.A. and its subsidiaries (collectively "Viridis"), consolidated as of 23 February 2024, marking the FNM Group's entry into the renewable energy generation sector; ii) the acquisition of 42% of NordCom S.p.A. ("NordCom") and its full consolidation as of 15 July 2024. Below are the main economic indicators:

The adjusted EBITDA margin is 34.9% (34.7% in 1H 2024). For a better representation of the changes in the period, the Company has opted to comment on the results based on the pro-forma income statement, which includes the consolidation of Viridis from 1 January 2024. Below are the main pro-forma economic indicators:

PROFORMA

* Before extraordinary income and expenses

Revenues increased by EUR 19.1 million, driven by the inclusion of Nordcom within the consolidation scope, higher revenues from road local public transport (including an additional compensation for lost traffic during Covid-19 period), increased motorway toll revenues due to higher traffic volumes, and energy sales resulting from the commissioning of new plants. The growth was further supported by higher insurance reimbursements and the release of the doubtful debt provision, while partially offset by the reduction in revenues from leasing of rolling stock (TSR, Coradia trains and E494 locomotives).

Operating expenses recorded a net increase of EUR 4.3 million. The increase is mainly attributable to the consolidation of Nordcom, higher subcontracting costs for road local public transport and railway maintenance, as well as increased expenses for motorway infrastructure management (electricity and fees for crossing public land). These effects were partially offset by lower costs for design, technical services and construction supervision outsourced to third parties, in line with the progress of railway maintenance projects.

Personnel costs rose by EUR 8.0 million due to the increase in the average workforce (+159 FTE, of which 144 from the consolidation of Nordcom), the renewal of the National Collective Labour Agreement for Motorway and Tunnel Companies and Consortia ans Public Transport Operators, and the increased redundancy incentive policy.

As a result of what is described above, adjusted EBITDA (which excludes non-ordinary items) amounted to EUR 114.3 million, up by EUR 6.8 million compared to 1H 2024.

With regard to non-ordinary operating income, costs of EUR 0.9 million related to the acquisition of Viridis were recorded in the comparative period.

Depreciation, amortisation and write-downs increased by EUR 2.5 million, mainly due to the consolidation of Nordcom and impairments on usage rights.

Operating income therefore increased by EUR 5.2 million.

The result from financial operations improved by EUR 2.7 million, primarily driven by the reduction in financial charges associated with variable-rate loans underwritten by MISE. It should be noted that the result for 1H 2025 includes the fair value remeasurement of the equity investment in Tangenziale Esterna, following the outcomes of capital increase transactions executed during the period (EUR 1.5 million).

Income tax increased by EUR 0.5 million due to higher taxable income.

The result from associates andjoint ventures improved by EUR 5.0 million, mainly due to the positive performance of the investee Trenord and the positive effect of the evaluation of the stake in Tangenziale Esterna, included in the result of Tangenziali Esterne di Milano. As detailed in Annex 5, Trenord's performance was impacted by higher operating and personnel costs, despite an improvement in the result from financial operations. APL, on the other hand, benefited from the capitalisation of financial charges related to the Senior Loan 1, following the start of works on Sections B2 and C.

Considering the above, the FNM Group shows a total consolidated net profit of EUR 41.9 million, an increase of EUR 10.6 million compared to the first half of 2024.

Economic and financial performance by operating segment

The following table shows the breakdown of EBITDA based on pro forma data. It should be noted that -in line with the 2024-2029 Strategic Plan - the results of FNMPAY and FNM POWER have been reclassified into the Mobility and Services and Energy segments, respectively, instead of Ro.S.Co. Similarly, the figures for 1Q 2024 have been restated in the same way.

PROFORMA

Adjusted EBITDA amounted to EUR 83.1 million, up by EUR 3.1 million.

Revenues reached EUR 156.8 million, marking an increase of EUR 5.2 million, driven by higher revenues from design activities, insurance reimbursements following accidents, and royalties from the sale of oil and food products, as well as an increase in toll revenues. In particular, toll revenues grew by EUR 2.5 million, benefiting solely from the trend in traffic volumes (1,602.8 million vehicle-km, +2.2% compared to 1H 2024) and the traffic mix between light and heavy vehicles, in a context characterized by the absence of tariff adjustments.

Operating costs recorded an overall increase of EUR 0.6 million, mainly due to the release in 2024 of a previously accrued provision related to deferred maintenance activities that were completed during the period (+EUR 6.3 million). This effect was partially offset by lower maintenance costs amounting to EUR

3.0 million, due to the absence of urgent pavement restoration works required in 2024 following exceptional weather events, and by the positive movement in the renewal fund of EUR 2.5 million, owing to lower provisions. Personnel costs increased by EUR 1.5 million, mainly due to the renewal of the national collective labour agreement, workforce expansion and the adoption of a more proactive early retirement incentive policy.

Adjusted EBITDA amounted to EUR 4.0 million, up by EUR 3.6 million.

Revenues reached EUR 68.6 million (EUR +2.8 million), mainly driven by the sale of inventory materials and higher insurance reimbursements related to flood and hailstorm claims. Conversely, revenues from train procurement declined as a result of the gradual completion of deliveries, along with a decrease in revenues from design activities and cost recoveries on network-related works, due to a slowdown in design activities.

Operating costs decreased by EUR 1.4 million, thanks to reduced use of outsourced technical services linked to design activities and lower energy costs. These savings were partially offset by increased withdrawals of materials from inventory for maintenance work both on the Bornato-Sale Marasino section and in the Milan Cadorna hub, as well as for interventions on the railway track infrastructure. Personnel costs increased by EUR 0.6 million.

Adjusted EBITDA amounted to EUR 7.5 million, up by EUR 0.5 million.

Installed capacity amounts to 71.9 MW (+23.8 MW compared to the same period in 2024), with electricity production reaching 60.2 GWh (+51.3% compared to 1H 2024). This performance also benefited from particularly favourable solar irradiation conditions in 2Q 2025, which offset the lower radiation compared to the twenty-year average recorded in 1Q 2025.

Revenues amounted to EUR 12.2 million, up by EUR 1.7 million as a result of increased energy production, partially offset by lower effective selling prices, which were largely fixed-price contracts for the year 2025. Costs increased by EUR 1.2 million due to higher service-related expenses, biomass consumption, and provisions linked to the launch of the employee incentive plan.

Adjusted EBITDA amounted to EUR 12.1 million, down by EUR 5.2 million.

Revenues grew to EUR 46.1 million (EUR +7.9 million), thanks to the line-by-line consolidation of Nordcom from 15 July 2024 (EUR +12.1 million), which offset the reduction in rolling stock lease revenues (EUR -5.0 million), mainly attributable to the contractual provisions related to TSR and Coradia trains and the end of the lease of the E494 locomotives, partially offset by higher lease revenues on TILO trains and the start of lease payments for the cyclical maintenance component on TAF trains.

The consolidation of Nordcom also led to higher costs of EUR 10.3 million. On a like-for-like basis, the increase in operating costs (+EUR 1.5 million) is attributable to greater institutional communication activities and sponsorships within the framework of the partnership with Milano Cortina 2026, whereas personnel costs increased by EUR 1.3 million also reflecting higher amounts paid in relation to the early termination of employment contracts with executives and incentivised retirement schemes.

Adjusted EBITDA amounted to EUR 7.6 million, down by EUR 4.8 million.

The number of passengers transported was 34.7 million (-1.7% compared to 2024). The decline reflects the end of the transport bonus effect, which in early 2024 had still supported season ticket sales - a category that carries greater weight in passenger calculations compared to single tickets.

Revenues rose to EUR 68.0 million, up by EUR 11.9 million, with positive contributions from the following main components: public contributions increased due to an additional Covid-19 compensation on lost traffic revenues (EUR 4.5 million) and greater mileage in the Verona area; transport revenues grew as a result of extraordinary train replacement services and increased ticket sales; and other revenues improved thanks to the recovery of diesel excise duties, fines related to travel tickets and reimbursements for the use of company-owned buses by subcontractors.

Operating costs increased by EUR 6.8 million, mainly due to greater reliance on third-party subcontracting to ensure service continuity in a context of driver shortages and increased demand for replacement bus services, as well as for maintenance activities. Personnel costs increased by EUR 0.3 million compared to 1H 2024.

Investments

Investments made with own funds by the FNM Group in the first six months of 2025, totalled EUR 72.3 million (EUR 66.4 million net of contributions), and are itemised as follows:

Gross investments in 1H 2025 showed an acceleration compared to the same period in 2024, driven by the Motorways, Ro.S.Co., and Mobility sectors. This was supported by the construction of hydrogen refuelling stations, cyclical maintenance activities, upgrades to TAF rolling stock, as well as the purchase of buses and equipment. In contrast, a slowdown was observed in the Railway Infrastructure and Energy sectors.

During the period, a total of EUR 235.7 million in railway infrastructure and rolling stock investments were managed on behalf of Regione Lombardia (EUR 308.4 million in 1H 2024). Of this amount, EUR 18.6 million (EUR 158.8 million in 1H 2024) relates to investments accounted for in accordance with IFRIC 12, which do not contribute to the calculation of the Adjusted Net Financial Position.

All managed investments are fully funded through public contributions, using a reimbursement mechanism based on the achievement of defined milestones. During the period, contributions amounting to EUR 177.8 million were collected (EUR 40.1 million in 1H 2024), covering expenses incurred and serving as advances for new projects.

Statement of Cash Flows and Net Financial Position

The table below shows an operating cash generation in the year of EUR 46.2 million, which mainly reflects the effects of positive funds from operations net of changes in operating NWC. The available cash flow is negative by EUR 29.4 million and takes into account:

• net investments with own funds of EUR 66.4 million, as described above;

• lower advances received than investments made for railway infrastructure and the purchase of rolling stock funded by Regione Lombardia for EUR 39.3 million;

• positive change in trade payables totalling EUR 30.1 million;

The cash flow in the comparative period was greatly influenced by the cash outflow related to the acquisition of Viridis, amounting to EUR 80.0 million, net of the cash held by the subsidiary Viridis, amounting to EUR 26.3 million, which resulted in a net outflow of EUR 53.7 million.