Press Release
FS GROUP, 2026 HALF -YEAR REPORT APPROVED:
POSITIVE EBITDA, INVESTMENTS UP 21%
• Net loss for the period of 200 million euros • Operating revenues of 8.9 billion euros (+8% vs. H1 2025) • EBITDA of 905 million euros ( -9% vs. H1 2025) • Technical capital expenditure of 10.2 billion euros during the period (+21% vs. H1 2025) • Net Financial Debt of 15.6 billion euros (€12.8 billion at year -end 2025)
Rome, 31 July 2026
The Board of Directors of Ferrovie dello Stato Italiane, chaired by Chairman Tommaso Tanzilli, approved today the FS Group’s Consolidated Half -Year Financial Report for the six months ended 30 June 2026.
In the first half of 2026, the FS Group reported a net loss of 200 million euros , a deterioration of 111 million euros compared with the corresponding period of the previous year. This performance reflects the decline in EBITDA ( -86 million euros ), the increase in depreciation, provisions and impairment losses ( -49 million euros ), only partially offset by the positive contribution of financial management and taxation (+24 million euros ).
Total operating revenues increased to 8.9 billion euros , up 678 million euros compared with the first half of 2025, mainly driven by higher revenues from rail and road infrastructure services (+214 million euros ) and other revenues (+489 million euros ), partially offset by lower transport revenues ( -25 million euros ).
Operating costs amounted to approximately 8.0 billion euros , an increase of 764 million euros compared with the corresponding period, mainly due to higher personnel costs and higher variable costs related to transport services, maintenance activities and infrastructure management.
As a result of the revenue and cost dynamics described above, EBITDA stood at 905 million euros (991 million euros as of 30 June 2025), while EBIT amounted to - 58 million euros (77 million euros as of 30 June 2025) ; this variance is driven by an increase of 49 million euros in depreciation, impairment losses and value adjustments .
During the first half of 2026, the FS Group developed and managed a total level of technical capital expenditure of 10.2 billion euros , representing an increase of 21% compared with the first half of 2025.
The Net Financial Debt amounted to 15.6 billion euros , compared with 12.8 billion euros at year -end 2025, mainly reflecting the increase in investments.
A summary document providing details of the FS Group’s main results achieved during the period is available in the Financial Statements section of the website fsitaliane.it .
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The Officer in charge of Financial Reporting, Mr. Fabio Paris, certifies, pursuant to paragraph 2, article 154 -bis of the Consolidated Finance Law, that the accounting information contained in this document corresponds with that contained in the accounting documentation, books records. This document also contains forward -looking statements which do not constitute a guarantee of future events and results.