Rome, 31 July 2026
The Board of Directors of Ferrovie dello Stato Italiane, chaired by Chairman Tommaso Tanzilli, approved today the FS Group’s Consolidated Half-Year Financial Report for the six months ended 30 June 2026.
In the first half of 2026, the FS Group reported a net loss of 200 million euros, a deterioration of 111 million euros compared with the corresponding period of the previous year. This performance reflects the decline in EBITDA (-86 million euros), the increase in depreciation, provisions and impairment losses (-49 million euros), only partially offset by the positive contribution of financial management and taxation (+24 million euros).
Total operating revenues increased to 8.9 billion euros, up 678 million euros compared with the first half of 2025, mainly driven by higher revenues from rail and road infrastructure services (+214 million euros) and other revenues (+489 million euros), partially offset by lower transport revenues (-25 million euros).
Operating costs amounted to approximately 8.0 billion euros, an increase of 764 million euros compared with the corresponding period, mainly due to higher personnel costs and higher variable costs related to transport services, maintenance activities and infrastructure management.
As a result of the revenue and cost dynamics described above, EBITDA stood at 905 million euros (991 million euros as of 30 June 2025), while EBIT amounted to -58 million euros (77 million euros as of 30 June 2025); this variance is driven by an increase of 49 million euros in depreciation, impairment losses and value adjustments.
During the first half of 2026, the FS Group developed and managed a total level of technical capital expenditure of 10.2 billion euros, representing an increase of 21% compared with the first half of 2025.
The Net Financial Debt amounted to 15.6 billion euros, compared with 12.8 billion euros at year-end 2025, mainly reflecting the increase in investments.
A summary document providing details of the FS Group’s main results achieved during the period is available in the Financial Statements section of the website fsitaliane.it.
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The Officer in charge of Financial Reporting, Mr. Fabio Paris, certifies, pursuant to paragraph 2, article 154-bis of the Consolidated Finance Law, that the accounting information contained in this document corresponds with that contained in the accounting documentation, books records. This document also contains forward-looking statements which do not constitute a guarantee of future events and results.