FS Group, 2025 Half-Year results approved: revenues up and recovery on the result, investments increase

Rome, August 4^th, 2025

The Board of Directors of Ferrovie dello Stato Italiane S.p.A., chaired by Tommaso Tanzilli, approved today the FS Group's Consolidated Half-Year Financial Report for the six months ended 30 June 2025.

The Chief Executive Officer and General Manager Stefano Antonio Donnarumma, stated: "The economic results for the half-year, which grew net of non-recurring items, confirm the effectiveness of the industrial strategy undertaken by the FS Group and the solidity of our operating model. With approximately 8.5 billion euros of technical investments, we are carrying out an unprecedented infrastructure program for the development of the country's rail and road network, improving the travel experience while ensuring continuity of service, in order to ensure full mobility in the country.

Thanks to the commitment of our people and an executive capacity recognized at European level, we are fully implementing the PNRR: we have achieved all the European milestones planned for the reference period and have already finalized over 14 billion euros, equal to about 56% of the resources allocated. This path of industrial transformation continues in line with the 2025-2029 Strategic Plan, which will guide us in the coming years towards increasingly modern, sustainable and integrated mobility, for the benefit of the country system.”

Revenues increased to 8.2 billion euros, up 188 million euros (+2%) compared to the first half of 2024.

Revenues from transportation services, amounting to 4.5 billion euros, recorded an increase of 159 million euros compared to the corresponding period last year. Specifically, revenues relating to high-speed rail passenger transport (+35 million euros), Intercity (+7 million euros), regional service (+ 26 million euros) and revenues from road passenger transport (+81 million euros) increased. Revenues related to freight transport also increased (+10 million euros).

Revenues from infrastructure services, amounting to 2.4 billion euros, increased by 206 million euros due to the performance of service and concessions fees related to road traffic (+225 million euros).

Other operating revenue, amounting to 1.3 billion euros, decreased by 177 million euros overall due to the presence, in the first half of 2024, of the revenue from the sale of Milan Farini and San Cristoforo railway yard (-390 million euros), offset by the increase in revenues from contributions (+157 million euros, of which 145 million euros allocated to support railway infrastructure) and higher other revenues (+56 million euros).

Operating costs amounted to 7.2 billion euros, up 204 million euros (+3%) compared to the same period last year due to higher personnel costs (+169 million euros) as a result of the increase in average headcount and the rise in unit labor costs, higher road infrastructure management costs (+230 million euros), higher variable costs relating to the provision of transport and maintenance services (+146 million euros), higher capitalisation for internal works (-191 million euros), as well as for the lower change in inventories of real estate and trading land in relation to the aforementioned sale of the Farini railway yard (-136 million euros).

As a result of the dynamics of revenues and costs described above, EBITDA decreased by 16 million euros, equal to -2%. Net of the capital gain of Milano Farini and excluding the effect of the change in the scope of consolidation, EBITDA grew by +122 million euros, +14%.

Financial management shows an improvement mainly attributable to the absence in the current half-year of the provision for risks of 153 million euros linked to the Council of State ruling regarding the shareholding in FSE.

As a result of the above factors, the Net Result for the period, equal to -89 million euros, shows a positive change of 110 million euros compared to the same period of the previous year.

On the Investment side, the Group's central role in supporting the national industrial system is confirmed. The FS Group has, in fact, developed and managed a total level of expenditure on technical investments of 8.5 billion euros, with a growth of 15% compared to the first half of 2024 (98% of investments are in Italy and almost 7.5 billion euros relate to rail and road infrastructure).

The Net Financial Debt, amounting to 13 billion euros, improved by 0.5 billion euros compared to 31 December 2024.

A summary document is available in the Financial Statements section of the fsitaliane.it website detailing the main results achieved by the FS Group during the period.