In 2024, the macroeconomic environment experienced a set of ups and downs, with an initial phase of gradual growth followed by a downturn in investments and exports in the second half of the year. In Italy, growth remained weak, and was supported mainly by NRRP works, with RFI as a key player

In the transport sector, demand for mobility continued to grow, with increased passenger traffic compared to 2022 and 2023. In this scenario, RFI made infrastructure investments for EUR 9,630 million, marking a 28% increase over the previous year. Out of those, around EUR 6,085 million was allocated to major infrastructure projects, while EUR 3,545 million went to efficient infrastructure maintenance, with EUR 756 million for technological interventions

The budget for 2024 shows a negative Net Result of approximately EUR 99 million, up EUR 295 million compared to 2023.  

However, RFI achieved a positive EBITDA of EUR 98 million, down EUR 324 million from last year. One of the factors that significantly affected this reduction is the lack of operating contributions from the state, intended to cover costs already incurred by the operator, including the increase in labour costs following the hiring policy adopted by the company - started in 2023 and continued in 2024 - to support the impressive investment programme, which had direct consequences on operating volumes and hiring of various professional figures

Despite these challenges, RFI has proven a remarkable investment capacity and a central role in the country's infrastructure development

MAIN OPERATING, CASH FLOW AND CAPITAL FIGURES
  mln€ mln€ mln€  
  2024 2023 Change %
Operating Income 3,019 2,868 151 5%
Operating Costs -2,921 -2,446 -475 19%
Gross operating margin (EBITDA) 98 422 -324 -77%
Operating result (EBIT) -18 250 -268 -107%
Net result -99 196 -295 -151%
  12.31.2024 12.31.2023 Change %
Net Invested Capital 39,853 38,638 1,215 3%
Equity 33,912 34,120 -208 -1%
Net financial position 5,941 4,518 1,423 31%
Investments during the year 9,630 7,550 2,080 28%
Total cash flow generated/absorbed during the year -117 -1,443 1,326 -92%
MAIN FINANCIAL RATIOS
  2024 2023
EBITDA MARGIN (EBITDA/OPERATING INCOME) 3.26% 14.70%
ROS (EBIT MARGIN) -0.58% 8.72%
STAFF COSTS/OPERATING INCOME 62.70% 58.40%

Share Capital

31,536,472,466.00 (latest change: 05/20/2025)

Financial statements