Telepass’s updated accounts were released yesterday, a group controlled by Mundys and participated in by the private equity fund Partners Group. Here are the details.
TELEPASS 2025 IN NUMBERS
Revenues have increased by 16% to 506 million (from 436 million in the 2024 fiscal year) and EBITDA recorded a +25% at 261 million (from 180 million) with an EBITDA Margin at 51% (from 41%). The group’s net profit almost tripled and stands at 89 million in 2025 (from 34 million in 2024 and 27 million in 2023), with an incidence on revenues of 17.5%, while net equity reaches 147 million euros, with a dividend expected for 2026 of about 115 million euros.
WHAT THE FIRST QUARTER 2026 SAYS
In the first quarter of 2026, there was a revenue increase of 22% to 139 million euros (from 113 million in the same period of 2025), while EBITDA grew by 33% to 68 million (from 51 million).
TEN MILLION DEVICES FOR TELEPEDESTRIAN TOLLING
These results come in a context where the core business of tolling reaches almost 70% of highway transactions in Italy. At the end of March, the threshold of 10 million active OBU (On Board Unit) tolling devices was exceeded for the first time. If today almost 70% of highway transactions occur via OBU (Telepass and equivalent operators), the remaining 30% continues to be managed through cash and cards, respectively for a 15% share each, according to a press release relayed by the agencies.
THE EUROPEAN NETWORK
Looking beyond our borders, Telepass now covers a total served network of over 200,000 kilometers in 19 countries, including the recent addition of the Netherlands, where heavy vehicles can move using the services of the Italian company. In the near future, the new service target could be Lithuania, but Romania, Bulgaria, Serbia, and Greece are also being considered.
THE LISTING ON PIAZZA AFFARI
Then there is the issue of listing on Piazza Affari. “That is a question to be addressed to our shareholders,” but the company would be “ready for an IPO,” said CEO Luca Luciani (in the photo) speaking to the press yesterday during the presentation of the economic data.
WHAT SOLE 24 ORE WROTE
Sole 24 Ore wrote today: “As for the halt to the sale of Telepass by Mundys (which holds the majority with 51%) and the Swiss fund Partners Group (holder of 49%), following the evaluation of some non-binding offers, ‘there is always a possible convergence or divergence between value and price, and it is clear that we are in a situation of divergence,’ Luciani said.”
