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ITALY · RAIL / BAHNBAU DELIVERY (RFI / ITALFERR)

Salcef SCF 9M2024 EUR 731.7 m (+28.9%) + Webuild Naples-Bari EUR 1.075 bn + Italferr (RFI sub) + Sirti + Pizzarotti + Vianini, RFI Network Statement 2026 + ANSFISA.

Italian rail / Bahnbau delivery workforce against Salcef Group S.p.A. (Borsa Italiana Euronext STAR SCF; 9M2024 revenue EUR 731.72 m +28.9% YoY +26.6% organic; gross operating margin EUR 139.4 m +20.6% margin 19.1%; multi-lot RFI framework for track + turnout renewal/maintenance — central + north-west + southern Italy; ~EUR 285 m new awards H2 2023 + H1 2024), Webuild S.p.A. WBD (Naples-Bari HSR multi-lot — Naples-Cancello + Apice-Hirpinia + Hirpinia-Orsara + Orsara-Bovino; Rome Metro Line C with Vianini Lavori; rail backlog significant component of EUR 54 bn construction backlog), Italferr S.p.A. (RFI engineering subsidiary; design + project management + works supervision; ERTMS rollout across national network; partner in PERGENOVA Genoa Bridge), Sirti S.p.A. (Italian leader in telecoms/rail signalling/power lines/substations; ERTMS Level 2 deployment partner; rail signalling and electrification services to RFI), Pizzarotti & C. (Naples-Bari Orsara-Hirpinia 30% consortium partner EUR 1.075 bn lot), and Vianini Lavori VLA (Caltagirone Group; Rome Metro C civil works) — Naples-Bari HSR (Webuild/Pizzarotti 70:30 EUR 1.075 bn Orsara-Hirpinia; EUR 367.2 m Orsara-Bovino; earlier Webuild-Astaldi EUR 397 m; Naples-Cancello 15.5 km track installation through summer 2025) + Salcef RFI framework lots (~EUR 285 m H2-2023/H1-2024 envelope; central + NW + southern) + Italferr ERTMS national rollout (Alstom framework agreement October 2022 for central + southern Italy ERTMS signalling) + Grottaminarda Tunnel excavation on Naples-Bari HSR (Webuild). RFI Capitolato Generale + Capitolato Tecnico technical specifications + RFI Network Statement 2025/2026 (publicly issued by RFI annually) + Italferr internal standards + D.Lgs. 36/2023 + ANSFISA (rail safety authority) + CCNL Attività Ferroviarie / CCNL Edilizia for civils + PNRR Mission 3 (Infrastructure) rail allocations + ERTMS interoperability TSI (EU).

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Salcef 9M2024 EUR 731.7 m +28.9% GOM EUR 139.4 m margin 19.1%
Webuild Naples-Bari ~US$1.75 bn Multi-lot HSR programme
Salcef RFI ~EUR 285 m H2-23/H1-24 Central + NW + S frameworks
ERTMS Alstom Oct 2022 Italferr national rollout

Regulator exposure profile

  • RFI Capitolato + Network Statement28%
  • ANSFISA + TSI interoperability24%
  • CCNL Attività Ferroviarie + Edilizia26%
  • D.Lgs. 36/2023 + Art. 1676 + 276/03 Art. 2922%

Named projects in this jurisdiction

  • Naples-Bari HSR (Webuild/Pizzarotti 70:30 consortium Orsara-Hirpinia EUR 1.075 bn for 28 km section; prior Orsara-Bovino 11.8 km EUR 367.2 m; earlier Webuild-Astaldi EUR 397 m; Naples-Cancello 15.5 km track installation through summer 2025; Grottaminarda Tunnel excavation; total Webuild Naples-Bari ~US$1.75 bn) Italferr/RFI + Webuild + Pizzarotti
  • Salcef RFI framework lots (multi-lot RFI framework for track + turnout renewal/maintenance — central + north-west + southern Italy; ~EUR 285 m new awards H2 2023 + H1 2024) RFI + Salcef Group (SCF) 2024
  • Italferr ERTMS national rollout (Alstom framework agreement October 2022 for central + southern Italy ERTMS signalling; RFI engineering sub Italferr design + project management) + Rome Metro Line C (Webuild + Vianini Lavori on Roma Metropolitane / Roma Capitale) Italferr + Alstom + Webuild + Vianini 2022
  • Salcef Group S.p.A. (Borsa Italiana SCF Euronext STAR; 9M2024 EUR 731.72 m +28.9%) + Webuild S.p.A. (WBD) + Italferr S.p.A. (RFI engineering sub) + Sirti S.p.A. (PL/substations/ERTMS L2) + Pizzarotti & C. (Naples-Bari 30%) + Vianini Lavori (VLA Caltagirone) Salcef + Webuild + Italferr + Sirti + Pizzarotti + Vianini

Italian rail: Salcef (SCF; 9M24 EUR 731.7 m +28.9%; RFI ~EUR 285 m H2-23/H1-24), Webuild (WBD; Naples-Bari ~US$1.75 bn), Italferr (RFI engineering sub; ERTMS Alstom Oct 2022), Sirti (PL/substations/ERTMS L2), Pizzarotti (Naples-Bari 30%), Vianini Lavori (VLA Caltagirone Metro C). RFI Capitolato + Network Statement 2026 + ANSFISA + CCNL Attività Ferroviarie govern.

01. Pre-pricing — CCNL Attività Ferroviarie + CCNL Edilizia + Cassa Edile

Rail-specific scope under CCNL Attività Ferroviarie. Civil under CCNL Edilizia 2025-2028. Cassa Edile / CNCE per blue-collar.

02. A1 + UNI_Distacco_UE + ERTMS familiarisation

A1 + UNI_Distacco_UE per posted worker. ERTMS + TSI INF + TSI ENE + TSI CCS + TSI OPE familiarisation per safety-critical rail worker.

03. RFI + ANSFISA + Italferr onboarding

RFI Capitolato Generale + Capitolato Tecnico per project. ANSFISA safety-case approval. Italferr internal standards per scope.

04. INPS + ITSS-defensible evidence pack

Minimum pack: Italy-bank-traceable remuneration, Italian-language contract, A1 receipt, UNI_Distacco_UE receipt, CCNL Attività Ferroviarie + Edilizia reconciliation, ERTMS + TSI competency attestation per rail worker.

05. India and Gulf sourcing corridors — the Italy rail pathway

Indian Larsen & Toubro Rail + Gulf Saudi Binladin pools route through D.Lgs. 36/2023 + RFI Capitolato + Art. 1676 + TSI audit-grade chain-of-custody against Salcef, Webuild, Italferr, Sirti, Pizzarotti, or Vianini Lavori scopes.

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