Debt and credit rating
Debt structure
Below is the composition of the net financial indebtedness, determined in accordance with ESMA guidelines as referred to in CONSOB communication no. 5/21 of April 29, 2021. To better represent the Group’s net financial position (NFP), an adjusted NFP has been calculated that excludes a portion of the bank balances arising from the crediting of proceeds received solely for the regional train purchase program for the years 2017–2032, and the related debt for funded investments.
From a compositional standpoint, gross debt is primarily made up of bank loans and a bond loan, as detailed below:
- 80% is represented by a senior unsecured bond issued in October 2021, maturing on October 20, 2026;
- 11% is represented by bank loans, mainly held by the subsidiary Milano Serravalle – Milano Tangenziali, a loan granted by Finlombarda, and the residual portion of a loan provided by the European Investment Bank;
- 9% relates to lease liabilities and to the valuation of the option right and the earn-out associated with the acquisition of the subsidiary Viridis Energia.
The Group’s cash and cash equivalents amount to €330.5 million, to which is added liquidity headroom of €126 million from uncommitted credit lines, thus ensuring an adequate level of financial flexibility.
FNM has completed the refinancing of the bond maturing in October 2026, also with the aim of ensuring financial coverage for future investments envisaged in the 2025–2029 Industrial Plan. On July 22, 2025, it entered into a new financing agreement with a pool of seven banks for a total amount of €1 billion, extending the average debt maturity to 2031, beyond the expiry of the Milano Serravalle – Milano Tangenziali concession. The entire financing is structured as a Sustainability-linked Loan and includes a pricing mechanism linked to the achievement of specific ESG targets. In addition, the Capex Facility is classified as a Green Loan.
The Board of Directors has also authorized the Chairman to sign a financing agreement with the EIB for a total amount of up to €80 million, aimed at supporting the development of the Group’s innovative hydrogen-related projects, with the objective of fostering the energy transition and promoting sustainable mobility.
Key debt indicators
Outstanding bond issues
Disclaimer Important
ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY FNM S.P.A. (THE “COMPANY “) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.
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Please read this notice carefully — it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.
Basis of access
Access to electronic versions of these materials is being made available by the Company in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making press announcements and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy the securities mentioned in such materials (the “Securities”). Further, it does not constitute a recommendation by the Company or any other party to sell or buy the Securities.
Overseas Persons
Viewing the materials on this webpage may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such materials. Any persons in or resident in any Restricted Jurisdiction, who wish to view these materials should satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.
In particular, unless otherwise determined by the Company and permitted by applicable law and regulation, the materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the Securities by the Company made in the Restricted Jurisdictions or any other jurisdiction in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
In particular, the Securities have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”), and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States or the other Restricted Jurisdictions. Accordingly, unless an exemption under the relevant securities law is applicable, the Securities may not be offered, sold, taken up, exercised, renounced, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Jurisdictions or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction There will be no public offering of the Securities in the United States.
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EMTN program
DISCLAIMER-IMPORTANT
ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY FNM S.P.A. (THE “COMPANY “) IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY.
THESE MATERIALS ARE NOT DIRECTED AT OR ACCESSIBLE BY PERSONS LOCATED IN THE UNITED STATES, SOUTH AFRICA, AUSTRALIA OR JAPAN and any other jurisdiction where the extension or availability of the TRANSACTION (and any other transaction contemplated thereby) would breach any applicable law or regulation (THE “RESTRICTED JURISDICTIONS”).
Please read this notice carefully — it applies to all persons who view this webpage. Please note that the disclaimer set out below may be altered or updated. You should read it in full each time you visit the site.
Basis of access
Access to electronic versions of these materials is being made available by the Company in good faith and for information purposes only. Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making press announcements and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy the securities mentioned in such materials (the “Securities”). Further, it does not constitute a recommendation by the Company or any other party to sell or buy the Securities.
Overseas Persons
Viewing the materials on this webpage may not be lawful in certain jurisdictions. In other jurisdictions, only certain categories of person may be allowed to view such materials. Any persons in or resident in any Restricted Jurisdiction, who wish to view these materials should satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.
In particular, unless otherwise determined by the Company and permitted by applicable law and regulation, the materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for the Securities by the Company made in the Restricted Jurisdictions or any other jurisdiction in which such offers or sales are unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
In particular, the Securities have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”), and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Securities will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States or the other Restricted Jurisdictions. Accordingly, unless an exemption under the relevant securities law is applicable, the Securities may not be offered, sold, taken up, exercised, renounced, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Jurisdictions or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction There will be no public offering of the Securities in the United States.
If you are not permitted to view materials on this webpage or are in any doubt as to whether you are permitted to view these materials, please exit this webpage.
Confirmation of understanding and acceptance of disclaimer
Electronic versions of these materials are not directed at or accessible by nor should they be made available to persons located in the Restricted Jurisdictions or in any other restricted jurisdiction.
By clicking the “Accept” button, I certify that I am not located in any of the Restricted Jurisdictions or any other Restricted Jurisdiction.
I have read and understood the disclaimer set out above. I understand that it may affect my rights. I agree to be subject to these terms. By clicking on the “Accept” button, I confirm that I am authorized to access the electronic version of these materials.
Credit rating
The page shows the official rating that specialized credit agencies (Moody’s and Fitch) attribute to FNM, representing the creditworthiness and stability of the corporate financial structure.
Here are the ratings assigned for the first time by Moody’s and Fitch and the related documentation:
Contacts
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FNM on the stock market
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