2023 was a pivotal year for Infrarail, during which the Shareholder's will to prefigure a new strategic direction for the Company was implemented. Following RFI's decision to proceed directly with the awarding of the works on the Florence high-speed node, the Company has become a key player in the ambitious strategic repositioning plan to meet the ever-increasing need to carry out complex works specific to the railway infrastructure.

As a result of this new set-up, Infrarail adopted a new business model that allowed the Company, on the one hand, to expand the scope of its operations and be able to operate throughout the Country, and on the other, to implement organisational changes preparatory to the new industrial scenario.

Financial year 2023 ended with a profit for the year of about EUR 35,000. The net operating margin (EBIT) was negative, although up from the previous year, at EUR -73,000 with an EBIT Margin of -0.6%, while the EBITDA stood at EUR 350,000 with an EBITDA Margin of 2.8%.

The operating revenue amounted to approximately EUR 12.3 million with a net profit for the year of EUR 34,994. These revenues come from the residual engineering activities completed in 2023, related to the changes made to the Florence High-Speed Node Executive Project (site maintenance and monitoring activities, extraordinary maintenance activities on RFI-owned assets - specifically Earth Pressure Balance-Tunnel Boring Machine and Belt) and the design activities related to the new Florence Circondaria stop.

In addition to these interventions, in the second half of 2023 the Company expanded its range of action to include engineering services relating to project verification activities; drafting of Feasibility Documents of Design Alternatives ("DOCFAP"); support to RFI Works Management on the Florence Node Project; drafting of the Technical-Economic Feasibility Project ("PFTE") concerning the adaptation works on 4 road subways affected by the future doubling of the Montecatini-Pescia line; drafting of several Executive Projects concerning the elimination of Level Crossings and the works to be carried out at the Barletta railway station. In addition, the first construction site for the ONAI Workshop in Carini opened in December 2023.

Operating costs amounted to approximately EUR 12 million and mainly related to personnel fees and costs for services and works related to both the Company's 'core' activities and ordinary operations (overheads).

The company has a good level of financial solidity, thanks to its own means that amounted to EUR 5.4 million in 2023, with no financial exposure to third parties and FS Group companies.