In the first three months of the year, the net result was 23% below the €63 million projected in the 2024-2026 Activity Plan and Budget (PAO), according to the report also highlighted by Jornal de Negócios today.
During the same period, IP’s operating result was €90.3 million, marking an increase of 17.9% compared to the same period in 2024. However, these figures also fell short of the PAO target by 10%.
Operating revenues totaled €334.1 million, and operating expenses were at €243.8 million, “both falling short of the PAO estimate by €139.5 million and €129.4 million, respectively,” the report states.
The document indicates that the main variation affecting revenue compared to the PAO stemmed from a reduction of €33.4 million in compensatory indemnities, which was “partially offset by an increase in road service allocations (€5 million) and tolls managed directly by IP (€1.5 million).”
The company notes that variations in revenues from private construction contracts (-€31.2 million), the granting state (+€9.3 million), state concession tolls (-€627,000), and traction energy (€588,000) did not impact the fiscal year’s result, adding that the effects “were offset by costs in goods sold and consumed, supplies and external services, as well as other operational expenses.”
Regarding expenses, there were reductions of €7.2 million in depreciations and amortizations and €3.5 million in personnel expenses, as well as €13.4 million in maintenance, repair, and safety items for road and rail networks.
As of March 31 this year, IP’s financial result was negative at €40.7 million, reflecting an improvement of €461,000 compared to the budget.
The report also highlights an investment in the first quarter reaching €106.2 million, equivalent to an execution rate of 52% of the PAO forecast.
Out of this amount, €77 million were allocated to rail investments—€58.7 million of which were for works related to Ferrovia 2020—and €27 million to road investments, €21.7 million of which were for works under the Recovery and Resilience Plan (PRR).
