Fnm — Investor Presentation 2021

Apr 16, 2021

FNM Group Corporate Presentation

April, 2021

The FNM Group

• Overview
• The business segments

Mise acquisition

Sustainability

FY2020 results

FY2021 outlook

Appendix

FNM Group | Overview

The Group at a glance

• FNM is the leading integrated sustainable mobility Group in Lombardy.
• It is the first hub in Italy to combine railway infrastructure management with road transport and motorway infrastructure management, with the aim of proposing an innovative model to manage mobility supply and demand, designed to support optimization of flows as well as environmental and economical sustainability.
• It is one of Italy's leading non-state investors in the sector.
• The Group focuses on four segments:
• Ro.S.Co. and Service
• Management of the railway infrastructure
• Road passenger mobility
• Management of the motorway infrastructure, since February 26, 2021 FNM owns 96% of Milano Serravalle - Milano Tangenziali S.p.A. (MISE) ¹ the concessionaire of the A7 motorway and Milan's ring roads.
• FNM S.p.A. is a public company, listed on the Italian Stock Exchange since 1926.
• The majority shareholder is the Regione Lombardia, which holds a 57.57% stake.
• 2,230 employees in 2020²

Key figures³

1 – 13.6% stake acquired from ASTM Group in July 2020; the remaining 82.4% was acquired on February 26, 2021 from Regione Lombardia, since then MISE is fully consolidated into FNM's accounts; 2 – average data; 3 – as at December 31, 2020; 4 – on Ferrovienord railway network.

FNM Group | Overview/2

Ratings Ratings

Baa3 with stable outlook assigned on January 25, 2021

BBB- with stable outlook

assigned on November 10, 2020

Stock performance Jan 1, 2020 – to date

Ratings Key financials

	2018	2019	2020
Revenues	296,3	300,6	281,3
EBITDA2 Adj.	67,8	69,6	70,1
Adj. EBITDA margin %	22,9%	23,2%	24,9%
EBIT	31,0	30,3	26,4
EBIT margin %	10,5%	10,1%	9,4%
Adj. Net Profit (Loss)	23,0	22,9	22,7
(Loss)3 Group Net Profit	28,5	30,3	24,2
Adj. NFP (Cash)	7,6	-39,9	43,7
NFP (Cash)	22,5	-107,4	40,2

1- Data as at April 15, 2021; 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

FNM Group | History

1- Acquisition of a 13,6% stake from ASTM on July 29, 2020 and of 82,4% stake from Regione Lombardia on February 26, 2021; since then FNM stake in MISE share capital rises to 96% and MISE is fully consolidated into FNM accounts.

Il Gruppo FNM | Il core business

• Railway infrastructure management Ro.S.Co. & Service Railway infrastructure management
• Leasing of rolling stock in the local public transport (LPT) and freight logistics sector (mainly Trenord and DB Cargo) with a fleet of >90 trains owned by the Group.

• Provision of Corporate services to subsidiaries and management of the real estate assets of the Group

• Management of the railway infrastructure in Lombardy (330 km of network and 124

• stations in the provinces of Milan, Varese, Como, Novara, Monza/Brianza and Brescia), on the basis of the concession from Regione Lombardia expiring on 31 October 2060

• Activities related to the management of the intermodal terminal of Sacconago (VA) and to real estate development in the management of connections in the cargo sector

• Road passenger mobility Motorway infrastructure

• Management of Road LPT:
• in the provinces of Varese, Brescia and Como (FNM Autoservizi) for 633 km of network
• in the Municipality of Verona and its province (ATV, La Linea)
• in Veneto Region and in the business of bus rental with private drivers (Martini)
• Electric car-sharing service (E-Vai)

2 2

infrastructure through Milano Serravalle Milano Tangenziale (MISe), on the basis of a concession expiring in 2028

As at December 31st, 2020 FNM Spa held a 13.6% stake in MISE. The shareholding increased to 96% on February,26th 2021. Since that date MISE is fully consolidated into FNM's accounts

Fully consolidated companies

1. Companies operating the freight logistics sector, in start up, currently included in the Railway Infrastructure Management and in the RoSCo & Service segments.

1. Companies operating in the road transport segment but considered in the Ro.S.Co segment for the purposes of financial reporting

FNM Group | Ro.S.Co. & Service

Segment overview

• The business is managed by the parent company FNM Spa,
• Leasing of rolling stock to associated companies operating in the railways local public transportation and freight transportation.
• Trenord is the main lessee of FNM SpA rolling stock for local public transport (LPT).
• DB Cargo is the main lessee of FNM SpA rolling stock for freight
• FNM Spa also provides corporate service activities to the other companies of the Group, and is active in the management of real estate assets and advertising spaces, payment as well as engineering services.

Rolling Stock Fleet details1)

	Rolling stock	Lessee	Nr.	Net asset value @ Dec. 31,'20 (mln €)
	TAF	Trenord	2) 26	12,9
	TSR	Trenord	19	171,5
LPT	ETR 245 (CSA)	Trenord	8	27,5
	ETR 526 (Coradia)	Trenord	10	59,1
	FLIRT (Tilo)	Trenord	4	42,1
	Total trains		67	313,1
	E 483	DB Cargo	8	14,7
	DE 520	DB Cargo (10) Trenord (4)	14	1,0
Freight	E 474 (ES64 F4)	DB Cargo	1	2,2
	Effishunter EFF 1000	Trenord	2	3,8
	E 494 Traxx F140 DC3	DB Cargo	4	In sub leasing 3)
	Total locomotives		29	21,6
	TOTAL		96	334,7

Average age of the fleet: 10.2 years

FNM Group | Railway infrastructure management

Segment overview

Ferrovienord is the key infrastructural operator of mobility in Lombardy in charge of the management of:

• 330 km of network and 124 stations¹ in the provinces of Milan, Varese, Como, Novara, Monza and Brescia
• the circulation of 900 trains/day and 200,000 passengers/day²
• the ordinary and extraordinary maintenance of the network, the activation of new plants and upgrading works.

Highest traffic density in Italy:

• 25.300 trains-km/network km²
• one train every minute to/from Milano Cadorna station during peak hours

The segment includes freight logistics activities, still in start up phase, operated by Malpensa Intermodale and Malpensa Distripark, respectively involved in the development and management of the freight terminal in Sacconago (close to Malpensa airport) and in the real estate development of the terminal areas owned by the Group

1) With the aim of favoring intermodal mobility to LPT passengers, the stations are connected to 92 bus stops, 5 ferry navigation lanes and are equipped with 16 bike sharing stations, 14 car sharing stations, 77 car parking areas (corresponding to 3600 parking spaces) and 26 bike parking areas (corresponding to 2092 parking spaces); 2) 2020 data, pre Covid levels 30.500 trains-km/network km

FNM Group | Railway infrastructure management

KPI (trains-km mln)

FNM Group| Regione Lombardia's investment plan¹

1) Ferrovienord purchases the trains and Regione Lombardia pays 1% of the contract amount and the charges relative to the financial debt incurred, as envisaged by the Public Service Contract 2016- 2022; 2) 5 Rock, 10 Donizzetti and 2 Caravaggio; 3 – 2019 data

FNM Group| Road passenger mobility - Lombardy

Segment overview

Extraurban local public transport (LPT) by bus trough FNM Il business in breve Autoservizi and ASF Autolinee¹

TRAFFIC

In 2020 1.4 mln passengers (-67% vs 2019) In 2020 4.3 mln bus-km (-23% vs 2019), o/w 0.7 mln bus-km charter service

ROUTES

19 lines crossing ~ 630 km routes in three provinces (Brescia, Como/Lecco, Varese)

BUS FLEET

157 busses (o/w 47% new generation models² ) Average age 12 years

Flotta autobus Revenues breakdown (€ mln)

Southern area

Geographic presence

¹Equity method ² Euro5, Euro6, EEV engines

FNM Group| Road passenger mobility - Veneto

Segment overview

• Bus transportation service in the City of Verona and in the Verona Province (ATV)
• LPT sub-contacting in Verona, Padova, Venezia and Belluno (La Linea)
• Bus rental with private driver, also for touristic purposes (Martini Bus)

TRAFFIC in 2020

44.1 mln passengers (-40% vs 2019)¹ 15.4 mln bus-km (-22% vs 2019) ¹ 4.4 mln km (-36% vs 2019)²

ROUTES

273 km urban routes on 19 lines¹ 3.705 km suburban routes on 77 lines¹

1 - ATV; 2 - La Linea and Martini Bus; 3 – ATV, La Linea and Martini Bus

4 - Euro5, Euro6, EEV engines, ATV and Martini Bus

RO

FNM Group | Road passenger mobility

19,8 19,8 15,4 5,5 5,6 4,3 25,3 25,4 19,7 2018 2019 2020 ATV FNM (bus-km mln)

AVERAGE AGE ~13 years

FNM Group | Key data by business segment

2020 data

FNM Group | Trenord, the strategic JV in local railway transport

Trenord overview

• Trenord in breve • Established in 2011, Trenord is the key train operator in Lombardy,
• It manages ~ 25% of the total local railways transport in Italy, including public passenger transport by rail in suburban and regional areas, airport passenger transport by rail, and the Lombardia-Canton Ticino cross-border service. The company also manages international railway services on the Brennero and Tarvisio rail lines
• Trenord activity is regulated through the Service Contract Agreement («SCA») approved by Regione Lombardia (relative to 2015-2020 period, extended for the whole 2021¹ ).
• In carrying out its activities Trenord operates rolling stock leased from FNM Group, Trenitalia and Regione Lombardia.
• Azionariato • As of December 31, 2020, it had about 4,300 employees

Shareholders

Business KPIs

• Production: 2.100 services/day in Lombardia (accounting for roughly 25% national public passenger transport by rail):
• 30.000 stops in 467 rail stations,
• 92.6 mln passengers transported in 2020 (-56% vs 2019)
• 34.7 mln trains-km² in 2020 (-16% vs 2019)
• Fleet: more than 400 trains; Regione Lombardia has implemented an investment programme to renew the fleet, with 222 trains to be bought within 2025; the first new trains started operations in early 2020
• Railway network: Trenord trains run over 40 routes and 61 lines managed by RFI (FS Group) and Ferrovienord (FNM Group), covering a total network length of approximately 2000 km

FNM Group | Trenord, the strategic JV in local railway transport

mln €	(1) 2018	(1) 2019	2019 IFRS 16	2020 IFRS 16
Revenues	797	831	831	703
	3	7	7	1
	,	,	,	,
EBITDA	67	70	202	153
	9	5	1	3
	,	,	,	,
EBITDA margin%	8 5% ,	8 5% ,	24 3% ,	21 8% ,
EBIT	5	8	10	-33
	1	4	0	0
	,	,	,	,
EBIT margin%	0 6% ,	1 0% ,	1 2% ,	-4 7% ,
/(loss)	2	4	3	-7
profit	4	3	7	0
Net	,	,	,	,
Financial	-50	-22	151	166
Net	9	3	6	6
Position/(Cash)	,	,	,	,

Despite the heavy negative impact of Covid-19 pandemic on rail LPT in 2020, Trenord contained losses thanks to cost reduction initiatives and the compensatory measures² offered by the Government (~80 mln euros)

+4,7% CAGR Since Trenord's activities are located in Lombardy, one of the richest and most populated regions in Italy and Europe, Trenord's revenues are comparable to that of small European railway companies operating on a national scale

FNM Group | H2iseO Hydrogen Valley project

Italian industrial hydrogen-based value chain for a sustainable mobility system in the UNESCO world heritage site of Val Camonica

• The "H2iseO Hydrogen Valley" is an iconic project, along the non-electrified railway line Brescia – Iseo – Edolo, jointly implemented by FNM and Trenord, aiming at decarbonizing public transport services and at supporting the transition towards a more sustainable transportsystems.
• It is a first step in structuring a zero emission mobility system and in introducing a hydrogen based economic system.
• It is developed in the Val Camonica area, at the same time a UNESCO World Heritage site, a major industrial pre-Alpine valley in eastern Lombardia and a gateway for the 2026 Milano-Cortina Winter Olympics.
• The project is at present self financed by FNM and Trenord. Suitable European and domestic funding programmes could be accessed to finance part of the capital costs.
• Introduction of hydrogen-powered fleets:
• o exp. n. 14 trains to replace the existing fleet of 14 diesel train sets; 6 trains have been commissioned to Alstom,
• o exp. n. 40 + buses to allow the decarbonization of part of the bus service in Val Camonica, as a pilot project in the area.
• FNM and Trenord are also carrying out the detailed economic and technical projects of the hydrogen production plants in Iseo (blue hydrogen) and Edolo and/or Brescia (green hydrogen) as well as of other major components of the project.

FNM entered into partnerships (MOU) with major energy players to support the implementation of the project.

• A2A-Snam: to study methods for the supply and refuelling of hydrogen from renewable sources and from the recovery of materials to power the new trains of the Brescia-Iseo-Edolo line;
• Enel Green Power: to identify the best way to supply green hydrogen, produced using exclusively renewable energy for railway mobility in Lombardy;
• ENI: to evaluate the introduction of fuels and energy carriers capable of reducing CO2 emissions for the thermal engines; the introduction of models for the capture, storage or use of CO2 generated in hydrogen production processes for use in means of transport; the introduction of hydrogen distribution points for private road mobility

FNM Group | Fili project: new anthropization of the Milan-Malpensa axis

It is currently the largest urban and suburban regeneration project in Europe for the redevelopment of the main connection centres of FERROVIENORD on the Milan-Malpensa axis in view of the Milan Cortina 2026 Olympics.

➢ For the urban areas, it focuses of the following centres:

• Milan Cadorna: creation of a "synthetic forest" (72,000 m2) from Milan Cadorna to the Domodossola station. The hanging forest will produce oxygen for the city of Milan through the use of advanced biotechnologies that some start-ups employ in the production of panels consisting of anti-pollution filters such as plants, mosses and lichens that absorb nitrogen dioxide and release oxygen¹ .
• Milan Bovisa: in partnership with the Municipality of Milan, infrastructural enhancement and urban regeneration of the Bovisa Node through the Reinvesting Cities tender, an initiative of the cities of the C40 group to pursue policies to contain carbon emissions. The headquarters of the FNM group will be built in the area, next to the station.
• Saronno: improve functionality and safety standards as well as accessibility and viability through the urban redesign of one of the most important hubs of the network. The project includes the relocation of the Saronnese Museum of Industries and Work, the restyling of the passenger building of the station and its underpass, the creation of cycle and pedestrian paths.
• Busto Arsizio: relocation of car parks in a multi-storey building, allowing the allocation of large green areas equipped for collective activities and the connection between the north and the south of the city.
• ➢ For the extra-urban areas, it includes:
• the collaboration with the Lombardy Foundation for the Environment aimed at mapping railway and non-railway appurtenances, for a reforestation project of the entire area of the Lombard industrial triangle between Milan, Varese and Como. The feasibility study will also concern nature-based interventions to be implemented in the stations (areas of relevance and proximity) to improve the comfort of users of the railway service, as well as the more general environmental resilience, without reducing the modal interchange function.
• the creation of a 72.7 km supercyclable track from Cadorna to Malpensa.

The FNM Group

MISE acquisition

Sustainability

FY2020 results

FY2021 outlook

Appendix

FNM Group | The core business: Motorway infrastructure management – MISE acquisition

Business Overview

• On Feb. 26 2021 FNM acquired from Regione Lombardia a 82,6% participation in Milano Serravalle Milano Tangenziali S.p.A. ("MiSe"). FNM now owns 96% of MISE¹ .
• Founded in 1951 in Assago, MiSe is the concessionaire until 2028 of the A7 motorway from Milano to Serravalle Scrivia and of the three Milanese ring roads A50, A51, A52 (West, East, North) for a total of 179 km and ~2,117 mln vehiclekm in 2020 (-32% versus 2019), in one of the wealthiest areas un Europe.
• MiSe also holds a 36.7% stake² in Autostrada Pedemontana Lombarda S.p.A. ("APL"), which is the concessionaire of ~ 84 km³ toll roads as of 30/06/2018 and which should exceed 157 km³ of overall roads once the project is completed.

Key Financials (ITA GAAP)

mln €	FY 2020	FY 2019
Tolls	167,8	234,8
Other revenues	11,0	14,1
Total revenues	178,8	248,9
EBITDA	73,1	145,8
% EBITDA	41%	59%
EBIT	27,8	88,2
Net Income	4,8	57,8
debt (cash) Net	134,8	125,0
/EBITDA (x) Net Debt	1,8	0,9
CAPEX	50,4	53,6

1) Including the 13.6% stake purchased from ASTM Spa in July 2020; 2) following the €350mln capital increase fully subscribed by Regione Lombardia on Feb. 26 2021, Regione Lombardia owns the remaining 63.3% stake; 3) including junctions and local roads

FNM Group | MISE area

FNM Group strengthens its positioning in the highest traffic demand areas in the Region

	km	mln vehicles-km
Railway network	331	2020
Milano Serravalle - Milano Tangenziali Spa
A7 Milano-Serravalle	86,3	1.045
A50 West Ring Road	33	595
A51 East Ring Road	29,4	202
A52 North Ring Road	12,9	275
A53 Bereguardo - Pavia connection	9,1	na
A54 Ring Road Pavia	8,4	na
	Total MISE 179,1	2.117
A36+A59+A60 1 APL	30,0	na

FNM Group | The core business: Motorway infrastructure management – rationale

A transformational deal for FNM

• Creation of a unique integrated infrastructure operator in Italy which will allow:
• An integrated management of the ever-growing demand for mobility, with optimization of flows, reduction of polluting emissions and development of sustainable mobility
• A new approach to the offer of transport services through the synergic integration of nodes and networks: from single services to an integrated and converging model
• System synergies (strategy, planning, management, monitoring and control, innovation and technological know-how)
• Improvement of FNM Group's revenues, enhancing the income profile and providing regulatory risk diversification
• Strengthening of geographical presence in the Lombardy territory and in the areas with higher transportation demand
• Further developments of infrastructures in the Lombardy territory

efficiency

FNM Group | Combined financials of FNM and MISE

Pro forma, unaudited 2020 results – IFRS/IAS compliant

mln €	consolidated stand alone FNM	stand alone MISE	Combined FNM - MISE (unaudited forma) - pro
Revenues	281 3 ,	200 3 ,	481 6 ,
Adj EBITDA*	70 1 ,	79 7 ,	147 0 ,
EBITDA margin	25%	40%	31%
EBIT	26 4 ,	25 2 ,	54 4 ,
profit (loss) Net	24 7 ,	15 6 ,	23 7 ,
Adj financial Net position	40 2 ,	140 9 ,	707 1 ,
(x) NFP/ Adj Adj EBITDA	0 6 ,	1 8 ,	4 8 ,

FNM stand alone¹ Combined FNM-MISE¹

The FNM Group

Mise acquisition

Sustainability

• Sustainability strategy and governance
• Integration of sustainability in the strategy
• The true value model
• FY2020 results

FY2021 outlook

Appendix

FNM Group | Sustainability strategy and governance 1/2

VISION

MISSION

and transport networks, to create social value and promote the productivity of the territory

VALUES

In all its business activities, the Group operates in full consistency with the principles of Responsibility, Integrity, Transparency, Efficiency, Merit and Sustainability

FNM Group | Sustainability strategy and governance 2/2

The FNM Group has developed its own Governance system to promote the integration of Sustainability issues in the definition of business processes in all business areas and ensure compliance with current legislation through:

With the approval of the guidelines of the 2021-2025 Business Plan by FNM BoD on November 25th, 2020, FNM Group has strengthened its Sustainability strategy, providing an integrated strategic vision to run the business in accordance with the international best practices.

ENABLERS
Innovation and data		Governance, ethics and		Attraction, enhancement and		Energy efficiency and emissions
management		sustainability culture		well-being of employees		reduction

FNM Group| A business model integrated with sustainability

FNM business model update

FNM Group's value creation is represented by the business model that integrates the principles of Sustainability within the corporate strategy. Resources are defined as capitals, i.e. stocks of value that are increased, reduced or transformed by the organization's activity and outputs. Each capital contributes, in line with the guidelines of the Strategic Plan, to the achievement of the Sustainable Development Goals (SDGs).

FNM Group| FNM creation of shared value

The value created by the FNM Group: capitals

Capital	Description	Highlights
Financial	Economic resources involved in production processes	• The Economic Value Generated by the Group amounts to € 321.3 million, of which € 254.9 million distributed to stakeholders • 52.4% of the distributed economic value is addressed to suppliers, 44.5% to employees and 2.1% to the Public Administration • 70% of the tender procedures launched in 2020 are subject to compliance with the ESG criteria
Production and intellectual	Real estate, infrastructure and physical equipment used in the production of the services offered by the company, plus all intangible assets represented by the Group's organizational expertise and intellectual property	• The Group continued its commitment to the expansion and renewal of the fleet with an investment of approximately € 32.5 million • The fleet for local public transport is composed of 711 buses • The car sharing car fleet is made up of 242 vehicles of which 229 are electric
Human	The skills, expertise and experience of the people who work at the company	• Training hours provided: 35,424 • Total workforce: 2,265 • 40% of Group companies are ISO 45001-certified (Occupational Health and Safety Management System)
Natural	All processes and environmental resources which contribute to the delivery of the services offered by the company	• The FNM Group reduced emissions from electricity consumption by 37% compared to the previous year • From 2021, 30% of electricity coming from renewable sources • 80% of the waste produced by FERROVIENORD (ferrous material) will be recycled
Social and relational	The ability of the company to create relationships with external stakeholders and to share value in order to increase individual and collective wellbeing	• 3 partnerships to contribute to the SDGs • Events dedicated to Sustainable Mobility and LPT: 11 • Awareness campaign to prevent the spread of Covid-19 at station

FNM Group| FNM True Value

* True Value is a KPMG methodology that measures the "real" value created by an organization. ** The "Railway Transport" sector includes the activities carried out by Trenord, a jointly controlled company and therefore not included in the consolidation perimeter of the FNM Group and not representative of a specific segment, but included in the perimeter of the NFR.

FNM Group| FNM True Value

The value of the FNM Group activity

FNM Group's True Value Bridge in 2020

The True Value attributable to the total impacts of the FNM Group amounts to around € 2 billion of which about 65% is generated by economic impacts.

True Value is a KPMG methodology that measures the "real" value created by an organization, identifying and quantifying its economic, social and environmental externalities.

The FNM Group

Mise acquisition

Sustainability

FY2020 results

• Financial highlights evolution
• FY 2020 consolidated results
• Shareholders and share performance

FY2021 outlook

Appendix

FNM Group| FY 2020 Highlights

1 – Adjusted EBITDA: excluding extraordinary gains and losses

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

FNM Group| Main economic and financial data

KPI HR HR KPIs
	FY 2018	FY2019	FY2020
headcount Average	2 240	2 268	2 230

	FY 2018	FY2019	FY2020
Adj	22	23	24
EBITDA	9%	2%	9%
margin	,	,	,
Adj	10	10	9
margin	6%	1%	4%
EBIT	,	,	,
ROI	6	8	1%
	8%	7%	5
	,	,	,

Balance Sheet
mln €	2018 FY	FY2019	FY2020
Total fixed assets	453 4 ,	479 2 ,	2 ) 575 2 ,
working capital Net	4 3 ,	(132 3) 1 ) ,	(57 9) ,
Equity	435 2 ,	454 3 ,	477 1 ,
Adjusted Financial (-Cash) Position Net	6 7 ,	39 9 ,	43 7 ,
(-Cash) Financial Position Net	22 5 ,	(107 5) 1 ) ,	40 2 ,
financed with owned funds Investments	34 2 ,	40 4 ,	68 2 ,

Note: 2018 data IFRS 16 compliant, consistent with 2019 and 2020

1 – Value impacted by the timing related to advances received on investments by Regione Lombardia, related to the renewal of the trains fleet.

2 – Value increase yoy due to the acquisition of a 13.6% stake in MISE

FNM Group| Main economic and financial data/2

E-MARKET SDIR
CERTIFIED

	Financial KPIs
	FY 2018	FY2019	FY2020
/ NFP EBITDA	0 33 ,	n.m.	0 57 ,
/ Equity NFP	0 05 ,	n.m.	0 08 ,
/ Fixed Invested Capital Net Assets Net	0 99 ,	1 38 ,	1 11 ,

Dividend policy	KPI Patrimoniali

	FY 2017	FY 2018	FY2019	FY2020
DPS1	0 020 ,	0 023 ,	n.a.	0 022 ,
(on result) ratio Payout FNM Spa Net	40%	40%	n.a.	40%
Total cash (mln euros) out	8 698 ,	9 785 ,	n.a.	9 568 ,
Dividend Yield	3 2% ,	4% 4 ,	n.a.	2 ) 3 1% ,

Note: 2018 data IFRS 16 compliant, consistent with 2019 and 2020

1 – Dividend attributable to the year

2 – At coupon detachment date, for 2020 at April 12

FNM Group | Revenues and Adjusted EBITDA by segment

(in mln € )

					Railway infrastructure management
REVENUES	Il gruppo in breve FY 2020	FY 2019	D	D%	terminal management
Railway infrastructure management	126,9	124,6	2,3	1,8%	and from efficiency mechanism
Road passenger mobility	94,7	118,3	(23,6)	-19,9%	Road passenger mobility Covid-19
Ro.S.Co. & Service	84,0	82,6	1,4	1,7%	revenues equal to €4.1 mln)
Intercompany	(24,3)	(24,9)	0,6	-2,4%	Ro.S.Co.
Total	281,3	300,6	(19,3)	-6,4%

Higher proceeds from engineering and project management on financed investments as well as for terminal management
Lower proceeds from Service Contract due to changes in the number of train services scheduling and from efficiency mechanism
Road passenger mobility Calo dei servizi a seguito della riduzione
Lower services due to reduced demand as a result della circolazione of the introduction of travel restrictions due to Covid-19
Partial compensation from higher revenues from public contracts and grants thanks to the compensation measures implemented by the Grovernment (restoration of lower ticketing

Higher fees form the new fleet leased to Trenord and DB Cargo Italia

Lower advertising revenues; change in perimeter due to sale of Locoitalia in 2020; one off proceeds in 2019

ADJUSTED EBITDA1	FY 2020	FY 2019	D	D%
Railway infrastructure management	5,8	4,1	1,7	41,5%
Road passenger mobility	10,0	13,2	(3,2)	-24,2%
Ro.S.Co. & Service	54,3	52,3	2,0	3,8%
Total	70,1	69,6	0,5	0,7%

Railway infrastructure management
Positive performance of revenues and lower labour cost
Higher maintenance costs during the lockdown period and higher costs for terminal management due to the activity development Maggiori corse sostitutive
Miglioramento redditività E-Vai Road passenger mobility
Lower revenues strongly mitigated by cost control measures

Ro.S.Co.

Lower labour cost

FNM Group| From EBITDA to Net Result

*

* It differs from adjusted EBITDA, as it includes extraordinary gains and losses

*

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

FNM Group| Consolidated Cash Flow and Net Financial Position

(in mln € )

FNM Group| Shareholders and share performance

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

Share capital profile	Shareholders

Market capitalization as at April 15th, 2021	€308.8 mln
N. Of shares	434.9 mln
Average traded volumes (2021 YTD)	463,858
2021 YTD change	+24.6%

Mise acquisition

Sustainability

FY2020 results

FY2021 outlook

Appendix

FNM Group| COVID-19 impacts on FY2021 outlook

FNM Group| Outlook FY2021

Guidance

Revenues Adjusted EBITDA Adjusted NFP TARGETS FY 2021 VS. 2020 In line ~+70% FNM STAND ALONE¹ FNM + MISE² > 20% decrease Excluding government support measures 2x In line FNM + MISE like for like basis³ Increase, within rating agencies requirements Slight increase (low single digit) Adj. EBITDA margin ~+7 bps In line

1 - FNM at the same perimeter as in 2020; 2 - guidance of FNM + Mise consolidated since February 26, 2021 versus FNM 2020 actual results

3 - guidance on FNM +Mise on a like for like basis in FY2020 and FY2021

The FNM Group
Mise acquisition
Sustainability
FY2020 results
FY2021 outlook

Appendix

• Additional segment info and regulatory framework
• Additional FY2020 econimic and financial details
• Sustainability

FNM Group| Overview

1 Companies operating in the freight logistics sector, in the start-up phase, included respectively in the Railway infrastructure management and in Ro.S.Co. & Services segments

2 Companies operating in the Road Passenger Mobility but considered in the Ro.S.Co. Segment for the purposes of preparing the financial statements

FNM Group | Railway infrastructure management – the contractual framework

	Concession	Programme Agreement ("PA")	Public Service Contract ("PSC")	Purchase Agreement
Content	Under the Concession Agreement, Ferrovienord is granted the right to: • use, manage and operate specific parts of the regional railway network (including the relevant appurtenances, plants and equipment) • manage the acquisition of the fleet – on a non exclusive basis - required for the regional train services on behalf of Regione Lombardia, which provide the relevant instructions and funds for the purchase. FNM group subsidiary NORD_ING is in charge for the network maintenance and development works.	The PA, signed between Regione Lombardia and FN defines the activities to be carried out for i) the railway infrastructure renovation / development and ii) the extraordinary and ordinary maintenance. The Agreement also defines the funding needs, primarily based on a medium term investment plan. PA regulates that Regione Lombardia funding will be provided based on WIP status. In 2020, the investments on FN managed railway network amounted to € 35.0 m (€ 46.6 m in 2019)	The PSC regulates the fee due to FN for the services provided. Such fee is determined each year on the basis of the time schedule of railway services entered into force in December of the previous years and taking into account the value of effective production (train-Km), the length of the railway network, the number and type of stations, car sharing service. The fee is subject to the application of a discount mechanism ("efficiency coefficient") of 2% per year. The PSC includes all the activities related to the purchase and maintenance of Regione Lombardia train fleet (see "Purchase Agreement")	Regione Lombardia has authorized FN to purchase, manage, maintain and store new rolling stock on behalf of the Region, to be allocated to railway companies holding a service contract with the Region, with a commitment to complete the supplies by 2025. The program envisages the purchase of 146 high (105) and medium (41) capacity electromotors, as well as 30 diesel railcars and is covered for the total amount of € 1,607m on the 2017-2032 regional budget. The consideration and payment conditions are defined in the Agreement Implementing the mandate, approved with Regional Law n. X / 7926 of 26/02/2018 and Regional Law n. XI / 1619 of 15/05/2019. With Regional Law n. XI/3531 of 05/08/2020 (the so called "Marshall Plan") Regione Lombardia has authorized the purchase of additional 46 high (26) and medium (20) capacity electromotors to upgrade the service on the railway lines of Milano airports and Milano/Sondrio/Tirano in view of 2026 Winter Olimpics, for a total amount of 351 mln euros
Approval law	Regional Law N. x/4823 of 15/02/2016 Regional Law N.x/5476 of 25/07/2016 Regional Law N. x/4824 of 15/03/2016			Regional Law N. X/6932 of 24/07/2017 and N. XI/1619 of 15/05/2019
Expiry date	31/10/2060	31/12/2022	31/12/2022	-
Termination	Regione Lombardia may request the early termination In case the PA renewal procedures would not The Agreement is subject to the validity of the in the event of serious and persistent violations of the be completed upon its expiry date, the Concession. In case the latter may be revoked, the obligation deriving from the concession. Agreement maturity will be automatically Public Service Contract will be resolved extended till 31/12/2023 and in any case until The concessionaire is in any case required to the signature of the new agreement. guarantee continuity of the service for 36 months with		-
clauses	recognition of the expenses incurred. At expiration date, Ferrovienord will have to give back to Regione Lombardia all the assets and the rolling stocks purchased with Regione Lombardia grants.

FNM Group | Road passenger mobility - regulatory framework

EU and Italian regulatory framework

• European Regulation N. 1370/2007 sets the rules for international and national passenger rail and road transportation.
• Decree-law No. 422/1997 regulates road transportation at national level, transferring all the competencies at regional authorities.
• At present, regional authorities still have the option of awarding Local Public Transport service contract agreements directly, although direct awards must be based on principles of cost-effectiveness, efficiency, impartiality, and transparency, etc. The maximum duration of each contract is 10 years. Tenders will become mandatory as of 2023, but regional authorities will still have the option of awarding contracts directly for efficiency / quality purposes.
• real pre-tax WACC of 7%: remuneration for road transportation set by the Ministry of Infrastructure and Transport issued (Ministerial Decree 157/18), pending the regulation from the Authority of Transport
• Law Decree N. 18 of 17.03.2020 art 93 par 4bis: tender procedures of local public transport services are suspended up to twelve months after the declaration of end of the Covid 19 emergency state

Lombardy Veneto

• Regional Law 6/2012 established three different systems for assigning TPL concessions: (i) direct management; (ii) direct award of public contracts, (iii) competitive tendering offer.
• At the moment, most of the existing contracts with TPL providers have expired and providers are currently operating thanks to a contract extension¹ .

• Given the current situation, it is expected that the expiring contracts will be further extended to keep into consideration the evolution of the Covid 19 pandemic and the launch of new tenders will restart after the end of the emergency state in most of the six catchment areas.

• Regional Law 25/1998 is applied.

• Each province is a catchment area.
• Currently contracts in same catchment areas have expired, Verona included² .
• The local authorities of each catchment area are issuing tender procedures in order to assign the concessions.
• Given the current situation, it is expected that the expiring contracts will be further extended to keep into consideration the evolution of the Covid 19 pandemic and tender procedures will restart after the end of the emergency state.

2 – For ATV the three Service Contractsfor Verona, Legnago and Verona province will expire on December 31, 2021

¹ – for FNMA the Service Contractsfor the Como area will expire on April 30, 2021; the concessions for Varese and for Brescia areas will expire resectively on April 30 and on December 31, 2021.

FNM Group | The railway network

FNM Group| Road Passenger Mobility: E-Vai

Business overview¹

Il business in breve • First car-sharing elettrico service with regional distribution and integrated with the railway network:

Shared use between Public administration (during working hours) and citizens (during remaining hours and weekends)

E-VAI PUBLIC

E-VAI REGIONAL

Regional electric car sharing to drive among airports, stations and

ELECTRIC

cities

Integrated use between companies and employees during working hours and for private use

E-VAI EASY STATION

Integrated use between companies and public administration close to railway stations and commuters

FNM Group| Railway infrastructure management – Freight logistics

Railways

Business overview

Il business in breve The business is still in a development phase, through two of its subsidiaries:

• Malpensa Intermodale company established at the end 2018, involved in the development and management of the freight terminal in Sacconago, close Malpensa airport.
• Malpensa Distripark company established in 2019, involved in the real estate development of the terminal areas owned by the Group.

Terminal – main features

Area	Total 50.000 sqm, of which: • 42.500 sqm intermodal area • 1.500 sqm offices • 4.500 sqm access area
Development	200.000 sqm of area potentially available for further development of the services and logistic activities
Handling	900+ containers/week
Main interconnessions	Rhine-Alps (Sempione and Gottardo)
Management	Freight trains (max length: 650m)

Sacconago Terminal - interconnections

Highway

FNM Group| Consolidated Profit & Loss

(€M)	FY 2020	FY 2019	Var	Var %
from sales and Revenues services	258 8 ,	279 2 ,	Il gruppo in breve (20 4) ,	-7 3% ,
Other and income revenues	22 5 ,	21 4 ,	1 1 ,	5 1% ,
Total and other income revenues	281 3 ,	300 6 ,	(19 3) ,	4% -6 ,
Operating costs	(97 7) ,	(105 5) ,	8 7 ,	4% -7 ,
Personnel costs	(113 5) ,	(125 5) ,	12 0 ,	-9 6% ,
ADJ EBITDA	70 1 ,	69 6 ,	0 5 ,	0 7% ,
(expense) Non-ordinary income	(1 9) ,	1 4 ,	(3 3) ,	n m
EBITDA	68 2 ,	0 71 ,	(2 8) ,	-3 9% ,
and Depreciation amortisation	(41 8) ,	(40 7) ,	(1 1) ,	2 7% ,
EBIT	26 4 ,	30 3 ,	(3 9) ,	-12 9% ,
(expense) financial Net income	(0 1) ,	(2 4) ,	2 3 ,	n m
of which divestments gains on	0 1 ,	0 0 ,	0 1 ,	n m
EARNINGS BEFORE TAXES	26 3 ,	27 9 ,	(1 6) ,	-5 7% ,
Income taxes	(3 6) ,	(5 0) ,	1 4 ,	-28 0% ,
(LOSS) ADJUSTED NET PROFIT	22 7 ,	22 9 ,	(0 2) ,	-0 9% ,
Profit (Loss) of consolidated companies equity at	2 0 ,	8 0 ,	(6 0) ,	n m
Profit (Loss) Net	24 7 ,	30 9 ,	(6 2) ,	-20 1% ,
Profit (Loss) Minority interest in Net	0 5 ,	0 6 ,	(0 1) ,	-16 7% ,
(Loss) Profit Group Net	24 2 ,	30 3 ,	(6 1) ,	-20 1% ,

FNM Group| Consolidated Profit & Loss – segment details

E-MARKET SDIR
CERTIFIED

Railway infrastructure management

(€M)	FY 2020	FY 2019	Var.	Var.%
Public contracts and grants	100,5	99,6	0,9	0,9%
Rolling stock leasing	9,3	8,5	0,8	9,4%
Other revenues	17,1	16,5	0,6	3,6%
Total revenues	126,9	124,6	2,3	1,8%
Adj. EBITDA	5,8	4,1	1,7	41,5%
Adj. EBITDA/Revenues %	4,6%	3,3%
EBIT	3,6	4,4	(0,8)	-18,2%

Road passenger mobility

(€M)	FY 2020	FY 2019	Var	Var %
Public and contracts grants	47 6 ,	46 4 ,	1 2 ,	6% 2 ,
services Transport	35 3 ,	62 3 ,	(27 0) ,	3% -43 ,
Other revenues	11 8 ,	9 6 ,	2 2 ,	22 9% ,
Total revenues	94 7 ,	118 3 ,	(23 6) ,	9% -19 ,
Adj EBITDA	10 0 ,	13 2 ,	(3 2) ,	2% -24 ,
EBITDA/Revenues Adj %	6% 10 ,	2% 11 ,
EBIT	(1 7) ,	1 7 ,	(3 4) ,	nm

(€M)	FY 2020	FY 2019	Var	Var %
Rolling stock leasing	56 9 ,	55 8 ,	1 1 ,	2 0% ,
Other revenues	27 1 ,	26 8 ,	0 3 ,	1 1% ,
Total revenues Adj . EBITDA	84 0 , 54 3	82 6 , 52 3	1 4 , 2 0	7% 1 , 3 8%
EBITDA/Revenues Adj %	, 64 6% ,	, 63 3% ,	,	,
EBIT	24 4 ,	24 2 ,	0 2 ,	0 8% ,

Partial compensation from higher revenues from public contracts and grants thanks to the compensation measures implemented by the Grovernment (restoration of lower ticketing revenues equal to €4.1 mln)

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

(€ '000)	FY 2020	FY 2019	Var	Il gruppo in breve Var %
Srl1 Trenord	(3 796)	1 598	(5 394)	n m
Spa2 Nord Energia	2 567	3 377	(810)	-24%
Italia Srl DB Cargo	1 813	1 722	91	5%
Srl3 Omnibus Partecipazioni	052 1	192 1	(140)	-12%
NordCom Spa	283	460	(177)	-38%
Srl Conam	44	55	(11)	-20%
Srl liquidazione SeM S in	81	34	47	nm
Srl4 Fuorimuro	0	(391)	391	n m
(Loss) Profit of companies consolidated equity at	2 044	8 047	(6 003)	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
• 4 the result of the investment in Fuorimuro was equal to zero as a result of the sale on
• March 10 2020, adjusted to fair value on December 31, 2019

FNM Group| Consolidated Balance Sheet

(€M)	'20 Dec 31 ,	'19 Dec 31 ,	Var
Inventories	8 7 ,	8 9 ,	(0 2) ,
Trade receivables	82 6 ,	64 6 ,	18 0 ,
Other receivables current	99 0 ,	60 9 ,	38 1 ,
Trade payables	(177 5) ,	(175 7) ,	(1 8) ,
Other payables and provisions current current	(70 7) ,	(91 0) ,	20 3 ,
Working Capital Net	(57 9) ,	(132 3) ,	74 4 ,
Fixed assets	468 3 ,	432 3 ,	36 0 ,
Equity interests	168 0 ,	84 9 ,	83 1 ,
receivables Non-current	24 2 ,	21 6 ,	2 6 ,
liabilities Non-current	(24 4) ,	(28 2) ,	3 8 ,
Provisions	(60 9) ,	(60 9) ,	0 0 ,
and liabilities held for sale Assets	0 0 ,	29 5 ,	(29 5) ,
INVESTED CAPITAL NET	517 3 ,	346 9 ,	170 4 ,
Equity	477 1	454 3	22 8
(Debt/ -Cash) Adjusted Financial Position Net	, 43 7	, (39 9)	, 83 6
Financial for funded (cash) Net Position investments	, (3 5) ,	, (67 5) ,	, 64 0 ,
(Debt/ Financial -Cash) Position Net	40 2 ,	(107 4) ,	147 6 ,
TOTAL SOURCES	517 3 ,	346 9 ,	170 4 ,

Of wich on December 31, 2020:

• Trains 334 mln euros - Buses: 35 mln euros

FNM Group| Consolidated Balance Sheet – NFP composition

(€M)	'20 Dec 31 ,	'19 Dec 31 ,	Var
Cash and bank deposits	(126 1) ,	(156 4) ,	30 3 ,
financial receivables Current	(0 1) ,	(49 3) ,	49 2 ,
financial debt Current	101 2 ,	94 3 ,	6 9 ,
(Debt/ Financial -Cash) Position Current Net	(25 0) ,	(111 4) ,	86 4 ,
financial debt Non-current	68 7 ,	71 5 ,	(2 8) ,
(Debt/ -Cash) Adjusted Financial Position Net	43 7 ,	(39 9) ,	83 6 ,
(Debt/ -Cash) Financial for funded Net Position investments	(3 5) ,	(67 5) ,	64 0 ,
(Debt/ Financial -Cash) Net Position	40 2 ,	(107 4) ,	147 6 ,

FNM Group| Main features of the Sustainability Report 2020

Overview

The main new elements of the Sustainability Report 2020 are: The main new elements of the Sustainability Report 2020 are: The main new elements of the Sustainability Report 2020 are:

Group's business model update Quantification of the generated economic, environmental and social Integration of information requested by investors and rating agencies Group's business model update Review of the main material topics and the Group's materiality matrix Integration of information requested by investors and rating agencies Quantification of the generated economic, environmental and social impacts Dedicated chapter to the impacts of the Coronavirus pandemic Integration of information requested by the new GRI Standard (207; 303; 403)

Reference regulations and methodological standards

The Consolidated Disclosure of Non-Financial Information has been written in compliance with the provisions of the following regulations and methodological standards: The Consolidated Disclosure of Non-Financial Information has been written in compliance with the provisions of the following regulations and methodological standards: The Consolidated Disclosure of Non-Financial Information has been written in compliance with the provisions of the following regulations and methodological standards:

FNM Group| Sustainability Report Contents

Document Index

FNM Group| Materiality matrix 2020

The Top Management and Stakeholders' perspective on FNM Sustainability

Contacts

Valeria Minazzi

Head of Investor Relations Fixed line: +39 02 8511 4302

valeria.Minazzi@fnmgroup.it investor.relations@fnmgroup.it