Fnm — Investor Presentation 2022

May 13, 2022

FNM Group IQ 2022 RESULTS

May 13th 2022

FNM Group| Overview

1. Companies managing complementary digital platforms, allowing the implementation of Mobility as a Community (MaaC) paradigm. Sportit is active under the brads Snowit and Bikeit.

2. Companies operating in the freight mobility and logistics sector, at present included respectively in the Railway infrastructure and in Ro.S.Co. & Services segments. Malpensa Intermodale and Malpensa Distripark are in a start-up phase

3. Company operating in the Road passenger mobility segment, but considered in the Ro.S.Co. segment for the purposes of preparing the financial statements

motorway infrastructure

1. Companies fully consolidated since February 26, 2021

Overview

Economic & Financial Results

• Financial highlights
• Mobility demand in the period
• IQ 2022 consolidated results

FY 2022 Outlook

Appendix

4

FNM Group| IQ 2022 Highlights

1. For the purposes of P&L, in 2021 MISE is consolidated since February 26th. 2. For the purposes of P&L, in 2021 MISE is consolidated starting from January 1st. 3. 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

3. Adjusted Net Financial Position: NFP calculated excluding cash and current payables related to financial investments made in accordance with Regione Lombardia's "2017-2032 Rolling Stock purchase programme", with the aim of sterilizing the timing effects of contributions collection and payments made to suppliers, recognized in accordance with IFRIC 12.

FNM Group | Mobility demand in the period

Growth in demand across all segments but still below pre-pandemic levels

FNM Group | Mobility demand in the period – by quarter

Demand recovery in first quarter 2022 reflects relaxing of travel restrictions - state of emergency ended on March 31st 2022

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

EBITDA growth underpinned by mobility demand rebound

REVENUES (€ mln)	PRO FORMA IQ 2021	IQ 2022	D	D %
Railway infrastructure	30 1 ,	33 2 ,	3 1 ,	+10 3% ,
Ro S Co & Service	19 1 ,	18 8 ,	(0 3) ,	-1 6% ,
Road	28	33	5	+18
mobility	4	5	1	0%
passenger	,	,	,	,
Motorways	46	60	14	+31
	0	6	6	7%
	,	,	,	,
Intercompany	(7	(9	(2	+31
	2)	5)	3)	9%
	,	,	,	,
Total	116	136	20	4%
	4	6	2	+17
	,	,	,	,

EBITDA2 ADJUSTED (€ mln)	PRO FORMA IQ 2021	IQ 2022	D	D %
Railway infrastructure	1 9 ,	2 6 ,	0 7 ,	+36 8% ,
& Service Ro S Co	12 6 ,	11 0 ,	(1 6) ,	3% -12 ,
Road	2	0	(2	-76
mobility	7	6	1)	5%
passenger	,	,	,	,
Motorways	18	30	11	+65
	2	1	9	4%
	,	,	,	,
Total	35	44	9	4%
	4	4	0	+25
	,	,	,	,

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

• interventions on the network and the rolling stock financed by Regione Lombardia, in line with the progress of
• Increase of other revenues from higher rents, commercial activities and sale of
• Higher costs for infrastructure and maintenance design activities;
• Higher provisions for rolling stock fleet maintenance in line with leasing revenues;
• Increase in expenses related to utilities and for the improvement of IT systems.

-12.3%

• Lower revenues from rolling stock leasing due to renewal of leasing contracts on TAF and Coradia trains, partially compensated by new leasing contracts (Effishunter locomotives and TILO trains leased to Trenord);
• Higher proceeds from service contracts and IT services provided to Group companies;
• IQ21 benefited of a positive one off from the sale of a building of €0.3mln.
• Higher personnel costs mostly related to headcount increase (+6 FTE);
• Higher operating costs (including FNMPAY start up cost and development costs for Fili and H2iseO).

(in €mln)

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

FNM Group | Trenord: IQ 2022 Highlights

Improving performance thanks to traffic recovery, partially compensated by lower Government compensations for lost revenues

• Increase in revenues mainly thanks to:
  • higher ticketing revenues (€59.3 mln, +€31 mln yoy) as result of recovery in passenger volume,
  • higher revenues from service agreement (€106.9 mln, +€4 million yoy) as a result of the increase in recognized costs,
  • decrease in other revenues (-€18.6 million yoy) due to lower Government compensation measures (nil in IQ2022, from €21.9 mln in IQ2021);
• Increase in EBITDA thanks to the increase in revenues, partially offset by higher personnel costs (+65 FTE) and higher costs for services;
• Net loss of €31.4 mln, due to the slight decrease in depreciation charges and lower deferred tax assets.

FNM Group | APL: IQ 2022 Highlights

Positive impact of traffic recovery

• Revenues increase thanks to traffic recovery, without increase in tariffs;
• EBITDA growth thanks to higher revenues and to the slight decrease in operating and personnel costs;
• Net loss to €1.5 mln, mainly due to higher financial charges.

FNM Group| From EBITDA to Net Result – PRO FORMA

Positive consolidated net result thanks to improvement in operating income

FNM Group | IQ 2022 Capex analysis

IQ 2022 capex mainly related to the modernization of the railway infrastructure, not yet offset by the related contributions

(in €mln)

* Regione Lombardia has authorized Ferrovienord 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 rolling stock supply programme is covered with funds allocated by Regione Lombardia, including charges by Ferrovienord for the anticipation and general management costs of the oder set to 1% of the train supply contract amounts.

FNM Group| Consolidated Cash Flow

IQ 2022 cash flow impacted by investments paid for the upgrading of the railway infrastructure, not yet compensated by the cash in of the related contributions

FNM Group| Net Financial Position evolution

NFP in line with expectations and within rating agencies requirements

(in € mln)

FNM Group | Gross debt composition at 31st March 2022

Gross debt (€Mln)

1- Excluding debt for funded investments for €48.5 million.

2 – Only on bank debt and bond.

FNM Group | Debt maturities as at 31st March 2022

Debt average life 4.3 years, in line with total assets structure

(in € mln)

Mise bank debt EIB Bond

Overview

Economic & Financial Results

FY 2022 Outlook

Appendix

FNM Group| FY 2022 Outlook

Outlook confirmed for Fiscal Year 2022, in view of IQ2022 results and expected mobility demand recovery

^2. Guidance of 2022 Group results versus Group pro forma 2021 results (FNM +Mise consolidated since January 1st 2021) 19

Overview

Economic & Financial Results

FY 2022 Outlook

Appendix

FNM Group| Shareholders and share performance

Relative performance YTD vs. main reference indexes

FNM Group| Consolidated Profit & Loss – REPORTED¹

(€M)	IQ 2021	IQ 2022	Var	% Var
from sales and Revenues services	81 8 ,	129 0 ,	Il gruppo in breve 47 2 ,	+57 7% ,
Other and income revenues	4 9 ,	7 6 ,	2 7 ,	+55 1% ,
Total and other income revenues	86 7 ,	136 6 ,	49 9 ,	6% +57 ,
Operating costs	(30 8) ,	(52 0) ,	(21 2) ,	+68 8% ,
Personnel costs	(32 3) ,	(40 2) ,	(7 9) ,	+24 5% ,
ADJ EBITDA	23 6 ,	44 4 ,	20 8 ,	+88 1% ,
(expense) Non-ordinary income	(1 5) ,	0 0 ,	1 5 ,	nm
EBITDA	22 1 ,	44 4 ,	22 3 ,	n m
and Depreciation amortisation	(11 8) ,	(21 2) ,	(9 4) ,	+79 7% ,
EBIT	10 3 ,	23 2 ,	12 9 ,	n m
financial (expense) income Net	(2 9) ,	(2 4) ,	0 5 ,	2% -17 ,
EARNINGS BEFORE TAXES	7 4 ,	20 8 ,	13 4 ,	n m
Income taxes	(1 4) ,	(5 3) ,	(3 9) ,	nm
(LOSS) ADJUSTED NET PROFIT	6 0 ,	15 5 ,	9 5 ,	n m
Profit (Loss) of companies consolidated equity at	(12 3) ,	(13 2) ,	(0 9) ,	3% +7 ,
Profit (Loss) Net	(6 3) ,	2 3 ,	8 6 ,	n m
Profit (Loss) Minority interest in Net	0 6 ,	(0 7) ,	(1 3) ,	nm
(Loss) Profit Group Net	(6 9) ,	3 0 ,	9 9 ,	n m

.

FNM Group | Revenues and Adjusted EBITDA by segment – REPORTED¹

(in € mln)

Il gruppo in breve	IQ	IQ	D	D
REVENUES	2021	2022		%
Railway	30	33	3	+10
infrastructure	1	2	1	3%
management	,	,	,	,
S Co & Service Ro	19 1 ,	18 8 ,	(0 3) ,	6% -1 ,
Road	28	33	5	+18
mobility	4	5	1	0%
passenger	,	,	,	,
infrastructure	16	60	44	nm
Motorway	3	6	3
management	,	,	,
Intercompany	(7	(9	(2	+31
	2)	5)	3)	9%
	,	,	,	,
Total	86	136	49	6%
	7	6	9	+57
	,	,	,	,
EBITDA2	IQ	IQ	D	D
ADJUSTED	2021	2022		%

Railway	9	2	0	+36
infrastructure	1	6	7	8%
management	,	,	,	,
S Co & Service Ro	12 6 ,	11 0 ,	(1 6) ,	-12 3% ,
Road	2	0	(2	-76
mobility	7	6	1)	5%
passenger	,	,	,	,
infrastructure	6	30	23	nm
Motorway	4	1	7
management	,	,	,
Total	23	44	20	+88
	6	4	8	1%
	,	,	,	,

FNM Group| From EBITDA to Net Result – REPORTED¹

1 - In 2021 MISE is consolidated since February 26th .

* Adjusted Net Result: Net Result before profit (loss) of companies consolidated at equity 24

FNM Group| Consolidated Profit & Loss – PRO FORMA¹

	PRO FORMA
(€M)	IQ 2021	IQ 2022	Il gruppo in breve Var	% Var
from sales and Revenues services	110 2 ,	129 0 ,	18 8 ,	+17 1% ,
Other and income revenues	6 2 ,	7 6 ,	1 4 ,	+22 6% ,
Total and other income revenues	116 4 ,	136 6 ,	20 2 ,	+17 4% ,
Operating costs	(41 2) ,	(52 0) ,	(10 8) ,	+26 2% ,
Personnel costs	(39 8) ,	(40 2) ,	(0 4) ,	0% +1 ,
ADJ EBITDA	35 4 ,	44 4 ,	9 0 ,	+25 4% ,
(expense) Non-ordinary income	(1 5) ,	0 0 ,	1 5 ,	nm
EBITDA	33 9 ,	44 4 ,	10 5 ,	0% +31 ,
and Depreciation amortisation	(18 0) ,	(21 2) ,	(3 2) ,	8% +17 ,
EBIT	15 9 ,	23 2 ,	7 3 ,	+45 9% ,
(expense) financial Net income	(2 8) ,	(2 4) ,	0 4 ,	-14 3% ,
EARNINGS BEFORE TAXES	13 1 ,	20 8 ,	7 7 ,	+58 8% ,
Income taxes	(2 1) ,	(5 3) ,	(3 2) ,	nm
(LOSS) ADJUSTED NET PROFIT	11 0 ,	15 5 ,	4 5 ,	+40 9% ,
Profit (Loss) of consolidated companies equity at	(12 9) ,	(13 2) ,	(0 3) ,	+2 3% ,
Profit (Loss) Net	(1 9) ,	2 3 ,	4 2 ,	n m
Profit (Loss) Minority interest in Net	0 6 ,	(0 7) ,	(1 3) ,	nm
Profit (Loss) Group Net	(2 5) ,	3 0 ,	5 5 ,	n m

FNM Group| Consolidated Profit & Loss – segment details

Railway infrastructure
(€M)	IQ 2021	IQ 2022	Var	% Var
Public and contracts grants Rolling stock leasing Other revenues	24 1 , 2 6 , 3 4 ,	20 0 , 3 3 , 9 9 ,	(4 1) , 0 7 , 6 5 ,	-17 0% , +26 9% , +191 2% ,
Total revenues	30 1 ,	33 2 ,	3 1 ,	+10 4% ,
Adj EBITDA	1 9 ,	2 6 ,	0 7 ,	+36 8% ,
EBITDA/Revenues Adj %	3% 6 ,	8% 7 ,
EBIT	1 4 ,	2 0 ,	0 6 ,	9% +42 ,

(€M)	IQ 2021	IQ 2022	Var	Var %
Public and contracts grants	15 3 ,	15 1 ,	(0 2) ,	3% -1 ,
Transport services	11 5 ,	16 6 ,	5 1 ,	+44 3% ,
Other revenues	1 6 ,	1 8 ,	0 2 ,	5% +12 ,
Total revenues	28 4 ,	33 5 ,	5 1 ,	+18 0% ,
Adj EBITDA	2 7 ,	0 6 ,	(2 1) ,	-76 5% ,
EBITDA/Revenues Adj %	5% 9 ,	9% 1 ,
EBIT	0 5 ,	(1 5) ,	(2 0) ,	nm

Railway infrastructure
	Road passenger mobility

PRO FORMA
(€M)	IQ 2021	IQ 2022	Var	Var %
Toll revenues Other revenues	43 3 , 2 7 ,	56 4 , 4 2 ,	13 1 , 1 5 ,	+30 3% , 6% +55 ,
Total revenues	46 0 ,	60 6 ,	14 6 ,	+31 7% ,
Adj EBITDA	18 2 ,	30 1 ,	11 9 ,	+65 4% ,
EBITDA/Revenues Adj %	39 6% ,	49 7% ,
EBIT	9 7 ,	18 5 ,	8 8 ,	7% +90 ,

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

	PRO FORMA	Il gruppo in breve
(€ '000)	IQ 2021	IQ 2022	Var
Srl1 Trenord	(12 777)	(15 680)	(2 903)
Autostrada Pedemontana Lombarda	(747)	561	1 308
Spa2 Nord Energia	516	705	189
Italia Srl Cargo DB	163	812	649
Srl3 Omnibus Partecipazioni	(62)	335	397
NordCom Spa	71	128	57
Busforfun Srl Com	(78)	(10)	68
SportIT	0	(37)	(37)
Profit (Loss) of consolidated companies equity at	(12 914)	(13 186)	(272)

• 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 Sheet

(€M)	March 31, 2022	31, 2021 Dec.	Var.
Inventories	11,0	9,5	1,5
Trade receivables	137,4	133,1	4,3
Other receivables current	91,0	83,2	7,8
financial receivables Current	8,0	7,8	0,2
Financed investment receivables	44,6	39,8	4,8
Trade payables	(126 ,5)	(168 ,3)	41,8
Other payables and provisions current current	(125 ,1)	(125 ,6)	0,5
Working Capital Operating Net	40,4	(20,5)	60,9
Other receivables - Rolling stock 2017 - 2032	78,5	47,5	31,0
receivables - Rolling stock Financed investment 2017 - 2032	193,8	98,3	95,5
Trade payables - Rolling stock 2017 - 2032	(291 ,8)	(204 ,0)	(87 ,8)
for Net Working Capital Financed investments	(19,5)	(58,2)	38,7
Total Working Capital Net	20,9	(78,7)	99,6
Fixed assets	735,0	748,4	(13 ,4)
Equity interests	145,6	158,7	(13 ,1)
receivables Non-current	249,5	241,3	8,2
liabilities Non-current	(21 ,3)	(20 ,4)	(0 ,9)
Provisions	(118 ,5)	(123 ,8)	5,3
NET INVESTED CAPITAL	1.011,2	925,5	85,7
Equity	232,2	228,3	3,9
* Adjusted Financial Net Position	799,6	755,6	44,0
Financial Position for funded investments (cash) Net	(20 ,6)	(58 ,4)	37,8
Financial Net Position	779,0	697,2	81,8
TOTAL SOURCES	1.011,2	925,5	85,7

* Adjusted Net Financial Position restated excluding only cash and current payables related to financial investments made in accordance with Regione Lombardia's "2017-2032 Rolling Stock purchase programme", with the aim of sterilizing the timing effects of contributions collection and payments made to suppliers, recognized in accordance with IFRIC 12.

FNM Group| Consolidated Balance Sheet – NFP composition

(€M)	March 31 2022 ,	Dec 31 2021 ,	Var
Cash and bank deposits	(247 8) ,	(293 4) ,	45 6 ,
financial debt Current	168 9 ,	201 1 ,	(32 2) ,
(Debt/ -Cash) Financial Position Current Net	(78 9) ,	(92 3) ,	13 4 ,
financial debt Non-current	878 5 ,	847 9 ,	30 6 ,
* Adjusted Financial Position Net	799 6 ,	6 755 ,	0 44 ,
for funded (Debt/ -Cash) Financial Position investments Net	(20 6) ,	(58 4) ,	37 8 ,
Financial Position Net	779 0 ,	697 2 ,	81 8 ,

Il gruppo in breve

Contacts

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