ITALO INVEST 3.6 BILLION IN GERMANY AND SIGNS WITH SIEMENS AN AGREEMENT OF APPROXIMATELY 3 BILLION FOR 26 TRAINS FOR GERMANY, WITH AN OPTION FOR ADDITIONAL 14 UNITS, AND 30 YEARS OF MAINTENANCE

Munich, July 20, 2026. Italo Holding and Siemens Mobility signed an agreement in Munich for the purchase of 26 high-speed trains with an option for 14 additional units, and 30 years of maintenance, to be deployed on Germany's high-speed rail network. The contract marks a decisive step in bringing open-access competition to one of Europe's largest rail markets.

The trains, Siemens Velaro Multi System sets with a top speed of 320 km/h, will feature eight-car trainsets with 450 seats across three travel classes - Club Executive, Prima Business, and Smart - together with a bistro car and ultra-fast 5G and Starlink satellite connectivity.

The total investment of €3.6 billion covers the purchase of trains - assembled at Siemens' plant in Krefeld - the recruitment and training of approximately 2,500 employees across operations and related industries, and investments in stations and IT infrastructure. The investment also covers a 30-year full-service agreement with comprehensive maintenance at Siemens Mobility's depot in Dortmund. To further maximize fleet availability throughout the trains' lifecycle, the contract includes Siemens' Railigent X and AI-based digital services.

From mid-2028, the German Company will operate along two main corridors: Munich-Cologne-Dortmund and Munich-Berlin-Hamburg, serving 18 cities across a 1,300-kilometre network with a total of 50 daily services.

"We are committed to bringing German passengers greater choice, more frequent services, fair prices and a high-quality service. It starts with the trains: Siemens Mobility's technology sets the standard, and a €3.6 billion total investment reflects the depth of our commitment to this market” commented Gianbattista La Rocca, CEO of Italo Holding. “Following the Bundesnetzagentur decision, we are now ready to take the concrete steps needed to launch services in 2028, from the hiring and training of staff to the development of the full industrial, operational, and commercial structure of our new German business. We thank our shareholders - MSC, GIP (a part of BlackRock), Allianz, and our founding partners - for the strong support they have provided throughout this phase".

“Today is a historic day, not only because the German rail sector is being opened up to competition, but also because it marks an important chapter for rail transport in Europe – a concrete step towards a single transport market that puts passengers at the centre, giving them the freedom to choose how and with whom to travel. I am proud that this project stems from the partnership between Italo – Europe’s first private high-speed rail operator, which has become a model for having achieved a historic liberalisation of the rail sector in Italy – and Germany’s great potential, with a rail network that is strategic for the entire continent. I am certain that, thanks also to Siemens’s top-quality trains, a new German company will emerge, committed to all issues related to sustainability, which will provide jobs and opportunities for thousands of people, driving market growth, better prices and high-quality service, just as happened in Italy with the arrival of Italo” says Luca Cordero di Montezemolo, Chairman of Italo Holding.

“Italo Holding's decision is a strong vote of confidence in Siemens Mobility and in Velaro, one of the world´s most successful high-speed platforms. Operating in numerous countries with over 3 billion kilometres in operation and carrying millions of passengers around the world, Velaro has set a benchmark for reliable and efficient high-speed rail. This long-term partnership agreement, spanning trains and 30 years of full service, is a landmark project and a strong commitment to industrial value creation and innovation made in Germany” says Michael Peter, CEO of Siemens Mobility.

Italo Holding holds 100% of Italo - which operates in Italy and fully owns Itabus - and 100% of the newly formed Italo International, the entity responsible for managing Italo's business in foreign markets. Italo International fully owns Atrium (which manages operations in Germany) and Mainsee (owner of the trains), two companies incorporated under German law and headquartered in Frankfurt, which will together manage all rail transport operations in Germany.