The group’s profile and business model

The purpose of our business model is to make the most of the different types of capital (financial, physical, human and relational, intellectual and organisational, natural)13 by organising activities and processes to create value in the medium and long-term for all stakeholders.

As in other public utilities sectors, the Group’s activities are subject to specific regulation by independent national and international authorities, in order to safeguard the correct working of the market and the customers’ rights.

13 According to the IIRC (International Integrated Reporting Council) framework.

Become a vehicle for building a system of resilient infrastructure, sustainable mobility and integrated logistics

Resources necessary to finance our activities: - share capital - debt capital (bonds, green bonds and bank loans) - government grants (Government Programme Contract, EU funds, etc.)

Material assets necessary to provide high quality services: - resilient infrastructure (rail and road) - trains - buses

The skills, abilities and experience of our people and relationships with all stakeholders

Intangible assets which contribute to creating value:

- patents, rights, etc. - trademarks - organisational procedures - IT systems

Natural resources managed (renewable and finite): - energy - soil - water - materials - planning, assessing and managing investments - debt capital market - project finance - soft financing - green bonds

- innovation - organisation and administration - planning and control - risk management - internationalisation

- recruiting and managing personnel - training and development - people care - health and safety - relationships with passengers, customers and suppliers - relationships with institutions