TRIESTE – Ferrovie dello Stato Italiane Group closed 2025 with a positive net profit and growing results, driven by record revenues and unprecedented investment.
The Board of Directors, chaired by Tommaso Tanzilli, approved the Financial Report as at 31 December 2025, which shows broad-based improvement compared with the previous year and progress towards the targets set out in the 2025-2029 Strategic Plan.
Operating revenues reached €17.3 billion (+4% on 2024), while EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation – gross operating margin) rose to around €2.4 billion (+6%). EBIT (Earnings Before Interest and Taxes – operating profit) stood at €350 million (+2%) and net profit returned to positive territory at €30 million, compared with a €208 million loss in 2024.
On the financial side, net financial position (net debt) fell to €12.8 billion, an improvement of €0.7 billion. Technical investment reached a record €18.3 billion, with €16 billion linked to the NRRP (National Recovery and Resilience Plan). During the year, 8,515 people were hired.
Immediately after the overall results, the figures for the Freight Transport Business Unit stand out. Operating revenues came to €1.4 billion (+4%), despite a contraction in volumes: tonne-km down 3.8% and train-km down 5.1%. Growth was driven above all by the performance of TX Logistik and Mercitalia Shunting & Terminal, thanks to the recovery in intermodal traffic, better load factors and higher tariffs.
EBITDA in the freight division reached €105 million, up by €44 million (+72%), while technical investment amounted to €322 million (+8%), allocated to fleet renewal and rolling stock maintenance.
Breaking down revenues, transport services generated €9.2 billion (+€483 million), with growth in both rail and road passenger traffic and a slight increase in rail freight. Infrastructure revenues rose to €5.1 billion (+10%), supported by work on the toll road network and service fees.
Operating costs came to €14.9 billion (+4%), influenced by the increase in headcount and in service and maintenance costs.
Investment remained concentrated in Italy for 98% of the total: around €12 billion was allocated to the rail network and €4 billion to road infrastructure. The main projects include the Brescia-Verona-Vicenza-Padua HS/HC (high-speed/high-capacity) line, the Terzo Valico dei Giovi, the Naples-Bari and the Palermo-Catania-Messina.
According to chief executive officer and general manager Stefano Antonio Donnarumma, 2025 marks a key step in the Group’s growth path, with results confirming its industrial strength even in a phase of rapid investment acceleration and operational transformation.
