In the first half of this year, the group's operating revenues Italian State Railways amounted to 8.2 billion euros, up +2.3% on the first half of 2024. EBITDA is EBIT of €991 million (-1.6%) and EBIT of €77 million (-29,4%). The half-year ended with a loss net loss of -€89 million compared to a net loss of €-199 million of euros in the first six months of last year.

"The economic results of the half-year, which grew net of of non-recurring items - commented the CEO and general manager Stefano Antonio Donnarumma - confirm the effectiveness of the industrial strategy undertaken by the FS Group and the solidity of our operating model. With about 8.5 billion euros of technical investments, we are carrying out a unprecedented infrastructure programme for the development of the rail and road network, improving the experience of while ensuring continuity of service, in order to ensure the full mobility of the country. Thank you to the commitment of our people and to an executive capacity recognised at European level - added Donnarumma - we are fully implementing the PNRR: we have achieved all milestones planned for the reference period and already over 14 billion euros, equal to about 56% of the allocated resources. This path of industrial transformation continues in line with the 2025-2029 Strategic Plan, which will guide us in the coming years towards increasingly modern, sustainable and integrated, for the benefit of the country system".

In the first half of 2025, revenues from transport, amounting to 4.5 billion euros, recorded a growth of €159 million compared to the comparative period. In revenues relating to passenger transport increased on HS rail (+35 million), Intercity (+7 million), Regional (+26 million) and revenues from road passenger transport (+81 million). Revenues related to freight transport also increased (+10 million). Revenues from infrastructure services, amounting to €2.4 billion, recorded an increase of €206 million as a result of the trend in service fees and related concessionaires road traffic (+225 million). Other revenues operating costs, amounting to 1.3 billion euros, decreased a total of 177 million for presence, in the first half of the year 2024, of the proceeds from the sale of Milan airport Farini and San Cristoforo (-390 million), offset by the increase of revenues from contributions (+€157 million, of which €145 million allocated in support of railway infrastructure) and other revenues (+56 million).

In the freight transport segment alone, the contribution to EBITDA was 40 million euros (+110.5%), while the contribution to the Group's EBIT was negative and equal to -29 million compared to -40 million euros in the first half of 2024.

In the first six months of 2025, freight traffic volumes carried out by the FS group companies in the amounted to approximately 9.4 billion euros tonne-km, a decrease of -3.7% compared to the same period in 2024, compared to a similar reduction in supply, expressed in train-km, equal to -4.2%.