...December 20, 2024 We expect the dynamism of both high-speed and regional rail passenger segments will continue through 2024 and 2025, although cost increases will weigh on profitability. We believe the leisure segment will continue to drive rail passenger traffic growth on the domestic market. This will add to Ferrovie dello Stato Italiane's (FSI's) robust growth in the first half of 2024, with average load factor on the high-speed segment remaining stable at 53% despite the increase in the supply of services from FSI (+7% versus the same period in 2023). We also anticipate some support to revenue growth from international operations, with new contracts for QBuzz in the Netherlands starting in 2025. Although we project adjusted revenue to increase by 8% and by 4%-5% in 2024 and 2025, respectively, we expect the adjusted EBITDA margin will be on average 14.0%-14.5%, slightly below 2023 results. This mainly reflects higher operating expenses, namely staff and service costs, which we expect...
