FNM S p A : IH 2021 consolidated results

FNM Group

IH 2021 RESULTS

August 2, 2021

FNM Group| Overview

Full consolidation of MISE	COMPANIES FULLY CONSOLIDATED		COMPANIES VALUED AT EQUITY

Ro.S.Co. &

Services

• Leasing of rolling stock
• Provision of corporate services and real estate

Railway infrastructure management

• Management of railway infrastructure in Lombardy
• Intermodal terminal management

4

		Road passenger
		mobility
•
Management of road	La Linea 80 Scarl
	local public transport
•	Electric car sharing

		Motorway
		infrastructure
		management
	• Concession- based
	management of motorway
	infrastructure
1	- Companies operating in the freight mobility sector included respectively in the Railway infrastructure management and in Ro.S.Co. & Services segments. Malpensa Intermodale and Malpensa Distripark are in the start-up phase.
2	- Companies operating in the road passenger transport but considered in the Ro.S.Co. Segment for the purposes of preparing the financial statements	2
3	- Since February 26, 2021 MISE is fully consolidated into FNM's accounts
4	- Since February 2021 La Linea holds 100% stake in Conam, since then the company is fully consolidated into FNM's accounts

Overview

Economic and financial results

• Financial highlights
• Mobility demand in the period
• IH 2021 consolidated results

Outlook

Appendix

FNM Group| IH 2021 Highlights - REPORTED1

(in mln € )

Il

Revenues+64.3%

Adjusted

EBITDA2+80.8%

EBIT+101.9%

Adj. Net Profit	+19.4%
(Loss)3

Adj. NFP 4

Ratings

IH 2021				226,4
IH 2020	137,8
IH 2021	65,8
IH 2020	36,4
IH 2021	32,1
IH 2020	15,9
IH 2021	16,0
IH 2020	13,4
IQH2021		776,8
FY 2020	43,8

Baa3 stable BBB- stable

1. For the purposes of P&L, in 2021 MISE is consolidated since February 26, comparing with FNM's 2020 actual results. For NFP, data at March 31, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of control stake in MISE
2. Adjusted EBITDA: excluding extraordinary gains and losses

3.	Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method	4
4.	Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12

FNM Group| IH 2021 Highlights - PRO FORMA1

(in mln € )

Il

Revenues+13.5%

Adjusted

EBITDA2+20.9%

EBIT+62.6%

Adj. Net Profit

(Loss)3+9.7%

Adj. NFP 4

Ratings

IH 2021				256,1
IH 2020	225,6
IH 2021	77,6
IH 2020	64,2
IH 2021	37,4
IH 2020	23,0
IH 2021	20,2
IH 2020	18,4
IH 2021		776,8
FY 2020	43,8

Baa3 stable BBB- stable

1. For the purposes of P&L, in 2021 MISE is consolidated starting from January 1, comparing with pro-forma 2020 results calculated as if MISE was consolidated starting from January 1, 2020. For NFP, data at March 31, 2021 compares with data at December 31, 2020 which does not include the effects of the acquisition of control stake of MISE

2.	Adjusted EBITDA: excluding extraordinary gains and losses	5

1. Adjusted Net Profit (Loss): Net Profit (Loss) before recognition of the result of companies consolidated using the equity method
2. Adjusted Net Financial Position: excluding the impacts of the timing of collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognized in accordance with IFRIC 12