The New Governance Structure

In line with its growth in size and strategic scope, and in view of its production commitments and the responsibilities it holds at both national and international level, G.C.F. S.p.A. and GEFER S.p.A. have launched a significant process to strengthen their governance by adopting a more robust and efficient organizational model, designed to ensure transparency, strategic consistency, and effective management.

In July 2023, a collegial Board of Directors was established, composed of three members with specific delegated responsibilities:

• Prof. Tiziano Onesti, Chairman of the Board of Directors, with responsibility for institutional relations in Italy and abroad;
• Dr. Giuseppe Brecciaroli, Managing Director, acting as Executive Director;
• Dr. Donato Maria Pezzuto, Managing Director, with responsibility for Legal Affairs, Compliance, and Internal Audit.

The overall organizational review carried out in 2023 and reaffirmed in 2026 aims at a clearer allocation of roles and responsibilities, with the objective of optimizing operational efficiency and strengthening the internal control system-further reinforced through the appointment of independent directors. This approach is intended to improve corporate performance and consolidate leadership in the railway sector, with a strong focus on technological innovation and economic, social, and environmental sustainability.

This evolutionary path continued in the following months through further initiatives aimed at consolidating the organizational structure and enhancing corporate performance.
In particular, the corporate architecture was strengthened through the introduction of new functions, including Compliance and Internal Audit, to support the implementation of integrated and efficient Internal Control and Risk Management Systems (ICRMS). In addition, the Organization and Sustainability functions were established to more effectively address emerging strategic issues and strengthen internal expertise in these areas.

An excellence in the railway sector

The origins of the Group date back to the entrepreneurial vocation of the Rossi family, which since the 1940s has gained deep experience in the railway sector in Italy.
Thanks to a far-sighted vision and a solid and effective governance structure, the Rossi has been able to guide the evolution of the Group, supporting its sustainable development and its opening towards international markets.

The Italian and foreign companies of the Group

Today, the Group represents a reality of excellence in the railway sector and beyond, characterized by a solid industrial structure, a vision oriented towards internationalization and a constant commitment to sustainability, quality and innovation.

Vision

The Group faces global challenges with determination, strong of a consolidated heritage of technical skills, advanced technologies and operational capabilities. The ambition is to contribute to the realization of a transport system of the future that is sustainable, safe, efficient and accessible, capable of responding to the needs of future generations and of improving urban livability. The Group promotes a model of mobility that is inclusive, respectful of the environment and centered on fast, reliable and low environmental impact movements.

Mission

For over seventy years, the companies of the Group have been protagonists in the railway track sector, distinguishing themselves for consolidated experience, operational efficiency, timeliness of intervention and reliability. The activities of the Group are guided by a continuous commitment to innovation, quality of processes and punctuality in execution, elements that have contributed to consolidating its role as a reference in the Italian and international railway landscape.

History of the Group

Over the years, the Group has pursued a constant strategy of growth and diversification through numerous operations of acquisition of shareholdings and business units, aimed at consolidating its position in key sectors, expanding into complementary areas and operating in international markets.

Key Figures 2025

880 millions

Consolidated financial statements 2025.

2 400 employees

High specialization.

1 200 machinery

High-efficiency production.

Certifications

Quality, Safety And Environment.

Among the most representative companies of the Group is GCF S.p.A. – Generale Costruzioni Ferroviarie, founded in 1950 by Attilio and Luigi Rossi as a sole proprietorship. After becoming an S.r.l. in the 1980s and transformed into an S.p.A. in 1990, GCF has established itself as a leading company at national and international level in the sectors of railway trackworks, electrification and signalling, with a leading role in the construction and maintenance of modern railway infrastructures.

Another historical company of the Group is Gefer S.p.A., founded in 1947 on the initiative of Attilio Rossi. With headquarters in Rome, Gefer is mainly active in the field of railway trackworks, often operating in synergy with GCF. Thanks to a path of constant technological updating and significant investments, it has expanded its scope of action including high-speed projects, ordinary and extraordinary maintenance and regeneration of railway switches. In 2013, it obtained the certification SRM – Entity in Charge of Maintenance, further strengthening its reputation in the field of safety and operational reliability.

Acquisitions and shareholdings in Italy and abroad

Within this logic of industrial integration through the strengthening of the Group’s technical and competitive skills are the strategic operations completed in recent years abroad and in Italy.

In France, in particular, Transalp Renouvellement finalized the acquisition of the French companies ETMF and ESITRACT, active in the railway traction sector; in parallel, GCF acquired the share held by ETMF in Transalp, becoming its sole shareholder.

In Italy, the Group has recently strengthened its position in the Electrification sector through the acquisition of C.S.F. – Cronos, a company specialized in electric traction and railway signalling, and through the acquisition of the entire share capital of Colas Rail Italy, now renamed GCFe S.p.A., a company with long experience in electric traction systems and a consolidated presence in High-Speed works, also through the Consorzio Saturno..

The objective of strengthening its operational capabilities in terms of human resources and technologies guided in 2025 the acquisition of Sveco S.p.A., a company specialized in complex infrastructural works, with particular focus on tunnels and underground works in the railway and road sector, thus further strengthening the Group’s design and execution capacity.

A strong track record of performance and high-quality achievements.

For over 70 years, GCF – Generale Costruzioni Ferroviarie S.p.A. has been operating in the railway sector - track works, electrification, and signalling - with a strong focus on innovation, quality, and fast execution times.

Experience, efficiency, speed, and reliability are the keys to GCF’s success in the Italian market and its steady expansion into European and international markets.

Esperienza, efficienza, rapidità e affidabilità sono le chiavi del successo di GCF sul territorio italiano e della progressiva penetrazione sui mercati europei ed internazionali.

The company’s highly specialized and well-organized workforce, together with a machinery fleet that is unique in Europe, represent the core strength and competitive advantage of both the Company and the Group.

On-site Performance

The performance delivered in terms of product and process quality, organization and execution speed, quality management, and strict compliance with safety regulations makes GCF a company of excellence, highly valued by Italian and European clients. It is an ideal supplier and partner for the development of integrated projects with an international scope.

The widespread presence of offices in Italy and abroad represents an important element of competitiveness for the Company and the Group, allowing for a direct and constant relationship with stakeholders, clients, and local communities. Proximity to markets and operational contexts constitutes a distinctive value, which finds concrete expression in the significant order book acquired in the various operational sectors.