The freight department of the Italian state-owned railway holding FS Group has recorded a 96 million euro net loss in 2025. Despite the financial setback, it marks an improvement from 2024.
In terms of transport performance, 2025 was a step back from 2024. In terms of tonne-kilometres, the FS Group recorded a 3.8% decline, from 22,908 million tonne-kilometres to 22,031. Domestically, the decline outpaced operations outside of Italy (-3.3%).
In terms of train-kilometres, FS Group freight trains achieved a total of 46 million. This number is down by 5.1% compared to 2024. Similarly to the tonne-kilometre performance, foreign operations did marginally better, shrinking by 4.6%. “The result was affected by the weak macroeconomic environment, characterised by high uncertainty due to both the protectionist trade policy of the new U.S. administration, and pre-existing geopolitical tensions”, FS explains.
The financial picture
In financial terms, the company’s net loss amounted to 124 million euros in 2024. FS Group, which includes rail freight companies like Mercitalia and TX Logistik, therefore improved its net result by 22.6% in 2025.
FS Group’s freight operating result (Earnings Before Interest, Taxes, Depreciation and Amortisation, EBITDA) looks much better: 105 million euros in the positive. That is an increase of 41.1%. This is mostly attributable to a higher revenue (+48 million euros, achieved by TX Logistik, Mercitalia’s shunting and terminal branch and intermodal recovery).
At the same time, the company faced higher operating and personnel costs, which exerted downward pressure on EBITDA.