Board Change • Jun 25
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 2 highly experienced directors. Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 25
Upcoming dividend of €0.023 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 03 June 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.8%). New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 26
Dividend increased to €0.023 Dividend of €0.023 is 25% higher than last year. Ex-date: 1st June 2026 Payment date: 3rd June 2026 Dividend yield will be 5.0%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 35% over the next 3 years. However, it would need to fall by 87% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 24
FNM S.p.A. announces Annual dividend, payable on June 03, 2026 FNM S.p.A. announced Annual dividend of EUR 0.0230 per share payable on June 03, 2026, ex-date on June 01, 2026 and record date on June 02, 2026. Board Change • Dec 18
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 02
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: €0.044 (vs €0.05 in 3Q 2024) Third quarter 2025 results: EPS: €0.044 (down from €0.05 in 3Q 2024). Revenue: €253.6m (up 8.9% from 3Q 2024). Net income: €19.7m (down 15% from 3Q 2024). Profit margin: 7.8% (down from 10.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Board Change • Nov 12
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 22
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 22
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: €0.069 (vs €0.04 in 2Q 2024) Second quarter 2025 results: EPS: €0.069 (up from €0.04 in 2Q 2024). Revenue: €235.6m (up 6.5% from 2Q 2024). Net income: €29.8m (up 78% from 2Q 2024). Profit margin: 13% (up from 7.6% in 2Q 2024). Revenue is expected to decline by 9.5% p.a. on average during the next 3 years, while revenues in the Transportation industry in Europe are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Board Change • Jul 11
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • May 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.5% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.5% net profit margin). Board Change • Apr 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Vice Chairman of the Board Gianantonio Arnoldi is the most experienced director on the board, commencing their role in 2015. Independent Director Paola Panzeri was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Declared Dividend • Mar 27
Dividend reduced to €0.018 Dividend of €0.018 is 20% lower than last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 4.3%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 49% over the next 2 years. However, it would need to fall by 86% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 26
FNM S.p.A. announces Annual dividend, payable on June 04, 2025 FNM S.p.A. announced Annual dividend of EUR 0.0184 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. Board Change • Mar 19
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (6 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jun 26
FNM S.p.A. agreed to acquire remaining 42% stake in Nordcom S.P.A from Tim Group. FNM S.p.A. agreed to acquire remaining 42% stake in Nordcom S.P.A from Tim Group on June 25, 2024. As of year ended 2023, Nordcom reported revenue of €23.5 million, EBITDA of €3.7 million and net income of €1.1 million. Upcoming Dividend • May 27
Upcoming dividend of €0.023 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (4.5%). Board Change • May 10
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). President of Statutory Auditors Eugenio Pinto was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 12
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). President of Statutory Auditors Eugenio Pinto was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 02
FNM S.p.A., Annual General Meeting, Apr 23, 2024 FNM S.p.A., Annual General Meeting, Apr 23, 2024. Board Change • Jan 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). President of Statutory Auditors Eugenio Pinto was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 24
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 19
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 01
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 9.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 04
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €146.8m (down 18% from 2Q 2022). Net income: €23.2m (up 26% from 2Q 2022). Profit margin: 16% (up from 10% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in the United Kingdom. Board Change • Jul 26
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jul 06
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 30
Upcoming dividend of €0.023 per share at 5.2% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.0%). Board Change • May 15
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Mar 22
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). CEO & Chairman Andrea Gibelli is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 30
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 13
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 18
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 05
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jul 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jun 13
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Mar 22
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Nov 25
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 14
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massimo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 21
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Member of Statutory Auditor Massmo Codari is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a decent second quarter result with improved revenues, although losses increased and control over costs was weaker. Second quarter 2021 results: Revenue: €146.4m (up 157% from 2Q 2020). Net loss: €5.69m (loss widened 298% from 2Q 2020).