Fnm — Interim / Quarterly Report 2021

May 14, 2021

FNM Group IQ 2021 RESULTS

May 14, 2021

FNM Group| Overview

1 - Companies operating in the freight mobility sector included respectively in the Railway infrastructure management and in Ro.S.Co. & Services segments. Malpensa Intermodale and Malpensa Distripark are in the start-up phase.

2 - Companies operating in the road passenger transport but considered in the Ro.S.Co. Segment for the purposes of preparing the financial statements

3 – Since February 26, 2021 MISE is fully consolidated into FNM's accounts

4 – Since February 2021 La Linea holds 100% stake in Conam, since then the company is fully consolidated into FNM's accounts

Overview

Economic and financial results

• Financial highlights
• Mobility demand in the period
• IQ 2021 consolidated results

Outlook

Appendix

FNM Group| IQ 2021 Highlights – REPORTED¹

(in mln € )

1. For the purposes of P&L, in 2021 MISE is consolidated since February 26, comparing with FNM's 2020 actual results. For NFP, data at March 31, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of control stake in MISE

2. Adjusted EBITDA: excluding extraordinary gains and losses

3. Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method

4. Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12

5

FNM Group| IQ 2021 Highlights – PRO FORMA¹

(in mln € )

1. For the purposes of P&L, in 2021 MISE is consolidated starting from January 1, comparing with pro-forma 2020 results calculated as if MISE was consolidated starting from January 1, 2020. For NFP, data at March 31, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of control stake of MISE

2. Adjusted EBITDA: excluding extraordinary gains and losses

3. Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method

4. Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12

FNM Group | Mobility demand in the period

IQ 2021 demand impacted by three full months of travel restrictions to contain pandemic¹

1 – The emergency state due to COVID-19 was declared on February 22, 2020, as a result IQ2020 benefited from two months of regular mobility demand

FNM Group | Revenues and Adjusted EBITDA by segment – PRO FORMA¹

(in mln € ) Negative effects of lower mobility demand due to COVID-19, despite Government compensation measures supporting LPT

Il gruppo in breve REVENUES	PRO FORMA IQ 2020	PRO FORMA IQ 2021	D	D %
infrastructure	32	30	(2	-6
Railway	3	3	0)	2%
management	,	,	,	,
S Co & Service Ro	20 3 ,	19 5 ,	(0 8) ,	-3 9% ,
Road	25	28	3	13
mobility	1	6	5	9%
passenger	,	,	,	,
infrastructure	49	46	(3	-7
Motorway	7	0	7)	4%
management	,	,	,	,
Intercompany	(6	(7	(1	28
	0)	7)	7)	3%
	,	,	,	,
Total	121	116	(4	-3
	4	7	7)	9%
	,	,	,	,
EBITDA2 ADJUSTED	PRO FORMA IQ 2020	PRO FORMA IQ 2021	D	D %
Railway	4	2	(2	-53
infrastructure	7	2	5)	2%
management	,	,	,	,
& Service Ro S Co	13 3 ,	12 5 ,	(0 8) ,	-6 0% ,
Road	1	2	0	42
mobility	9	7	8	1%
passenger	,	,	,	,
infrastructure	24	18	(6	-25
Motorway	1	0	1)	3%
management	,	,	,	,

1 - In 2021 MISE is consolidated starting from January 1, comparing with pro-forma 2020 results calculated as if MISE was consolidated starting from January 1, 2020.

2 - Adjusted EBITDA: excluding extraordinary gains and losses

FNM Group | Revenues and Adj. EBITDA by segment – PRO FORMA

(in mln € )

Il gruppo in breve Railway infrastructure management

• maintenance

• IT systems upgrade

Revenues

• Lower revenues from public contracts and grants due to:
• Lower proceeds from recovery of expenses on orders relating to financed investments in rolling stock
• Lower consideration from Service Contract due to efficiency mechanism and rescheduling of train service due to Covid-19
• Lower rents from commercial activities and one offs recorded in 2020

• real estate management (including sanification

and extraordinary cleaning)

Ro.S.Co. & Service

• Lower revenues from rolling stock leasing due to renewal of leasing contract on TAF trains, partially compensated by new leasing contracts (DE 520 and E494 locomotives; TILO trains)
• Higher proceeds from service contracts and IT services provided to group companies
• Lower rents on commercial real estate due to Covid-19

• Positive one off proceeds from the sale of a building in 2021 (0.2 mln euros)

• Effect of lower revenues

• Lower cost of personnel compensated by higher operating costs (services, communication, IT and real estate management)

FNM Group | Revenues and Adj. EBITDA by segment – PRO FORMA

(in mln € )

• mainly due to compensation measures implemented by the Government² to restore lower ticketing measures and outsourced transport services (totalling 3.5 mln euros)
• Higher revenues from transportation services: higher revenues outsourced transport services more than offset lower proceeds from ticketing

Motorway infrastructure management

• Lower tolling revenues due to lower traffic
• Lower revenues from service areas concessions

• Effect of higher revenues • Higher costs for outsourced transport services and

bus fleet management

Adjusted EBITDA¹

• Lower traffic affecting revenues
• Higher operating costs: O&M, electricity consumption and IT
• Higher labour cost due to time effect

1 – Adjusted EBITDA: excluding extraordinary gains and losses

2 – Rilancio Decree, Agosto Decree, Ristori bis Decree and Sostegni Decree

FNM Group| From EBITDA to Net Result – PRO FORMA

Negative bottom line due to COVID 19 effect on Trenord

FNM Group| Consolidated Cash Flow

IQ 2021 cash flow impacted by the acquisition of control stake in MISE

(in mln € )

FNM Group| Consolidated Net Financial Position

MISE acquisition: Increase in NFP in line with expectations and within rating agencies requirements

LIQUIDITY HEADROOM 13.05.2021: Uncommitted Lines = € 140 million

FNM Group| COVID-19 impacts on FY2021 outlook

FNM Group| FY 2021 outlook

1. guidance of FNM + Mise consolidated since February 26, 2021 versus FNM 2020 actual results

2. guidance on FNM +Mise on a like for like basis in FY2020 and FY2021

FNM Group| Shareholders and share performance

Relative performance Jan. 1, 2020 to date, vs reference indexes

Share price May 11, 2021: 0.713 euro

Share capital profile Shareholders

Market capitalization as at May 11, 2021	310.1 mln euros
N. Of shares	434.9 mln
Average traded volumes (last 30 days)	399.786
2021 YTD change	+25.1%

FNM Group| Consolidated Profit & Loss – REPORTED¹

(€M)	IQ 2020	IQ 2021	Var Il gruppo in breve	Var %
from sales and Revenues services	65 8 ,	81 8 ,	16 0 ,	24 3% ,
Other and income revenues	5 9 ,	5 2 ,	(0 7) ,	-11 9% ,
Total and other income revenues	71 7 ,	87 0 ,	15 3 ,	3% 21 ,
Operating costs	(21 7) ,	(30 8) ,	(9 1) ,	41 9% ,
Personnel costs	(30 1) ,	(32 6) ,	(2 5) ,	8 3% ,
ADJ EBITDA	19 9 ,	23 6 ,	3 7 ,	18 6% ,
Non-ordinary (expense) income	(0 2) ,	(1 5) ,	(1 3) ,	n m
EBITDA	19 7 ,	22 1 ,	2 4 ,	12 2% ,
and Depreciation amortisation	(10 1) ,	(11 8) ,	(1 7) ,	16 8% ,
EBIT	9 6 ,	10 3 ,	0 7 ,	3% 7 ,
financial (expense) income Net	0 5 ,	(2 9) ,	(3 4) ,	n m
of which divestments gains on	1 1 ,	0 0 ,	(1 1) ,	n m
EARNINGS BEFORE TAXES	10 1 ,	7 4 ,	(2 7) ,	7% -26 ,
Income taxes	(2 4) ,	(1 4) ,	0 1 ,	7% -41 ,
(LOSS) ADJUSTED NET PROFIT	7 7 ,	6 0 ,	(1 7) ,	-22 1% ,
(Loss) Profit of consolidated companies equity at	(7 5) ,	(12 3) ,	(4 8) ,	0% 64 ,
Profit (Loss) Net	0 2 ,	(6 3) ,	(6 5) ,	nm
Profit (Loss) Minority interest in Net	(0 4) ,	0 6 ,	1 0 ,	n m
(Loss) Profit Group Net	0 6 ,	(6 9) ,	(7 5) ,	nm

FNM Group | Revenues and Adjusted EBITDA by segment – REPORTED¹

(in mln € )

Il gruppo in breve	IQ	IQ	D	D
REVENUES	2020	2021		%
Railway	32	30	(2	-6
infrastructure	3	3	0)	2%
management	,	,	,	,
S Co & Service Ro	20 3 ,	19 5 ,	(0 8) ,	-3 9% ,
Road	25	28	3	13
mobility	1	6	5	9%
passenger	,	,	,	,
infrastructure	0	16	16	nm
Motorway	0	3	3
management	,	,	,
Intercompany	(6	(7	(1	3%
	0)	7)	7)	28
	,	,	,	,
Total	71	87	15	3%
	7	0	3	21
	,	,	,	,
EBITDA2	IQ	IQ	D	D
ADJUSTED	2020	2021		%
Railway	4	2	(2	-53
infrastructure	7	2	5)	2%
management	,	,	,	,
& Service Ro S Co	13 3 ,	12 5 ,	(0 8) ,	-6 0% ,
Road	1	2	0	1%
mobility	9	7	8	42
passenger	,	,	,	,
infrastructure	0	6	6	nm
Motorway	0	2	2
management	,	,	,
Total	19	23	3	18
	9	6	7	6%
	,	,	,	,

1 - In 2021 MISE is consolidated since February 26, comparing with FNM's 2020 actual results.

2 - Adjusted EBITDA: excluding extraordinary gains and losses

FNM Group| From EBITDA to Net Result – REPORTED¹

FNM Group| Consolidated Profit & Loss – PRO FORMA¹

	PRO FORMA	PRO FORMA		Il gruppo in breve
(€M)	IQ 2020	IQ 2021	Var	% Var
from sales and services Revenues	113 7 ,	110 2 ,	(3 5) ,	-3 1% ,
Other and income revenues	7 7 ,	6 5 ,	(1 2) ,	6% -15 ,
Total and other income revenues	121 4 ,	116 7 ,	(4 7) ,	-3 9% ,
Operating costs	(37 0) ,	(41 2) ,	(4 2) ,	11 4% ,
Personnel costs	(40 4) ,	(40 1) ,	0 3 ,	-0 7% ,
ADJ EBITDA	0 44 ,	35 4 ,	(8 6) ,	-19 5% ,
(expense) Non-ordinary income	(0 2) ,	(1 5) ,	(1 3) ,	n m
EBITDA	43 8 ,	33 9 ,	(9 9) ,	-22 6% ,
and Depreciation amortisation	(17 6) ,	(16 1) ,	1 5 ,	-8 5% ,
EBIT	26 2 ,	17 8 ,	(8 4) ,	-32 1% ,
financial (expense) income Net	(1 4) ,	(4 1) ,	(2 7) ,	n m
of which gains divestments on	1 1 ,	0 0 ,	(1 1) ,	n m
EARNINGS BEFORE TAXES	24 8 ,	13 7 ,	(11 1) ,	-44 8% ,
Income taxes	(6 5) ,	(2 4) ,	4 1 ,	-63 1% ,
(LOSS) ADJUSTED NET PROFIT	18 3 ,	11 3 ,	(7 0) ,	-38 3% ,
Profit (Loss) of consolidated companies equity at	(7 1) ,	(13 2) ,	(6 1) ,	85 9% ,
(Loss) Profit Net	11 2 ,	(1 9) ,	(13 1) ,	nm
Profit (Loss) Minority interest in Net	(0 4) ,	0 8 ,	1 2 ,	n m
Profit (Loss) Group Net	11 6 ,	(2 7) ,	(14 3) ,	nm

FNM Group| Consolidated Profit & Loss – segment details

Railway infrastructure	Ro.S.Co. & Service
management

(€M)	IQ 2020	IQ 2021	Var.	Var.%
Public and contracts grants	26,1	24,1	(2 ,0)	-7,7%
Rolling stock leasing	2,1	2,6	0,5	23,8%
Other revenues	4,1	3,6	(0 ,5)	-12,2%
Total revenues	32,3	30,3	(2 ,0)	-6,2%
Adj. EBITDA	4,7	2,2	(2 ,5)	-53,2%
Adj . EBITDA/Revenues %	14,6%	7,3%
EBIT	4,1	1,7	(2 ,4)	-58,5%

Road passenger mobility

(€M)	IQ 2020	IQ 2021	Var.	Var.%
Public and contracts grants	12,3	15,3	3,0	24,4%
services Transport	11,0	11,5	0,5	4,5%
Other revenues	1,8	1,8	0,0	0,0%
Total revenues	25,1	28,6	3,5	13,9%
Adj. EBITDA	1,9	2,7	0,8	42,1%
. EBITDA/Revenues Adj %	7,6%	9,4%
EBIT	(1 ,0)	0,5	1,5	nm

(€M)	IQ 2020	IQ 2021	Var.	Var.%
Rolling stock leasing	14,1	12,9	(1 ,2)	-8,5%
Other revenues	6,2	6,6	0,4	6,5%
Total revenues	20,3	19,5	(0 ,8)	-3,9%
Adj. EBITDA	13,3	12,5	(0 ,8)	-6,0%
. EBITDA/Revenues Adj %	65,5%	64,1%
EBIT	6,5	4,2	(2 ,3)	-35,4%

Motorway infrastructure management

PRO FORMAPRO FORMA
(€M)	IQ 2020	IQ 2021	Var.	Var.%
Toll revenues	47,9	43 6 ,	(4 3) ,	-9 0% ,
Other revenues	1,8	2 ,4	0 6 ,	33 3% ,
Total revenues	49,7	46,0	(3 ,7)	-7,4%
Adj . EBITDA	24,1	18,0	(6 ,1)	-25,3%
. EBITDA/Revenues Adj %	48 ,5%	39 ,1%
EBIT	16,6	11,3	(5 ,3)	-31,9%

FNM Group| Profit (loss) of companies consolidated at equity

Negative effects of lower mobility demand due to COVID-19 on Trenord and APL

PRO FORMA PRO FORMA
(€ '000)	IQ 2020	IQ 2021	Var	Var %
Srl1 Trenord	(8 325)	(12 777)	(4 452)	n m
Spa2 Nord Energia	737	516	(221)	-30%
Italia Srl DB Cargo	12	163	151	1258%
Srl3 Omnibus Partecipazioni	56	(62)	(118)	-211%
NordCom Spa	10	71	61	610%
Srl Conam	3	0	(3)	-100%
Busforfun Srl Com	0	(78)	(78)	nm
Autostrada Pedemontana Lombarda	407	(1 007)	(1 414)	nm
Tangenziali di Milano S .p.A Esterne	0	0	0	nm
Profit (Loss) of consolidated companies equity at	(7 100)	(13 174)	(6 074)	nm

1 - including the profit (loss) of TILO SA

• 2 including the profit (loss) of CMC MeSta SA
• 3 including the profit (loss) of ASF Autolinee Srl

FNM Group| Consolidated Balance Sheet¹

(€M)	Dec. 31, 2020	March 31, '21	Var.
Inventories	8,7	10,4	1,7
Trade receivables	82,6	112,7	30,1
Other current receivables	99,0	132,1	33,1
Trade payables	(177,5)	(216,3)	(38,8)
Other current payables and current provisions	(70,7)	(109,8)	(39,1)
Net Working Capital	(57,9)	(70,9)	(13,0)
Fixed assets	468,3	983,9	515,6
Equity interests	168,0	162,4	(5,6)
Non-current receivables	24,2	98,2	74,0
Non-current liabilities	(24,4)	(36,5)	(12,1)
Provisions	(60,9)	(147,4)	(86,5)
Assets and liabilities held for sale	0,0	0,0	0,0
NET INVESTED CAPITAL	517,3	989,7	472,4
Equity	477,1	271,5	(205,6)
Adjusted Net Financial Position	43,7	753,4	709,7
Net Financial Position for funded investments (cash)	(3,5)	(35,2)	(31,7)
Net Financial Position	40,2	718,2	678,0
TOTAL SOURCES	517,3	989,7	472,4

FNM Group| Consolidated Balance Sheet – NFP composition¹

(€M)	Dec 31 2020 ,	March '21 31 ,	Var
Cash and bank deposits	(126 1) ,	(322 5) ,	(196 4) ,
financial receivables Current	(0 1) ,	(0 5) ,	(0 4) ,
financial debt Current	101 2 ,	771 6 ,	670 4 ,
(Debt/ Financial -Cash) Current Net Position	(25 0) ,	448 6 ,	473 6 ,
financial debt Non-current	68 7 ,	304 8 ,	236 1 ,
Adjusted Financial Position Net	43 7 ,	753 4 ,	709 7 ,
(Debt/ for funded -Cash) Financial Net Position investments	(3 5) ,	(35 2) ,	(31 7) ,
Financial Position Net	40 2 ,	718 2 ,	678 0 ,

Contacts

Valeria Minazzi Investor Relations Director Fixed line: +39 02 8511 4302 valeria.Minazzi@fnmgroup.it investor.relations@fnmgroup.it