#1August 2023 ச FERROVIE DELLO STATO ITALIANE Informazione pubblica FS Italiane Group Investor Presentation ச#2Disclaimer IMPORTANT NOTICE - STRICTLY CONFIDENTIAL By accessing this investor presentation, you agree to be bound by the following limitations. This presentation has been prepared by (and is the sole responsibility of) Ferrovie dello Stato Italiane S.p.A. This presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of Ferrovie dello Stato Italiane S.p.A. or any of its subsidiaries (together, FS Group), nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. 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Any failure to comply with this restriction may constitute a violation of U.S. securities laws. This presentation is not an offer of securities for sale in the United States. This presentation is for distribution in Italy only to "qualified investors" (investitori qualificati), as defined pursuant to Article 100, paragraph 1(a), of Legislative Decree no. 58 of 24 February 1998, as amended and restated from time to time (the Financial Services Act), and as defined in Article 34-ter, paragraph 1(b) of CONSOB Regulation no. 11971 of 14 May 1999, as amended and restated from time to time (the CONSOB Regulation), or in other circumstances provided under Article 100 of the Financial Services Act and Article 34-ter, CONSOB Regulation, where exemptions from the requirement to publish a prospectus pursuant to Article 94 of the Financial Services Act are provided. This presentation may contain projections and forward-looking statements. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may," "will," "should," "plan," "expect," "anticipate," "estimate," "believe," "intend," "project," "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause FS Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding FS Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where FS Group participates or is seeking to participate. All statements, other than statements of historical facts, contained herein regarding FS Group's strategy, goals, plans, future financial position, projected revenues and costs or prospects are forward-looking statements. Forward-looking statements are subject to inherent risks and uncertainties, some of which cannot be predicted or quantified. Any such forward-looking statements will be based on numerous assumptions regarding FS Group's present and future business strategies and the environment in which FS Group will operate in the future. Furthermore, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate and future events or actual results could differ materially from those set forth in, contemplated by or underlying forward-looking statements. Any such forward-looking statements in this presentation will speak only as at the date of this presentation and Ferrovie dello Stato Italiane S.p.A. assumes no obligation to update or provide any additional information in relation to such forward-looking statements. FERROVIE DELLO STATO ITALIANE Informazione pubblica f 2#3Ferrovie dello Stato Italiane Group Business & Financial Overview Informazione pubblica ச#4FS Group in a snapshot Ferrovie dello Stato Italiane ("FS" or the "Issuer") - 100% Italian Ministry of Economy and Finance - is one of the largest industrial Group in the Country. New Mission for the Holding company includes policy making, coordination, strategic and financial control over the Hub's Parent Companies. Infrastructure Hub RFARDARMA ITALIANA GRUPPO FERROVIE DELLO STATO ITALIANE ANAS ITALFERR Companies belonging to the same FSE INFRA Hub FERROVIE ITALIANE DELLO STATO Consolidated highlights (€/mn) Shared services (Ferservizi. Fercredit, FS Technology) 2022 2021 Δ % Hub Parent Companies Revenues 13,664 12,242 1,422 11.6% EBITDA 2,212 1,888 324 17.1% Passengers Hub ச, TRENITALIA GRUPPO FERROVIE DELLO STATO ITALIANG Logistics Hub F MERCITALIA LOGISTICS GRUPPO FERROVIE DELLO STATO ITALIANE + Urban Hub SISTEMI URBANI EBITDA Margin 16.2% 15.4% 0.8% 5.2% EBIT 262 193 69 35.9% GRUPPO FERROWIE DELLO STATO ITALIANE EBIT Margin 1.9% 1.6% 0.3% 18.8% Net Income 202 193 9 4.4% BUSITALIA FSE PAX MERCITIALIA RAIL MERCITALIA INTERMODAL GS IMMOBILIARE METROPARK Net Invested Capital 49,707 50,422 (715) (1.4%) NETINERA " TX LOGISTIK CREW Equity 41,853 41,551 302 0.7% Net Financial Debt 7,854 8,871 (1,017) (11.5%) Currently, the Holding company - thanks to its solid creditworthiness - finances its subsidiaries (mainly RFI, Trenitalia and Mercitalia Rail (MIR)) also through ESG finance instruments. Currently the entire railway business is financed through sustainable finance solutions, given the full alignment of its capex with EU Taxonomy criteria and their sustainability characteristics. F FERROVIE DELLO STATO ITALIANE Group Revenue by Hub (2022)* 5,9% 6,9% ■Infrastructure ■ Passengers 43,6% ■Logistics Urban and other services Informazione pubblica 43,6% Source: FS 2022 Annual Report Highlights *Net of (2,090) mn of consolidated adjusted f 4#5Benchmarking with European rail players (€bn) 2019 2020 2021 2022 Revenues 12.4 10.8 12.2 13.7 f S&P EBITDA margin % 21% 15.1% 15.4% 16.2% Fitch EBIT margin % 6.7% -2.6% 1.6% 1.9% Issuer Rating BBB BBB (€bn) 2019 2020 2021 2022 Issuer Rating Revenues 44.4 40.2 47.1 56.3 S&P AA- DB EBITDA margin % 12.2% 2.5% 4.9% 9.3% Moody's Aa1 EBIT margin % 4.1% -11.9% -3.3% 2.2% Fitch AA+ (€bn) 2019 2020 2021 2022 Issuer Rating Revenues 35.1 30 34.8 41.4 S&P AA- SNCF EBITDA margin % 16.1% 6.5% 12.5% 16% Moody's Aa3 EBIT margin % 5.1% -10% 5.2% 6% Fitch AA- FERROVIE DELLO STATO ITALIANE Source: FS, DB, SNCF Annual Reports and rating agencies' websites Informazione pubblica f 5#6Rating Overview Rating Agency Issuer Rating Stand Alone Credit Profile Outlook Date of last update S&P Global BBB bbb+ Stable 2nd August 2022 Ratings Fitch Ratings BBB bbb Stable 11th November 2022 F FERROVIE DELLO STATO ITALIANE Informazione pubblica Key rating drivers f Government related entity Strong financial reliability and credit worthiness Leading investor in the Country 6#7New Industrial Plan The Four Hubs and main figures* 福 INFRASTRUCTURE HUB The backbone of economic and social development throughout the territory PASSENGER HUB Integrated solutions for sustainable mobility LOGISTICS HUB The entire supply chain of digitised freight URBAN HUB The sustainable regeneration of cities To realize accessible, integrated, resilient and interconnected road and rail works. Foreseen about € 181 bn in investments made by RFI and ANAS, with their leading role in the implementation of the Italian Recovery and Resilience Plan. Creation of a multimodal business proposition, the advantage of which shall be to exploit the merits of the various modes, to achieve integrated, economical, reliable and sustainable transport. By 2031, the Hub will invest around € 18 bn. Main targets: doubling the share of freight traffic by rail compared to 2019 and developing its positioning in the logistics chain. Almost € 3 bn in investments in new rolling stock, multimodal terminals, freight villages and logistics platforms. Enhancement of assets no longer functional to the railway service, from the perspective of the sustainable regeneration of cities. The assets' value under management equal to € 1.5 bn. F FERROVIE DELLO STATO ITALIANE Main figures € 206 bn of capex 2 GW expected capacity of the new installations from renewable sources No limits for safety purposes Informazione pubblica f *Updated with FS' BoD approval as of 6 April 2023. 7#8Key figures €mn 2021 2022 RFI: the railway infrastructure manager F High Speed and Traditional Network Berna Istantanea sulla rete RFI RETE FERROVIARIA ITALIANA SVIZZERA Revenues 3,057 3,233 Track access charges 961 1,060 Milano Torino CdP-Service 1,371 1,294 Rete Fondamentale AV/AC(ERTMS) Rete Fondamentale Tradizionale Venice Rete Complementare Nodi Bologna Genova San Maring ERZEGOVIN Saraje Other services 449 606 Monaco Firenze Mar Ligure Real estate services 111 115 Other income 165 158 Roma Mare Adriatico Bari EBITDA 452 521 Napoli Sassari EBITDA margin % 14.8% 16.1% Golfa Mar Tirreno di Taranto EBIT 273 312 EBIT margin % 8.9% 9.6% Palermo Ma lor Net Income 275 263 F FERROVIE DELLO STATO ITALIANE NETWORK HIGHLIGHTS 2022 16,829 km Lines 12,184 km Electified Lines Canale di Tunisi 23,093 km Traditional tracks 1,467 km High Speed tracks Source: Company information; FS Annual report; RFI Annual report and RFI Website Informazione pubblica f 8#9Trenitalia: the rail passenger transport operator €mn Revenues EBITDA EBIT Financial highlights 6.000 2021 2022 5.000 f TRENITALIA ச, Trenitalia's traffic services revenues and grants (€ mn) 4,552 5,095 2.037 4.000 1,054 1,233 67 182 3.000 2 82 Net Income EBITDA Margin 23.1% 24.2% 2.000 EBIT Margin 1.5% 3.6% 1.000 F FERROVIE DELLO STATO ITALIANE 784 0 3.113 515 1.921 549 2.133 1.539 1.142 2019 2020 ■Public Grants/support revenues Source: Trenitalia Website, 2022 FS Annual Report Highlights Informazione pubblica 2021 Public Contract Service revenues 139 1.935 2.539 2022 ■Market revenues 6#10Robust historical financial performance 14.000 4.000 3.000 2.500 2.212 2.000 EBITDA FS's performances show solid recovery after the pandemic: The increase in costs in 2022 is lower than the increase in revenues, so EBITDA increases compared to 2021. As a result, the EBITDA margin also increased. ➤ Also EBIT margin increased in respect of 2021, due to the increase of EBIT by more than one third. 13.664 12.000 12.435 12.078 12.242 3.500 11.452 10.000 10.837 10.354 9.826 9.602 9.299 9.204 8.000 8.928 6.000 6.986 6.635 2.609 2.476 4.000 2.293 2.313 2.000 1.633 1.888 0 1.500 2016 2017 2018 2019 2020 2021 2022 €mn Revenues Operating costs EBITDA Consistent profitability and margins f 500 €mR -500 -1.000 FERROVIE DELLO STATO ITALIANE 2019 -278 -562 2020 EBITDA 3.000 2.609 2.500 2.000 1.500 829 1.000 584 LLLL 25,0% 21,0% 2.212 1.888 1.633 20,0% 16,2% 15,1% 15,4% 15,0% 10,0% 6,7% 193 193 262 202 5,0% 1,6% 1,9% 0,0% -5,0% -2,6% 2021 2022 2019 2020 2021 2022 EBIT Net Income EBITDA Margin ■EBIT Margin 10 Informazione pubblica#11Consolidated Revenues and business recovery after the pandemic 16.000 14.000 12.000 12.435 10.000 Consolidated Revenues (€mn) 2022 vs 2019: + € 1,229 mn (+ 10%) 10.837 12.242 13.664 • ● 2022 vs. 2021 Passenger Hub's operating revenue in 2022 increased compared to the same period of 2021 by € 668 mn (+11%), largely attributable to the traffic revenue component. In 2022 traffic infrastructure revenues up by € 549 mn mainly related to motorway and railroad traffic toll. 8.000 6.000 4.000 2.000 0 2019 2020 2021 2022 F FERROVIE DELLO STATO ITALIANE f • • Rail freight revenues recorded a positive change of € 45 mn, mainly driven by the Group's foreign companies (+ € 31 mn). Urban Hub's revenues doubled compared to 2021, substantially due to the sale of the Milan Portal Romana area. Informazione pubblica 11 111#12FS Group CAPEX profile • In 2022 FS's capital expenditure amounted to € 8,115 mn (- 19% vs. 2021), of which €5,951 mn funded through government grants mainly earmarked to rail infrastructure. • The majority of capex went to maintenance and development of the rail infrastructure network carried on by RFI, with a focus on Traditional network. Rail infrastructure capex is almost totally funded by the Government as per the "Contratto di Programma" between Ministry of Infrastructure and Transport and RFI. ⚫ Trenitalia capital expenditures are in line with 2021. 12.000 10.000 FS Capex in 2018 - 2022 8.000 6.943 6.693 5.871 6.000 4.000 2.000 9.976 8.115 €mn 0 2018 2019 2020 2021 2022 F FERROVIE DELLO STATO ITALIANE 2022 technical investments breakdown* 16% 1% 1% 82% ■Infrastructure ■ Passenger ■Logistics ■ Urban and other services * In addition to the consolidated investments described above, technical investments includes the investments recognised in accordance with IFRIC 12, mostly attributable to Anas S.p.A. and FSE S.p.A. (approximately €2.7 billion), while the remainder is comprised of the investments of unconsolidated special-purpose entities (e.g., TLF, BBT, etc.). Informazione pubblica f 12 22#13FS' debt profile Funding diversification F From 27 April 2023, EMTN Programme increased up to € 12 bn. Total gross financial debt (long term + short term) amounts to € 11,757 mn (excluding leasing ex IFRS16) at YE 2022 vs. € 11,674 mn at YE 2021. The bulk of FS Group's debt is held by FS Holding (€ 10 bn, around 85% of total). 26% 36% 76% 88% 11% 7% 63% 57% 11% 13% 12% Breakdown Financial sources 2012-2022* Net Financial Debt amounts to € 7,854 mn at YE 2022, improving by approximately € 1 bn compared to the previous year (€ 8,871 mn at YE 2021). ** EMTN Bonds 2012 2013 2019 2022 ■Supranational Entities ■Bank Loans *These percentages are calculated on the long term debt held by FS\RFI\TI **Including private placement with EIB. FERROVIE DELLO STATO ITALIANE Informazione pubblica f 13#14Balanced debt maturity profile Effective management of financial expense 1.800 1.600 1.400 1.200 1.000 800 600 400 200 Balanced debt maturity profile extending over the next 15-20 years Group long term debt maturity profile * Historically low borrowing costs and an effective management of financial costs, including interest rate risk management policies, has resulted in a containment of interest expense on debt, generating value for the Group. Interest expense on Group's financial liabilities ** *** 0 €mn 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 1,75% 1,77% 1,54% 2017 2018 2019 1,49% 2020 1,13% 2021 1,36% 2022 FERROVIE ITALIANE DELLO STATO * Maturity profile calculated on the long term debt, included the current portion of the long term debt, held by FS\RFITI as of December 2022. Following the reporting date, new debt (bonds and loans) were issued by FS Italiane for a total amount of € 1,450 mn. The financial expense is net of government grants, therefore the ratio is calculated on the debt not funded through guaranteed government grants. Informazione pubblica f 14#15Debt service capacity Effective funding management and still solid equity position • • Net Financial Debt / EBITDA has keeping stable around to 3x, while Total Debt / EBITDA has keeping stable around to 5x in last years before pandemic; after the increase caused by Covid in 2020, these ratios are gradually returning to pre-pandemic values. Historically low borrowing costs and effective management of financial costs, including interest rate risk management policies, resulted in EBITDA interest cover improved substantially in the last years and back to pre-pandemic levels by 2021 (14,8x). FS Italiane maintains a strong and stable capitalisation even after COVID impact. Leverage evolution Capitalisation 80 7 6 5 4 52 5,2 5,0 7,1 35% 31% 30% 30% 28% 28% 28% 27% 27% 42 6,2 5,3 4,6 46 5,4 25% 4,7 4,3 19% 18% 3,6 20% 18% 16% 3 2,9 2,9 3,1 2,7 2 1 2016 2017 15% 21% 21% 19% 10% 2016 2017 2018 2019 2020 2021 2022 2018 2019 2020 2021 Total Debt \ EBITDA 2022 Net Financial Debt\Equity Total Debt\EQUITY F FERROVIE DELLO STATO ITALIANE Net Financial Debt\EBITDA Source: FS Annual Reports Informazione pubblica f 15#16Corporate Sustainability and Sustainable Finance ச Informazione pubblica#17Sustainable finance endorsing a sustainable strategy 1/2 € Increased awareness of the importance to strive for a more sustainable business. FS financial decisions become essential and strategic to allocate the new debt sources to the most effective investments complying with the ESG principles. CO₂ f 2017 1° Green Bond Framework Green Bond issued only for Trenitalia financing 2018 2° Green Bond Framework Eligible Green Projects extended to Cargo sector 2020 New ESG transactions EIB Series 14, Eurofima Series 30 and a Green Loan 2021 Green Bond S. 17 1° Sustainable-Linked Loan (RCF). Green Bond S.18 (first corporate Green Bond subscribed by EIB). 2022 3° Green Bond Framework Eligible Green Projects extended to RFI Green Bond S.19 (via EIB) and S.20 FERROVIE DELLO STATO ITALIANE F The Green Bond Principles European Investment Bank EUROFIMA ROLLING STOCK FINANCING All 2022 and 2021 targets achieved. EU TAXONOMY 17 17#18Sustainable finance endorsing a sustainable strategy 2/2 Mn Gross Debt: ESG vs. non ESG 14.000 100% 12.000 90% 80% Closing of ESG bonds and loans: € 5.8bn as of 31/12/2022 11% 10.000 70% 6.829 60% 8.316 8.000 9.095 10.145 46% 23% 50% 6.000 66% 40% 33% 26% 30% 4.000 17% 5.755 20% 2.000 4.078 3.240 10% 2.100 F FERROVIE DELLO STATO ITALIANE 2019 2020 2021 ESG Debt Non ESG Debt - 0% 2022 % ESG Debt • ■Green Bonds ■ ESG Bonds ■ ESG Loans ESG bonds refer to private placement transactions with EIB and Eurofima (non EMTN) and bilateral loans which underlying financed assets are complyant with EU Taxonomy criteria. Figures includes € 430 mn of outstanding Revolving Credit Facility. Not including new Green and ESG bonds issued in 2023 for a total amount of € 1,200 mn. Informazione pubblica 18 f#19A business model which fully integrates sustainability FS Group vision is to become the company that enables a system of: resilient infrastructures, sustainable mobility and integrated logistics Key ESG highlights 2022 PEOPLE 9,317 recruitments COMMUNITIES 172,497 sq.m. total surface area under free loan for social uses EMISSIONS 4,8 million tCO2e avoided emissions 1 WATER -2,3% consumption of water resources WASTE Sustainability performances World Benchmarking Alliance CDP MOODY'S ESG SOLUTIONS MSCI MORNINGSTAR SUSTAINALYTICS Climate change A- Advanced Average ESG low risk 7th place out of 90 3 SALUTE E BENESSERE 4 DI QUALITÀ ISTRUZIONE 5 PARITA DI GENERE 7 ENERGIA PULITA E ACCESSIBILE Over 95% of special waste sent for recovery Contribution to SDGs 8 LAVORO DIGNITOSO E CRESCITA ECONOMICA SUSTAINABLE PROCUREMENT Over 90% of bids of tenders include environmental and social criteria F FERROVIE DELLO STATO ITALIANE 1) The calculation of avoided emissions is based on a comparative assessment of emissions from public transport by rail and road, compared with the corresponding emissions that would have occurred with private car use, and between emissions from freight transport by rail, compared to the corresponding emissions that would have occurred with heavy commercial vehicle use. Sources: EIB Project Carbon Footprint Methodologies Informazione pubblica CONSUMO E 12 PRODUZIONE RESPONSABILI Q 9 IMPRESE, INNOVAZIONE E INFRASTRUTTURE 13 LOTTA CONTRO IL CAMBIAMENTO CLIMATICO 10 RIDURRE LE DISUGUAGLIANZE 11 CITTA E COMUNITĂ SOSTENIBILI 15 VITA SULLA TERRA 16 PACE, GIUSTIZIA E ISTITUZIONI SOLIDE f 19#20Energy and emissions: present and perspectives in FS Managing the main environmental impacts of the FS Group Energy and CO2 emission are among the main environmental impacts of the FS Group. Therefore, it is committed to improving its performance while maintaining comprehensive and transparent reporting to stakeholders business plan UN TEMPO NUOVO PIANO INDUSTRIALE 2022/2031 f Gruppo FS FS Italiane launched its business plan, which will plot the company's course over the next 10 years marking a significant drive towards energy transformation accuracy and accountability FERROVIE DELLO STATO ITALIANE F A 2 GWP by 2031 2.6 TWh by 2031 2 40% photovoltaic installations on FS Group sites self-generated electricity Coverage of Group's electricity requirements f ISO ISO 14064 In July 2023, FS Italiane certificated the verification of emission inventory and greenhouse gas declaration by an independent accredited body according to ISO 14064 scheme SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION In July 2022,FS Italiane signed the SBTI commitment letter, in which it commits to certify and monitor its targets: carbon neutrality by 2040; 50% reduction in scope 1+2 emissions; 30% reduction in scope 3 emissions by 2030. During 2023 targets will be presented for official validation Informazione pubblica 20 20#21Reporting on the European Taxonomy Turnover, Capex and Opex In accordance with EU Regulation 852/2020 (EU Taxonomy) below is summarized the performance of the Group with regard to the shares of 2022 Turnover, Opex, and Capex¹ aligned to the two objectives of climate change mitigation and adaptation. KPMG - as FS' external auditor – has supported FS Group in this analysis. A total of 60.6% of consolidated turnover is Taxonomy aligned A total of 44.5% of consolidated operating expenses is Taxonomy aligned A total of 84.2% of consolidated capital expenditure is Taxonomy aligned f Not eligible 27.7% F FERROVIE DELLO STATO ITALIANE Eligible 72.3% Total Turnover (mn €) 13,664 --------- Rail transport DT DED Environmentally sustainable 60.6% DOT D Environmentally sustainable 44.5% Road transport Eligible 52.4% Eligible Total OpEx² (mn €) 5,028 Railway infrastructure Not eligible 47.6% 1 Results refer to the share of turnover, operating expenses, and capital expenditures not related to intercompany activities. 2 Total Opex as identified by the Delegated Regulations paragraphs 1.1.3.1. - 1.1.3.2 Informazione pubblica D 96.4% Not eligible 3.6% Road infrastructure Total CapEx (mn €) 8,115 Environmentally sustainable 84.2% 21 21#22FS Green Bond Framework updated in 2022 First Green Bond Framework established in 2017. In 2022 FS has enlarged the list of Eligible Green Projects. EU TAXONOMY FINAL REPORT All the EGP are aligned with the EU Taxonomy categories • • Potential KPIs: Energy efficiency Reducing CO2 emissions Modal shift vs railway Eligible Green Projects Look-back period: 2 years (vs. 3 years of the previous update) f Look-forward period: 2 years Trenitalia electric passenger trains and maintenance of the electric rolling stock. MIR electric locos and freight wagons and related maintenance RFI electric HS infrastructure and maintenance of the railway lines. FERROVIE DELLO STATO ITALIANE F MERCITALIA RAIL 1000 MERCITALARA Informazione pubblica 222#23Key figures of the Green Bond Framework Compliance with ICMA Principles. Description of the Projects under a Taxonomy perspective. SPO (link) provider confirming EU Taxonomy alignment. Eligible Green Projects covering the whole railway value chain. The Green Bond Principles EU TAXONOMY FINAL REPORT SUSTAINALYTICS a Morningstar company SPO EU Taxonomy Assessment: Sustainalytics has assessed the Ferrovie dello Stato Italiane Green Bond Framework for alignment with the EU Taxonomy and is of the opinion that eligibility criteria in this category-which relate to passenger interurban rail transport and freight rail transport - map to three activities in the EU Taxonomy and are aligned with the applicable Technical Screening Criteria (TSC). The activities comply with the Do Not Significant Harm (DNSH) criteria defined for the aforementioned activities. Sustainalytics is also of the opinion that the activity and projects to be financed under the Framework will be carried out in alignment with the EU Taxonomy's Minimum Safeguards. This latest update was highly appreciated by investors, for the quality and transparency of the information and references to the EU Taxonomy. UN SDGs 3 and 17 alignment. 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE KPMG as Third-Party Opinion Provider of the Green Bond Reports, available on IR website. Climate bond Initiative award. FERROVIE DELLO STATO ITALIANE SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION KPMG CLIMATE BONDS STAN CERTIFIED FS is among the best players in terms of sustainability. Indeed their core business is clean transportation and have concrete and challenging goals like net zero by 2040. Amundi f We're aligning our investments to the EU Taxonomy for the issuers election in our portfolios and hence FS green bonds would remain eligible for us given its alignment as well. AXA Informazione pubblica 23 23#24Focus on Recovery and Resilience National Plan (PNRR) Informazione pubblica ச#25PNRR: role of FS Group and financial resources PNRR consists of six Missions. Each Mission consists of several Components Mission 3 - "Infrastructures for Sustainable Mobility" amounts to around € 31.5 bn. RFI acts as implementing body/subject of Mission 3 - Component 1 Others operating Group's companies could be beneficiaries of the PNRR as implementing body/subjects. Mission 3 - Component 1 "Investments on Rail Network" amounts to € 27.97 bn invested both on railways and on roads. Upgrades on National Rail Infrastructure will pertain both HS network and conventional rail network with infrastructural and technilogical investments (i.e. ERTMS). ANAS acts as implementing body of Mission 5 and in the project «Safe Roads>> together with all others roads' concessionaires. f M3. INFRASTRUTTURE PER UNA MOBILITÀ SOSTENIBILE M3C1 - RETE FERROVIARIA AD ALTA VELOCITÀ/CAPACITÀ E STRADE SICURE PNRR (a) React EU (b) Fondo complementare (c) Totale (d)=(a)+(b)+(c) 24,77 0,00 3,20 27,97 M3C2 - INTERMODALITÀ E LOGISTICA INTEGRATA 0,63 0,00 2,86 3,49 25,40 0,00 6,06 31,46 Note: in column a) may be found resources of Recovery and Resilience Facility Informazione pubblica F Totale Missione 3 FERROVIE DELLO STATO ITALIANE 25 25#26Informazione pubblica Appendix ச#27FY 2022 Consolidated Financial Statements Income Statement Reclassified Statement of Financial Position €mn 2022 2021 Change % €mn 2022 2021 Change REVENUE Revenue from sales and services Other income OPERATING COSTS 13,664 13,169 495 12,242 12 Net operating Working Capital (1,019) (125) (894) 11,835 11 Other Net Assets 1,424 2,331 (907) 407 22 Working Capital 405 2,206 (1,801) (11,452) (10,354) (11) EBITDA 2,212 1,888 17 Net non-current assets Other provisions 52,876 52,251 625 (3,574) (4,051) 477 Amortisation, depreciation, provisions and impairment losses (1,950) (1,695) (15) Net assets held for sale 0 16 (16) NET INVESTED CAPITAL 49,707 50,422 (715) EBIT 262 193 36 Net financial expense PRE-TAX PROFIT Income taxes (50) 14 >200 Net current financial debt (1,873) (366) (1,507) Net non-current financial debt 9,727 9,237 490 212 207 3 Net financial debt 7,854 8,871 (1,017) (10) (14) 30 PROFIT FROM CONTINUING OPERATIONS 202 193 5 Equity 41,853 41,551 302 Loss from assets held for sale, net of taxes 0 0 0 PROFIT FOR THE YEAR 202 193 5 COVERAGE 49,707 50,422 (715) FERROVIE DELLO STATO ITALIANE F Informazione pubblica f 27 27#28Contacts: Marco Fossataro - Chief Financial Officer Mail: [email protected] Stefano Pierini - Head of Finance & Investor Relations Mail: [email protected] Vittoria lezzi - Head of Debt Capital Market Mail: [email protected] Riccardo Moscucci - Debt Capital Market Mail: [email protected] Marco Marrone - Debt Capital Market Mail: [email protected] Francesco Cimino - Investor relations Mail: [email protected] https://www.fsitaliane.it/content/fsitaliane/en/investor-relations.html https://www.fsitaliane.it/content/fsitaliane/en/investor-relations/debt-and-credit-rating.html Informazione pubblica f 28