AI assistant
Fnm Investor Presentation 2026
4384_rns_2026-05-15_6c3241f5-1a9a-4752-bee2-9ab5bdbd2039.pdf
Investor Presentation
Open in viewerOpens in your device viewer
FNM la vita in movimento
FNM GROUP
1Q 2026 RESULTS
15 May 2026
Financial Highlights
Revenues | €mIn
EBITDA | €mIn
Group Net Result | €mIn
Adj. NFP | €mIn
% = EBITDA Margin
FNM
la vita in movimento
Operating Highlights | Sustainable mobility
Motorway traffic | mln. v-km
LPT demand | mln. pax
3
FNM
la vita in movimento
Operating Highlights | Renewable energy
Installed capacity | MW
Net energy produced | MWh
4
FNM
la vita in movimento
Overview
Economic & Financial Results
Outlook
Appendix
Consolidated financial results
6
FNM
la vita in movimento
Consolidated financial results | Associates & JV
| €mIn | 1Q 2025 | 1Q 2026 | Δ€ | |
|---|---|---|---|---|
| Trenord | 1.0 | 0.5 | (0.5) | |
| Autostrada Pedemontana Lombarda (APL) | 0.4 | 0.3 | (0.1) | |
| Tangenziali Esterne di Milano (TEM) | (0.7) | (0.2) | 0.5 | |
| Other | 0.2 | 0.1 | (0.1) | |
| Profit (Loss) of companies consolidated at equity | 0.9 | 0.7 | (0.2) |
- Trenord performance still affected by increase in operating and personnel costs, which more than offset the growth in revenues
- Include the improved performance of Tangenziale Esterna (TE) following the turnaround and the capital strengthening, supported by +2% YoY traffic growth and a favorable mix
FNM Ie vita in movimento
Consolidated financial results | Segment results
EBITDA| €mln
| 1Q 2025 | 1Q 2026 | Δ€ | Δ% | |
|---|---|---|---|---|
| Motorways | 35.6 | 39.0 | 3.4 | +9.6% |
| Railway infrastructure | 2.8 | 0.4 | (2.4) | -85.7% |
| Energy | 1.9 | 1.9 | 0.0 | +0.0% |
| Ro.S.Co | 9.3 | 10.2 | 0.9 | +9.7% |
| Mobility & Services | 1.0 | 2.2 | 1.2 | +120.0% |
| Total | 50.6 | 53.7 | 3.1 | +6.1% |
FNM
la vita in movimento
Segment results - Motorways
Adj. EBITDA | €mIn
MAIN DRIVERS
- Toll revenues driven by traffic volumes and mix, as well as +1.5% tariff increase effective from 1st January 2026
- Completion of non-recurring works in 1Q25, reduced winter maintenance, different schedule for pavement work and the replacement of safety barriers vs 2025
- Non-cash component mainly reflects net provisions of the “Renewal fund”
% = EBITDA Margin
FNM la vita in movimento
Segment results - Railway Infrastructure
MAIN DRIVERS
- 1Q25 included a one-off insurance reimbursement for hail damage and the flooding of the Breno River
- Concession revenues impacted by completion of new train deliveries and lower design activities for managed investments, partly offset by Brescia-Edolo reopening and additional compensation for safety functions
- Non-recurring maintenance activities recorded in 1Q25 linked to the Bornato–Sale Marasino line and railway track
% = EBITDA Margin
FNM la vita in movimento
Segment results - Energy
Adj. EBITDA | €mIn
MAIN DRIVERS
- New plants in operation vs 1Q25
- Production on existing plants affected by lower-than-average solar radiation
- Reduction in the average effective selling price driven by (a) fixed-price PPAs signed during the previous summer for FY26; (b) inclusion of 2 plants equal to 10.3 MW under the "FER 1" incentive scheme
%
= EBITDA Margin
FNM
la vita in movimento
Segment results - Ro.S.Co
MAIN DRIVERS
- Mainly start from 2Q25 of lease payments for maintenance activities on TILO, TAF and CSA train fleets
- Mainly consulting and IT costs linked to compliance with NIS2 regulation, sponsorships, as well as headcount increase (+27 FTE)
- €0.5mln capital gain from the disposal of real estate assets no longer used
%
= EBITDA Margin
FNM Ie vita in movimento
Segment results - Mobility & Services
Adj. EBITDA | €mIn
MAIN DRIVERS
- Performance driven by mobility services as well as lower maintenance and energy costs, without tariff adjustments
- Increase in the €/km contribution of the Public Service Contract in Verona and higher investment grants
- Initial effects of the Middle East conflict on energy costs visible only from March
% = EBITDA Margin
FNM Ie vita in movimento
Cash flow generation
FNM
la vita in movimento
Financial sustainability
FNM
la vita in movimento
Financial sustainability | Gross debt composition
Gross Debt | CmIn
Liquidity headroom: available uncommitted credit lines of €126mIn
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 = 1.44%
Interest rate composition¹ = 90% fixed rate
1—Only on bank debt and bond
2 — xxx
FNM
la vita in movimento
Financial sustainability | Maturity structure
UPDATE:
- 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
FNM Ie vita in movimento
Overview
Economic & Financial Results
Outlook
Appendix
FY 2026 Outlook confirmed
Adj. EBITDA | €mln
Gross CAPEX | €mln
Adj. NFP | €mln
19
FNM
la vita in movimento
Overview
Economic & Financial Results
Outlook
Appendix
Consolidated Profit & Loss
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Revenues from sales and services | 141.5 | 150.0 | 8.5 | +6.0% |
| Other revenues and income | 13.0 | 9.3 | (3.7) | -28.5% |
| Total revenues and other income | 154.5 | 159.3 | 4.8 | +3.1% |
| Operating costs | (57.7) | (57.4) | 0.3 | -0.5% |
| Personnel costs | (46.2) | (48.2) | (2.0) | +4.3% |
| Adj. EBITDA / EBITDA | 50.6 | 53.7 | 3.1 | +6.1% |
| Depreciation and amortization | (33.7) | (34.4) | (0.7) | +2.1% |
| EBIT | 16.9 | 19.3 | 2.4 | +14.2% |
| Net financial income (expense) | (1.2) | (0.9) | 0.3 | -25.0% |
| EBT | 15.7 | 18.4 | 2.7 | +17.2% |
| Income taxes | (5.0) | (5.4) | (0.4) | +8.0% |
| Adj. Net Profit (Loss) | 10.7 | 13.0 | 2.3 | +21.5% |
| Profit (Loss) of companies consolidated at equity | 0.8 | 0.6 | (0.2) | -25.0% |
| Net Profit (Loss) | 11.5 | 13.6 | 2.1 | +18.3% |
| Minority interest in Net Profit (Loss) | (0.5) | (0.3) | 0.2 | -40.0% |
| Group Net Profit (Loss) | 12.0 | 13.9 | 1.9 | +15.8% |
21
FNM
la vita in movimento
Revenue breakdown
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Motorways | 72.6 | 77.2 | 4.6 | +6.3% |
| Railway infrastructure | 34.9 | 31.9 | (3.0) | -8.6% |
| Energy | 3.9 | 4.9 | 1.0 | +25.6% |
| Ro.S.Co. | 24.5 | 27.1 | 2.6 | +10.6% |
| Mobility & Services | 30.4 | 31.8 | 1.4 | +4.6% |
| Intercompany eliminations | (11.8) | (13.6) | (1.8) | +15.3% |
| Total revenues | 154.5 | 159.3 | 4.8 | +3.1% |
EBITDA breakdown
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Motorways | 35.6 | 39.0 | 3.4 | +9.6% |
| Railway infrastructure | 2.8 | 0.4 | (2.4) | -85.7% |
| Energy | 1.9 | 1.9 | 0.0 | —% |
| Ro.S.Co. | 9.3 | 10.2 | 0.9 | +9.7% |
| Mobility & Services | 1.0 | 2.2 | 1.2 | n.d. |
| Total revenues | 50.6 | 53.7 | 3.1 | +6.1% |
FNM
la vita in movimento
Segment details - Motorways
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Toll revenues | 65.2 | 69.4 | 4.2 | +6.4% |
| Other revenues | 7.4 | 7.8 | 0.4 | +5.4% |
| Total revenues | 72.6 | 77.2 | 4.6 | +6.3% |
| Adj. EBITDA | 35.6 | 39.0 | 3.4 | +9.6% |
| Adj. EBITDA/Revenues % | 49.0 % | 50.5 % | ||
| EBIT | 16.5 | 19.4 | 2.9 | +17.6% |
Segment details - Railway infrastructure
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Public contracts and grants | 21.0 | 20.1 | (0.9) | -4.3% |
| Track access | 6.9 | 7.1 | 0.2 | +2.9% |
| Other revenues | 7.0 | 4.7 | (2.3) | -32.9% |
| Total revenues | 34.9 | 31.9 | (3.0) | -8.6% |
| Adj. EBITDA | 2.8 | 0.4 | (2.4) | -85.7% |
| Adj. EBITDA/Revenues % | 8.0 % | 1.3 % | ||
| EBIT | 2.1 | (0.2) | (2.3) | n.d. |
FNM
la vita in movimento
Segment details - Energy
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Revenues from sale of energy | 2.4 | 2.7 | 0.3 | +12.5% |
| Incentives | 1.5 | 1.4 | (0.1) | -6.7% |
| Other revenues | 0.0 | 0.8 | 0.8 | —% |
| Total revenues | 3.9 | 4.9 | 1.0 | +25.6% |
| Adj. EBITDA | 1.9 | 1.9 | 0.0 | —% |
| Adj. EBITDA/Revenues % | 48.7 % | 38.8 % | ||
| EBIT | (0.5) | (0.5) | 0.0 | —% |
Segment details - Ro.S.Co.
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Rolling stock leasing | 10.9 | 12.1 | 1.2 | +11.0% |
| Other revenues | 13.6 | 15.0 | 1.4 | +10.3% |
| Total revenues | 24.5 | 27.1 | 2.6 | +10.6% |
| Adj. EBITDA | 9.3 | 10.2 | 0.9 | +9.7% |
| Adj. EBITDA/Revenues % | 38.0 % | 37.6 % | ||
| EBIT | 0.8 | 1.9 | 1.1 | n.d. |
FNM
la vita in movimento
Segment details - Mobility & Services
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Public contracts and grants | 13.2 | 13.8 | 0.6 | +4.5% |
| Transport services | 13.7 | 15.0 | 1.3 | +9.5% |
| Other revenues | 3.5 | 3.0 | (0.5) | (14.3)% |
| Total revenues | 30.4 | 31.8 | 1.4 | +4.6% |
| Adj. EBITDA | 1.0 | 2.2 | 1.2 | n.d. |
| Adj. EBITDA/Revenues % | 3.3 % | 6.9 % | ||
| EBIT | (2.0) | (1.3) | 0.7 | -35.0% |
25
FNM
la vita in movimento
Profit (Loss) of companies consolidated at equity
| €/000 | 1Q 2025 | 1Q 2026 | Δ€ |
|---|---|---|---|
| Trenord S.r.l. * | 1,041 | 518 | (523) |
| Autostrada Pedemontana Lombarda S.p.A. | 362 | 250 | (112) |
| Tangenziali Esterne di Milano S.p.A.** | (693) | (238) | 455 |
| NORD ENERGIA S.p.A. in liquidazione | 20 | 0 | (20) |
| DB Cargo Italia S.r.l. | 62 | 85 | 23 |
| Omnibus Partecipazioni S.r.l. *** | 27 | 1 | (26) |
| Busforfun.Com S.r.l. | 0 | 0 | 0 |
| SportIT S.r.l. | (73) | (47) | 26 |
| Mbility S.r.l. | 113 | 80 | (33) |
| Profit (Loss) of companies consolidated at equity | 859 | 649 | (210) |
- includes the result of TILO SA
** includes the result of Tangenziale Esterna S.p.A.
*** includes the result of ASF Autolinee S.r.l.
FNM
la vita in movimento
Profit (Loss) of companies consolidated at equity – TRENORD
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Ticketing revenues | 96.5 | 102.8 | 6.3 | +6.5% |
| Revenues from Service Contract | 128.8 | 135.0 | 6.2 | +4.8% |
| Other revenues and income | 12.6 | 12.0 | (0.6) | -4.8% |
| Total revenues and other income | 237.9 | 249.8 | 11.9 | +5.0% |
| Operating costs | (119.8) | (128.3) | (8.5) | +7.1% |
| Personnel costs | (81.0) | (86.0) | (5.0) | +6.2% |
| EBITDA | 37.1 | 35.5 | (1.6) | -4.3% |
| Depreciation and amortization | (30.9) | (32.0) | (1.1) | +3.6% |
| EBIT | 6.2 | 3.5 | (2.7) | -43.5% |
| Net financial income (expense) | (2.3) | (1.7) | 0.6 | -26.1% |
| EBT | 3.9 | 1.8 | (2.1) | -53.8% |
| Income taxes | (1.8) | (0.7) | 1.1 | -61.1% |
| Net Profit (Loss) | 2.1 | 1.1 | (1.0) | -47.6% |
FNM
la vita in movimento
Profit (Loss) of companies consolidated at equity – APL
| € mln | 1Q 2025 | 1Q 2026 | Δ€ | Δ% |
|---|---|---|---|---|
| Toll revenues | 11.0 | 11.4 | 0.4 | +3.6% |
| Other revenues and income | 4.0 | 5.9 | 1.9 | +47.5% |
| Total revenues and other income | 15.0 | 17.3 | 2.3 | +15.3% |
| Operating costs | (4.5) | (5.9) | (1.4) | +31.1% |
| Personnel costs | (3.4) | (3.6) | (0.2) | +5.9% |
| EBITDA | 7.1 | 7.8 | 0.7 | +9.9% |
| Depreciation and amortization | (1.4) | (1.6) | (0.2) | +14.3% |
| EBIT | 5.7 | 6.2 | 0.5 | +8.8% |
| Net financial income (expense) | (5.2) | (6.4) | (1.2) | +23.1% |
| EBT | 0.5 | (0.2) | (0.7) | n.d. |
| Income taxes | (0.6) | (1.3) | (0.7) | n.d. |
| Net Profit (Loss) | (0.1) | (1.5) | (1.4) | n.d. |
FNM Ia vita in movimento
Net CAPEX breakdown
| € mln | 1Q 2025 | 1Q 2026 | Δ€ |
|---|---|---|---|
| Motorways | 13.6 | 3.8 | (9.8) |
| Railway infrastructure | 2.0 | 0.6 | (1.4) |
| Energy | 3.2 | 8.7 | 5.5 |
| Ro.S.Co. | 9.6 | 25.4 | 15.8 |
| Mobility & Services | 7.8 | 0.6 | (7.2) |
| Gross CAPEX made by FNM | 36.2 | 39.1 | 2.9 |
| Public contributions - Mobility & Services | 0.0 | 6.2 | 6.2 |
| Public contributions - Motorways | 2.5 | 0.5 | (2.0) |
| Net CAPEX made by FNM | 33.7 | 32.4 | (1.3) |
| € mln | 1Q 2025 | 1Q 2026 | Δ€ |
| --- | --- | --- | --- |
| Gross CAPEX - Railway Infrastructure (managed only) | 84.1 | 32.1 | (52.0) |
| Public contributions - Railway Infrastructure | 135.5 | 93.7 | (41.8) |
| Net CAPEX - Railway Infrastructure (managed only) | (51.4) | (61.6) | (10.2) |
29
FNM
la vita in movimento
Consolidated Balance Sheet
| € mln | 31/12/2025 | 31/03/2026 | Δ€ |
|---|---|---|---|
| Inventories | 20.4 | 20.4 | 0.0 |
| Trade receivables | 175.7 | 201.4 | 25.7 |
| Other current receivables | 105.8 | 105.6 | (0.2) |
| Current financial receivables | 5.1 | 4.7 | (0.4) |
| Current contractual assets | 165.3 | 115.1 | (50.2) |
| Financed investment receivables | 46.0 | 46.3 | 0.3 |
| Trade payables | (341.9) | (286.3) | 55.6 |
| Other current payables and current provisions | (182.7) | (198.5) | (15.8) |
| Operating Net Working Capital | (6.3) | 8.7 | 15.0 |
| Other receivables - Rolling stock 2017-2032 | 0.0 | 32.8 | 0.0 |
| Trade payables - Rolling stock 2017-2032 | (72.2) | (68.3) | 3.9 |
| Net Working Capital for Financed Investments | (39.4) | (35.5) | 3.9 |
| Total Net Working Capital | (45.7) | (26.8) | 18.9 |
| Fixed assets | 904.3 | 906.2 | 1.9 |
| Equity interests | 204.5 | 206.7 | 2.2 |
| Non-current receivables | 207.4 | 213.6 | 6.2 |
| Non-current liabilities | (49.4) | (46.9) | 2.5 |
| Provisions | (49.7) | (44.8) | 4.9 |
| NET INVESTED CAPITAL | 1,171.4 | 1,208.0 | 36.6 |
| Equity | 490.5 | 505.7 | 15.2 |
| Adjusted Net Financial Position | 722.5 | 740.3 | 17.8 |
| Net Financial Position for Funded Investments (Cash) | (41.6) | (38.0) | 3.6 |
| Net Financial Position | 680.9 | 702.3 | 21.4 |
| TOTAL SOURCES | 1,171.4 | 1,208.0 | 36.6 |
FNM
la vita in movimento
Consolidated Balance Sheet – NFP composition
| € mln | 31/12/2025 | 31/03/2026 | Δ€ |
|---|---|---|---|
| Cash and bank deposits | (368.6) | (330.5) | 38.1 |
| Current financial debt | 964.2 | 943.8 | (20.4) |
| Current Net Financial Position (Debt/-Cash) | 595.6 | 613.3 | 17.7 |
| Non-current financial debt | 126.9 | 127.0 | 0.1 |
| Adj. Net Financial Position | 722.5 | 740.3 | 17.8 |
| Net Financial Position for funded investments (Debt/-Cash) | (41.6) | (38.0) | 3.6 |
| Net Financial Position | 680.9 | 702.3 | 21.4 |
| o/w IFRS 16 Leases | 30.4 | 29.0 | (1.4) |
31
FNM
la vita in movimento
Shareholders and share performance
Share price @ 14-mag-26: €0,50
FNM S.p.A. vs. Major Indexes
Indexed Price Performance
Price (Indexed to 100)
Source: FactSet Prices
Share capital profile
Market capitalization @ 14-mag-26: €217,9 mln
N. of shares: 434.9 mln
Average traded volumes (last 30 days): 202.880 orders
Share price change: +6,4% YTD
Shareholders' structure
- Regione Lombardia
- Ferrovie dello Stato
- Market
Source: FACSET
FNM la vita in movimento
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
FNM la vita in movimento
Contacts
Valeria Minazzi
Investor Relations Director
Fixed line: +39 02 8511 4302
[email protected]
[email protected]