...November 20, 2023 We expect Ferrovie dello Stato's (FSI)'s revenue to increase by about 10% in 2023. The rise in passenger numbers recorded during the first half of the year will continue for the remainder of 2023, and we project Trenitalia's revenue will surpass pre-pandemic levels by year-end 2023. We expect business traffic will continue to lag 2019 levels over the next two to three years, while both domestic and international tourist flows will support growth in the leisure segment, boosting both high-speed and regional passenger volumes. Growth from international operations limited in 2023 due to external events constraining network capacity in France and Greece. We believe the European market will return to fully support revenue growth from 2024. We believe FSI's credit metrics will remain commensurate with the current rating level over the next three years. We estimate FFO to debt will remain at 16%-17% on average over 2023- 2025 (from 18% in 2022), while we expect the EBITDA margin...
