Investor
Financial Highlights
Explore the FNM Group’s key financial and balance sheet indicators and track the evolution of its financial performance over time.
Synthetic results
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | amounts in millions of Euros | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Revenues | 673,0 | 651,0 | 618,1 | 605,4 | 514,0 |
| 11 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Adjusted EBITDA | 226,5 | 220,5 | 211,4 | 193,1 | 153,5 |
| 12 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Operating income | 81,2 | 74,3 | 104,7 | 101,1 | 75,9 |
| 13 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Earnings before taxes | 71,4 | 60,0 | 99,1 | 97,0 | 54,5 |
| 14 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Group net income | 73,6 | 59,3 | 80,9 | 68,5 | 40,8 |
| 15 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Equity | 490,5 | 410,5 | 376,2 | 306,9 | 228,3 |
| 16 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Adjusted Net Financial Position | 722,5 | 668,5 | 642,8 | 766,9 | 755,6 |
| 17 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Net invested capital | 1.171,4 | 1.025,6 | 926,0 | 1.031,5 | 925,5 |
| 18 | ad_pollini2374 | 20/10/2026 11:35 PM | ad_pollini2374 | 20/10/2026 11:35 PM | Gross investment with own funds | 140,2 | 121,7 | 72,1 | 145,5 | 93,0 |
Income Statement
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | amounts in millions of Euros | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| 35 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Revenues | 673,0 | 651,0 | 618,1 | 605,4 | 514,0 |
| 36 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Operating Costs | (254,5) | (247,5) | (242,7) | (250,2) | (207,0) |
| 37 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Personnel Expenses | (192,0) | (183,0) | (164,0) | (162,1) | (153,5) |
| 38 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Adjusted EBITDA | 226,5 | 220,5 | 211,4 | 193,1 | 153,5 |
| 39 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Non-recurring Income and Expenses | 7,2 | (9,9) | (0,8) | 0,0 | 0,4 |
| 40 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | EBITDA | 233,7 | 210,6 | 210,6 | 193,1 | 153,9 |
| 41 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Depreciation, Amortisation and Impairment Losses | (152,5) | (136,3) | (105,9) | (92,0) | (78,0) |
| 42 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | EBIT | 81,2 | 74,3 | 104,7 | 101,1 | 75,9 |
| 43 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Financial Result | (9,8) | (14,3) | (5,6) | (4,1) | (21,4) |
| 44 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Earnings before taxes | 71,4 | 60,0 | 99,1 | 97,0 | 54,5 |
| 45 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Income Tax | (19,3) | (23,4) | (23,5) | (28,2) | (17,1) |
| 46 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Adjusted Net Result | 52,1 | 36,6 | 75,6 | 68,8 | 37,4 |
| 47 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:51 PM | Share of Profit of Equity-accounted Investments | 16,7 | 13,2 | 6,4 | 0,8 | 5,7 |
| 48 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Income/Expenses from the Valuation of Investments | 7,6 | 9,8 | 0,0 | 0,0 | 0,0 |
| 49 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Group Net Result | 76,4 | 59,6 | 82,0 | 69,6 | 43,1 |
| 50 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Profit Attributable to Non-controlling Interests | 2,8 | 0,3 | 1,1 | 1,1 | 2,3 |
| 51 | ad_pollini2374 | 20/10/2026 11:48 PM | ad_pollini2374 | 20/10/2026 11:48 PM | Profit Attributable to Owners of the Parent | 73,6 | 59,3 | 80,9 | 68,5 | 40,8 |
Balance sheet
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | amounts in millions of Euros | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| 78 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Inventories | 20,4 | 15,7 | 13,4 | 12,1 | 9,5 |
| 79 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Trade receivables | 175,7 | 143,1 | 171,0 | 153,0 | 133,1 |
| 80 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Other current receivables | 105,8 | 127,5 | 95,9 | 85,8 | 83,2 |
| 81 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:07 AM | Current Financial Assets | 5,1 | 4,7 | 3,3 | 8,9 | 7,8 |
| 82 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:07 AM | Current Contractual Activities | 46,0 | 23,9 | 10,2 | 0,0 | 0,0 |
| 83 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Financial Investment Credits | 165,3 | 117,3 | 49,2 | 47,6 | 39,8 |
| 84 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Trade payables | (341,9) | (361,5) | (220,2) | (166,6) | (168,3) |
| 85 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Other current payables and current provisions | (182,7) | (157,5) | (152,1) | (147,4) | (120,1) |
| 86 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Net Operating Working Capital | (6,3) | (86,8) | (29,3) | (6,6) | (15,0) |
| 87 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:08 AM | Other Receivables – Rolling Stock 2017–2032 | 0,0 | 4,5 | 41,2 | 64,0 | 47,5 |
| 88 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:08 AM | Loans for Financed Investments – Rolling Stock 2017–2032 | 32,8 | 128,0 | 161,6 | 201,7 | 98,3 |
| 89 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:08 AM | Trade Payables – Rolling Stock 2017–2032 | (72,2) | (182,3) | (293,5) | (304,1) | (204,0) |
| 90 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Net Working Capital Financed Investments | (39,4) | (49,8) | (90,7) | (38,4) | (58,2) |
| 91 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Total Net Working Capital | (45,7) | (136,6) | (120,0) | (45,0) | (73,2) |
| 92 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Fixed assets | 904,3 | 947,5 | 808,5 | 840,8 | 748,4 |
| 93 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Equity investments | 204,5 | 188,0 | 173,7 | 171,8 | 158,7 |
| 94 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Non-current receivables | 207,4 | 151,0 | 189,3 | 175,1 | 241,3 |
| 95 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Non-current payables | (49,4) | (41,0) | (36,7) | (31,1) | (25,9) |
| 96 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Provisions | (49,7) | (83,3) | (88,8) | (95,0) | (123,8) |
| 97 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:08 AM | Assets and liabilities held for sale | 0,0 | 0,0 | 0,0 | 14,9 | 0,0 |
| 98 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Net Invested Capital | 1.171,4 | 1.025,6 | 926,0 | 1.031,5 | 925,5 |
| 99 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Equity | 490,5 | 410,5 | 376,2 | 306,9 | 228,3 |
| 100 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Adj. NFP | 722,5 | 668,5 | 642,8 | 766,9 | 755,6 |
| 101 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | PFN for financed investments | (41,6) | (53,4) | (93,0) | (42,3) | (58,4) |
| 102 | ad_pollini2374 | 21/10/2026 12:06 AM | ad_pollini2374 | 21/10/2026 12:06 AM | Total PFN | 680,9 | 615,1 | 549,8 | 724,6 | 697,2 |
Cash flow statement
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | amounts in millions of Euros | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| 21 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Operating cash flow | 110,6 | 179,5 | 177,6 | 140,8 | 81,2 |
| 22 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Net Investments Paid | (53,6) | 17,2 | (13,5) | (143,1) | (106,0) |
| 23 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Free cash flow | 57,0 | 196,7 | 164,1 | (2,3) | (24,8) |
| 24 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Dividends cash-out | (8,1) | (10,0) | (10,0) | 0,0 | 0,0 |
| 25 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Other variations | 7,7 | (65,9) | 20,1 | (22,7) | (368,7) |
| 26 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Net cash flow | 56,6 | 120,8 | 174,2 | (25,0) | (393,5) |
| 27 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Initial adjusted NFP as at 01/01 | 668,5 | 642,8 | 766,9 | 755,6 | 43,8 |
| 28 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Net cash flow | (56,6) | (120,8) | (174,2) | 25,0 | 393,5 |
| 29 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | IFRS 16 Effect | 13,6 | 10,6 | 2,8 | 3,6 | 3,2 |
| 30 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Other changes in financial debts | 97,0 | 135,9 | 47,3 | (17,3) | 315,1 |
| 31 | ad_pollini2374 | 13/10/2026 06:47 PM | ad_pollini2374 | 13/10/2026 06:47 PM | Final adjusted NFP at 31/12 | 722,5 | 668,5 | 642,8 | 766,9 | 755,6 |
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Key Indicators (in millions of Euros) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | ad_pollini2374 | 13/10/2026 07:05 PM | ad_pollini2374 | 13/10/2026 07:05 PM | Adjusted EBITDA | 226,5 | 220,5 | 211,4 | 193,1 | 153,5 |
| 11 | ad_pollini2374 | 13/10/2026 07:05 PM | ad_pollini2374 | 13/10/2026 07:05 PM | Adjusted Net Financial Position | 722,5 | 668,5 | 642,8 | 766,9 | 755,6 |
| 12 | ad_pollini2374 | 13/10/2026 07:05 PM | ad_pollini2374 | 13/10/2026 07:05 PM | Equity | 490,5 | 410,5 | 376,2 | 306,9 | 228,3 |
| 13 | ad_pollini2374 | 13/10/2026 07:05 PM | ad_pollini2374 | 13/10/2026 07:05 PM | PFN / EBITDA | 3,2x | 3,0x | 3,3x | 4,0x | 4,3x |
| 14 | ad_pollini2374 | 13/10/2026 07:05 PM | ad_pollini2374 | 13/10/2026 07:05 PM | PFN / Equity | 1,5x | 1,6x | 1,7x | 2,5x | 3,2x |
Contacts
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INVESTOR
FNM on the stock market
0.43EUR
-0.46%
-0.0020 today
Last exchange: 10/11/2026 17:35 (low liquidity)
Listed on Euronext Milan since 1926. Explore financial results, corporate announcements and investor documentation.