FNM GROUP
1H 2026 RESULTS
11 September 2026
2 % = EBITDA MarginFinancial Highlights Revenues | €mln Net Result | €mln
EBITDA | €mln
1H 2025 1H 2026327.1 340.1+4.0%
1H 2025 1H 2026114.3 116.1+1.6%
1H 2025 1H 202641.9
32.8-21.7%
34.9%
34.1%
Adj. NFP | €mln 31/12/25 30/06/26722.5 716.3-0.9% Gross CAPEX | € mln
1H 2025 1H 202672.3102.0+41.1%
3Operating Highlights | Sustainable mobility Motorway traffic | mln . v-km LPT demand | mln . pax
1,281.7
321.1
1H 20251,312.5
332.6
1H 20261,602.81,645.1+2.6%
Light vehicles Heavy vehicles1H 2025 1H 2026104.5
34.7110.7
35.2+5.9%
Trenord Bus transport+1.4%
4Operating Highlights | Renewable energy Installed capacity | MW Net energy produced | MWh
69.9
30/06/2025104.6
30/06/202671.9106.6
Solar -PV Biogas+34.7 MW
51,964
7,725
1H 202566,238
7,525
1H 202659,68973,763
Solar -PV Biogas+23,6%
5Operating Highlights | Viridis pipeline development Installed capacity | MW
123173
Installed capacity at
30/06/26Pending grid
connectionUnder construction Authorized Expected development in the next 18 months107≈220 Feed -in-tariff (FER) + Biogas Feed -in-Premium (Conto Energia) Market/PPA PipelineFrom July 2026 ≈20.3 MW of capacity reallocated out of FER incentive scheme, with energy production now sold at market prices 3.4 MW connected in July500 MW PV and wind pipeline under development (o/w ≈230 MW currently in the permitting phase)
Overview
Outlook
AppendixEconomic & Financial Results
7 Consolidated financial results Group Net Result | €mln
1H 2025 ∆ EBITDA ∆ D&A ∆ Net
financial result∆ Taxes ∆ Equity in
Affiliates +
Minorities1H 202641.9
1.8(0.7) 0.2 (3.1)
(6.9)
32.8-21.7%
-9.1mln
Higher taxable
income, lower
recognition of DTA and absence of €1.8mln IRAP tax
refund benefit
recorded in 1H25In 1H25 recorded insurance claim for €2.6mln and Covid
compensations for
€4.5mlnBroadly stable as lower interest costs following debt repayments were offset by lower financial income due to absence of €1.5mln TE revaluation gain recorded in 1H25 and reduced cash yieldAbsence of €6.8mln
TEM remeasurement
gain recorded in 1H25 (see next slide)
8Consolidated financial results | Associates & JV €mln 1H 2025 1H 2026 ∆€ Trenord 2.2 1.6 (0.6) Autostrada Pedemontana Lombarda (APL) 0.5 0.4 (0.1) Tangenziali Esterne di Milano (TEM) 6.8 (0.4) (7.2) Other 1.0 0.0 (1.0) Profit (Loss) of companies consolidated at equity 10.5 1.6 8.9 1 Trenord performance still affected by increase in operating and personnel costs, which more than offset the growth in revenue s 21 2 In 1H25 the result included the 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 1 –The operation, finalized in April 2025, was carried out based on a valuation of €2 per share, which led to a revaluation of T E’sfair value. This also positively impacted the valuation of Tangenziali Esterne di Milano which now holds 43.6% of Tangenziale Esterna .
3% 16%
6% 2%
72% 9Consolidated financial results | Segment EBITDA
1H 2025
0.9 Motorways
(1.3) Railway Infrastructure
(0.5) Energy
6.3 Ro.S.Co.
(3.6) Mobility & Services
1H 2026114.3
116.11H 2026
€116.1mln
10
Adj. EBITDA | €mlnMAIN DRIVERS
•Toll revenues driven by traffic volumes and mix, as well as +1.5% tariff increase effective from 1stJanuary 2026 •Higher pavement maintenance works, partly offset by reduced riverbank protection activities at the Po River bridge, following increased water levels •Non- cash component mainly reflects net provisions of the “Renewal fund” •"Other" primarily relates to higher personnel costs driven by salary adjustments, CCNL vacancy allowance and voluntary severance incentivesSegment results –Motorways
1H 20256.0
Traffic(1.4)
Maintenance(1.8)
Non- cash(1.9)
Other 1H 202683.184.00.9mln
+1.1%
% = EBITDA Margin
53.0 %
51.1%
11Adj. EBITDA | €mlnMAIN DRIVERS
•One-off insurance reimbursement for weather -related damages and the flooding of the Breno River recorded in
1H25
•Concession revenues benefited from the Brescia -Edolo reopening and additional compensation for safety functions, partially offset by the completion of new train deliveries and lower design activities for managed investments •Non- recurring maintenance activities recorded in 1H25 linked to the Bornato–Sale Marasino line and railway track •"Other" primarily relates to higher personnel costs driven by salary adjustments linked to CCNL renewalSegment results –Railway Infrastructure
1H 20250.5
Concession
revenues1.8
Maintenace(1.0)
Other 1H 20264.0 2.7
Insurance
claim(2.6)-1.3mln
-32.5%
5.8%
4.0%
% = EBITDA Margin
12
Adj. EBITDA | €mlnMAIN DRIVERS
•New plants in operation vs 1H25 •Production on existing plants affected by grid curtailments, despite favorable 2Q26 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 3 plants equal to 17,6 MW under the “FER 1” incentive scheme •"Other" includes a c. €1mln provision related to an ongoing legal disputeSegment results –Energy
1H 20251.7
New capacity(0.7)
Price /
Volume effect(1.5)
Other 1H 20267.5
7.0-0.5mln
-6.7%
% = EBITDA Margin
61.5 %
50.7 %
13Adj. EBITDA | €mlnMAIN DRIVERS
•Leasing revenues primarily attributable to TSR/Coradia fleets, start from 2Q25 of lease payments for scheduled maintenance activities on TAF/CSA fleets,and the progressive delivery of 5 new Caravaggio trains starting in April •Operating costs mainly driven by increased personnel expenses as well as IT expenses associated with new projects and software licenses •"Other" includes €1.3mln capital gain from the disposal of real estate assets no longer used and 3 DE520 locomotivesSegment results –Ro.S.Co
1H 20257.2
Rolling stock
leasing(2.3)
Overhead costs1.4
Other 1H 202612.118.46.3mln
+52.1%
% = EBITDA Margin
26.2%
31.3%
14
Adj. EBITDA | €mlnMAIN DRIVERS
•Absence of the one -off Covid -19 advance payment recognized in 1H25 •Traffic performance driven by mobility services, without tariff adjustments •Public contracts and grants benefit from higher €/km contribution of the Public Service Contract in Verona and higher investment grants related to fleet renewalSegment results –Mobility & Services
1H 20250.7
Traffic1.2
PSC + Grants(1.0) Other 1H 20267.6 4.0
Covid -19(4.5)-3.6mln
-47.4%
% = EBITDA Margin
11.2%
6.1%
15Cash flow generation Gross CAPEX | €mln Cash flow | €mln
FFO(54.9)
∆ NWC(88.8)
Net
Capex90.8
Net Capex
Rail Infra.(9.2)
Other Net CF101.1
39.030.1
3.65.6
16.5
16.5
1H 20258.0
9.0
23.3
58.2
3.5
1H 202672.3102.0
Motorways
Railway infrastructure
EnergyRo.S.Co.Mobility & ServicesNet CAPEX =
€88.8 mln
managed onlyMostly driven by higher funded investments receivables and current contract assets linked to project progress on railway infrastructure and rolling stock investments
Higher investments
grants collected vs investments made
16Financial sustainability
Net Financial Position | €mln
Adj. NFP
31/12/25(39.0)
Net Cash Flow31.1 Change in non- monetary
financial liabilities1.7
IFRS 16 and Other effectsAdj. NFP
30/06/26722.5
716.3
Mainly related to the share of grants collected in advance of the progress of work orders
17Financial sustainability | Gross debt composition Gross Debt | €mln
Baa3
BBB+Stable
Stable
Long term credit ratings
Adj. NFP
30/06/26Cash Total debt Advances
for Rail
Infra.
investmentsGross Debt
30/06/26716.3
357.61,073.9 (277.9)
796.0
1 –Only on bank debt and bond 2 – xxxBreakdown by instrument
82.0%5.0%
1.0%3.0%9.0% Bond
FinlombardaEIBBank debtOther
Avg. cost of debt1 = 1.40 % Interest rate composition1 = 92% fixed rate Liquidity headroom: available uncommitted credit lines of € 126mln Partially offset by "Funded
investment receivables"
recognized in Operating Net Working Capital
18Financial sustainability | Maturity structure Total maturities | €mln 2026 2027 2028 2029 After 2029673.0 5.9 5.9 5.933.8
Bond
FinlombardaViridis bank debtEIBMise bank debt
UPDATE:
• Prepayment of €35mln RCF on March 5th2026 • €650mln bond maturing in October 2026 –fully covered by available cash balance and drawdown of term loan facility • Repaid €16mln bank loans, with the remaining outstanding balance largely scheduled for repayment in 2H26 • Capex facility to be drawn on a as -needed basis, taking into account available cash resources€724.5mln
Economic & Financial ResultsOverview
AppendixOutlook
20FY 2026 outlook:
Confirmed EBITDA estimates, Adj. NFP revised downward Adj. EBITDA | €mln Gross CAPEX | €mln Adj. NFP | €mln
2025 Guidance
2026
"OLD"Guidance
2026
"NEW"140.2350- 400
300- 350
2025 Guidance
2026
"OLD"Guidance
2026
"NEW"722.5850- 900
750- 800
3.2x3.5x /
4.0x3.0x /
3.5xAdj. NFP/EBITDA
2025 Guidance
2026226.5230- 240
Economic & Financial ResultsOverview
Outlook
Appendix
Consolidated Profit & Loss 22€ mln 1H 2025 1H 2026 ∆€ ∆% Revenues from sales and services 303.6 319.7 16.1 +5.3% Other revenues and income 23.5 20.4 (3.1) -13.2% Total revenues and other income 327.1 340.1 13.0 +4.0% Operating costs (116.4) (122.9) (6.5) +5.6% Personnel costs (96.4) (101.1) (4.7) +4.9%
Adj. EBITDA / EBITDA 114.3 116.1 1.8 +1.6%
Depreciation and amortization (68.7) (69.4) (0.7) +1.0%
EBIT 45.6 46.7 1.1 +2.4%
Net financial income (expense) (2.1) (2.3) (0.2) +9.5%
EBT 43.5 44.4 0.9 +2.1%
Income taxes (10.2) (13.3) (3.1) +30.4% Adj. Net Profit (Loss) 33.3 31.1 (2.2) -6.6% Profit (Loss) of companies consolidated at equity 10.5 1.6 (8.9) -84.8% Net Profit (Loss) 43.8 32.7 (11.1) -25.3% Result attributable to Minority shareholders 1.9 (0.1) (2.0) n.d.
Result attributable to the owners of the Parent 41.9 32.8 (9.1) -21.7%
23Revenue breakdown
€ mln 1H 2025 1H 2026 ∆€ ∆% Motorways 156.8 164.3 7.5 +4.8% Railway infrastructure 68.6 66.9 (1.7) (2.5)% Energy 12.2 13.8 1.6 +13.1% Ro.S.Co. 46.1 58.8 12.7 +27.5% Mobility & Services 68.0 66.0 (2.0) (2.9)% Intercompany eliminations (24.6) (29.7) (5.1) +20.7% Total revenues 327.1 340.1 13.0 +4.0%
EBITDA breakdown
€ mln 1H 2025 1H 2026 ∆€ ∆% Motorways 83.1 84.0 0.9 +1.1% Railway infrastructure 4.0 2.7 (1.3) (32.5)% Energy 7.5 7.0 (0.5) (6.7)% Ro.S.Co. 12.1 18.4 6.3 +52.1% Mobility & Services 7.6 4.0 (3.6) (47.4)% Total revenues 114.3 116.1 1.8 +1.6%
Segment details – Motorways € mln 1H 2025 1H 2026 ∆€ ∆% Toll revenues 141.0 147.7 6.7 +4.8% Other revenues 15.8 16.6 0.8 +5.1% Total revenues 156.8 164.3 7.5 +4.8%
Adj. EBITDA 83.1 84.0 0.9 +1.1%
Adj. EBITDA/Revenues % 53.0 % 51.1 %
EBIT 44.8 45.0 0.2 +0.4%
Segment details – Railway infrastructure € mln 1H 2025 1H 2026 ∆€ ∆% Public contracts and grants 42.7 43.2 0.5 +1.2% Track access 13.7 14.1 0.4 +2.9% Other revenues 12.2 9.6 (2.6) -21.3% Total revenues 68.6 66.9 (1.7) -2.5%
Adj. EBITDA 4.0 2.7 (1.3) -32.5%
Adj. EBITDA/Revenues % 5.8% 4.0%
EBIT 2.6 1.3 (1.3) -50.0%
24
25Segment details – Ro.S.Co.
€ mln 1H 2025 1H 2026 ∆€ ∆% Rolling stock leasing 18.2 25.4 7.2 +39.6% Other revenues 27.9 33.4 5.5 +19.7% Total revenues 46.1 58.8 12.7 +27.5%
Adj. EBITDA 12.1 18.4 6.3 +52.1%
Adj. EBITDA/Revenues % 26.2 % 31.3 % EBIT (4.3) 1.2 5.5 n.d.Segment details – Energy € mln 1H 2025 1H 2026 ∆€ ∆% Revenues from sale of energy 6.9 7.9 1.0 +14.5% Incentives 4.6 4.7 0.1 +2.2% Other revenues 0.7 1.2 0.5 +71.4% Total revenues 12.2 13.8 1.6 +13.1%
Adj. EBITDA 7.0 7.5 (0.5) -6.7%
Adj. EBITDA/Revenues % 50.7 % 61.5 %
EBIT 2.1 2.7 (0.6) -22.2%
26Segment details – Mobility & Services € mln 1H 2025 1H 2026 ∆€ ∆% Public contracts and grants 30.6 27.3 (3.3) (10.8)% Transport services 30.7 32.6 1.9 +6.2% Other revenues 6.7 6.1 (0.6) (9.0)% Total revenues 68.0 66.0 (2.0) (2.9)%
Adj. EBITDA 7.6 4.0 (3.6) (47.4)%
Adj. EBITDA/Revenues % 11.2 % 6.1% EBIT (0.2) (2.9) (2.7) n.d.
27Profit (Loss) of companies consolidated at equity
€/000 1H 2025 1H 2026 ∆€
Trenord S.r.l. * 2,198 1,605 (593) Autostrada Pedemontana Lombarda S.p.A. 455 436 (19) Tangenziali Esterne di Milano S.p.A.** 6,762 (364) (7,126) NORD ENERGIA S.p.A. in liquidazione 50 0 (50) DB Cargo Italia S.r.l. 335 183 (152) Omnibus Partecipazioni S.r.l. *** 770 (19) (789) Busforfun.Com S.r.l. 0 0 0 SportIT S.r.l. (116) (100) 16 Mbility S.r.l. 41 (148) (189) Profit (Loss) of companies consolidated at equity 10,495 1,593 (8,902)
* includes the result of TILO SA ** includes the result of Tangenziale Esterna S.p.A.
*** includes the result of ASF Autolinee S.r.l.
28Profit (Loss) of companies consolidated at equity –TRENORD € mln 1H 2025 1H 2026 ∆€ ∆% Ticketing revenues 207.1 219.0 11.9 +5.7% Revenues from Service Contract 240.2 250.1 9.9 +4.1% Other revenues and income 28.2 26.8 (1.4) -5.0% Total revenues and other income 475.5 495.9 20.4 +4.3% Operating costs (239.2) (249.2) (10.0) +4.2% Personnel costs (161.1) (173.7) (12.6) +7.8%
EBITDA 75.2 73.0 (2.2) -2.9%
Depreciation and amortization (61.8) (63.1) (1.3) +2.1%
EBIT 13.4 9.9 (3.5) -26.1%
Net financial income (expense) (4.5) (3.6) 0.9 -20.0%
EBT 8.9 6.3 (2.6) -29.2%
Income taxes (4.5) (3.0) 1.5 -33.3% Net Profit (Loss) 4.4 3.3 (1.1) -25.0%
29Profit (Loss) of companies consolidated at equity –APL € mln 1H 2025 1H 2026 ∆€ ∆% Toll revenues 23.2 24.2 1.0 +4.3% Other revenues and income 8.8 12.0 3.2 +36.4% Total revenues and other income 32.0 36.2 4.2 +13.1% Operating costs (10.2) (11.5) (1.3) +12.7% Personnel costs (6.9) (7.5) (0.6) +8.7%
EBITDA 14.9 17.2 2.3 +15.4%
Depreciation and amortization (3.1) (3.9) (0.8) +25.8%
EBIT 11.8 13.3 1.5 +12.7%
Net financial income (expense) (11.2) (12.8) (1.6) +14.3%
EBT 0.6 0.5 (0.1) -16.7%
Income taxes (1.9) (2.7) (0.8) +42.1% Net Profit (Loss) (1.3) (2.2) (0.9) +69.2%The following data are reported in accordance with the regulations of the Italian Civil Code, interpreted and supplemented by the accounting principles issued by the Italian Accounting Body (OIC). The net result in “Result of companies valued at equity” includes accounting adjustments f or the application of IAS 28.
30Net CAPEX breakdown € mln 1H 2025 1H 2026 ∆€ Motorways 30.1 8.0 (22.1) Railway infrastructure 3.6 9.0 5.4 Energy 5.6 23.3 17.7 Ro.S.Co. 16.5 58.2 41.7 Mobility & Services 16.5 3.5 (13.0) Gross CAPEX made by FNM 72.3 102.0 29.7 Public contributions -Mobility & Services 0.1 7.0 6.9 Public contributions -Motorways 5.8 6.2 0.4 Net CAPEX made by FNM 66.4 88.8 22.4 € mln 1H 2025 1H 2026 ∆€ Gross CAPEX -Railway Infrastructure (managed only) 217.1 91.8 (125.3) Public contributions -Railway Infrastructure 177.8 182.6 4.8 Net CAPEX -Railway Infrastructure (managed only) 39.3 (90.8) (130.1)
31Consolidated Balance Sheet € mln 31/12/2025 30/06/2026 ∆€ Inventories 20.4 23.1 2.7 Trade receivables 175.7 193.3 17.6 Other current receivables 105.8 120.5 14.7 Current financial receivables 5.1 4.8 (0.3) Funded investment receivables 165.3 116.0 (49.3) Current contractual assets 46.0 34.0 (12.0) Trade payables (341.9) (314.1) 27.8 Other current payables and current provisions (182.7) (205.8) (23.1) Operating Net Working Capital (6.3) (28.2) (21.9) Funded investment receivables -Rolling stock 2017 -2032 32.8 27.6 (5.2) Trade payables -Rolling stock 2017 -2032 (72.2) (63.7) 8.5 Net Working Capital for Financed Investments (39.4) (36.1) 3.3 Total Net Working Capital (45.7) (64.3) (18.6) Fixed assets 904.3 927.1 22.8 Equity interests 204.5 206.0 1.5 Non- current receivables and contractual assets 207.4 215.1 7.7 Non- current liabilities (49.4) (54.1) (4.7) Provisions (49.7) (41.2) 8.5
NET INVESTED CAPITAL 1,171.4 1,188.6 17.2
Equity 490.5 511.0 20.5 Adjusted Net Financial Position 722.5 716.3 (6.2) Net Financial Position for Funded Investments (Cash) (41.6) (38.7) 2.9 Net Financial Position 680.9 677.6 (3.3)
TOTAL SOURCES 1,171.4 1,188.6 17.2
32Consolidated Balance Sheet – NFP composition € mln 31/12/2025 30/06/2026 ∆€ Cash and bank deposits (368.6) (357.6) 11.0 Current financial debt 964.2 951.7 (12.5) Current Net Financial Position (Debt/ -Cash) 595.6 594.1 (1.5) Non- current financial debt 126.9 122.2 (4.7) Adj. Net Financial Position 722.5 716.3 (6.2) Net Financial Position for funded investments (Debt/ -Cash) (41.6) (38.7) 2.9 Net Financial Position 680.9 677.6 (3.3) o/w IFRS 16 Leases 30.4 23.8 (6.6) o/w Advances for Rail Infra. investments* 277.9 242.6 35.3 *Advances for Rail Infra. investments are partially offset by "Funded investment receivables" recognized in Operating Net Working CapitalThe following presents the net financial position calculated in accordance with the structure proposed by ESMA in its documen t of 4 March 2021 " Guidelines on disclosure requirements under the Prospectus Regulation", as adopted by Consob through Warning Notice No. 5/21 of 29 April 2021.
Share capital profile Market capitalization @ {10-set-26 }: € {195,9 }mln N. of shares 434.9 mln Average traded volumes (last 30 days) {124.644 }orders Share price change + {-4,4 }% YTDShareholders’ structureShare price @ {10-set-26 }: € {0,45 }Shareholders and share performance
57.6%
14.7%27.7%Regione Lombardia
Ferrovie dello Stato
Market
Source: FACSETJan Feb Mar Apr May Jun Jul Aug96114 102 Source: FactSet PricesFNM S.p.A. vs.Major Indexes Indexed Price Performance Price (Indexed to100) FNM S.p.A. FTSE Italia All-Share FTSE Italia Small Cap 33
34 Adjusted EBITDA :itisrepresented byEBITDA (earnings fortheyear before income taxes, oftheprofit/loss ofcompanies evaluated atequity, oftheother financial income and expenses, ofdepreciation, amortization and impairments offixed 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 notdirectly referred totheordinary performance ofthebusiness; (iii)inaddition to anyincome/expenses deriving from significant non-ordinary events and transactions asdefined byConsob communication DEM 6064293 of28/07/2006 .
Adjusted EBITDA Margin :thepercentage ofAdjusted EBITDA over total revenues.
Adjusted Net Result :NetProfit (Loss) before recognition oftheresult ofcompanies consolidated using theequity method .
Adjusted NFP :itisrepresented bytheNet Financial Position (NFP) including cash and cash equivalents and allfinancial liabilities, excluding theimpacts related tothetiming ofthe collection oftheconsideration forconstruction services from theGranting Authority ontheinvestments financed fortherenewal oftherailway rolling stock under the“Rolling Stock Program 2017 –2032 ”,accounted forinaccordance with IFRIC 12.
Rolling Stock Purchase Programme 2017 -2032 :Onbehalf ofRegione Lombardia Ferrovienord isengaged inpurchasing, managing, maintaining and storing new rolling stock, to beallocated torailway companies holding aservice contract with theRegion, whose supplies have been completed in1Q25.The rolling stock supply programme isfully covered with public funds allocated byRegione Lombardia.
Gross CAPEX :fixed asset and software additions, excluding investments onrailway infrastructure managed onbehalf ofRegione Lombardia asbyProgramme Agreement and Public Service Contract. The balance between cash capital investments shown inthe Financial Statements and “Gross CAPEX” ismainly represented bychanges inaccount payables/advances tosuppliers, which arereconciled under networking capital forpurposes ofthis presentation .
Net CAPEX :Gross CAPEX after deducting public contributions related tothe acquired assets, including investments onrailway infrastructure managed onbehalf onRegione Lombardia asbyProgramme Agreement and Public Service Contract. Capital grants -received mainly from Regione Lombardia ,Regione Veneto and Ministry ofTransport -typically relate tothefunding ofcapital investments managed bytheGroup forthird parties orinconjunction with regulated activities .These cash flows areclassified asinvesting activities and accordingly reduce theoverall cash outflow .Glossary
Contacts
Valeria Minazzi
Investor Relations Director Fixed line:+39028511 4302 valeria .minazzi@fnmgroup .it investor .relations@fnmgroup .it