In 2025, the international macroeconomic environment was characterised by moderate growth against a backdrop of persistent tensions, yet with the economy holding up better than expected overall and inflation remaining at moderate levels. The Italian GDP grew by 0.6%, driven in particular by investments linked to the NRRP, whilst inflation stood at 1.5%.
In the transport sector, demand for mobility remained broadly stable compared with the previous year. In this scenario, infrastructure investment totalled 11,294 million euros, up 17% on 2024, of which 7,410 million euros were allocated to major projects and 3,884 million euros went towards the maintenance of infrastructure efficiency (including 977 million for technological upgrades), with a significant contribution from the NRRP.
The 2025 financial statements show a significant improvement in Net Profit, rising from a loss of 99 million euros in 2024 to a net profit of 118 million euros in 2025.
Positive EBITDA stood at 354 million euros - up on the previous financial year - mainly due to the restructuring of government grants and higher capitalisation related to the investment programme.
| MAIN OPERATING, CASH FLOW AND CAPITAL FIGURES | ||||
|---|---|---|---|---|
| mln€ | mln€ | mln€ | ||
| 2025 | 2024 | Change | % | |
| Operating Income | 3,359 | 3,019 | 340 | 11% |
| Operating Costs | -3,005 | -2,921 | -84 | 3% |
| Gross operating margin (EBITDA) | 354 | 98 | 256 | 261% |
| Operating result (EBIT) | 178 | -18 | 196 | n.s.% |
| Net result | 118 | -99 | 217 | n.s.% |
| 12.31.2025 | 12.31.2024 | Change | % | |
| Net Invested Capital | 39,657 | 39,853 | -196 | -1% |
| Equity | 34,043 | 33,912 | 131 | 0% |
| Net financial position | 5,614 | 5,941 | -327 | -6% |
| Investments during the year | 11,294 | 9,630 | 1,664 | 17% |
| Total cash flow generated/absorbed during the year | 113 | -117 | 230 | n.s.% |
| MAIN FINANCIAL RATIOS | ||||
| 2025 | 2024 | |||
| EBITDA MARGIN (EBITDA/OPERATING INCOME) | 10.54% | 3.26% | ||
| ROS (EBIT MARGIN) | 5.30% | -0.58% | ||
| STAFF COSTS/OPERATING INCOME | 57,19% | 62,70% | ||
31,536,472,466.00 (latest change: 05/20/2025)