FNM S.p.A. is an Italian holding company listed on the stock market since 1926, specializing in sustainable mobility services, railway and motorway infrastructure management, renewable energy, and log... FNM S.p.A. is an Italian holding company listed on the stock market since 1926, specializing in sustainable mobility services, railway and motorway infrastructure management, renewable energy, and logistics. Headquartered in Milan, it operates primarily in the Lombardy region, with the majority stake held by the Lombardy Region at 57.57%. The company structures its activities across key segments including RO.S.CO. & Services, Railway Infrastructure, Road Passenger Mobility, and Motorways, providing a wide array of transport solutions. These encompass railway passenger and freight services like the Malpensa Express, bus operations in provinces such as Varese, Como, and Brescia, electric car sharing, digital mobility platforms, and intermodal logistics centers. FNM S.p.A. manages a 330-kilometer railway network with 124 stations via FERROVIENORD and a 185-kilometer motorway network through Milano Serravalle – Milano Tangenziali. Employing around 2,800 people, it emphasizes economic, social, and environmental sustainability, innovation, and safety, deploying modern fleets including 273 new trains and hydrogen-powered units to enhance regional connectivity and quality of life in metropolitan areas.
In 2024, FNM was subject to the Corporate Sustainability Reporting Directive (CSRD)'s requirements, which mandated the company to publish EU Taxonomy disclosures.
The company reported the eligibility and alignment of Turnover, Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) with the EU Taxonomy, helping assess the extent to which its business activities align with Europe's environmental sustainability goals.
FNM has also provided an activity-level breakdown of its EU Taxonomy disclosures. This granular reporting enhances transparency around which economic activities of FNM are considered environmentally sustainable and contribute to at least one of the six environmental objectives defined under the EU Taxonomy framework.
Metric (tonnes)
2024
2023
2022
2021 - 2017
Total Taxonomy Aligned A1 Turnover
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Total Taxonomy Eligible A Turnover
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Total Taxonomy Non-Eligible B Turnover
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4.1 CCM/CCA - Electricity generation using solar photovoltaic technology
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4.12 CCM/CCA - Storage of hydrogen
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6.1 CCM/CCA - Passenger interurban rail transport
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6.2 CCM/CCA - Freight rail transport
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Metric (tonnes)
2024
2023
2022
2021 - 2017
Total Taxonomy Aligned A1 Opex
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Total Taxonomy Eligible A Opex
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Total Taxonomy Non-Eligible B Opex
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4.1 CCM/CCA - Electricity generation using solar photovoltaic technology
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6.2 CCM/CCA - Freight rail transport
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Metric (tonnes)
2024
2023
2022
2021 - 2017
Total Taxonomy Aligned A1 Capex
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Total Taxonomy Eligible A Capex
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Total Taxonomy Non-Eligible B Capex
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4.1 CCM/CCA - Electricity generation using solar photovoltaic technology
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6.1 CCM/CCA - Passenger interurban rail transport
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6.2 CCM/CCA - Freight rail transport
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Limited Data Preview
You are viewing a limited preview of FNM’s EU Taxonomy dataset. The full dataset, available for download, includes eligibility and alignment metrics for turnover, CAPEX, and OPEX across all EU Taxonomy categories (A1, A2, A, B, and A+B), at both aggregate and activity level, with historical coverage back to undefined.
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Verified Sources Behind FNM’s EU Taxonomy Data
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a. FNM's Annual Report 2024
b. FNM's Sustainability Report 2023
Insights into FNM's Revenues from Sustainable Activities
In 2024, FNM reported EU Taxonomy-eligible revenues of EUR 551.65 million, representing 62.3% of its total turnover. Of this amount, EUR 69.76 million of FNM's revenues was classified as EU Taxonomy-aligned, indicating that 7.9% of the revenue-generating activities undertaken by the company substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
FNM's Taxonomy-Eligible Turnover Over Time
Total Taxonomy Aligned A1 Turnover
Total Taxonomy Eligible but Not Aligned A2 Turnover
Have FNM's revenues become more sustainable over time?
Compared to the previous year (2023), FNM's taxonomy-aligned revenues increased by 27.42%,highlighting FNM's deeper integration of environmentally sustainable activities into its core business model, or improved classification and reporting of those activities under the EU Taxonomy.a, b
How much of FNM's revenue is eligible under the EU Taxonomy?
In 2024, FNM reported that EUR 551.65 million of its revenue was eligible under the EU Taxonomy, representing 62.3% of the company's total turnover. Of this amount, EUR 69.76 million (7.9% of total revenue) was classified as Taxonomy-aligned. This means that 54.4% of FNM's revenue is eligible but not aligned, indicating that these activities did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards.a
How much of FNM's eligible revenue is aligned with the EU Taxonomy?
In 2024, FNM reported that EUR 69.76 million of its revenue was aligned under the EU Taxonomy, representing 7.9% of its total turnover.a
This low alignment highlights either a limited focus on green activities or early-stage adoption of sustainability frameworks, underscoring opportunities for further alignment with EU climate objectives.
FNM's Eligibility & Alignment Overview
FNM's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Turnover
Total Taxonomy Eligible but Not Aligned A2 Turnover
How is FNM's taxonomy-aligned revenue distributed across the EU environmental objectives?
In 2024, FNM reported that its taxonomy-aligned revenue was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 7.9%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much revenue does FNM earn from selling climate-related solutions ?
In 2024, FNM reported that EUR 69.94 million of its total revenue was associated with activities contributing to the EU taxonomy climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This accounted for 7.9% of the company's total revenue,indicating that FNMhas limited exposureon solutions that support climate action through its commercial activities.a
Insights into FNM's CAPEX from Sustainable Activities
In 2024, FNM reported EU Taxonomy-eligible CAPEX of EUR 123.36 million,representing 63.7% of its total CAPEX. Of this amount, EUR 93.37 million of FNM's CAPEX was classified as EU Taxonomy-aligned, indicating that 48.2% of the company's investments were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
FNM's Taxonomy-Eligible Capex Over Time
Total Taxonomy Aligned A1 Capex
Total Taxonomy Eligible but Not Aligned A2 Capex
Have FNM's increased its investment in sustainable activities over time?
Compared to the previous year (2023), FNM's taxonomy-aligned CAPEX increased by 173.86%,highlighting FNM's strengthened commitment to investing in environmentally sustainable activities or improving how such investments are classified and reported under the EU Taxonomy.a, b
How much of FNM's capital expenditure (CAPEX) is eligible under the EU Taxonomy?
In 2024, FNM reported that EUR 123.36 million of its capital expenditure (CAPEX) was eligible under the EU Taxonomy, representing 63.7% of the company's total CAPEX. Of this amount, EUR 93.37 million (48.2% of total CAPEX) was classified as Taxonomy-aligned. This means that 15.5% of FNM's CAPEX is eligible but not aligned, indicating that these investments either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of FNM's eligible CAPEX is aligned with the EU Taxonomy?
In 2024, FNM reported that EUR 93.37 million of its CAPEX was aligned under the EU Taxonomy, representing 48.2% of its total capital investment.a
This moderate level of alignment indicates that FNM is beginning to transition its capital allocation toward greener investments, but still retains substantial opportunities for further alignment with sustainability goals.
FNM's Eligibility & Alignment Overview
FNM's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Capex
Total Taxonomy Eligible but Not Aligned A2 Capex
How is FNM's taxonomy-aligned CAPEX distributed across the EU environmental objectives?
In 2024, FNM reported that its taxonomy-aligned capital expenditure (CAPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 48.2%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much FNM is investing in climate-related solutions?
In 2024, FNM allocated EUR 93.29 million of its CAPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 48.2% of the company's total capital expenditure,indicating that FNMis moderately allocating capital toward climate-aligned initiatives, while maintaining a diversified investment portfolio.a
Insights into FNM's OPEX from Sustainable Activities
In 2024, FNM reported EU Taxonomy-eligible OPEX of EUR 50.04 million,representing 55% of its total operating expenses (OPEX). Of this amount, EUR 1.75 million of FNM's OPEX was classified as EU Taxonomy-aligned, indicating that 1.9% of the company's operating expenses were directed toward economic activities that substantially contribute to one or more of the six environmental objectives, meet the Do No Significant Harm (DNSH) criteria, and comply with the Minimum Social Safeguards (MSS).a
How much of FNM's operational expenditure (OPEX) is eligible under the EU Taxonomy?
In 2024, FNM reported that EUR 50.04 million of its operational expenditure (OPEX) was eligible under the EU Taxonomy, representing 55% of the company's total OPEX. Of this amount, EUR 1.75 million (1.9% of total OPEX) was classified as Taxonomy-aligned. This means that 53.1% of FNM's OPEX is eligible but not aligned, indicating that these expenditures either did not meet the technical screening criteria, failed to comply with the Do No Significant Harm (DNSH) requirements, or lacked evidence of meeting the Minimum Safeguards (MSS).a
How much of FNM's eligible OPEX is aligned with the EU Taxonomy?
In 2024, FNM reported that EUR 1.75 million of its OPEX was aligned under the EU Taxonomy, representing 1.9% of its total operational expenditure.a
This low alignment reflects limited operational focus on green activities, suggesting that sustainability considerations have yet to be fully integrated into core operating processes.
FNM's Eligibility & Alignment Overview
FNM's Contribution to Environmental Objectives
Total Taxonomy Aligned A1 Opex
Total Taxonomy Eligible but Not Aligned A2 Opex
How is FNM's taxonomy-aligned OPEX distributed across the EU environmental objectives?
In 2024, FNM reported that its taxonomy-aligned operational expenditure (OPEX) was distributed across the following EU environmental objectivesa:
Climate Change Mitigation: 1.9%
Climate Change Adaptation: 0%
Sustainable Use and Protection of Water and Marine Resources: 0%
Transition to a Circular Economy: 0%
Pollution Prevention and Control: 0%
Protection and restoration of biodiversity and ecosystems: 0%
How much of FNM's operational budget supports climate-related solutions?
In 2024, FNM allocated EUR 1.73 million of its OPEX to activities contributing to the EU Taxonomy's climate-related objectives (Climate Change Mitigation and Climate Change Adaptation). This represented 1.9% of the company's total OPEX,indicating that FNMhas only a limited share of operational expenditure aligned with climate goals, signaling early-stage or minimal integration of climate objectives into its routine activities.a
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