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Fnm Investor Presentation 2026
4384_rns_2026-03-20_14aaa70e-0fe4-4b02-889e-040cc6aa68eb.pdf
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Teleborsa: distribution and commercial use strictly prohibited
emarket
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in mmmm
GENME
FNM
la vita in movimento
FNM GROUP
FY 2025 RESULTS
20 March 2026
Teleborsa: distribution and commercial use strictly prohibited
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edr storage
ciemnes
Financial Highlights - REPORTED¹
Revenues | €mln
Adj. EBITDA | €mln
Group Net Result | €mln
Adj. NFP | €mln
% = EBITDA Margin
¹ - Including the effects of the consolidation of Viridis and its subsidiaries from 23 February 2024, and Nordcom from 15 July 2024. Pro forma figures, including the effects of Viridis results fully consolidated as if the company had been acquired since January 1, 2024, are provided on slide 23.
FNM
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air storage
company
Operating Highlights | Sustainable mobility
Motorway traffic | mln. v-km
Light vehicles Heavy vehicles
LPT demand | mln. pax
Trenord Bus transport
FNM
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Operating Highlights | Renewable energy
Installed capacity | MW
Net energy produced | MWh
4
FNM
la vita in movimento
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emarket: edir storage TELEBURSA CENTRAL
Overview
Economic & Financial Results
Outlook
Appendix
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edr storage
CERTIFIED
+
Consolidated financial results – REPORTED
Group Net Result | Cmln
FNM
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Consolidated financial results | Associates & JV
| €mln | FY 2024 | FY 2025 | Δ€ | |
|---|---|---|---|---|
| Trenord | 10.7 | 6.6 | (4.1) | |
| Autostrada Pedemontana Lombarda (APL) | 2.1 | 1.4 | (0.7) | |
| Tangenziali Esterne di Milano (TEM) | (2.3) | 7.0 | 9.3 | |
| Other | 2.7 | 1.7 | (1.0) | |
| Profit (Loss) of companies consolidated at equity | 13.2 | 16.7 | 3.5 | |
| Net revaluation of APL / TE | 9.8 | 7.6 | (2.2) | |
| Total | 23.0 | 24.3 | 1.3 |
- Trenord performance penalized by increase in operating and personnel costs, which more than offset the growth in revenues
- Capital gain from revaluation at fair value of shareholding in Tangenziale Esterna (TE) following capital increase to refinance maturing debt and restructure its financial position¹
- Net revaluation of APL carrying amount following the change in ownership interest (€6.1mln vs €9.8mln in FY 2024)²
Fair value adjustment of direct shareholding in TE (€1.5mln)
¹ - The operation, finalized in April 2025, was carried out based on a valuation of €2 per share, which led to a revaluation of TE's fair value. This also positively impacted the valuation of Tangenziali Esterne di Milano which now holds 43.6% of Tangenziale Esterna. ² - MISE's stake in APL declined from 36.7% to 25.85% in December 2024 due to non-participation in a €272mln capital increase fully subscribed by Regione Lombardia; following the additional €159ln capital increase approved on 18 November 2025, its interest further decreased to 22.05%.
FNM la vita in movimento
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azermas
Consolidated financial results | Segment results
REPORTED
| Adj. EBITDA (€ mln) | FY 2024 | FY 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Motorways | 156.0 | 161.0 | 5.0 | +3.2% |
| Railway infrastructure | 7.2 | 3.6 | (3.6) | -50.0% |
| Energy | 12.3 | 15.0 | 2.7 | +22.0% |
| Ro.S.Co | 34.1 | 32.1 | (2.0) | -5.9% |
| Mobility & Services | 10.9 | 14.8 | 3.9 | +35.8% |
| Total | 220.5 | 226.5 | 6.0 | +2.7% |
PRO FORMA¹
| Adj. EBITDA (€ mln) | FY 2024 | FY 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Motorways | 156.0 | 161.0 | 5.0 | +3.2% |
| Railway infrastructure | 7.2 | 3.6 | (3.6) | -50.0% |
| Energy | 13.8 | 15.0 | 1.2 | +8.7% |
| Ro.S.Co | 34.1 | 32.1 | (2.0) | -5.9% |
| Mobility & Services | 10.9 | 14.8 | 3.9 | +35.8% |
| Total | 222.0 | 226.5 | 4.5 | +2.0% |
1 – Considering the consolidation of Viridis from 1 January 2024
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FNM
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emarket
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of
earmine
Segment results - Motorways
Adj. EBITDA | €mIn
MAIN DRIVERS
- Toll revenues driven solely by traffic volumes and mix between light and heavy vehicles, in a context with no tariff adjustments
- Resumption of riverbank protection works near the River Po bridge and modernization of the IT network supporting the toll collection systems
- Non-cash component reflects movements of provisions on "Renewal fund" / "Deferred maintenance fund"
- Higher headcount and national contract renewal
- Design revenues and compensation for motorway damage caused by accidents
% = EBITDA Margin
FNM
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emarket
with storage
in mmmm
GERMANY
Segment results - Railway Infrastructure
Adj. EBITDA | €mln
MAIN DRIVERS
- Several items impacted concession revenues: (1) completion of trains supply contracts; (2) progress of T2 Malpensa-Sempione project; (3) absence of the €2.0mln positive adjustment in FY24 Service Contract (related to 2022-2023); (4) six-month closure of Iseo-Brescia line
- Lower recourse to engineering services, reflecting the reduction in design and construction management activities, in line with evolution of work orders
- Lower contributions under "Decreto Aiuti" supporting raw material cost increases
% = EBITDA Margin
FNM
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azermas
Segment results - Energy
Adj. EBITDA | €mIn
MAIN DRIVERS
- New plants in operation vs FY24
- Higher production YoY on existing plants, partially mitigated by lower energy prices (mainly contracted at fixed price for 2025)
- OpeEx related to number of plants in operation and cost of biomass for power generation
% = EBITDA Margin
FNM
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Teleborsa: distribution and commercial use strictly prohibited
emarket
with storage
in mmmm
of mnm
Segment results - Ro.S.Co
Adj. EBITDA | €mIn
MAIN DRIVERS
- Full consolidation of Nordcom from 15 July 2024
- Reduction in lease payments mainly driven by TSR and Coradia trainsets leased to Trenord (in line with contractual forecasts)
- Institutional communication and sponsorships linked to the Milano Cortina 2026 Olympics partnership
% = EBITDA Margin
FNM
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azerbaid
O
Segment results - Mobility & Services
Adj. EBITDA | €mln
MAIN DRIVERS
- Final compensation for reduced tariff revenues due to the Covid-19 emergency (€4.3mln vs €6.7mln booked in FY24)
- Growing demand for daily travel tickets without tariff increase
- Additional resources unlocked at national level allowed Regione Veneto to increase €/Km contribution by 11% vs FY24
- Higher subcontracting costs incurred to maintain service levels due to a persistent shortage of bus drivers and extraordinary demand for train replacement services
% = EBITDA Margin
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emarket
edr storage
CERTIFIED
+
Cash flow generation
Gross CAPEX | Cmln
Cash flow | Cmln
FNM
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wir eologe
KOMMUN
KENNER
Financial sustainability
Net Financial Position | Cmln
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edr storage
OEMINAS
Financial sustainability | Gross debt composition
Gross Debt | CmIn
Liquidity headroom: available uncommitted credit lines of €115.8mIn
Long term credit ratings
Moody's
INVESTORS SERVICE
FitchRatings
Baa3
BBB+
Stable
Stable
Breakdown by instrument
Bond
Finlombarda
EIB
Bank debt
Other
Avg. cost of debt¹ = 2.03%
Interest rate composition¹ = 86% fixed rate
1–Only on bank debt and bond
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FNM
la vita in movimento
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air storage
company
CENTRAL
AIR
Financial sustainability | Maturity structure
Gross Debt | Cmln
724.1
5.9
5.9
5.9
33.8
2026
2027
2028
2029
After 2029
- Bond
- Finlombarda
- Viridis bank debt
- EIB
- Mise bank debt
- RCF
UPDATE:
- €1bln loan agreement signed on July 22nd leading to extension of the average maturity to 2031
- All conditions precedent for the first drawing are met, including the effectiveness of Concession Addendum #2 from October 22nd for the regulatory period 2020-2024
- Drawdown of €40mln loan from Finlombarda on July 29th
- Repayment of €85mln Bridge loan facility on August 12th with available cash balance
- Prepayment of €35mln RCF on March 5th 2026
- €650mln bond maturing in October 2026 – fully covered by available cash balance and drawdown of term loan facility
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket: sdr storage
CENTRAL
Overview
Economic & Financial Results
Outlook
Appendix
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ofr storage
CENTRE
Proposed dividend and FY 2026 Outlook
Dividend distribution
Proposed DPS €0.023 per share equal to €10.0mln (dividend yield 4.9%¹)
Adj. EBITDA | 6mln
Gross CAPEX | 6mln
Adj. NFP | 6mln
1 – Dividend per ordinary share outstanding (equal to 434,902,568 shares); calculated on the 19 March 2026 closing price
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket: elir storage
CENTRAL
Overview
Economic & Financial Results
Outlook
Appendix
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e
Overview of business segments
N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements
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air storage
EXTENDED
A
Consolidated Profit & Loss – REPORTED
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Revenues from sales and services | 609.9 | 631.2 | 21.3 | +3.5% |
| Other revenues and income | 41.1 | 41.8 | 0.7 | +1.7% |
| Total revenues and other income | 651.0 | 673.0 | 22.0 | +3.4% |
| Operating costs | (247.5) | (254.5) | (7.0) | +2.8% |
| Personnel costs | (183.0) | (192.0) | (9.0) | +4.9% |
| Adj. EBITDA | 220.5 | 226.5 | 6.0 | +2.7% |
| Non-ordinary income (expense) | (9.9) | 7.2 | 17.1 | n.d. |
| EBITDA | 210.6 | 233.7 | 23.1 | +11.0% |
| Depreciation and amortization | (136.3) | (152.5) | (16.2) | +11.9% |
| EBIT | 74.3 | 81.2 | 6.9 | +9.3% |
| Net financial income (expense) | (14.3) | (9.8) | 4.5 | -31.5% |
| EBT | 60.0 | 71.4 | 11.4 | +19.0% |
| Income taxes | (23.4) | (19.3) | 4.1 | -17.5% |
| Adj. Net Profit (Loss) | 36.6 | 52.1 | 15.5 | +42.3% |
| Profit (Loss) of companies consolidated at equity | 13.2 | 16.7 | 3.5 | +26.5% |
| Profit (Loss) from valuation of equity investments | 9.8 | 7.6 | (2.2) | -22.4% |
| Net Profit (Loss) | 59.6 | 76.4 | 16.8 | +28.2% |
| Minority interest in Net Profit (Loss) | 0.3 | 2.8 | 2.5 | n.m. |
| Group Net Profit (Loss) | 59.3 | 73.6 | 14.3 | +24.1% |
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emarket
air storage
EXPENSE
Consolidated Profit & Loss – PRO FORMA
| € mln | 2024 PROFORMA | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Revenues from sales and services | 612.2 | 631.2 | 19.0 | +3.1% |
| Other revenues and income | 41.2 | 41.8 | 0.6 | +1.5% |
| Total revenues and other income | 653.4 | 673.0 | 19.6 | +3.0% |
| Operating costs | (248.1) | (254.5) | (6.4) | +2.6% |
| Personnel costs | (183.3) | (192.0) | (8.7) | +4.7% |
| Adj. EBITDA | 222.0 | 226.5 | 4.5 | +2.0% |
| Non-ordinary income (expense) | (9.9) | 7.2 | 17.1 | n.d. |
| EBITDA | 212.1 | 233.7 | 21.6 | +10.2% |
| Depreciation and amortization | (137.9) | (152.5) | (14.6) | +10.6% |
| EBIT | 74.2 | 81.2 | 7.0 | +9.4% |
| Net financial income (expense) | (12.9) | (9.8) | 3.1 | -24.0% |
| EBT | 61.3 | 71.4 | 10.1 | +16.5% |
| Income taxes | (23.4) | (19.3) | 4.1 | -17.5% |
| Adj. Net Profit (Loss) | 37.9 | 52.1 | 14.2 | +37.5% |
| Profit (Loss) of companies consolidated at equity | 13.2 | 16.7 | 3.5 | +26.5% |
| Profit (Loss) from valuation of equity investments | 9.8 | 7.6 | (2.2) | -22.4% |
| Net Profit (Loss) | 60.9 | 76.4 | 15.5 | +25.5% |
| Minority interest in Net Profit (Loss) | 0.6 | 2.8 | 2.2 | n.d. |
| Group Net Profit (Loss) | 60.3 | 73.6 | 13.3 | +22.1% |
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FNM
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Teleborsa: distribution and commercial use strictly prohibited
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service
O
Segment details - Motorways
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Toll revenues | 282.5 | 290.6 | 8.1 | +2.9% |
| Other revenues | 28.8 | 31.9 | 3.1 | +10.8% |
| Total revenues | 311.3 | 322.5 | 11.2 | +3.6% |
| Adj. EBITDA | 156.0 | 161.0 | 5.0 | +3.2% |
| Adj. EBITDA/Revenues % | 50.1 % | 49.9 % | ||
| EBIT | 77.0 | 81.6 | 4.6 | +6.0% |
Segment details - Railway infrastructure
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Public contracts and grants | 96.0 | 85.9 | (10.1) | -10.5% |
| Track access | 26.7 | 27.5 | 0.8 | +3.0% |
| Other revenues | 22.6 | 20.4 | (2.2) | -9.7% |
| Total revenues | 145.3 | 133.8 | (11.5) | -7.9% |
| Adj. EBITDA | 7.2 | 3.6 | (3.6) | -50.0% |
| Adj. EBITDA/Revenues % | 5.0 % | 2.7 % | ||
| EBIT | 2.5 | 0.1 | -2.4 | -96.0% |
FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
service
Agence
Segment details - Energy
| € mln | 2024 PROFORMA | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Revenues from sale of energy | 12.0 | 16.0 | 4.0 | +33.3% |
| Incentives | 8.6 | 9.1 | 0.5 | +5.8% |
| Other revenues | 0.9 | 1.6 | 0.7 | +77.8% |
| Total revenues | 21.5 | 26.7 | 5.2 | +24.2% |
| Adj. EBITDA | 13.8 | 15.0 | 1.2 | +8.7% |
| Adj. EBITDA/Revenues % | 64.2 % | 56.2 % | ||
| EBIT | 4.3 | 3.4 | (0.9) | -20.9% |
Segment details - Ro.S.Co.
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Rolling stock leasing | 46.5 | 42.0 | (4.5) | -9.7% |
| Other revenues | 41.0 | 59.1 | 18.1 | +44.1% |
| Total revenues | 87.5 | 101.1 | 13.6 | +15.5% |
| Adj. EBITDA | 34.1 | 32.1 | (2.0) | -5.9% |
| Adj. EBITDA/Revenues % | 39.0 % | 31.8 % | ||
| EBIT | (8.1) | (3.2) | 4.9 | -60.5% |
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
with storage
resources
azemnas
Segment details - Mobility & Services
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Public contracts and grants | 57.7 | 59.7 | 2.0 | +3.5% |
| Transport services | 58.5 | 69.4 | 10.9 | +18.6% |
| Other revenues | 9.7 | 13.0 | 3.3 | +34.0% |
| Total revenues | 125.9 | 142.1 | 16.2 | +12.9% |
| Adj. EBITDA | 10.9 | 14.8 | 3.9 | +35.8% |
| --- | --- | --- | --- | --- |
| Adj. EBITDA/Revenues % | 8.7 % | 10.4 % | ||
| EBIT | (1.5) | (0.7) | 0.8 | n.d. |
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
and storage
in
Segment details – Revenue breakdown
| € mln - REPORTED | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Motorways | 311.3 | 322.5 | 11.2 | +3.6% |
| Railway infrastructure | 145.3 | 133.8 | (11.5) | (7.9)% |
| Energy | 19.1 | 26.7 | 7.6 | +39.8% |
| Ro.S.Co. | 87.5 | 101.1 | 13.6 | +15.5% |
| Mobility & Services | 125.9 | 142.1 | 16.2 | +12.9% |
| Intercompany elisions | (38.1) | (53.2) | (15.1) | +39.6% |
| Total revenues | 651.0 | 673.0 | 22.0 | +3.4% |
| € mln - PROFORMA | 2024 PROFORMA | 2025 | Δ€ | Δ% |
| --- | --- | --- | --- | --- |
| Motorways | 311.3 | 322.5 | 11.2 | +3.6% |
| Railway infrastructure | 145.3 | 133.8 | (11.5) | (7.9)% |
| Energy | 21.5 | 26.7 | 5.2 | +24.2% |
| Ro.S.Co. | 87.5 | 101.1 | 13.6 | +15.5% |
| Mobility & Services | 125.9 | 142.1 | 16.2 | +12.9% |
| Intercompany elisions | (38.1) | (53.2) | (15.1) | +39.6% |
| Total revenues | 653.4 | 673.0 | 19.6 | +3.0% |
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
air storage
azermas
Net CAPEX breakdown
| € mln | 2024 | 2025 | Δ€ |
|---|---|---|---|
| Motorways | 38.4 | 48.4 | 10.0 |
| Railway infrastructure | 16.3 | 7.0 | (9.3) |
| Energy | 35.7 | 23.6 | (12.1) |
| Ro.S.Co. | 21.1 | 32.5 | 11.4 |
| Mobility & Services | 10.2 | 28.7 | 18.5 |
| Gross CAPEX made by FNM | 121.7 | 140.2 | 18.5 |
| Public contributions - Mobility & Services | 10.6 | 9.7 | (0.9) |
| Public contributions - Motorways | 22.1 | 14.6 | (7.5) |
| Net CAPEX made by FNM | 89.0 | 115.9 | 26.9 |
| € mln | 2024 | 2025 | Δ€ |
| Gross CAPEX - Railway Infrastructure (managed only) | 416.9 | 433.6 | 16.7 |
| Public contributions - Railway Infrastructure | 365.0 | 464.6 | 99.6 |
| Net CAPEX - Railway Infrastructure (managed only) | 51.9 | (31.0) | (82.9) |
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
air storage
earmass
e
Profit (Loss) of companies consolidated at equity
| €/000 | 2024 | 2025 | Δ€ |
|---|---|---|---|
| Trenord S.r.l. * | 10,673 | 6,611 | (4,062) |
| Autostrada Pedemontana Lombarda S.p.A. | 2,123 | 1,442 | (681) |
| Tangenziali Esterne di Milano S.p.A.** | (2,255) | 6,974 | 9,229 |
| NORD ENERGIA S.p.A. in liquidazione | 979 | 13 | (966) |
| DB Cargo Italia S.r.l. | 1,065 | 416 | (649) |
| Omnibus Partecipazioni S.r.l. *** | 759 | 1,374 | 615 |
| NordCom S.p.A.*** | 220 | 0 | (220) |
| Busforfun.Com S.r.l. | 0 | 0 | 0 |
| SportIT S.r.l. | (137) | (170) | (33) |
| Mbility S.r.l. | (151) | 14 | 165 |
| Profit (Loss) of companies consolidated at equity | 13,276 | 16,674 | 3,398 |
- includes the result of TILO SA
** includes the result of Tangenziale Esterna S.p.A.
*** includes the result of ASF Autolinee S.r.l.
*** includes the result of Nordcom up to 14 July 2024. Following the acquisition of 42% of the share capital, FNM holds control and the company has therefore been fully consolidated since 15 July 2024..
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la vita in movimento
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emarket
software
company
of
ENERGY
Profit (Loss) of companies consolidated at equity - TRENORD
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Ticketing revenues | 403.5 | 418.9 | 15.4 | +3.8% |
| Revenues from Service Contract | 490.0 | 504.2 | 14.2 | +2.9% |
| Other revenues and income | 66.1 | 57.6 | (8.5) | -12.9% |
| Total revenues and other income | 959.6 | 980.7 | 21.1 | +2.2% |
| Operating costs | (464.3) | (485.4) | (21.1) | +4.5% |
| Personnel costs | (316.5) | (330.1) | (13.6) | +4.3% |
| EBITDA | 178.8 | 165.2 | (13.6) | -7.6% |
| Depreciation and amortization | (130.0) | (132.1) | (2.1) | +1.6% |
| EBIT | 48.8 | 33.1 | (15.7) | -32.2% |
| Net financial income (expense) | (13.7) | (9.7) | 4.0 | -29.2% |
| EBT | 35.1 | 23.4 | (11.7) | -33.3% |
| Income taxes | (13.8) | (10.4) | 3.4 | -24.6% |
| Net Profit (Loss) | 21.3 | 13.0 | (8.3) | -39.0% |
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FNM
Is vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
info storage
Ooos
Profit (Loss) of companies consolidated at equity – APL
| € mln | 2024 | 2025 | Δ€ | Δ% |
|---|---|---|---|---|
| Toll revenues | 46.1 | 47.5 | 1.5 | +3.3% |
| Other revenues and income | 22.4 | 19.5 | (2.9) | -12.9% |
| Total revenues and other income | 68.5 | 67.0 | (1.5) | -2.2% |
| Operating costs | (20.5) | (21.5) | (1.0) | +4.9% |
| Personnel costs | (12.7) | (13.3) | (0.7) | +5.5% |
| EBITDA | 35.3 | 32.2 | (3.0) | -8.5% |
| Depreciation and amortization | (5.9) | (6.1) | (0.1) | +1.7% |
| EBIT | 29.4 | 26.1 | (3.3) | -11.2% |
| Net financial income (expense) | (29.9) | (23.0) | 6.9 | -23.1% |
| EBT | (0.5) | 3.1 | 3.6 | n.d. |
| Income taxes | (1.3) | (4.5) | (3.2) | n.d. |
| Net Profit (Loss) | (1.8) | (1.4) | 0.4 | n.d. |
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FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
with storage
in common
all
Consolidated Balance Sheet
| € mln | 31/12/2024 | 31/12/2025 | Δ€ |
|---|---|---|---|
| Inventories | 15.7 | 20.4 | 4.7 |
| Trade receivables | 143.1 | 175.7 | 32.6 |
| Other current receivables | 127.5 | 105.8 | (21.7) |
| Current financial receivables | 4.7 | 5.1 | 0.4 |
| Current contractual assets | 23.9 | 46.0 | 22.1 |
| Financed investment receivables | 117.3 | 165.3 | 48.0 |
| Trade payables | (361.5) | (341.9) | 19.6 |
| Other current payables and current provisions | (157.5) | (182.7) | (25.2) |
| Operating Net Working Capital | (86.8) | (6.3) | 80.5 |
| Other receivables - Rolling stock 2017-2032 | 4.5 | 0.0 | (4.5) |
| Financed investment receivables - Rolling stock 2017-2032 | 128.0 | 32.8 | (95.2) |
| Trade payables - Rolling stock 2017-2032 | (182.3) | (72.2) | 110.1 |
| Net Working Capital for Financed Investments | (49.8) | (39.4) | 10.4 |
| Total Net Working Capital | (136.6) | (45.7) | 90.9 |
| Fixed assets | 947.5 | 904.3 | (43.2) |
| Equity interests | 188.0 | 204.5 | 16.5 |
| Non-current receivables | 151.0 | 207.4 | 56.4 |
| Non-current liabilities | (41.0) | (49.4) | (8.4) |
| Provisions | (83.3) | (49.7) | 33.6 |
| NET INVESTED CAPITAL | 1,025.6 | 1,171.4 | 145.8 |
| Equity | 410.5 | 490.5 | 80.0 |
| Adjusted Net Financial Position | 668.5 | 722.5 | 54.0 |
| Net Financial Position for Funded Investments (Cash) | (53.4) | (41.6) | 11.8 |
| Net Financial Position | 615.1 | 680.9 | 65.8 |
| TOTAL SOURCES | 1,025.6 | 1,171.4 | 145.8 |
32
FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
air storage
EXTENDED
CENTERS
Consolidated Balance Sheet – NFP composition
| € mln | 31/12/2024 | 31/12/2025 | Δ€ |
|---|---|---|---|
| Cash and bank deposits | (442.7) | (368.6) | 74.1 |
| Current financial debt | 317.1 | 964.2 | 647.1 |
| Current Net Financial Position (Debt/-Cash) | (125.6) | 595.6 | 721.2 |
| Non-current financial debt | 794.1 | 126.9 | (667.2) |
| Adj. Net Financial Position | 668.5 | 722.5 | 54.0 |
| Net Financial Position for funded investments (Debt/-Cash) | (53.4) | (41.6) | 11.8 |
| Net Financial Position | 615.1 | 680.9 | 65.8 |
| o/w IFRS 16 Leases | 24.9 | 30.4 | 5.5 |
33
FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
air storage
stamina
Shareholders and share performance
Share price @ 19-mar-26: €0,47
FNM S.p.A. vs. Major Indexes
Indexed Price Performance
Price (Indexed to 100)
Share capital profile
Market capitalization @ 19-mar-26: €203,5 mln
N. of shares: 434.9 mln
Average traded volumes (last 30 days): 218.974 orders
Share price change: 7,6% YTD
Shareholders' structure
Regione Lombardia
Ferrovie dello Stato
Market
Source: FACSET
34
FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
safe storage
of all brands
of the world
Glossary
- Adjusted EBITDA: it is represented by EBITDA (earnings for the year before income taxes, of the other financial income and expenses, of depreciation, amortization and impairments of fixed assets), excluding non-ordinary expenses and income, such as: (i) income and expenses deriving from restructuring, reorganization and business combination; (ii) clearly identified income/expenses not directly referred to the ordinary performance of the business; (iii) in addition to any income/expenses deriving from significant non-ordinary events and transactions as defined by Consob communication DEM6064293 of 28/07/2006.
- Adjusted EBITDA Margin: the percentage of Adjusted EBITDA over total revenues.
- Adjusted Net Result: Net Profit (Loss) before recognition of the result of companies consolidated using the equity method.
- Adjusted NFP: it is represented by the Net Financial Position (NFP) including cash and cash equivalents and all financial liabilities, excluding the impacts related to the timing of the collection of the consideration for construction services from the Granting Authority on the investments financed for the renewal of the railway rolling stock under the "Rolling Stock Program 2017–2032", accounted for in accordance with IFRIC 12.
- Rolling Stock Purchase Programme 2017-2032: On behalf of Regione Lombardia Ferrovienord is engaged in purchasing, managing, maintaining and storing new rolling stock, to be allocated to railway companies holding a service contract with the Region, whose supplies have been completed in 1Q 2025. The rolling stock supply programme is fully covered with public funds allocated by Regione Lombardia.
- Gross CAPEX: fixed asset and software additions, excluding investments on railway infrastructure managed on behalf of Regione Lombardia as by Programme Agreement and Public Service Contract. The balance between cash capital investments shown in the Financial Statements and "Gross CAPEX" is mainly represented by changes in account payables/advances to suppliers, which are reconciled under net working capital for purposes of this presentation.
- Net CAPEX: Gross CAPEX after deducting public contributions related to the acquired assets, including investments on railway infrastructure managed on behalf of Regione Lombardia as by Programme Agreement and Public Service Contract. Capital grants - received mainly from Regione Lombardia, Regione Veneto and Ministry of Transport - typically relate to the funding of capital investments managed by the Group for third parties or in conjunction with regulated activities. These cash flows are classified as investing activities and accordingly reduce the overall cash outflow.
FNM
la vita in movimento
Teleborsa: distribution and commercial use strictly prohibited
emarket
of storage
in
FNM
la vita in movimento
Contacts
Valeria Minazzi
Investor Relations Director
Fixed line: +39 02 8511 4302