2021 ANNUAL REPORT HIGHLIGHTS

(TRANSLATION FROM THE ITALIAN ORIGINAL WHICH REMAINS THE DEFINITIVE VERSION)

FS ITALIANE GROUP AND FERROVIE DELLO STATO ITALIANE S.P.A. 2021 ANNUAL REPORT HIGHLIGHTS

CONTENTS

FS ITALIANE GROUP AND FERROVIE DELLO STATO ITALIANE S.P.A. 2021 ANNUAL REPORT HIGHLIGHTS 1

Group highlights 3 The group’s financial position and performance 4 Investments 12 Segment reporting 13 Ferrovie dello Stato Italiane S.p.A.’s financial position and performance 23 Consolidated financial statements 26 Separate financial statements of Ferrovie dello Stato Italiane S.p.A. 32 Reporting by operating segment 38