Fnm

What Fnm does

FNM S.p.A. is an Italian integrated mobility holding company headquartered at Piazzale Cadorna 14, Milan, listed on the Borsa Italiana since 1926 and majority-owned (57.57%) by Regione Lombardia. The group operates through wholly-owned and partially-owned subsidiaries: FERROVIENORD (railway infrastructure manager for 330 km of network and 124 stations), Trenord (regional rail passenger operator running on the FERROVIENORD-managed network), E-VAI (electric car-sharing service with 300+ pick-up points across 116+ Lombardy municipalities), FNMA (local public transport with a 702-732 bus fleet), and Milano Serravalle–Milano Tangenziali (185 km of motorway infrastructure). Through cross-border and adjacent subsidiaries—TILO (Switzerland-Italy rail), Azienda Trasporti Verona, BusForFun.com, and Viridis Energia (80% acquired February 2024)—the group extends its footprint into renewable energy, sustainable tourism mobility, and Verona-area public transport.

The group's technology stack combines electrified and hydrogen rail traction (with the H2iseO Hydrogen Valley project deploying 14 hydrogen trains on the Brescia-Iseo-Edolo line, first Italian ANSFISA authorization granted June 2026), high-capacity Caravaggio double-deck trains (13 units at approximately €130 million delivered 2026), and proprietary car-sharing and bike-rail intermodal platforms. Supporting digital layers include a 27-station velostazione bike network (2,227 stalls), E-VAI's app and call-center booking system, and an emerging data analytics capability for personalised mobility services. FNM also operates urban regeneration, reforestation, and cultural heritage programmes (FILI, Piantalalì, and "Adotta una Statua" with Veneranda Fabbrica del Duomo di Milano).

FNM's revenue model is a hybrid of public service contracts, regulated fare and toll revenue, and usage-based mobility fees. The largest revenue anchor is multi-year Contratti di Servizio with Regione Lombardia, which also funds €1.7 billion of new train procurement and €11.5 million of station refurbishment across 29 stations. Fare revenue flows through Trenord rail ticketing and season passes, E-VAI per-use car-sharing fees, FNMA bus fares, and motorway tolls on the 185 km Milano Serravalle network. The group sells primarily via owned physical infrastructure (124 railway stations, toll plazas, bus routes) and direct digital channels (Trenord and E-VAI apps, call centres, the fnmgroup.it corporate site), with municipal B2B partnerships driving E-VAI's geographic rollout. Capital markets activity includes a publicly disclosed EMTN bond programme and an approximately $1.17 billion funding round recorded in July 2025.

Name

Fnm

Legal name

FNM S.p.A.

Website

https://fnmgroup.it

Company type

Public

Founded year

1877

Operating status

Operating

Headcount range

251–500 employees

Short description

FNM S.p.A. is an Italian publicly-listed mobility holding company majority-owned by Regione Lombardia, operating integrated rail, bus, electric car-sharing, motorway, and renewable energy services across Lombardy through subsidiaries FERROVIENORD, Trenord, E-VAI, FNMA, Milano Serravalle–Milano Tangenziali, and Viridis Energia.

Ownership category

akta.pro rank

Product category

Public Transportation Services

NAICS

Support Activities for Transportation (488)

SIC

Transportation Services (4700)

akta.pro primary industry

Corporate Mobility & Ground Transport Management (THALANAI)

Keywords

• Regional passenger rail
• Rail infrastructure management
• Electric car sharing
• Motorway toll operations
• Integrated mobility services

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Rail passenger transport fares and season passes: Ticketing and season pass revenue from Trenord regional rail services operated on FERROVIENORD-managed infrastructure; complemented by 273-train fleet renewal programme (45 in service 2015-2018, 214 new trains funded by €1.7 billion from Regione Lombardia, plus 14 hydrogen H2iseO trains).
2. Public service contracts with Regione Lombardia: Multi-year Contratto di Servizio (service contracts) with Regione Lombardia for FERROVIENORD infrastructure management and FNMA local public transport; €11.5 million for refurbishment of 29 stations, €194 million FERROVIENORD 2025 capex, and €1.7 billion train funding commitments.
3. Local public road transport (FNMA): Revenue from 702-732 bus fleet operating local public transport; recruitment campaign offering €3,000 signing bonus and company-paid driving licence costs.
4. E-VAI car-sharing fees: Per-use, per-hour and per-day car-sharing fees paid by users via app, website or call center; free registration with promotional discounts (e.g., 50% first rental in Carnago using EVAIPBL50 code).
5. Motorway toll operations (Milano Serravalle – Milano Tangenziali): Toll revenue from 185 km of managed motorway network.
6. Renewable energy operations (Viridis Energia): Revenue from Viridis Energia, an 80%-owned subsidiary in renewable energy, acquired in February 2024.
7. Sponsorship and cultural patronage: Adoption of Milan Duomo statues under Veneranda Fabbrica's "Adopt a Statue" programme, supporting both restoration activities and FNM's brand visibility at Piazzale Cadorna.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

FNM Group is an Italian mobility holding company that delivers integrated passenger transport and infrastructure services across Lombardy. Through its subsidiaries it manages the regional railway network (FERROVIENORD), operates regional rail passenger services (Trenord, TILO), runs local bus transport (FNMA, ATV Verona), provides electric car-sharing (E-VAI) and manages a 185 km motorway concession (Milano Serravalle-Milano Tangenziali), complemented by renewable energy operations (Viridis Energia).

Product overview

FNM Group (FNM S.p.A.) is a holding-company-style platform rather than a single product: it operates a portfolio of rail and road transport subsidiaries, infrastructure concessions, and sustainability-focused projects grouped around a single integrated mobility platform. At the rail layer it owns FERROVIENORD (infrastructure manager), Trenord (regional passenger operator running the new Caravaggio trains over that network), and the cross-border TILO service. At the road layer it owns FNM Autoservizi / FNMA, Azienda Trasporti Verona, BusForFun.com, and the Milano Serravalle–Milano Tangenziali highway concession. On top of this platform sit mobility-as-a-service offerings such as the E-VAI electric car sharing service (used as the deployment vehicle for the EU I-SharE LIFE project) and strategic innovation projects including the H2iseO Hydrogen Valley (14 hydrogen trains on the Brescia–Iseo–Edolo line), the FILI urban regeneration project, and the Piantalalì reforestation project, complemented by cultural assets such as the Virtual Museum of Ferrovie Nord Milano and the Adotta una Statua patronage programme for the Milan Duomo.

Differentiator

Problem solved

Functional benefit

Brands

• FERROVIENORD: Railway infrastructure manager (330 km of network, 124 stations) under the FNM Group.
• Trenord
• E-VAI
• FNMA (FNM Autoservizi)
• TILO
• Azienda Trasporti Verona
• BusForFun.com
• Milano Serravalle – Milano Tangenziali
• Nordcom

Products and services

• Regional Rail Passenger Service (Trenord) Regional rail passenger transport service operated by Trenord S.r.l. on the FERROVIENORD-managed Lombardy network, serving daily commuters on lines including Milano-Asso, Saronno-Como, Saronno-Varese, Milano-Saronno and Brescia-Iseo-Edolo.
• Rail Infrastructure Management (FERROVIENORD) Management of 330 km of railway infrastructure across 124 stations in Lombardy, providing track, signalling, station refurbishment and maintenance services to rail operators, principally Trenord.
• Electric Car-Sharing Service (E-VAI) Pay-as-you-go electric car-sharing service with 300+ pick-up points across 116+ Lombardy municipalities, including 3 airports and 45 railway stations, offering free access to Milan's Area B/C and partner ZTL zones; vehicles usable across the EU and Switzerland.
• Local Public Bus Transport (FNMA / FNM Autoservizi) Local public transport (TPL) bus services operated by FNM Autoservizi across Lombardy using a fleet of 702-732 buses, providing first/last-mile connectivity to the rail network.
• Motorway Tolling Services (Milano Serravalle – Milano Tangenziali) Operation, maintenance and toll collection on the 185 km Milano Serravalle and Milano Tangenziali motorway network in the Milan metropolitan area.
• Cross-Border Rail Service (TILO) Regional rail passenger service operating across the Swiss-Italian border region as part of the FNM Group's rail offering.
• Local Public Transport in Verona (Azienda Trasporti Verona) Local public road transport services in the Verona area, operated within the FNM Group's integrated mobility platform.
• Sustainable Tourism Mobility (BusForFun.com)

Quantifiable outcome

• 100% new rolling stock on the Milano-Carnate-Ponte San Pietro line
• +5 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature6 records

Partnerships

17 partnerships are on record, tiered core, minor and flagship.

• ANSFISA (Agenzia Nazionale per la Sicurezza delle Ferrovie e delle Infrastrutture Stradali e Autostradali)coreOthers · 22 June 2026Italy's National Railway and Road Infrastructure Safety Agency that granted the first authorisation for service (Amis) for hydrogen trains H2iseO to operate on the Brescia-Iseo-Edolo line, marking the first such authorisation in Italy.
• Comune di CarnagominorChannel Partner/ Reseller/ Distributor · 14 February 2026E-VAI car-sharing partnership launched 14 February 2026 with shared-use electric vehicle for municipal workers and citizens.
• Saronno Città dei Beni ComuniminorStrategic or Co-development Partner · 4 February 2026FERROVIENORD and Saronno Città dei Beni Comuni completed the transfer of the former Bernardino Luini school building in February 2026.
• Comune di SaronnominorChannel Partner/ Reseller/ Distributor · 2 May 2025Agreement between E-VAI and Comune di Saronno (May 2023) to launch a new car-sharing service in the municipality.
• Fondazione Milano Cortina 2026flagshipGTM or Marketing Partner · 24 March 2025Regional Transport Sponsor agreement (24 March 2025) for the Milano Cortina 2026 Winter Olympic and Paralympic Games. FNM Group (including FERROVIENORD, Trenord, ATV, FNM Autoservizi, Busforfun.com and TILO) will provide integrated rail, bus and parking services, including free bus connections between Tirano station and Bormio/Livigno venues.
• Viridis EnergiacoreStrategic or Co-development Partner · 23 February 2024FNM S.p.A. completed acquisition of 80% of Viridis Energia in February 2024, expanding its renewable energy business.
• Comune di GianicominorChannel Partner/ Reseller/ Distributor · 6 July 2023E-VAI car-sharing service launched in Gianico (province of Brescia) on 6 July 2023.
• Comune di SecugnagominorChannel Partner/ Reseller/ Distributor · 1 June 2023E-VAI car-sharing service launched in Secugnago (province of Lodi) on 1 June 2023.
• Comune di TrevigliominorChannel Partner/ Reseller/ Distributor · 6 April 2023E-VAI car-sharing service launched in Treviglio (province of Bergamo) on 6 April 2023.
• Cooperativa Sociale "La Nuova Cordata" Onlus of IseominorGTM or Marketing Partner · 23 March 2023Co-curated the "Andata e Ritorno" travelling art exhibition across nine Brescia-Iseo-Edolo stations from April-December 2023, supporting inclusive art and accessibility themes.
• Fondazione Lombardia per l'Ambiente (FLA)minorStrategic or Co-development Partner · 15 March 2023Scientific partner for the "Piantalalì" reforestation programme, designing native-species planting across 24 municipalities served by FERROVIENORD, including Paderno Dugnano, Cormano, Gerenzano and Castellanza.
• Comune di Ponte Lambro and Comunità Montana Triangolo LarianominorStrategic or Co-development Partner · 3 December 2022Joint construction (December 2022) of a 28-space free parking facility at Ponte Lambro station, financed for €150,000 by the Comune, €60,000 by Comunità Montana Triangolo Lariano and €40,000 by FERROVIENORD.
• Veneranda Fabbrica del Duomo di MilanominorGTM or Marketing Partner · 1 February 2020"Adotta una Statua" cultural patronage programme (launched February 2020). FNM funds restoration of centuries-old Milan Duomo sculptures and displays them at its Piazzale Cadorna headquarters. FNM has hosted San Abdon (since June 2022) and the "Santo barbuto con Libro" (since 13 February 2026).
• Trenord S.r.l.coreStrategic or Co-development Partner · 29 March 2017Joint operator of regional rail passenger services in Lombardy. FNM supplies new trains (Caravaggio and H2iseO hydrogen) and infrastructure access; Trenord runs the passenger service.
• FuoriMurominorChannel Partner/ Reseller/ Distributor · 29 March 2017Partnership announced 29 March 2017 to invest in growth of rail freight traffic linked to Ligurian ports through FNM's logistics subsidiary.
• ASSTRA, E-VAI, Nordcom, Poliedra, Dyvolve, City of OsijekminorStrategic or Co-development Partner · 1 January 2017EU LIFE programme consortium for the I-SharE LIFE project (Grant Agreement n. LIFE17 ENV/IT/000212). FNM coordinates pilots of fully electric, shared car services in Busto Arsizio, Bollate, Bergamo, Como and Osijek (Croatia).
• Regione LombardiaflagshipStrategic or Co-development PartnerMajority shareholder of FNM S.p.A. with 57.57% of share capital. Counterparty for multi-year Contratti di Servizio (service contracts) for FERROVIENORD infrastructure management. Has allocated €1.7 billion for 214 new trains, €11.5 million for refurbishment of 29 stations and €3 million for the Brescia Violino stop.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Trenitalia: State-owned Italian rail passenger operator (FS Group) running medium/long-distance and regional services. Directly comparable as the principal rail passenger operator in Italy with overlapping regional routes and competitive pressure on FNM's Trenord franchise.
• ATM Milano (Azienda Trasporti Milanesi): Milan municipal public transport operator (metro, tram, bus, trolleybus, bike-sharing, car-sharing). Comparable as the in-city transport operator overlapping with FNMA's bus services and competing for the same Milan commuter catchment.

Regional players

• TPER (Trasporto Passeggeri Emilia-Romagna): Regional public transport operator in Emilia-Romagna providing rail and bus services. Comparable as a publicly-controlled Italian regional mobility operator with a similar mix of rail and bus concessions funded by the regional government.
• FirstGroup: UK-listed transport operator running rail franchises (including open-access) and bus services. Comparable as a publicly-listed, multi-modal passenger mobility operator with a similar mix of regulated rail concessions and road passenger services.
• Go-Ahead Group: UK-listed transport group operating regional rail franchises (e.g., Govia Thameslink Railway, Southeastern) and bus services across the UK and internationally. Comparable as a public-listed operator of contracted regional rail and bus services.
• National Express Group: UK-listed international public transport operator running bus, coach and rail services in the UK, Spain (ALSA), Germany and North America. Comparable as a public-listed operator of franchised regional rail and bus services with government counterparty risk.

Broad incumbents

• Deutsche Bahn (DB): German state-owned rail and mobility group operating DB Regio, DB Fernverkehr, Arriva and infrastructure subsidiary DB InfraGO. Comparable as a large, government-controlled European mobility incumbent pursuing integrated rail-bus-mobility platforms.
• Transdev: French-headquartered global public transport operator (rail, bus, tram, ferry) majority-owned by Caisse des Dépôts. Comparable as a multi-modal public transport concessionaire active across European regional markets with similar contract-based economics.
• Ferrovie dello Stato Italiane (FS Group): Italian state-owned holding company that owns Trenitalia, RFI (infrastructure manager) and other mobility assets. Comparable as the parent holding of FNM's principal rail competitor and counterpart on national infrastructure policy.
• ComfortDelGro: Singapore-listed land transport conglomerate operating taxi, bus, rail and car-sharing services across multiple geographies. Comparable as a public-listed multi-modal mobility operator with regulated concessions and a regional-rail presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC9gf8ogkQEAegPuEn22DJSA/featured
• Facebookfacebook.com/Fnm-Group-111267199355882
• LinkedInlinkedin.com/company/fnm-s.p.a./?originalSubdomain=it
• Instagraminstagram.com/fnm_group
• Xx.com/FNM_Group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fnm