FNM S p A : IQ 2024 Consolidated Results

FNM Group

IQ 2024 RESULTS

15 May 2024

An integrated player in transportation and mobility in Northern Italy

Motorways

Management of motorway infrastructure trough a concession expiring in 2028

• Highway from Milan to Serravalle Scrivia (A7 86Km)
• Milan West, East and North ring roads (A50 33Km, A51 29Km, A52 19Km)
• Pavia West ring road (A54 9Km) and Bereguardo-Pavia motorway link (A53 8Km)

185 Km

Motorway Network

Ro.S.Co

& Services

Leasing of rolling stock in the local public transport (LPT) and freight logistics sector (mainly to Trenord and DB Cargo Italia)

Corporate services to subsidiaries and management of its real estate assets

Development of complementary digital platforms according to MaaC paradigm

98

Owned trains

Railway

Management of railway infrastructure in Lombardy on the basis of the concession expiring on 31 October 2060

Infrastructure

Intermodal terminal management and real estate development in freight logistic sector

330 Km

Railway Network

Road

Passenger

Mobility

Energy

LPT road transport in Lombardy (Province of Varese, Brescia and Como) and Veneto (Province of Verona)

Train replacement services for Trenord

Electric car-sharingservice

Renewable energy production with 25 already operational plants

Multiple initiatives for photovoltaic and wind power plants in different stages of implementation

Structure with established expertise capable of managing all major stages of the value chain

723

Buses into service

47 MW

Installed capacity

N.B. Companies fully consolidated on a line-by-line basis in the FNM Group financial statements

2

Key investments in Associates and Joint Ventures

1		4

JV with Trenitalia (50% stake) active

in Rail Local Public Transport

Alternative digital mobility platforms according to MaaC paradigm (Busforfun 40%, Sportit 33%,

Mbility 30.8%)

2

Minority investments in Motorway concessionaires active in Lombardy (36.7% stake in APL and 11.3% in TE)

JV with Deutsche Bahn (40% stake)	JV with TIM (42% stake)
active in Freight Rail Transportation
operates in the ICT field

3

Road LPT services in Como and its Province (25.0% stake)

1 - includes the indirect participation in TILO SA (50% controlled by Trenord and 50% by Swiss Federal Railways SBB)	2 - FNM owns 22.55% of Tangenziali Esterne di Milano S.p.A. which holds a single shareholding equal
to 48.4% of the capital of the highway concessionaire Tangenziale Esterna S.p.A., and dicrectly 0.386% of the concessionaire.	3 - FNM owns 50% of Omnibus Partecipazioni S.r.l. with Arriva Italia, holding company	3

which in turn owns about 50% of ASF Autolinee. The remaining 50% is held by S.P.T. Holding S.p.A. whose shareholders are local public entities; 4 - BFF owns 95% of BFF.CH SA

Overview

Economic & Financial Results

Outlook

Appendix

IQ 2024 Financial Highlights - REPORTED1

REVENUES

ADJ. EBITDA

	flat				+4.3%
143.7	-1.1%	143.7		46.6	+1.9%	48.6
	excl. Viridis				excl. Viridis
				32.4%		33.8%
IQ 2023		IQ 2024	(€mln)	IQ 2023		IQ 2024	(€mln)

	EBIT
	-22.2%
21.2
	16.5
IQ 2023	IQ 2024	(€mln)

ADJ. NET RESULT

	-38.4%
15.9
	9.8
IQ 2023	IQ 2024	(€mln)

GROUP NET RESULT

	+32.4%
	13.5
10.2
IQ 2023	IQ 2024
	(€mln)

ADJ. NFP

	+28.6%
	826.7
642.8
31 Dec. 2023	31 Mar. 2024	(€mln)

• = EBITDA Margin

1 - Including the effects of the consolidation of Viridis and its subsidiaries from 23 February	2024. Pro forma figures, including the effects of Viridis results fully consolidated as if
the company had been acquired since January 1, 2023, are provided on slide 25.	5

Motorways - traffic trend on MISE network (vehicles-km)

Traffic performance benefits from the adjustment of the conventional mileage of the Northern Ring Road from March 2023

320
300
280
260
240
220
200					Light vehicles				+3.8%
					Heavy vehicles	634		697	724
180
160						484		546	572
140						150		151	152
						IQ 2022		IQ 2023	IQ 2024
120
(mln vehicles-km)
100
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
				2024	2023	2022
										6

LPT - mobility demand for bus and rail transport (n. pax)

Recovery of demand across all segments but overall LPT traffic still below pre pandemic levels, especially for urban transportation

BUS TRANSPORT

-10.8%

20.3

1.4	18.1
17.4
1.2
1.1

TRENORD

-12.9%

57.5

50.1

47.0

13.6			13.9
		1.0
	0.8
10.6		+4.0%
	0.3
18.9					16.3	16.9
12.8			12.9
10.3

40.3

32.7

21.8

+6.6%

IQ 2019	IQ 2020	IQ 2021	IQ 2022	IQ 2023	IQ 2024
				FNMA		ATV		(mln passengers)

IQ 2019 IQ 2020 IQ 2021 IQ 2022 IQ 2023 IQ 2024

(mln passengers)

7

Renewable energy production

Commissioning of 2 solar-PV plants from Dec.'23 drives production up despite low irradiance and full capacity only from March '24

INSTALLED CAPACITY (MWp)

Biogas	47.0
Solar-PV
	2.0
36.8
	2.0
			27.7%
			45.0
34.8

ENERGY PRODUCTION (MWh)

Biogas

Solar-PV

13,990

12,938

4,339

4,269

8.1%

8,6699,651

IQ 2023

IQ 2024

IQ 2023

IQ 2024

8

Adj. EBITDA evolution

Growth driven by good performance of motorways and Viridis acquisition

	REPORTED
Adj. EBITDA (€ mln)	IQ 2023	IQ 2024	∆€	∆%
Motorways	32.3	36.0	3.7	+11.5%
Ro.S.Co. & Services	12.1	9.2	(2.9)	-24.0%
Railway infrastructure	0.9	0.8	(0.1)	-11.1%
Road passenger mobility	1.3	1.5	0.2	+15.4%
Energy	0.0	1.1	1.1	n.m.
Total	46.6	48.6	2.0	+4.3%

	PRO FORMA1
Adj. EBITDA (€ mln)	IQ 2023	IQ 2024	∆€	∆%
Motorways	32.3	36.0	3.7	+11.5%	72%
Ro.S.Co. & Services	12.1	9.2	(2.9)	-24.0%
Railway infrastructure	0.9	0.8	(0.1)	-11.1%
Road passenger mobility	1.3	1.5	0.2	+15.4%
Energy	2.5	2.1	(0.4)	-16.0%
Total	49.1	49.6	0.5	+1.0%

19%

2%

IQ 2024 3%

€49.6mln 4%

Pro-forma

1 - Considering the consolidation of Viridis from 1 January 2024. The 1Q 2023 was similarly pro-formed as if the consolidation of Viridis had occurred on 1 January 2023

9

Adj. EBITDA by segment - Motorways

+3.7mln

+11.5%

2.3% tariff increase from January 1st and adjustment of the conventional mileage of the Milan North Ring Road from March '23

5.4

(1.3)

Mainly higher staff costs

related to the reorganization initiated in 2023 (+28 FTE) and renewal of the CCNL1

(3.7)

36.0

3.3

32.3

Completion of works on Po

bridge and Zerbolò gate occurred

in 2023, lower ordinary

maintenance due to different

mix of works performed

Net movement of the

renewal fund for €4.9mln resulting from less works performed vs IQ23

48.3%

50.8%

Adj. EBITDA	Traffic	Maintenance	Opex	Non-cash	Adj. EBITDA
IQ 2023				& Other	IQ 2024

(€mln)

• = EBITDA Margin

1 - National Collective Labor Agreement

10