Freight transport, first half-year in the red for the FS logistics hub

The weak macroeconomic context, characterised by a high level of uncertainty, due to both the protectionist trade policy of the US administration and the geopolitical tensions already existing in the Middle East, explain, according to the half-yearly report of FS (Ferrovie dello Stato), the drop in freight traffic recorded by the group in the first six months of 2025. The traffic volumes realised by the Fs group's cargo companies, in January-June 2025, in domestic and foreign territory, amounted to approximately 9.4 billion tonne-kilometres, down 3.7% compared to the same period in 2024, against a similar reduction in supply, expressed in train-kilometres, of 4.2%. Fs Logistix (formerly Mercitalia Logistics) is the leader of the pole, with the mission of guaranteeing the presidium of the sector both nationally and internationally. Fs Logistix is headed by numerous operating companies, including Mercitalia Rail, the largest rail freight company in Italy, the Tx Logistik group (present in Germany, Austria, Switzerland and Denmark), the Exploris group (Germany, Poland, Czech Republic, Belgium, Holland, Austria, Switzerland) and Mercitalia Intermodal, the largest combined road/rail transport operator in Italy and the third largest in Europe.

From an economic point of view, the performance of SBB's logistics hub remains negative, although it has improved compared to 2024 (which closed with a loss of €124 million). In detail, freight traffic generated operating revenues of €711 million, or 6.9% more (+€46 million) than in the first half of last year. Positive contributions came in particular from Tx Logistik (+€15 million), Mercitalia Shunting & Terminal (+€15 million), Terminali Italia (+€12 million), while the contribution of Mercitalia Intermodal was an additional €4 million. Of note was the improvement in EBITDA (+110.5%), which was positive for €61 million. On the other hand, the operating result was still negative, by 29 million, although it improved compared to the red of 40 million in the first half of 2024, as did the net result (-55 million), which also improved compared to the loss of 62 million marked in the first half of 2024.

Market share chapter. Offering a representation of the sector's market share is Rfi in its latest business plan, published a few days ago and relating to the offer of trains scheduled and contracted for the current year on the national network (therefore not yet finalised). The first position is occupied by Mercitalia Rail, with a 38.8% share (38% in 2024). It is followed by: Compagnia ferroviaria italiana (recently passed under the control of its sister company Fhp), with a 2025 share of 10.7%, compared to 13% of trains booked last year. Captrain (Sncf group) still holds third place, but with a smaller 7.4% share, compared to 9% in 2024 and 11% in 2023. Private company Gts Rail rises (7.3%; it was 6% last year).