Investments

Total expenditure for investments by the FS Italiane group in the first half of 2022 amounts to €2,923 million, with €1,083 million raised through self-financing and €1,840 million from government grants, down 22.6% on the same figure for the first half of 2021.

During the period, the FS Italiane group developed and managed capital expenditure2 of approximately €4.0 billion, 96% of which in Italy, broken down as follows:  approximately 79% of capital expenditure refers to the infrastructure segment, with some €2,085 million invested in RFI

S.p.A. projects (including €2,115 million for the conventional/HC network and €42 million for the HS/HC network between

Turin, Milan and Naples, offset by the recovery of contract advances to suppliers of €72 million) and €992 million in Anas group projects (including contract advances to suppliers of €145 million), in addition to investments of €101 million for the new Turin-Lyon line.  around 18% of investments refers to passenger transport for projects focusing on the transport of passengers by road and rail, both in Italy and abroad. Specifically, Trenitalia S.p.A. invested €642 million (including routine maintenance), the

Busitalia group invested €21 million and the other companies operating abroad in this segment invested €114 million (Netinera, Trenitalia C2C, Trenitalia UK, Trenitalia France and Hellenic Train);  roughly 2% refers to logistics for freight transport projects in Italy and abroad, totalling about €68 million;  just under 1% relates to the urban segment and other services, consisting of investments mainly by FS Sistemi Urbani,

Metropark, FSTechnology and FS Italiane to maintain and enhance their respective real estate assets and ICT projects.

2 In addition to the consolidated investments described above, capital expenditure includes the investments recognised in accordance with IFRIC 12, mostly attributable to Anas S.p.A. (approximately €1.0 billion), while the remainder is comprised of the investments of unconsolidated special-purpose entities (e.g., TLF, BBT, etc.).