Italy's FNM 9M revenue rises 3.5% on higher leasing and tolls

Overview

• Italy transport operator's 9M 2026 revenue rose 3.5% year-over-year

• Adjusted EBITDA for 9M 2026 increased 1.7% from prior year

• Group net profit for 9M 2026 grew 6.2% year-over-year

Outlook

• FNM confirms 2026 guidance with downward revision of adjusted NFP and capex forecasts

• Expects adjusted NFP between EUR 730 and 770 million from EUR 750-800 million previously

Result Drivers

• ROLLING STOCK LEASING & NEW TRAINS - Revenue growth driven by higher rolling stock leasing revenues, lease payments for revamping and maintenance, and delivery of new trains

• ENERGY & TOLL REVENUES - Higher motorway toll revenues, energy sales, and toll rate adjustment supported results

• COST PRESSURES - Operating and personnel costs rose due to infrastructure, energy, and wage increases

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the passenger transportation, ground & sea peer group is "buy"

• Wall Street's median 12-month price target for FNM SpA is €0.67, about 55.3% above its November 11 closing price of €0.43

• The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 3 three months ago

Reuters Recommended Reads

• Nov 12 - Italy's Enel posts 4% rise in nine-month core earnings

• Nov 12 - Italian grid operator Terna's core profit rises 7% in first nine months of 2026

• Nov 10 - Italian utility A2A's profit drops 14%, hit by drought and investments

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)