The FS Italiane Group closed the 2025 financial year with a net profit of 30 million euros, compared to the loss recorded the previous year, with record revenues and investments of over 18 billion. “2025 marks a significant transition in the Group’s growth path”, explained CEO Stefano Donnarumma, adding that it is “a particularly significant result which confirms the solidity of our industrial model even in a phase of maximum acceleration of investments and profound transformation of the Group”.
“This trend – he continued – is part of a development trajectory consistent with the 2025–2029 Strategic Plan, which envisages over 100 billion euros of investments to support the modernization of infrastructure, improve the quality of service, strengthen sustainability and consolidate the international presence, added the number one of the Railways, also mentioning the “significant contribution to the economic and employment development of the country, with over 8,500 new hires during the year”.
Result in record profits and revenues
Operating revenues reached a record of 17.3 billion euros, with an overall increase of 725 million euros (+4%) compared to 2024. In detail, revenues from transport services stood at 9.2 billion euros, with a growth of 483 million euros compared to 2024. Both revenues relating to rail passenger services increased (+312 million euros, of which +233 million euros internationally and +79 million euros nationally), both revenues from road passenger transport (+169 million euros, mainly abroad), and revenues connected to freight transport (+2 million euros). Revenues from infrastructure services, equal to 5.1 billion euros, recorded an increase of over 10% compared to the previous period (+473 million euros) due to the greater work carried out on the road network under concession and the trend in service and concession fees. Other operating revenues, equal to 3 billion euros, decreased overall by 231 million euros mainly due to the change in scope.
EBITDA, equal to approximately 2.4 billion euros, increased by 131 million euros (+6%) compared to 2024. EBIT grew by 7 million (+2%) compared to the previous year, reaching 350 million euros. The Net Result for the period amounted to 30 million euros, compared to the loss of 208 million euros in 2024.
The Net Financial Position, equal to 12.8 billion euros, recorded an improvement of 0.7 billion euros compared to 31 December 2024, due to the positive operating cash flow partially absorbed by the cash flow for investment activities.
Investments are growing in line with the Plan
On the investment front, 2025 confirms the Group’s central role in supporting the national industrial system, with investment spending of 18.3 billion euros, up 4% compared to 2024 and a share of advances to suppliers in the infrastructure sector decreasing to 83 million euros (over -90% compared to 2024), demonstrating the advanced state of implementation of many of the major works.
98% of investments are developed in Italy, with almost 12 billion euros relating to railway infrastructure, around 4 billion euros to road infrastructure and the remainder mainly to passenger transport. Among the most important works we note, in particular, those on the HS/HC Brescia-Verona-Vicenza-Padua line, on the new Terzo Valico dei Giovi line, on the Naples-Bari line and on the Palermo-Catania-Messina route.
