In 2020, the Group's operating revenue fell to €10.8 billion compared to FY 2019, with an overall decrease of €1.6 billion (-12.8%), essentially due to the Coronavirus.

The EBITDA, following the reduction in revenue, decreased of €976 million, which, while remaining positive, amounted to €1.6 billion compared to €2.6 billion in the previous year (-37.4%), but with COVID effects of around €1 billion (with the EBITDA margin consequently decreasing from 21% to 15%).

As a result, EBIT decreased from a positive €829 million in 2019 to a negative €278 million in 2020 (-133.5%), considering a negative Coronavirus impact of -€999 million.

Net profit for the period fell as well to -€562 million (-€1,146 million compared to 2019; -196.2%), because of €986 million of negative COVID impact.

Despite the severe effects of Coronavirus, the FS Italiane Group maintains a high level of financial strength, with equity exceeding €41.4 billion at the end of 2020.

At €8.9 billion, the Net Financial Position increased by just over €1.2 billion compared to 31 December 2019. The ratings confirmed for FS SpA by Standard&Poor's (BBB) and Fitch (BBB-) fully recognise the Group's capital and financial solidity.

Source: 2020 Annual Report Highlights