OUR COMMITMENT TO SUSTAINABILITY

Our Commitment to Sustainability

FNM places at the center of its strategy the search for a balance between competitiveness, sustainability and responsibility. The goal is to build a development model capable of combining business growth and financial soundness with environmental and social sustainability, creating lasting value for all stakeholders.

With the Strategic Plan 2024-2029, approved by the Board of Directors on November 18, 2024, the Group is moving toward innovative, sustainable and inclusive development, responding concretely to global competitiveness challenges.

Aware of its role in facilitating the country’s ecological transition and in a context where the population is increasingly concentrated in large metropolitan areas, FNM has defined a strategy that focuses on collective mobility, ecological transition and digitalization.

The Plan is based on two strategic pillars:

– Sustainable mobility, through the development of interconnected, advanced and digitized transport infrastructure that can ensure greater safety, accessibility and quality of services.
– Renewable energy, to promote an efficient, decarbonized energy system in line with national energy transition goals.

Among the most relevant environmental, social, and governance(ESG) goals to be achieved by 2029 are:

ENVIRONMENT AND CLIMATE

Adoption of a Transition Plan with targets of zero net GHG emissions by 2050
(e.g., 35% reduction in emissions generated by buses and corporate consumption [tCO₂eq vs. 2023])
Construction and operation of solar and wind power plants
(potential pipeline 700MW)
Hydrogen for mobility: 14 trains on the Brescia-Edolo line, 5 highway refueling stations, 3 hydrogen production plants and 4 distribution plants for rail use, producing ≈830 tons/year of hydrogen for rail mobility

OWN LABOR FORCE AND CONSUMERS AND END USERS

Adoption of a Policy for Diversity, Equality & Inclusion, consistent with the European agreement CER – Women in Rail
2 million square meters of areas affected by urban regeneration (FILI project)
25 km additional track in high concentration areas, benefiting service quality
1.5 million euros per km for investments referring to the safety of the highway network and 270 thousand euros per km for investments referring to the safety of the railway network

GOVERNANCE

50% procurement by 2029 to suppliers with ESG scoring, adopting a policy to define enabling requirements and ESG rewarding evaluation criteria, activating training of resources
Business Impact Analysis in business continuity management logic and on the path toward preparing Business Continuity Plans
1 bln € of financing with ESG characteristics(S-linked) of which 400 mln € aligned with EU Taxonomy

ENVIRONMENT AND CLIMATE

Adoption of a Transition Plan with targets of zero net GHG emissions by 2050 (e.g., 35% reduction in emissions generated by buses and corporate consumption [tCO₂eq vs. 2023])
Construction and operation of solar and wind power plants (potential pipeline 700MW)
Hydrogen for mobility: 14 trains on the Brescia-Edolo line, 5 highway refueling stations, 3 hydrogen production plants and 4 distribution plants for rail use, producing ≈830 tons/year of hydrogen for rail mobility

OWN LABOR FORCE AND CONSUMERS AND END USERS

Adoption of a Policy for Diversity, Equality & Inclusion, consistent with the European agreement CER – Women in Rail
2 million square meters of areas affected by urban regeneration (FILI project)
25 km of additional track in high concentration areas, benefiting service quality
1.5 million euros per km for investments referring to the safety of the highway network and 270 thousand euros per km for investments referring to the safety of the railway network

GOVERNANCE

50% procurement by 2029 to suppliers with ESG scoring, adopting a policy to define enabling requirements and ESG rewarding evaluation criteria, activating training of resources
Business Impact Analysis in business continuity management logic and on the path toward preparing Business Continuity Plans
1 bln € of financing with ESG characteristics(S-linked) of which 400 mln € aligned with EU Taxonomy

For more details, you can download the Strategic Plan 2024-2029 at the following link.

The FNM Group received an ESG Risk Rating of 8.3 from Morningstar Sustainalytics, confirming it as one of the best players in the transportation infrastructure sector.

The score reflects a level of overall exposure to ESG risks that remains in the “negligible” category, the most virtuous category on the rating scale, as well as sound management of sustainability issues. In fact, Morningstar Sustainalytics’ ESG risk ratings measure a company’s exposure to relevant and industry-specific ESG risks, as well as how effectively those risks are managed.

The decision to voluntarily undergo the rating process testifies to FNM’s commitment to transparency and dialogue with stakeholders, and also confirms the Group’s focus on sustainability and full integration of ESG factors into its business model.

For more information: https://www.fnmgroup.it/2026/02/07/fnm-confermato-il-livello-di-rischio-esg-negligible-secondo-morn…

Our stakeholders

The FNM Group promotes continuous, transparent and constructive dialogue with its stakeholders, actively involving all categories of stakeholders through dedicated engagement and listening initiatives.

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The opinions, expectations and instances gathered are shared regularly with the administrative, management and control bodies, helping to guide the Group’s strategic choices.

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A central role in this process is played by theDouble Relevance analysis, carried out in accordance with the provisions of the Corporate Sustainability Reporting Directive (CSRD), a key tool for ensuring that business decisions are consistent with the priorities and needs of different stakeholders, while strengthening the ability to create value in the long run.

Policies for Sustainability Management

The FNM Group has adopted a structured system of policies designed to ensure responsible and transparent management of sustainability issues.

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These documents set out a comprehensive framework of principles and measures aimed at preventing, mitigating and correcting potential impacts, as well as managing risks and enhancing opportunities related to the transition to a sustainable, inclusive and resilient business model.

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The following table summarizes the main policies adopted by the FNM Group to support an integrated approach to sustainability and long-term value creation.


Politica	Perimetro	Descrizione e obiettivi
Codice Etico e di Comportamento		Esprime gli impegni e le responsabilità etiche nella conduzione degli affari e delle attività aziendali e definisce l’insieme dei valori e dei principi, nonché le linee di comportamento, che devono essere assunte dagli organi di governo, dai dipendenti, nonché da coloro che intrattengono con il Gruppo rapporti di business.
Politica per la Sostenibilità del Gruppo FNM		Delinea l'impegno del Gruppo nell’integrazione dei fattori ESG in tutte le linee di business e nell’operatività, garantendo un connubio tra competitività e sostenibilità.
Politica per la Sostenibilità Ambientale del Gruppo FNM		Stabilisce gli impegni e i processi aziendali finalizzati alla tutela dell’ambiente e al contrasto al cambiamento climatico, nonché alla riduzione degli impatti diretti e indiretti generati dal Gruppo.
Politica Ambientale del Sistema di Gestione Ambientale (SGA)		Definisce i principi e gli impegni per la tutela ambientale, garantendo gli obiettivi di riduzione delle emissioni, l’uso efficiente delle risorse e la promozione dell’economia circolare.




Politica in materia di Diversità del Consiglio di Amministrazione di FNM S.p.A		Promuovono una governance eterogenea e qualificata, favorendo una rappresentanza equilibrata di genere e garantendo un processo decisionale arricchito da prospettive diverse.
Politica di Diversità, Equità e Inclusione		La Politica DE&I del Gruppo FNM definisce principi, obiettivi e impegni per valorizzare le diversità e promuovere inclusione ed equità. Prevede un sistema di governance articolato, con ruoli e responsabilità dedicati, per guidare l’attuazione delle iniziative. Assicura il monitoraggio dei risultati e l’integrazione della DE&I nei processi aziendali, favorendo il miglioramento continuo.
Politica per la Diversità e la Parità di Genere		Implementa un sistema di gestione per la parità di genere a garanzia di un approccio sistematico volto al perseguimento del rispetto della diversità, dell’uguaglianza di genere e dell’equità, nel rispetto della norma UNI:PdR 125/2022.
Politica per la Diversità e la Parità di Genere		Sancisce l’impegno nella valorizzazione della diversità in tutte le sue espressioni e nell’implementazione di un sistema di gestione in accordo con la norma UNI/PdR 125:2022.
Politica di Salute e sicurezza		Definita da ciascuna Società e scaricabile sui rispettivi siti web, identifica misure e procedure per garantire elevate performance in materia di salute e sicurezza sul lavoro, sia all’interno che all’esterno del contesto aziendale.







Politica di Remunerazione e procedure per l'attuazione		Definisce le linee guida che tutti gli organi societari devono osservare per determinare le remunerazioni dei componenti dell’organo di amministrazione, del Direttore Generale e dei Dirigenti con responsabilità strategiche.
Politica Anticorruzione		Declina i principi e le regole da seguire al fine di vietare e prevenire il compimento di qualsiasi condotta corruttiva, conformemente al principio di “tolleranza zero”, integra misure di prevenzione e controlli per presidiare le attività, i processi e i rapporti con le terze parti identificate come a rischio di corruzione.


Policy	Perimetro	Description and objectives
Codice Etico e di Comportamento		It expresses the commitments and ethical responsibilities in the conduct of business and business activities and defines the set of values and principles, as well as the lines of behavior, to be assumed by the governing bodies, employees, as well as those who maintain business relationships with the Group.
Politica per la Sostenibilità del Gruppo FNM		It outlines the Group's commitment to integrating ESG factors across all business lines and operations, ensuring a marriage between competitiveness and sustainability.
Politica per la Sostenibilità Ambientale del Gruppo FNM		It establishes the commitments and business processes aimed at environmental protection and countering climate change, as well as reducing the direct and indirect impacts generated by the Group.
Politica Ambientale del Sistema di Gestione Ambientale (SGA)		It defines the principles and commitments for environmental protection, ensuring the objectives of reducing emissions, the efficient use of resources and the promotion of the circular economy.




Politica in materia di Diversità del Consiglio di Amministrazione di FNM S.p.A		They promote heterogeneous and qualified governance, fostering balanced gender representation and ensuring decision-making enriched by different perspectives.
Politica di Diversità, Equità e Inclusione		The FNM Group's DE&I Policy defines principles, objectives, and commitments to enhance diversity and promote inclusion and equity. It provides for a multifaceted governance system, with dedicated roles and responsibilities, to guide the implementation of initiatives. It ensures the monitoring of results and the integration of DE&I into business processes, promoting continuous improvement.
Politica per la Diversità e la Parità di Genere		It implements a management system for gender equality to ensure a systematic approach aimed at pursuing respect for diversity, gender equality and equity, in compliance with the UNI:PdR 125/2022 standard.
Politica per la Diversità e la Parità di Genere		It establishes commitment to the valorization of diversity in all its expressions and to the implementation of a management system in accordance with the UNI/PdR 125:2022 standard.
Politica di Salute e sicurezza		Defined by each Company and downloadable on their respective websites, it identifies measures and procedures to ensure high performance in occupational health and safety, both within and outside the company context.







Politica di Remunerazione e procedure per l'attuazione		Defines the guidelines that all corporate bodies must observe to determine the remunerations of the components of the administrative body, the General Manager and the Managers with strategic responsibilities.
Politica Anticorruzione		Declines the principles and rules to be followed in order to prohibit and prevent the performance of any corruptive conduct, in accordance with the principle of “zero tolerance”, integrates prevention measures and controls to monitor activities, the processes and relationships with third parties identified as being at risk of corruption.

OUR COMMITMENT TO SUSTAINABILITY