STRUTTURA DEL DEBITO – en

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.