Investor Presentaiton

Benchmarking 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

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