The EBITDA (earnings before interest, taxes, depreciation, and amortization) for the organization stood at 267.6 million euros, slightly below the 277.5 million euros recorded in the first half of 2024. Meanwhile, the operating result remained nearly stable at 159.2 million euros, according to the statement issued today to the Comissão do Mercado de Valores Mobiliários (CMVM).
Operating revenues reached 710.3 million euros, showing an increase of 3.8 million euros compared to the same period last year.
The company attributed this growth primarily to increased revenues from construction contracts (+28 million euros), compensatory indemnities (+11 million euros), and the rise in railway tariffs (+3 million euros) and Road Service Contribution (+3 million euros), partially offset by a reduction in toll revenues amounting to 42 million euros.
Operational expenses were recorded at 551 million euros, an increase of 3.6 million compared to the same period last year, mainly reflecting the increase in interventions on road and rail infrastructure (+11.1 million euros) and personnel costs (+4.2 million euros).
“These increases were partially offset by a reduction in amortization expenses (-10 million) and other supplies and external services (-3.5 million),” explained the company.
The financial result improved by 5.3 million euros, due to reduced interest associated with sub-concessions, a result of decreased liabilities.
The IP Group also highlighted maintaining significant investment in infrastructure during the semester under review, allocating 182 million euros to the railway network—37.5 million less than the same period in 2024, reflecting the completion of most projects under Ferrovia 2020—and 67.3 million to the road network, of which 53.5 million is linked to the Recovery and Resilience Plan (PRR), marking an increase of 27.9 million compared to the previous year’s semester.
The financial debt of IP was set at 3.261 million euros, continuing its downward trajectory. In June 2025, the reduction of 22 million was due to capital amortizations anticipated in the repayment plans of loans taken with the European Investment Bank (EIB), the company detailed.
Lastly, the group recalled that the shareholder, the State, maintained the company’s financing policy through the capitalization of IP, with capital increases in the first half of 2025 amounting to nearly 700 million euros, aimed at covering costs related to Public-Private Partnerships (PPP) for roads, railway investments, and debt service.
