FNM S.p.A. (FNM) Earnings Call Transcripts
FNM S.p.A.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, FNM S.p.A. reported an EBITDA of EUR 39 million, reflecting a quarter-on-quarter increase of EUR 3.4 million, primarily driven by higher traffic and a tariff increase in the Motorways segment. However, the Railway Infrastructure segment saw a significant decline in EBITDA to EUR 0.8 million, down EUR 2.8 million year-over-year, largely due to the absence of prior insurance reimbursements. Management maintained its EBITDA guidance for the fiscal year at EUR 230 million to EUR 240 million, signaling stability despite some operational challenges.
Reported metrics
| Metric | Value |
|---|---|
| EBITDA | EUR 39 million (beat) |
| Railway Infrastructure EBITDA | EUR 0.8 million (miss) |
| Energy Segment EBITDA | EUR 1.9 million (inline) |
| CapEx Guidance | EUR 350 million - EUR 400 million (inline) |
| Net Financial Position | EUR 814 million (negative) |
| Gross Debt | EUR 814 million (positive) |
Guidance from management
Management maintained its EBITDA guidance for 2026 at EUR 230 million to EUR 240 million, indicating stability despite operational challenges. CapEx guidance remains unchanged at EUR 350 million to EUR 400 million.
What management said
Thank you very much. Thanks for attending. As usual, we'll be available in case you need further clarifications later today or in the next few days. And we'll meet again on September 10 for the first half results presentation. Thank you. Goodbye.
What analysts pressed on
Analysts expressed concerns regarding the impact of geopolitical risks on operations, particularly in local public transportation due to rising fuel costs. There were also inquiries about the expected EBITDA impact from new train investments and the potential for delays in CapEx execution.
Main topics on the call
- Revenue Growth in Motorways — The Motorways segment experienced a positive EBITDA increase of EUR 3.4 million, attributed to a 1.5% tariff increase and improved traffic mix. Management noted, 'this increase is mainly due to the positive increase in t...
- Decline in Railway Infrastructure EBITDA — Railway Infrastructure's EBITDA fell to EUR 0.8 million, down EUR 2.8 million year-over-year, primarily due to the lack of insurance reimbursements from previous damages. Management stated, 'the main reason for this redu...
- Stable Energy Segment Performance — The Energy segment's EBITDA remained constant at EUR 1.9 million year-over-year, despite challenges from lower prices and volumes. Management indicated, 'the existing capacity year-over-year actually suffered a lower -- ...
- CapEx Guidance Confirmation — Management confirmed CapEx guidance for 2026, expecting it to range between EUR 350 million and EUR 400 million, with significant contributions from the Ro.S.Co. segment. They noted, 'the Ro.S.Co. component is about EUR ...
Read the full FNM S.p.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About FNM S.p.A.
FNM S.p.A. (FNM) is a publicly listed company in the Ground Transportation industry, within the Industrials sector. It trades on BIT and is based in IT. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 33 calls on record spanning February 20, 2020 to May 15, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 33 FNM S.p.A. earnings call transcripts on record, spanning February 20, 2020 to May 15, 2026. Based on this history, FNM S.p.A. reports quarterly. The most recent call on file is dated May 15, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- FNM
- Exchange
- BIT
- Country
- IT
- Sector
- Industrials
- Industry
- Ground Transportation
- Calls on record
- 33
- First call
- February 20, 2020
- Most recent
- May 15, 2026
- Reporting cadence
- quarterly