Interim report
for the six months ended 30 June 2026
2 Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 (Page intentionally left blank)
3 Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 INDEX
1 INTRODUCTION ..................................................................................................................... 4 1.1 Ownership and structure of the Autostrade per l'Italia Group .......................................... 6 1.2 Corporate bodies................................................................................................................ 7 1.3 Financial profile and ratings ............................................................................................... 8 2 REPORT ON OPERATIONS .................................................................................................... 10 2.1 Financial highlits ............................................................................................................... 12 2.2 Group financial review ..................................................................................................... 12 2.3 Operating segments ......................................................................................................... 18 2.4 Regulatory aspects ........................................................................................................... 22 2.5 Workforce ........................................................................................................................ 25 2.6 Events after 30 June 2026 ................................................................................................ 25 2.7 Outlook and risk factors or uncertainties ........................................................................ 25
3 EXPLANATORY NOTES AND OTHER INFORMATION ............................................................ 28
3.1 Alternative Performance Indicators (APIs)....................................................................... 30 3.2 Related party transactions ............................................................................................... 34
4 INTERIM CONSOLIDATED FINANCIAL STATEMENTS ........................................................... 36
5 REPORTS .............................................................................................................................. 80
Interim report
for the six months ended 30 June 2026 01.
Introduction
6 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 1.1 Ownership and structure of the Autostrade per l'Italia Group
Note: The organisa Ɵonal chart presents the main shareholding ra Ɵos of the main companies of the Autostrade per l'Italia Group.
7 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 1.2 Corporate bodies
BOARD OF DIRECTORS
Financial years 2025 – 2026 – 2027 BOARD OF STATUTORY AUDITORS
Financial years 2025 – 2026 – 2027 INDEPENDENT AUDITORS Financial years 2021 – 2029
CHAIRMAN
Antonino TURICCHI
CHIEF EXECUTIVE OFFICER
Arrigo Emilio GIANA
DEPUTY CHAIRMAN
Mark Joseph SCARSELLA (1)
DIRECTORS
Miguel ANTOÑANZAS ALVEAR
Ignacio BOTELLA RODRIGUEZ
Sergio BUONCRISTIANO
Amedeo CICALA
Ming ZHU(2)
Tim DANIS
Gerrit LOOTS
Fabio MASSOLI
Gianluca RICCI
Alessandro TONETTI
Renata TOSI CHAIRMAN
Angelo Gervaso COLOMBO
STANDING AUDITORS
Massimo DE BUGLIO
Roberto COLUSSI
Donato LIGUORI
Laura MARTINIELLO
ALTERNATE AUDITORS
Massimo BACCI
Francesco ORIOLI KPMG S.p.A.
COMMITTEES
MAJOR WORKS COMMITTEE CONTROL, RISK, AUDIT AND RELATED
PARTIES COMMITTEE REMUNERATION AND
APPOINTMENTS COMMITTEE
Antonino TURICCHI (Pres.) Arrigo Emilio GIANA
Miguel ANTOÑANZAS ALVEAR
Ignacio BOTELLA RODRIGUEZ
Sergio BUONCRISTIANO
Ming ZHU(2)
Tim DANIS
Gerrit LOOTS
Amedeo CICALA(3)
Alessandro TONETTI Antonino TURICCHI (Pres.)
Miguel ANTOÑANZAS ALVEAR
Ming ZHU(2)
Gerrit LOOTS
Fabio MASSOLI
ESG & HS COMMITTEE
Miguel ANTOÑANZAS ALVEAR (Chair)
Ignacio BOTELLA RODRIGUEZ
Sergio BUONCRISTIANO
Amedeo CICALA
Gerrit LOOTS
Fabio MASSOLI
Renata TOSI
Antonino TURICCHI
Gianluca RICCI (Chair)
Tim DANIS
Alessandro TONETTI
Antonino TURICCHI
Mark Joseph SCARSELLA (1)
(1) Following the resignation of Ing. Andrea Valeri, the Board of Directors of the Company co- opted Mr. Mark Joseph Scarsella as a new director on 2 July 2026. The Board of Directors on 2 July 2026 also resolved to appoint, in place of Ing. Andrea Valeri, Mr. Mark Joseph Scarsella, Vice-Chairman of the Board of Directors of the Company and member of the Remuneration and Appointments Committee.
(2) The Shareholders' Meeting held on 23 April 2026 confirmed the appointment of Mr. Ming Zhu (co- opted on 12 February 2026) as Director of the Company until the approval of the financial statements for the year ended 31 December 2027. Following the shareholde rs' meeting of 23 April 2026, the Board of Directors of 14 May 2026 confirmed Mr. Ming Zhu as a member of the Control, Risk, Audit and Related Parties Committee and took note of the appointment by right of Director Ming Zhu as a member of the M ajor Works Committee pursuant to the combined provisions of art. 28.2 and 38.2 of the Articles of Association.
(3) The Board of Directors on 16 April 2026, following the resignation of Mr. Fabio Massoli, resolved to appoint in his place Lawier Amedeo Cicala as a member of the Major Works Committee.
8 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 1.3 Financial profile and ratings Structure of the Groups’ debt as at 30 June 2026 The Group's gross debt1 (nominal value) amounted to 12,149 million euros and consisted mainly of fixed-rate bonds.
Average medium-long term cost of debt about 3% Average remaining maturity of approximately
five years
Percentage of post-
hedging fixed-rate debt equal to 73% As at 30 June 2026, the Group had a liquidity buffer2 of €5,786 million.
1 In addition to the data resulting from the official financial statements, this report presents and comments on Alternative Performance Indicators ("IAPs"), including "Gross Debt" and "Liquidity Reserve". A detailed description of the main PAIs is provided in chapter 3.1 "Alternative performance indicators".
2 It represents readily available cash equivalents calculated as the sum of cash and cash equivalents and the unused portion of committed credit lines, excluding intra-group current account liabilities and sums deposited with term constraints by subsidiaries. 67%12%21%
Bonds
European Investment Bank loan Other bank borrowings
1.101
4.685 Cash and cash equivalents Committed credit facilities
9 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
Financial ratings
Autostrade per l'Italia's financial solidity is confirmed by the "Investment Grade" credit ra Ɵng assigned to the main interna Ɵonal raƟng agencies.
Agency RaƟng M/L termine Outlook Last Updated
Baa3 Stable November
2025
BBB Stable November
2025
BBB PosiƟve February 2026
Rating ESG
The concrete implementa Ɵon of the ESG strategy and the ASPI Group's commitment to all ESG issues iden Ɵfied as relevant are also confirmed by the results achieved in the environmental, social and governance fields, as evidenced by the improvement in ESG ra Ɵngs compared to 2025.
Agency RATING
2025 RATING
30.06.2026 RATING SCALE
CDP A- A From A to D -
GRESB 98 100 From 0 to 100
MSCI (p)A (p)AA Da (p)CCC a (p)AAA
Sustainalytics 4.3 3.6 = 0 to 40+ Standard Ethics EE EE = Da EEE a F
Interim report
for the six months ended 30 June 2026 02.
Report on operations
12 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 2.1 Financial highlights
CONSOLIDATED KEY PERFORMANCE INDICATORS
€ million 1H 2026 1H 2025 Change Total operating revenues 2,215 2,164 51
EBITDA (ADJUSTED)(*) 1,271 1,261 10
Profit for the period 382 520 (138) FFO-Operating Cash Flow 878 845 33 Capex and maintenance (**) 1,075 1,184 (109)
€ million 30/06/2026 31/12/2025 Change Equity 3,886 3,782 104 Net debt 11,112 10,784 328 Workforce 9,515 9,596 (81)
(*) In addition to the data deducible from the official financial statements, this report presents and comments on a number of Alternative Performance Indicators ("IAPs"), including the "EBITDA (Adjusted)". For a detailed description of the main PAIs, please refer to chapter 3.1 "Alternative performance indicators".
(**) The figure includes (i) operating investments (792 €/mln in the first half of 2026 and 925 €/mln in the first half of 2025), (ii) maintenance costs (258 €/mln in the first half of 2026 and 222 €/mln in the first half of 2025) and (iii) non-remunerated investments (25 €/mln in the first half of 2026 and 37 €/mln in the first half of 2025). The latter refer to certain types of Autostrade per l'Italia interventions that are not remunerated by the tariff as provided for in the Negotiation Agreement signed with the Grantor in 2021.
2.2 Group financial review
This chapter presents the financial statements reclassified with respect to those required by the IAS/IFRS internaƟonal accoun Ɵng standards included in the Consolidated Financial Statements for the first half of June 30, 2026 (official financial statements). These reclassified statements therefore present, in addi Ɵon to the economic, financial and balance sheet figures governed by IAS/IFRS interna Ɵonal accoun Ɵng standards, some indicators and items deriving from the la Ʃer, although not governed by the same standards and iden Ɵfiable as Alterna Ɵve Performance Indicators (hereina Ōer also "APIs") considered significant for the evalua Ɵon of the results of the opera Ɵng performance of the Group as a whole and of the individual companies consolidated. In this regard, please refer to chapter no. 3.1 "Alterna Ɵve performance indicators (API)" for the reconcilia Ɵon of the items of the reclassified financial statements with those of the corresponding official financial statements and for the reconcilia Ɵon between the values taken from the reclassified financial statements and the corresponding indicators on a like-for-like basis, as well as specific explanatory notes on the adjustments made.
The scope of consolida Ɵon as at 30 June 2026 does not show significant changes compared to that at 31 December 2025.
Finally, it should be noted that in the periods under comparison, no non-recurring, atypical or unusual transacƟons were carried out, either with third par Ɵes or with related par Ɵes.
13 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
Consolidated results
"Total opera Ɵng revenue " for the first half of 2026 amounted to 2,215 million euros, an increase of 51 million euros compared to the first half of 2025 (2,164 million euros). In par Ɵcular, "Toll revenues " amounted to €1,995 million1, up €55 million compared to the first half of 2025 (€1,940 million), mainly in rela Ɵon to the tariff increase of Autostrade per l'Italia of 1.5% and the other concessionaires, and the increase in traffic of 0.1%, as explained in more detail in the following paragraph "Opera Ɵng segments". Finally, the item includes tariff increases of €190 million (€189 million in the first half of 2025)2 corresponding to the addi Ɵons to the concession fee pertaining to ANAS, which are also shown under opera Ɵng costs under the item "concession fees" with no impact on the income statement. Excluding this integra Ɵon, toll revenues increased by €54 million.
"OperaƟng costs" amounted to 944 million euros, up 41 million euros compared to the first half of 2025 (903 million euros). In more detail:
1 The item includes a non-cash component related to discounts and exemptions to users, amounting to 4 million euros in the first half of 2026 (24 million euros in the first half of 2025). The economic impact of these components (included among the commitments undertaken by the Company in the Negotiating Agreement signed in October 2021) is null and void as a result of the use of the provision for risks and charges allocated in previous years.
2 Starting from 1 January 2011, the additions to the concession fee to be paid to ANAS pursuant to Laws no. 102/2009 122/2010, calculated on the mileage, are equal to 6 thousandths of a euro per km for classes A and B and 18 thousandths of a euro per km for toll classes 3, 4 and 5. H1 2026 H1 2025 Absolute % Toll revenue 1,995 1,940 55 3 Other operating income 220 224 (4) (2) Total operating revenue 2,215 2,164 51 2 Maintenance costs (258) (222) (36) 16 Cost of other external services (190) (172) (18) 10 Concession fees (238) (235) (3) 1 Net staff costs (258) (274) 16 (6) Total operating costs (944) (903) (41) 5 Adjusted Gross operating profit (ADJUSTED EBITDA) 1,271 1,261 10 1 Operating change in provisions 14 16 (2) (13) Gross operating profit (EBITDA) 1,285 1,277 8 1 Amortisation, depreciation, impairment losses, reversals of impairment losses and provisions for renewal work(528) (454) (74) 16 Operating profit/(loss) (EBIT) 757 823 (66) (8) Financial expenses, net (206) (197) (9) 5 Gains on the sale of investments - 85 (85) n.s.
Share of profit/(loss) of investees accounted for using the equity method(1) 1 (2) n.s.
Profit/(Loss) before tax from continuing operations 550 712 (162) (23) Income tax expense (168) (192) 24 (13) Profit/(Loss) for the period 382 520 (138) (27) (Profit)/Loss for the year attributable to non-controlling interests4 5 (1) (20) (Profit)/Loss for the period attributable to owners of the parent378 515 (137) (27)€mIncrease/(Decrease)
14 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 a. "Maintenance costs ", amounting to €258 million, increased by €36 million compared to the first half of 2025 (€222 million), due to different operational planning and greater interventions on pavements, safety and winter operations partially offset by the impact of restoration costs incurred in previous years following
flooding events;
b. "Other external operating costs ", amounting to 190 million euros, increased by 18 million euros compared to the first half of 2025 (172 million euros) relating to the activities carried out by Amplia Infrastructures, Tecne and Movyon;
c. "Net labour cost ", amounting to €258 million, decreased by €16 million compared to the first half of 2025 (€274 million). The decline is mainly attributable to the reduction in average headcount, linked to the slowdown in turnover mainly of Autostrade per l'Italia and Tecne, the redefinition of the scope of some Amplia orders and non-recurring charges in the first half of 2025. These effects are partly offset by the increase in average costs, mainly due to the costs for Renewal of the Collective Labour Agreement and the lower capitalisation of personnel.
"EBITDA (Adjusted)" amounted to 1,271 million euros, increasing by 10 million euros compared to the first half of 2025 (1,261 million euros) as a result of the phenomena described above.
The "OperaƟng change in provisions" recorded a net use of 14 million euros and was substan Ɵally in line with the results recorded in the first half of 2025 (16 million euros).
"Gross opera Ɵng profit (EBITDA)" amounted to 1,285 million euros, increasing by 8 million euros compared to the first half of 2025 (1,277 million euros) as a result of the phenomena described above.
"AmorƟsaƟon and deprecia Ɵon, impairment losses, reversals and provisions for renewals" amounted to €528 million, an increase of €74 million compared to the first half of 2025, essen Ɵally due to the higher amor ƟsaƟon of concession rights, linked to investments in 2025.
" OperaƟng profit (EBIT)" therefore amounted to 757 million euros, down 66 million euros compared to the first half of 2025 (823 million euros).
"Net financial expenses", amounƟng to 206 million euros, increased by 9 million euros compared to the first half of 2025 (197 million euros), mainly in rela Ɵon to higher interest expenses due to the increase in average net financial debt.
"Capital gains from the sale of equity investments" included in the first half of 2025 the capital gain deriving from the sale of Free To X S.p.A..
"Income tax expense " amounted to 168 million euros (192 million euros in the first half of 2025). The item recorded a decrease of 24 million euros compared to the first half of 2025, not propor Ɵonal to the reducƟon in pre-tax profit mainly due to the non-taxability of the aforemen Ɵoned capital gain.
"Profit for the period", amounƟng to 382 million euros, decreased by 138 million euros compared to the first half of 2025 (520 million euros).
15 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 Consolidated financial position
As at 30 June 2026, " Non-current assets " amounted to 19,617 million euros, an increase of 283 million euros compared to 31 December 2025 (19,334 million euros), mainly due to opera Ɵng investments of 792 million euros (of which 756 million euros in motorway infrastructure), par Ɵally offset by deprecia Ɵon for the period (518 million euros).
"Net working capital " at 30 June 2026 was nega Ɵve at 1,429 million euros, down by 110 million euros compared to 31 December 2025, mainly due to:
a. the increase in trade receivables for invoices to be issued by Autostrade per l'Italia in line with the trend of the seasonality of transits;
b. the reduction in trade liabilities attributable to Autostrade per l'Italia originating from the dynamics relating to investment activities in the reference period compared to December 2025.
"Equity" amounted to €3,886 million, an increase of €104 million compared to the balance at 31 December 2025 (€3,782 million). In par Ɵcular, "Equity a Ʃributable to the owners of the parent", amoun Ɵng to 3,568 million euros, shows an overall increase of 98 million euros compared to the balance at 31 December 2025 (3,470 million euros), mainly due to the profit for the period of 378 million euros, par Ɵally offset by the dividends declared, rela Ɵng to the 2025 financial year, in favour of Autostrade per l'Italia shareholders (258 million euros).
With reference to " Net debt ", which amounted to 11,112 million euros at 30 June 2026, details of the changes are provided below: €m 30 June 2026 31 December 2025Increase/
(Decrease)
Property, plant and equipment 267 281 (14) Intangible assets 19,152 18,859 293 Investments 55 56 (1) Deferred tax assets not elibible for offset 143 138 5 Non-current assets (A) 19,617 19,334 283 Trading assets 973 909 64 Trading liabilities (1,997) (2,070) 73 Net tax assets/(liabilities) (11) (12) 1 Other net assets/(liabilities) (394) (366) (28) Net working capital (B) (1,429) (1,539) 110 Gross invested capital (C=A+B) 18,188 17,795 393 Provisions (2,390) (2,429) 39 Deferred tax liabilities net of deferred tax assets eligible for offset (782) (771) (11) Other non-financial liabilities (18) (29) 11 Non-financial liabilities (D) (3,190) (3,229) 39
NET INVESTED CAPITAL (F=C+D+E) 14,998 14,566 432
Equity attributable to owners of the parent 3,568 3,470 98 Equity attributable to non-controlling interests 318 312 6 Equity (G) 3,886 3,782 104 Net debt (H) 11,112 10,784 328
NET DEBT AND EQUITY (I=G+H) 14,998 14,566 432
16 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
A summary table of the calcula Ɵon of the opera Ɵng cash flow is provided below.
The breakdown of net debt as at 30 June 2026 is as follows: €m H1 2026 H1 2025Increase/
(Decrease)
NET DEBT AT THE BEGINNING OF THE PERIOD A (10,784) (9,918) (866)
Operating cash flow 878 845 33 Change in working capital and other non-financial items (124) (17) (107) Capital expenditure (792) (925) 133 Grants for investment 4 13 (9) Proceeds from disposal of property, plant and equipment, intangible assets and unconsolidated investments3 89 (86) Net cash flow for the period after cash used in investment in non-financial assets B (31) 5 (36) Net equity cash inflows/(outflows) C (258) (790) 532 Increase/(Decrease) in cash and cash equivalents during the year D=B+C (289) (785) 496 Change in fair value of hedging derivatives and other changes in net debt E (39) (34) (5)
CHANGE IN NET DEBT DURING THE PERIOD F=D+E (328) (819) 491
NET DEBT AT THE END OF THE PERIOD A+F (11,112) (10,737) (375)
€m H1 2026 H1 2025Increase/
(Decrease)
Operating revenue 2,215 2,164 51 Operating costs (944) (903) (41) Adjusted EBITDA (A) 1,271 1,261 10 Adjustment for non-cash items affecting EBITDA (B): (1) (1) -
Costs connected with use of provisions for risks and charges (C): (44) (83) 39 Discounted tolls and compensation for disruption due to roadworks (6) (24) 18 Unremunerated investment (25) (37) 12 Other provisions (13) (22) 9 Net financial expenses recognised in profit or loss (D) (206) (112) (94) Adjustments for non-cash financial expenses (E): (15) 67 (82) Financial expenses from the discounting of provisions (12) (13) 1 Gains on the sale of investments - 85 (85) Release of reserves - (3) 3 Other net non-cash financial expenses (3) (2) (1) Cash financial expenses F= D-E (191) (179) (12) Income tax expense recognised in profit or loss (G) (168) (192) 24 Deferred tax expense (H) (11) (39) 28 Current tax expense I=G-H (157) (153) (4) Operating cash flow = A+B+C+F+I 878 845 33
17 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
In the first half of 2026, the company signed new medium/long-term financing lines for a total of 1,550 million euros, bringing the total of available commi Ʃed lines to 4,685 million euros, a Ōer the use of the period.
The item " Other financial liabili Ɵes" shows a reduc Ɵon of 229 million euros, which is also affected by the payment, in March 2026, of the second tranche of the dividend from the profits of the year 2024 for 142 million euros, as resolved by the Annual General Mee Ɵng of shareholders of 24 July 2025.
As at 30 June 2026, 1% of the Group's financial debt was expressed in currencies other than the euro (yen). Taking into account the Cross Currency Swap transac Ɵon linked to the yen bond, the percentage of foreign currency debt exposed to exchange rate risk against the euro is zero.
The average residual maturity of the Group's total interest-bearing financial debt as of June 30, 2026 is approximately five years. Considering the hedging instruments, 73% of the Group's financial debt is expressed at a fixed rate. The average cost of funding in the medium to long term was around 3%. Finally, as at 30 June 2026, the Group had a liquidity buffer of 5,786 million euros, which ensures full support for planned investment commitments:
30/06/2026 31/12/2025
Cash and cash equivalents 1,101 1,249 Unused credit lines(1) 4,685 5,395 Total cash reserves 5.786 6.644 (1) of which Sustainability-Linked amounted to 3,075 million euros at 30 June 2026, 4,175 million euros at 31 December 2025.
It should be noted that Adjusted FFO and Adjusted Opera Ɵng Investments amounted to €903 million and €817 million, respec Ɵvely (€882 million and €962 million in the first half of 2025).
€m 30 June 2026 31 December 2025Increase/
(Decrease)
Net debt
Financial liabilities (A) 12,596 12,414 182 Bond issues 8,051 8,793 (742) short-term portion 600 750 Medium/long-term borrowings 4,190 3,207 983 short-term portion 212 232 Derivative liabilities 72 67 5 Other financial liabilities 118 347 (229) Cash and cash equivalents (C) (1,101) (1,249) 148 Financial assets (D) (383) (381) (2) Financial assets deriving from government grants (148) (154) 6 Term deposits (143) (143) -
Non-current derivative assets (2) (2) -
Other financial assets (90) (82) (8) Net debt (E=A+B+C+D) 11,112 10,784 328
18 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 2.3 Operating segments
The following is a comment on the economic and opera Ɵng performance of the ASPI Group's main operaƟng segments.
Motorways
OperaƟng revenue for the first half of 2026 amounted to 2,138 million euros, an increase of 69 million euros compared to the first half of 2025 (2,069 million euros), essen Ɵally due to the increase in toll revenues, already commented on above. EBITDA, amoun Ɵng to 1,276 million euros, increased by 29 million euros compared to the first half of 2025 (1,247 million euros). Opera Ɵng cash flow for the first half of 2026 amounted to 879 million euros, increasing by 52 million euros compared to the first half of 2025 (827 million euros).
TRAFFIC ON THE GROUP'S NETWORK
In the first half of 2026, traffic on the Group's network recorded a change of +0.1% compared to the same period of the previous year, heavy vehicles with "3 or more axles" grew by 2.5%, while "2-axle" light vehicles decreased by 0.3%. In the second quarter of 2026, in par Ɵcular, there was a slowdown in the growth of light traffic due to the worsening of the macroeconomic situa Ɵon linked to the geopoli Ɵcal context and intense weather events.
CONCESSIONAIRE COMPANY MILLIONS OF KM TRAVELLED(1) % change
2-AXLE
VEHICLES 3+ AXIS
VEHICLES TOTAL
VEHICLES vs 1st
Semester
2025
Autostrade per l'Italia 20.219,3 3.772,7 23.992,0 0,1% Tangenziale di Napoli 421,5 2,4 423,9 0,9% Società Autostrada Tirrenica 129,4 15,7 145,1 1,3% Raccordo Autostradale Valle d’Aosta 49,2 10,3 59,5 3,9% Società Italiana per il Traforo del Monte
Bianco
3,5 1,7 5,2 0,7%
TOTAL 20.823,0 3.802,7 24.625,7 0,1%
(1)Data expressed in millions of kilometres travelled, rounded to the first decimal place. € Million
MOTORWAYS ENGINEERING AND
CONSTRUCTION INNOVATION AND
TECHNOLOGY OTHER SERVICES CONSOLIDATION
ADJUSTMENTS TOTAL
AUTOSTRADE PER
L'ITALIA GROUP
H1 H1 H1 H1 H1 H1
2026 2025 Chg. 2026 2025 Chg. 2026 2025 Chg. 2026 2025 Chg. 2026 2025 2026 2025
DATI REPORTED
Operating
revenue 2.138 2.069 69 494 583 (89) 84 98 (14) 26 30 (4) (527) (616) 2.215 2.164
EBITDA 1.276 1.247 29 2 18 (16) 8 8 - - 1 (1) (1) 3 1.285 1.277
FFO-Operating
Cash Flow 879 827 52 - 11 (11) 4 2 2 (5) 2 (7) - 3 878 845
Capex 784 882 (98) 9 9 - 1 5 (4) 2 1 1 (4) 28 792 925
Average
workforce 4.941 5.066 (125) 2.832 3.210 (378) 407 435 (28) 686 678 8 - - 8.866 9.389
19 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
CAPITAL EXPENDITURE
1H 2026 1H 2025
Autostrade per l'Italia's investment in the network operated under concession 728 803 Other operator’s investment in the network operated under concession 32 50 Investment in property, plant and equipment and intangible assets 24 29
TOTAL CAPEX 784 882
In the first six months of 2026, 784 million euros were invested for the moderniza Ɵon and upgrading of the network, in par Ɵcular 574 million euros for the moderniza Ɵon of the network with numerous intervenƟons on bridges, viaducts, tunnels, safety and noise barriers.
With regard to the network enhancement plan, it is worth men Ɵoning, in par Ɵcular, the con ƟnuaƟon of the works to widen the A1 to the third lane of the A1 in the Firenze Sud – Incisa sec Ɵon, the redevelopment of the original route of the A1 between Barberino and Firenze Nord and the "Tangenziale di Modena" as well as the con ƟnuaƟon of the construc Ɵon sites and preparatory ac ƟviƟes for other interven Ɵons of primary importance for the country, for a total investment, in the first six months of 2026, of 121 million euros.
Engineering and Construction OperaƟng revenues for 2026, amoun Ɵng to 494 million euros, decreased by 89 million euros compared to the same period of the previous year (583 million euros), mainly due to the effect of lower ac ƟviƟes carried out with the parent company Autostrade per l'Italia and companies outside the group.
EBITDA amounted to €2 million, a decrease of €16 million compared to the previous period of the year (€18 million), in rela Ɵon to the decrease in margins of Amplia infrastructures and Tecne.
OperaƟng investments in 2026 amounted to 9 million euros, in line with the previous period of the year.
Innovation and Technology OperaƟng revenues for 2026 amounted to 84 million euros, down by approximately 14 million euros compared to the corresponding period of the previous year (98 million euros). This decrease is mainly aƩributable to lower revenues from Movyon, following the reduc Ɵon in business with the parent company Autostrade per l'Italia.
EBITDA, amoun Ɵng to 8 million euros, in line with the first half of 2025.
OperaƟng investments in 2026 amounted to €1 million, down €4 million compared to the same period of the previous year (€5 million). This reduc Ɵon is mainly a Ʃributable to lower investments in Movyon's intangible assets and lower investments in FTX's tangible assets.
20 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
HIGHLIGHTS BY OPERATING SEGMENT
€ million OPERATING REVENUES
H1 H1 Change 2026 2025 Absolute
ITALIAN MOTORWAYS
Autostrade per l'Italia 2.017 1.963 54 Tangenziale di Napoli 38 35 3 Società Italiana per il Traforo del Monto Bianco 38 32 6 Società Autostrada Tirrenica 29 25 4 Raccordo Autostradale Valle d’Aosta 16 15 1 Intrasegment adjustments - (1) 1
TOTAL ITALIAN MOTORWAYS 2.138 2.069 69
ENGINEERING AND CONSTRUCTION
Amplia Infrastructures 363 420 (57) Amplia Engineering & Equipment S.r.l. 8 7 1 CIEL Costruzioni Impianti Elettromeccaniche 18 17 1 Forlì3 S.c.ar.l. 17 23 (6) Pavimental Polska 18 17 1 Tecne Autostrade per l'Italia Group 90 120 (30) RAV S.c.ar.l. 2 10 (8) Intrasegment adjustments (22) (31) 9
TOTAL ENGINEERING AND CONSTRUCTION 494 583 (89)
INNOVATION AND TECHNOLOGY
Movyon 72 82 (10)
FTM S.r.l. 1 3 (2)
Free to X S.p.A. 8 6 2 Movyon Electronics 6 11 (5) Intrasegment adjustments (3) (4) 1
TOTAL INNOVATION AND TECHNOLOGY 84 98 (14)
OTHER SERVICES
Youverse 13 14 (1) Jovia 11 10 1 Ad Moving (in liquidation) 1 4 (3) Elgea 1 1 -
Southern Highways (in liquidation) - 1 (1) Intrasegment adjustments - - -
TOTAL OTHER SERVICES 26 30 (4)
Consolidation adjustments (527) (616) 89
TOTAL AUTOSTRADE PER L'ITALIA GROUP 2.215 2.164 51
21 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
HIGHLIGHTS BY OPERATING SEGMENT
EBITDA OPERATING INVESTMENTS
H1 H1 Change H1 H1 Change
€ million 2026 2025 Absolute 2026 2025 Absolute
ITALIAN MOTORWAYS
Autostrade per l'Italia 1.228 1.202 26 752 831 (79) Tangenziale di Napoli 14 13 1 16 32 (16) Società Italiana per il T raforo del Monte Bianco 17 17 - - - -
Società Autostrada Tirrenica 13 9 4 2 2 -
Raccordo Autostradale Valle d’Aosta 4 6 (2) 14 17 (3) Intrasegment adjustments - - - - - -
TOTAL ITALIAN MOTORWAYS 1.276 1.247 29 784 882 (98)
ENGINEERING AND CONSTRUCTION
Amplia Infrastructures (12) (4) (8) 5 8 (3) Amplia Engineering & Equipment S.r.l. - - - - - -
CIEL Costruzioni Impianti Elettromeccaniche - 1 (1) - - -
Forlì3 S.c.ar.l. - - - - - -
Pavimental Polska 3 3 - 1 - 1 Tecne Autostrade per l'Italia Group 11 18 (7) 3 1 2 RAV S.c.ar.l. - - - - - -
Intrasegment adjustments - - - - - -
TOTAL ENGINEERING AND CONSTRUCTION 2 18 (16) 9 9 -
INNOVATION AND TECHNOLOGY
Movyon 7 7 - 1 4 (3)
FTM S.r.l. - (1) 1 - - -
Free to X S.p.A. - (1) 1 - 1 (1) Movyon Electronics 1 3 (2) - - -
Intrasegment adjustments - - - - - -
TOTAL INNOVATION AND TECHNOLOGY 8 8 - 1 5 (4)
OTHER SERVICES
Youverse - - - - - -
Jovia 1 1 - - - -
Ad Moving (in liquidation) - - - - - -
Elgea (1) - (1) 2 1 1 Southern Motorways (in liquidation) - - - - - -
Intrasegment adjustments - - - - - -
TOTAL OTHER SERVICES - 1 (1) 2 1 1
Consolidation adjustments (1) 3 (4) (4) 28 (32)
TOTAL AUTOSTRADE PER L'ITALIA GROUP 1.285 1.277 8 792 925 (133)
22 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 2.4 Regulatory aspects
Reference should be made to the Integrated Annual Report for 2025 for informa Ɵon on key regulatory aspects for Group companies. This sec Ɵon provides a descrip Ɵon of updates or new developments occurring through to the date of approval of this Interim Half-year Report for the six months ended 30 June 2026.
Update of Autostrade per l’Italia’s Financial Plan Attention is drawn to the information provided in the Integrated Annual Report for 2025, highlighting the fact that, on 17 March 2026, Autostrade per l’Italia (ASPI) formally submitted its new proposal for the updated Financial Plan. Talks continued with the Grantor and the relevant authorities in the first half of 2026 with regard to the approval process for the update. The Grantor has engaged with the relevant offices of the European Commission in relation to a prior assessment of the compatibility with European law of certain measures in the proposed Financial Plan designed to ensure the concession’s financial feasibility.
Update of the financial plans of subsidiaries In terms of the Group’s other operators and above all RAV, SAT and TANA, as described in full in the Integrated Annual Report, these companies have operated for several years without having their financial plans updated (RAV and SAT since 2013, TANA from 2023).
As described in Integrated Annual Report for 2025, the operators are continuing to engage with the Grantor with a view to finalizing updates of their respective financial plans.
With regard to SAT, the operator submitted a proposal for the updated Financial Plan to the Grantor on 14 October 2025. The Grantor passed this on to the regulator, ART, deeming it to be consistent with the current legal and regulatory framework. During its examination of the proposal, the regulator requested further documents, to which the company responded on 9 March 2026. ART then issued opinion 37 of 14 May 2026, containing a number of concerns, including, among other things, the need to prepare an updated version of the Financial Plan, which the company is in the process of completing.
Regarding tolls for the Civitavecchia-Tarquinia section that entered service in 2016, on 13 July 2026, Lazio Regional Court upheld SAT’s appeal, ruling that the MIT’s refusal to allow the full toll to be charged for the Civitavecchia-
Tarquinia section was unlawful. The Court ruled that failure to approve the Financial Plan or the Addendum does not justify a block or delay in adjusting tolls, given that they are separate procedures. The challenged decisions have thus been annulled and the MIT is now required to revise its response to SAT’s request, basing it on the effective length of Lot 6A of 15 km.
Finally, in June 2026, the MIT announced that, in view of the concession’s expiry on 31 October 2028, it intended to proceed with an assessment of the state of the infrastructure for the purposes of the handover of the concession.
With regard to Tangenziale di Napoli, talks are ongoing with the Grantor and ART on the proposed Financial Plan submitted by the company in July 2025 with a view to preparation of a new updated version of the Plan.
With regard to RAV, and specifically to the legal challenge brought before Valle d’Aosta Regional Administrative Court contesting the Grantor’s rejection of the company’s Financial Plan, on 7 April 2026 the Court combined the two actions brought by RAV. These regard (i) rejection of the toll increase for 2025 and (ii) rejection of the proposed update of the Financial Plan for the regulatory period 2024-2028. In this regard, the Regional Administrative Court rejected the challenge related to the toll increase for 2025, deeming the Grantor’s refusal lawful in the absence of an approved Financial Plan, in contrast with Constitutional Court ruling 147/2025, referred to below. It partially upheld the challenge related to rejection of the Financial Plan, criticising the MIT’s conduct in rejecting the toll increases because they would be unaffordable for road users, whilst merely rejecting the proposal without providing any indications as to how an agreed solution could be achieved, in breach of the principles of good faith and fair dealing. The company is considering how best to proceed to protect its interests.
23 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 As regards the challenges brought by RAV related to the absence of toll increases for 2020, 2021 and 2023, following the Constitutional Court ruling of 14 October 2025, which ruled that the delays to toll increases whilst awaiting the update of financial plans were unlawful, on 1 June 2026, the Council of State upheld the company’s challenges, granting the company the right to resubmit requests for toll increases for the above years.
Against this backdrop, talks with the Grantor are continuing with a view to finding an agreed solution that would safeguard the financial feasibility of the company’s concession arrangement.
SAT, RAV and TANA – Developments regarding determination of the WACC to use in updating or revising ed existing motorway concession arrangements On 8 July 2026, the Council of State upheld the appeals brought by seven motorway operators against ART determination 139/2023 regarding revision of the WACC and annulled the contested decisions, revising an earlier judgement by Piedmont Regional Administrative Court (875/2025).
The ruling primarily regards two aspects of the method used by ART:
1. setting of the debt premium;
2. setting of the equity beta through the selection of comparables.
According to the Council of State, ART has not disclosed the basis used in determining the WACC for the sector and has modified the comparables used in setting the equity beta without providing sufficient justification. As composition of the basket has a direct impact on calculation of equity beta and the WACC, ART should have restarted the consultation and allowed stakeholders to comment on the changed methodology.
The failure to consult is in itself a reason for ruling ART determination 139/2023 unlawful. As a result, the determination was annulled. The ruling has not established what the new level of for the WACC should be.
Developments in ART’s approach to tariff frameworks for tolls Following the consultations launched by determinations 75 and 188 in 2025, on 20 December 2025, ART published determination 241, approving the revised tariff framework for motorway tolls with effect from 1 January 2026.
This has introduced changes with respect to the previous tariff framework established by ART itself in 2019, primarily with the aim of introducing a greater degree of stratification and altering the WACC and the related figurative items, to achieve a closer correlation with the timing of the performance of investment.
As regards adoption of the measures in determination 241/2025, measure 5 differentiates between entry into effect and method of application based on certain characteristics, including the expiry of the concession and the status of the update process on the effective date of the determination.
As a result of the above, with effect from 1 January 2026, certain measures in the above determination apply to all companies in the motorways sector. These relate to the introduction of (i) a final assessment of financial feasibility, (ii) a method of determining toll increases, aligned with the budgeted inflation rate where no Financial Plan has been approved, (iii) application of new procedures regarding the mechanism for penalties/bonuses related to the quality of services and figurative items, and (iv) application of measures in the event of delays to investment with respect to the financial plan submitted and finalized in an addendum. As provided for in the determination, these measures “ apply to existing concessions via execution of an addendum to be agreed during the first update or review of the operator’s Financial Plan following the date of adoption of this determination ”.
As regards ASPI, the proposal for the updated Financial Plan submitted on 17 March 2026 was prepared on the basis of the measures in the new determination and methods of application consistent with the specific nature of the concession, including the Company’s history and the characteristics of the concession arrangement.
Like the Group’s other operators, ASPI has challenged Determina Ɵon 241/2025 within the applicable deadline.
The related hearing before Piedmont Regional Administra Ɵve Court was held on 10 July 2026 when the case was taken under advisement .
24 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 Finally, ART determination 124/2026, published on 17 July 2026, concluded the procedure initiated by determination 6 of 5 February 2026 establishing the criteria for account unbundling and procedures for regulatory accounting, financial planning and monitoring, closely related to the financial feasibility provided for in determination 241/2025. ASPI is assessing the related effects.
Toll increases granted for 2026
Operator Toll increase for 2026 Autostrade per l’Italia 1.50% Tangenziale di Napoli 1.50% Autostrade Tirrenica 1.50% Raccordo Autostradale Valle d’Aosta 1.50% Società Italiana per Azioni per il Traforo del Monte Bianco 1.19%
Under the related legislation, and in view of the fact that ART Determination 241/2025 (measure 5, paragraphs 3.a and 3.b) has extended application of the provisions of Law 193/2024 to all operators whose regulatory period has expired and who are in the process of updating their financial plans, and whilst awaiting approval of the updated plans, the toll increases for 2026 to be applied by ASPI, TANA, SAT and RAV amount to 1.50%. This corresponds with the Government’s budgeted inflation rate for 2026.
Società per il Traforo del Monte Bianco, which has a different concession arrangement based on a bilateral agreement between Italy and France, has applied a toll increase of 1.19% from 1 January 2026, based on the average inflation rates recorded in Italy (1.56%) and France (0.82%) between 1 September 2024 and 31 August 2025.
Regulations governing minimum rights of road users and introduction of refunds overseen by ART Under ART Determination 132/2024, amended by Determination 211 of 2 December 2025, a system for providing refunds for road users as a result of restrictions on the use of infrastructure came into effect from 1 June 2026.
The above regulations have established a refund system linked to disruption caused by both roadworks and tailbacks of significant duration (over 60 minutes). The right to a partial or full refund of tolls is governed by a mechanism that takes into account the type of roadworks, journey length, the delay caused and minimum and maximum trigger thresholds. Over short distances (less than 30 km), refunds are payable regardless of the type of delay caused. Until 1 December 2026, refunds for disruption caused by roadworks only apply to journeys beginning and ending within the network operated by the same operator. From December 2026, all refunds will also apply to interconnected sections. A legal challenge against Determination 211 is pending before Piedmont Regional Administrative Court, as described in the section on litigation in the Integrated Annual Report for 2025.
In financial terms, refunds paid to road users “ may be recovered through tolls ” for the first two years, before the amount recoverable progressively declines through to the end of 2030, after which the cost of any refunds paid is to be borne entirely by operators, with the exception of refunds linked to “disruption to circulation resulting in gridlock” (Measure 8- bis.8), where refunds may be recovered via tolls even after 2030, “ where the operator can demonstrate that the disruption was linked to force majeure and not due to roadworks ”.
From a technical viewpoint, talks are underway with the regulator with the aim of resolving certain distortionary effects deriving from initial application of the method for applying the Determination.
In terms of the regula Ɵons related to the informa Ɵon to be provided to road users, on 6 March 2026, ART issued determina Ɵon 25, with the aim of compelling motorway operators to work with each other to adopt the single app for the sector. The above determina Ɵon aims to verify operators’ full compliance with the
25 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 measures related to the Single App provided for in Determina Ɵon 132/2025. The Determina Ɵon gives ART the right to impose specific obliga Ɵons designed to ensure ac ƟvaƟon of the App in ques Ɵon and, where the obliga Ɵons are not met, to impose penal Ɵes.
2.5 Workforce
As at 30 June 2026, the Autostrade per l'Italia Group employed 9,515 people (9,046 on permanent contracts), a decrease of 81 compared to 31 December 2025 (-0.8%).
Permanent employees decreased by 180 units, mainly due to the slowdown in turnover at Autostrade per l'Italia (65 units, mainly in the collec Ɵon sector) and Tecne (25 units), and to the redefini Ɵon of the scope of orders awarded in Amplia (107 units), partly offset by the greater ac ƟviƟes on the network by Giovia (23 units).
Fixed-term staff increased by +99 mainly due to the greater use of seasonal tax collec Ɵon staff between June 2026 and December 2025 by Autostrade per l'Italia and Società Autostrada Tirrenica.
The Group's average headcount (including temporary staff) stood at an average of 8,866 units in the first half of 2026, down by -523 average units (-5.6%) compared to the first half of 2025 (9,389 average units).
The change is mainly due to the slowdown in turnover in Autostrade per l'Italia (-125 average employees, mainly in the collec Ɵon segment) and Tecne (-107 average employees), the effect of the redefini Ɵon of the scope of contracts awarded in Amplia and CIEL (overall -274 average units) and the transfer of Free To X SpA personnel to Free To X Mobilize following the demerger of the company star Ɵng from May 2025 (-29 average units), par Ɵally offset by the increase in the scope of ac ƟviƟes of Giovia (+27 average units).
2.6 Events after 30 June 2026
In addiƟon to what has already been highlighted in the previous paragraphs and in the following of the document, at the date of approval of the Autostrade per l'Italia Group's half-year financial report as at 30 June 2026, there were no further significant subsequent events.
2.7 Outlook and risk factors or uncertainties
In 2026, the Autostrade per l’Italia Group will con Ɵnue with determina Ɵon along its chosen pathway, striving to ensure the highest safety standards for users, workers, and the network, whilst con Ɵnuing to deliver on its investment programme and drive the development of greener, smarter mobility solu Ɵons.
The Group will proceed with capital and maintenance expenditure totalling approximately €2.4bn during the year, modernising exis Ɵng infrastructure with the aim of extending its useful life and making it safer and more resilient and upgrading key sec Ɵons of the network. This large-scale investment will ensure that we can progress our long-term plans, integra Ɵng infrastructure development and technological innova Ɵon.
Technology and infrastructure are increasingly being integrated to ensure resilience, safety and high levels of performance for a motorway network of strategic importance for the country.
In light of traffic trends in the first six months of the year and bearing in mind ongoing macroeconomic uncertain Ɵes, above all with regard to energy costs, we expect traffic using Autostrade per l’Italia’s network to register growth of approximately 0.5% in 2026. This es Ɵmate remains subject to change in response to con Ɵnued macroeconomic and geopoli Ɵcal uncertain Ɵes. absolute % absolute % absolute % Senior managers 141 153 (12) (7.8%) 1 1 - n.a. 146 185 (39) (21.1%) Middle managers 511 522 (11) (2.1%) - - n.a. 511 559 (48) (8.6%) Administrative staff 4,735 4,787 (52) (1.1%) 29 33 (4) (12.1%) 4,760 4,920 (160) (3.3%) Operational personnel 2,430 2,479 (49) (2.0%) 166 159 7 4.4% 2,261 2,441 (180) (7.4%) Toll collectors 1,229 1,285 (56) (4.4%) 273 177 96 54.2% 1,188 1,284 (96) (7.5%) Total 9,046 9,226 (180) (2.0%) 469 370 99 26.8% 8,866 9,389 (523) (5.6%)PERMANENT STAFF FIXED-TERM STAFF AVERAGE WORKFORCE H1 2026 H1 2025 Change 30 June 2026 31 December 2025 Change 30 June 2026 31 December 2025 Change
26 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 The Ɵming for comple Ɵon of the approval process concerning the new proposed Financial Plan, which was approved by the Board of Directors on 17 March 2026, cannot, at this stage, be es Ɵmated.
The Company’s financial discipline and focus on maintaining a solid financial structure will again be supported in 2026 by a conserva Ɵve financial policy. This entails a minimum threshold of 12.5% for the leverage ra Ɵo, measured as the ra Ɵo of FFO (“Funds from opera Ɵons”) and Gross Debt and a maximum threshold of 5.25x for the ra Ɵo of Net Debt to Cash EBITDA. These metrics are more conserva Ɵve than the thresholds used by the ra Ɵng agencies when assigning the current ra Ɵngs.
This will enable us to pursue our business objec Ɵves whilst maintaining a financial structure rated investment grade by the leading ra Ɵng agencies. The Company will take all the steps necessary to safeguard this level of ra Ɵng.
27 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 (Page inten Ɵonally leŌ blank)
Interim report
for the six months ended 30 June 2026 03.
Explanatory notes and other information
30 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 3.1 Alternative Performance Indicators (APIs) In accordance with ESMA's guidelines, the main PAIs presented in the Half-Year Financial Report and a brief descrip Ɵon of their composi Ɵon, as well as their reconcilia Ɵon with the corresponding official data, is provided below.
During the period, the Group revised its set of Alterna Ɵve Performance Indicators (IAPs) in order to improve the quality, consistency and transparency of financial repor Ɵng, in line with ESMA's recommenda Ɵons on alterna Ɵve performance indicators.
In parƟcular, the interven Ɵons were aimed at:
a. ensure greater consistency between alternative metrics and accounting measures defined pursuant to
IFRS;
b. prioritising indicators that are more representative of the Group's recurring operating performance;
c. limit the inclusion of components characterized by a significant degree of estimation or high volatility, in order to improve comparability over time.
The following have therefore been introduced:
"Adjusted EBITDA ", determined by excluding changes in provisions from EBITDA, with the aim of providing an indicator that is more aligned with the underlying operating performance and less influenced by components related to valuation processes;
"Adjusted operating investments", which reflect investments for the period by including compensation mechanisms for unremunerated interventions, in order to represent more consistently, with respect to the regulatory framework, the actual level of financial commitment related to the development and maintenance of the infrastructure;
"Adjusted FFO-Operating Cash Flow or Operating Cash Flow " is the indicator of the flows generated or absorbed by operations without considering investments that are not remunerated as included in adjusted operating investments among the negative components of FFO in the context of the operating uses of the funds.
On the other hand, the following have been eliminated:
the "EBITDA Cash" indicator as it is no longer considered necessary for the purpose of representing operating performance, also in light of its partial overlap with other measures already presented;
"Equity free cash flow" as it partially overlaps with other cash flow indicators already presented and is not deemed necessary for the purposes of representing the Group's financial performance;
PAIs have been eliminated net of certain adjustments also known as "Changes on a like-for-like basis", used to comment on changes in EBITDA, Profit/loss for the period, Profit/loss for the period attributable to the Group and FFO - Operating Cash Flow, since, in light of the changes in the operating scope and in the regulatory context, no longer considered fully suitable to support a meaningful performance analysis.
The Group will con Ɵnue to provide adequate reconcilia Ɵon informa Ɵon between IAPs and the corresponding IFRS quan ƟƟes, as well as restated compara Ɵve informa Ɵon, where relevant, in order to ensure full comprehensibility of the changes that have occurred and con Ɵnuity of informa Ɵon for users of the financial statements.
The main APIs presented in the half-year financial report as at 30 June 2026 are listed below and a brief descrip Ɵon of their composi Ɵon, as well as their reconcilia Ɵon with the corresponding official
data:
a. "Gross opera Ɵng margin (EBITDA) ": is the synthe Ɵc indicator of profitability deriving from opera Ɵons, determined by subtrac Ɵng from opera Ɵng revenues the opera Ɵng change in provisions and opera Ɵng costs, with the excep Ɵon of deprecia Ɵon, amorƟsaƟon, write-downs, reversals of value and provisions
31 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 for charges that will have to be incurred over Ɵme in rela Ɵon to the renewal of the infrastructure under concession of Società Italiana per Azioni per il Traforo del Monte White (hereina Ōer SITMB);
b. "Adjusted EBITDA ": is the summary indicator of profitability deriving from opera Ɵons, determined by subtracƟng the opera Ɵng change of the provisions from EBITDA;
c. "OperaƟng margin (EBIT) ": is the indicator that measures the return on the total capital invested in the company, calculated by subtrac Ɵng from EBITDA deprecia Ɵon, amorƟzaƟon, write-downs, reversals of value and provisions for the renewal of the infrastructure under concession of SITMB, men Ɵoned above.
d. "Net invested capital ": shows the total amount of non-financial assets, net of non-financial liabili Ɵes;
e. "Net financial debt ": represents the indicator of the share of net invested capital covered by net financial liabili Ɵes, consis Ɵng of "Current and non-current financial liabili Ɵes", net of "Current and non-
current financial assets";
f. "Gross debt ": represents the indicator rela Ɵng to the Company's medium/long-term debt, shown as the sum of the nominal value of bonds and medium/long-term bank loans;
g. "Liquidity reserve": represents the indicator of the cash available readily accessible in situa Ɵons of need by the Company, calculated as the sum of cash and cash equivalents and the unused por Ɵon of commiƩed credit lines, excluding intra-group current account liabili Ɵes and sums deposited with term constraints by subsidiaries;
h. "OperaƟng investments ": this is the indicator of total investments related to the development of the Group's businesses, calculated as the sum of cash flows for investments in property, plant and equipment, concession assets and other intangible assets, excluding investments related to transacƟons in equity investments; it should be noted that the item does not include the costs for non-
remunerated investments included in the nego ƟaƟng agreement with the MIT because they are treated as nega Ɵve components of the opera Ɵng cash flow (FFO);
i. "Adjusted opera Ɵng investments": is the indicator of opera Ɵng investments, also including the costs for non-remunerated investments included in the nego ƟaƟng agreement with the MIT and recognised as uses of funds;
j. "FFO-Opera Ɵng Cash Flow or opera Ɵng cash flow ": is the indicator of the cash flows generated or absorbed by opera Ɵons. Opera Ɵng cash flow is determined as: profit/(loss) for the year + deprecia Ɵon and amor ƟzaƟon +/- write-downs/reversals of assets +/- provisions for provisions, surplus releases and operaƟng uses of provisions + other amending provisions + financial charges from discoun Ɵng of provisions +/- share of loss/gain on equity investments accounted for using the equity method +/-
capital losses/gains on disposal of assets +/- other non-cash income/expenses +/- deferred/deferred tax assets recognised in the income statement;
k. "Adjusted FFO-Opera Ɵng Cash Flow or opera Ɵng cash flow ": this is the indicator obtained by subtracƟng from the FFO the opera Ɵng uses of funds for investments that are not remunerated as they are included in adjusted opera Ɵng investments.
The reconcilia Ɵon schedules are set out below with the corresponding reclassified statements presented in the previous paragraphs of the Income Statement and Statement of Financial Posi Ɵon, prepared in accordance with IAS/IFRS interna Ɵonal accoun Ɵng standards.
32 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
RECONCILIATION OF THE CONSOLIDATED INCOME STATEMENT WITH THE
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
Reconciliation of items
Ref.Sub-
itemsMain
entriesRef.Sub-
itemsMain
entriesRef.Sub-
itemsMain
entriesRef.Sub-
itemsMain
entries
Toll revenue 1,995 1,995 1,940 1,940 Revenue from construction services 756 880 Revenue from construction services - government grants and cost of materials and external services(a) 626 (a) 738 Capitalised staff costs - construction services for which additional economic benefits are received(b) 130 (b) 142 Revenue from construction services provided by sub-operators (c) - (c) -
Other revenue (d) 220 (d) 224 Other operating income (c+d) 220 (c+d) 224 Revenue from construction services provided by sub-operators (c) - (c) -
Total revenue 2,971 3,044
TOTAL OPERATING REVENUE 2,215 2,164
Raw and consumable materials (158) (158) (168) (168) Service costs (876) (876) (920) (920) Gain/(Loss) on sale of elements of property, plant and equipment 1 1 1 1 Staff costs (e) (388) (e) (416) Other operating costs (279) (280) Concession fees (f) (238) (f) (235) Lease expense (8) (8) (12) (12) Other (33) (33) (33) (33) Revenue from construction services: government grants and capitalised cost of materials and external services(a) 626 (a) 738 Use of provisions for renewal of motorway infrastructure (g) - (g) -
COST OFMATERIALS ANDEXTERNAL SERVICES INCLUDING
MAINTENANCE COSTS(448) (394)
CONCESSION FEES (f) (238) (f) (235)
NET STAFF COSTS (e+b) (258) (e+b) (274)
TOTAL OPERATING COSTS (944) (903)
EBITDA ADJUSTED 1,271 1,261
OPERATING CHANGE IN PROVISIONS 14 16
Operating change in provisions 4 8 (Provisions)/ Uses of provisions for repair and replacement of motorway infrastructure21 21 25 25 (Provisions)/Uses of provisions for renewal of motorway infrastructure (10) (8) Provisions for renewal of motorway infrastructure (g) (10) (g) (8) Uses of provisions for renewal of motorway infrastructure (h) - (h) -
Provisions/(Uses) of provisions for risks and charges (7) (7) (9) (9)
TOTAL NET OPERATING COSTS (930) (887)
Amortisation and depreciation (i) (518) (i) (446) Depreciation of property, plant and equipment (32) (31) Amortisation of intangible assets deriving from concession rights (457) (394) Amortisation of other intangible assets (29) (21) (Impairment losses)/Reversals of impairment losses (l) - (l) -
GROSS OPERATING PROFIT (EBITDA) 1,285 1,277
AMORTISATION, DEPRECIATION, IMPAIRMENT LOSSES AND
REVERSALS OF IMPAIRMENT LOSSES(h+i+l)(528)(h+i+l)(454)
TOTAL COSTS (2,214) (2,221)
OPERATING PROFIT/(LOSS) 757 823
OPERATING PROFIT/(LOSS) (EBIT) 757 823
Financial income 53 130 Dividends from investees - 3 Other financial income (m) 53 (m) 127 Financial expenses (n) (259) (n) (242) Financial income/(expenses) from discounting of provisions (o) (12) (o) (13) Other financial expenses (p) (247) (p) (229) Foreign exchange gains/(losses) - -
FINANCIAL INCOME/(EXPENSES) (206) (112)
Financial expenses, net of financial income (206) (197) Gains on the sale of investments 0 85 Share of profit/(loss) of investees accounted for using the equity method(q) (1) (q) (1) (q) 1(q) 1
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 550 550 712 712
Income tax (expense)/benefit (168) (168) (192) (192) Current tax expense (154) (152) Differences on tax expense for previous periods (2) (1) Deferred tax income and expense (12) (39)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS 382 382 520 520
Proft/(Loss) from discontinued operations - - - -
PROFIT/(LOSS) FOR THE PERIOD 382 382 520 520
of which:
Profit/(Loss) for the period attributable to owners of the parent 378 378 515 515 Profit/(Loss) for the period attributable to non-controlling interests 4 4 5 5€m H1 2026 H1 2025 Reported basis Reclassified basis Reported basis Reclassified basis
33 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
RECONCILIATION OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
WITH THE RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€m Reconciliation of items Ref. Main entires Ref. Sub-items Main entires Ref. Main entires Ref. Sub-items Main entires Property, plant and equipment (a) 267 267 (a) 281 281 Intangible assets (b) 19,152 19,152 (b) 18,859 18,859 Investments (c) 55 55 (c) 56 56 Deferred tax assets (d) 143 143 (d) 138 138 Other non-financial assets (e) - - (e) - -
Total non-financial assets (A) 19,617 19,334 Trading assets (f) 973 973 (f) 909 909 Trading liabilities (g) (1,997) (1,997) (g) (2,070) (2,070) Current tax assets/(liabilities), net (h+i) (11) (h+i) (12) Current tax assets (h) 151 (h) 18 Current tax liabilities (i) (162) (i) (30) Other assets/(liabilities), net (j+k) (394) (j+k) (366) Other assets (j) 114 (j) 106 Other liabilities (k) (508) (k) (472) Net working capital (B) (1,429) (1,539) Gross invested capital (C=A+B) 18,188 17,795 Provisions (l+m) (2,390) (l+m) (2,429) Current provisions (l) (531) (l) (410) Non-current provisions (m) (1,859) (m) (2,019) Deferred tax liabilities (n) (782) (782) (n) (771) (771) Other non-financial liabilities (o) (18) (18) (o) (29) (29) Non-financial liabilities (D) (3,190) (3,229) Non-financial assets/liabilities included in disposal groups (E) (p) - (p) -
NET INVESTED CAPITAL (F=C+D+E) 14,998 14,566
Equity attributable to owners of the parent 3,568 3,568 3,470 3,470 Equity attributable to non-controlling interests 318 318 312 312 Total equity (G) 3,886 3,886 3,782 3,782 Net debt (H) (q+r+s+t+u-y-w-x) 11,112 (q+r+s+t+u-y-w-x) 10,784 Non-current financial liabilities (q) 11,511 (q) 11,094 Non-current financial assets (r) (197) (r) (205) Current financial liabilities (s) 1,085 (s) 1,320 Cash and cash equivalents (t) (1,101) (t) (1,249) Cash (990) (961) Cash equivalents (111) (288) Current financial assets (u) (186) (u) (176)
NET DEBT AND EQUITY (I=G+H) 14,998 14,566
Assets held for sale (v) - (v)-
Non-financial assets held for sale - -
Financial assets held for sale - non-current assets (y) - (y) -
Cash and cash equivalents related to discontinued operations(w) - (w) -
Liabilities held for sale (z) - (z) -
Non-financial liabilities held for sale - - -
Financial liabilities held for sale (x) - (x) -
TOTAL NON-CURRENT ASSETS (a+b+c+d+e-r) 19,814 (a+b+c+d+e-r) 19,539 TOTAL CURRENT ASSETS (f+h+j-t-u+v) 2,525 (f+h+j-t-u+v) 2,458
TOTAL NON-CURRENT LIABILITIES (-m-n-o+q) 14,170 (-m-n-o+q) 13,913
TOTAL CURRENT LIABILITIES (-g-i-k-l+s-z) 4,283 (-g-i-k-l+s-z) 4,30230 June 2026 31 December 2025 Reported basis Reclassified basis Reported basis Reclassified basis
34 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
HIGHLIGHTS BY OPERATING SEGMENT
The following opera Ɵng segments have been iden Ɵfied in the Autostrade per l'Italia Group in order to beƩer assess the performance of ac ƟviƟes, taking into account the business and the organisa Ɵonal structure of the business areas:
a. Motorways : includes the activities of motorway concessionaires;
b. Engineering and construction: includes the design, construction and maintenance of infrastructure;
c. Technology and innovation: includes activities related to (i) the creation of new platforms for dynamic pricing, (ii) the installation of digital infrastructures for smart roads and smart service areas, (iii) the development of the innovative infrastructure monitoring system and (iv) sustainable mobility services;
d. Other services: mainly includes the service activities of Youverse, Ad Moving and Giovia to the other companies of the Group.
For further informa Ɵon on the opera Ɵng performance of the opera Ɵng segments and the companies that make up the opera Ɵng segments, please refer to paragraph 2.3 "Data by opera Ɵng segment".
3.2 Related party transactions With reference to transac Ɵons with related par Ɵes, please refer to note 27 d) of the half-year consolidated financial statements.
35 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 (Page intentionally left blank)
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 38
CONSOLIDATED FINANCIAL STATEMENTS
ASSETS
Non-current assets
Property, plant and equipment 7 266,504 281,305 Property, plant and equipment 266,067 280,759 Investment property 437 546 Intangible assets 8 19,151,800 18,859,453 Intangible assets deriving from concession rights 12,846,348 12,551,263 Goodwill and other intangible assets with indefinite lives 6,129,405 6,129,403 Other intangible assets 176,047 178,787 Investments 9 55,195 56,115 Investments accounted for at fair value 4,885 4,885 Investments accounted for using the equity method 50,310 51,230 Non-current financial assets 10 197,001 205,131 Non-current financial assets deriving from government grants 69,073 69,134 Non-current term deposits 69,304 69,560 Securities 34,666 44,283 Non-current derivative assets 2,011 2,147 Other non-current financial assets 21,947 20,007 Deferred tax assets 23 143,434 137,108 Other non-current assets 123 131 Total non-current assets 19,814,057 19,539,243
Current assets
Trading assets 11 972,557 908,768 Inventories 145,376 149,133 Contract assets 138,900 135,564 Trade receivables 688,281 624,071 Cash and cash equivalents 12 1,100,838 1,248,819 Cash 990,143 960,620 Cash equivalents 110,695 288,199 Current financial assets 10 185,751 176,210 Current financial assets deriving from government grants 79,217 84,858 Current term deposits 74,189 73,932 Current portion of medium/long-term financial assets 22,935 9,234 Other current financial assets 9,410 8,186 Current tax assets 23 150,681 17,945 Other current assets 11 114,839 105,656 Assets held for sale 13 343 343 Total current assets 2,525,009 2,457,741
TOTAL ASSETS 22,339,066 21,996,984CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€000 Note 30 June 2026 31 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 39
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent 3,568,221 3,469,840 Issued capital 622,032 622,027 Reserves and retained earnings 2,568,610 1,882,736 Profit/(Loss) for the year 377,550 965,077 Equity attributable to non-controlling interests 317,967 311,923 Issued capital and reserves 313,209 313,833 Profit/(Loss) for the year 4,758 (1,910) Total equity 14 3,886,188 3,781,763
Non-current liabilities
Non-current provisions 15 1,858,896 2,019,382 Non-current provisions for employee benefits 92,938 91,813 Non-current provisions for repair and replacement of motorway
infrastructure873,775 895,826
Non-current provisions for renewal of motorway infrastructure 110,335 98,607 Other non-current provisions for risks and charges 781,848 933,136 Non-current financial liabilities 16 11,510,663 11,093,686 Bond issues 7,451,799 8,043,231 Medium/long-term borrowings 3,978,406 2,975,507 Non-current derivative liabilities 72,125 66,615 Other non-current financial liabilities 8,333 8,333 Deferred tax liabilities 23 781,913 770,514 Other non-current iabilities 17 18,527 29,776 Total non-current liabilities 14,169,999 13,913,358
Current liabilities
Trading liabilities 17 1,997,094 2,069,793 Trade payables 1,997,094 2,069,793 Current provisions 15 531,044 409,564 Current provisions for employee benefits 20,811 30,458 Current provisions for repair and replacement of motorway infrastructure 177,638 169,413 Current provisions for renewal of motorway infrastructure 280 1,557 Other current provisions for risks and charges 332,315 208,136 Current financial liabilities 16 1,085,064 1,320,559 Bank overdrafts repayable on demand 135 -
Short-term borrowings 165,500 -
Current portion of medium/long-term financial liabilities 918,341 1,177,497 Other current financial liabilities 1,088 143,062 Current tax liabilities 23 162,166 30,397 Other current liabilities 17 507,511 471,550 Liabilities held for sale 13 - -
Total current liabilities 4,282,879 4,301,863
TOTAL LIABILITIES 18,452,878 18,215,221
TOTAL EQUITY AND LIABILITIES 22,339,066 21,996,984CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€000 Note 30 June 2026 31 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 40
CONSOLIDATED INCOME STATEMENT
€000 Note H1 2026 H1 2025
REVENUE
Toll revenue 18 1,995,174 1,939,749 Revenue from construction services 18 755,884 880,494 Other operating income 18 219,679 224,055
TOTAL REVENUE 2,970,737 3,044,298
COSTS
Raw and consumable materials 19 (160,491) (167,732) Service costs 19 (875,726) (920,396) Gain/(Loss) on sale of elements of property, plant and equipment and intangible
assets1,487 1,008
Staff costs 19 (387,555) (416,675) Other operating costs 19 (277,884) (279,666) Concession fees (237,598) (234,727) Lease expenses (8,411) (12,133) Other (31,875) (32,806) Operating change in provisions 20 4,484 7,958 Provisions/(Uses of provisions) for repair and replacement of motorway 21,077 25,355 (Provisions)/Uses of provisions for renewal of motorway infrastructure (9,589) (7,974) (Provisions)/Uses of provisions for risks and charges (7,004) (9,423) Amortisation and depreciation 21 (518,152) (445,836) Depreciation of property, plant and equipment (31,737) (30,892) Amortisation of intangible assets deriving from concession rights (456,974) (393,957) Amortisation of other intangible assets (29,441) (20,987) (Impairment losses)/Reversals of impairment losses (314) (287)
TOTAL COSTS (2,214,151) (2,221,626)
- -
OPERATING PROFIT/(LOSS) 756,586 822,672
Financial income 53,054 130,446 Dividends from investees - 2,660 Other financial income 53,054 127,786 Financial expenses (259,112) (241,930) Financial expenses from discounting of provisions (12,082) (13,180) Other financial expenses (247,030) (228,750) Foreign exchange gains/(losses) (102) (367)
FINANCIAL INCOME/(EXPENSES) 22 (206,160) (111,851)
- -
Share of (profit)/loss of investees accounted for using the equity method 9 (555) 677
PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS 549,871 711,498
Income tax (expense)/benefit 23 (167,563) (191,906) Current tax expense (154,439) (151,834) Differences on current tax expense for previous years (2,020) (1,049) Deferred tax income and expense (11,104) (39,023)
PROFIT/(LOSS) FROM CONTINUING OPERATIONS 382,308 519,592
Profit/(Loss) from assets held for sale - -
PROFIT/(LOSS) FOR THE PERIOD 382,308 519,592
of which:
Profit/(Loss) for the period attributable to owners of the parent 377,550 514,168 Profit/(Loss) for the period attributable to non-controlling interests 4,758 5,424
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 41
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit/(Loss) for the period (A) 382,308 519,592 Fair value gains/(losses) on cash flow hedges (8,711) 3,941 Tax effect of fair value gains/(losses) on cash flow hedges 2,091 (945) Gains/(Losses) from translation of assets and liabilities of of consolidated companies with functional currencies other than the euro(609) 3 Other comprehensive income/(loss) reclassifiable to profit or loss for the period(B) (7,229) 2,999 Gains/(losses) from actuarial valuations of provisions for employee benefits 15 (145) (167) Tax effect of gains/(losses) from actuarial valuations of provisions for employee benefits35 239 Other comprehensive income/(loss) not reclassifiable to profit or loss for the period(C) (110) 72 Other reclassifications of other comprehensive income/(losses) to profit or loss for the period(16,443) (13,137) Tax effect of other reclassifications of other comprehensive income/(losses) to profit or loss for the period3,946 3,153 Reclassifications of other components of comprehensive income to profit or loss for the period(D) (12,497) (9,984) Total other comprehensive income/(loss) for the period (E=B+C+D) (19,836) (6,913) of which attributable to assets held for sale - -
Comprehensive income/(loss) for the period (A+E) 362,472 512,679 --
Of which attributable to owners of the parent 357,714 507,258 Of which attributable to non-controlling interests 4,758 5,421€000 Note H1 2026 H1 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 42
Issued
capitalCash flow
hedge reserveReserve for
translation
differences on
translation of
assets and
liabilities of
consolidated
companies with
functional
currencies other
than the euroReserve for
translation of
investments
accounted for
using the equity
method
denominated in
functional
currencies other
than the euro Other reserves
and retained
earningsProfit/(Loss)
for the periodTotal EQUITY
ATTRIBUTABLE
TO NON-
CONTROLLING
INTERESTSTOTAL
EQUITY
ATTRIBUTABLE
TO OWNERS
OF THE
PARENT AND
NON-
CONTROLLING
INTERESTS
622,027 251,712 (163) - 1,358,308 1,056,450 3,288,334 299,902 3,588,236
- (6,989) 3 - 76 514,168 507,258 5,421 512,679 Transfer of profit/(loss) for previous year to retained earnings- - - - 266,476 (266,476) - - -
Dividends paid by Autostrade per l'Italia - - - - -(789,974) (789,974) - (789,974) Cùhange in the scope of consolidation - - - - 25,854 - 25,854 14,099 39,953 Other minor changes - - - - 204 - 204 (2) 202 622,027 244,723 (160) - 1,650,918 514,168 3,031,676 319,420 3,351,096 622,027 232,156 117 - 1,650,463 965,077 3,469,840 311,923 3,781,763
- (19,117) (609) - (110) 377,550 357,714 4,758 362,472 Transfer of profit/(loss) for previous year to retained earnings- - - - 706,874 (706,874) - - -
Dividends paid by Autostrade per l'Italia - - - - - (258,203) (258,203) - (258,203) Other minor changes - - - - (1,130) - (1,130) 1,286 156
- - - - - - - - -
622,027 213,039 (492) - 2,356,097 377,550 3,568,221 317,967 3,886,188 Balance as at 30 June 2026Balance as at 30 June 2025 Balance as at 31 December 2025 Comprehensive income/(loss) for the period Owner transactions and other changes€000 Balance as at 31 December 2024 Comprehensive income/(loss) for the period Owner transactions and other changesEQUITY ATTRIBUTABLE TO OWNERS OF THE PARENTSTATEMENT OF CHANGES IN CONSOLIDATED EQUITY
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 43 €000 Note H1 2026 H1 2025 Profit/(loss) for the period 382,308 519,592
Ajusted by:
Amortisation and depreciation 518,152 445,836 Operating change in provisions, excluding uses of provisions for renewal of motorway infrastructure(47,979) (90,529) 22 12,082 13,180 9 555 (677) Dividends received from investees accounted for using the equity method 365 238
314 (543)
(1,487) (85,740)
23 11,104 39,023 Other non-cash costs (income) 2,098 5,006
(123,966) (16,687)
12 753,546 828,699
(756,054) (880,574)
7 (9,027) (19,398) 8 (26,663) (24,681) 8 3,825 10,740 Government grants for other property, plant and equipment and intangible assets and other changes- 1,056
2,550 87,105
9 43
(1,857) 16,605
12 (787,217) (809,104) Dividends paid to shareholders by Autostrade per l'Italia 14 (400,025) (648,152) 16 - 511,423 16 1,568,055 234,756 16 (750,000) -
16 (589,339) (72,429) 16 (8,614) (9,424)
65,396 (37,949)
12 (114,527) (21,775)
82 (85)
12 (148,116) (2,265)
1,248,819 1,444,441
1,100,703 1,442,176Impairment losses/(Reversal of impairment losses) on current and non-current assets Redemption of bonds Net effect of foreign exchange rate movements on net cash and cash
equivalents [d]
Increase/(Decrease) in cash and cash equivalents [a+b+c+d] NET CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIODRepayments of medium/long term borrowings Issuance of bonds Increase in medium/long-term borrowings (excluding lease liabilities)Proceeds from sale of property, plant and equipment, intangible assets and
unconsolidated investments
Net change in other non-current assets Repayments of lease liabilities Net change in other current and non-current financial liabilities Net cash generated from/(used in) financing activities [c] NET CASH AND CASH EQUIVALENTS AT END OF PERIODNet change in current and non-current financial assets Net cash generated from/(used in) investing activities [b] CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES(Gains)/Losses on sale of non-current assets Net change in deferred tax (assets)/liabilities through profit or loss Change in working capital and other charges Net cash generated from/(used in) operating activities [a]
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Investment in assets held under concession Purchases of property, plant and equipment Purchases of other intangible assets Government grants related to assets held under concessionShare of (profit)/loss of investees accounted for using the equity methodCONSOLIDATED STATEMENT OF CASH FLOWS
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Financial expenses from discounting of provisions
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 44 Income taxes paid/(reimbursed) 23 155,029 194,196 Interest and other financial income collected 49,769 37,868 Interest expense and other financial expenses paid 105,231 94,982 Dividends collected - 2,660 Foreign exchange gains collected 5 49 Foreign exchange losses incurred 26 13
NET CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,248,819 1,444,441
Cash and cash equivalents 1,248,819 1,433,441 Bank overdrafts repayable on demand 16 - -
Cash and cash equivalents related to assets held for sale 13 - 11,000
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,100,703 1,442,176
Cash and cash equivalents 1,100,838 1,442,176 Bank overdrafts repayable on demand 16 (135) -
Cash and cash equivalents related to assets held for sale 13 - -RECONCILIATION OF NET CASH AND CASH EQUIVALENTS
€000 Note H1 2026 H1 2025ADDITIONAL INFORMATION ON THE STATEMENT OF CASH FLOWS
€000 Note H1 2026 H1 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 45
NOTES
Note 1
Introduction
The core business of the Autostrade per l'Italia Group ( "the Group") is the management of administra Ɵve concessions issued by the competent authori Ɵes, concerning the construc Ɵon, management, improvement and maintenance of motorway infrastructure in Italy by the Group's concessionaires. For further informa Ɵon on the Group's concession contracts, please refer to note 4 "Concession contracts and regulatory events during the period".
The Parent Company is Autostrade per l'Italia S.p.A. (hereina Ōer "Autostrade per l'Italia" , "the Company", "the Parent Company" or "ASPI"), is a public limited company incorporated in 2003, whose core business is the management of the Italian motorway administra Ɵve concession granted by the Ministry of Infrastructure and Transport ("the MIT"), which assumed the role of Grantor previously fulfilled by ANAS SpA. from 1 October 2012.
The Parent Company’s registered office is at Via Bergamini, 50 in Rome and it does not have branch offices. The duraƟon of the Company is un Ɵl 31 December 2050.
88.06% of the Company's share capital is held by Holding Re Ɵ Autostradali S.p.A. (also referred to as "HRA"). HRA is a holding company, whose shares are held by CDP Equity (51%), BP Miro (Lux) SCSp (21.85%), BIP-V Miro (Lux) SCSp (2.65%) and Italian Motorway Holdings S.à.r.l. (24.5%). HRA is the ulƟmate parent company of Autostrade per l'Italia and is responsible for management and coordina Ɵon of the Company. None of the shareholders manages, or coordinates HRA either directly or through parent companies.
It should be noted that the Company prepares the Half-Year Financial Report on a voluntary basis. These interim consolidated financial statements as at and for the six months ended 30 June 2026 were approved by Autostrade per l’Italia’s Board of Directors at its mee Ɵng held on 23 July 2026, which alto authorized their pubblica Ɵon.
Note 2
Basis of preparation of the consolidated financial statements The consolidated half-year financial statements as at 30 June 2026 are prepared on a going concern basis.
The half- year consolidated financial statements are prepared in accordance with Interna Ɵonal Financial ReporƟng Standards (IFRS), and in par Ɵcular IAS 34 "Interim Financial Statements" (applicable for interim financial repor Ɵng), issued by the Interna Ɵonal Accoun Ɵng Standards Board, the interpreta Ɵons issued by the Interna Ɵonal Financial Repor Ɵng Interpreta Ɵons Commi Ʃee (IFRIC) as well as the previous Interna Ɵonal AccounƟng Standards (IAS) and previous interpreta Ɵons of the Standard Interpreta Ɵons Commi Ʃee (SIC) sƟll in force, approved by the European Commission. For simplicity, the set of all standards and interpreta Ɵons is hereina Ōer referred to as "IFRS".
The half-year consolidated financial statements consist of the consolidated financial statements (statement of financial posi Ɵon, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement) and these explan atory notes, applying the provisions of IAS 1 "Presenta Ɵon of the financial statements", and are prepared by applying the general criterion of historical cost, with the excepƟon of the items in the financial statements that are measured at fair value on the basis of IFRSs value, as indicated in the valua Ɵon criteria for the individual items described in note 3 "Accoun Ɵng policies and measurement policies applied" of the consolidated financial statements for the year ended 31 December 2025, to which reference is made. Compared to the annual consolidated financial statements, a summary financial statement disclosure is provided in terms of form and content, as permi Ʃed by IAS 34.
Therefore, for more complete informa Ɵon, these half -year consolidated financial statements must be read together with the Annual Integrated Report for the year ended 31 December 2025. It should also be noted that during the first half of 2026, no new accoun Ɵng standards or interpreta Ɵons, or changes to the accounƟng standards or interpreta Ɵons already in place, came into force that had an impact on the individual items of the half-year consolidated financial statements.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 46 The statement of financial posi Ɵon is presented on the basis of the scheme that provides for the dis ƟncƟon of current and non- current assets and liabili Ɵes. The income statement and the statement of comprehensive income are presented according to the nature of the costs; in par Ɵcular, the statement of comprehensive income, star Ɵng from the result for the period, shows the effects of gains and losses recognised directly in equity in applica Ɵon of IFRS. The Statement of changes in Shareholders' Equity represents the changes that occurred during the period in the individual items that compose it, while the cash flow statement is prepared using the indirect method.
IFRS are applied consistently with the indica Ɵons provided in the "Conceptual Framework for Financial ReporƟng" and there have been no cri Ɵcal issues that have led to the use of deroga Ɵons pursuant to IAS 1, paragraph 19.
All values are expressed in thousands of euros, unless otherwise indicated. The euro is the func Ɵonal currency of the Parent Company and its main subsidiaries, as well as the currency used to present the half-
year consolidated financial statements.
For each item in the consolidated financial statements, the corresponding value of the previous year or period is shown for compara Ɵve purposes. In this regard, it should be noted that these compara Ɵve values have not been subject to adjustment and/or re classificaƟon with respect to those already published.
It should be noted that in the periods under comparison, no non- recurring, atypical or unusual transac Ɵons were carried out, either with third par Ɵes or with related par Ɵes.
Management assessments have carefully considered the significant risks related to climate change, as well as the impact of the current macroeconomic environment on refinancing and other financial risks.
Ongoing climate change is a risk factor for poten Ɵal damage of various kinds (e.g. impacts on reputa Ɵon, asset value, access to financial markets, opera Ɵonal costs and the transi Ɵon to a low -carbon economy).
The Group also constantly monitors the impact of the current macroeconomic environment on financing and other financial risks, in order to assess their possible impacts, without any cri Ɵcal issues having emerged in this regard at the moment.
With reference to the possible impacts related to the evolu Ɵon of the scenario and the macroeconomic context and in par Ɵcular to the exacerba Ɵon of geopoli Ɵcal tensions in general, it should be noted first of all that the Group does not have direct exp osure to the na Ɵons involved in the conflict. However, the conƟnuaƟon of the conflict could expose the Group to some effects, such as (a) the increase in the price of raw materials used for investment and maintenance ac ƟviƟes, (b) the possible reduc Ɵon in traffic volumes (in relaƟon to the increase in the cost of fuel, (c) the rise in interest rates on the financial market.
The Group is constantly monitoring the impact on opera Ɵonal and financial risks, in order to assess their possible impacts, without any cri Ɵcal issues currently emerging in this regard.
Note 3
Accounting standards and policies applied As already indicated in note 2 above, the same accoun Ɵng principles and valua Ɵon criteria already applied in the prepara Ɵon of the Annual Integrated Report for the year ended 31 December 2025 were adopted in the prepara Ɵon of the half -year consolidated financial statements as at 30 June 2026.
Note 3 of the consolidated financial statements for the year ended 31 December 2025, to which reference is made, describes the accoun Ɵng principles and valua Ɵon criteria applied.
The consolida Ɵon criteria and methods used for the prepara Ɵon of the half -year consolidated financial statements as at 30 June 2026 are the same as those applied for the prepara Ɵon of the Annual Integrated Report as at 31 December 2025.
It should be noted that with effect from 1 January 2026, the amendments to IFRS 9 and IFRS 7 rela Ɵng to certain changes to the classifica Ɵon and measurement of financial instruments came into force. These amendments did not have an impact on the individual items of the half-year consolidated financial statements, as they relate to cases that are not applicable to the Group.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 47 As required by IFRS, the prepara Ɵon of the consolidated financial statements requires the making of esƟmates and valua Ɵons that are reflected in the determina Ɵon of the carrying amounts of assets and liabiliƟes, as well as the informa Ɵon provided in the explanatory notes, also with reference to con Ɵngent assets and con Ɵngent liabili Ɵes outstanding at the end of the period. These es Ɵmates are mainly used to determine deprecia Ɵon and amor ƟzaƟon, asset impairment tests (including the es Ɵmate of impairment of financial assets), provisions for provisions, employee benefits, fair values o f financial assets and liabili Ɵes, the stage of comple Ɵon of acƟviƟes relaƟng to the provision of revenue -generaƟng services, current taxes, anƟcipated and deferred.
In parƟcular, the es ƟmaƟon of the aforemen Ɵoned funds is by its nature complex and characterized by a high degree of uncertainty as it can be influenced by mul Ɵple variables and assump Ɵons that include technical assump Ɵons about the planning and nature of the restora Ɵon, replacement and renewal of the individual infrastructure components. The main assump Ɵons concern the dura Ɵon of maintenance cycles, the state of conserva Ɵon of the works and the cost forecasts for homogeneous class of interven Ɵon.
The actual results recorded subsequently could, therefore, differ from these es Ɵmates; moreover, es Ɵmates and valua Ɵons are reviewed and updated periodically and the effects deriving from any changes in them are immediately reflected in the financial re porƟng.
With reference to the new accoun Ɵng standard IFRS 18 "Presenta Ɵon of financial statements", which will replace IAS 1 "Presenta Ɵon of financial statements" star Ɵng from the financial statements for periods beginning on or a Ōer 1 January 2027, the Group is proceeding with the analysis of the impacts deriving from its first applica Ɵon. As already represented in the Annual Integrated Report for the year ended 31 December 2025, the evalua Ɵon is sƟll ongoing and concerns, in par Ɵcular, the following aspe cts:
a. the structure and content of the statement of profit/(loss) for the year, with specific reference to the classificaƟon of revenue and expense components into the categories provided for by the standard;
b. the implica Ɵons on the cash flow statement;
c. the defini Ɵon, presenta Ɵon and disclosure of the performance indicators defined by management (Management Performance Measures – MPM);
d. the criteria for aggrega Ɵng and disaggrega Ɵng financial statement informa Ɵon, also with regard to items currently classified as "other".
Note 4
Concession arrangements and regulatory developments during the period Update of Autostrade per l’Italia’s Financial Plan Attention is drawn to the information provided in the Integrated Annual Report for 2025, highlighting the fact that, on 17 March 2026, Autostrade per l’Italia (ASPI) formally submitted its new proposal for the updated Financial Plan.
Talks continued with the Grantor and the relevant authorities in the first half of 2026 with regard to the approval process for the update. The Grantor has engaged with the relevant offices of the European Commission in relation to a prior assessment of the compatibility with European law of certain measures in the proposed Financial Plan designed to ensure the concession’s financial feasibility .
Update of the financial plans of subsidiaries In terms of the Group’s other operators and above all RAV, SAT and TANA, as described in full in the Integrated Annual Report, these companies have operated for several years without having their financial plans updated (RAV and SAT since 2013, TANA from 2023).
As described in Integrated Annual Report for 2025, the operators are continuing to engage with the Grantor with a view to finalizing updates of their respective financial plans.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 48 With regard to SAT, the operator submitted a proposal for the updated Financial Plan to the Grantor on 14 October 2025. The Grantor passed this on to the regulator, ART, deeming it to be consistent with the current legal and regulatory framework. During its examination of the proposal, the regulator requested further documents, to which the company responded on 9 March 2026. ART then issued opinion 37 of 14 May 2026, containing a number of concerns, including, among other things, the need to prepare an updated version of the Financial Plan, which the company is in the process of completing.
Regarding tolls for the Civitavecchia-Tarquinia section that entered service in 2016, on 13 July 2026, Lazio Regional Court upheld SAT’s appeal, ruling that the MIT’s refusal to allow the full toll to be charged for the Civitavecchia-
Tarquinia section was unlawful. The Court ruled that failure to approve the Financial Plan or the Addendum does not justify a block or delay in adjusting tolls, given that they are separate procedures. The challenged decisions have thus been annulled and the MIT is now required to revise its response to SAT’s request, basing it on the effective length of Lot 6A of 15 km.
Finally, in June 2026, the MIT announced that, in view of the concession’s expiry on 31 October 2028, it intended to proceed with an assessment of the state of the infrastructure for the purposes of the handover of the concession.
With regard to Tangenziale di Napoli, talks are ongoing with the Grantor and ART on the proposed Financial Plan submitted by the company in July 2025 with a view to preparation of a new updated version of the Plan.
With regard to RAV, and specifically to the legal challenge brought before Valle d’Aosta Regional Administrative Court contesting the Grantor’s rejection of the company’s Financial Plan, on 7 April 2026 the Court combined the two actions brought by RAV. These regard (i) rejection of the toll increase for 2025 and (ii) rejection of the proposed update of the Financial Plan for the regulatory period 2024-2028. In this regard, the Regional Administrative Court rejected the challenge related to the toll increase for 2025, deeming the Grantor’s refusal lawful in the absence of an approved Financial Plan, in contrast with Constitutional Court ruling 147/2025, referred to below. It partially upheld the challenge related to rejection of the Financial Plan, criticising the MIT’s conduct in rejecting the toll increases because they would be unaffordable for road users, whilst merely rejecting the proposal without providing any indications as to how an agreed solution could be achieved, in breach of the principles of good faith and fair dealing. The company is considering how best to proceed to protect its interests.
As regards the challenges brought by RAV related to the absence of toll increases for 2020, 2021 and 2023, following the Constitutional Court ruling of 14 October 2025, which ruled that the delays to toll increases whilst awaiting the update of financial plans were unlawful, on 1 June 2026, the Council of State upheld the company’s challenges, granting the company the right to resubmit requests for toll increases for the above years.
Against this backdrop, talks with the Grantor are continuing with a view to finding an agreed solution that would safeguard the financial feasibility of the company’s concession arrangement.
SAT, RAV and TANA – Developments regarding determination of the WACC to use in updating or revising ed existing motorway concession arrangements On 8 July 2026, the Council of State upheld the appeals brought by seven motorway operators against ART determination 139/2023 regarding revision of the WACC and annulled the contested decisions, revising an earlier judgement by Piedmont Regional Administrative Court (875/2025).
The ruling primarily regards two aspects of the method used by ART:
1. setting of the debt premium;
2. setting of the equity beta through the selection of comparables.
According to the Council of State, ART has not disclosed the basis used in determining the WACC for the sector and has modified the comparables used in setting the equity beta without providing sufficient justification. As composition of the basket has a direct impact on calculation of equity beta and the WACC, ART should have restarted the consultation and allowed stakeholders to comment on the changed methodology.
The failure to consult is in itself a reason for ruling ART determination 139/2023 unlawful. As a result, the determination was annulled. The ruling has not established what the new level of for the WACC should be.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 49
Developments in ART’s approach to tariff frameworks for tolls Following the consultations launched by determinations 75 and 188 in 2025, on 20 December 2025, ART published determination 241, approving the revised tariff framework for motorway tolls with effect from 1 January 2026. This has introduced changes with respect to the previous tariff framework established by ART itself in 2019, primarily with the aim of introducing a greater degree of stratification and altering the WACC and the related figurative items, to achieve a closer correlation with the timing of the performance of investment.
As regards adoption of the measures in determination 241/2025, measure 5 differentiates between entry into effect and method of application based on certain characteristics, including the expiry of the concession and the status of the update process on the effective date of the determination.
As a result of the above, with effect from 1 January 2026, certain measures in the above determination apply to all companies in the motorways sector. These relate to the introduction of (i) a final assessment of financial feasibility, (ii) a method of determining toll increases, aligned with the budgeted inflation rate where no Financial Plan has been approved, (iii) application of new procedures regarding the mechanism for penalties/bonuses related to the quality of services and figurative items, and (iv) application of measures in the event of delays to investment with respect to the financial plan submitted and finalized in an addendum. As provided for in the determination, these measures “apply to existing concessions via execution of an addendum to be agreed during the first update or review of the operator’s Financial Plan following the date of adoption of this determination ”.
As regards ASPI, the proposal for the updated Financial Plan submitted on 17 March 2026 was prepared on the basis of the measures in the new determination and methods of application consistent with the specific nature of the concession, including the Company’s history and the characteristics of the concession arrangement.
Like the Group’s other operators, ASPI has challenged Determina Ɵon 241/2025 within the applicable deadline. The related hearing before Piedmont Regional Administra Ɵve Court was held on 10 July 2026 when the case was taken under advisement.
Finally, ART determination 124/2026, published on 17 July 2026, concluded the procedure initiated by determination 6 of 5 February 2026 establishing the criteria for account unbundling and procedures for regulatory accounting, financial planning and monitoring, closely related to the financial feasibility provided for in determination 241/2025.
ASPI is assessing the related effects.
Toll increases granted for 2026
Operator Toll increase for 2026 Autostrade per l’Italia 1.50% Tangenziale di Napoli 1.50% Autostrade Tirrenica 1.50% Raccordo Autostradale Valle d’Aosta 1.50% Società Italiana per Azioni per il Traforo del Monte Bianco 1.19%
Under the related legislation, and in view of the fact that ART Determination 241/2025 (measure 5, paragraphs 3.a and 3.b) has extended application of the provisions of Law 193/2024 to all operators whose regulatory period has expired and who are in the process of updating their financial plans, and whilst awaiting approval of the updated
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 50 plans, the toll increases for 2026 to be applied by ASPI, TANA, SAT and RAV amount to 1.50%. This corresponds with the Government’s budgeted inflation rate for 2026.
Società per il Traforo del Monte Bianco, which has a different concession arrangement based on a bilateral agreement between Italy and France, has applied a toll increase of 1.19% from 1 January 2026, based on the average inflation rates recorded in Italy (1.56%) and France (0.82%) between 1 September 2024 and 31 August 2025.
Regulations governing minimum rights of road users and introduction of refunds overseen by ART Under ART Determination 132/2024, amended by Determination 211 of 2 December 2025, a system for providing refunds for road users as a result of restrictions on the use of infrastructure came into effect from 1 June 2026. The above regulations have established a refund system linked to disruption caused by both roadworks and tailbacks of significant duration (over 60 minutes). The right to a partial or full refund of tolls is governed by a mechanism that takes into account the type of roadworks, journey length, the delay caused and minimum and maximum trigger thresholds. Over short distances (less than 30 km), refunds are payable regardless of the type of delay caused. Until 1 December 2026, refunds for disruption caused by roadworks only apply to journeys beginning and ending within the network operated by the same operator. From December 2026, all refunds will also apply to interconnected sections. A legal challenge against Determination 211 is pending before Piedmont Regional Administrative Court, as described in the section on litigation in the Integrated Annual Report for 2025.
In financial terms, refunds paid to road users “ may be recovered through tolls ” for the first two years, before the amount recoverable progressively declines through to the end of 2030, after which the cost of any refunds paid is to be borne entirely by operators, with the exception of refunds linked to “disruption to circulation resulting in gridlock” (Measure 8- bis.8), where refunds may be recovered via tolls even after 2030, “ where the operator can demonstrate that the disruption was linked to force majeure and not due to roadworks ”.
From a technical viewpoint, talks are underway with the regulator with the aim of resolving certain distortionary effects deriving from initial application of the method for applying the Determination.
In terms of the regula Ɵons related to the informa Ɵon to be provided to road users, on 6 March 2026, ART issued determina Ɵon 25, with the aim of compelling motorway operators to work with each other to adopt the single app for the sector. The above deter minaƟon aims to verify operators ’ full compliance with the measures related to the Single App provided for in Determina Ɵon 132/2025. The Determina Ɵon gives ART the right to impose specific obliga Ɵons designed to ensure ac ƟvaƟon of the App in ques Ɵon and, where the obligaƟons are not met, to impose penal Ɵes.
Note 5
Scope of consolidation The consolida Ɵon criteria and methods used for the prepara Ɵon of the half -year consolidated financial statements as at 30 June 2026 are the same as those applied for the prepara Ɵon of the Integrated Annual Report as at 31 December 2025 to which reference is made.
It should be noted that the scope of consolida Ɵon as at 30 June 2026 has changed compared to that as at 31 December 2025 following the establishment of the Brazilian company Movyon Solucoes De Mobilidade LTDA, whose share capital is wholly owned by Movyon.
The exchange rates applied for the period ended June 30, 2026 and for the compara Ɵve period for the conversion of repor Ɵng packages with func Ɵonal currencies other than the euro are those published by the Bank of Italy and presented in the table below:
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 51
Note 6
Corporate transactions during the period During the first half of 2026, no significant corporate transac Ɵons took place to report.
Note 7
Property, plant and equipment a. Amounts at the beginning and end of the period
b. Changes during the period
CurrencySpot exchange rate at 30 JuneAverage
exchange rate
H1Spot exchange rate at 31 DecemberAverage
exchange rate
H1 Euro/Polish zloty 4.296 4.242 4.221 4.231 Euro/Mexican peso - - 21.118 21.804 Euro/Brazilian real 5.900 5.995 - - 2026 2025
CostAccumulated
depreciationCarrying
amountCostAccumulated
depreciationCarrying
amount
Property, plant and equipment 870,433 (604,366) 266,067 867,132 (586,373) 280,759 Investment property 2,182 (1,745) 437 2,182 (1,636) 546 Property, plant and equipment 872,615 (606,111) 266,504 869,314 (588,009) 281,305€00030 June 2026 31 December 2025 Land 5,154 - - - (421) (5) 4,728 Buildings 37,586 586 - (1,869) - 513 36,816 Plant and machinery 46,988 955 - (3,292) (13) 449 45,087 Industrial and business equipment 102,926 2,032 - (14,734) (153) 7,848 97,919 Other assets 19,627 837 - (3,670) (123) 775 17,446 Leasehold improvements 2,793 - - (208) - - 2,585 Property, plant and equipment under construction and advance payments19,782 4,617 - - (81) (9,969) 14,349 Right to use land - - - - - - -
Right to use buildings 25,518 - 1,960 (3,436) (187) (486) 23,369 Right to use equipment and other leased assets 20,385 - 8,389 (4,419) (85) (502) 23,768 Total property, plant and equipment 280,759 9,027 10,349 (31,628) (1,063) (1,377) 266,067 Land 25 - - - - - 25 Buildings 521 - - (109) - - 412 Investment property 546 - - (109) - - 437 Property, plant and equipment 281,305 9,027 10,349 (31,737) (1,063) (1,377) 266,504Carrying amount as at 30 June
2026Reclassifications
and other
adjustmentsCHANGES DURING THE PERIOD
€000Carrying amount
as at
31 December
2025AdditionsIncrease in right-
of-use assetsDepreciationReductions due to
disposals
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 52
Note 8
Intangible assets
a. Amounts at the beginning and end of the period
b. Changes during the period
The increase of 292,347 thousand Euros refers essen Ɵally to investments in the period amoun Ɵng to 782,547 thousand Euros (of which 755,884 thousand Euros in infrastructure works, as reported in note 18 "Revenues"), par Ɵally offset by deprecia Ɵon and amor ƟzaƟon for the period amoun Ɵng to 486,415 thousand Euros (of which 450,497 thousand Euros deprecia Ɵon and amor ƟzaƟon relaƟng to infrastructure works).
These investments are in line with opera Ɵonal planning.
c. Impairment Test Disclosure In accordance with the requirements of IAS 36, it should be noted that no indicators of possible impairment losses (trigger events) have emerged that would require impairment tes Ɵng to be carried out in the preparaƟon of these half -year consolidated financial statements.
CostAccumulated
amortisationAccumulated
impairmentsCarrying
amountCostAccumulated
amortisationAccumulated
impairmentsCarrying
amount
Intangible assets deriving from concession rights 18,794,234 (5,831,838) (116,048) 12,846,348 18,042,175 (5,374,864) (116,048) 12,551,263 Goodwill and other intangible assets with indefinite lives6,129,405 - - 6,129,405 6,129,403 - - 6,129,403 Other intangible assets 837,142 (661,095) - 176,047 810,442 (631,655) - 178,787 Total intangible assets 25,760,781 (6,492,933) (116,048) 19,151,800 24,982,020 (6,006,519) (116,048) 18,859,453€00030 June 2026 31 December 2025
€000Carrying
amount
as at 31
December
2025Additions due to
completion of
construction services,
purchases and
capitalisationsAmortisationChange in scope of consolidationReductions due
to government
grantsReclassifications
and other
adjustmentsCarrying
amount
as at as at 30
June 2026
Acquired concession rights 45,300 - (3,521) - - 41,779 Concession rights accruing from investment in infrastructure12,430,555 755,884 (450,497) - (3,825) - 12,732,117 Concession rights accruing from construction services provided by sub-operators75,408 (2,956) - - - 72,452 Intangible assets deriving from concession rights 12,551,263 755,884 (456,974) - (3,825) - 12,846,348 Goodwill 6,129,011 - - - - - 6,129,011 Trademarks 392 2 - - - - 394 Goodwill and intangible assets with indefinite lives6,129,403 2 - - - - 6,129,405 Software development 114,124 377 (21,866) - - 6,324 98,959 Industrial patents and intellectual property rights 34,062 3,869 (7,012) - - 89 31,008 Concessions and licenses 1,837 - (153) - - 39 1,723 Other 2,587 - (410) - - - 2,177 Intangible assets under development and advance payments26,177 22,415 - - - (6,412) 42,180 Other intangible assets 178,787 26,661 (29,441) - - 40 176,047 Intangible assets 18,859,453 782,547 (486,415) - (3,825) 40 19,151,800CHANGES DURING THE YEAR
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 53
Note 9
Investments
a. Amounts at the beginning and end of the period and changes during the period
b. Impairment test disclosure With reference to the recoverability of the carrying value of equity investments, since no indicators of possible impairment losses emerged in the first half of 2026, no impairment tests were carried out .
c. Other information The following table provides details of the main equity investments held by the Group as at 30 June 2026, with an indica Ɵon of the percentages held and the related carrying value.
Please refer to Annex 1 for the analy Ɵcal list of equity investments held by the Group as at 30 June 2026.
€000
%
interestClosing
balance%
interestClosing
balance
Investments accounted for at fair value:
digITAlog S.p.A. (in liquidation) 1.40% 427 1.40% 427 Strada dei Parchi 2.00% 4,271 2.00% 4,271 Other minor investments 187 187 Total investments accounted for at fair value 4,885 4,885 Investments accounted for using the equity method:
- associates
Bologna & Fiera Parking 36.81% 3,976 36.81% 3,907 Free to X Mobilize Network S.p.A. 49.00% 5,786 49.00% 5,905 Free to X Mobilize S.p.A. 50.00% 37,743 50.00% 38,358 Other minor investments 67 68
- joint ventures Geie del Traforo del Monte Bianco 50.00% 1,000 50.00% 1,000 TecneSystra Advanced Tunneling S.r.l. 50.00% 829 50.00% 906 Tecne Speri Bridge Designers 50.00% 908 50.00% 1,086 Total investments accounted for using the equity
method50,310 51,230
Investments 55,195 56,11530 June 2026 31 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 54
Note 10
Financial assets
a. Amounts at the beginning and end of the period
b. Impairment test disclosure It should be noted that for the financial assets recorded in the interim half-year consolidated financial statements, commented on in this item, there were no impairment indicators during the period and that their carrying amount approximates their fair value .
€000
Non-current financial assets deriving from government grants 69,073 69,134 (61) Non-current term deposits 69,304 69,560 (256) Securities 34,666 44,283 (9,617) Non-current derivative assets(1)2,011 2,147 (136) Other non-current financial assets 21,947 20,007 1,940 Non-current financial assets 197,001 205,131 (8,130) Current financial assets deriving from government grants 79,217 84,858 (5,641) Current term deposits 74,189 73,932 257 Accrued income on medium/long-term financial assets 237 229 8 Other medium/long-term financial assets 22,698 9,005 13,693 Current portion of medium/long-term financial assets 22,935 9,234 13,701 Other current financial assets 9,410 8,186 1,224 Current financial assets 185,751 176,210 9,541 Total 382,752 381,341 1,411Note 30 June 2026 31 December 2025Increase/
(Decrease)
(1) These assets primarily include derivative financial instruments classified as hedges under level 2 of the fair value hierarchy.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 55
Note 11
Trading assets and other current assets a. Trading activities
of which:
"Trade receivables" increased by 64,210 thousand Euros, mainly due to the increase in "Motorway customers" (62,338 thousand Euros) in relation to the increase in trade receivables for invoices to be issued by Autostrade per l'Italia, in line with the trend of seasonal transit with electronic toll systems.
Finally, it should be noted that the carrying amount of trade receivables approximates their fair value.
b. Other current assets
Note 12
Cash and cash equivalents As reported in the consolidated cash flow statement, the financial performance of the first half of 2026 shows a reduction in net cash and cash equivalents of 148,116 thousand Euros (2,265 thousand Euros in the first half of 2025).
The cash flow generated by operating activities in the first half of 2026 amounted to 753,546 thousand Euros (828,699 thousand Euros in the first half of 2025), impacted by: €000 30 June 2026Increase/
(Decrease)
Inventories 145,376 149,133 (3,757) Contract assets 138,900 135,564 3,336 Trade receivables 688,281 624,071 64,210 Trading assets 972,557 908,768 63,78931 December 2025 €000 30 June 2026Increase/
(Decrease)
Trade receivables due from:
Motorway users 422,282 359,944 62,338 Sub-operators at motorway service areas 43,555 64,049 (20,494) Sundry customers 148,005 130,140 17,865 Gross trade receivables 613,842 554,133 59,709 Allowance for bad debts (54,706) (53,835) (871) Other trading assets 129,145 123,773 5,372 Net trade receivables 688,281 624,071 64,21031 December 2025 €000 30 June 2026Increase/
(Decrease)
Receivables due from end users and insurance companies for damages 24,741 22,582 2,159 Tax credits other than for income tax 16,543 21,804 (5,261) Amounts due from staff 2,955 2,798 157 Amounts due from public entities 5,437 5,453 (16) Amounts due from social security institutions 1,490 1,204 286 Accrued income of a non-trading nature 1,283 400 883 Other current assets 65,748 54,826 10,922 Other current assets, gross 118,197 109,067 9,130 Allowance for bad debts (3,358) (3,411) 53 Other current assets, net 114,839 105,656 9,18331 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 56 a. FFO (Operating Cash Flow1) amounted to 877,513 thousand Euros, an increase of 32,127 thousand Euros compared to the first half of 2025 (845,386 thousand Euros);
b. cash flow absorbed by changes in working capital and other changes, amounting to 123,967 thousand Euros, which includes the dynamics related to trade receivables and payables.
The cash flow used for investing activities amounted to 787,217 thousand Euros (809,104 thousand Euros in the first half of 2025), mainly affected by investments in concession activities (756,054 thousand Euros).
Cash flow absorbed for financial activities in the first half of 2026 amounted to 114,527 thousand Euros (21,775 thousand Euros in the first half of 2025), mainly affected by the partial distribution of dividends during the period (400,025 thousand Euros), the repayments of the principal portions of medium-long term loans (589,339 thousand Euros) and the repayments of bonds (750,000 thousand Euros), partially offset by the taking out of medium-long term loans (1,568,055 thousand Euros).
Note 13
Assets and liabilities held for sale
Details by nature (commercial, financial or other) of the item are shown in the following table.
Note 14
Equity
As at 30 June 2026, the fully subscribed and paid-up share capital of the parent company Autostrade per l'Italia consisted of 622,027,000 ordinary shares with a nominal value of 1 euro each, for a total of 622,027 thousand euros and was unchanged compared to 31 December 2025.
Equity aƩributable to owners of the Parent , amounƟng to 3,568,221 thousand Euros, increased by 98,381 thousand Euros compared to 31 December 2025 (3,469,840 thousand Euros) mainly in rela Ɵon to the result of the comprehensive income statement for the period (357,714 thousand Euros) par Ɵally offset by the dividends approved in favour of the shareholders of Autostrade per l'Italia (258,203 thousand Euros).
1 "FFO-Operating Cash Flow or operating cash flow ": is the indicator of the cash flows generated or absorbed by operations.
Operating cash flow is determined as: profit/(loss) for the year + depreciation and amortization +/- write-downs/reversals of assets +/- provisions for provisions, surplus releases and operating uses of provisions + other amending provisions + financial charges from discounting of provisions +/- share of loss/gain on equity investments accounted for using the equity method +/- capital losses/gains on disposal of assets +/- other non-cash income/expenses +/- deferred tax assets recognised in the income statement. €000 30 June 2026 31 December 2025Increase/
(Decrease)
Non-current non-financial assets 343 343 -
- Property, plant and equipment 343 343 -
Current non-financial assets - - -
Non-current financial assets - - -
Current financial assets - - -
Total assets held for sale 343 343 -
Non-current non-financial liabilities - - -
Trading liabilities and other current non-
financial liabilities- - -
Current financial liabilities - - -
Total liabilities related to assets held for sale - - -
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 57 Equity aƩributable to non-controlling interests amounted to 317,967 thousand Euros, an increase of 6,044 thousand Euros compared to the balance as at 31 December 2025 (311,923 thousand Euros) mainly in relaƟon to the overall economic result for the period, which amounted to 4,758 thousand Eur os.
Autostrade per l’Italia’s capital management objec Ɵves are aimed at crea Ɵng value for shareholders, ensure the Company remains a going concern , and protec Ɵng the interests of stakeholders. They also seek to ensure efficient access to external sources of financing to adequately support the Group’s business development and fulfil the commitments undertaken under the concession agreements.
Note 15
Provisions for provisions a. Amounts at the beginning and end of the period
b. Changes during the period
c. Provisions for employee benefits As of June 30, 2026, the item consists of the following elements:
a. the severance pay (hereinafter "TFR") for employees, to be paid upon termination of employment as provided for by the legislation in force in Italy;
b. the residual value of the extraordinary exit plan activated through the isopension contractual instrument by Autostrade per l'Italia, Youverse and Tecne.
d. Provisions for repair and replacement of motorway infrastructures As illustrated in note 3 of the consolidated financial statements for the year ended 31 December 2025, this provision and the accumulated amortisation of intangible concession rights must be considered as a whole to ensure adequate coverage of the costs associated with the construction and operation of the concession assets. The investments and maintenance carried out are in line with operational planning.
The provision, including the current and non- current por Ɵon, decreased by 13,826 thousand Euros compared to 31 December 2025. In par Ɵcular, during the first half of 2026, the following measures were
taken:
a. use the same for an amount of 296,496 thousand Euros. The provision was used both to cover non-recurring maintenance (89,355 thousand Euros) and for recurring maintenance. The latter also include quotas of €000 Provisions for employee benefits 113,749 92,938 20,811 122,271 91,813 30,458 Provisions for repair and replacement of motorway infrastructure 1,051,413 873,775 177,638 1,065,239 895,826 169,413 Provisions for renewal of motorway infrastructure 110,615 110,335 280 100,164 98,607 1,557 Other provisions for risks and charges 1,114,163 781,848 332,315 1,141,272 933,136 208,136 Total provisions 2,389,940 1,858,896 531,044 2,428,946 2,019,382 409,56430 June 2026 31 December 2025
Carrying amountnon-current
portioncurrent
portionCarrying amountnon-current
portioncurrent
portion
Post-employment benefits 44,924 75 672 (2,782) 6 (141) 42,754 Other employee benefits 77,347 - - (6,352) - - 70,995 Provisions for employee benefits 122,271 75 672 (9,134) 6 (141) 113,749 Provisions for repair and replacement of motorway infrastructure1,065,239 275,419 7,251 (296,496) - - 1,051,413 Provisions for renewal of motorway infrastructure 100,164 9,759 862 (170) - - 110,615 Other provisions for risks and charges 1,141,272 6,871 3,302 (37,257) - - 1,114,163 Total provisions 2,428,946 292,124 12,087 (343,057) 6 (141) 2,389,940CHANGES DURING THE PERIOD
Carrying
amount as at
30 June
2026Financial
provisionsUsesReclassifications
and
other changesActuarial
gains/(losses)
recognised in
comprehensive
income€000 Carrying
amount as at 31 December 2025 Operating
provisions
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 58 personnel assigned to maintenance interventions. The use and simultaneous provision of the provision for recurring maintenance in the same period is aimed at ensuring correct reporting for regulatory and tariff
purposes;
b. Determining the provision for the period for an amount of 275,419 thousand Euros, which, after deducting the component relating to recurring maintenance, is determined by taking into account the state of wear and tear of the motorway infrastructure in place at the end of the period and, therefore, the planned interventions on the works included in the provision.
e. Provisions for renewal of motorway infrastructures The provision for the renewal of the Società Italiana per Azioni per il Traforo del Monte Bianco motorway infrastructure, including the current and non- current por Ɵon, amounted to a total of 110,615 thousand Euros (100,164 thousand Euros at 31 December 2025) and increased by 10,451 thousand Euros, essen Ɵally in relaƟon to the provisions (9,759 thousand Euros) for the period, determined in line with the es Ɵmate of the intervenƟons taken as a reference in December.
f. Other provisions for risks and charges This item includes provisions for risks and charges deemed probable at the end of the period and decreased by 27,109 thousand Euros compared to 31 December 2025, essen Ɵally due to uses for the period (37,257 thousand Euros) mainly related to the provision to meet the commitments included in the nego ƟaƟng agreement with the MIT and the Government (35,753 thousand Euros), refers to interven Ɵons included in the investment plan not remunerated by tariff (24,935 thousand Euros), tariff discounts for users and discounts for work hardships (4,291 thousand Euros), as well as contribu Ɵons for logis Ɵcs and digital mobility projects in the Genoa area (6,527 thousand Euros).
For more details on the evolution of the main disputes outstanding as of 30 June 2026, please refer to note 26 "Information on existing disputes".
Note 16
Financial liabilities
a. Amounts at the beginning and end of the period
€000
Bond issues (1)7,451,799 8,043,231 (591,432) Bank borrowings 3,868,482 2,864,995 1,003,487 Other borrowings 76,637 76,523 114 Lease liabilities 33,287 33,989 (702) Medium/long-term borrowings 3,978,406 2,975,507 1,002,899 Non-current derivative liabilities 72,125 66,615 5,510 Medium/long-term financial liabilities 8,333 8,333 -
Non-current financial liabilities 11,510,663 11,093,686 416,977 Bond issues 599,502 749,588 (150,086) Bank borrowings 117,749 140,277 (22,528) Other borrowings 78,499 78,247 252 Lease liabilities 15,270 13,287 1,983 Accrued expenses on medium/long-term financial liabilities 107,321 196,098 (88,777) Current portion of medium/long-term financial liabilities 918,341 1,177,497 (259,156) Bank overdrafts repayable on demand 135 - 135 Short-term borrowings 165,500 - 165,500 Other current financial liabilities 1,088 143,061 (141,973) Short-term financial liabilities 166,723 143,061 23,662 Current financial liabilities 1,085,064 1,320,558 (235,494) Total financial liabilities 12,595,727 12,414,244 181,48330 June 2026 31 December 2025Increase/
(Decrease)
(1) The nominal value of the bonds denominated in yen is shown at the exchange rate applicable to the related Cross Currency Swaps.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 59
b. Type of interest rate, maturity and fair value
c. Average and effective interest rate
d. Changes during the period
For further informa Ɵon on the financial risks involved, the methods used to manage them, as well as the financial instruments held by the Group, please refer to note 25 "Financial risk management".
e. Bond issues In relaƟon to the item "Bonds", it should be noted that in June 2026 Autostrade per l'Italia repaid a bond loan for a nominal amount of 750,000 thousand Euros. Please refer to paragraph c. "Average rate and effecƟve interest rate" above for informa Ɵon on the interest rates applied.
f. Medium-long term borrowings The increase in medium/long- term loans amoun Ɵng to 982,606 thousand Euros compared to 31 December 2025 is essen Ɵally aƩributable to the following combined effects by Autostrade per l'Italia:
a. taking out loans for a total amount of 1,550,000 thousand Euros;
b. early repayments of three loans granted by Cassa Depositi e Prestiti made in the second half of March 2026 (521,930 thousand Euros).
c. repayments, contractually provided, of bank loans granted by the European Investment Bank (68,409 thousand Euros). €000 MaturityNominal valueFair value (1)Carrying amountWithin 12 monthsBetween 13 and 60 monthsAfter 60 months Nominal value Fair value (1) Carrying amount
Bond issues
- listed fixed rate dal 2026 al 2038 8,109,852 7,974,186 8,051,301 599,502 3,416,995 4,034,804 8,857,313 8,727,552 8,792,819 Bank borrowings 3,991,762 3,946,419 3,986,231 117,749 2,961,406 907,076 3,011,266 2,697,463 3,005,272 fixed rate dal 2026 al 2036 769,754 790,777 769,732 82,391 342,611 344,730 810,513 832,250 810,513 floating rate dal 2026 al 2036 3,222,008 3,155,642 3,216,499 35,358 2,618,795 562,346 2,200,753 1,865,213 2,194,759 Other borrowings 156,298 155,136 155,136 78,499 76,637 - 156,302 154,770 154,770 non-interest bearing(2)dal 2026 al 2028 156,298 155,136 155,136 78,499 76,637 - 156,302 154,770 154,770 Lease liabilities 48,557 48,557 48,557 15,270 27,924 5,363 47,276 47,276 47,276 Medium/long-term borrowings 4,196,617 4,150,112 4,189,924 211,518 3,065,967 912,439 3,214,844 2,899,509 3,207,318 Medium/long-term financial liabilities 8,333 8,333 8,333 Derivative liabilities 72,125 72,125 - - 72,125 66,615 66,615 Accrued expenses on medium/long-term financial liabilities 107,321 107,321 107,321 - - 196,098 196,098 Short-term financial liabilities 166,723 166,723 166,723 - - 143,061 143,061 Total financial liabilities 12,306,469 12,470,467 12,595,727 1,085,064 6,491,295 5,019,368 12,072,157 12,032,835 12,414,244 31 June 2026 Due date 31 December 2025 (1) The fair value shown is classified in level 2 of the fair value hierarchy with the exception of lease liabilities, the fair value of which falls within level 3 of the hierarchy.
(2) This item primarily includes amounts payable by Autostrade per l'Italia and the amount payable to the Central Guarantee Fund contributed by Autostrada Tirrenica.
€000
Euro (EUR) 12,157,293 12,101,173 2.96% 3.39% 11,922,981 11,858,481
Yen (JPY) 149,176 140,052 5.30% 3.39% 149,176 141,656
Total financial liabilities 12,306,469 12,241,225 2.93% 12,072,157 12,000,137 30 June 2026 31 December 2025
Nominal valueCarrying
amountAverage interest rate applied to 30 June 2026Effective interest rate as at 30 June 2026Nominal value Carrying amount
€000
Bond issues 8,792,819 - (750,000) 8,482 8,051,301 Bank borrowings 3,005,272 1,568,055 (589,339) 2,243 3,986,231 Other borrowings 154,770 - - 366 155,136 Lease liabilities 47,276 10,147 (8,614) (252) 48,557 Medium/long-term borrowings 3,207,318 1,578,202 (597,953) 2,357 4,189,924 Total 12,000,137 1,578,202 (1,347,953) 10,839 12,241,225Carrying amount as at 30 June 2026Carrying amount as at 31 December 2025New borrowings RepaymentsCurrency translation differences and other
changes
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 60 The average residual maturity of the total interest-bearing financial debt as at 30 June 2026 is approximately five years. The average cost of funding in the medium to long term was around 3%.
g. Derivative liabilities The item as at 30 June 2026 mainly includes the Cross Currency Swap deriva Ɵve entered into in order to miƟgate the exposure to the risk of changes in the exchange rate rela Ɵng to the yen bond.
h. Accrued expenses for medium/long term borrowings As at 30 June 2026, this item mainly includes interest to be paid in rela Ɵon to:
a. bond loans, amounting to 76,027 thousand Euros;
b. loans obtained from credit institutions, amounting to 29,159 thousand Euros.
i. Short-term financial liabilities The increase in short- term financial liabili Ɵes amoun Ɵng to 23,662 thousand Euros compared to the balance as at 31 December 2025 is a Ʃributable to the increase in short -term loans (165,500 thousand Euros), parƟally offset by the payment of the balance of dividends approved in 2025 and distributed in the first half of 2026 (141,822 thousand Euros).
j. Disclosure on covenants With reference to the bond loan denominated in Japanese Yen, it is contractually provided for compliance with minimum thresholds rela Ɵng to the following financial covenants, to be calculated on an annual basis, aŌer the approval of the consolidated and separate financial statements, with reference to the consolidated
data:
a. coverage ratio of financial charges;
b. ratio between FFO and Group Net Debt at the end of each fiscal year;
c. Autostrade per l'Italia's Shareholders' Equity.
With reference to some loans, it should be noted that it is contractually required to comply with a minimum threshold of the financial parameter consis Ɵng of the ra Ɵo between "Opera Ɵng cash flow for debt service" and "Debt service" (DSCR); as of June 30, 2026, there are no aspects to report.
It should also be noted that the credit lines s Ɵpulated by the subsidiaries Amplia Infrastructures and Tangenziale di Napoli also contractually provide for compliance with certain financial parameters.
Failure to comply with these covenants would cons Ɵtute an event of default. It should be noted that the Group companies men Ɵoned above periodically monitor the covenants and as of the date of these half -
year consolidated financial statements there are no aspects to report.
Note 17
Trading liabilities and other liabilities a. Trading liabilities
Trade liabili Ɵes decreased by 72,699 thousand Euros compared to the balance at 31 December 2025 due to the decrease in payables to third- party suppliers (143,817 thousand Euros), origina Ɵng from the dynamics rela Ɵng to maintenance and investment ac ƟviƟes in the reference period, par Ɵally offset by higher payables to interconnected companies (57,957 thousand Euros) a Ʃributable to the combined effect of lower advances paid and higher deferred transits in the second quarter of 2026 compared to the last quarter of 2025. €000 30 June 2026 31 December 2025Increase/
(Decrease)
Amounts payable to suppliers 1,101,992 1,245,809 (143,817) Payable to operators of interconnecting motorways 774,932 716,975 57,957 Tolls in the process of settlement 108,746 97,239 11,507 Acrrued expenses, deferred income and other trading liabilities11,424 9,770 1,654 Trading liabilities 1,997,094 2,069,793 (72,699)
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 61 The book value of trade liabili Ɵes approximates their fair value.
b. Other liabilities
The increase in other current liabili Ɵes of 35,961 thousand Euros mainly refers to Autostrade per l'Italia in relaƟon to higher VAT payables recorded during the period (57,655 thousand Euros), par Ɵally offset by lower payables to the Lessor (48,269 thousand Euros) as a result of the payment of the balances of rents falling due during the first quarter of 2026.
Note 18
Revenue
a. Toll revenue Toll revenues amounted to 1,995,174 thousand Euros, an increase of 55,425 thousand Euros compared to the first half of 2025 (1,939,749 thousand Euros) as a result of the tariff increase granted to Autostrade per l'Italia (1.50%) and the other concessionaires, as well as the increase in traffic on the network of 0.1%. It should be noted that the item also includes increasing changes deriving from the use of the provision for risks and charges allocated in previous years for discounts and exemp Ɵons granted t o users and which amounted to 3,941 thousand Euros in the first half of 2026 (24,359 thousand Euros in the first half of 2025).
Therefore, the economic effect of these components is nil. Finally, the item includes for 190,450 thousand Euros in the first half of 2026 (188,642 thousand Euros in the first half of 2025) the tariff increases pertaining to ANAS also shown under opera Ɵng costs under the item "concession charges". Excluding this integra Ɵon, toll revenues increased by 53,617 thousand Euros.
b. Revenue from construction services Revenues from construc Ɵon services consist of interven Ɵons in infrastructure works and revenues from works borne by sub- concessionaires and represent the fair value of the considera Ɵon due for the expansion and/or adapta Ɵon of concession infrastructure s carried out during the period, determined on the basis of costs as well as any margin on services carried out with structures within the Group (as it represents the fair value of the same services), as indicated in note 3 "Accoun Ɵng policies and valua Ɵon policies applied" of the consolidated financial statements as at 31 December 2025 to which reference is made.
c. Other operating income €000 30 June 2026 31 December 2025Increase/
(Decrease)
Accrued expenses of non-trading nature 17,898 18,932 (1,034) Taxation other than income taxes 224 - 224 Payable to staff - 7,653 (7,653) Amounts payable for expropriations 405 405 -
Social security contributions payable - 2,786 (2,786) Other non-current liabilities 18,527 29,776 (11,249) Taxation other than income taxes 88,197 30,542 57,655 Amounts payable to staff 89,187 72,482 16,705 Social security contributions payable 49,453 40,960 8,493 Concession fees payable 46,201 94,470 (48,269) Guarantee deposits from users who pay by direct debit 2,890 2,733 157 Amounts payable to public entities 192 192 -
Other payables 231,391 230,171 1,220 Other current liabilities 507,511 471,550 35,961
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 62
d. Breakdown of revenue generated by contracts with clients
e. Geographical information
Note 19
Costs
a. Raw and consumable materials and services
€000 H1 2026 H1 2025Increase/
(Decrease)
Revenue from sub-concessions 76,564 79,068 (2,504) Maintenance revenue 8,443 8,636 (193) Other revenue from motorway operation 14,690 12,154 2,536 Revenue from the sale of technology devices and services19,923 21,178 (1,255) Refunds 16,208 11,519 4,689 Damages and compensation 11,239 8,775 2,464 Advertising revenue 2,089 2,283 (194) Contract revenue 42,054 46,083 (4,029) Other income 28,469 34,359 (5,890) Other operating income 219,679 224,055 (4,376) €m At a point in timeOver timeAt a point in timeOver time Net toll revenue 1,995 - - 1,995 1,940 - - 1,940
Revenue from
construction services - 756 - 756 - 880 - 880
Other operating
income 48 46 126 220 61 50 113 224 Total revenue 2,043 802 126 2,971 2,001 930 113 3,044 H1 2026 H1 2025 IFRS 15 Outside
scope of
IFRS 15Total
revenueIFRS 15 Outside
scope of
IFRS 15Total
revenue
€m H1 2026 H1 2025 30 June 2026 31 December 2025 Italy 2,945 3,018 19,470 19,193 Poland 19 19 4 4 France 3 4 - -
Other countries 4 3 - -
Total 2,971 3,044 19,474 19,197Revenue (*) Non-current assets (**) (*) Revenue does not include income from discontinued operations.
(**) In accordance with IFRS 8, non-current assets do not include non-current financial assets and deferred tax assets.
€000 H1 2026 H1 2025Increase/
(Decrease)
Construction materials (87,721) (90,815) 3,094 Electrical and electronic materials (13,701) (15,023) 1,322 Lubricants and fuel (15,914) (15,516) (398) Other raw and consumable materials (38,270) (48,494) 10,224 Cost of materials (155,606) (169,848) 14,242 Change in inventories of raw, ancillary and consumable materials and goods for resale(4,923) 2,049 (6,972) Capitalised cost of raw materials 38 67 (29) Raw and consumable materials (160,491) (167,732) 7,241
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 63
The decrease in costs for services mainly refers to the reduc Ɵon in professional services, influenced by the decrease in investments in infrastructure works compared to the compara Ɵve period.
b. Staff costs
The decrease in the item amoun Ɵng to 29,120 thousand Euros is essen Ɵally related to the reduc Ɵon in the average headcount, linked to the slowdown in turnover mainly of Autostrade per l'Italia and Tecne, the redefiniƟon of the scope of some Amplia orders and other alloca Ɵons in the first half of 2025. These effects were partly offset by the increase in average costs, mainly due to the costs deriving from the renewal of the CCNL and the lower capitalisa Ɵon of personnel.
c. Other operating costs Other charges for the first half of 2026, detailed in the table below, are substan Ɵally in line with the balance for the first half of 2025. €000 H1 2026 H1 2025Increase/
(Decrease)
Construction and similar (540,558) (543,707) 3,149 Professional services (151,983) (183,565) 31,582 Transport and similar (45,367) (45,855) 488 Utilities (26,357) (27,961) 1,604 Insurance (16,426) (16,893) 467 Statutory Auditors' fees (440) (419) (21) Other services (94,595) (101,996) 7,401 Service costs (875,726) (920,396) 44,670 €000 H1 2026 H1 2025Increase/
(Decrease)
Wages and salaries (266,057) (280,138) 14,081 Social security contributions (81,871) (85,162) 3,291 Other provisions for employee benefits - - -
Payments to supplementary pension funds, INPS and for post-employment benefits(15,835) (16,862) 1,027 Directors' remuneration (1,696) (1,287) (409) Other staff costs (24,699) (34,919) 10,220 Gross staff costs (390,158) (418,368) 28,210 Capitalised staff costs attributable to assets not held under concession 2,603 1,693 910 Staff costs (387,555) (416,675) 29,120
absolute %
Senior managers 146 185 (39) (21.08%) Middle managers 512 560 (48) (8.57%) Administrative staff 4,759 4,919 (160) (3.25%) Operational personnel 2,261 2,441 (180) (7.37%) Toll collectors 1,188 1,284 (96) (7.48%)
Total 8,866 9,389 (523) (5.57%)AVERAGE WORKFORCE
H1 2026 H1 2025Increase/(Decrease)
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 64
Note 20
Operating change in provisions This item consists of opera Ɵng changes (provisions and uses) of provisions for provisions, excluding those for employee benefits (classified under personnel costs), recognised by Group companies in order to fulfil legal and contractual obliga Ɵons that ar e expected to require the use of resources in subsequent years.
The item shows a net use of 4,484 thousand Euros, compared to the net use of 7,958 thousand Euros in the first half of 2025.
Note 21
Amortisation and depreciation The increase of 72,316 thousand Euros compared to the first half of 2025 essen Ɵally refers to the increase in intangible concession rights, in rela Ɵon to the higher value of motorway infrastructure works for investments in the 2025 financial year.
Note 22
Financial income/(expenses)
The balance of financial income and expenses is detailed in the table below.
€000 H1 2026 H1 2025Increase/
(Decrease)
Concession fees (237,598) (234,727) (2,871) Lease expense (8,411) (12,133) 3,722 Grants and donations (14,172) (12,029) (2,143) Direct and indirect taxes (8,828) (8,993) 165 Other (8,875) (11,784) 2,909 Other costs (31,875) (32,806) 931 Other operating costs (277,884) (279,666) 1,782 €000 H1 2026 H1 2025Increase/
(Decrease)
Dividends from investees - 2,660 (2,660) Income from derivative financial instruments 45,669 24,945 20,724 Interest and fees receivable on bank and post office deposits 5,282 14,798 (9,516) Gain from the sale of investments - 84,732 (84,732) Other 2,103 3,311 (1,208) Total financial income (a) 53,054 130,446 (77,392) Financial expenses from discounting of provisions (12,082) (13,180) 1,098 Interest on bonds and medium/long-term borrowings (204,447) (204,188) (259) Losses on derivative financial instruments (32,021) (14,284) (17,737) Interest expense accounted for as an increase in financial liabilities (2,539) (2,412) (127) Interest and fees payable on bank and post office deposits (1,018) (247) (771) Other (7,005) (7,619) 614 Other financial expenses (247,030) (228,750) (18,280) Financial expenses (b) (259,112) (241,930) (17,182) Foreign exchange gains 836 5,130 (4,294) Foreign exchange losses (938) (5,497) 4,559 Foreign exchange gains/(losses) (c) (102) (367) 265 Financial income/(expenses) (a+b+c) (206,160) (111,851) (94,309)
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 65 Financial charges, net of financial income, increased by 94,309 thousand Euros compared to the first half of 2025, mainly due to the recogni Ɵon in the first half of 2025 of the capital gain related to the FTX transacƟon (84,732 thousand Euros) rela Ɵng to the sale of the electric vehicle charging services business.
Note 23
Tax a. Income tax (expense)/benefit
Tax expenses for the first half of 2026 amounted to 167,563 thousand Euros, a decrease of 24,343 thousand Euros compared to the first half of 2025 (191,906 thousand Euros), mainly due to the reduc Ɵon in pre-tax profit. The reduc Ɵon in charges is not propor Ɵonal to the reduc Ɵon in pre -tax profit mainly due to the non-taxability in the first half of 2025 of the capital gain deriving from the Free To X S.p.A. transac Ɵon.
relaƟng to the transfer of electric vehicle charging services.
b. Current income tax assets and liabilities The following table shows the amount of current tax assets and liabili Ɵes at the beginning and end of the period.
As at 30 June 2026, the Group had net income tax liabili Ɵes of 11,485 thousand Euros, substan Ɵally in line with the balance as at 31 December 2025 (12,452 thousand Euros as at 31 December 2025). It should be noted that, during the first half of the year, the Group paid taxes as the balance for the year 2025 and advances for the year 2026 to the parent company HRA in rela Ɵon to the tax filing system for the amount of 155,029 thousand Euros and allocated taxes for the period for the period for 154,439 thousand Euros.
c. Deferred and deferred tax assets €000 H1 2026 H1 2025Increase/
(Decrease)
IRES (122,269) (118,667) (3,602)
IRAP (32,948) (33,602) 654
Other income taxes (1) (168) 167 Current tax benefit of tax loss carry-forwards 779 603 176 Current tax expense (154,439) (151,834) (2,605) Recovery of previous years' income taxes 2,279 344 1,935 Previous years' income taxes (4,299) (1,393) (2,906) Differences on current tax expense for previous years (2,020) (1,049) (971) Provisions 92,258 83,321 8,937 Releases (107,210) (122,515) 15,305 Changes in prior year estimates 3,518 - 3,518 Deferred tax income (11,434) (39,194) 27,760 Provisions (1,791) (3,226) 1,435 Releases 2,121 3,397 (1,276) Deferred tax expense 330 171 159 Deferred tax income/(expense) (11,104) (39,023) 27,919 Income tax (expense)/benefit (167,563) (191,906) 24,343
€000
30 June 2026 31 December 2025 30 June 2026 31 December 2025
IRES 120,671 13,337 129,106 29,835
IRAP 29,672 4,270 32,948 420
Other income taxes 338 338 112 142 150,681 17,945 162,166 30,397Current tax assets Current tax liabilities
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 66
d. Changes in deferred and deferred tax assets
As shown in the table, the balance as at 30 June 2026 essen Ɵally includes:
a. deferred tax assets allocated, starting from 2003, in relation to the annual IRAP portion of the deduction of the amortization (recognised for tax purposes only) of goodwill;
b. the residual balance of deferred tax assets relating to the realignment, on a straight-line basis over 29 years from 2010, of the global balance determined at the time of the first application of IFRIC 12 pursuant to art.
11, paragraph 3 of the Ministerial Decree of 8 June 2011 on the coordination between taxation and international accounting standards;
c. the non-deductible portions of provisions for provisions, mainly referring to the provision for the restoration and replacement of motorway infrastructure and the provision for charges in relation to the commitments undertaken by the Company with the MIT.
Note 24
Operating segments
The following opera Ɵng sectors have been iden Ɵfied in order to be Ʃer assess the performance of the acƟviƟes taking into account the business and the organiza Ɵonal structure of the business areas:
a. Motorways : includes the activities of motorway operators;
b. Engineering and construction : includes activities related to the design, construction and maintenance of infrastructures carried out by Tecne and Amplia Infrastructures with its subsidiaries; €000 30 June 2026 31 December 2025 Deferred tax assets 1,201,939 1,217,815 Deferred tax liabilities eligible for offset (1,058,505) (1,080,707) Deferred tax assets less deferred tax liabilities eligible for
offset143,434 137,108
Deferred tax liabilities (781,913) (770,514) Difference between deferred tax assets and liabilities (eligible and ineligible for offset)(638,479) (633,406) €000 31 December 2025 Provisions ReleasesProvisions (releases) accounted for
in other
comprehensive
incomeReclassifications and
other changes30 June 2026 Deferred tax assets on:
Restatement of total amount subject to IFRIC 12 by Autostrade per l'Italia234,399 - (9,015) - - 225,384 Provisions 882,154 87,836 (94,037) (1) 3,543 879,495 Impairments and depreciation of non-current assets 8,837 5 (2) - - 8,840 Derivative financial instruments 12,619 - - (4,599) - 8,020 Impairment of receivables and inventories 6,052 150 (42) - - 6,160 Tax losses eligible to be carried forward (1,746) - - - - (1,746) Actuarial gains/(losses) on post-employment benefits3,262 - - - - 3,262 Other temporary differences 72,238 4,267 (4,114) 30 103 72,524 Total 1,217,815 92,258 (107,210) (4,570) 3,646 1,201,939 Deferred tax liabilities on:
Off-balance sheet amortisation of goodwill (1,739,228) - - - - (1,739,228)Difference between carrying amount and fair value of assets acquired and liabilities assumed following business combinations (6,404) - 897 - - (5,507) Derivative financial instruments (84,223) - - 10,637 - (73,586) Other temporary differences (21,366) (1,791) 1,224 5 (169) (22,097) Total (1,851,221) (1,791) 2,121 10,642 (169) (1,840,418) Difference between deferred tax assets and liabilities (eligible and ineligible for offset) (633,406) 90,467 (105,089) 6,072 3,477 (638,479)CHANGES DURING THE PERIOD
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 67 c. Technology and innovation : includes activities related to (i) the creation of new platforms for dynamic pricing, (ii) the installation of digital infrastructures for smart roads and smart service areas (iii) the development of the innovative infrastructure monitoring system and (iv) sustainable mobility services, carried out by Movyon, FTM S.r.l., Free to X S.p.A. and Movyon Electronics S.r.l.;
d. Other services : mainly includes Elgea and the service activities of Youverse, Ad Moving S.p.A. in liquidation, Giovia towards the other companies of the Group.
A summary of the main economic and financial performance data and indicators of2 the idenƟfied sectors, in line with the provisions of IFRS 8, is shown in the following tables.
2 Please refer to paragraph 3.1 "Alternative Performance Indicators (APIs)" included in the Methodological Notes and other information. €mConsolidation
adjustments
External revenue 2,127 45 41 5 (3) - 2,215 Intersegment revenue 11 449 43 21 (524) - -
REVENUE 2,138 494 84 26 (527) - 2,215
EBITDA 1,276 2 8 (0) (1) - 1,285
Amortisation, depreciation, impairment losses, reversals of impairment losses and provisions for renewal work(508) (14) (6) - - (528)
EBIT 768 (12) 2 (0) (1) 757
Financial income/(expenses) (155) - - - (51) (206) Profit/(Loss) before tax from continuing operations 550 550 Income tax expense (171) 3 - - - (168)
Profit/(Loss) from
discontinued operations- -
Profit for the year 444 (8) 1 - (59) 378 Operating cash flow 879 - 4 (5) - 878 Capital expenditure 784 9 1 2 (4) - 792H1 2026
MotorwaysEngineering and
constructionInnovation and
technologyOther services Unallocated itemsTotal consolidated
amounts
€mConsolidation
adjustments
External revenue 2,061 54 39 7 3 - 2,164 Intersegment revenue 8 529 59 23 (619) - -
REVENUE 2,069 583 98 30 (616) - 2,164
EBITDA 1,247 18 8 1 3 - 1,277
Amortisation, depreciation, impairment losses, reversals of impairment losses and provisions for renewal work(435) (14) (5) - (454)
EBIT 812 4 3 1 3 823
Financial income/(expenses) (172) - 70 1 (11) (112) Profit/(Loss) before tax from continuing operations 712 712 Income tax expense (187) (2) (3) (1) 1 (192)
Profit/(Loss) from
discontinued operations- -
Profit for the year 453 3 70 2 (13) 515 Operating cash flow 827 11 2 2 3 - 845 Capital expenditure 882 9 5 1 28 - 925H1 2025
MotorwaysEngineering and
constructionInnovation and
technologyOther services Unallocated itemsTotal consolidated
amounts
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 68
Note 25
Financial risk management a. Autostrade per l'Italia Group's financial risk management objectives and policies For the objectives and policy for managing financial risks, please refer to note 25 "Financial risk management" of the consolidated financial statements as at 31 December 2025, as there were no changes as at 30 June 2026.
b. Market risk Market risk is the risk that the future value or cash flows of a financial asset or financial liability may fluctuate as a result of changes in market prices, due to changes in exchange rates, interest rates or the prices of equity instruments, as well as changes in the prices of commodity purchases.
The strategy followed for this type of risk aims to mitigate the effects deriving from exposure to changes in exchange and interest rates and to optimize the cost of debt, in line with the principles of prudence and in line with market best practices.
It should be noted that values in currencies other than the euro are converted at the end-of-period exchange rate published by the European Central Bank and the average residual maturity of interest-bearing financial debt as at 30 June 2026 is approximately four years and seven months.
The average cost of medium-long term debt in the first half of 2026 was 3.00%.
c. Interest rate risk The risk associated with uncertainty deriving from the evolution of interest rates can present a double manifestation:
a. cash flow risk: is the risk of fluctuations in cash flows related to financial assets or liabilities indexed to a variable market interest rate ;
b. Fair value risk: represents the risk deriving from an unexpected change in the value of a financial asset or liability following an unfavorable change in the market interest rate curve.
Floating-rate financial liabilities that are not hedged by interest rate risk represent the main element of risk due to the potential negative impact in terms of higher borrowing costs, in the event of a possible increase in the level of market interest rates.
In the first half of 2026, Autostrade per l'Italia made the early repayment of two loans with Cassa Depositi e Prestiti and, at the same time, closed certain Interest Rate Swap derivatives to hedge the risk of changes in the interest rate associated with them.
Therefore, as of June 30, 2026, the Group no longer has derivative contracts in place to hedge the risk of changes in the interest rate.
During the first half of the year, the financial needs of the parent company and its subsidiaries were met through the use of floating rate bank loans: 73% of the Group's interest-bearing financial debt as at 30 June 2026 was expressed at a fixed rate.
d. Currency risk As at 30 June 2026, the Group's financial debt was expressed for 1% in currencies other than the euro (yen). Taking into account the Cross Currency Swap transaction connected with Autostrade per l'Italia's Yen bonds, the percentage of the Group's foreign currency debt exposed to exchange rate risk against the euro is zero.
e. Commodity risk Commodity risk is a component of market risk that refers to the possibility of incurring losses due to adverse movements in commodity prices.
In order to reduce exposure to the risk of fluctuations in the price of electricity, the parent company has put in place financial hedging instruments, classified as cash flow hedges as at 30 June 2026.
f. Derivative portfolio As of June 30, 2026, all transactions in the Group's derivatives portfolio are classified as cash flow hedges pursuant to IFRS 9. The following table summarises the derivative contracts outstanding as of 30 June 2026 compared to the
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 69 figures as of 31 December 2025 with an indication of the corresponding market value and the notional reference value.
g. Sensitivity analysis The sensitivity analysis highlights the impact that would have been had on the Income Statement for the first half of 2026 and on Shareholders' Equity as at 30 June 2026 in the event of changes in interest rates and exchange rates to which the Group is exposed.
In particular, the sensitivity analysis with respect to interest rates is based on the exposure to the rates of derivative and non-derivative financial instruments at the balance sheet date, assuming, for the impacts on the income statement, a worsening shift in the curve of 1% (100 bps) at the beginning of the year. Conversely, the sensitivity analysis on exchange rates highlights the impacts that would have been had on the income statement and shareholders' equity in the event of changes in the exchange rates to which the Group is exposed.
On the basis of the analysis described above, it appears that:
a. in relation to the risk of changes in interest rates, an unexpected decrease of 1% in market rates would have had a negative impact on the income statement of 6,315 thousand Euros, gross of the related tax effect, essentially attributable to the lower return on invested liquidity, and a negative impact on other components of the Statement of Comprehensive Income of 6,374 thousand Euros, essentially attributable to the reduction in the value of outstanding derivative instruments. On the contrary, in the event of an unexpected increase in interest rates of 1%, the Group would have had a negative impact on the Income Statement of 7,523 thousand Euros, mainly generated by the floating rate exposure on existing bank loans;
b. the sensitivity analysis relating to exchange rates measures the impact on the income statement and equity in the event of an unexpected and unfavourable change of 10% in the exchange rates to which the Group is exposed in relation to the euro. In particular, an unexpected and unfavourable change of 10% in exchange rates would have had a negative impact on the other components of the Statement of Comprehensive Income amounting to 366 thousand Euros, attributable to the negative change in the fair value of the yen Cross Currency Swap derivative.
h. Liquidity risk The main factors contributing to the Group's liquidity risk are, on the one hand, the generation/absorption of financial resources by operating and investing activities and, on the other hand, the maturities of financial debts and liquidity investments.
The Group mitigates this risk by periodically monitoring cash flows, liquidity and financing needs, refinancing its requirements well in advance and maintaining an adequate level of readily available financial resources, as well as a balanced profile of debt maturities and sources of financing.
As at 30 June 2026, the Group had undrawn financing lines for an amount of 4,685 million euros with a weighted average residual maturity of approximately 5 years and a weighted average residual maturity of approximately 2 years and 6 months. Type Purpose of hedgeFair value asset/(liability)Notional amountFair value
asset/(liability)Notional amount
Cross currency swaps Currency and interest rate risk (72,126) 149,176 (63,854) 149,176 Interest rate swaps Interest rate risk (2,761) 220,930 Commodity hedges Commodity risk 2,011 2,147 (70,115) 149,176 (64,468) 370,106 Derivatives embedded in loans Interest rate risk - - -
- - - -
of which:
fair value (asset) 2,011 2,147 fair value (liability) (72,126) (66,615)€000 30 June 2026 31 December 2025 Cash flow hedges (1) Non-hedge accounting derivatives (1) (1) The fair value of cash flow hedges excludes accruals at the measurement date.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 70 The table below shows the total amount of committed credit lines, with an indication of the portions used as of 30 June 2026.
i. Credit risk As of June 30, 2026, there were no significant aspects compared to December 31, 2025 with reference to the past due of receivables and the composition of the provision for doubtful debts.
Note 26
Litigation
The following is a descrip Ɵon of the main disputes in place that are significant for the Group's concessionaires, which have occurred up to the date of approval of this half-year financial report as at 30 June 2026.
Quantification of the refreshments of motorway concessionaires following the losses suffered as a result of the COVID-19 pandemic for the period from March 2020 until the end of the National Emergency period (March 2022) Reference is made to the appeal filed by ASPI with the Regional Administrative Court against the provisions of ART and MIT regarding the quantification of the COVID relief widely described in the notes to the 2025 financial statements to which reference is made.
With the judgment published on 6 June 2025, the Lazio Regional Administrative Court had declared its lack of jurisdiction, indicating the Civil Court as competent to decide on the matter. An appeal was lodged against the decision of the Regional Administrative Court before the Council of State. On 2 April 2026, the Council of State declared the issue of jurisdiction of ordinary jurisdiction. The appeal will then be resumed before the competent ordinary court.
ART Resolution no. 139 of 2023 – determination of the WACC for concessionaires with PEF expiring in
2023
With reference to ART Resolution no. 139 of 2023, which determined the WACC of the motorway sector for concessionaires with PEF expiring in 2023 and therefore applicable to concessionaire companies controlled by ASPI, it is worth mentioning the appeals to the Regional Administrative Court submitted by RAV, SAT and TANA, in which the following were contested: (i) the criterion for determining the debt premium adopted by ART in the contested resolution; (ii) the modification – with respect to the provisions of Resolutions no. 64 and 65 and 79 of 2019 respectively – of the comparables taken into consideration by the ART in the determination of the cost of equity and, in particular, in the determination of the equity beta component. With a 2025 ruling, the Piedmont Regional Administrative Court had rejected the appeals filed. The subsidiaries consequently appealed the rejection judgments before the Council of State, which in its judgment of 8 July 2026 overturned the first instance judgment, thus annulling the contested measures and in particular Delbera no. 139 of 2023.
ART Resolution no. 124 of 2024 – determination of the WACC for concessionaires with PEF expiring in 2024 Available Drawn Undrawn Available Drawn Undrawn Committed credit facilities 7,635,000 2,950,000 4,685,000 7,085,000 1,690,000 5,395,000€000 30 June 2026 31 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 71 With reference to ART Resolution no. 124/2024, which determined the measure of the WACC of the motorway sector for concessionaires with PEF expiring in 2024, including ASPI, it should be noted that the Company has appealed to the Piedmont Regional Administrative Court for the annulment of the measure. The disputes concern the determination of the cost of equity and, in particular, the determination of the equity beta component, as well as the basket of comparables. By judgment of 20 April 2026, the Regional Administrative Court rejected the appeal filed by ASPI, which is preparing the relevant appeal before the Council of State.
ART Resolutions no. 75/2025 and no. 241/2025 - update of the tariff system In 2024, the ART with resolution no. 62/2024, launched an organic process of revision of the tariff system. The procedure provided for the launch of public consultations on the matter. In particular, Resolution no. 75/2025 launched a consultation on the first scheme for updating the system.
Since the new structure outlined in Resolution 75 was already complete and highlighted, regardless of the outcome of the consultation, critical effects with respect to the sustainability of the concession, ASPI appealed to the Piedmont Regional Administrative Court against the resolution in question.
On 19 December 2025, the ART published Resolution no. 241 with which it concluded the procedure for updating the tariff system put into consultation with Resolution 75.
The Company, in addition to the subsidiaries, has therefore challenged before the Piedmont Regional Administrative Court this final resolution which contains the final structure of the tariff system applied to motorway concessions.
The reasonableness and legitimacy of the intervention itself and of numerous measures relating to the methods of recovery of imputed items, the quantification and return on investments as well as retroactivity profiles of the remuneration mechanisms affecting the safeguard clause are mainly contested.
The case was heard on July 10, 2026 and held for decision.
ASPI/ART - Appeal pending at the Piedmont Regional Administrative Court, against certain parts of ART Resolution no. 132/2024 and appeal for additional reasons against ART Resolution no.
211/2025 (Regulation of minimum rights to users).
With reference to the appeals filed against the ART resolutions governing the minimum rights to users, it should be noted that the hearing before the Piedmont Regional Administrative Court for ASPI's appeal was postponed ex officio to a date to be determined, while on 10 July the appeals of the other companies in the group were dealt with and held for decision.
Disputes over SAT tariff increases On 13 July 2026, the Lazio Regional Administrative Court published the judgment with which, in full acceptance of SAT's appeal, it annulled the contested measures by which the MIT had denied SAT the full toll of Lot 6A and obliged the MIT itself "to redetermine itself on SAT's tariff application based on the actual distance travelled of the 15 km of Lot 6A".
In particular, the provision prot. no. 20679 of 15 November 2017 by which the Ministry of Infrastructure and Transport rejected the applicant's application for authorisation to apply, in relation to the Civitavecchia Tarquinia section of the A12 motorway, subject to the concession, the toll "in full" instead of in the "reduced amount" and the decision of 9 October 2018, by which the respondent Ministry also rejected the application submitted by the applicant on 3 August 2018 for obtain the modification of the form of toll currently authorized on the Civitavecchia-
Tarquinia section of the A12 motorway.
Disputes on the Valle d'Aosta motorway junction: lack of updates to the 2020-2021, 2023 and 2025 tariffs and rejection of the Economic and Financial Plan
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 72 With reference to the appeal filed by RAV on the non-recognition of the tariff for the year 2025 before the Valle d'Aosta Regional Administrative Court, it is worth mentioning the court ruling of 7 April 2026 which brought together two proceedings brought by the company, respectively concerning (i) the refusal to update the tariff for the year 2025 and (ii) the rejection of the proposal to update the PEF for the regulatory period 2024-2028. On the merits, the TAR rejected the appeal relating to the 2025 tariff update, deeming the denial legitimate in the absence of an approved PEF. On the other hand, it partially upheld the appeal relating to the rejection of the PEF, criticizing the conduct of the MIT in the part in which, while considering the proposed tariff increases unsustainable for users, it limited itself to rejecting the proposal without providing useful indications to guide a shared reformulation, in violation of the principles of good faith and loyal cooperation. The company is evaluating the consequent actions for its own protection.
With regard to the appeals also filed by RAV but with reference to the lack of tariff increases for the years 2020, 2021 and 2023 also as a result of the ruling of the Constitutional Court of 14 October 2025, which had defined the postponement of the deadlines for the adjustment of tolls pending the update of the economic and financial plans as illegitimate, the Council of State on 1 June 2026 issued the judgments in which it upheld the appeals submitted by the company, which may resubmit the request for tariff change to the MIT for the years covered by the appeal.
Criminal proceedings relating to the incident of 28 July 2013 on the Acqualonga viaduct of the A16
Naples-Canosa motorway
In relation to the road accident that occurred on 28 July 2013 at the height of the Acqualonga Viaduct to a bus traveling along the A16 Naples/Canosa in April, the proceedings ended with the sentence of the Supreme Court which confirmed the sentences imposed by the Court of Appeal of Naples. The lawyers of the individuals, against the sentence, have appealed to the European Court of Human Rights together with the extraordinary appeal for error of fact before the Court of Cassation. The latter remedy was also exercised by the Company's lawyer. The hearing for the discussion of the extraordinary appeal for error of fact was held on 13 April 2026 and the Court declared all the appeals inadmissible.
Criminal proceedings pending before the Court of Genoa for the collapse of a section of the Polcevera
Viaduct
On 7 April 2022, the Judge of the Preliminary Hearing pronounced a plea bargain sentence against ASPI pursuant to Legislative Decree no. 231/2001 against the payment of a fine and the confiscation of the profit of the crime for a total amount of approximately 28 million euros. This amount had already been set aside among the provisions for risks and charges in previous years.
In this regard, it should be noted that the Public Prosecutors, in their opinion adhering to the plea bargaining request, highlighted how ASPI has put in place a whole series of initiatives through which it appears to have fully satisfied the conditions set out in art. 17 of Legislative Decree 231/01 ("reparation of the consequences of the crime").
As a result of the plea bargain, the criminal trial continues against natural persons only, also taking into account that, on 19 September 2022, the Court also accepted the request for ASPI's exclusion as civilly liable for the conduct of the defendants: consequently, in the event of a final conviction (and without prejudice to the possibility of immediately enforceable provisional measures), the civil parties, without prejudice to the possibility of suing ASPI in civil litigation, will have a direct title against natural persons only.
At the hearing on 16 July 2026, the Court read out the operative part. Of the 12 defendants still in the Group, 6 were convicted of the crimes of culpable collapse and vehicular homicide/simple manslaughter, as the Court did not recognize the existence of the aggravating circumstance of violation of health and safety regulations. However, the individuals convicted in relation to the aforementioned crimes were acquitted of the charges of (i) refusal of official acts, (ii) attack on transport safety, (iii) wilful removal or omission of precautions against accidents at work and (iv)
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 73 the cases of false documentation in information. The rest of the defendants who still serve in the Group were acquitted of all charges.
The Court also rejected the requests of the lawyers of the civil parties, to condemn the defendants to the payment of immediately enforceable provisional payments and, with reference only to the convicted subjects, ordered compensation for damages, to be paid separately in civil proceedings in favor of the civil parties constituted with the exclusion of the trade unions and the related reimbursement of legal costs. The filing of the sentence is expected in 90 days and the related provisions will become enforceable only at the end of the third instance of judgment.
Investigation by the Rome Public Prosecutor's Office relating to an alleged incorrect allocation in the budgets of some motorway works With reference to the proceedings in question, already described in the 2025 annual financial report to which reference is made, it should be noted that On 10 July 2026, the Public Prosecutors filed a request for dismissal, against the Company and individuals, in relation to all the alleged offences, due to the lack of the subjective element.
Autostrade per l'Italia Group proceedings against CRAFT and Alessandro Patané With reference to the precautionary proceedings pending before the Court of Rome, the Judge reserved his decision at the hearing on 29 April 2026. On 16 April 2026, Mr. Patanè addressed a warning to the Company and its internal control bodies, to the MIT and the MEF, to CDP and to Consob, concerning the approval of the 2025 Financial Statements, to which the Company duly responded, contesting the validity of the requests made therein and the instrumentality of the arguments proposed, through the lawyers who assist him in the broader litigation that refers to the actions brought by Alessandro Patanè and his namesake S.r.l. At the hearing on 15 July 2026 set for the merits of the dispute, the curatorship of Alessandro Patanè Srl was established. The Judge decided to change the rite to ordinary and set the hearing for 25.2.2027 for the discussion.
On 12 June 2026, Alessandro Patanè filed an appeal pursuant to Article 700 of the Code of Civil Procedure against ASPI, Movyon and ANAS to request the immediate cessation of any activity of reproduction, modification, distribution, making available of the software, presumptively, of Patanè however named (Sicve, Tutor, Vergilius) as well as the immediate payment of the sum of € 6,250,000 as a precautionary measure anticipating the decision on the merits and compensation for damages of € 12,500,000 from to share between MPA Group Srl, Easy Shipping Srl and Lab's River Srl, all companies in liquidation of which Alessandro Patanè is the legal representative. In particular, MPA Group would have suffered damages from loss of profit and emerging damage having not won the 2009 ANAS tender; Easy Shipping would have suffered damages from loss of opportunity for not having performed the Vergilius Plus contract; Lab's River for abusive theft of trade secrets and devaluation of intangible assets.
The judge set the hearing for 9 July 2026 to be held with the filing of written notes and Craft intervened in the proceedings. On 13 July 2026, the Court issued the order declaring Craft's intervention inadmissible, as well as the request for provisional compensation, rejecting the appeal for the remaining part and ordering the applicants to reimburse the legal costs.
Appeal for compensation for damages for non-award resulting from the Judgment of the Constitutional Court. no. 218/2021 and of the Council of State no. 5330/2023 On 7 July 2023, the Medil Consortium, following the ruling of the Council of State no. 5330/2023 of 30 May and with reference to the award procedure concerning the works to widen the third lane of the Firenze Sud-Incisa motorway section, of 11 March 2022, initiated proceedings before the Tuscan Regional Administrative Court aimed at obtaining compensation for damages due to non-award.
The Medil Consortium quantified the damage from non-award at € 51,856,931.70 and, in the alternative, at € 14,834,452.15, by way of pre-contractual liability.
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 74 As for the damage caused by the non-award, the Medil Consortium argued that ASPI had unlawfully excluded the Medil Consortium from the tender procedure, with a consequent delay in the award until the issuance of the Constitutional Court's Judgment no. 218/2021, by virtue of which ASPI then legitimately revoked the tender.
As regards pre-contractual liability, the Medil Consortium argued that the progress reached by the tender procedure would have led to a legitimate expectation on the part of Medil that the procedure would be awarded, which was harmed by the revocation of the tender ordered by ASPI.
The TAR has set the hearing for the discussion of the appeal for May 7, 2025. At the hearing, the College held the case for decision.
By judgment of 3 June 2025, the Tuscany Regional Administrative Court – Florence rejected in its entirety the claim for compensation made by the Medil Consortium, in relation to all the items of damage claimed.
In particular, in relation to the damage caused by the non-award, the Regional Administrative Court, adhering to the findings made by ASPI, found the lack of "elements of reasonable certainty of the award in favour of the applicant and, more generally, the injustice of the damage suffered".
As for damages from pre-contractual liability, the same TAR noted that the applicant Consortium did not "accrue that reasonable expectation in the award and stipulation of the relevant contract, due to the development of the procedure (it was never awarded)".
Although it is believed that the deadline for filing any appeal against the ruling of the Tuscan Regional Administrative Court had expired on 3 December 2025 (even 3 October 2025 where reference is made to the procurement procedure), on 2 January 2026, the Medil Consortium notified an appeal with which it asks the Council of State for annulment and/or reform, subject to suspension, of the sentence published by the Tuscany Regional Administrative Court on 3 June 2025.
On 14 January 2026, the Council of State established:
- on 22 January 2026 the council chamber to discuss the suspension;
- on 14 May 2026 the public hearing on the merits.
At the hearing on 22 January 2026, the Medil Consortium, having taken note of the scheduling of the hearing on the merits, waived the precautionary application.
At the end of the hearing on the merits of 14 May 2026, with judgment no. 4292/2026, the Council of State confirmed what was ruled by the Tuscany Regional Administrative Court, definitively rejecting all the claims of the Medil Consortium.
In consideration of the facts commented on above, the provisions for risks and charges already allocated reflect, on the basis of the information available at the date, the best estimate of the risk of loss and the charges potentially associated with the disputes described above.
Note 27
Other information
a. Disclosure of non-controlling interests in consolidated companies In line with the provisions of IFRS 12, the list of the main consolidated investments with minority interests as at 30 June 2026 (with the respective comparative figure as at 31 December 2025) is set out below. For the complete list of Group equity investments as at 30 June 2026, please refer to Annex 1 "Scope of consolidation and equity investments of the Autostrade per l'Italia Group as at 30 June 2026".
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 75
b. Guarantees
As of June 30, 2026, the Group has certain personal and real guarantees in place issued to third par Ɵes.
Among these, the following are noteworthy for their relevance:
a. the sureties issued for the benefit of the I.N.P.S. by Aspi and the group companies, for a total of €74.4 million, to guarantee the contribution commitments undertaken by Aspi and the group companies, for the entire duration of their respective redundancy plans;
b. the bank guarantees issued by the group's concessionaires for the benefit of the MIT as provided for in the commitments made in the respective agreements for a total of €23.2 million;
c. the guarantees issued by Amplia Infrastructures SpA for the proper execution of the works entrusted to it for 16.9 million euros, of which approximately 1.4 million euros for the benefit of Group
companies;
d. the establishment, by Amplia Infrastructures SpA, of special privileges and mortgages on movable assets for a total value of approximately 18 million euros, in implementation of the loan agreement entered into with the Monte dei Paschi di Siena bank for the support of tangible investments. It should be noted that, following the early repayment of the loan in April, the cancellation of these special privileges and mortgages is underway;
e. the sureties of Movyon Spa for a total of 15.7 million euros aimed at participating in tenders and/or carrying out works in the field of mobility services.
f. The guarantees issued by SAT, in line with market practice for project finance, as part of the €230M loan signed with a pool of 4 banks in July 2025.
It should be noted that as of 30 June, following the termina Ɵon of the loan agreement entered into by Amplia Infrastructures SpA with the Monte dei Paschi di Siena bank for the support of tangible investments in April, the special privileges with reference to the assets concerned were cancelled.
The shares of the investee company Bologna & Fiera Parking are also pledged for the benefit of the respecƟve lenders.
c. Reserves
As at 30 June 2026, there were reserves recorded by contractors towards Group companies in relation to:
investment activities, amounting to approximately 1,631 million euros (1,589 million euros at 31 December 2025).
On the basis of previous evidence, only a small percentage of the reserves recorded is actually recognized to the contractors and, in this case, the same is recognized in the assets to increase the intangible concession rights;
non-investment assets of approximately €50 million (€48 million at 31 December 2025), the presumed future expense of which was considered in the context of the quantification of provisions for risks and charges already recorded in the financial statements.
d. Related party transactions The following tables show the significant commercial and financial balances deriving from the Autostrade per l'Italia Group's transactions with related parties, including those relating to the directors, statutory auditors and executives with strategic responsibilities of Autostrade per l'Italia, identified in accordance with IAS 24. Non-controlling interests in consolidated companies Country Group interestNon-
controlling
interestsGroup interestNon-
controlling
interests
Autostrade Meridionali SpA (in liquidation) Italy 58.98% 41.02% 58.98% 41.02% Società Italiana per Azioni per il Traforo del Monte Bianco Italy 51.00% 49.00% 51.00% 49.00% Raccordo Autostradale Valle d'Aosta SpA Italy 24.46% 75.54% 24.46% 75.54% Forli 3. S.c.ar.l. Italy 69.37% 30.63% 69.37% 30.63% Free to X SpA Italy 51.00% 49.00% 51.00% 49.00% Amplia Engineering & Equipment Srl Italy 60.00% 40.00% 60.00% 40.00%30 June 2026 31 December 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 76
Holding Reti Autostradali 109.7 - 0.4 0.1 Total parents 109.7 - 0.4 0.1 Tecne Speri Bridge Designers 1.0 2.2 0.1 2.3
TECNE - SYSTRA SWS ADVANCED TUNNELING SRL 0.8 1.3 - 1.2
Free To X Mobilize SpA 0.5 2.6 0.6 2.9 Total associates 2.3 6.1 0.7 6.4 Eni - 0.8 - 0.6
MEF - 33.4 - 1.4
MIP Milan Polytechnic - 0.1 - 0.1 Poste Italiane 0.1 2.9 - 0.1 Snam Group 0.3 0.3 0.4 -
Terna Group - - 0.1 -
PSC Group - - - -
Fincantieri Group - 0.4 - -
CDP 0.2 - - -
Open Fiber 0.3 - - -
SIIT S.c.p.a - 0.1 - 0.1 Total other related parties 0.8 38.0 0.5 2.3 ASTRI pension fund - 8.0 - 11.6 CAPIDI pension fund - 2.4 - 2.3 Total pension funds - 10.4 - 13.9 Key management personnel - 8.9 - 8.0 Total key management personnel (1) - 8.9 - 8.0
TOTAL 112.8 63.4 1.6 30.7
Holding Reti Autostradali 14.0 29.8 0.4 -
Total parents 14.0 29.8 0.4 -
Tecne Speri Bridge Designers 1.3 2.8 0.1 0.9
TECNE - SYSTRA SWS ADVANCED TUNNELING S.R.L. 0.3 1.8 - 2.3
Free To X Mobilize Network S.p.A. 0.2 - - -
Free To X Mobilize S.p.A. 0.2 2.4 0.1 0.9 Total associates 2.0 7.0 0.2 4.1 CDP Reti Group 0.1 - - -
Eni - 0.8 - 0.2
MEF - 67.6 - 0.9
MIP Milan Polytechnic - 0.2 - -
Poste Italiane 0.1 2.8 - 0.1 Snam Group 0.2 0.3 0.1 3.1 Terna Group - - 0.1 -
Fincantieri Group - 0.4 - -
CDP 0.2 - - -
Italgas Group - - - 0.1 Uirnet 0.1 - - -
Open Fiber 0.3 - - -
SIIT S.c.p.a - 0.2 - -
Total other related parties 1.0 72.3 0.2 4.4 ASTRI pension fund - 8.7 - 11.6 CAPIDI pension fund - 1.9 - 2.7 Total pension funds - 10.6 - 14.3 Key management personnel - 8.5 - 5.8 Total key management personnel (1) - 8.5 - 5.8
TOTAL 17.0 128.2 0.8 28.630 June 2026 H1 2026
31 December 2025 H1 2025 (1) The Group's "key management personnel" means Directors, Statutory Auditors and other key management personnel as a whole. Expenses for each period include emoluments, salaries, benefits in kind, bonuses and other incentives for the Group's key management personnel.€mPrincipal trading transactions with related parties Trade and other receivablesTrade payables and tax liabilitiesOperating revenue Operating costs
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 77
It should be noted that transactions with related parties do not include atypical or unusual transactions and are settled on an equivalent basis to those prevailing in transactions between independent parties. During the first half of 2026, there were no non-recurring events and/or transactions.
The main relationships between the Group and its related parties are described below.
The Autostrade per l'Italia Group's transactions with its parents With reference to tax transactions, it should be noted that as at 30 June 2026 the Group recognised net assets with the parent company Holding Reti Autostradali, for a total of €109.7 million, deriving from adherence to the National Tax Consolidation System prepared by the latter.
The Autostrade per l'Italia Group's transactions with other related parties With regard to transactions between the concessionaires of the Autostrade per l'Italia Group and other related companies, it should be noted that the item "Trade and tax payables" mainly includes the Group's payables for concession fees to the MEF of €33.4 million at 30 June 2026 (€67.6 million at 31 December 2025).
With regard to financial transactions, the closing of loans from Cassa Depositi e Prestiti from Cassa Depositi e Prestiti, entirely attributable to Autostrade per l'Italia, should be noted. In addition, €4.2 million related to postal current accounts opened with Poste Italiane.
e. Events after 30 June 2026 In addiƟon to what has already been highlighted in the previous paragraphs, at the date of approval of the Autostrade per l'Italia Group's half-year financial report as at 30 June 2026, there were no further significant subsequent events.
Pavimental Est (1) 0.6 - - -
Tecne Speri Bridge Designers 0.2 - - -
Total Group companies 0.8 - - -
Poste Italiane 4.2 - - -
CDP - - - 7.4
Total other related parties 4.2 - - 7.4
TOTAL 5.0 - - 7.4
Holding Reti Autostradali - 124.9 - -
Total parents - 124.9 - -
Pavimental Est (1) 0.3 - - -
Total associates 0.3 - - -
Poste Italiane 7.1 - - -
CDP - 519.2 - 8.4
Total other related parties 7.1 519.2 - 8.4
TOTAL 7.4 644.1 - 8.4
(1) Other current financial assets are fully covered by specific provisions.€mPrincipal financial transactions with related parties Financial assets Financial liabilities Financial income Financial expenses 30 June 2026 H1 2026 31 December 2025 H1 2025
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 78 Annexes to the consolidated financial statements
Annex 1
The Autostrade per l'Italia Group’s scope of consolidation and investments as at 30 June
2026
NAME REGISTERED OFFICE BUSINESS CURRENCYISSUED CAPITAL/
CONSORTIUM FUND AS AT 30
June 2026
(UNITS)HELD BY% INTEREST IN SHARE
CAPITAL/CONSORTIUM
FUND AS AT 3O JUNE 2026TOTAL GROUP INTEREST AS
AT 30 JUNE 2026 (%)NOTE
Autostrade per l'Italia SpA Rome Motorway concessions EURO 622,027,000 AD Moving SpA (in liquidation) Rome Other activities EURO 1,000,000 Autostrade per l'Italia SpA 100% 100% (1) Amplia Infrastructures SpA Rome Design, construction and maintenance EURO 30,116,452 Autostrade per l'Italia SpA 100% 100% Amplia Engineering & Equipment Srl Pozzuolo del Friuli (UD)Construction, repair and maintenance of mechanical equipmentEURO 1,000,000 Amplia Infrastructures SpA 60% 60% Autostrade Meridionali SpA (in liquidation) Naples Motorway concessions EURO 9,056,250 Autostrade per l'Italia SpA 58.98% 58.98% C.I.EL. Costruzioni lmpianti Elettromeccanici S.p.A Rome Design and plant engineering EURO 400,000 Amplia Infrastructures SpA 100% 100% ELGEA SpA Rome Production, sale and storage of energy EURO 2,000,000 Autostrade per l'Italia SpA 100% 100% Forli 3. S.c.ar.l. Rome Design, construction and maintenance EURO 20,000 Amplia Infrastructures SpA 69.37% 69.37% FTM Srl Rome Other activities EURO 69,602,822 Autostrade per l'Italia SpA 100% 100% Free To X SpA Rome Other activities EURO 50,000 FTM Srl 51% 51% Giovia Srl Rome Motorway services EURO 10,000 Autostrade per l'Italia SpA 100% 100% Movyon Electronics SrlConcordia sulla Secchia (Modena)Motorway services EURO 1,400,000 Movyon SpA 100% 100% Movyon SpA Rome Motorway services EURO 1,120,000 Autostrade per l'Italia SpA 100% 100% Movyon Soluções de Mobilidade LTDA San Paolo Engineering services R$ 1,537,150 Movyon S.p.A. 100% 100% (2) Movyon South East Europe Single Member Societè Anonyme (Movyon SEE SA) (in liquidation) Athens Engineering services EURO 50,000 Movyon SpA 100% 100% Pavimental Polska SP.zo.o.Trzebinia (Poland)Design, construction and maintenance ZLOTY 3,000,000 Amplia Infrastructures SpA 100% 100% Raccordo Autostradale Valle d'Aosta SpA Aosta Motorway concessions EURO 343,805,000 Società Italiana per Azioni per il Traforo del Monte Bianco47.97% 24.46% (3)
RAV S.C. A R.L. Rome EURO 10,000 100% 100%
Amplia Infrastructures SpA 52.81% C.I.EL. Costruzioni lmpianti Elettromeccanici S.p.A 47.19% Società Autostada Tirrenica p.A. Rome Motorway concessions EURO 24,460,800 Autostrade per l'Italia SpA 99.93% 100% (4) Società Italiana per Azioni per il Traforo del Monte Bianco Pre Saint Didier (Aosta) Motorway concessions EURO 198,749,200 Autostrade per l'Italia SpA 51% 51% Tangenziale di Napoli SpA Naples Motorway concessions EURO 108,077,490 Autostrade per l'Italia SpA 100% 100% Tecne-Gruppo Autostrade per l'Italia SpA Rome Engineering, research and design services EURO 10,000,000 Autostrade per l'Italia SpA 100% 100% Youverse SpA Rome Administrative services EURO 5,037,100 Autostrade per l'Italia SpA 100% 100% (4) Following Autostrade per l'Italia's acquisition of 2,000 shares in Autostrada Tirrenica SpA on 2 May 2023, all the outstanding shares are now held by Autostrade per l'Italia. On 29 December 2015, Autostrada Tirrenica purchased 109,600 own shares from non-controlling shareholders. As a result, the Parent Company now holds a 100% stake, calculated on the basis of the ratio of the shares held in the company and the total number of the subsidiary's shares outstanding.Construction of roads, motorways and
airport runways
(1) On May 12, 2026, the resolution of the Shareholders' Meeting of AD Moving S.p.A. to dissolve the company and place it into liquidation was registered in the Company Register.
(2) On January 13, 2026, Movyon Soluções de Mobilidade LTDA, a limited liability company under Brazilian law incorporated on December 19, 2025, was registered with the São Paulo Chamber of Commerce.
(3) The issued capital is made up of 284,350,000 in ordinary shares and 59,455,000 in preference shares. The percentage interest is calculated with reference to all shares in issue, whereas the 58.00% of voting rights is calculated with reference to ordinary voting shares.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Associates
Bologna & Fiera Parking SpA Bologna Other concessions EURO 2.715.200 Autostrade per l'Italia SpA Free to X Mobilize SpA Rome Other activities EURO 50.000 Free To X Srl Free to X Mobilize Network SpA Rome Other activities EURO 50.000 Free To X Srl
Joint ventures
GEIE del Traforo del Monte Bianco Courmayeur (Aosta) Motorway services EURO 2.000.000Società Italiana per Azioni per il Traforo del Monte Bianco Tecne Speri Bridge Designers Srl Rome Engineering, research and design services EURO 250.000 Tecne Gruppo Autostrade per l’Italia SpA Tecne-Systra SWS Advanced Tunneling Srl Turin Engineering services EURO 150.000 Tecne Gruppo Autostrade per l’Italia SpA 50% 50%
50%HELD BY% INTEREST IN SHARE
CAPITAL/CONSORTIUM FUND AS AT
30 JUNE 2026NOTE
36,81%
50%
49%NAME REGISTERED OFFICE BUSINESS CURRENCYISSUED CAPITAL/ CONSORTIUM
FUND AS AT 30 JUNE 2026
(UNITS)
Unconsolidated subsidiaries
Pavimental-Est AO (in liquidation) Moscow (Russia)Design, construction and
maintenanceRUSSIAN
ROUBLE4,200,000 Amplia Infrastructures SpA 100%
Other investments
digITAlog SpA (in liquidation) Rome Other activities EURO 1,142,000 Autostrade per l'Italia SpA 1.401% Interporto Toscano Amerigo Vespucci SpALivorno Other activities EURO 11,756,695 Società Autostrada Tirrenica p.A. 0.43% Strada dei Parchi SpA RomeMotorway concessions and constructionEURO 48,114,240 Autostrade per l'Italia SpA 2%% INTEREST IN SHARE
CAPITAL/CONSORTIUM
FUND AS AT 31 DECEMBER
2025NOTE
INVESTMENTS ACCOUNTED FOR AT FAIR VALUE NAME REGISTERED OFFICE BUSINESS CURRENCYISSUED CAPITAL/
CONSORTIUM FUND AS AT
30 JUNE 2026
(UNITS)HELD BY
Autostrade per l'Italia / Interim report for the six months ended 30 June 2026 79
CONSORTIA
38.83%
Autostrade per l'Italia SpA 31.49% Tangenziale di Napoli SpA 2.25% Società Italiana per Azioni per il Traforo del Monte Bianco2.11% Raccordo Autostradale Valle d'Aosta SpA 1.26% Società Autostrada Tirrenica p.A. 0.56% Amplia Infrastructures SpA 1.15% Free To X SpA 0.01% Consorzio Costruttori Teem (in liquidation) TortonaDesign, construction and maintenanceEURO 10,000 Amplia Infrastructures SpA 1.00% (1) Consorzio MIDRA Florence Other activities EURO 73,989 Movyon SpA 33.33% Consorzio Ramonti S.c. a r.l. (in liquidation) TortonaDesign, construction and maintenanceEURO 10,000 Amplia Infrastructures SpA 49% Consorzio R.f.c.c (in liquidation) TortonaDesign, construction and maintenanceEURO 510,000 Amplia Infrastructures SpA 30% Consorzio Tecne – Rina Genoa Architecture and engineering EURO 50,000 Tecne Gruppo Autostrade per l'Italia SpA 51% (2) Consorzio Tecnologie - Consorzio Costruttori Grandi Impianti (in liquidation)RomeDesign, construction and maintenanceEURO 180,000 C.I.EL. Costruzioni lmpianti Elettromeccanici SpA 2.78% Lambro S.c. a r.l. TortonaDesign, construction and maintenanceEURO 200,000 Amplia Infrastructures SpA 2.78% (3)
0.02%
Open Fiber Network Solutions S.c. a r.l. Milan Engineering services EURO 100,000 Amplia Infrastructures SpA 0.01% C.I.EL. Costruzioni lmpianti Elettromeccanici SpA 0.01% Rome Advanced District RomeExperimental research and development in the field of other natural sciences and engineeringEURO 700,000 Autostrade per l'Italia SpA 14.29% (1) Safe Roads S.c. a r.l. TortonaDesign, construction and maintenanceEURO 10,000 Movyon SpA 17.22% Smart Mobility Systems S.c. a r.l. TortonaDesign, construction and maintenanceEURO 10,000 Movyon SpA 24.5% (1) The contract establishes a network of companies with legal status.
(2) On February 26, 2026, the shareholders' meeting resolved to dissolve and liquidate the consortium.
(3) On June 25, 2026, the Shareholders' Meeting of Lambro S.c.a.r.l. approved the final liquidation balance sheet as of May 31, 2026, and the final liquidation balance sheet was filed on June 30, 2026.NAME REGISTERED OFFICE BUSINESS CURRENCYISSUED CAPITAL/ CONSORTIUM FUND
AS AT 30 JUNE 2026
(UNITS)HELD BY% INTEREST IN SHARE
CAPITAL/CONSORTIUM FUND AS
AT 30 JUNE 2026NOTE
Consorzio Autostrade Italiane EnergiaRome Other activities EURO 116,330
Interim report
for the six months ended 30 June 2026 05.
Reports
82 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 Attestation of the interim consolidated financial statement pursuant to art. 81-ter of Consob Regulation 11971 of 14 May 1999, as amended
1. We, the undersigned, Arrigo Emilio Giana and Sergio Molisani, as Chief Executive Officer and as the manager responsible for Autostrade per l'Italia SpA’s financial reporting, having taken account of the provisions of art. 154-bis, paragraphs 3 and 4, of Legislative Decree 58 of 24 February 1998,
attest to:
• the adequacy in relation to the nature of the Company and • the effective application of the administrative and accounting procedures adopted in preparation of the half-year consolidated financial statements, during the first half of 2026.
2. In this regard, we declare that:
2.1 the administrative and accounting procedures adopted in preparation of the interim consolidated financial statements as at 30 June 2026 have been defined and their adequacy assessed on the basis of the rules and methodologies defined by Autostrade per l'Italia S.p.A. in accordance with the Internal Control - Integrated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission, which represents a body of general principles of reference for the system of internationally accepted internal control;
2.2 The review of the system of internal control for financial reporting has not identified any critical issues.
3. We also attest that 3.1 The interim consolidated financial statements:
a) have been prepared in compliance with the applicable international accounting standards approved for application in the European Community pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19
July 2002;
b) are consistent with the underlying accounting books and records;
c) present a true and fair representation of the financial position and results of operations of the issuer and the consolidated companies;
3.2 The interim report on operations contains a reliable analysis of material events during the first six months of the year and their impact on the half-year consolidated financial statements, together with a description of the main risks and uncertainties for the remaining six months of the year. The interim report on operations also includes a reliable analysis of information on significant transactions with related parties.
July 23, 2026 Arrigo Emilio Giana Sergio Molisani Chief Executive Officer Manager responsible for financial
reporting
83 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
84 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026
85 Autostrade per l'Italia/ Interim report for the six months ended 30 June 2026 Registered Office and General Management Via Alberto Bergamini, 50
00159 Rome
Tel. +39 06 4363 1
E-mail: info@autostrade.it
www.autostrade.it
Legal informa Ɵon Autostrade per l'Italia S.p.A.
A company managed and coordinated by Holding Re Ɵ Autostradali S.p.A.
Issued capital: 622,027,000 euros (fully paid-up) Tax code, VAT number and registra Ɵon in the Rome Companies’ Register number. 07516911000 REA no. 1037417
Media Rela Ɵons
E-mail: ufficiostampa@autostrade.it
Investor Rela Ɵons e-mail: investor.rela Ɵons@autostrade.it