Independent auditor’s limited assurance report on the information included in the G reen Bond Report To the board of directors of Ferrovie dello Stato Italiane SpA We have undertaken a limited assurance engagement in respect of the information about:
(i) the allocation of the proceeds from the Green Bond related to the EMTN bond Series 10 -17-18-
19-20-21-22-23-25 issued by Ferrovie dello Stato Italia ne SpA (hereinafter also the “Company”), presented in paragraph “Allocation of the Proceeds” (the “Allocation of the Proceeds”), and (ii) the related impact metrics presented in paragraph “Impact Reporting as of year end 202 5-
environmental performance” (the “Impact metrics”) (together the “Information”) included in section “Allocation and Impact Reporting” of the accompanying “Green Bond Report 202 5” (hereinafter also the “Report”) of Ferrovie dello Stato Italiane SpA , prepared in accordance with the Green Bond Framework published by the Company in June 2022 (hereinafter also the “Framework”), as described in paragraph “Note on Calculation Methodology”, included in section “Allocation and Impact report details” of the Report.
Responsibilities of the directors for the Information The directors of Ferrovie dello Stato Italiane SpA are responsible for the preparation of the Information in accordance with the Framework. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of Information that is free from material misstatement, whether due to fraud or error.
Auditor’s independence and quality management We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants (including International Independence Standards) ( “IESBA Code ”) issued by
2 of 3 the International Ethics Standards Board for Accountants, founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
Our firm applies International Standard on Quality Management 1 (ISQM Italia 1), which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to express a limited assurance conclusion on the Information, based on the procedures we have performed, regarding the compliance of the Information with the Framework. We conducted our engagement in accordance with International Standard on Assurance Engagements -
Assurance Engagements other than Audits or Reviews of Historical Financial Information (“ISAE 3000 revised”) issued by the International Auditing and Assurance Standards Board for limited assurance engagements. That standard requires that we plan and perform procedures to obtain limited assurance about whether the Information is free from material misstatement.
The procedures we performed were based on our professional judgement and included inquiries, mainly of personnel of the Company responsible for the preparation of the Information, inspection of documents, recalculations, and other procedures designed to obtain evidence considered useful.
In detail , we performed the following main procedures:
• Review of the second party opinion;
• Inquiries of personnel responsible at Company and business level for the management and reporting on the Information included in the Green Bond Report;
• Understanding of the processes followed to generate, collect and manage the qualitative and quantitative information presented in the Green Bond Report ;
• Interviews and discussions with the Company’s Management personnel, in order to gather information on the processes and procedures for the collection, aggregation, processing, and
3 of 3 transmission of data and information to the person responsible for the preparation of the Green
Bond Report;
• Document reviews and analytical procedures, performed on a sample basis, regarding the indicators included in the Information within the Green Bond Report.
The procedures performed were less in extent than for a reasonable assurance engagement conducted in accordance with ISAE 3000 Revised and, consequently, we did not obtain assurance that we became aware of all significant facts and circumstances that might be identified with reasonable assurance procedures.
Limited assurance conclusion Based on the procedures we have performed, nothing has come to our attention that causes us to believe that the information about the allocation of the proceeds and the related impact metrics respectively presented in paragraphs “Allocation of the Proceeds” and “Impact Reporting as of year end 2025- environmental performance” included in section “Allocation and Impact Reporting” of the “Green Bond Report 2025” of Ferrovie dello Stato Italiane SpA is not prepared , in all material respects, in accordance with the Green Bond Framework published by the Company in June 2022, as described in paragraph “Note on Calculation Methodology”, included in section “Allocation and Impact report details” of the Report.
Other Matters
Our conclusion does not cover the information regarding the alignment with Regulation (EU) 2020/852.
Rome , 27 July 2026
Luigi Necci
(Partner)
GREEN BOND REPORT 2025
related to the EMTN bond Series 10 -17-18-19-20-21-22-23-25
July 2026
Indice
FS Group Overview and Sustainability 4 Green Bond Framework Summary 8 Allocation and Impact Reporting Allocation and Impact report details
Contacts 6612
36
3
Disclaimer
IMPORTANT NOTICE – STRICTLY CONFIDENTIAL
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This presentation and the information contained herein are not an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the United States Securities Act of 1933 , as amended .
This presentation is for distribution in Italy only to "qualified investors" (investitori qualificati ), as defined pursuant to Article 100 of Legislative Decree no. 58 of 24 February 1998 , as amended and restated from time to time (the Financial Services Act), and as defined in Article 34-ter, paragraph 1(b) of CONSOB Regulation no. 11971 of 14 May 1999 , as amended and restated from time to time (the CONSOB Regulation), or in other circumstances provided under Article 100 of the Financial Services Act and Article 34-ter, CONSOB Regulation, where exemptions from the requirement to publish a prospectus pursuant to Article 94 of the Financial Services Act are provided .
This presentation may contain projections and forward -looking statements . Any such forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause Ferrovie dello Stato Italiane S.p.A.’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward -looking statements . Any such forward -looking statements will be based on numerous assumptions regarding Ferrovie dello Stato Italiane S.p.A.’s present and future business strategies and the environment in which Ferrovie dello Stato Italiane S.p.A. will operate in the future . Furthermore, any forward -looking statements will be based upon assumptions of future events which may not prove to be accurate . Any such forward -looking statements in this presentation will speak only as at the date of this presentation and Ferrovie dello Stato Italiane S.p.A. assumes no obligation to update or provide any additional information in relation to such forward -looking statements .
4 FS Group Overview and Sustainability 4
5 FS Group and Green Bonds
Rete Ferroviaria
ItalianaTrenitalia Mercitalia Rail Trenitalia, FSInternational, RFI and Mercitalia Rail receive and invest the proceeds ofthe Green Bonds issued byFSItaliane according totheFS2022 Green Bond Framework .
•EMTN Public Issuances (underwritten by both traditional and green/ESG Istituzional
Investors )
•EMTN private placement (i.e. EIB).This reporting refers to alloutstanding green bonds issued by Ferrovie dello Stato Italiane ( hereinafter «FS»).
FS International
6 A business model which fully integrates sustainability How the market perceives us:
2The scope concerns the following companies :Ferrovie dello Stato Italiane SpA ,RFI SpA ,Trenitalia SpA ,Ferservizi SpA ,FSEngineering SpA ,FSSistemi Urbani SpA ,FSLogistix SpA ,Mercitalia Rail Srl.,Mercitalia Intermodal SpA ,Busitalia Veneto SpA ,Busitalia Rail Service, Busitalia Campania SpA ,Grandi Stazioni Rail SpA ,Terminali Italia Srl.,Italcertifer SpA ,FSTechnology SpA eCremonesi Workshop .1 Source: FS Group Integrated Report 2025ENERGY TRANSITION AND CLIMATE RESILIENCE 1.87 mln tCO2e scope 1 and 2 emissions (location -based): -26.9% in relation to base year 2019
CIRCULARITY AND BIODIVERSITY
16 million m3 water withdrawals: -20% in relation to base year 2019 94.7% waste sorted/recovered
PEOPLE AND COMMUNITIES
33.3% women in managerial roles 2
SUPPLY CHAIN AND SAFETY
1,278 economic operators/suppliers registered for the ESG questionnaire 94.8% of own workers covered by a health and safety management system12 13 7 3 3 8 3 812 6 14 11 12 15 12Main 2025 ESG Results 1SDGs Climate change -A Average ESG medium risk Sustainability isa strategic pillar for the development of integrated mobility , focused on the climate transition , the creation of industrial value and social well -being .
In order to give concrete form to the Group's ESG strategy, a programme has been designed with four transformation areas , aimed at enabling the Group's positioning as a benchmark and international leader in good sustainability practices.
7 1Results refer to the share of turnover, operating expenses, and capital expenditures not related to intercompany activities.
2 Total Opex as identified by the Delegated Regulations paragraphs 1.1.3.1. - 1.1.3.2 Reporting on the European Taxonomy In accordance with EU Regulation 852/2020 (EU Taxonomy ) below is summarized the performance of the Group with regard to the shares of 2025 Turnover, Opex , and Capex1 aligned to the two objectives of climate change mitigation and adaptation . ✓A total of 59.5% of consolidated turnover is
Taxonomy aligned
✓A total of 36.3% of consolidated operating expenses is Taxonomy aligned ✓A total of 89.0 % of consolidated capital expenditure is Taxonomy aligned Road transport Rail transport
Railway infrastructure
Road infrastructure
+884 mln
compared to
2024
+214 mln
compared
to 2024Turnover, Capex and Opex
Total OpEx
(mln €)
6,714Eligibl e
Not eligible
Environmentally
sustainable
48.6%
51.4%
36.3%
Total Turnover
(mln €)
16,832Eligible
Not eligibleEnvironmentally
sustainable
70.8%
29.2%59.5%
Total CapEx
(mln €)
14,105EligibleNot eligible
Environmentally
sustainable
89.0% 97.2%2.8%
+812 mln
compared
to 20242
8 Green Bond Framework Summary 8
9 FS Green Bond Framework Look -back period :
2 years (vs. 3 years of the previous update) Potential KPIs :
•Energy efficiency
•Reducing CO2
emissions
•Modal shift vs railway MIR electric locos and freight wagons and related maintenanceTrenitalia electric passenger trains and maintenance of the electric rolling stockRFI electric HS infrastructure and maintenance of the
railway lines
All the EGP are
aligned
with the
EU
Taxonomy
categories
Eligible Green
Projects
Look -forward period :
2 yearsKey figures of the GBF •SPO provider confirmed EU Taxonomy alignment ( link) •Compliance with ICMA Principles •Eligible Green Projects covering the whole railway
value chain
First Green Bond Framework established in 2017. In 2022 FS has broadened the list of Eligible Green Projects
10 Green Bond Framework –SDGs Mapping •The FS Green Bond Framework addresses 3 of 17 UN Sustainable Development Goals .
•The mapping has been inspired by the ICMA high -level mapping to SDGs and existing practices of issuers of Green Bonds in the transportation sector.
SDG 9.1 : Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well -being, with a focus on affordable and equitable access for all SDG 11.2 : By 2030, provide access to safe, affordable, accessible and sustainable transport systems for all, improving road safety, notably by expanding public transport SDG 12.2 : By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to minimize their adverse impacts on human health and the environment SDG 12.5 : By 2030, substantially reduce waste generation through prevention, reduction, recycling and reuse
11
“Ferrovie
demonstrates a
commitment to
sustainability through
its sustainability
strategy, which is underpinned by three pillars: (i) energy and emissions , (ii) sustainable mobility , and (iii) safety”“Sustainalytics is of the opinion that
Ferrovie has
implemented
adequate measures
and is well -positioned to manage and
mitigate
environmental and
social risks
commonly associated
with the eligible categories .”“Ferrovie dello Stato Italiane Green Bond Framework is aligned with the overall
sustainability
strategy of the Group and that the green use of proceed
category will
contribute to the advancement of the
UN Sustainable
Development Goals
9, 11 and 12”External Reviews
Best practice
In 2022 Sustainalytics provided a Second Party Opinion on the updated Green Bond Framework, certifying its alignment to the EU Taxonomy.As of 2025, PwC has provided a Third Party Opinions on the Green Bond Reports.
- Sustainalytics, 2022 Second Party Opinion -
Allocation and Impact Reporting Green Bond Series 10 -17-18-19-20-21-22-23-25
13
Reporting perimeter
Euro 700m Green Senior Unsecured Notes 1.125% Due 2026 oInvestments on both passenger and freight rollink stock among the Eligible Green Projects;
o3.5x oversubscription with Eur 2.5 billion orders coming from 160 investors, of which around 50% from SRI investors;
oFinal spread at m/s+128bps (equivalent to BTPs -16bps), fixing the final size at EUR 700m;
oFirst Italian bond CBI Certified .
Euro 1,000m Green Senior Unsecured Notes 0.375% Due 2028 oInvestments in both local and high -speed trains among the Eligible Green Projects;
o1.8x oversubscription with Eur 1.8 billion orders coming from 90 investors, of which around 75% from SRI investors;
oFinal spread at the tighter end of the guidance, at m/s+60bps, fixing the final size at EUR 1 bn;
oCBI Certified.
Euro 350m Green Senior Unsecured Floating Rate Notes Due 2028 oInvestments in high -speed trains among the Eligible Green Projects;
oFirst Green Bond underwritten by EIB;
oCBI Certified.Series
10
Series
17
Series
18
14
Reporting perimeter
Euro 200m Green Senior Unsecured Floating Rate Notes Due 2039 oInvestments in high speed trains among the Eligible Green Projects;
oGreen Bond underwritten by EIB.
Euro 1,100m Green Senior Unsecured Notes 3.75% Due 2027 oInvestments in new Trenitalia trains and relevant maintenance expenses and for the completion of the Turin -Milan -Naples high -speed network among the Eligible Green Projects;
o1.9x oversubscription with Eur 2.1 billion orders coming from 150 investors, of which around 65% from ESG investors;
oFinal spread at the tighter end of the guidance, at m/s+158.5bps, fixing the final size at EUR 1.1 bn.
Euro 600m & Euro 500m Green Senior Unsecured Dual Tranche issuances 4.125% Due 2029 & 4.50% Due 2033 oFirst FS Dual tranche issuance;
oOn the back of positive investors’ interests (combined orders over EUR 2 bn, evenly split) reoffer spreads were directly set at MS+ 125 bps for the 6Y tranche and at MS+ 165 bps for the 10 Y tranche;
oInvestments in new Trenitalia trains and relevant maintenance expenses and for the completion of the Turin -Milan -Naples high -
speed network among the Eligible Green Projects.Series 19
Series
20
Series
21-22
15
Reporting perimeter
Euro 500m Green Senior Unsecured Floating Rate Notes Due 2040 oInvestments in regional trains among the Eligible Green Projects;
oGreen Bond underwritten by EIB.
Euro 800m Green Senior Unsecured Notes 3.75% Due 2027 oInvestments in Trenitalia’s train maintenance expenses and for the completion of the Turin -Milan -Naples high -speed network among the Eligible Green Projects ;
o2.3x oversubscription with over Eur 1.8 billion orders coming from more than 100 investors, of which around 88% from ESG
investors ;
oFinal spread at the tighter end of the guidance, at m/s+ 105bps, fixing the final size at EUR 800 m.Series 23
Series
25
16
IssuanceUltimate Beneficiary
CompanyEligible Green ProjectFunded Asset's Value (€/mln)Unit of Asset
Funded
10TrenitaliaHIGH SPEED –FRECCIAROSSA 1000
TRAIN117.60 3
REGIONAL - POP AND ROCK TRAIN 464.50 53
Mercitalia RailELECTRIC LOCOMOTIVE E494 108.66 40
WAGON SHIMMNS 14.30 140
17Trenitalia REGIONAL - POP AND ROCK TRAIN 834.46 108
FS InternationalHIGH SPEED –FRECCIAROSSA 1000
TRAIN166.79 5
18TrenitaliaHIGH SPEED –FRECCIAROSSA 1000
TRAIN105.47 3
FS International 246.10 7
19TrenitaliaHIGH SPEED –FRECCIAROSSA 1000
TRAIN100.9 3
FS International 100.9 3Allocation of the Proceeds 1/2 100% of the proceeds allocated at the issue date, via intercompany loan from FS, the issuer, to Trenitalia, RFI, Mercitalia Rail and FS International .
As of 1/11/2025 20 ETR 1000 owned by Trenitalia (and the related intercompany financing) was transferred to FS International as part of the international transport business reorganization .
17 (1)Total equivalent trains maintained fortheissuance 20,21and 25.The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62 (2)Series 20, 22 and 25 financed investments in the Firenze High -Speed Hub project, the total extension of which is 7.8 km, therefore unit ofasset funded isthesame forboth series (3) The different types of investments do not allow a common unit of assets fundedIssuance Ultimate Beneficiary Company Eligible Green Project Funded Asset's Value (€/mln) Unit of Asset Funded
20FS InternationalHIGH SPEED –FRECCIAROSSA 1000
TRAIN173.4 5
RFIINVESTMENTS IN THE HIGH -SPEED
PROJECT TO -MI-NA199.77.8 km equivalent length railway link HS Firenze(2)
TrenitaliaREGIONAL - POP AND ROCK TRAIN 158 17
MAINTENANCE EXPENDITURES 568 421(1)
21 TrenitaliaREGIONAL - POP AND ROCK TRAIN 93 11
MAINTENANCE
EXPENDITURES/REVAMPING507.6 263(1)
22Trenitalia REGIONAL - POP AND ROCK TRAIN 260.1 31
RFIINVESTMENTS IN THE HIGH -SPEED
PROJECT TO -MI-NA201.417.8 km equivalent length railway link HS Firenze(2)
OTHER HS/HC INVESTMENTS 43.72 NA(3)
23 Trenitalia REGIONAL - POP AND ROCK TRAIN 518 42
25TrenitaliaMAINTENANCE
EXPENDITURES/REVAMPING622.5 374(1)
RFIINVESTMENTS IN THE HIGH -SPEED
PROJECT TO -MI-NA170.037.8 km equivalent length railway link HS Firenze(2) OTHER HS/HC INVESTMENTS 9.97 NA(3)Allocation of the Proceeds 2/2
18 Impact reporting asof year end 2025 -environmental performance «train vs. train » approach (1/2)
IssuanceUltimate Beneficiary
CompanyEligible Green ProjectUnit of vehicle
funded
(equivalent)Energy Saving
MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
10TrenitaliaHS –FRECCIAROSSA 1000 TRAIN(2)3(4)6,645 10,268 8,165 2,103 20.5%
REGIONAL - POP AND ROCK TRAIN(1) 53(4)23,146 35,445 28,121 7,323 20.7%
MercitaliaELECTRIC LOCOMOTIVE E494(3)40(5)2,462 26,744 25,965 779 2.9%
WAGON SHIMMNS(3)140(5)23 204 197 7 3.4%
17Trenitalia REGIONAL - POP AND ROCK TRAIN(1) 108(6)35,379 50,952 41,132 9,821 19.3%
FS International HS –FRECCIAROSSA 1000 TRAIN(8)5(6)13,658 - - - -
18Trenitalia HS –FRECCIAROSSA 1000 TRAIN(9)3(7)6,645 8,431 6,705 1,726 20.5%
FS International HS –FRECCIAROSSA 1000 TRAIN(9)7(7)19,122 - - - -
19Trenitalia HS –FRECCIAROSSA 1000 TRAIN(9)3(7)6,645 8,431 6,705 1,726 20.5%
FS International HS –FRECCIAROSSA 1000 TRAIN(9)3(7)8,195 - - - -
(1)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
(2Data related to the ETR1000 are actual as the fleet is full in operation . The baseline for the calculation of energy saving and avoided GHG emissions is the previous generation High -Speed train “ETR 500” with 9 coaches in the fleet of Trenitalia .
(3)Data related to the freight fleet are actual . The baseline for the calculation of energy saving and avoided GHG emissions are the last locomotive and wagon purchased, before these one, by Mercitalia Rail.
(4)Data refer to 7 years time period (2019 -2025 ).
(5)Data refer to 6 years time period (2020 -2025 ).
(6)Data refer to 5 years time period (2021 -2025 ).
(7)Data refer to 4 years time period (2022 -2025 ).
(8) Data are related only to energy saving due to the fact that the trains are in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
(9) Data related to the ETR1000 (in service in Italy) are actual as the fleet is full in operation . The baseline for the calculation of energy saving and avoided GHG emissions is the previous generation High -Speed train “ETR 500” with 9 coaches in the fleet of Trenitalia . Trains operating in Spanish high -speed service only contribute to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
The Eligible Green Projects are considered environmentally sustainable in accordance with EU Regulation 2020 /852, making a significant contribution to the objective of climate change mitigation as it complies with the criteria established for economic activity “6.1 Passenger interurban rail transport” and activity “6.2 Freight rail transport” . For further details refer to the “Other ESG indicators – EU Taxonomy assessment” section .
19 Impact reporting asof year end 2025 -environmental performance «train vs. train » approach (2/2)
IssuanceUltimate Beneficiary
CompanyEligible Green ProjectUnit of vehicle
funded
(equivalent)Energy Saving
MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
20FS International HS –FRECCIAROSSA 1000 TRAIN(4) 5(2)13,658 - - - -
Trenitalia REGIONAL - POP AND ROCK TRAIN(1) 17(2)9,412 11,294 8,849 2,445 21.6%
21 Trenitalia REGIONAL - POP AND ROCK TRAIN(1) 11(3)3,806 5,215 4,195 1,020 19.6%
22 Trenitalia REGIONAL - POP AND ROCK TRAIN(1) 31(3)10,196 14,158 11,427 2,731 19.3%
23 Trenitalia REGIONAL - POP AND ROCK TRAIN(1)42(5)23,224 32,969 25,833 7,136 21.6%
(1)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
(2)Data refer to 4 years time period (2022 -2025 ) (3)Data refer to 3 years time period (2023 -2025 ) (4) Data are related only to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
(5)Data refer to 2 years time period (2024 -2025 ) The Eligible Green Project s are considered environmentally sustainable in accordance with EU Regulation 2020 /852, making a significant contribution to the objective of climate change mitigation as it complies with the criteria established for economic activity “6.1Passenger interurban rail transport ”. For further details refer to the “Other ESG indicators – EU Taxonomy assessment” section .
20 «train vs. car» approach Impact reporting asof year end 2025 -environmental performance
IssuanceUltimate Beneficiary
CompanyEligible Green ProjectUnit of vehicle
funded
(equivalent)Energy Saving
MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
20 Trenitalia MAINTENANCE EXPENDITURES(2) 421(1)- 978,893 201,245 777,648 79.4%
21 Trenitalia MAINTENANCE EXPENDITURES(3) 263(1)- 611,518 129,657 481,861 78.8%
25 Trenitalia MAINTENANCE EXPENDITURES(4) 374(1,5)- 862,371 147,937 714,434 82.8%
(1)Total equivalent trains maintained . The criteria for estimating the number of equivalent trains per year is shown on slide 62.
(2)Data refer to 4 years time period (2022 -2025 ).
(3)Data refer to 3 years time period (2023 -2025).
(4)Data refer to 1 year time period (2025).
(5) For three trains, a ‘train vs. train’ approach was adopted, as the activity was aimed at the commissioning of new trains rather than a traditional revamping intervention . The activity was therefore treated as a procurement project, using the ETR500 as the benchmark, as it represents a realistic alternative that would have been deployed in place of the new ETR1000 .
The Eligible Green Project s are considered environmentally sustainable in accordance with EU Regulation 2020 /852, making a significant contribution to the objective of climate change mitigation as it complies with the criteria established for economic activity “6.1Passenger interurban rail transport ”. For further details refer to the “Other ESG indicators – EU Taxonomy assessment” section .
21 (1)Punctual approach : refer to slide 64 for an explanation of the approach .
(2)Parametric approach : refer to slide 65 for an explanation of the approach .«emission avoided » approach Impact reporting asof year end 2025 -environmental performance
IssuanceUltimate Beneficary
CompanyEligible Green ProjectFunded
Asset's Value
(€/mn)Avoided emissions
from road
transport
(tCO 2eq)Emissions from
train transport
(tCO 2eq)Total GHG
emissions
avoided
(tCO 2eq)GHG emissions avoided by Funded
Asset’s
(tCO 2eq)
20 RFIINVESTMENTS IN THE HIGH -
SPEED PROJECT TO -MI-NA199.7 686,877 329,344 357,533 24,878(1)
22 RFIINVESTMENTS IN THE HIGH -
SPEED PROJECT TO -MI-NA201.41 686,877 329,344 357,533 25,090(1)
22 RFI OTHER HS/HC INVESTMENTS 43.72 NA NA NA 21,891(2)
25 RFIINVESTMENTS IN THE HIGH -
SPEED PROJECT TO -MI-NA170.03 686,877 329,344 357,533 21,182(1)
25 RFI OTHER HS/HC INVESTMENTS 9.97 NA NA NA 4,991(2)
The Eligible Green Projects are considered environmentally sustainable in accordance with EU Regulation 2020 /852, making a significant contribution to the objective of climate change mitigation as it complies with the criteria established for economic activity “6.14 Infrastructure for rail transport” .
For further details refer to the “Other ESG indicators – EU Taxonomy assessment” section .
22 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectSubstantial
contribution
toTaxonomy
activityEU Technical Screening CriteriaAlignment with Technical Screening Criteria
REGIONAL - POP
AND ROCK
TRAIN
HIGH SPEED –
FRECCIAROSSA
1000 TRAIN
MAINTENANCE
EXPENSES/
REVAMPINGClimate
change
mitigationPassenger
interurban rail
transportThe activity complies with one of the following criteria :
(a) the trains and passenger coaches have zero direct (tailpipe) CO 2 emissions ;
(b) the trains and passenger coaches have zero direct (tailpipe) CO 2 emission when operated on a track with necessary infrastructure, and use a conventional engine where such infrastructure is not available (bimode ). Eligible green projects fulfill criteria a).
Regional trains “Pop & Rock” and High speed trains “ETR 1000 ” are electric and they have zero direct (tailpipe) CO2 emissions .
As for cyclic maintenance and revamping, only electric trains/locos and coaches in electric loco composition were considered (1).
(1)Diesel -powered loco/trains were excluded, and coaches were curtailed by a correction factor to account for potential use in diesel composition . The criteria for estimating equivalent trains is given in the slide 62.
23 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectSubstantial
contribution toTaxonomy
activityEU Technical Screening Criteria Alignment with Technical Screening Criteria
HIGH SPEED
PROJECT TO -MI-NAClimate
change
mitigationInfrastructure for
rail transportThe activity complies with one of the following criteria :
a) the infrastructure is either: i.
electrified trackside infrastructure and associated subsystems; ii. new and existing trackside infrastructure and associated subsystems where there is a plan for electrification, or where the infrastructure will be fit for use by zero tailpipe CO2 emission trains within 10 years from the beginning of the activity; iii. until 2030, existing trackside infrastructure and associated subsystems that are not part of the TEN -T network and its indicative extensions to third countries, nor any defined network of major rail lines;
b) the infrastructure and installations are dedicated to transhipping freight between the modes c) infrastructure and installations are dedicated to the transfer of passengers from rail to rail or from other modes to rail d) digital tools enable an increase in efficiency, capacity or energy saving.
2. The infrastructure is not dedicated to the transport or storage of fossil fuels.The eligible green project is related to electrified trackside infrastructure and associated subsystems, thus fulfilling criteria (a) i.
24 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectSubstantial
contribution
toTaxonomy
activityEU Technical Screening CriteriaAlignment with Technical Screening Criteria
ELECTRIC
LOCOMOTIVE
E494
WAGON
SHIMMNSClimate
change
mitigationFreight rail
transportThe activity complies with one of the following criteria:
(a) the trains and wagons have zero direct tailpipe CO2 emission;
(b) the trains and wagons have zero direct tailpipe CO2 emission when operated on a track with
necessary
infrastructure, and use a conventional engine where such infrastructure is not available (bimode ).
2. The trains and wagons are not dedicated to the transport of fossil fuels.Eligible green projects fulfill criteria a).
Locomotive and wagon are electric, and they have zero direct (tailpipe) CO2 emissions.
25 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
REGIONAL - POP
AND ROCK TRAIN
HIGH SPEED –
FRECCIAROSSA
1000 TRAIN
MAINTENANCE
EXPENSES/
REVAMPING
HIGH SPEED
PROJECT TO -MI-
NAPassenger
interurban rail
transport
Infrastructure for
rail transportClimate change adaptationClimate risk and vulnerability assessment Ferrovie dello Stato has a risk management approach that covers climate change adaptation . Consistently with the best practices (e.g.
EU Climate ADAPT – The Adaptation Support Tool), FS Group indeed considers adaptation as a way to minimize climate change risk.
Ferrovie dello Stato is a TCFD (Task Force on Climate -Related Financial Disclosures) supporter since May 2021 , and its climate change risk management process aims to identify and evaluate climate hazards and the related adaptation measures according to best practices . In 2023 , to identify the share of turnover, operating expenses, and capital expenditures aligned with the objectives of the EU Taxonomy Regulation, the Group provided companies with a tool for climate analysis and vulnerability assessment of main assets to identify the related adaptation measures in the so-called Adaptation Catalogue .
The tool allows to i) identify the prevailing asset types (i.e., rolling stock, vehicles, buildings, ships, etc.); ii) identify the climate hazards that can potentially affect the assets (in line with Appendix A of the Technical Annex of Delegated Regulation EU 2021 /2139 ); iii) evaluate the degree of vulnerability of the prevailing asset to the climate hazard ; iv) identify physical and non -physical solutions (adaptation solutions) that help reduce the effects of the hazards that weight on the specific economic activity .ELECTRIC
LOCOMOTIVE
E494
WAGON SHIMMNSFreight rail
transport
26 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmenta
lobjectivesDNSH Criteria Alignment with DNSH Criteria
HIGH SPEED
PROJECT TO -MI-NAInfrastructure
for rail
transportSustainable
use of water resourcesEnvironmental degradation risks related to preserving water quality and avoiding water stress are identified and addressed with the aim of achieving good water status and good ecological potential and a water use and protection management plan, developed thereunder for the potentially affected water body or bodies. Where an Environmental Impact Assessment is carried out in accordance with Directive 2000/60/EC, no additional assessment of impact on water is required, provided the risks identified have been addressed.During the development of projects for infrastructure, particularly those subject to Environmental Impact Assessment (EIA), in -depth studies are conducted to assess the possible interactions of the work with the surrounding environment, with particular attention to the protection of surface and groundwater during construction and operation. Detailed analyses of the hydraulic and hydrogeological characteristics of the area involved are carried out to assess potential interferences during construction and operation, defining mitigation or improvement solutions. During the construction phase, contractors implement an Environmental Management System in accordance with UN EN ISO 14001 to manage Significant Environmental Aspects during construction and establish operational procedures for environmental surveillance in accordance with regulatory obligations. RFI's management of water withdrawals follows environmental, national, community and regional regulations, ensuring compliance with legislative requirements. In many cases, especially for public users, drinking water comes from the public aqueduct. RFI is committed to monitoring the water network it owns to maintain parameter values at the point of delivery. Periodically, potability analyses are carried out to monitor water quality, and if regulatory limits are exceeded, sanitization activities are implemented on the entire network through appropriate treatments.
27 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
REGIONAL - POP
AND ROCK TRAIN
HIGH SPEED –
FRECCIAROSSA
1000 TRAIN
MAINTENANCE
EXPENSES/
REVAMPINGPassenger
interurban
rail transportTransition to a
circular
economyMeasures are in place to manage waste in accordance with the waste hierarchy, in particular during maintenanceThe Group’s main subsidiaries are ISO 14001:2015 Environment Management System (EMS) certified. The guidelines of EMS are applied to all operations including, procurement of goods and services, waste management, water management, preparation of train and crew, and shunting and maintenance of trains, wagons and locomotives.
The Group’s waste management policy is included in the EMS and the generated waste is managed in accordance with the waste management hierarchy while ensuring compliance with national and European regulations.
The trains financed through green bonds have respectively the following high recyclability and recoverability rate: ETR 1000 over 94%; Pop over 96%, Rock over 97%.
The ETR1000 and the Rock passenger trains obtained the Environmental Product Declaration (EPD) which shows that the Frecciarossa 1000 emits only 28 grams of CO 2 per passenger per kilometer and the Rock emits 5.7 grams of CO 2 per passenger per kilometer.
28 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
ELECTRIC
LOCOMOTIVE
E494
WAGON
SHIMMNSFreight rail
transportTransition to a
circular
economyMeasures are in place to manage waste in accordance with the waste hierarchy, in particular during maintenanceThe Group’s main subsidiaries are ISO 14001:2015 Environment Management System (EMS) certified. The guidelines of EMS are applied to all operations including, procurement of goods and services, waste management, water management, preparation of train and crew, and shunting and maintenance of trains, wagons and locomotives.
The Group’s waste management policy is included in the EMS and the generated waste is managed in accordance with the waste management hierarchy while ensuring compliance with national and European regulations.
29 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
HIGH SPEED
PROJECT TO -MI-NAInfrastructure
for rail
transportTransition to a
circular
economyOperators limit waste generation in processes related to construction and demolition and take into account best available techniques. At least 70 % (by weight) of the non -hazardous construction and demolition waste generated on the construction site is prepared for reuse, recycling and other material recovery, including backfilling operations using waste to substitute other materials, in accordance with the waste hierarchy and the EU Construction and
Demolition Waste
Management Protocol. Operators use selective demolition to enable removal and safe handling of hazardous substances and facilitate reuse and high -
quality recycling.
For manufacturing of constituents assess and adopts techniques that support:
(a) reuse and use of secondary raw materials; (b) design for high durability, recyclability, easy disassembly and adaptability; (c) waste management that prioritises recycling over disposal; (d) traceability of substances of concern.As part of the construction of new rail infrastructure, the main waste materials are excavated soil and rocks. RFI adopts environmental principles aimed at encouraging reuse of these materials rather than disposal. Whenever possible, waste materials are reused in ongoing projects or at off -site sites, while those that cannot be reused are managed as waste and disposed of in licensed facilities. RFI's procedures have been modified to meet EU principles and promote high standards in the European construction context. The Civil Works Design Manual defines procedures to maximize the reuse of excavated soil and rock, reducing waste generation and promoting the circular economy.
By-products that are not reused in railroad works can be used for environmental rehabilitation in agreement with local authorities.
Only if the materials do not meet environmental requirements are they managed as waste, with a focus on recovery rather than disposal. The Procurement Agreements include specific clauses to promote circular economy principles. For waste management, the Contractor must define operating methods consistent with regulatory requirements and submit periodic reports. In rail infrastructure maintenance activities, the main wastes are copper, steel, sleepers, and crushed stone. Removed materials are evaluated for reuse, and unsuitable materials are managed as waste, with preference given to recovery. Between 2019 and 2021, more than 90 percent of the special waste produced by RFI was sent for recovery, as reported in the Sustainability Report. RFI has implemented a UNI ISO 14001 -compliant Environmental Management System to manage environmental aspects and continuously improve environmental performance.
30 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironment
alobjectivesDNSH Criteria Alignment with DNSH Criteria
REGIONAL - POP
AND ROCK TRAIN
HIGH SPEED –
FRECCIAROSSA
1000 TRAIN
MAINTENANCE
EXPENSES/
REVAMPINGPassenger
interurban rail
transportPollution
prevention
and controlLocomotive propulsion engines (RLL) and railcar propulsion engines (RLR) meet the emission limits in Annex II of Regulation (EU) 2016/1628 of the European Parliament and of the Council.Regional trains “Pop & Rock” and high -speed trains “ETR 1000” are electric and they have zero direct (tailpipe) CO2 emissions.
As for cyclic maintenance and revamping, only electric trains/locos and coaches in electric loco composition were considered (1) .
(1)Diesel -powered loco/trains were excluded, and coaches were curtailed by a correction factor to account for potential use in diesel composition . The criteria for estimating equivalent trains is given in the slide 62.
31 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironment
alobjectivesDNSH Criteria Alignment with DNSH Criteria
ELECTRIC
LOCOMOTIVE
E494
WAGON
SHIMMNSFreight rail
transportPollution
prevention
and controlEngines for the propulsion of railway locomotives (RLL) and engines for the propulsion of railcars (RLR) comply with emission limits set out in Annex II to Regulation (EU) 2016/1628.Locomotive and wagon are electric, and they have zero direct (tailpipe) CO2 emissions.
32 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
HIGH SPEED
PROJECT TO -
MI-NAInfrastructure
for rail
transportPollution
prevention and
controlWhere appropriate, given the sensitivity of the area affected, in particular in terms of the size of population affected, noise and vibrations from use of infrastructure are mitigated by introducing open trenches, wall barriers, or other measures and they comply with Directive 2002 /49/EC of the European Parliament and of the Council .
Measures are taken to reduce noise, dust and pollutant emissions during construction or maintenance works . RFI is aware of major air pollution factors resulting from its activities, including air emissions, noise, and vibration . These impacts occur during the construction of new works, at maintenance sites, and in railroad operating areas . At the design stage of new infrastructure, RFI conducts targeted studies to prevent and reduce pollution by adopting mitigation solutions . To manage noise and vibration, the Construction Site Environmental Project (PAC) and the Environmental Monitoring Project (PMA) are prepared, which identify solutions and verify the effectiveness of the measures taken .
With regard to railway operations, RFI conducts noise simulations at the request of relevant agencies to identify and mitigate impacts on sensitive receptors . RFI promotes sustainability through a Design Manual, which guides the design of new works and maintenance interventions, considering environmental aspects and specific authorizations . Contractually, contractors are required to adopt an Environmental Management System in accordance with UN EN ISO 14001 , defining operating methods to manage materials, hazardous substances and waste to prevent pollution of environmental matrices . All necessary environmental permits are acquired, and operational and mitigation actions, such as wetting of tracks and installation of dust and noise barriers, are implemented to manage noise and air emissions .
33 Other ESG indicators–EU Taxonomy assessment
Eligible Green
ProjectTaxonomy
activityEnvironmental
objectivesDNSH Criteria Alignment with DNSH Criteria
HIGH SPEED
PROJECT TO -MI-
NAInfrastructure
for rail
transportProtection and
restoration of
biodiversity
and ecosystemsAn Environmental Impact Assessment (EIA) or screening has been completed in accordance with Directive 2011/92/EU.
Where an EIA has been carried out, the required mitigation and compensation measures for
protecting the
environment are implemented .
For sites/operations located in or near biodiversity -sensitive areas (including the Natura 2000 network
of protected
areas, UNESCO World Heritage sites and Key Biodiversity Areas, as well as other protected areas), an
appropriate
assessment, where applicable, has been conducted and based on its conclusions the necessary mitigation measures are implemented .With reference to the protection and restoration of biodiversity and ecosystems, RFI has a special procedure "Management of interventions in protected natural areas and/or subject to landscape constraints" that applies to cases in which an organizational structure of the company operates as Principal, as Technical Subject or as executor in investment or maintenance projects that may result in interference, even indirectly, with protected areas and/or on areas or assets subject to constraints. In the event that the implementation of the interventions affects territories or assets subject to protection regimes related to the presence of protected areas and/or landscape constraints, the company preliminarily assesses the feasibility of the interventions or the conditions to which they are subjected in order to acquire the appropriate authorizations required by the regulations in force. Where an Environmental Impact Assessment has been carried out, the necessary mitigation and compensation measures for environmental protection are implemented. For sites/operations located in or near biodiversity -sensitive areas (including the Natura 2000 network of protected areas, UNESCO World Heritage sites and major biodiversity areas, and other protected areas), an appropriate assessment is conducted, where applicable, and, based on its conclusions, the necessary mitigation measures are implemented.
34 Other ESG indicators–EU Taxonomy assessment Eligible Green Project Minimum safeguards ALLFS Italiane promotes the protection of human rights for its employees, customers, citizens, suppliers and business partners, helping create a responsible supply chain and operating in accordance with the United Nations’ Universal Declaration of Human Rights and the fundamental conventions of the International Labour Organization .
The principles on which the Group operates include respect for human rights and the commitment to contribute to the creation of a responsible supply chain, also established in the Code of Ethics (which guides the Group in its relationships with stakeholders) . Furthermore, the Group promotes open and inclusive employment relationships and rejects any type of discrimination or harm against people, prevents any form of illegal labour and endorses policies aimed at the psychological and physical well -being of personnel .
Since 2017 , the Group has joined the UN’s Global Compact (“GC”) network .
35
* Compared to previous train models (Pop, Rock and ETR 1000) ** The different types of investments do not allow a common unit of assets funded.
*** Expired in 2023.98,032
tCO2eqavoided5,204,117
tCO2avoided4,462
tCO2avoided25,069
tCO2avoided132,737
tCO2avoided9 Green Bonds for a total Eur 5.75 bn issued asyear end 2025
€123 million
40 locomotives
140 wagons
Furthermore, the Bond issuance Series 7***allocated €549.64million and €49.78million tofund respectively 17High Speed Electric Trains "ETR 1000 ” and 7 Regional Electric Trains “POP” and “ROCK” .Total 13,491tCO2saved *in2018 thanks to theSeries 7.
NEW REGIONAL ELECTRIC
TRAINS "POP" AND
"ROCK"NEW HIGH SPEED
ELECTRIC TRAINS
"ETR1000"NEW ELECTRIC
LOCOMOTIVES AND
WAGONS
HIGH SPEED/HIGH
CAPACITY INVESTMENTS
€2,328 million €1,011 million 262 trains 29 trains
€1,698 million
1,058 equivalent
trainsMAINTENANCE &
REVAMPING EXPENSES
€625million
NA**
………. in the period 2019 -2025 thanks to the Series 10, 17, 18, 19, 20, 21, 22, 23 and 25
Allocation & impact report details Green Bond Series 10 -17-18-19-20-21-22-23-25
37
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTTrains ’ value
(€/mln)Unit of vehicle
funded
(equivalent )
1.Investments in public passenger transport rolling stock renewal New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport: “Pop” and “Rock”464.5 53 New High -Speed Trains “Frecciarossa1000”117.60 3 2.Investments in freight transport rolling stock renewal New Electric Locomotives For Freight Transport108.66 40 New Wagons For Freight Transport14.3 140
TOTAL 705.06 236
100% financing
allocatedSeries 10: allocation of the Proceeds 100% proceeds allocated at the issue date, via intercompany loan from FS, the issuer, to Trenitalia and Mercitalia Rail
38 Series 10 impact reporting asof year end 2025 -environmental performance Passenger transport «train vs. train » approach (2019 -2025) Project CategoryEligible Green ProjectYearUnit of Vehicle
fundedEnergy Saving
MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
Investments in public passenger transport rolling stock renewalREGIONAL - POP AND
ROCK TRAIN (1)2019
5324,944 38,729 30,837 7,892 20.4% 2020 18,257 26,979 21,203 5,776 21.4% 2021 24,114 36,722 29,092 7,630 20.8% 2022 24,222 37,058 29,394 7,664 20.7% 2023 23,532 36,075 28,630 7,445 20.6% 2024 22,081 33,971 26,985 6,987 20.6% 2025 23,146 35,445 28,121 7,323 20.7% Total 53 160,296 244,979 194,262 50,716 20.7%
HIGH SPEED –FRECCIA
ROSSA 1000 TRAIN (2)2019
36,035 9,324 7,415 1,909 20.5% 2020 2,771 4,281 3,404 877 20.5% 2021 3,184 4,919 3,912 1,007 20.5% 2022 5,722 8,841 7,031 1,810 20.5% 2023 6,352 9,815 7,805 2,010 20.5% 2024 6,729 10,398 8,268 2,129 20.5% 2025 6,645 10,268 8,165 2,103 20.5% Total 3 37,438 57,846 46,000 11,845 20.5% Data refer to 7 years time period (2019 -2025 ) (1) Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
(2)Data related to the ETR1000 are actual as the fleet is full in operation . The baseline for the calculation of energy saving and avoided GHG emissions is the previous generation High -Speed train “ETR 500” with 9 coaches in the fleet of Trenitalia .
39 Freight transport «train vs. train » approach (2020 -2025) (1) Data related to the freight fleet are actual . The baseline for the calculation of energy savings and avoided GHG emissions refers to the former locomotive and wagon purchased by Mercitalia Rail.Project CategoryEligible Green ProjectYearUnit of Vehicle
fundedEnergy Saving
MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
Investments in freight transport rolling stock
renewal ELECTRIC
LOCOMOTIVE E494 (1)2020
40994 10,797 10,482 315 2.9% 2021 2,580 28,030 27,213 817 2.9% 2022 2,475 26,881 26,098 783 2.9% 2023 2,643 28,708 27,872 836 2.9% 2024 2,759 29,973 29,100 873 2.9% 2025 2,462 26,744 25,965 779 2.9% Total 40 13,913 151,133 146,730 4,403 2.9%
WAGON SHIMMNS2020
14036 418 407 11 2.6% 2021 37 475 463 12 2.5% 2022 33 430 419 11 2.6% 2023 26 230 222 8 3.5% 2024 34 274 264 10 3.6% 2025 23 204 197 7 3.4% Total 140 189 2,031 1,972 59 2.9%Series 10 impact reporting asof year end 2025 -environmental performance
40
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECT Trains ’ value (€/mln)Unit of vehicle
funded
(equivalent )
1.New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport: “Pop” and “Rock”834.46 108 2.New High -Speed Trains “Frecciarossa1000”(1)
166.79 5
TOTAL 1,001.25 113
100% financing allocatedSeries 17 allocation of the Proceeds (1) Trains operating in Spanish high -speed services . Please note that as of 01/11/2025 all 5 trains (related to the Spanish operation) and the relevant intercompany loan vs. Trenitalia was transferred to FS International as per internal reorganization of the business within the FS Group . 100% proceeds allocated via intercompany loan from FS to Trenitalia and, as of 1/11/2025, FS International.
41 «train vs. train » approach Project CategoryEligible Green ProjectYearUnit of Vehicle
fundedEnergy Saving
MWhBaseline GHG
emissions tCO2Total GHG emissions tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
Investments in public
passenger transport
rolling stock renewalREGIONAL - POP
AND ROCK TRAIN (1)2021
10827,309 38,942 31,362 7,580 19.5% 2022 36,948 53,124 42,868 10,256 19.3% 2023 36,056 52,028 42,019 10,009 19.2% 2024 34,093 49,497 40,033 9,464 19.1% 2025 35,379 50,952 41,132 9,820 19.3% Total 108 169,785 244,543 197,414 47,129 19.3%
HIGH SPEED –
FRECCIAROSSA 1000
TRAIN (2)
operated in Spain2021 59,447(3) - - - -
2022 1,332(4) - - - -
2023 11,470 - - - -
2024 14,170 - - - -
2025 13,658 - - - -
Total 5 50,077 - - - -Series 17 impact reporting asof year end 2025 -environmental performance (1) Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” .
(2)Data are related only to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
(3) Data estimated considering fully operational services .
(4) Trains started running commercial services from 25/11/22. Data includes the preliminary activities carried out in the first half of the year .
42
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTTrains ’ value
(€/mln)Unit of vehicle
funded
(equivalent )
New High -Speed Trains “Frecciarossa1000” (2)
351.57 10
TOTAL 351.57
100% financing
allocated10Series 18 allocation of the Proceeds (1) As of 01/11/2025 7 of the 10 trains (related to the Spanish operation) and the relevant intercompany loan vs. Trenitalia was transferred to FS International as per internal reorganization of the business within the FS Group .
(2)Trains operating in Spanish high -speed services (7 trains) and Italy high speed service (3 trains) .100% proceeds allocated via intercompany loan from FS to Trenitalia and FS International(1)
43 «train vs. train » approach Project CategoryEligible Green
ProjectYearUnit of
Vehicle
fundedEnergy
Saving MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalHS –FRECCIAROSSA
1000 TRAIN (1)
operated in Spain2022 71,866 - - - -
2023 16,059 - - - -
2024 19,838 - - - -
2025 19,122 - - - -
HS –FRECCIAROSSA
1000 TRAIN (2)
operated in Italy2022 35,722 7,260 5,773 1,487 20,5% 2023 6,352 8,060 6,409 1,651 20,5% 2024 6,729 8,538 6,789 1,748 20,5% 2025 6,645 8,431 6,705 1,726 20,5%
ALL HS –
FRECCIAROSSA 1000
TRAINTotal 10 82,332 32,289 25,676 6,612 20,5%Series 18 impact reporting asof year end 2025 -environmental performance (1) Data related to the ETR1000 (in service in Italy) are actual as the fleet is full in operation . The baseline for the calculation of energy saving and avoided GHG emissions is the previous generation High -Speed train “ETR 500” with 9 coaches in the fleet of Trenitalia .
(2) Trains operating in Spanish high -speed service only contribute to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
44
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of vehicle
funded
(equivalent )
New High -Speed Trains “Frecciarossa1000” (2)
201.8 6
TOTAL 201.8
100% financing
allocated6Series 19 allocation of the Proceeds 100% proceeds allocated via intercompany loan from FS to Trenitalia and FS International (1) (1) Please note that as of 01/11/2025 3 of the 6 trains (related to the Spanish operation) and the relevant intercompany loan vs. Trenitalia was transferred to FS International as per internal reorganization of the business within the FS Group.
(2) Trains operating in Spanish high -speed services ( 3 trains) and Italy high speed service ( 3 trains) .
45 «train vs. train » approachSeries 19 impact reporting asof year end 2025 -environmental performance Project CategoryEligible Green
ProjectYearUnit of
Vehicle
fundedEnergy
Saving MWhBaseline GHG
emissions
tCO2Total GHG
emissions
tCO2 Total GHG
emissions
avoided tCO2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalHS –FRECCIAROSSA
1000 TRAIN (1)
operated in Spain2022 3799 - - - -
2023 6,882 - - - -
2024 8,502 - - - -
2025 8,195 - - - -
HS –FRECCIAROSSA
1000 TRAIN (2)
operated in Italy2022 35,722 7,260 5,773 1,487 20.5% 20236,352 8,060 6,409 1,651 20.5% 20246,729 8,538 6,789 1,748 20.5% 20256,645 8,431 6,705 1,726 20.5%
ALL HS –
FRECCIAROSSA 1000
TRAINTotal 6 49,826 32,289 25,676 6,612 20.5% (1) Data related to the ETR1000 (in service in Italy) are actual as the fleet is full in operation . The baseline for the calculation of energy saving and avoided GHG emissions is the previous generation high -speed train “ETR 500” with 9 coaches in the fleet of Trenitalia .
(2) Trains operating in Spanish high -speed service only contribute to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
46 (1)Total equivalent trains maintained for2020 and 2021 .The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62 (2)Series 20, 22 and 25 financed investments in the Firenze High -Speed Hub project, the total extension of which is 7.8 km, therefore unit of asset funded is the same for all series (3) Trains operating in Spanish high speed services. Please note that as of 01/11/2025 all 5 trains (related to the Spanish opera tion) and the relevant intercompany loan vs.
Trenitalia was transferred to FS International as per internal reorganization of the business within the FS Group. PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of asset
funded
(equivalent )
1.New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport:
“Pop” and “Rock” 158 2 Pop, 15 Rock 2. New High Speed Trains “Frecciarossa1000”3
173.4 5
3.Maintenance expenses568 4211 4.Investments in the high -speed project TO -MI-NA 199.7 7.8 km2
equivalent
length railway
link HS Firenze
TOTAL 1,099.1
100% financing
allocatedSeries 20 allocation of the Proceeds 100% proceeds allocated via intercompany loan from FS to Trenitalia, RFI and FS International
47 «train vs. train » approachSeries 20 impact reporting asof year end 202 5-environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
fundedEnergy
Saving MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions t
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalHIGH SPEED –
FRECCIAROSSA 1000
TRAIN(1)
operated in Spain2022 51,332 - - - -
2023 11,470 - - - -
2024 14,170 - - - -
2025 13,658 - - - -
Total 5 40,630 - - - -
REGIONAL - POP AND
ROCK TRAIN(2)
operated in Italy2022 179,862 11,831 9,269 2,562 21.7% 2023 9,554 11,468 8,986 2,482 21.6% 2024 8,921 10,720 8,403 2,317 21.6% 2025 9,412 11,294 8,849 2,445 21.6% Total 17 37,749 45,313 35,507 9,806 21.6% (1) Data are related only to energy saving due to the fact that the trains will be in service in Spain where traction energy comes 100% from renewable sources, therefore without CO2 emissions .
(2)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
48 «train vs. car» approach Series 20 impact reporting asof year end 2025 -environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
funded
(equivalent)Energy
Saving
MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Public passenger
rolling stock:
Expenditures
aimed at increasing inter alia the level of efficiency / reliability of the fleet /comfort on
boardMAINTENANCE
EXPENSES2022
421 (1)n.a 830,281 220,114 610,166 73.5% 2023 n.a 1,050,120 226,479 823,641 78.4% 2024 n.a. 1,014,239 219,895 794,344 78.3% 2025 n.a. 978,893 201,245 777,648 79.4%
Total421 (1)
n.a. 3,873,533 867,733 3,005,799 77.6% (1)Total equivalent trains maintained for2020 and 2021 .The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62.
49 «emission avoided » approachSeries 20 impact reporting asof year end 2025 -environmental performance
Project
CategoryEligible
Green ProjectYearTotal
Investement
(A)
(€/mn)Funded
Asset's
Value
(€/mn)
(B)Avoided
emissions
from road
transport
(tCO 2eq)Emissions
from
train
transport
(t.CO2eq)Total GHG
emissions
avoided
(tCO 2eq)
(C)GHG emissions
avoided by
Funded Asset’s
(tCO 2eq)
(B/A)*C
Investments
in
infrastructure
for
low-carbon
transportationINVESTMENTS IN
THE HIGH -SPEED
PROJECT TO -MI-
NA2022
2,870 199.7 686,877 329,344 357,533 24,878(1)2023
2024
2025
Total 2,870 199.7 686,877 329,344 357,533 24,878(1) (1)Punctual approach : refer to slide 64 for an explanation of the approach .
50
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of asset
funded
(equivalent )
1.New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport:
“Pop” and “Rock” 93 6 Pop, 5 Rock 2. Maintenance/Revamping expenses507.8 2631
TOTAL 600.8 274
100% financing
allocatedSeries 21 allocation of the Proceeds 100% proceeds allocated at the issue date, via intercompany loan from FS to Trenitalia and RFI (1)Total equivalent trains maintained for2020 and 2021 .The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62.
51 «train vs. train » approachSeries 21 impact reporting asof year end 202 5-environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
fundedEnergy
Saving MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions t
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalREGIONAL - POP AND
ROCK TRAIN1
operated in Italy2023 113,876 5,322 4,283 1,039 19.5% 2024 3,660 5,052 4,072 980 19.4% 2025 3,806 5,215 4,195 1,020 19.6% Total 11 11,342 15,589 12,550 3,039 19.5% (1)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
52 «train vs. car» approach Series 21 impact reporting asof year end 2025 -environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
funded
(equivalent)Energy
Saving
MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Public passenger
rolling stock:
Expenditures
aimed at increasing inter alia the level of efficiency / reliability of the fleet /comfort on
boardMAINTENANCE
EXPENSES2023
263 (1)n.a 656,013 145,915 510,098 77.8% 2024 n.a. 633,598 141,673 491,925 77.6% 2025 n.a. 611,518 129,657 481,861 78.8% Total 263 (1)n.a. 1,901,129 417,245 1,483,884 78.1% (1)Total equivalent trains maintained for2020 and 2021 .The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62.
53 (1)Series 20, 22, and 25 financed investments in the Firenze High -Speed Hub project, the total extension of which is 7.8 km, therefore unit of asset funded is the same for all series .
(2)The different types of investments do not allow a common unit of assets funded .PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of asset
funded
(equivalent )
1.New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport:
“Pop” and “Rock” 260.1 18 Pop, 13 Rock 2. Investments in the high -speed project TO -MI-NA201.417.8 km1
equivalent
length railway
link HS Firenze 3. Other HS/HC investments43.7 NA2
TOTAL 505.21
100% financing
allocated3Series 22 allocation of the Proceeds 100% proceeds allocated at the issue date, via intercompany loan from FS to Trenitalia and RFI
54 «train vs. train » approachSeries 22 impact reporting asof year end 202 5-environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
fundedEnergy Saving
MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions t
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalREGIONAL - POP AND
ROCK TRAIN(1)
operated in Italy2023 3110,390 14,457 11,673 2,784 19.3% 2024 9,824 13,751 11,119 2,632 19.1% 2025 10,196 14,158 11,427 2,731 19.3% Total 31 30,410 42,366 34,219 8,147 19.2% (1)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
55 «emission avoided » approachSeries 22 impact reporting asof year end 202 5-environmental performance
Project
CategoryEligible Green
ProjectYearTotal
Investement
(A)
(€/mn)Funded
Asset's Value
(€/mn)
(B)Avoided
emissions
from road
transport
(tCO 2eq)Emissions
from
train
transport
(t.CO2eq)Total GHG
emissions
avoided
(tCO 2eq)
(C)GHG emissions
avoided by
Funded Asset’s
(tCO 2eq)
Investments in
infrastructure
for
low-carbon
transportationINVESTMENTS IN
THE HIGH -SPEED
PROJECT TO -MI-NA2023
2,870 201.41 686,877 329,344 357,533 25,090(1)2024
2025
OTHER HS/HC
INVESTMENTS2023
NA 43.72 NA NA NA 21,891(2)2024
2025
ALL INVESTMENTS Total 2,870 245.13 686,877 329,344 357,533 46,981
(1)Punctual approach : (B/A)*C . Refer to slide 64 for an explanation of the approach .
(2)Parametric approach : Carbon efficiency parameter (Tonns /Euro) x B. Refer to slide 65 for an explanation of the approach .
56
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of asset
funded
(equivalent )
1.New Electric Multiple Unit (EMU) Trains For Regional Passenger Transport:
“Pop” and “Rock” 518 42
TOTAL 518 42
100% financing
allocatedSeries 23 allocation of the Proceeds 100% proceeds allocated at the issue date, via intercompany loan from FS to Trenitalia
57 «train vs. train » approachSeries 23 impact reporting asof year end 202 5-environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
fundedEnergy
Saving MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions t
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Investments in
public passenger
transport rolling
stock renewalREGIONAL - POP AND
ROCK TRAIN(1)
operated in Italy2024 4222,014 31,295 24,531 6,764 21.6% 2025 23,224 32,969 25,833 7,136 21.6% Total 42 45,238 64,264 50,364 13,900 21.6% (1)Data related to the POP and ROCK are estimates based on the values stated by the suppliers in the tender procurement process according to the European technical specification TS 50591 “Specification and verification of energy consumption for railway rolling stock” . The baseline for the calculation of energy saving and avoided GHG emissions is the market average for comparable trains in operation stated by the suppliers in the tender procurement process .
55
58
PROCEEDS ALLOCATION
ELIGIBLE GREEN PROJECTFunded Asset's
Value (€/mln)Unit of asset
funded
(equivalent )
1. Investments in the high -speed project TO -MI-NA
170.037.8 km1
equivalent
length railway
link HS Firenze 2. Other HS/HC investments
9.97 NA2
3. Maintenance/Revamping expenses622.5 3743
TOTAL
802.5 financing
allocatedSeries 25 allocation of the Proceeds 100% proceeds allocated at the issue date, via intercompany loan from FS to Trenitalia and RFI (1) Series 20, 22, and 25 financed investments in the Firenze High -Speed Hub project, the total extension of which is 7.8 km, therefore unit of asset funded is the same for all series .
(2) The different types of investments do not allow a common unit of assets funded .
(3) Total equivalent trains maintained for2023 -25.The criteria forestimating thenumber ofequivalent trains peryear isshown onslide 62.
59 «train vs. car» approachSeries 25 impact reporting asof year end 202 5-environmental performance Project CategoryEligible Green ProjectYearUnit of vehicle
fundedEnergy
Saving MWhBaseline
GHG
emissions
tCO 2Total GHG
emissions t
tCO 2Total GHG
emissions
avoided
tCO 2Total GHG
emissions
avoided %
Public passenger
rolling stock:
Expenditures aimed
at increasing inter alia the level of
efficiency /
reliability of the fleet /comfort on
boardMAINTENANCE
EXPENSES2025 374(1) - 862,371 147,937 714,434 82.8%
(1) For three trains, a ‘train vs. train’ approach was adopted, as the activity was aimed at the commissioning of new trains rather than a traditional revamping intervention . The activity was therefore treated as a procurement project, using the ETR500 as the benchmark, as it represents a realistic alternative that would have been deployed in place of the new ETR1000 .
60 «emission avoided » approachSeries 25 impact reporting asof year end 202 5-environmental performance
Project
CategoryEligible Green
ProjectYearTotal
Investement
(A)
(€/mn)Funded
Asset's Value
(€/mn)
(B)Avoided
emissions
from road
transport
(tCO 2eq)Emissions
from
train
transport
(t.CO2eq)Total GHG
emissions
avoided
(tCO 2eq)
(C)GHG emissions
avoided by
Funded Asset’s
(tCO 2eq)
Investments
in
infrastructure
for
low-carbon
transportationINVESTMENTS IN
THE HIGH -SPEED
PROJECT TO -MI-NA2025 2,870 170.03 686,877 329,344 357,533 21,182(1)
OTHER HS/HC
INVESTMENTS2025 NA 9.97 NA NA NA 4,991(2)
ALL INVESTMENTS Total 2,870 180 686,877 329,344 357,533 26,173
(1)Punctual approach : (B/A)*C . Refer to slide 64 for an explanation of the approach .
(2)Parametric approach : Carbon efficiency parameter (Tonns /Euro) x B. Refer to slide 65 for an explanation of the approach .
61 Comparison with similar trains (i.e. trains offered in bidding process)Comparison with road transport (benefit calculated in terms of modal shift car -to-rail) v s v s Cyclic Maintenance /Revamping Purchase of new trains BaselineTrain Market average Train Car
Calculation
algorithm 𝑘𝑊ℎ
𝑡𝑟𝑘𝑚𝑏𝑎𝑠𝑒𝑙𝑖𝑛𝑒−𝑘𝑊ℎ
𝑡𝑟𝑘𝑚𝑡𝑟𝑎𝑖𝑛
𝑠𝑒𝑟𝑖𝑒∗𝑓𝑐𝑜𝑛𝑣𝑠𝑒𝑟𝑖𝑒∗𝑡𝑟𝑘𝑚𝑎𝑣𝑔𝑦𝑒𝑎𝑟𝑁∗𝑛°𝑡𝑟𝑎𝑖𝑛𝑠𝑒𝑟𝑖𝑒𝐶𝑂2
𝑝𝑎𝑥𝑘𝑚𝑐𝑎𝑟−𝐶𝑂2
𝑝𝑎𝑥𝑘𝑚𝑡𝑟𝑎𝑖𝑛
𝑦𝑒𝑎𝑟𝑁∗𝑝𝑎𝑥𝑘𝑚 𝑡𝑟𝑎𝑖𝑛𝑦𝑒𝑎𝑟𝑁
𝑡𝑟𝑎𝑖𝑛𝑦𝑒𝑎𝑟𝑁∗𝑡𝑟𝑎𝑖𝑛𝑒𝑞𝑠𝑒𝑟𝑖𝑒Specific
savingProduction
factorGreen
Bond
ScopeSpecific
savingProduction
factorGreen
Bond
Scope (3)Estimated avoided emissions thanks to the purchase of new trains and the maintenance expenses/revampingNote on Calculation Methodology (1/5) fconvis the CO2 emission factor of the first year of reporting, related to the Italian electricity production mix as calculated by ISPRA for the year N -2 (i.e. for the serie 20 reported for the first time in 2022, the value of year 2020 is used)CO2car is the ratio of car’s average emission per passenger -km in the first year of reporting (161,9 gCO2/km in 2022) (1) and the pax/car average load factor (1,5 in 2022) (2) CO2 train is the product between train’s average specific consumption and the CO2 emission factor related to the electricity production mix (1): Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA) -The database of average emission factors of road transport in Italy (2) EcoPassenger - Environmental Methodology and Data Update 2016 (3) The criteria for estimating the number of Green Bond Scope’s equivalent trains is shown on slide 62«train vs. train » approach «train vs. car» approach
62 𝑡𝑟𝑎𝑖𝑛𝑐𝑜𝑚𝑝.𝑏𝑙𝑜𝑐𝑘𝑒𝑑Blocked composition trains Locomotives + coaches*
* The different types of locos and coaches are considered as a homogeneous whole. For precautionary purposes, the number of equ ivalent trains will be rounded down.(𝑙𝑜𝑐𝑜𝑒𝑙+𝑐𝑜𝑎𝑐ℎ𝑒𝑙+𝑐𝑜𝑎𝑐ℎ𝑝𝑟𝑜𝑚∗𝑓𝑟)/𝑐𝑜𝑚𝑝𝑎𝑣𝑟𝑔 •𝑡𝑟𝑎𝑖𝑛𝑐𝑜𝑚𝑝.𝑏𝑙𝑜𝑐𝑘𝑒𝑑 =trains with blocked composition (e.g.ETR1000 ,TAF, etc.) •𝑙𝑜𝑐𝑜𝑒𝑙=electric -powered locomotives •𝑐𝑜𝑎𝑐ℎ𝑒𝑙=coaches used exclusively in electric loco composition •𝑐𝑜𝑎𝑐ℎ𝑝𝑟𝑜𝑚 =mixed -use coaches used in both electric and diesel loco compositions •𝑓𝑟=corrective reduction factor that takes into account the mixed use of coaches •𝑐𝑜𝑚𝑝𝑎𝑣𝑟𝑔 =average composition of trains composed of loco + coaches per Business𝑡𝑟𝑎𝑖𝑛𝑒𝑞𝑠𝑒𝑟𝑖𝑒= +Note on Calculation Methodology (2/5) Maintenance expenses /revamping -Green Bond Scope’s Equivalent Train Definition
63 Note on Calculation Methodology (3/5) Purchase of new trains -GHG EMISSION GHG emissions of the EGPs (tCO2(1)) = [Annual average consumption (MWh ) of the relevant train] X [CO2 emission factor (gCO2/kWh )]/1000 ▪The Annual Avarage Consumption is actual or estimate depending on the deployment status of project (2) ▪The CO2 Emission Factor is the CO2 emission factor related to the Italian electricity production mix as calculated by ISPRA(3) (1): Location -based approach . CO2emission are included , other gas (CH4e N2O) are not included (less than 1%) (2): Refer to the previous slide for detail on each project (3): Istituto Superiore per la Protezione e la Ricerca Ambientale (ISPRA): Emission factors for the production and consumption of electricity in Italy (update to 2021 and preliminary estimates for 2022) (for the year N -1)SeriesCO2 emission
factor
(gCO2/kWh)
10 316.4
17277.6 (EMU),
0 (ETR1000 Spain ) 18, 19, 20 259.8 21, 22 267.9
23 307.3
25215.9 (trains
operated in Italy)
18.07 (trains
operated in France)
64 Emissions avoided thanks to infrastructure investments that lead the modal shift to rail transportNote on Calculation Methodology (4/5)
Punctual Approach
Where cost -benefit analysis of an investment project is available, the valuation of externalities is done through a punctual approach (direct or indirect) .
Emissions avoided during the operation of a railway project are generally calculated using the differential approach determined by comparing the "project" scenario involving the construction of the project and the "reference" scenario not involving the investment . The calculation is performed along a 30-
year operating phase .
Through specific transportation study, it was possible to estimate the number of vehicles .km diverted from road to rail mode and the related CO2 saved .
This value is netted by the CO2 emitted for the production of electricity needed to run the extra number of trains that result from the investment . On the right side, the tons of CO2 avoided are reported .CO2 emissions avoided during the operation of the railway work thanks to the modal shift to rail transport -357,533 tCO2e(1)
EMISSION
AVOIDED
(1): In the context of the cost -benefit analysis, avoided emissions are expressed in tonnes of CO₂ equivalent (tCO₂e) to ensure a con sistent representation of overall greenhouse gas impacts.
65 Emissions avoided thanks to infrastructure investments that lead the modal shift to rail transportNote on Calculation Methodology (5/5)
Parametric Approach
In case a cost -benefit analysis of an investment project is not available, the estimation of CO2eq(1) tons can be done through a parametric approach . A basket of HS/HC projects with characteristics similar to those of the High Speed TO-
MI-NA was selected and a carbon efficiency parameter was calculated .
CO2 emissions avoided during the operation of the railway work calculated by applying a carbon efficiency parameter (expressed in tons of CO2 per euro) to the share of the project financed by the green bond.Carbon efficiency parameter (Tonns/Euro) x Amount financed (Euro) (1): A voided emissions are expressed in tonnes of CO₂ equivalent ( tCO₂e ) to ensure a consistent representation of overall greenhouse gas impacts.
66 Stefano Pierini –Head of Finance & Investor Relations
Mail: s.pierini@fsitaliane.it
Vittoria Iezzi –Head of Debt Capital Market
Mail: v.iezzi@fsitaliane.it
Luigi Terminiello –Head of Sustainability Reporting, Control & Compliance
Mail: l.terminiello@fsitaliane.it
Francesco Cimino –Head of Investor Relations
Mail: f.cimino@fsitaliane.it
Riccardo Moscucci –DCM -Head of Credit Pricing & ESG Finance
Mail: r.moscucci@fsitaliane.it
Marco Marrone –DCM -Credit Pricing & ESG Finance Specialist
Mail: ma.marrone@fsitaliane.it
https://www.fsitaliane.it/content/fsitaliane/en/investor -relations.html
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