MILANO (ITALPRESS) – The Board of Directors of FNM S.p.A., under the chairmanship of Andrea Angelo Gibelli, examined and approved the Group’s consolidated half-yearly shortened balance at 30 June 2026.
Revenues increased by 13 million euros, driven by the major rental fees on the rotabili mainly attributable to the TSR and Coradia convoys, by the canons for the activities of revamping and cyclic maintenance performed, as well as by the progressive deliveries from the month of April of five new rotabili rented to Trenord and the gains realized on the sale of real estate and rolling material for 1,8 million euros. The trend also benefited from the growth of highway tolls for greater traffic, the adjustment of the highway fares recognized from 1 January 2026 and the sale of energy thanks to the activation of new plants. The dynamic was partially offset by the contraction of revenues related to the management of the railway infrastructure and of the transport on rubber that in the first half of 2025 were supported respectively by insurance compensations for 2,6 million euros and Covid-19 restores for 4.5 million euros.
Operating costs have a net increase of 6.5 million euros, mainly due to the higher costs incurred in the area of the highway infrastructure, due to the increase in maintenance costs of the flooring and the higher costs for concession fees related to traffic and energy consumption. They also contributed to the increase of the higher costs associated with renewable energy generation plants, in relation to the expansion of installed capacity, as well as the increase of sub-reliance costs in the TPL on rubber and in the IT sector. These effects were partially offset by the reduction of the maintenance costs of the railway infrastructure, which in the comparative period included extraordinary operations.
The costs for staff have increased by 4.7 million euros, mainly due to the increase of the average staff (+47 FTE), as well as the contractual increases foreseen by the renewal of the category CCNL, partially offset by smaller amounts paid in the face of incentives to the exodus and the absence of provisions to the risk funds for contractual holidays of the CCNL.
EBITDA amounted to 116,1 million euros, an increase of 1.8 million euros compared to the first half of 2025, with an adjusted/returned EBITDA ratio of 34.1% (34.9% in the first half of 2025). There are no ordinary operating income components.
The depreciation and depreciation increase by 0.7 million Euro mainly due to cyclical maintenance on rolling stock, new buses and investments in railway infrastructure maintenance equipment.
The operating result therefore increases of 1.1 million euros.
The result of financial management worsens EUR 0.2 million for the combined effect of lower financial burdens, resulting from the gradual closure of MISE and FNM Bridge Loan bank loans during 2025, as well as the extinction of the FNM RCF line in March 2026, partially offset by the major financial burdens relating to the undersigned financing in July 2025, and lower financial income. This reduction is due to the absence, in the period under review, of the revaluation for 1,5 million euros of the participation in Tangenziale Esterna S.p.A., entered at the fair value in the first half of 2025 as a result of the results of the operations of increase of the share capital that occurred during the period, as well as the lower yield of liquidity.
Income taxes increase by EUR 3.1 million in relation to the most taxable tax, the lower budget of early taxes and the fact that the comparative semester2025 included the benefit from some IRAP refunds for 1.8 million euros.
The result of the associated companies and joint ventures worsens 8,9 million euros, mainly due to the lower result of the evaluation of the participation Tangenziale Esterna S.p.A. included in the result of Tangenziale Esterne di Milano S.p.A., positive for 6.8 million euros in the first half of 2025, following transactions on participation. The result is also influenced by the minor results of Omnibus and Trenord participants.
The net profit attributable to the shareholders of the controller is pairs to 32,8 million euros, in decrease of 9,1 million euros regarding the first half of 2025 because of the absence, in the period, of some positive components of extraordinary income that had contributed to the results of the first half of 2025.
– Photo Italpress
(ITALPRESS).
