Financials​ 

We successfully met and overcome our contribution margin targets for the year, whilst top-line results were in line with expectations. This outcome demonstrates our ability to manage operational efficiencies and reflects our resilience in achieving financial goals even when faced with revenue shortfalls. 

An important aspect of our operations includes engaging with all subsidiaries and ensuring compliance with client confidentiality and permissions. This collaborative approach ensures that the entire organization's insights and capabilities contribute to the overarching goals and comply with legal and ethical standards​. 

Geographically, the Gulf and Middle East regions emerged from a period of investment stagnation, presenting new opportunities particularly in the rail and infrastructure sectors. This shift resulted in a substantial volume of proposals and tenders, which gives us a very positive outlook for the next few years. In contrast, the markets in Italy and Europe also showed robust activity, bolstered by the ongoing investments from recovery funds. However, resource constraints posed challenges, affecting the pace of project executions. 

Significant achievements included securing a major framework agreement with the Italian Railways, which will support the design verification for new signalling systems. This contract is pivotal as it ensures our involvement in enhancing Italy’s railway infrastructure. 

In the U.S., we solidified our presence through the acquisition of a contract for the Red Line extension in Chicago. This expansion is aligned with our strategic goals and enhances our ability to engage in high-value projects across significant geographical markets.

Our efforts were predominantly shaped by a strategic focus on innovation, sustainability, and decarbonization, reflecting our commitment to these integral themes. 

Innovation and Adaptation

The business unit continued to push the boundaries of innovation within the infrastructure sector. A significant project called the "Digital Construction Worksite" was launched, integrating IoT technologies, optimisation techniques, and collaborative working environments. This initiative helps manage complex construction sites more efficiently by using a digital dashboard to anticipate potential disruptions, thereby improving workflow, and enhancing safety​.

Our efforts toward decarbonization were highlighted through work on the European Union's ambitious goals to transition public transport to cleaner energy sources. RINA undertook a pivotal study analysing the energy transition in the local public transport sector in Italy, aiming to reduce the carbon footprint and support the EU's climate neutrality goals by 2050​.

Focus on Decarbonization

Looking 
    Forward

For 2024, we are poised to capitalize on the momentum from the previous year. Our strategy includes an increased focus on international markets, where we anticipate significant growth opportunities, especially in the Middle East, North America and LATAM. Our commitment to integrating innovative practices and expanding our geographic footprint reflect our strategic objectives for the coming year.

We remain dedicated to advancing our presence in this sector through strategic innovation, market expansion, and operational excellence. We will continue to invest in developing the skills and capabilities of our team to ensure that the unit not only meets its project deliverables but also fosters an environment of continuous learning and adaptation, leveraging on the multi-sectorial expertise of RINA, crucial for maintaining leadership in this fast-paced industry. 2023 has set a solid foundation for continued success, and we look forward to a year of growth, challenges, and achievements in 2024.

PROJECTS

DART+ Coastal North BEMU Infrastructure Multi-Disciplinary Consultancy Services

Enhancing Dublin's Rail Network with Battery Electric Multiple Units (BEMUs) 
 
Initiated in June 2023 and set to conclude in April 2026, Iarnród Éireann, supported by the NTA, will be purchasing BEMUs ahead of the DART+ Coastal North project's completion. DART+ Coastal North will increase the frequency and capacity of train services between Drogheda and Dublin City Centre with high-capacity DART trains. The trains will replace diesel rolling stock, reducing carbon footprint, and the enhanced train service will provide an attractive alternative to car travel. 

The BEMU project, which includes substation and charging roads, depot modifications, and stabling road modifications, aims to provide enhanced services on the network before full electrification. RINA experts in railway and infrastructure design, HSE, operational safety, project and risk management, and human factors design are supporting the project. This is the first detailed design project in Ireland developed entirely by RINA in Ireland, showcasing its expertise in railway systems and infrastructure design.

Support for ERTMS/ETCS Level 2 Upgrade of National Recovery and Resilience Plan (PNRR) Lines   

Advancing Italy's Rail Signalling System 
 
Running from September 2023, this ongoing project supports Italferr in verifying the Executive/Constructive Design for the ERTMS/ETCS Level 2 upgrade of railway lines under Italy's National Recovery and Resilience Plan. It encompasses various disciplines, including a new signalling system, ensuring design completeness, legislative compliance, and technical and economic feasibility. The project represents digital innovation in railway control, highlighting RINA's commitment to industry compliance and reputation. It enhances the operational efficiency of the railway network and marks a significant step in modernizing Italy's railway infrastructure.

Viale Palmiro Togliatti Tramway Feasibility Study

Promoting Sustainable Urban Mobility in Rome 
 
The Technical and Economic Feasibility of Viale Palmiro Togliatti Tramway project, conducted from April to July 2023, focused on designing a new tramway in Rome. The 8 km tramway connects Ponte Mammolo and Subaugusta metro stations, intersecting with Centocelle metro and FL2 regional railway. Adhering to the UNI 8379:2000 standard, it mostly follows a reserved route for the exclusive use of captive-driven vehicles. This project is a key part of Rome's sustainable urban mobility plan, aiming to improve access to services, safety, the efficiency of transport of people and goods, and environmental quality while reducing air and noise pollution. Managed by RINA to in line with urban sustainability goals, the tramway will ease congestion at major junctions and connect vital districts, benefiting the city's infrastructure and residents. More information is available at Roma Mobilità's website .

Energy Audit of Tunisian Railways (SNCFT) Rolling Stock

Enhancing Energy Efficiency in Railway Operations 

The Energy Audit of Railway Rolling Stock for Tunisian Railways (SNCFT), which ran from November 2021 to December 2023, was a project aimed at enhancing energy efficiency in railway operations. In collaboration with the European Bank for Reconstruction and Development (EBRD), RINA provided technical assistance to SNCFT for conducting an energy efficiency audit. This comprehensive audit included analysing energy consumption, evaluating technological and organizational solutions, and drafting an action plan to reduce energy consumption. The project's primary goal was to assess the energy performance of railway rolling stock and propose an investment plan to minimize energy usage and environmental impact, considering factors like air pollution, infrastructure impact, and CO2 emissions. RINA's role involved an in-depth analysis of energy consumption drivers, review of technical solutions and institutional best practices, developing an action plan, and training SNCFT personnel on recommended energy reduction measures. The project provided significant benefits to SNCFT, including potential improvements in energy efficiency of its rolling stock and company in general, which would provide substantial energy savings.

Metro Line Construction Feasibility Study in Bangalore

Facilitating Urban Transport in a Congested City

The Feasibility Study and Detailed Project Report (DPR) for constructing a new 37 km metro line in Bangalore, India, was a significant project undertaken from September 2022, with the DPR ongoing. This project, part of the Bengaluru Comprehensive Mobility Plan 2020, extends the metro rail corridor from Dommasandra Circle (Sarjapur Road) to Sarjapur village, incorporating 29 stations. The project's scope involved developing the DPR, beginning with a review of the existing feasibility study. It addressed challenges such as selecting the alignment and station locations, which, based on previous studies and stakeholder suggestions, required extensive revision for final approval. This metro line is notable for being the longest studied by RINA and presents technical challenges that demonstrate RINA's capacity for optimizing solutions. 

The project is crucial for Bangalore's urban development, aiming to reduce private car usage, decrease pollutant emissions, and improve environmental conditions. Executed by the Indian RINA team, it involved diverse expertise in transportation, alignment, rail systems, and economic and environmental analysis. For RINA, this project underscores their ability to conduct feasibility studies and preliminary designs for major international metro lines. The completion of the DPR marks a significant step towards realizing the metro line, with the alignment and station locations reflecting extensive stakeholder engagement, a critical aspect of the project's lifecycle.

PMC IT Sfor CTU CHD

Implementing Intelligent Transportation System in Chandigarh, India

The PMC IT Sfor CTU CHD project, running from January 2023 to December 2028, is a part of the Efficient and Sustainable City Bus Services initiative by the Government of India. It focuses on improving bus transport infrastructure, fleet management, and introducing Intelligent Transport Systems (ITS). Four cities have been selected by the Ministry of Urban Development to demonstrate a modern and sustainable city bus service: Bhopal, Chandigarh, Jaipur and Mira Bhayandar. RINA is providing PMC services for ITS implementation including Automatic Vehicle Location (AVL), systems to increase productivity and reliability, fleet management aimed at reducing operational costs, and Passenger Information Systems (PIS) to improve customer experience in Chandigarh. The project will increase public transport efficiency and environmental sustainability and highlights RINA’s expertise in Intelligent Transportation Systems.

Broadway Subway Project in Vancouver

Integrating New Metro Lines with Existing Infrastructure

Starting in January 2023, this ongoing project includes extending an existing metro line and integrating it with another line at City Hall station. RINA is providing engineering services for the design interface and integration management. Its role involves coordinating project activities, managing technical and design risks, and ensuring seamless operation with existing lines. The project is notable for its unique design solutions and requires high coordination levels due to its complexity and multiple stakeholders. involves providing engineering services for design interface and integration management. It emphasizes RINA's capability in handling complex railway/metro projects and marks its first project in Canada.

Marmaray Project in Istanbul

Bridging Europe and Asia with a Rail Connection

From January 2013 to December 2025, RINA is involved in providing system engineering services for the 76.6 km-long Marmaray Railway Line in Istanbul, Turkey. This line, including underground and surface stations, connects Europe and Asia under the Bosphorus Strait. The project addresses challenges like managing line extensions without service interruption and careful excavation due to historical ruins and is anticipated to have a positive impact on the environment and sustainability by promoting mass transit and potentially reducing reliance on individual vehicles. It is a pioneering project in railway and systems engineering, enhancing Istanbul's connectivity and representing a significant technical achievement in infrastructure. The project is a testament to RINA's global reach and expertise in large-scale transportation services.

Hydrogen Refuelling Station Feasibility Study for Road Transport

Pioneering Hydrogen Infrastructure in Milan

From January to April 2023, RINA conducted a feasibility study for a renewable hydrogen refuelling station mainly dedicated to the supply of hydrogen to heavy vehicles reaching the Milan Malpensa Cargo City airport. The project aligns with the European OLGA project, aiming to produce hydrogen through electrolysis. The study involved analysing the hydrogen supply chain, evaluating technical options, financial sustainability, and designing the refuelling station layout. This project highlights RINA's capabilities in innovative transport engineering, experience and expertise in hydrogen, and commitment to environmental sustainability.

Evaluation of Rolling Stock Spare Parts Procurement for Israel Railways

Optimizing Procurement Processes in Rail Operations

Between April 2022 and September 2023, RINA provided technical support for Israel Railways' spare parts management. The project focused on diversifying procurement sources to optimize costs and manage equipment obsolescence. RINA's expertise in industrial markets was crucial in developing recommendations for improving the spare parts procurement process. 

Jaunmārupe Rolling Stock Maintenance Facility Masterplanning

Enhancing Rail Infrastructure in Latvia

From September 2023 to January 2024, RINA was involved in the master planning and value engineering of a rolling stock maintenance facility in Jaunmārupe, Latvia. The project aimed to optimize the facility layout for functionality and phased development. RINA's expertise in transport engineering and layout design played a key role in supporting the client with optimal choices for the project's implementation. The project underscores RINA's international presence in railway consulting and infrastructure development.

Railway Hydrogen Refuelling Station Concept Study

Advancing Sustainable Rail Transport in Italy

In early 2023, RINA conducted a concept study for a railway hydrogen refuelling station in Puglia, Italy. The study aimed to assess the technical and economic viability of using hydrogen-powered trains and building a refuelling station. This project is among the first of its kind in Europe and supports the region's growth in renewable energy production. It positions RINA at the forefront of sustainable railway solutions and hydrogen technology.

SENATOR Project for Sustainable Urban Freight Logistics

Innovating Urban Logistics in the EU

From September 2020 to September 2024, RINA is part of the EU-funded Smart Network Operator Platform enabling Shared, Integrated and more Sustainable Urban Freight Logistics (SENATOR) project, aiming to produce governance schemes on user demand planning, transport planning, freight and logistics planning, and city infrastructure. SENATOR delivers an innovative “control tower” approach, allowing dynamic planning and ensuring operative optimisation through a fluent relationship between urban planners, urban freight logistics players and citizen engagement.  RINA developed Sustainable Urban Logistic Plan (SULP) Guidelines, to produce a complete set of governances for urban planning which integrate freight, logistics and citizen mobility.

The project implements Sustainable Urban Transport Planning, which is a strategic and integrated approach primarily aimed at improving accessibility and quality of life by making a shift toward more sustainable mobility. Urban mobility together with urban logistics are key elements for the development of cities and contribute to improving economic performance, increasing efficiency, improving air quality by reducing CO2 and pollutant emissions, and improving road safety for all. The project highlights RINA's expertise in sustainable transport engineering and urban planning. 

NESOI - New Energy Solutions Optimized for Islands

Mobilizing Sustainable Energy Projects in EU Islands

Running from October 2019 to February 2024, the NESOI project focuses on mobilizing investment in sustainable energy projects on EU islands. RINA leads the work package for selecting islands to receive support and provides technical assistance for over 20 projects. NESOI supports projects at different stages of development, starting from early-stage, where a high-level technical & economic assistance is required, to more advanced ones that are asking for specific and detailed contributions in specific areas. In this context, RINA has had the possibility to develop specific methodologies and approaches to support Local Communities in fostering energy transition and deploy e-mobility. The project promotes energy transition and sustainable development in island communities and RINA's involvement demonstrates its expertise in energy engineering and renewable energy solutions.

A24-A25 Smart Road Highway and Dynamic Monitoring

Improving sustainability, safety, and usability of highways in Italy through Digital Transformation

Starting in January 2023, RINA is involved in the development of the A24-A25 Smart Road Highway in Italy. At 281.4 km and as one of the few roads connecting east-west Italy, the A24-A25 highways are one of the main strategic Italian infrastructures. This project includes seismic retrofitting and the installation of smart road systems for improved safety and sustainability in difficult, mountainous terrains. RINA's role encompasses sustainable transport engineering and digital transformation, making the highway a model of technological and environmental innovation. 

Project Management for Giannina Gaslini Hospital

Enhancing Healthcare Infrastructure in Italy

From September 2023 to August 2026, RINA is providing PMC/construction supervision and safety coordination for the demolition of two buildings and construction of a new one within an operating hospital for the new Giannina Gaslini Hospital in Genova. The project uses BIM methodology for project management and construction supervision. The building has been equipped and designed with modern, integrated technological features to achieve zero CO2 impact, reduce the fragmentation of services between several buildings, achieve better and greater accessibility and usability, contribute to territorial development by integrating complementary services and logistics, enhance green areas and requalify existing building stock and services. The project highlights RINA’s expertise in managing complex healthcare infrastructure developments.

Redevelopment of Regione Lazio Headquarters

Balancing Cultural Preservation and Modern Engineering

Starting in September 2023, RINA is involved in the functional and energy redevelopment of the Regione Lazio headquarters in Rome, one of the most iconic and distinctive buildings within the Lazio Region headquarters. The project addresses energy efficiency in both systems and the building envelope, fire safety, and structural stability and meets challenges such as executing redevelopment work without evacuating the building and adhering to sustainable design guidelines. A significant aspect of this project is to compare the applicability of current regulatory requirements on energy efficiency with those of a building constructed in the 1960s, which adhered to an entirely different regulatory landscape. RINA's expertise in various engineering disciplines is crucial for this culturally significant project and the work emphasises RINA's ability to handle complex architectural and engineering challenges.

Fiumicino Isola Sacra Port Development

Creating a Prestigious Maritime Destination in Italy

From March 2022 to March 2024, RINA is playing a key role in the development of the Fiumicino Isola Sacra Port in Italy. The project involves creating a greenfield port with leisure boat and cruise ship facilities, focusing on net carbon strategies, energy self-sufficiency and social sustainability. RINA's multidisciplinary team supports the client in design, engineering, and environmental impact studies.

Thanks to the introduction of the cruise function, the project is expected to generate significant induced activity in the entire area: tourist development, supply of local products, involvement of various local players, protection and promotion of cultural heritage and international visibility. The analysis of the socio-economic impacts has estimated 0.9 yearly and 1.4 overall billion euros economic impact in the operational and construction phases respectively. Job growth is expected to range from close to 8,500 jobs in the construction phase to more than 5,000 jobs per year in the operational phase. 

Ravenna Cruise Terminal Construction

Establishing a Modern Cruise Port in Italy

Since May 2022, RINA has been involved in the Ravenna Cruise Terminal project in Italy. The project focuses on constructing an energy-efficient cruise terminal with LEED Gold certification. The project is the first Cruise Terminal project, under a PPP scheme, delivered by the Ports&Marine facilities team to start the construction phase. RINA's multidisciplinary team is responsible for project management, design, and environmental sustainability aspects.

Giubileo 2025 Infrastructure Management in Rome

Coordinating Urban Improvements for a Major Event

From November 2023 to December 2024, RINA is managing a range of infrastructure and service improvements for the Jubilee 2025 in Rome. The project aims to enhance public transport, revamp existing areas, and promote sustainable mobility. Timescale is crucial and the project requires coordination of many different stakeholders. The work needs to minimise disruption to the city, while promoting environmentally sustainable solutions. RINA's expertise in project and program management is key to achieving these goals.

Sky Metro Transport System in Genoa

Coordinating Urban Improvements for a Major Event

From November 2023 to December 2024, RINA is managing a range of infrastructure and service improvements for the Jubilee 2025 in Rome. The project aims to enhance public transport, revamp existing areas, and promote sustainable mobility. Timescale is crucial and the project requires coordination of many different stakeholders. The work needs to minimise disruption to the city, while promoting environmentally sustainable solutions. RINA's expertise in project and program management is key to achieving these goals.

New Highway Link in Fontanabuona Valley, Liguria

Improving Regional Connectivity in Italy

Starting in July 2022, this ongoing project focuses on designing a new highway link to enhance access to the Fontanabuona valley. The project focuses on sustainability, minimizing impact, and optimizing design using BIM and 3D technology. The total length of the new connection is about 10 km and it includes two natural tunnels, 8 viaducts/bridges, an overpass above the existing A12, a new artificial tunnel and different earth retaining walls. The complexity related to the site, to the interference with the existing highway system and the surrounding urban areas required a high level of integration and project coordination between the various disciplines. RINA's expertise in road, geotechnical, and bridge design is crucial, and its involvement highlights its expertise in road design and geotechnical engineering, contributing to regional development and accessibility.

Variant to S.S. 639 in Lecco

Enhancing Road Safety and Viability

From June 2022 to July 2023, RINA undertook a project to optimize the technical solutions for the S.S. 639 road in Lecco. This project entails optimizing the road layout and technical solutions for a tunnel construction, considering alternative routes and excavation methodologies. RINA's role includes addressing the project's complexities, such as geological, hydrogeologic, and structural challenges, and ensuring safety, timing, and cost reliability. The project is innovative in its approach to tunnel design and construction, with a focus on minimizing environmental impact and ensuring sustainability and demonstrates RINA's capability in addressing complex road construction challenges and ensuring safety and reliability in infrastructure.

Italian Embassy Compound in Nairobi

Designing a Strategic Diplomatic Facility

Commencing in September 2022, RINA is designing a new compound for the Italian Embassy in Nairobi, Kenya. Located in the Muthaiga district, the project involves creating a secure, usable, and environmentally sustainable compound with minimal impact on the naturalistic context. RINA's multidisciplinary team is addressing challenges related to security, sustainability, and the complex geographical location, using BIM methodologies and 3D digital models for project integration and support. It has designed the compound and buildings not only to the highest quality standards but also prioritising the selection of materials locally available and the technologies mostly used in the country. RINA's role in this project underscores its architectural and engineering expertise in creating secure, sustainable, and culturally sensitive diplomatic facilities.

Removal of World War II Sunken Vessels

Addressing Navigational Hazards in the Danube

Scheduled from January 2024 to January 2029, this project aims to remove sunken World War II vessels from the Danube River near Prahovo. This is the most hazardous section for navigation, and only a part of the Danube water area in this stretch is located on Serbian territory.  The width of the water table in the project area between the riverbank and state border between Serbia and Romania amounts to 200-300 m. RINA is providing supervision, administrative, financial, and environmental oversight for the removal of these hazardous shipwrecks, which hinder navigation. The project is unique due to its historical context and the presence of unexploded ordnance (UXOs), requiring a combination of local and international expertise for successful execution. The existence of about 600 potential UXOs in the close vicinity were identified, representing a major risk and obstacle for removal of the vessels. RINA will provide supervision services as well as administrative, financial and environmental overseeing of the works for this complex and historically significant project.