The Group's activities are divided into four main segments: Ro.S.Co. and Services, Management of the railway infrastructure, Road passenger transport, Management of the motorway infrastructure. .


Ro.S.Co. & Services

FNM S.p.A. FNM S.p.A. purchases and leases rolling stock to its subsidiaries, acting as a Rolling Stock Company (Ro.S.Co.) primarily for Trenord (50% owned) and DB Cargo (40% owned). FNM also provides administration, IT and support services for its subsidiaries and investees. The companies fully consolidated on a line-by-line basis in this sector are the holding FNM S.p.A. (100%) and FNMPay (100%), a digital payment company. The companies consolidated using the equity method are: Trenord (50%), which owns 50% of the share capital of Tilo and 40% of DB Cargo, in the rail transport sector, 58% of NordCom in the Information and Communication Technology industry, 60% of NordEnergia in the energy sector, 24,7% of Busforfun and 33,3% of Sportit in the mobility sector for events and spare time.


FNM S.p.A. is a holding company that both coordinates the group's shareholdings but, above all, is an operating holding company that: purchases and leases rolling stock to its subsidiaries (so-called Ro.S.Co), primarily Trenord and DB Cargo; provides admin, IT and support services to its subsidiaries companied.


FNMPAY is a company 100% controlled by FNM, which operates in the field of digital payments.  


Logo Trenord

Trenord S.r.l. Founded in 2011, Trenord S.r.l. is jointly owned with equal shares of 50% by the FNM Group and Trenitalia S.p.A. It operates the railway service in Lombardy, with 48 regional and 11 suburban lines, and theMalpensa Express service that connects the international airport of Malpensa with the Milan Cadorna, Milano Centrale and Milano Porta Garibaldi stations. With 2.300 journeys and over 800.000 travellers a day, the Lombard railway network is among the busiest in Europe.


BusForFun is a mobility company born in 2015. Its aim is to offer an integrated service to bring you to big musical, cultural and sport events. BusForFun activity is driven by three core values: #WeTheFun, because we want to enjoy fun-filled, stress-free events; #WeTheTech because we put together the characteristics of a high tech startup, of an e-commerce platform and of a transportation company; #WeTheGreen because we offer a shared, innovative and sustainable mobility. The Covid-19 pandemic nearly put on hold the activity of BusForFun, pushing the team to change the business, introducing the commuting service. Through this new opportunity, BusForFun is meant to offer organized, sanitized and customized services to great commercial and industrial groups, universities and schools. The aim is to provide the opportunity to reach these places in a safe, efficient and sustainable way.


Sportit is an innovative SME established in 2016 that targets defined communities of sportspeople through advanced digital platforms that allow fans to plan and purchase a sports holiday. The company operates under the Snowit and Bikeit brands. Snowit gathers together all services related to winter sports and the mountains: ski passes, rentals, ski lessons, experiences and hotel packages for a customised holiday in the best locations in the Alps. Bikeit allows cycle tourists to build a tailor-made itinerary by selecting stages and route. It is possible to create holiday packages by choosing hotels, bike or e-bike rental, the best local experiences and ancillary services such as luggage transport and assistance.


DB CARGO ITALIA S.r.l. (DBCI)is part of the Deutsche Bahn Group (German state railway), one of the world's leading players in mobility, logistics and networks, with a revenue of around 40 billion euro and 300,000 employees. . DB Cargo AG is the division of DB that specializes in railway freight transport and is the market leader in Europe with around 23% of the market share. DB Cargo Italia (DBCI) is the DB Cargo company dedicated to railway freight transport in Italy, and, with over 330 employees spread between its headquarters in Novate Milanese and 14 operational offices distributed throughout the area, is the third largest company in Italy and is distinguished by its high quality standards.


Logo NordEnergia

Owned 60% by FNM S.p.A. and 40% by Azienda Elettrica Ticinese, Nord Energia S.p.A. was established in 2003 to handle the commercial management of rights relating to the Mendrisio-Cagno connection line.


Logo Nordcom

Set up as a joint venture between FNM (58%) and TIM (42%), NordCom operates in the ICT field. It offers innovative solutions and integrated systems to companies and public administrations to create efficiency through the digitisation of processes. NordCom specializes in digital solutions for transport and mobility, digital payments and optical fibre.


Management of the railway infrastructure

This segment includes four companies, all of which are fully consolidated on a line-by-line basis: FERROVIENORD (100%), which manages and maintains the railway infrastructure; NordIng (100% controlled by FERROVIENORD), an engineering company that offers design and works management services; Malpensa Intermodale (100%), which, together with Malpensa Distripark (100%), deals with freight transport and manages the intermodal terminal of Sacconago (Busto Arsizio).


Logo FerrovieNord

100% controlled by FNM, FERROVIENORD S.p.A. manages a railway network of 331 kilometres and 124 stations located in the provinces of Milan, Varese, Como, Monza and Brianza, Novara and Brescia. 900 trains pass through these areas every day carrying around 200,000 passengers. At peak times, a train departs and arrives every one minute from Milano Cadorna station. FERROVIENORD is responsible for the ordinary and extraordinary maintenance of the railway infrastructure, including work to upgrade the network or to set up new facilities. FERROVIENORD carries out a series of operations in accordance with the provisions of theService Agreement and Investment Plan Agreement, , which are both approved by the Lombardy Region: Renewal, enhancement, expansion and modernisation of the infrastructure and of technological systems Management and maintenance of railway and station infrastructure Safe management of train circulation


Logo Nord_Ing

100% controlled by FERROVIENORD, NORD_ING is the FNM Group's engineering company. It offers design and Project Management for the construction ofinfrastructure and modernisation work on the network. . It provides support for construction site coordination and safety, static and technical-administrative testing, materials acceptance and accounting.



Malpensa Intermodale is 100% owned by FNM. It was established in December 2018. It operates in the field of intermodal transportation. Its activity includes study, promotion, coordination, realization, management, commercialization connected to freight transport. Malpensa Intermodale manages the intermodal terminal of Sacconago which is located in Busto Arsizio.



Malpensa Distripark was established in october 2019. It is 100% owned by FNM and deals with the management of facilities for goods handling, logistic organization and distribution of products. Its activity includes urban works and infrastructuring as well as construction, development and management of intermodal centers, freight villages, transport fleets, logistic platforms and cargo centers.


Road passenger transport

FNM operates in the road mobility sector with: Azienda Trasporti Verona, a 50% controlled entity that provides urban public road transport services in the municipalities of Verona and Legnago, and extra-urban transport services throughout the province of Verona; FNM Autoservizi S.p.A., a 100% controlled entity that provides public transport services in the provinces of Brescia, Como and Varese. Other companies fully consolidated on a line-by-line basis are: La Linea S.p.A. (51%), NTT (100%) and E-Vai (100%), the first electric car sharing company in the Region of Lombardy. Investee companies are: Omnibus Partecipazioni (50%), which, in its turn, owns 49% of ASF Autolinee.

Logo ATV

Azienda Trasporti Verona S.r.l. ATV was created on 1 January 2007 from the merger of two Verona-based transport companies, AMT and APTV, which for fifty years respectively managed the urban and extra-urban transport service. ATV is contracted to carry out urban road-based public transport services in the municipalities of Verona and Legnago, and extra-urban services throughout the province of Verona.


Logo FNM Autoservizi

FNMA operates today with 200 personnel on 19 lines, covering over 630 km, in three provinces: Brescia, Como and Varese. The offer is completed by non-scheduled services consisting of railway replacement services, school bus services and regular transport for workers. FNMA has a fleet of 166 vehicles, over 89% of which are used for LPT lines. In 2014, over €800,000 was invested to adapt the rolling stock. The gradual renewal of the fleet has made it possible to increase the number of Euro 6 vehicles, with a consequent reduction in consumption and CO2 emissions and improved passenger safety conditions.

Logo LaLinea

La Linea carries out its activity in Veneto in the sector of local public transport on roads and of bus and driver hire, including through subsidiaries and/or investee companies.


Logo e-Vai

100% owned by FNM E-Vai manages the Group's sustainable mobility services. In 2011, it launched the first region-wide electric car-sharing service. Boasting a large fleet with predominantly electric vehicles, it has around 40.000 members and operates in the provincial capitals and main airports of Lombardy.

Omnibus is a holding company that owns 49% of ASF, a company that performs public passenger transport services in Como and its Province



Management of the motorway infrastructure

The Group controls Milano Serravalle - Milano Tangenziali S.p.A. (96%), the concessionaire of the A7 motorway and of Milan's ring roads. Milano Serravalle - Milano Tangenziali S.p.A. holds 100% of Milano Serravalle Engineering S.r.l. and a 36.5% share of the capital of Autostrada Pedemontana Lombarda.

Incorporated in 1951, Milano Serravalle-Milano Tangenziali S.p.A. operates at the centre of one of the main European infrastructural networks in terms of the significant number of circulating vehicles, which serves the Milan and wider Lombardy socio-economic system. Based in Assago, Milano Serravalle - Milano Tangenziali SpA, is the concessionary (until 2028) of the A7 Motoray from Milano to Serravalle Scrivia, the three Milan ring roads (West, East and North), the Bereguardo-Pavia junction and the ring-road (Tangenziale) of Pavia.

Sustainability :

Sustainability Report

On the Stock Exchange :

On the Stock Exchange

FNM S.p.A.
Registered office in Milan, Piazzale Cadorna, 14
Fully paid-up share capital of € 230.000.000,00

Registered to the Companies Register
Tax code and VAT no. 00776140154
C.C.I.AA. Milano - REA 28331

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