FS Group is the Italian state holding company that owns the national railway infrastructure manager, the incumbent passenger operator and, since 2018, the national road network authority. It is wholly owned by the Italian Ministry of Economy and Finance, which has been sole shareholder since the group was converted into a joint-stock company in 1992.
FS Group reported operating revenues of 17.3 billion EUR in 2025 and technical investments of more than 18 billion EUR, the highest annual figure in its history. By the end of 2024 it had spent over 12 billion EUR of Italy’s National Recovery and Resilience Plan (NRRP) funds, making it one of the plan’s principal implementers.
The group’s span is wider than rail alone. Anas, which manages Italy’s state road and motorway network, was brought into the group in 2018 and now leads a business unit of its own.
Five business units under one owner
Ahead of the 2025-2029 Strategic Plan the group was reorganised into five business units, each led by one company. Infrastructure - Railways is led by RFI, Infrastructure - Roads by Anas, Freight by FS Logistix, International Passengers by FS International and Passengers by Trenitalia.
Trenitalia, the group’s principal Railway Undertaking (EU definition), runs domestic passenger services from Frecciarossa high-speed trains to the regional services ordered by the Italian regions. RFI owns and manages the national network and sells capacity to every operator using it, including Trenitalia’s competitors.
FS International holds the activities abroad: Netinera in Germany, Hellenic Train in Greece, Qbuzz in the Netherlands and Trenitalia France. Its operating revenues passed 2.5 billion EUR in 2025, up around 20 percent on the previous year.
Separation inside a holding
EU law requires the essential functions of the Infrastructure Manager (EU definition) — allocating capacity and setting track access charges — to be exercised independently of any transport operator. Italy meets that requirement by separating the companies while keeping them under a single shareholder.
This holding construction is permitted by the Recast Directive (2012/34/EU) as long as the independence is real and demonstrable. Germany uses the same model. Spain keeps Adif outside Renfe’s group entirely.
Whether a competing operator can obtain train paths and station access on the same terms as the incumbent is policed by the Transport Regulation Authority. It rules on the charging system and hears complaints from operators.
An investment programme built on recovery funds
The 2025-2029 Strategic Plan sets out more than 100 billion EUR of investment across rail and road. An update presented in December 2025 extended the horizon further, to a total investment volume of 177 billion EUR over 2026-2034.
A substantial share is tied to NRRP milestones, which carry fixed completion dates agreed with the European Commission. ERTMS deployment, regional fleet renewal and upgrades to southern Italian lines all sit inside that framework.
Funding not spent by the NRRP deadline lapses. That is why the group’s investment profile is concentrated around the mid-2020s.