Ferrovie dello Stato Italiane (FS) closed the 2025 financial year with a net profit of EUR 30m, reversing a EUR 208m loss from the previous year.
The Group’s technical investments reached an all-time high of EUR 18.3bn, making FS the primary driver of Italy’s industrial spending.
The Railway Infrastructure Business Unit, comprising RFI and Anas, accounted for EUR 12bn of the total investment. Key corridor projects entering advanced construction phases include:
- Brescia–Padua high-speed line
- Terzo Valico dei Giovi (Genoa–Milan)
- Naples–Bari high-capacity axis
- Palermo–Catania–Messina route
The Passenger Transport unit recorded EUR 6.4bn in revenue. While domestic figures remained stable, international operations yielded EUR 2.5bn, driven by expansion on the Paris–London corridor and new services in Germany. During the year, FS got 241 new vehicles, including the latest generation Frecciarossa 1000 trainsets.
In the Freight sector, EBITDA grew 72%, attributed to the performance of TX Logistik and Mercitalia Shunting & Terminal. The segment benefited from a strategic recovery in intermodal volumes despite broader macroeconomic volatility in Europe.
FS increased its workforce to 97,000 employees following 8,515 new hires in 2025.
Net financial debt improved to EUR 12.8bn (down from EUR 13.5bn), supported by positive operating cash flow. The Group maintains its 2029 Strategic Plan targets of EUR 20bn in revenue and EUR 500m in net profit.