FS closes 2025 with positive profit, revenues of 17.3 billion and record investments of 18.3 billion. All the numbers, business units and perspectives
2025 marks much more than a return to profit for the Ferrovie dello Stato Italiane Group: it marks the beginning of a new industrial phase, in which growth coexists with a profound transformation and with the inevitable weight of unprecedented investments.
The budget approved by the Board of Directors gives a clear picture: profit at 30 million euros, after the loss of 208 million in 2024, operating revenues at 17.3 billion (+4%), EBITDA at 2.4 billion (+6%) and EBIT at 350 million (+2%). Numbers which, read together, tell a precise trajectory: the Group is returning to generating value while accelerating on an industrial level.
The financial structure also contributes to strengthening this balance: the net financial position drops to 12.8 billion (-0.7 billion), equity rises to 41.8 billion, and the debt to equity ratio remains stable at around 0.3.
PNRR and infrastructure: where the game really takes place
The real engine of 2025, however, is not in the accounts but in the construction sites. With 18.3 billion euros of technical investments, the highest level ever reached, FS consolidates its role as the country’s industrial platform.
Of these, approximately 16 billion are linked to the PNRR, with all European milestones respected. 98% of investments remain in Italy, with around 12 billion allocated to the railway network and 4 billion to road infrastructure.
The main works include the Brescia-Verona-Vicenza-Padua, the Terzo Valico dei Giovi, the Naples-Bari and the Palermo-Catania-Messina corridor. The drop in advances to suppliers, which dropped to 83 million (over -90%), signals concrete progress on construction sites.
Revenues growing, but with a more fragile balance
Revenues are growing, but they are doing so in a structured way. The heart remains transport, with 9.2 billion euros (+483 million), supported both by rail passenger traffic (+312 million, of which +233 million abroad) and by road transport (+169 million).
The infrastructure component is even more dynamic, rising to 5.1 billion (+10%), while other operating revenues drop to 3 billion (-231 million) due to the normalization after the extraordinary operations of 2024.
On the opposite side, operating costs reach 14.9 billion (+4%), driven by the increase in staff, labor costs and maintenance.
The business units: two speeds within the same group
Railway infrastructure confirms itself as the real driving force, with revenues of 3.5 billion (+9%), EBITDA of 364 million (over +200%) and investments of 12 billion, equal to 66% of the total.
Road infrastructure is also growing, with 4.7 billion in revenues (+11%), EBITDA at 166 million (+39%) and investments at 3.7 billion (20% of the total). The picture of national passenger transport is more complex, with revenues at 6.4 billion (-2%), EBITDA at 1.6 billion (-12%) and investments at 1.7 billion (-9%). International passenger transport is expanding strongly, with 2.5 billion in revenues (+20%) and EBITDA at 221 million (+97%), driven by Netinera, Qbuzz, Trenitalia France and Hellenic Train. Freight transport recorded revenues of 1.4 billion (+4%) and EBITDA of 105 million (+72%), despite a decline in volumes. The Other Services division fell to 1.3 billion (-17%), due to the absence of the 2024 real estate transactions.
Employment, sustainability and green finance
FS also continues to be an employment player, with 8,515 hires in 2025 and a total of 96,841 employees, of which over 13,000 in Europe.
On the environmental front, emissions stand at 1.87 million tonnes of CO2 equivalent (-15% compared to 2024 and -27% compared to 2019), while 94.7% of waste is recovered or separated. Eco-sustainable investments exceed 12.5 billion euros, equal to 89% of the total.
The use of sustainable finance also continues, with a 400 million Eurofima issue, an 800 million green bond and further financing for 250 million.
Solid ratings and a 100 billion euro strategy
The agencies confirm the Group’s solidity: Standard & Poor’s assigns a BBB+/A-2 rating with a stable outlook, while Fitch confirms BBB+/F1, also with a stable outlook.
The improvement in the financial structure is supported by operating cash flow, despite the high level of investments.
2025 is part of the 2025-2029 Strategic Plan, which envisages over 100 billion euros of investments to modernize infrastructure, improve services and strengthen international presence.
The Group accelerates the renewal of the Trenitalia fleet, the development of the FS Logistix integrated logistics and the implementation of the ERTMS system, confirming itself as one of the main industrial platforms in the country.
