Our main business risks are related to:

• Competition resulting from the opening of the relevant markets;
• Financial management resulting from relations with public entities, both in terms of collecting receivables and financing investments;
• The legislative-regulatory scenario of reference, which sometimes proves to be unstable;
• The increasingly significant effects of climate change and the fragility of the territory, which require railway infrastructure that is increasingly resilient and presided over, constituting areas of intervention to optimise the activities of the Railway Infrastructure Manager;
• The scenario of global uncertainty, characterised by strong political instability and a deep socio-economic and inflationary crisis.

In this context, the risks and opportunities to which we are exposed – being assessed and monitored on an ongoing basis – evolve and differ according to the company’s contexts and initiatives, leading to the need for greater refinement of strategic, financial and operational planning processes through ad-hoc analyses of the scenario.

We contribute to economic and social development through investment programmes and interventions also aimed at strengthening infrastructural and operational resilience. To enable the progressive implementation of these plans and programmes, we adopt systems for the governance of projects and investments, which – in the most relevant cases – include the establishment of ad-hoc Committees, Task Forces and Working Groups, along with structured periodic monitoring of their progress.

The new regulatory framework is also currently being defined. In order to mitigate the impact of these types of risks, we take an active part in following regulatory developments and in engaging in dialogue with the relevant authorities to provide our technical input during the consultations requested on each occasion.