The FS group closes the first half of 2026 in negative and worsening compared to the same period of the previous year. Ferrovie dello Stato itself announced the news with its half-yearly financial report. The board of directors, chaired by Tommaso Tanzilli, approved the report for the six months ended 30 June 2026 which reports growing operating revenues, high levels of technical investments, but also a loss of 200 million euros.
However, it was precisely the investments decided by the previous CEO that weighed heavily, such as the acquisition of the company specialized in the design and construction of Titagarh Firema railway vehicles.
Ferrovie dello Stato at a loss of 200 million
The first big number that catches the eye from the half-yearly financial report closed on 30 June 2026, the first after Donnarumma’s departure, is the loss of 200 million euros. But there’s more.
The financial index that measures the operating profitability of a company, the EBITDA, attests to a negative result: 905 million compared to the 991 million recorded at 30 June 2025. The figure is affected by the increase in operating costs, equal to approximately 8 billion euros and the increase in depreciation, provisions and write-downs.
While EBIT, the operating profit of a company which is calculated as the difference between total revenues and operating costs (even before considering interest and taxes), is negative by 58 million euros, while the result for the period highlights a loss of 200 million euros, worsening by 111 million compared to the first half of the previous year.
What’s behind the negative numbers
The official note published by Fs News tells what weighs on the economic trend. We are talking about higher personnel costs and variable costs linked to the offer of transport services, maintenance and management of the infrastructure.
There are some positive data, but as we read:
they only partially compensate for the contraction in the gross operating margin and the increase in non-recurring components linked to amortization and depreciation.
For example, there is the investment chapter that weighs heavily. In the first half of 2026 the Ferrovie dello Stato group reasoned and managed various technical investments for a total of 10.2 billion euros. A growth of 21% compared to the same period in 2025. The objective of these investments was to move resources to support the development and strengthening of infrastructure and services.
The transactions include the acquisition of Firema in March for 41 million euros and that of Pizzarotti’s railway activities for 180 million euros.
Revenues increase
On the other hand, however, revenues increase. The group closes the first half of the year with growing operating revenues which reach a total of 8.9 billion euros (+8% compared to the first half of 2025).
Driving the growth, equal to 678 million euros, are above all the higher revenues given by:
- railway and road infrastructure increased by 214 million euros;
- other operating revenues increased by 489 million euros; transport revenues slightly decreased by 25 million euros.
Finally, the net financial position stands at 15.6 billion euros, up compared to the 12.8 billion recorded at the end of 2025.
