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RATING ACTION: MOODY'S ALZA IL RATING DI MUNDYS DA Ba2 A Ba1, CON OUTLOOK "STABILE"

➢ Migliora il rating di Gruppo a Baa3 per le performance operative delle principali controllate del gruppo, tra cui Abertis, e per le recenti acquisizioni
➢ Confermato il rating Baa2 di Aeroporti di Roma, l'outlook migliora da "stabile" a "positivo"

9 luglio 2025 - Roma

L'agenzia di rating Moody's ha alzato il rating delle obbligazioni di Mundys da Ba2 a Ba1, outlook "stabile".

L'agenzia considera ora il rating di Gruppo Mundys coerente con un rating Baa3.

Moody's ha anche migliorato l'outlook di Aeroporti di Roma da "stabile" a "positivo" e confermato il rating Baa2 delle obbligazioni.

Secondo l'agenzia, l'upgrade del rating di Mundys riflette la solida performance operativa delle principali controllate del Gruppo, i risultati di Aeroporti di Roma e di Abertis, il miglioramento degli indicatori finanziari e le recenti acquisizioni ed estensioni di concessioni con conseguente allungamento della vita media del portafoglio in asset infrastrutturali regolati.

In allegato la nota completa dell'agenzia di rating.

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Rating Action: Moody's Ratings upgrades Mundys senior unsecured rating to Ba1; outlook stable

08 Jul 2025

Aeroporti di Roma's Baa2 rating affirmed with positive outlook

Madrid, July 08, 2025 -- Moody's Ratings (Moody's) has today upgraded Mundys S.p.A.'s (Mundys) senior unsecured ratings to Ba1 from Ba2 and the senior unsecured euro medium-term note (EMTN) programme rating to (P)Ba1 from (P)Ba2. Concurrently, we are withdrawing the Ba1 long-term corporate family rating. The outlook remains stable.

We have also changed to positive from stable the outlook of Italian airport operator Aeroporti di Roma S.p.A. (ADR). Concurrently, we affirmed the Baa2 senior unsecured ratings and the (P)Baa2 senior unsecured EMTN programme rating of ADR.

RATINGS RATIONALE

RATIONALE FOR MUNDYS' RATING UPGRADE

The upgrade of the senior unsecured rating of Mundys reflects the sustained strong operating performance of the group's main subsidiaries, improved financial metrics, prudent financial management and enhanced transparency. It also reflects the consistent execution of Mundys' strategy to focus on regulated infrastructure assets, specifically toll roads and airports, with the objective of extending the average concession life of the group. This is being achieved through acquisitions and concession extensions in OECD countries, which offer more predictable cash flows and lower business risk.

In 2024, Mundys delivered strong operating results, with consolidated revenue increasing by almost 8% and EBITDA growing by nearly 12%. The EBITDA margin improved to 61%, the highest level under the current group structure. This performance was supported by solid traffic growth across most jurisdictions, continued tariff increases in line with regulatory frameworks, and the consolidation of recent acquisitions completed by Abertis Infraestructuras S.A. (Abertis).

In the first five months of 2025, traffic growth remained positive across all key markets. Toll road traffic increased by 1.0% in France, 4.1% in Spain, 1.7% in Mexico, 2.8% in Brazil, and 1.9% in Chile. Airport traffic also performed strongly, with Rome airports growing by 7.1% and Nice airport increasing by 2.6% compared to the same period in 2024. We expect EBITDA to continue to grow by around 7% in 2025, underpinned by positive traffic trends, significant tariff increases, and the contribution from new concessions.

Since 2024, Mundys has expanded its portfolio through a number of awards, acquisitions, and concession extensions. In February 2024, the group completed the acquisition of Autovía del Camino, a 72-kilometre toll road located in northern Spain. In August, Abertis was awarded the Ruta 5 Santiago–Los Vilos concession in Chile, followed in September by a 25-month extension of the Autopista Central concession in Santiago in exchange for infrastructure upgrades. In February 2025, Abertis reached an agreement to acquire a 51.2% stake in Atlandes, which operates the A-63 motorway in France. In March and July 2025, Grupo Costanera S.p.A was awarded two additional Chilean concessions: Ruta 5 Temuco–Río Bueno and Ruta 5 Chacao– Chonchi. These additions are expected to increase Mundys' average concession life to around 13

years by year-end 2025, with further upside potential from ongoing negotiations in Chile and Brazil.

The group's consolidated financial profile continued to strengthen in 2024, also supported by a reduction in Abertis' gross debt of over €3.8 billion during the year. This contributed to a decline in Mundys' consolidated reported gross debt to €37.8 billion at year-end 2024, from €41.5 billion in 2023, including €2 billion of hybrid instruments. As cash flow generation continues to improve in line with macroeconomic dynamics such as economic activity and inflation, we expect the group's consolidated funds from operations (FFO)/ debt to exceed 10% by year-end 2025 and approach 11% in 2026. Moreover, we expect Mundys' debt service coverage metrics (DSCR) to improve to 1.4x in both 2025 and 2026.

We consider the consolidated credit quality of Mundys group to be commensurate with a Baa3 rating. The Ba1 rating of the senior unsecured notes issued by Mundys S.p.A. takes into account the structural subordination of the creditors at the holding company level.

Overall, the credit quality of the group is supported by (1) its large size and focus on regulated toll road and airport infrastructure; (2) the strong fundamentals of Abertis' toll road network, which is diversified and comprises essential links across several countries; (3) the robust operating performance and cash flow generation of ADR, one of the largest airport operators in Europe; (4) the reasonably well-established regulatory framework for most of its infrastructure businesses, albeit with some instances of political interference; and (5) our expectation that the Mundys will maintain a balanced financial profile and a flexible dividend policy.

These positive factors are tempered by (1) the group's fairly complex structure, with minority shareholders and debt at intermediate holding companies; (2) the high financial leverage of the consolidated group; and (3) increasing refinancing requirements starting from 2027, although with sufficient liquidity available to cover expected debt maturities until at least year-end 2026.

RATIONALE FOR ADR'S OUTLOOK CHANGE TO POSITIVE AND AFFIRMATION OF THE RATING

The change in outlook to positive of ADR reflects that the company's Baa2 rating is constrained by its exposure to macroeconomic conditions and institutional environment of Italy (Baa3 positive). Nevertheless, the current rating positioning of ADR is one notch above the sovereign rating, reflecting (1) the company's strategic position as the largest airport group in the country; (2) a large component of revenues derived from international passengers, which provides some resilience to domestic economic cycles and helps moderate earnings volatility; (3) limited reliance on domestic funding sources; and (4) the company's track record of robust credit metrics, as evidenced by FFO/debt of around 22.5% as of year-end 2024, alongside a strong liquidity profile.

The affirmation of the Baa2 rating of ADR reflects (1) the strong fundamentals of its airports; (2) the strength of its service area and favourable competitive position, given Rome's status as one of Europe's major capital cities; (3) the supportiveness of the concession and regulatory framework; (4) the high proportion of origin and destination passengers; (5) a well-diversified carrier base with no meaningful exposure to weak airlines; (6) ADR's growing capital investments to support future growth, which are expected to result in higher funding needs and an increase in debt levels; and (7) our expectation that, despite these requirements, financial leverage will remain moderate, with FFO/debt sustained above 15% over the next 3-5 years.

LIQUIDITY

The liquidity position of Mundys' consolidated group is strong. As of March 2025, the group held approximately €5 billion in cash and cash equivalents, including €1 billion at the Mundys S.p.A. level, €0.8 billion at Abertis Infraestructuras S.A., and €3.2 billion across other subsidiaries. In addition, Mundys group had around €7.5 billion of committed undrawn facilities in total. According to our estimates, Mundys' available sources of cash flows will be sufficient to cover its expenditures, debt service obligations and dividends over the next 18-24 months. As of March 2025, around 74% of debt was fixed and the weighted average cost of debt was close to 4.5%.

ADR's liquidity position is excellent, underpinned by €228 million of cash and cash equivalents as of March 2025. The company also has access to a €350 million committed credit facility maturing in October 2029, which was fully drawn at the beginning of the year and subsequently repaid following the issuance of €750 million sustainability-linked bonds in May 2025. The next significant debt maturity is the outstanding €433 million bond due in June 2027. We expect ADR's liquidity and cash flow generation to be sufficient to cover its funding needs, including capex and dividends, over the next 18-24 months.

OUTLOOK

The stable outlook on Mundys reflects our expectation that the group's operating performance will remain strong and the group will maintain its current business and financial risk profile over the coming years. The stable outlook also incorporates our expectation that the group will maintain a good liquidity position and flexible dividend policy.

The positive outlook on ADR reflects the company's solid operating performance and strong financial profile, which would support a higher rating absent any constraint from the sovereign credit quality. It also takes into account ADR's exposure to local macroeconomic conditions and potential changes in the regulatory and legal environment.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward pressure on Mundys' rating is not currently envisaged in the short term, given the expected leverage levels of the consolidated group and the potential for significantly increased investment needs over the medium term. However, upward pressure could develop in the event of a material reduction in indebtedness that results in a sustained improvement in key credit metrics, alongside an improvement in the group's liquidity position.

Downward pressure on Mundys' ratings could arise from (1) a weakening in the group's financial profile, such that FFO/debt would remain below 10% on a persistent basis; (2) a material deterioration in the group's liquidity position or reduction of cash balances below historical levels; or (3) a significant change in the group's business mix that results in a higher risk profile.

The rating of ADR could be upgraded following an upgrade in Italy's sovereign rating, provided the company maintains a solid financial performance, such that FFO/debt would remain above 15% on a sustainable basis and liquidity position remains strong.

Given the positive outlook, a rating downgrade is unlikely in the near term. However, negative pressure on ADR's rating could arise following a downgrade of the Government of Italy's rating or Mundys' rating. In addition, downward pressure could develop if (1) ADR's financial profile weakens, so that FFO/debt drops below 12%; or (2) the company's liquidity profile deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Mundys S.p.A. was Privately Managed Toll Roads published in December 2022 and available at https://ratings.moodys.com/rmcdocuments/396217. The principal methodology used in rating Aeroporti di Roma S.p.A. was Privately Managed Airports and Related Issuers published in November 2023 and available at https://ratings.moodys.com/rmc-documents/410952. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of these methodologies.

The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Mundys S.p.A. is the holding company for a large group active in the infrastructure sector. Its main subsidiaries include Abertis Infraestructuras S.A., Grupo Costanera S.p.A, Aeroporti di Roma S.p.A. and Azzurra Aeroporti S.p.A. (holding company for Aéroports de la Côte d'Azur). As of December 2024, the group reported €9.3 billion of consolidated revenue and €5.6 billion of

consolidated EBITDA.

Aeroporti di Roma S.p.A. is the concessionaire for the two airports serving the city of Rome (Fiumicino and Ciampino), which recorded 53.1 million passengers in 2024. As of December 2024, the company reported €1.1 billion of revenue and €629 million of EBITDA.

REGULATORY DISCLOSURES

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Erica Gauto Flesch Vice President - Senior Analyst

Neil Griffiths-Lambeth Associate Managing Director

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