Fnm — Investor Presentation 2021

Aug 2, 2021

FNM Group IH 2021 RESULTS

August 2, 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
• IH 2021 consolidated results

Outlook

Appendix

4

FNM Group| IH 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| IH 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

Demand recovery in 2Q 2021, but still below pre-pandemic levels

FNM Group | Mobility demand in the period – by quarter

IH 2021 demand reflects three full months of travel restrictions¹ in IQ, followed by recovery in 2Q

^{705 821} 539 ^{366 469} 664 IQ 2Q -13% -24% +81% -55%

2019 2020 2021

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 € ) EBITDA growth underpinned by mobility demand recovery and Government compensation measures supporting LPT

Il gruppo in breve REVENUES	PRO FORMA IH 2020	PRO FORMA IH 2021	D	% D
Railway infrastructure management	63,3	64,6	1,3	2,1%
Ro.S.Co. & Service	41,2	39,4	(1,8)	-4,4%
Road passenger mobility	44,7	60,7	16,0	35,8%
Motorway infrastructure management	87,8	108,4	20,6	23,5%
Intercompany	(11,4)	(17,0)	(5,6)	49,1%
Total	225,6	256,1	30,5	13,5%
EBITDA2 ADJUSTED	PRO FORMA 2020 IH	PRO FORMA 2021 IH	D	D %
Railway infrastructure management	5 6 ,	3 4 ,	(2 2) ,	-39 3% ,
S & Service Ro Co	26 5 ,	23 9 ,	(2 6) ,	-9 8% ,
Road mobility passenger	3 4 ,	6 3 ,	2 0 ,	46 5% ,
infrastructure Motorway management	27 8 ,	44 0 ,	16 2 ,	58 3% ,

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 € )

Adj. EBITDA margin% Adj. EBITDA margin%

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, E494 and Effishunter locomotives; TILO trains)
• Higher proceeds from service contracts and IT services provided to group companies
• Lower rents on commercial premises due to Covid-19

• Positive one off proceeds from the sale of a building in 2021 (0.3 mln euros)

• Effect of lower revenues

• Lower cost of personnel compensated by higher operating costs

1 – Adjusted EBITDA: excluding extraordinary gains and losses

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

(in mln € )

Motorway infrastructure management

• Higher tolling revenues due to traffic recovery
• Higher revenues from service areas concessions

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

* Adjusted Net Result: Net Result before profit (loss) of companies consolidated at equity

FNM Group| Consolidated Cash Flow

IH 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 30.07.2021: Uncommitted Lines = € 140 million

FNM Group| COVID-19 impacts on FY2021 outlook

¹⁵ 1. % on revenues calculated excluding elisions

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

Market capitalization as at July 27, 2021	256.2 mln euros
N. Of shares	434.9 mln
Average traded volumes (last 30 days)	255.092
2021 YTD change	+3.3%

FNM Group| Consolidated Profit & Loss – REPORTED¹

(€M)	IH 2020	IH 2021	Il gruppo in breve Var	Var %
from sales and Revenues services	126 5 ,	212 4 ,	85 9 ,	67 9% ,
Other and income revenues	11 3 ,	14 0 ,	2 7 ,	23 9% ,
Total and other income revenues	137 8 ,	226 4 ,	88 6 ,	64 3% ,
Operating costs	(43 9) ,	(85 6) ,	(41 7) ,	0% 95 ,
Personnel costs	(57 5) ,	(75 0) ,	(17 5) ,	30 4% ,
ADJ EBITDA	36 4 ,	65 8 ,	29 4 ,	80 8% ,
(expense) Non-ordinary income	(0 3) ,	0 5 ,	0 8 ,	n m
EBITDA	36 1 ,	66 3 ,	30 2 ,	83 7% ,
and Depreciation amortisation	(20 2) ,	(34 2) ,	(14 0) ,	69 3% ,
EBIT	9 15 ,	32 1 ,	16 2 ,	nm
(expense) financial Net income	0 3 ,	(10 5) ,	(10 8) ,	n m
of which divestments gains on	1 1 ,	0 0 ,	(1 1) ,	n m
EARNINGS BEFORE TAXES	16 2 ,	21 6 ,	4 5 ,	33 3% ,
Income taxes	(2 8) ,	(5 6) ,	(2 8) ,	n m
(LOSS) ADJUSTED NET PROFIT	13 4 ,	16 0 ,	2 6 ,	19 4% ,
Profit (Loss) of consolidated companies equity at	(14 1) ,	(26 9) ,	(12 8) ,	-90 8% ,
Profit (Loss) Net	(0 7) ,	(10 9) ,	(10 2) ,	nm
(Loss) Profit Minority interest in Net	0 0 ,	1 7 ,	1 7 ,	n m
Profit (Loss) Group Net	(0 7) ,	(12 6) ,	(11 9) ,	nm

FNM Group | Revenues and Adjusted EBITDA by segment – REPORTED¹

(in mln € )

Il gruppo in breve	IH	IH	D	D
REVENUES	2020	2021		%
Railway	63	64	1	2
infrastructure	3	6	3	1%
management	,	,	,	,
S Co & Service Ro	41 2 ,	39 4 ,	(1 8) ,	4% -4 ,
Road	44	60	16	35
mobility	7	7	0	8%
passenger	,	,	,	,
infrastructure	0	78	78	nm
Motorway	0	7	7
management	,	,	,
Intercompany	(11	(17	(5	1%
	4)	0)	6)	49
	,	,	,	,
Total	137	226	88	64
	8	4	6	3%
	,	,	,	,

EBITDA2	IH	IH	D	D
ADJUSTED	2020	2021		%
Railway	5	3	(2	3%
infrastructure	6	4	2)	-39
management	,	,	,	,
S Co & Service Ro	26 5 ,	23 9 ,	(2 6) ,	-9 8% ,
Road	3	6	2	46
mobility	4	3	0	5%
passenger	,	,	,	,
infrastructure	0	32	32	nm
Motorway	0	2	2
management	,	,	,
Total	36	65	29	8%
	4	8	4	80
	,	,	,	,

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

* Adjusted Net Result: Net Result before profit (loss) of companies consolidated at equity

FNM Group| Consolidated Profit & Loss – PRO FORMA¹

	PRO FORMA PRO FORMA Il gruppo in breve
(€M)	IH 2020	IH 2021	Var	Var %
from sales and services Revenues	208 7 ,	240 8 ,	32 1 ,	4% 15 ,
Other and income revenues	16 9 ,	15 3 ,	(1 6) ,	-9 5% ,
Total and other income revenues	225 6 ,	256 1 ,	30 5 ,	13 5% ,
Operating costs	(83 3) ,	(96 0) ,	(12 7) ,	15 2% ,
Personnel costs	(78 1) ,	(82 5) ,	(4 4) ,	6% 5 ,
ADJ EBITDA	64 2 ,	77 6 ,	13 4 ,	20 9% ,
Non-ordinary (expense) income	(0 3) ,	0 5 ,	0 8 ,	n m
EBITDA	63 9 ,	78 1 ,	14 2 ,	22 2% ,
Depreciation and amortisation	(40 9) ,	(40 7) ,	0 2 ,	-0 5% ,
EBIT	23 0 ,	37 4 ,	14 4 ,	62 6% ,
financial (expense) income Net	(0 8) ,	(11 1) ,	(10 3) ,	n m
of which divestments gains on	1 1 ,	0 0 ,	(1 1) ,	n m
EARNINGS BEFORE TAXES	22 2 ,	26 3 ,	4 1 ,	18 5% ,
Income taxes	(3 8) ,	(6 1) ,	(2 3) ,	60 5% ,
(LOSS) ADJUSTED PROFIT NET	18 4 ,	20 2 ,	8 1 ,	9 8% ,
Profit (Loss) of consolidated companies equity at	(18 1) ,	(27 7) ,	(9 6) ,	-53 0% ,
Profit (Loss) Net	0 3 ,	(7 5) ,	(7 8) ,	nm
Profit (Loss) Minority interest in Net	0 0 ,	1 9 ,	1 9 ,	n m
Profit (Loss) Group Net	0 3 ,	(9 4) ,	(9 7) ,	nm

FNM Group| Consolidated Profit & Loss – segment details

Railway infrastructure	Ro.S.Co. & Service
management

(€M)	IH 2020	IH 2021	Var.	Var.%
Public contracts and grants Rolling stock leasing Other revenues	50,7 4,3 8,3	50,6 5,5 8,5	(0,1) 1,2 0,2	-0,2% 27,9% 2,4%
Total revenues	63,3	64,6	1,3	2,1%
Adj. EBITDA	5,6	3,4	(2,2)	-39,3%
Adj. EBITDA/Revenues %	8,8%	5,3%
EBIT	4,4	4,4	0,0	0,0%

Road passenger mobility

(€M)	IH 2020	IH 2021	Var.	Var.%
Public contracts and grants	26,2	30,6	4,4	16,8%
Transport services	15,0	26,0	11,0	73,3%
Other revenues	3,5	4,1	0,6	17,1%
Total revenues	44,7	60,7	16,0	35,8%
Adj. EBITDA	4,3	6,3	2,0	46,5%
Adj. EBITDA/Revenues %	9,6%	10,4%
EBIT	(1,5)	1,8	3,3	nm

(€M)	IH 2020	IH 2021	Var	% Var
Rolling stock leasing Other revenues	28 3 , 12 9 ,	26 0 , 13 4 ,	(2 3) , 0 5 ,	1% -8 , 3 9% ,
Total revenues	41,2	39,4	(1 ,8)	-4,4%
Adj . EBITDA	26,5	23,9	(2 ,6)	-9,8%
EBITDA/Revenues Adj %	64 3% ,	60 7% ,
EBIT	13,0	7,5	(5 ,5)	-42,3%

Motorway infrastructure management

PRO FORMAPRO FORMA
(€M)	IH 2020	IH 2021	Var.	Var.%
Toll revenues	80 8 ,	100 4 ,	19 6 ,	3% 24 ,
Other revenues	7 0 ,	8 0 ,	1 0 ,	14 3% ,
Total revenues	87,8	108,4	20,6	23,5%
Adj . EBITDA	27,8	44,0	16,2	58,3%
Adj EBITDA/Revenues %	31 7% ,	40 6% ,
EBIT	7,1	30,6	23,5	nm

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

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

Il gruppo in breve PRO FORMA PRO FORMA
(€ '000)	IH 2020	IH 2021	Var
Srl1 Trenord	(15 927)	(26 245)	(10 318)
Autostrada Pedemontana Lombarda	(3 000)	(2 018)	982
. 2 Tangenziali MilanoS Esterne .p.A	(1 000)	(1 107)	(107)
Spa3 Nord Energia	1 213	921	(292)
Italia Srl DB Cargo	800	872	72
Srl4 Omnibus Partecipazioni	110	(306)	(416)
NordCom Spa	(399)	153	552
Busforfun Srl Com	0	(10)	(10)
Srl Conam	17	0	(17)
Sems	53	0
(Loss) Profit of companies consolidated equity at	(18 133)	(27 740)	(9 554)

1 - including the profit (loss) of TILO SA

• 2 including the profit (loss) of Tangenziale Esterna S.p.A.
• 3 including the profit (loss) of CMC MeSta SA
• 4 including the profit (loss) of ASF Autolinee Srl

FNM Group| Consolidated Balance Sheet¹

(€M)	'21 June 30 ,	Dec 31 2020 ,	Var
Inventories	9 7 ,	8 7 ,	1 0 ,
Trade receivables	128 1 ,	82 6 ,	45 5 ,
Other receivables current	117 2 ,	99 0 ,	18 2 ,
financial receivables Current	51 7 ,	41 6 ,	10 1 ,
Trade payables	(267 4) ,	(177 5) ,	(89 9) ,
Other payables and provisions current current	(114 0) ,	(70 7) ,	(43 3) ,
Working Capital Net	(74 7) ,	(16 3) ,	(58 4) ,
Fixed assets	758 3 ,	468 3 ,	290 0 ,
Equity interests	144 9 ,	168 0 ,	(23 1) ,
receivables Non-current	238 8 ,	24 2 ,	214 6 ,
liabilities Non-current	(29 5) ,	(24 4) ,	(5 1) ,
Provisions	(123 2) ,	(60 9) ,	(62 3) ,
for and liabilities held sale Assets	0 0 ,	0 0 ,	0 0 ,
NET INVESTED CAPITAL	914 6 ,	558 9 ,	355 7 ,
Equity	195 0 ,	477 1 ,	(282 1) ,
Adjusted Financial Position Net	776 8 ,	43 8 ,	733 0 ,
Financial for funded (cash) Position investments Net	(57 2) ,	38 0 ,	(95 2) ,
Financial Net Position	719 6 ,	81 8 ,	637 8 ,
TOTAL SOURCES	914 6 ,	558 9 ,	355 7 ,

FNM Group| Consolidated Balance Sheet – NFP composition¹

Contacts

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