Ferrovie dello Stato posts €200 million loss despite revenue rise in H1 2026

Ferrovie dello Stato Italiane (FS) approved its consolidated semi‑annual financial report for the period ending 30 June 2026. The board, chaired by Tommaso Tanzilli, recorded a net loss of €200 million, worsening by €111 million compared with the same period a year earlier. EBITDA fell by €86 million to €905 million, while EBIT turned negative at €58 million.

Operating revenues grew to €8.9 billion, up €678 million year‑on‑year, driven by higher infrastructure and other service income. Operating costs rose to about €8 billion, an increase of €764 million, reflecting higher personnel expenses and variable costs linked to transport services, maintenance and infrastructure management. Technical investment spending reached €10.2 billion, a 21 % increase over the first half of 2025, pushing the net financial position to €15.6 billion.

The report highlights that while revenue growth partially offset rising costs and depreciation, the overall financial performance remains negative for the period.