FNM S.p.A. ($FNM)

[Audio Gap] The item other, EUR 3.1 million. Yes, we have would cover the costs is related to insurance versus the previous year and then some other revenues related to compensation for [indiscernible]. And then let's move on to railways, where the result [indiscernible] however, 2 things are to be said. As you know, remind you again, fairly [indiscernible] basically has most of its revenues in making CapEx financed by the regional authorities [indiscernible] both for infrastructures and [indiscernible]. And of course, the fees are related or are proportional to the investments [indiscernible] in 2025, we experienced the reduct because we completed a number of works, some of these works very big. For instance, the [indiscernible] project there is the repression of the rail from natural to [indiscernible] to the main train line. over, there is a one-off impact in 2024 was positive because of the service contract issuing of 2022, 2023. And that Moreover, in 2025, we had at 6 months, the closure of the [indiscernible] because of the maintenance and works. This led to the reduction of EBITDA related to concessions, but the lower generic revolver costs, as you can see on [indiscernible]. As to other we had our contribution on the [indiscernible] decree related to royalty cost increases. Now let me now move on to the last segment, the one which enters a [indiscernible] the main drivers, the new capacity, new clients and the price and volume of the already installed capacity which went down because of operating cost increases created to the capacity. Then make a number of comments about these items which are [indiscernible] we have the same yield capacity. As you can see in the first slide that we had an increase [indiscernible] decrease of installed capacity. Then point out [indiscernible] price volume effect. Price is different between the average price, which we sold [indiscernible] in 2024 versus the same price sold in 2025, but [indiscernible] the average price was lower because the price of 2025 define in July 2024, whereas the price of 2024 was defined to price in July 2023. In 2023, price expectations were for a higher price versus what we actually experienced in July 2024 with the PPA contracts. So the price effect that was more than compensated by a higher production. Now the hours of that churn in 2025, in the areas in which we have our own plants generated a greater production of energy. Now move on to the other segment, which is [indiscernible]. As to Roska, we have the following items to be explained. First of all, the consolidation of [indiscernible] starting in July 2024. Secondly, we have a number of operating items as to [indiscernible] stop leasing with the reduction of lease that we expected which is the result of the reduction of fees due to the service contract with [indiscernible]. And -- however, we had up to 2025, we see a move in -- now the increase in fees, which is [indiscernible] by mid-2026 to strengthen this business [indiscernible]. Moreover, we see an increase of operating costs, which are [indiscernible] to our being sponsored to in 2026 [indiscernible] when some of our companies [indiscernible] that point of view. And then there is this item, other EUR 1.5 million, which is related to a number of small items for us to look and services. Now the overall value was up by around EUR 4 million. Here, we have an impact on the COVID-19 [indiscernible] contributions in entities we receive a part of such state contributions. And then as to the work on traffic resources at national level that retains the retribution of 11% versus [indiscernible] you then have [indiscernible] people by seasonal subscriptions, and I don't remember [indiscernible] and tickets, which means for us higher revenues for the individual lines. Now this is what I had to say about the results of our typical businesses. Let me now move on to tax generation. Now first of all, let me well [indiscernible] motorways in 2025, increased its CapEx within December 2025. We almost concluded the works of the hybrid [indiscernible] these stations which contributed that to the increase in CapEx in 2025. Let me point out the reduction of CapEx in the energy sector, The driver is related to affect that the [indiscernible] rule is retired to incentive plans have not market being built have obviously this option to [indiscernible] which is basically related to the regular works which are to be made. And then you see [indiscernible]. Let me now move to the chart on the right cash flow here, you can see the authorizing cash from [indiscernible] financial charges and taxes. We will see a big rise in net working capital of EUR 5.4 million, and this is due to a towards trend, which in December has been a net CapEx, [indiscernible] net of contributions and then you have the item related to CapEx and finance and then what was invested that net of the contributions or advances received from [indiscernible], this gives you positive number of [indiscernible]. So these are some which were we see an investments had to be made, which leads to a net cash flow of [indiscernible] impact on the net financial position. We started off from EUR 68.5 million at [indiscernible], as you can see, And then we have to take on account what we received [indiscernible] pay to suppliers and then the IFRS 16, and then this led to the adjusted net financial position of EUR 73.5 million. And this is what we actually expected. Now starting from the net financial position on the next slide, and considering cash EUR 368.6 million, we [indiscernible] are advantages for are infrastructure investments, and you then end up with a gross of [indiscernible] see here compared to what we had in 2024 [indiscernible] in 2024. So this year, we have reduced its debt that this is [indiscernible] reimbursement made. Now contributions by the industry and -- at valuable rate. So despite the payments and the investments that is lower value in 2024. Now let me remind you on the credit rating of relating [indiscernible] center. And with this [indiscernible] Fitch maintain the credit ratings last year after August rating agencies [indiscernible] you can see effect that the EUR 650 million, which will mature at the end of October 2025, and this gives us a positive effect in terms of the cost of impact. We understand during the previous call that we signed a [indiscernible] contract. An agreement that was signed in July 2022 we had to the refinancing of the bond to the funding of the CapEx, which are in our strategic extension of maturity beyond the [indiscernible] or beyond the end of the concession [indiscernible], which is the main [indiscernible] to the EBITDA. We then have closed all the [indiscernible] present for the [indiscernible]. I would not expect something else. Meanwhile we signed that in July, the [indiscernible], which was neutral. In August 2025, we repaid the facility that was opened with [indiscernible]. And after 2025, we closed [indiscernible] in March 2026. Now all of this explains what we are [indiscernible] so that the next step will be the reimbursement of [indiscernible], which will occur in October 2026, which is already expected. At this point, I'll stop here. I'll give the floor back to Ms. [indiscernible] who will make further comments on the outlook for 2026.

Thank you very much, [indiscernible]. As you can see from this slide, during the [indiscernible] meeting we had the [indiscernible], the proposal that was approved by the [indiscernible] of directors of [indiscernible] was held at [indiscernible]. Proposal is to assigned [indiscernible] of net profit of advancement we distributed to shareholders, which was a proposed DPS of [indiscernible] per share. As to the outlook for 2026, the EBITDA is expected to grow within the range of EUR 230 million to EUR 240 million. As to CapEx you can see there is quite a meaningful growth between EUR 350 million to EUR 400 million. And this is basically due mainly to CapEx on the new trends [indiscernible], which will be supplied in 2026. This will, however, have an impact on revenues when these trends will be up and replacing the [indiscernible]. Now as to the financial position, we expect it to be between EUR 850 million to EUR 900 million. And here, the Ratio and the EBITDA is going to be 3.54x, which is a ratio which is in line with what we have in our own strategic plan. I think we can now move on to the Q&A session. So I ask the operator to open the question session to the floor.

[Operator Instructions] The first question is by Davide Rimini, Intesa Sanpaolo.

I have got a couple of questions on the guidance that you have just [indiscernible]. I'd like to know whether you can give us some more details of the contribution of the different segments considering the range that you mentioned, EUR 230 million to EUR 240 million. Where should we expect to be high contribution come from? And then considering the targets given for 2029, can you tell us something about what is going to happen? And we have already [indiscernible] strategic plan, I was wondering whether -- which the EUR 320 million in 2029, I guess, that the EBITDA that you mentioned EUR 230 million to EUR 240 million. Of course, this is [indiscernible] growth, but perhaps you can tell us something about this. And so this is what I want to ask.

Thank you very much. Well, thank you very much, Davide, for your question, which is [indiscernible] and legitimate. The guidance for 2026 shows an increase of motorways versus the previous year because there was an increase in traffic. Now given the first indications, January and February recorded an increase in traffic and therefore we are going to see an increase related to the motorways segment. We should also see an increase in the energy segment considering, however, that we are talking about with the conditions remaining the same, the number of hours per day. And the EBITDA increase is related to what I have just said. Let me also tell you that we are expecting a recovery of Ro.S.Co. We still have the same costs related to the Olympics that the impact is certainly upward. And in June, [indiscernible] also had the fees of the [indiscernible]. As we mentioned, so I said to the target for 2029 of EUR 320 million. Now here, I have to say, it's not easy to make forecast about the fees increase, that will be recognized. In 2025, it was down to 0. In 2026, of course, there should be the impact of the inflation. As of today, it is not easy to see that. And then energy, well, this reflects the speed with which we are going to install the new capacity, the momentum, we believe that in 2026, we will be able to make up for the delay related to [indiscernible] but we will keep you posted about the evolution of such item. Well, if I may,

I'd like to ask a couple of questions about this related to the guidance and this is about CapEx. Now within the plan, 2026, you actually mentioned that for the Ro.S.Co business, there was going to be an increase in CapEx. I wonder whether all the energy segment, you have just said that you are going to make up or what was not invested last year. I wonder that there is something that say about the overall horizon. You mentioned the earnout that is related to the capacity in 2029 and there should be a difference in CapEx. I just wanted to have a confirmation about this, if you can.

Now let me tell you what we meant. Now the [indiscernible] trains were already envisaged in the strategic plan. There was a slide within the strategic plan that was breakdown in the color code for the 2 segments. There, you see quite an increase of loss for that was what envisaged because it was related to the supplies agreed with the suppliers. Then when it comes to the earnout, we wish the forecast are basically the same of what we had in 2024. Let me be clear. In 2024, we presented a strategic plan, which mentioned revenue number for the volume of [indiscernible]. When we closed the account for 2024, we thought that we could accelerate or even anticipate the installations on energy plans and therefore, and with the higher installed capacity that generated a negative earn-out. The [indiscernible] related and combined to a longer time had received authorizations, which is certainly more impactful on wind and [indiscernible] obviously led to [indiscernible] this forecast that we use with impairment tax for the accounts of 2025 or that growth the installed megawatts at their original value. Now within the strategic plan, which is to be presented there is no [indiscernible] in terms of installed capacity as to CapEx, and I will conclude here in the 2026 items will be strategic plan with the exception of [indiscernible].

Now one last question if I may. My question has to [indiscernible]. You said that -- at the end of the year, the item was more for the value improvement tax. Last year, was EUR 9 million negative of the one-offs [indiscernible] will be held out [indiscernible] I don't remember something related to the impairment. Is it correct?

Well, yes, it is correct because we impair test which is part of the accounting in the method tells you that if the impairment has this year a value which is higher than the assets, you will remember it. but it is below or lower will you need to take actions.

Next question by Chiara Pampurini with Intermonte.

I have a question about energy. Considering the [indiscernible] the impact of the change of the [indiscernible], so we have a calculation about this. I had a question about what you [indiscernible] in the press release about the guidance, change impact for local parts and transport, but we sell water this change is. And then can tell something about the hydrogen project, which is about to be starting to [indiscernible] this year.

Thank you, Chiara, for your questions. Now as to energy, if I had clear mind what the energy trend could be, would be ready to cash in a lot of money, well, that's apart from this joke. [indiscernible] is subject to a lot of reliability. When we go back to the portfolio of our tariffs. Now most of our production plans are covered by incentives related tariffs. The tariffs, which are now related to incentives are basically a [indiscernible] with a 5-year [indiscernible]. Second per one, which envisages within a period of 18 months, starting to [indiscernible] and replan is up and running. But this evisages the possibility to sell the plant at market market price. As to any [indiscernible] related plant, we submitted the [indiscernible] to the tender [indiscernible] with the tender others were not. And at this moment, and I checked things the other day. [indiscernible] that we have is higher than the one that we had in our guidance and in our forecast. At the moment, this is going well as to the market component, which is, however marginal considering the overall portfolio that we have. So at the moment, we are just as we are. In the next few months, we will have to see -- consider whether we needed to get [indiscernible] and what we need to get out from this contracts or extensibility contracts, Because the [indiscernible] seems favorable in this moment. This is a part of installed capacity, which is subject to market volatility, which is quite smaller versus the overall total. As a quick question, the guidance includes a forecast of the increase of the ATP, where we have more visibility, margin piracy around 8%, while we also ran a subscription campaign, which [indiscernible] its results. Now as to the hydrogen project that, I think the press release was published that let me just tell you that it will lead to [indiscernible]. It just coupons what is happening I guess you are referring to a number of articles that were published yesterday about hydrogen that raised a number of doubt or questions. Perhaps it is necessary to perhaps provide some more information because we saw articles published by the [indiscernible] about one of the plants, which is the one in [indiscernible] of the concession. The articles, however, do not report correctly, how things are at the moment. The hydrogen project for the motorways and the railways segment as to [indiscernible] work will start their operations in the first part of 2026. As to railways, what is written in these articles is not correct. We -- what we can say is that we can start-up [indiscernible] some of the trains are already going through a number of static tests in the [indiscernible] plant. The supplier has already provided the relevant documentations and then there will be the authorization for such trains to start the commercial business. Everything is going as the plan by FNM. So we will confirm that 2027, the beginning of '27 is going to be the moment when the commercial service will start operating on the [indiscernible] line also with hydrogen trains.

Next question by Milo Silvestre with Equita.

I have a question on the metals position, the increase that we see related to CapEx, which are expected to go up? Second question, can you help me [indiscernible] amount or the value of CapEx without the contribution of the regional priorities.

Now the CapEx, which you see in the outlook on CapEx that we are going to make with our own funds. So this does not take into account the part of the CapEx which are funded. Now the finance CapEx will have here within the overall value more than EUR 100 million related to the trains we have mentioned before. Now the change between 2025 and 2026 is related in fact due to this. And so the net financial position at the end of 2026, which we expect to achieve is -- includes the [indiscernible] trains, investments of CapEx in the Energy segment, which are acquired considerable [indiscernible] the CapEx plan and which means cash outflow for investments, but we have not yet considered the cash related to the CapEx.

As to the gross CapEx -- can you give us the CapEx related to trains, can you give us the EBITDA between the [indiscernible].

Now this is going to be around EUR 85 million and [indiscernible] is around EUR 80 million. So these are the other 2 big items for CapEx.

[Operator Instructions] Next question is a follow-up question by Chiara Pampurini with Intermonte.

Now I have a question about a decision taken in [indiscernible] last, whereby there will be an increase in tariffs by 1.5%. I'd like to know whether you made some calculations about this impact?

Now I guess you are relating to the resolution [indiscernible]. As for today, we have -- let me rephrase it such a resolution, the [indiscernible] leads to the confusion, I have to say, but on the other hand, this [indiscernible] we needed to be with this [indiscernible]. Now within the resolution there is something which is not in line with what we expect to receive from the [indiscernible]. So we are thinking about the resorting to an appeal. At the moment with ARC and [indiscernible], we are having a [indiscernible] resolution per se, it's not wrong with us. The problem is that that resolution is related to the [indiscernible] to manage ordinary questions or issues. Now we find ourselves in an extraordinary situation for different reasons. On the one hand, we have a deadline in 2028 [indiscernible]. And secondly, because of the COVID-19 pandemic and because of what happened our regulatory invested capital has a considerable portion of investments which are not remunerated but also a part which is related to COVID-19 for this component of the regulatory invested capital, which has [indiscernible], which I have described and rated to the short-term deadline. Well, that leads to some difficulties in -- some difficulties including the resolution and to combine this with the [indiscernible] approach doesn't work. If I want to reach the equilibrium around 8%, with the shareholder that goes boyong the threshold. But if I want to pay around taking the project here at the correct level within a range mentioned by [indiscernible], this means that I will have a lower remuneration of the project. Now what we need to understand this and we however, to find a way to go beyond the [indiscernible] flexibility of the resolution, which is not very strange. For instance, for [indiscernible] segment or business, the acquisition works quite well. Now it is reasonable to foresee that there will be the relations with the resolution and the PS opinion considering the possibility of the part of the [indiscernible] to make some valuations wherever necessary.

Next question is a follow-up question by Milo Silvestre with Equita.

Yes, I have a question about this resolution. Can you help us understand what the next steps are going to be and basically we shall see the impact and whether this has an effect on the terminal value. Just to have an idea about the impact and one such impact to our deal.

Now it is very -- extremely difficult to give you some [indiscernible] the test of [indiscernible] arrived a few weeks ago, the resolution of [indiscernible] was published in December -- end of December earnings just a resolution 2 pages. It's quite complex. We're working on this, however. And once we have a reasonably clear view of this with a sound basis, it will be a pressure. And of course, it would be an obligation to give you all of the necessary pieces of information. At the moment, I can't give you a precise date. But we will certainly update you whenever we make a call. Otherwise, if this occurs before our own call, we will publish a press release. Thank you.

[Operator Instructions] There are no more questions registered at this time. Well, thank you very much. And we can conclude this conference call, [indiscernible] available for -- to answer your other questions. And we have another call on the 14th of May for the results of the third quarter of -- first quarter of 2026. Thank you very much. Ladies and gentlemen, the conference call is now over. You may disconnect your telephones. Thank you.