FS, the Italian national rail group Ferrovie di Stato, invested €18 billion in 2025.
Further investments are on the way
Of these €18 billion some seven billion were for the implementation of the National Recovery and Resilience Plan (PNRR), as highlighted by Stefano Donnarumma, CEO of the FS Group. “These results,’ said the CEO, - are the foundation of the long-term trajectory outlined in the update of the Strategic Plan, which envisages further investments of €177 billion in 2026-2034. Next year we aim to exceed the €18 billion target.”
New infrastructure and modernization of the regional network
In a note, the FS group explained that “the intensity of investments has supported the advancement of the country's main infrastructural works, strengthening of the European corridors, development of the new HS/HC sections, resilience interventions and modernization of the regional network. The increased industrial focus has allowed for more rigorous planning of construction sites, with direct benefits on punctuality and service quality. The PNRR is progressing at a rate of some €7 billion invested over the last 12 months, reaching €18 billion out of the total €25 allocated to the FS group." 2025 was also a turning point in energy management with the creation of FS Energy, the new company dedicated to the group's energy supply and efficiency. “The objective is to reach 19% of the Group's energy consumption covered by renewable sources by 2029 and 40% by 2034.”
Punctuality has improved
With regards to punctuality: “I’m not saying that to increas the punctuality percentage by 10,000 trains is impossible, but it is very difficult. We have done this by cooperating with the group companies on an unprecedented level. The performance of the service has shown significant improvements, with about 3% more punctuality on High Speed, 1% more for Regional trains, and 3% more for Intercity trains, with more than 35,000 trains arriving on schedule in 2025, confirming the effectiveness of the new industrial system.”
Aiming to close 2025 with a positive result
The economic targets set for 2029 of €20 billion in revenues, €3.5 billion in EBITDA and a net result of €500 million, is consistent with the growth trajectory envisaged for the next few years (...) We started with a gap, and then were confirmed. Last year we had to close the budget with a €200 million loss, due to several factors, which we have tried to mitigate with very strong actions, and I believe that we should be able to close 2025 with a positive result.”
