Binario morto per i treni turistici delle Ferrovie

In a setback for the tourist train business of Italian Railways, a troubled Treni Turistici Italiani (TTI) subsidiary of Trenitalia has incurred more than 62 million euros in losses over the past three years. The business model is deemed unsustainably economically unviable and the company is now planning a deep restructuring, divesting some assets to Trenitalia and others to the Fondazione Fs Italiane.

The first year of TTI's operation in 2023 saw 40,000 passengers travel on over 600 trains, but the company already reported a loss of 2.2 million euros. Losses have since surged to 14.7 million euros by the end of 2024 and 45 million euros in 2025, despite a doubling of revenues due to the introduction of the luxury "La Dolce Vita" service.

The May 2026 balance sheet shows further negative profit for the current fiscal year. While tourist and historical trains were initially seen as a response to growing demand for sustainable travel experiences, the results so far suggest reconsideration of the business potential. Analysis shows the "historical" and "religious" convoys operate with a negative revenue-to-cost ratio, and the railway tourism market is yet to be fully developed with unsustainable investment and return timelines.

TTI's 2027-2030 industrial plan acknowledges administrators' conclusion that this business cannot generate positive margins and financial inflows, with structural losses and financial needs estimated at 10 and 12.8 million euros annually, respectively. Trenitalia is now evaluating a change in direction, starting with the division of the Tourism arm from TTI to Trenitalia, which will result in the transfer of about 200 cars and locomotives and 30 employees.

The second phase could see the possible reassignment of the remaining Historical and Religious/Charter branches to the Fondazione Fs Italiane. The group stresses that, beyond economic results, the tourist and historical train business primarily serves marketing and brand awareness tasks, primarily handled by the Fondazione Fs. Created on March 6, 2013, this foundation has a fleet of over 400 historic locomotives and has previously transported around 100,000 people in 460 itineraries.