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Fnm Investor Presentation 2026
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FNM la vita in movimento
FNM Group Corporate Presentation
May 2026
Why invest in FNM
2
FNM
la vita in movimento
1 Strategic Assets
Integrated operator of toll roads, railways, local public transport and renewable energy in a wealthy EU region
FNM provides essential services, ensuring resilience across economic cycles
2 Low-Risk Model
80% of revenues derive from concessions or regulated contracts
Terminal Value clauses safeguard investments with long economically useful life
Regulation ensures fair remuneration of capital invested
3 Strong Financials
Ambitious growth outlook with €1.3bln Capex plan in '24-29
Debt refinanced including a €1bln sustainability-linked loan, extending maturity beyond 2031
Financial discipline: Adj. NFP/EBITDA in line with I.G. rating (BBB+/Baa3)
4 Inherently ESG focused
FNM's activities have positive social impact on the communities involved and are aligned with EU taxonomy
Morningstar ESG leader across Regional, Industry and Global categories (8.3 score)
An integrated player in infrastructure management and mobility services in Northern Italy…
FNM la vita in movimento
...and energy infrastructure assets
FNM
la vita in movimento
Operating sectors
| Mobility Infrastructure | • Management of toll roads trough a concession expiring in October 2028
• Management of railway infrastructure in Lombardy trough a concession expiring in 2060
• Intermodal terminal management and freight logistic development | 185 Km
Motorway Network | 548 Km Rail Tracks |
| --- | --- | --- | --- |
| Energy | • Renewable energy production trough 28 plants already operational
• Multiple initiatives for solar and wind power plants in different stages of implementation
• Hydrogen production and distribution facilities for rail and heavy road transport | | |
| Ro.S.Co | • Leasing of rolling stock mainly to the local public transport in Lombardy
• Corporate services to subsidiaries and management of the real estate assets
• Corporate VC and development of digital platforms according to MaaC paradigm | | |
| Mobility & Services | • Road LPT in Lombardy (Province of Varese, Brescia and Como) and Veneto (Province of Verona)
• Train replacement services for Trenord
• Digital payments and electric car-sharing services | 27M Bus-km | |
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FNM
la vita in movimento
Past performance – steady growth and strong resilience, despite extraordinary macro events
Adj. EBITDA | €mIn
CAPEX | €mIn
Adjusted NFP | €mIn
6
FNM
la vita in movimento
Group Overview
Strategic Plan 2024-2029
1Q 2026 financial results
Appendix
FNM
FOND INTERNATIONAL MULTILATERAL INSTITUTE
of International Multilateral Research in Financial Studies
Highlights
| 1
BUSINESS GROWTH
➤ Gross CAPEX of €1.3bln over 2024-2029, mainly driven by Motorway EFP, development of additional RES capacity and new rolling stock
➤ Improvement of the economic and financial performance on all the business segments over the Plan horizon | 2
MOTORWAY CONCESSION
➤ Right to take-over value
➤ Assumed as most likely scenario a technical extension beyond 2028, in line with past track record across Italian concessions
➤ MISE will bid in the tender for the concession award when launched | 3
FINANCIAL STRUCTURE
➤ Full coverage of the financial needs of the Strategic Plan and strengthening capital structure:
• €1bln S-linked loan,
• €40mln Finlombarda and €80mln EIB loans
➤ Confirmed Investment Grade rating – Moody’s Baa3 | Fitch BBB+ | 4
CAPITAL ALLOCATION
➤ Focus on low volatility sectors with stable cash flows
➤ CAPEX diversification according to risk-reward profile (motorway and energy with higher IRR)
➤ Financial discipline also excluding terminal value recognition
➤ Min. DPS of c.€2.3 up to a max. of c.€3.2 with attractive dividend yield | 5
SUSTAINABILITY
➤ -35% CO2 emissions from busses and corporate consumption vs 2023
➤ Target =650 GWh RES generation by 2030
➤ Significant investments in security & safety in motorway and railway infrastructure |
| --- | --- | --- | --- | --- | --- |
FNM la vita in movimento
Strategic commitment to invest in businesses with low volatility profile
| High Volatility | Infrastructure | Services | Infrastructure |
|---|---|---|---|
| Market | |||
| Low Volatility | Mobility infrastructure | ||
| • Long-term railway concession reduce exposure to frequent renewals | |||
| • Motorway concession expiring in 2028 – right to terminal value, likely technical extension | |||
| • Toll revenues subject to price cap mechanism and safeguard remuneration (avg. blended WACC ≈15%)¹ | Ro.S.Co. | ||
| • Long-term contracts extending through 2033 provide strong revenue visibility | |||
| • Obligation to take over leasing contracts on new operator | |||
| • Resilient assets with long lifecycle (weighted avg. fleet remaining life ≈11 years) | |||
| • Fixed IRR > 5.5% | Mobility & Services | ||
| • Public Service Contracts compensation limit exposure to market fluctuations | |||
| • Public transport is an essential service | |||
| • Regulatory framework ensures fair remuneration (WACC ≈ 7.26%) | |||
| Energy | |||
| • Existing capacity >80% incentivized, benefit from so-called energy bills | |||
| • Development accessing to Feed-in Tariff (FER) promoted by the GSE | |||
| • Avg. expected IRR >10% |
1 – Weighted average based on IRR “ante” (before 2020) and WACC “post” as by Economic and Financial Plan assumptions submitted to ART in 2024, may be subject to regulatory changes.
FNM Ie vita in movimento
Consolidated financial projections show progression driven by mobility infrastructure and energy
Revenues| €mIn
■ Energy
■ Mobility infrastructure
■ Ro.S.Co.
■ Mobility & Services
■ Intercompany elisions
1 – Calculation based on the Economic and Financial Plan assumptions submitted to ART in 2024 and may be subject to regulatory changes.
FNM Ie vita in movimento
Investments focused on low-volatility businesses
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FNM
la vita in movimento
Financial sustainability
UPDATE:
- €1bln loan agreement
- Term Facility: €500mln expiring in 2031 and a partial amortization plan starting in 2029
- Capex Facility (Green Loan): €450mln with bullet repayment in 2031 and +2 years extension option
- RCF: €50mln expiring in 2031 +2 years extension option
-
Variable rate 6M Euribor + 1.5% / 1.9%
-
€40mln loan from Finlombarda
- Maturity in 2037 consistent with useful life of rolling stock
-
Variable rate 3M Euribor + 1.25%
-
€80mln loan from European Investment Bank
- Maturity of 15 years from drawdown with amortizing repayment and 3 years grace period
- Option to select either fixed or floating rate based on terms quoted at each drawdown
1 – Calculation based on the Economic and Financial Plan assumptions submitted to ART in 2024 and may be subject to regulatory changes.
FNM Ie vita in movimento
Dividend Policy
Accrued dividends evolution | €mln
Dividend per share¹ of a minimum of 2.3 euro cents up to 3.2 euro cents
1 – Dividend per ordinary share outstanding (equal to 434,902,568 shares)
FNM Ie vita in movimento
Surplus assets at book value (31 December 2025)
1 - FNM holds a strategic stake in Tangenziale Esterna S.p.A., both directly (0.39%) and indirectly through a 22.55% share in Tangenziali Esterne di Milano S.p.A., which in turn owns 48.4% of the concessionaire. 2 - Includes a €64.6mln (€150mln nominal) shareholder loan, subordinated to existing debt. The loan accrues Payment-in-Kind interest at 3M Euribor +285bps, with payments expected from 2045. FNM retains option to convert the loan into APL equity
FNM la vita in movimento
Group Overview
Strategic Plan 2024-2029
1Q 2026 financial results
Appendix
FNM FOND N° d'ENM 2021-14-15
Financial Highlights
Revenues | €mln
EBITDA | €mln
Group Net Result | €mln
Adj. NFP | €mln
% = EBITDA Margin
FNM Ie vita in movimento
Operating Highlights | Sustainable mobility
Motorway traffic | mln. v-km
LPT demand | mln. pax
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FNM
la vita in movimento
Operating Highlights | Renewable energy
Installed capacity | MW
Net energy produced | MWh
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FNM
la vita in movimento
Consolidated financial results
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
la 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
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
la vita in movimento
FY 2026 Outlook confirmed
Adj. EBITDA | €mln
Gross CAPEX | €mln
Adj. NFP | €mln
FNM
la vita in movimento
Group Overview
Strategic Plan 2024-2029
1Q 2026 financial results
Appendix
FNM
an FON DE l'HUMIDITAT
Core business segments overview
Mobility infrastructure
Ro.S.Co.
FNM
la vita in movimento
Infrastructure portfolio of mobility assets
Motorways, Railways and LPT
Transfer corridors - volume
- Railway Network
- FERROVIENORD Railway Network
- Motorway Network
- MISE Motorway Network
- Area covered by bus service
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FNM
FONDAIRN MONTRONTO
Unfolding the MISE concession – a journey shaped by external events
FNM
la vita in movimento
Addendum #2 from 2020-2024 EFP acknowledges MISE's right to receive a terminal value at concession expiry
Concession Addendum #1
- Regulatory period 2013-2017
- Full completion and amortization of investments
Concession Addendum #2
- Regulatory period 2020-2024, effective from 22 October 2025
- Right to receive a terminal value equal to non-amortized assets
- Does NOT take into account the recovery of the "Covid-19 effect" and any "Inflationary effect" – they will be included in the 2025-2028 EFP
Concession Addendum #3
- Regulatory period 2025-2028, will formalize the approved new 2025-2028 EFP
- MISE has included a terminal value as the only path to avoid tariff increases above sustainable levels, in line with provisions of Art.8 of Addendum #2
- Duty to continue ordinary operations until concession hand over
NEW ELEMENT: APPROVED RIGHT TO TAKE-OVER VALUE
ARTICLE 8.3
"Per le opere assentite che il Concessionario ha già eseguito e non ancora ammortizzato alla scadenza della concessione, il Concessionario uscente ha diritto a un indennizzo di tali poste dell'investimento da parte del subentrante, pari al costo effettivamente sostenuto, al netto degli ammortamenti, dei beni reversibili non ancora ammortizzati come risultante dal bilancio di esercizio alla data dell'anno in cui termina la concessione, e delle variazioni eseguite a fini regolatori. L'importo del valore di subentro è a carico del Concessionario subentrante"
FNM la vita in movimento
Trenord | Among the most important LPT railway players in Europe excluding the National train operatorsties
Around
700,000
Pax/day
Almost
2,200
Routes/day
Trenitalia
Passengers per day on regional trains ('000 pax/day!')
Lombardy faces a complex operating environment with high rail traffic congestion, having the highest ratio of daily routes per km of railway track (51% single-track), primarily concentrated in the Milan metropolitan area during peak hours
- Trenord is a 50:50 JV between Trenitalia and FNM Group and operates passengers rail services in Lombardy region
- Trenord, established in 2011, is a leading suburban and regional rail operator in Europe, servicing 460 stations over 2,000 km of network. It covers 77% of Lombardy's municipalities, benefiting 92% of its citizens. Additionally, Trenord manages the Milan rail link (Passante Milanese), the connections to the Canton of Ticino (in partnership with Swiss Federal Railways), and the Malpensa Express to Malpensa International Airport
- Part of the fleet is leased for a fee from FNM and Trenitalia. The remaining portion is made available under a free loan agreement by Regione Lombardia
1 – Legambinete, Rapporto Pendolaria 2022
FNM la vita in movimento
APL | A strategic infrastructure for Lombardy's road system
- FNM holds though MISE a 22.05% stake in APL (Regione Lombardia controls the remaining 77.95%) + a shareholder loan of nominal €150mln
- Total length of ≈188km, o/w 85km in operation since 2015 (A, B1, A59, A60)
- Concession of 30 years starting from the completion of the project
- Improve mobility and reduce travel time in a densely urbanized area, currently not served appropriately → Capex plan fully backed by recently approved EFP and by support of RL
FNM la vita in movimento
TEM | The new outer road system in Milan
- FNM holds though MISE a 10.2% stake in TE¹ (ASTM controls the remaining 88.7%)
- The new outer ring road system was needed to improve traffic flow:
- rationalize the congested mobility following significant urban expansion, especially towards the east, integrating the route of the existing ring roads
- geographical area with a strong industrial vocation, connecting the A35 – BreBeMi with the existing Milan ring road system (East, West and North) managed by MISE
- Total length of 32km, as well as 38km of interchanges and related works
- The entire route went into operation in 2015, with the concession set to expire on 16 May 2065
Source: TE, Charter of Services 2024
1 – FNM holds though MISE a 22.55% stake in TEM - which in turn owns a single shareholding of 43.62% in TE - and a direct stake of 0.39% in TE
FNM
la vita in movimento
Mobility as a Community | The community-based approach as an innovative paradigm, exploiting new technologies
MaaC Ecosystem
FNM aims to integrate mobility, technology and digital services through investments in innovative startups complementary to the Group’s traditional transportation and infrastructure business
- FNM is evolving from a traditional mobility operator into a platform-driven mobility ecosystem, leveraging technology, digital services and venture investments to create integrated and community-based solutions
- Development of an innovative white-label platform called “FlexyMob” which enables user-centric mobility experiences tailored to specific communities such as corporates, event attendees and vulnerable people. FlexyMob is the digital backbone of Busforfun’s mobility ecosystem
- FNM joined CDP Venture Capital Corporate Partners I Fund in 2023 committing to invest €10mln in the Infratech Compartment
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la vita in movimento
Digital platforms integrating FNM's core activities
BUSFORFUNI
Shared mobility for events and communities
- Developer of the Flexymob platform
- Offers B2B solutions specialized in collective mobility services for large-scale events and efficient commuting systems
- Modular approach allows each organizer to combine different transport modes into a single, coherent mobility ecosystem
- Delivers measurable impact: high vehicle occupancy, reduced traffic, lower CO₂ emissions and optimized costs
- Companies can quantify their environmental impact and demonstrate compliance with sustainability frameworks
Sports tourism and outdoor experiences
- Sportit operates a B2C and B2B travel-tech platform which connects travelers with activities such as skiing, cycling and hiking across major Italian destinations
- Through its platforms — most notably Snowit, which focuses on ski passes and rentals — users can plan, book and pay for equipment as well as accommodation in one place
- Opportunity to create additional vertical communities around sports (Bikeit), outdoor activities (Tribala) and events
Inclusive mobility for fragile people
- Innovative startup that developed a digital marketplace for assisted mobility services dedicated to elderly passengers, vulnerable users and people with reduced mobility
- Drivers are not generic ride-hailing drivers, but trained professionals in assisted mobility, and vehicles are typically adapted and equipped for accessibility to special needs
- Beyond being a mobility platform, Mobility plays a strong social role addressing a traditionally underserved market segment
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la vita in movimento
Relevant sustainability objectives
| E | CLIMATE CHANGE AND BIODIVERSITY | ✓ ≈ 650 GWh of renewable energy production from photovoltaic and wind power | ✓ Adoption of a transition plan to achieve net-zero GHG emissions by 2050 |
|---|---|---|---|
| ✓ ≈ 35% reduction in emissions generated by buses and corporate consumption [tCO2eq vs 2023] | ✓ ≈ 830 tons/year of hydrogen production | ||
| S | OWN WORKFORCE, CONSUMERS AND END USERS | ||
| ✓ Adoption of a Diversity, Equality & Inclusion Policy, in line with the CER – ETF “Women in Rail” | ✓ ≈ €1,500K/km for investments related to highway network safety | ||
| ✓ ≈ €270K/km for investments related to railway network safety | ✓ ≈ 2 million sqm of areas affected by urban regeneration (FILI project) | ||
| ✓ ≈ 25 km of additional track in high-density areas, improving service quality | |||
| G | GOVERNANCE | ||
| ✓ 50% of orders placed by 2029 with suppliers with ESG ratings, by adopting a policy to define ESG criteria and providing training for Group’s staff | ✓ Business Impact Analysis in business continuity management and in the process of preparing business continuity plans |
FNM Ie vita in movimento
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la vita in movimento
ENVIRONMENT
Climate change
Key strategic levers for decarbonization:
| MOBILITY INFRASTRUCTURE | ENERGY | RO.S.CO. | MOBILITY & SERVICES |
|---|---|---|---|
| ### MOTORWAYS |
- enhancing safety
- digitization and development of sustainable infrastructure
- construction of five hydrogen distribution stations
- installation of charging stations for electric vehicles in service areas
RAILWAYS
- Sacconago logistics hub
- investments to upgrade railway infrastructure
- purchase of new electric trains | - investments for the development of installed capacity with an estimated annual production of approximately 650 GWh of green energy
- launch and development of the H2IseO Project, which includes hydrogen production (0.8 Kton/y @2029) | - Investments with own funds for 13 new electric trains
- Purchase of hydrogen-powered trains
- Revamping of TAF trains
- Engagement with train suppliers for Scope 3 emissions reduction | - improvement of public road transport
- renewal of the fleet and gradual replacement of diesel vehicles with higher environmental classes and incentives for the use of alternative fuels |
Development of a transition plan in line with the timetable set out in the 2024-29 Strategic Plan
ENVIRONMENT
GHG Emissions
Main highlights:
| E1, E1-4 | 2025 [tCO2] |
|---|---|
| Scope 1 | 36.463 |
| Scope 2 (location-based) | 25.123 |
| Scope 3 | 444.595 |
| Total GHG emissions [tCO₂] | 506.181 |
96% of energy used by the Group from certified renewable sources for corporate consumption → 15,525 tCO2e avoided
Scope 1: 7% Direct GHG emissions
Scope 2: 5% Indirect GHG emissions
Scope 3: 88% Indirect GHG emissions in the value chain
Scope 3
43% Capital goods (Cat.2)
42% Investments (Cat.15)
12% Purchased goods and services (Cat.1)
3% Fuel and energy activities (Cat.3), Upstream transportation and distribution (Cat.4), Waste generated during operations (Cat.5), Business travel (Cat.6), Employee commuting (Cat.7)
FNM is via in movimento
FNM la vita in movimento
Contacts
Valeria Minazzi
Investor Relations Director
Fixed line: +39 02 8511 4302
[email protected]
[email protected]