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Mundys (Italian: [ˈmundis]; formerly Atlantia Italian: [aˈtlantja]) is an Italian holding company active in the motorway and airport infrastructure and mobility-related services industry, operating tolling services in 24 countries, including 11 for motorway and airport infrastructure concessions (France, Italy, Poland, United Kingdom and Spain in Europe and worldwide in Argentina, Brazil, Chile, Colombia, India and Puerto Rico).

Key Information

The group manages 9,400 km (5,800 mi) of toll motorways, Fiumicino and Ciampino airports in Italy and the three airstrips of Nice, Cannes-Mandelieu and Saint Tropez in France with more than 60 million passengers a year.[2]

It was listed on the Borsa Italiana until December 2022.[3]

The main shareholders are: Edizione (a company of the Benetton family), Blackstone and the CRT Foundation.[4]

Atlantia changed its name to Mundys S.p.A. on 15 March 2023.[5]

History

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1950–2000: Foundation and consolidation

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Founded in 1950 as Autostrade,[6] when the company Concessioni e Autostrade S.p.A. was created, it aimed to give a significant contribution, cooperating with other Groups, to the post-war reconstruction of Italy.

By the first agreement between ANAS signed in 1956, the companies were committed in co-financing, building and managing the Autostrada Del Sole, between Milan and Naples, inaugurated in 1964.[7] Between 1962 and 1968, the company was granted the concession for the construction and operation of other motorways. In 1982 it was acquired by Italstat and in 1987 Autostrade Concessioni e Costruzioni S.p.A. was listed on Borsa Valori of Milan.

In 1999, the Autostrade company was privatized.[8] The consortium led by Schemaventotto S.p.A. (Edition of Benetton Group 60%, Fondazione CRT with 13.33%, Acesa Italia with 12.83%, Assicurazioni Generali and Unicredito Italiano both at 6.67% and Brisa International SGPS SA with 0.50%) and another one pulled by the Australian bank Macquarie, who retreated at last, were the other groups in the line.

With the 30% of the capital, Schemaventotto S.p.A. takes over the IRI Group, which was the reference shareholder. They did the only binding purchase offer for the share package paying IRI €5.05 billion; the remaining 56% of the shareholding held by IRI was intended to the stock market by a public sale offer which led to obtain 8.75 billion lire, for a total sum for IRI of 13,800 billion lire.

In January 2003 Newco28 made a tender offer, through a leveraged buyout operation: they found the liquidity necessary for the acquisition using the system credit and, consequently, the debt was transferred from Newco28 to Autostrade, following a merger by incorporation.

2003 was marked by a massive reorganisation of the group, the concession activities were separated from non-motorway activities and Autostrade per l'Italia S.p.A., a subsidiary of Autostrade (then Atlantia S.p.A.), was established.

2000–2021: Company renamed Atlantia S.p.A.

[edit]

During 2005, a process of geographical diversification began with the acquisition of the management of approximately 2,000 km (1,200 mi) of toll motorways in Brazil, Chile, India, and Poland.[9] In 2007, the board of directors approved the change of name into Atlantia S.p.A.[10]

In 2013, the merger by incorporation of Gemina S.p.A.,[11][12] the majority shareholder of ADR (Aeroporti di Roma) into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. Atlantia's acquisition of Aéroports de la Côte d’Azur, the company that controls the airports of Nice, Cannes-Mandelieu and Saint Tropez, consolidated the Group's presence in the airport sector.[13]

During the summer of 2017, Atlantia declared the intention to make a tender offer on all the issued shares of Abertis Infraestructuras, and in October 2017 the Comision Nacional del Mercado de Valores authorised this. Just over a week later the Hochtief – Acs Group launched a bid against the tender offer to acquire the Spanish company. In March 2018 Atlantia and Hochtief-Acs reached an agreement for a joint offer for the control of Abertis,[14] which was finalised in October 2018. To acquire 98.7% of the capital of Abertis the parties invested €16.5 billion. In March 2018 Atlantia S.p.A. bought 15.49% of Getlink, the company that controls the Channel Tunnel.[15]

As of December 2019, Atlantia had an EBITDA of 5.7 billion euros, financial debts for 36.7 bln (in respect of 38.8 bln of the previous year) and net profits for 136 million euros (in respect of 775 mln declared in 2018).[16]

In June 2021, Atlantia sold its 88% stake in ASPI (comprising its largest Italian motorways) to the newly formed Holding Reti Autostradali S.p.A. (HRA).

With regard to sustainability ratings, as of July 2014 Atlantia had a low rating from Standard Ethics Aei of 'E' on a scale of F to EEE[17] within the SE Italian Index. It was further reduced to "E-" on 10 October 2019 in relation to the management following the Morandi bridge collapse, and was then finally suspended by press release on 22 September 2022.[18]

Over the years, the company has received several awards in the area of sustainable development, earning an A rating in 2022 from the Carbon Disclosure Project (Cdp),[19] a score of 73 from Moody's and an improvement in its rating from 'BBB' to 'AA' in the MSCI ESG index.[20] The company was also included in Bloomberg's Gender Equality Index (GEI) in 2022.[21]

2022: Voluntary Public Tender Offer and Delisting

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At the beginning of April 2022, Spanish financier Florentino Perez (shareholder of 50% minus one share in Atlantia's majority-owned company Abertis) together with the two private equity funds Global Infrastructure Partners and Brookfield Infrastructure Partners, considered launching a takeover bid (OPA) for Atlantia. In order to preserve the group's integrity and Italian identity, the Benetton family, in alliance with the U.S. fund Blackstone Inc, announced a defensive takeover bid in mid-April, so as to secure the group from possible financial counteroffensives, such as the one promoted by Perez.

The 19 billion takeover bid for Atlantia at 23 euros per share was launched on 10 October 2022. The offer was launched by Schema Alfa, a special purpose vehicle controlled by Schemaquarantadue S.p.A., which is 65% owned by the holding company Edizione (chaired by Alessandro Benetton) and 35% owned by the American private equity fund Blackstone.

The takeover bid was launched on Atlantia's total shares, that is, 66.90% of its capital, with the exception of the 33.10% stake held by Edizione. The buy-out ended in November 2022, with Schema Alfa holding 95.933% of Atlantia, excluding treasury shares.[22]

As a result, the holding company's new shareholding structure is made up of Edizione for about 57%, Blackstone for about 37.8% (through an open-end fund), and, finally, Fondazione CRT for the remaining shares.

Atlantia left Piazza Affari on 9 December 2022, with the official delisting of the company from the Italian stock exchange after 35 years.[23][24]

Group Structure

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Shareholding

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The shareholding structure is as follows:

  • Edizione S.p.A. (Through Sintonia S.p.A): 57%
  • Blackstone: 37.8%
  • Fondazione Cassa di Risparmio di Torino: 5.2%

Subsidiaries

[edit]

The group's companies are:

  • Abertis (50%)[25][26][27]
  • Aeroporti di Roma S.p.A. (99%)
  • Telepass S.p.A. (51%)
  • Yunex Traffic (100%)
  • Aeroporto di Bologna
  • Aéroports de la Côte d'Azur (64%)
  • Sanef (100%)

Main non-financial holdings

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Controversies

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2018: Morandi Bridge collapse

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On 14 August 2018, the Atlantia managed Morandi Bridge collapsed causing the death of 43 people.[28]

In 2018, the net debt level of Atlantia and the subsidiary Autostrade per l'Italia, had raised concerns from journalists and rating agencies.[29][30]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Mundys

View on Grokipedia
from Grokipedia

Mundys S.p.A. is an Italian multinational holding company engaged in the management and operation of transportation infrastructure, including toll motorways and airports, with a focus on sustainable mobility solutions.
Rebranded from Atlantia in March 2023 after a voluntary delisting and ownership restructuring, Mundys is controlled by a core group of shareholders led by Edizione S.r.l., the investment vehicle of the Benetton family, alongside partners such as Blackstone Infrastructure Partners and the Cassa di Risparmio di Torino Foundation.
The company oversees an extensive portfolio of concessions, encompassing over 8,300 kilometers of motorways primarily through subsidiaries like Autostrade per l'Italia and Abertis, as well as airport operations including Rome's Fiumicino and Ciampino facilities and Nice Côte d'Azur Airport.
A defining controversy for the group stemmed from the August 2018 collapse of the Morandi Bridge in Genoa, operated by its subsidiary Autostrade per l'Italia, which resulted in 43 fatalities and prompted Italian government intervention, including fines, concession revocations, and a mandated sale of majority stakes in key motorway assets to restore public trust and overhaul governance.

History

Foundation and Early Consolidation (1950–2000)

Autostrade Concessioni e Costruzioni S.p.A., the predecessor entity to Mundys, was incorporated in September 1950 as a under Italian law by the (IRI), a state-owned industrial reconstruction institute, to oversee the construction, concessioning, and operation of motorways as part of Italy's post-World War II infrastructure rebuilding. Initially state-controlled, the company focused on expanding the nascent motorway system to support economic recovery and rising motorization, managing initial concessions amid a network totaling around 500 km in the early . A pivotal early project was the 1956 agreement between Autostrade and the state road authority to co-finance, build, and operate the Autostrada del Sole (A1), Italy's flagship north-south artery spanning 764 km from to ; construction commenced that year, with key sections—including to in 1961 and to and to in 1964—opening progressively, and the full route completed by 1968. This initiative symbolized Italy's "," facilitating industrial integration between the north and south while Autostrade secured operational rights under long-term concessions. From 1962 to 1968, Autostrade obtained further concessions for additional radials and links, driving network growth to over 5,500 km by 1975, with the company handling a majority of toll-managed segments through engineering feats like Apennine crossings. Consolidation continued into the and via maintenance, tolling standardization post-1981, and preparation for liberalization, though expansion slowed after 1975 due to the oil crisis and Law 492, which temporarily halted new builds. In 1999, amid Italy's state divestment push to curb public debt, IRI divested Autostrade to private investors via , with control passing to a led by the Benetton family's Edizione holding, ending decades of full and initiating a phase of market-oriented management while retaining core concession assets. By 2000, Autostrade operated approximately 5,000 km of motorways, solidifying its dominance in Italy's sector.

Expansion and Renaming to Atlantia S.p.A. (2000–2021)

In 2003, the group restructured by separating its core motorway assets into S.p.A., a dedicated subsidiary focused on managing over 3,000 kilometers of Italian toll roads, while the parent company pursued broader strategic opportunities. This move facilitated further consolidation and listing of the infrastructure arm, enhancing operational focus and investor access. Beginning in 2005, Atlantia—still operating under its prior name—initiated significant international expansion in the motorway sector, acquiring concessions for approximately 2,000 kilometers of toll roads across Poland, (including Costanera Norte), , and through stakes in entities like CCR. These acquisitions marked the group's shift from a primarily domestic operator to a multinational player, diversifying revenue streams and risk exposure beyond . To reflect its evolving portfolio beyond Italian motorways, Autostrade S.p.A. was renamed Atlantia S.p.A. in May 2007, a change approved by the board earlier that year to symbolize its Atlantic-spanning ambitions and diversified operations. The renaming coincided with ongoing growth, including preparations for further sectoral diversification. Diversification accelerated into aviation in 2013 with the acquisition of Aeroporti di Roma, securing concessions for Rome's and Ciampino airports through the merger with Gemina S.p.A., thereby entering management and handling over 40 million passengers annually at the time. Subsequent expansions included the 2016 purchase of Aéroports de la Côte d'Azur, managing and smaller regional airports in . A pivotal expansion occurred in 2018 when Atlantia, in with ACS, completed the acquisition of Infraestructuras S.A. in October, creating the world's largest operator with concessions spanning 23 countries and over 8,000 kilometers of managed motorways. That year, it also acquired a 15.5% stake in (formerly Eurotunnel), enhancing cross-Channel transport exposure. Despite the August 2018 Morandi Bridge collapse in , which prompted regulatory scrutiny and concession revocation threats, the group pressed forward with these deals, underscoring resilience in its expansion strategy. By 2021, amid resolutions to the bridge crisis—including an agreement to divest the stake—Atlantia had solidified its position as a global infrastructure leader, with revenues diversified across motorways (primary), airports, and mobility services, operating in , , and Asia. The period's growth transformed the company from a national toll operator into a multifaceted international entity, setting the stage for subsequent strategic shifts.

Rebranding to Mundys, Delisting, and Recent Strategic Shifts (2022–Present)

In 2022, prior to its rebranding, Atlantia executed key portfolio realignments, including the divestiture of its controlling stake in Autostrade per l’Italia to a consortium of CDP Equity, Blackstone Infrastructure Partners, and Macquarie Asset Management, finalized on May 5, 2022. The company also completed the acquisition of Yunex Traffic from the Siemens Group in June 2022, integrating expertise in intelligent transport systems serving over 600 cities across four continents and adding approximately 3,000 employees. These moves supported a broader strategy to diversify beyond core Italian motorway operations toward global mobility solutions. Atlantia was delisted from the Euronext Milan stock exchange on December 9, 2022, following the successful voluntary tender offer by Schema Alfa S.p.A., which secured 100% ownership through mandatory sell-out and squeeze-out mechanisms after acquiring over 90% of shares. Schema Alfa, controlled by Edizione S.p.A. (the Benetton family holding company), Blackstone Infrastructure Partners, and Fondazione CRT, facilitated the transition to private ownership, enabling greater strategic flexibility away from public market pressures. This culminated in the rebranding to Mundys S.p.A. on March 14, 2023, with the new name reflecting ambitions to lead in sustainable, integrated infrastructure and mobility services on a global scale while maintaining Italian heritage. Post-rebranding, Mundys has emphasized international expansion and innovation, including participation in Volocopter's March 2022 financing round for development. Notable advancements include securing concessions in through Grupo Costanera for Ruta 5 sections, such as Chacao-Chonchi and Temuco-Rio Bueno, extending its Latin American footprint in motorway infrastructure. initiatives have featured prominently, with the issuance of two €500 million Sustainability-Linked Bonds and a reported reduction in global emissions exceeding one-third as of July 2025. These efforts, alongside ongoing M&A to prolong average concession durations, have bolstered , evidenced by upgrades such as Moody's from Ba2 to Ba1 in July 2025 and Fitch from BB to BB+ with stable outlooks.

Corporate Structure

Ownership and Shareholding

Mundys S.p.A. became a privately held entity after its delisting from the in December 2022, following a voluntary led by its major s. The company's ownership structure reflects a approach, with a shareholder agreement in place that influences governance but does not tie Mundys' credit metrics directly to any single owner's financial position. As of 31 December 2024, Mundys' shareholders consist of Edizione S.p.A., Blackstone, and Fondazione Cassa di Risparmio di Torino. Edizione S.p.A., the investment holding company controlled by the , holds the largest stake at 57% through its subsidiary Schema Alfa S.p.A. Blackstone, the U.S.-based private equity firm, owns 37.8%. Fondazione Cassa di Risparmio di Torino, an Italian philanthropic foundation, possesses 5.2%.
ShareholderOwnership Stake (%)
Edizione S.p.A. (via Schema Alfa S.p.A.)57
Blackstone37.8
Fondazione Cassa di Risparmio di Torino5.2
This structure emerged from the 2022 buyout, which consolidated control among these parties after years of public trading under the prior Atlantia name, enabling strategic shifts without public market pressures. The shareholders approved Mundys' 2024 financial statements at their annual general meeting on 29 April 2025, chaired by Giampiero Massolo, underscoring ongoing collaborative oversight.

Key Subsidiaries and Operational Entities

Mundys' core operations in toll motorways are primarily executed through Infraestructuras S.A., a jointly controlled subsidiary with , managing over 8,000 km of concessions across 16 countries in , the , and as of 2023. focuses on toll collection, maintenance, and expansion of highway networks, with its sub-entity Emovis providing electronic tolling and mobility payment solutions integrated into broader European systems. In the airport sector, Aeroporti di Roma S.p.A. operates as the key entity for Italian aviation infrastructure, handling the – and Ciampino airports near , which together served approximately 45 million passengers in 2023. This subsidiary oversees terminal operations, retail, and ground handling services under long-term concessions from Italian authorities. Complementing this, Aéroports de la Côte d'Azur manages —the third-busiest in —as well as Cannes-Mandelieu and airports, emphasizing multi-modal connectivity and passenger experience enhancements. Mobility and digital services are driven by S.p.A., which delivers automated toll payments, parking, and integrated transport solutions across more than 20 European countries, processing billions in transactions annually through its electronic systems. Yunex , another operational arm, specializes in intelligent transport systems, deploying software, sensors, and analytics in over 600 cities worldwide to optimize flow, safety, and emissions. These entities support Mundys' shift toward data-driven infrastructure, often in partnership with public authorities.

Portfolio of Non-Financial Assets

Mundys' portfolio of non-financial assets centers on regulated concessions, predominantly toll motorways and operations, which generate revenues through user fees and ancillary services under long-term agreements with public authorities. These assets, valued for their stable cash flows and , span , , and other regions, with a focus on brownfield investments emphasizing maintenance and capacity enhancements. As of 2023, the group oversees more than 43 motorway concessions totaling over 8,300 kilometers, alongside facilities serving tens of millions of passengers annually. The motorway segment forms the core of the portfolio, operated via wholly owned subsidiaries and joint ventures. In , (ASPI) holds concessions for approximately 3,000 kilometers of the national network, representing nearly half of 's tolled motorways and including over 4,200 bridges, viaducts, and 420 kilometers of tunnels. In , Sanef and its affiliate SAPN manage around 1,800 kilometers of motorways in the north and east, including key routes like the A1 Paris-Lille and A4 Paris-Strasbourg corridors. Internationally, Mundys holds a 50% stake in , which controls over 8,000 kilometers across 15 countries, with major concessions in (e.g., AP-7 Mediterranean ), (via Arteris, 3,193 kilometers), and recent expansions in adding 126 kilometers to Costanera's 1,300-kilometer network as of 2025. Complementary holdings include a 15.5% stake in , operator of the 50-kilometer rail infrastructure linking and the . Airport assets complement the portfolio with concessions focused on high-traffic hubs in . Aeroporti di Roma (ADR), a wholly owned , operates Rome's –Fiumicino Airport ('s ninth-busiest by passengers) and Ciampino Airport, handling 45 million passengers in 2024 following post-pandemic recovery. In , Aéroports de la Côte d'Azur (acquired in 2016) manages —a regional gateway with over 13 million annual passengers—as well as the smaller Cannes-Mandelieu and La Môle– airstrips for . Mundys also maintains non-controlling interests in additional Italian facilities, including Aeroporto di Bologna (Guglielmo Marconi Airport) and SAVE S.p.A., which operates , enhancing diversification into aviation-related infrastructure. These assets underscore Mundys' strategy of integrating transport modes, though they face risks from regulatory renewals and traffic volatility, as evidenced by concession extensions and awards in 2024–2025.

Business Operations

Motorway Infrastructure Management

Mundys' motorway infrastructure management shifted focus following the May 2022 divestment of its 88.06% stake in S.p.A. (ASPI) to a consortium including Equity and Blackstone Infrastructure Partners, for approximately €23 billion including adjustments. This transaction ended direct control over Italy's largest motorway network, previously spanning about 3,000 km, amid regulatory pressures post-2018 Morandi Bridge collapse. Thereafter, Mundys' activities centered on its 50% stake in Infrastructures S.A., jointly held with , emphasizing international concessions. Abertis operates over 8,300 km of tolled motorways across more than 40 concessions in (primarily and ), (, , , , ), , and other markets as of December 2024. These assets involve , , , and toll collection under long-term public concessions, with weighted-average remaining lives exceeding 20 years. Toll roads generated 83% of Mundys' consolidated EBITDA in 2024, underscoring their core role, supported by traffic volumes exceeding 50 billion km annually group-wide. Recent expansions include ' 2024 acquisition of a 51.2% stake in France's A-63 motorway (104 km linking to northern ) and award of Chile's Ruta 5 Santiago-Los Vilos section, adding 126 km to reach 1,300 km in the region with €700 million in planned investments. Concession extensions and bids in 2024-2025 further bolstered the portfolio, aligning with Mundys' strategy for regulated, cash-generative assets amid stable traffic recovery post-pandemic. Maintenance emphasizes safety and efficiency, with investments tied to concession terms, though oversight varies by jurisdiction.

Airport and Aviation Services

Mundys operates in the airport sector through direct management of key European hubs and stakes in additional facilities, focusing on infrastructure concessions, passenger handling, and ancillary services. Its primary subsidiaries include Aeroporti di Roma S.p.A. (ADR), which oversees Rome's –Fiumicino Airport and Giovan Battista Pastine–Ciampino Airport, and Aéroports de la Côte d'Azur (ACA), acquired in 2016, managing Nice Côte d'Azur, Cannes–Mandelieu, and Saint-Tropez–La Môle airports. These operations handled over 50 million passengers collectively in pre-pandemic years, with ADR alone serving 33 million in 2022 as Italy's top airport operator by volume and Europe's seventh-largest. ADR employs around 3,800 staff and manages integrated services via specialized units, including engineering, infrastructure maintenance, telecommunications, ground assistance, mobility solutions, security, and cleaning. Airport received Airports Council International's Best Airport in award in for operational excellence. ACA, operating France's second-busiest airport at , emphasizes regional connectivity and sustainability, such as diesel phase-out initiatives at Cannes–Mandelieu and reducing CO2 emissions by over 50 tonnes annually. Beyond full concessions, Mundys maintains non-controlling investments in Aeroporto di and SAVE S.p.A., operator of , diversifying its portfolio across . In services, Mundys advances (UAM) through UrbanV, a joint entity formed by its airport investments to design vertiport networks for () operations. UrbanV targets commercial AAM networks starting in by integrating sustainable, zero-emission short-haul transport with existing infrastructure, positioning Mundys at the forefront of next-generation amid regulatory and technological maturation. Operations prioritize efficiency and environmental goals, with ADR committing to net-zero carbon by 2030, 98% waste diversion from landfills, and innovations like biometric boarding and startup ecosystems to enhance passenger experience and operational resilience.

Mobility and Digital Services

Mundys operates its mobility and digital services through specialized subsidiaries that emphasize electronic tolling, intelligent transportation systems, and integrated digital platforms for seamless user experiences. The segment prioritizes safe, smart, sustainable, and seamless solutions, including decarbonization efforts and digital innovations for connected vehicles, smart parking, and . As of December 31, 2024, these operations serve users across multiple countries, leveraging technologies to enhance efficiency and reduce environmental impact. The Telepass Group, in which Mundys holds a 51% stake, leads in and expanded mobility offerings. provides seamless toll payments via onboard units, with approximately 10 million devices active across 24 countries as of December 31, 2024. Its services extend to digital payments for , fuel, , and , supported by a for priority access bookings, such as fast tracks introduced in 2025. generated €436 million in turnover in 2024, contributing 2-3% to Mundys' group EBITDA. Investments in Telepass Digital, totaling €100 million planned through 2023, focus on technological innovations like fee-free devices for occasional users, launched in July 2025. Emovis, integrated via Abertis Mobility Services, specializes in electronic tolling systems to optimize journey efficiency for individual and fleet users. This subsidiary supports Mundys' broader tolling leadership in Europe, where the group has operated for over 30 years. Complementing these, Yunex Traffic—acquired from Siemens Mobility in June 2022 for €950 million—delivers intelligent transport systems, including traffic signals, dynamic tolling, and emissions-based management solutions. Prior to acquisition, Yunex reported €635 million in 2021 revenues and €54 million EBITDA, establishing Mundys' capabilities in global traffic management infrastructure. These entities integrate digital tools for end-to-end mobility, from app-based payments to AI-driven traffic optimization, positioning Mundys as a provider of eco-responsible amid growing demand for urban and interurban connectivity.

Regulatory Environment and Challenges

Concession Frameworks and Government Relations

Mundys' subsidiaries, such as the formerly controlled (ASPI), operate under long-term public concessions granted by the Italian Ministry of Infrastructure and , which confer exclusive rights to manage, maintain, and expand motorway networks in exchange for toll revenues and specified obligations. These frameworks, rooted in Italy's laws, typically span 20–40 years with provisions for extensions based on performance and , including tariff adjustments tied to , traffic volumes, and quality metrics enforced by the Ministry and the motorway regulator ART. Concessionaires bear financial risks for maintenance shortfalls but receive compensation for expropriations or revocations, calculated via of future cash flows minus penalties for breaches. Following the 2018 Morandi Bridge collapse, which killed 43 people and exposed maintenance lapses, the Italian government under Prime Minister initiated proceedings to revoke ASPI's concession, citing serious non-compliance under Article 9 of the Single Concession Contract. This triggered tense negotiations, culminating in a July 14, 2020, settlement where ASPI agreed to €3.4 billion in provisions for fines, tariff discounts, and accelerated investments, averting unilateral termination but facilitating the sale of Atlantia's (now Mundys') 88% stake in ASPI to a consortium including state-backed (CDP) by October 2021. The deal incorporated a Third Addendum to the concession, extending oversight to 2038 while mandating €21.9 billion in planned investments over the period, subject to ministerial approval of economic plans. Government relations for Mundys' remaining assets, including Aeroporti di Roma (ADR), mirror this model, with ADR's 40-year concession from ENAC (National Civil Aviation Authority) for Fiumicino and Ciampino airports—granted in 1997 and running to 2037—requiring traffic-based fees, capacity expansions, and safety compliance under EU and national regulations. Post-settlement dynamics have stabilized under subsequent administrations, emphasizing public-private collaboration amid fiscal constraints, though ART audits continue to scrutinize tariff hikes and capex delivery, with potential penalties for delays. These interactions underscore Italy's hybrid regulatory approach, balancing private efficiency incentives against state oversight to mitigate risks exposed by past failures.

Maintenance Standards and Oversight Debates

Following the 2018 Morandi Bridge collapse, which killed 43 people, Italian authorities and experts debated the adequacy of maintenance standards enforced by (ASPI), Mundys' primary motorway subsidiary, highlighting systemic issues in self-regulated concession models. Investigations revealed corroded and frayed cables as primary causes, exacerbated by neglected repairs despite prior warnings dating back to 2013 about structural vulnerabilities, including cracks in concrete pillars and stay cables that were not addressed with recommended sealing. ASPI's unit, Spea Engineering, faced accusations of falsifying reports and underreporting defects across the network, leading to prosecutorial probes in 2021 for omitted checks and inadequate monitoring of over 3,000 structures. Oversight debates centered on the Italian government's reliance on concessionaires for self-certification under the Codice della Strada, which critics argued fostered conflicts of by tying revenue from tolls—generating €8.9 billion for ASPI in 2017—to minimal external verification, with (the state road agency) conducting limited audits. Pre-collapse, Italy lacked a national bridge registry, complicating risk assessments, and a proposed post-Morandi oversight agency under the Ministry of Infrastructure remained incompletely implemented by 2019, prompting accusations of where toll revenues (€4-5 billion annually network-wide) deterred stringent enforcement. ASPI countered that it performed biennial inspections per EU Directive 2008/96/EC but attributed failures to the bridge's innovative 1967 design by , which proved maintenance-intensive due to exposed elements. Post-2018 reforms included a 2020 government decree mandating independent third-party audits for high-risk viaducts and €20 billion in planned ASPI investments for network upgrades by 2030, as part of a 2021 settlement where Mundys provisioned €3.4 billion in fines and compensation to retain the concession under enhanced governance, including board-level safety committees. However, stakeholders continue to question enforcement efficacy, with 2023 reports indicating persistent underinvestment in non-tolled segments and delays in digital monitoring systems, fueling arguments that private concessions incentivize cost-cutting over proactive resilience amid aging infrastructure (average viaduct age exceeding 50 years). Independent analyses, such as those from the European Court of Auditors, have urged Italy to align oversight with peers like France's APPRR model, emphasizing state-led inspections to mitigate profit-safety trade-offs.

Major Incidents and Controversies

2018 Morandi Bridge Collapse: Causes and Immediate Aftermath

The collapse of the Polcevera Viaduct () occurred at approximately 11:33 a.m. on August 14, , when a 50-meter section of the bridge's central span failed during intense rainfall, sending vehicles, concrete segments, and steel reinforcements plummeting onto the Polcevera River, adjacent railway lines, and industrial buildings below. The incident killed 43 people, including drivers, passengers, and workers on the ground, with rescue operations recovering the final bodies on August 19. Technical analyses identified multiple contributing factors rooted in the bridge's and upkeep. Constructed in 1967 using Riccardo Morandi's pre-stressed method with internal tendons, the structure suffered from inherent vulnerabilities, including insufficient shear capacity in the piers and progressive deterioration of the due to alkali-silica reactions. of the stay cables accelerated the failure, exacerbated by water infiltration through ducts filled with low-quality, porous that failed to protect against environmental exposure; this issue had been flagged in prior inspections but not adequately remedied. A 2020 commissioned by Italian prosecutors concluded that the disaster stemmed from a synergy of flaws, degradation, and insufficient monitoring, rather than a single trigger like the storm alone. Autostrade per l'Italia (ASPI), the concessionaire operating the A10 motorway segment under Atlantia (now ), bore primary operational responsibility, having underinvested in maintenance despite collecting tolls and receiving warnings about the bridge's critical condition as early as 2010. ASPI's internal records and expert testimonies later revealed overlooked structural risks, including tendon duct voids and fatigue loading beyond design limits, pointing to lapses in rigor and regulatory oversight. In the hours following the collapse, emergency responders from Italy's fire brigade, civil protection, and military units mobilized over 400 personnel, employing excavators, sniffer dogs, and thermal imaging to comb the wreckage amid ongoing rain and instability risks; the operation displaced around 600 residents and halted and road traffic. The Italian government, led by Prime Minister , declared a on August 14, appointed a special commissioner for Genoa's infrastructure, and initiated criminal probes against ASPI executives for , culminating in €150 million fines and threats to revoke the company's national concessions. These measures reflected immediate scrutiny of private toll-road operators' accountability, though ASPI contested full liability, citing shared design-era and oversight failures. Investigations into the Morandi Bridge collapse revealed that the failure stemmed from the rupture of load-bearing cables in the bridge's ninth pillar, exacerbated by and inadequate structural reinforcements dating back to the 1960s design flaws. Technical probes by prosecutors and experts highlighted systemic issues, including falsified reports by Autostrade per l'Italia's (ASPI) SPEA and ignored warnings of raised in internal ASPI board meetings as early as 2013. These findings underscored a pattern of deferred despite budgeted expenditures, with ASPI conducting only superficial inspections that failed to detect critical deterioration. Criminal proceedings commenced shortly after the August 14, 2018, collapse, leading to charges of multiple , negligent collapse of transportation infrastructure, and related offenses against 59 individuals, including ASPI's former CEO Giovanni Castellucci, Atlantia (now ) executives, and engineers. The mass trial opened on July 7, 2022, in , focusing on allegations of omitted safety interventions and cover-ups of structural risks known for years. ASPI and SPEA opted out of the trial via plea bargains, securing case closures in 2022 through financial settlements totaling around 30 million euros in penalties and victim compensations, while denying criminal liability. As of October 14, 2025, prosecutors demanded sentences exceeding 18 years for Castellucci, citing his oversight role in the maintenance failures, amid ongoing deliberations expected to extend for months. In parallel civil actions, ASPI agreed to payouts exceeding 1 billion euros to families of the 43 victims and affected parties by 2021, acknowledging without admitting fault. Policy responses from the Italian government emphasized reclaiming oversight of privatized . On August 17, 2018, authorities formally initiated of ASPI's concessions covering nearly 3,000 kilometers of motorways, arguing breaches of safety obligations under the framework granting 75-year toll-collection rights. A 2019 government panel endorsed full , potentially costing the state up to 20 billion euros in compensation, but political divisions delayed implementation. Ultimately, rather than outright termination, a 2021 renegotiation imposed penalties on Atlantia exceeding 3 billion euros for past deficiencies, mandated accelerated maintenance investments, and restructured ownership with state-backed acquiring a 24% stake, diluting the Benetton family's control to under 13%. These measures, enacted via decree, introduced stricter concession audits, "golden share" veto powers for the government on key decisions, and nationwide safety protocols, signaling a shift toward hybrid public-private models amid critiques of prior .

Broader Implications for Private Infrastructure Management

The Morandi Bridge collapse exposed vulnerabilities in Italy's model of private concessions for public infrastructure, where operators like (ASPI), a subsidiary of Atlantia (later Mundys), prioritized cost efficiencies over rigorous maintenance, contributing to 43 deaths and widespread public outrage. Investigations revealed falsified safety reports and ignored structural warnings dating back years, underscoring how profit-driven incentives could undermine long-term asset integrity in aging networks built under state designs with innovative but flawed , such as Pier 11's inadequate reinforcements. In response, the Italian government enacted the "Genoa Decree" in 2018, streamlining emergency infrastructure interventions while initiating revocation proceedings against ASPI's concessions, which covered about 3,000 km of motorways generating €4 billion annually. This culminated in a 2020 settlement requiring Atlantia to relinquish its majority stake in ASPI for €25.8 billion to a consortium including state-backed Cassa Depositi e Prestiti, with €3.4 billion in penalties, effectively hybridizing private operation with public oversight to mitigate perceived regulatory capture where operators influenced inspectors. These developments signaled a policy pivot toward enhanced state intervention in private , mandating independent audits, real-time monitoring technologies, and penalty clauses tied to safety metrics across Italy's 25 private motorway concessions, potentially raising operational costs by 10-20% as estimated by industry analyses. For firms like Mundys, the fallout prompted diversification into airports and digital mobility post-2021 ASPI divestiture, alongside a 2023 rebranding to distance from the , reflecting investor demands for reforms amid a 50% share drop in 2018-2019. Globally, the incident fueled debates on risks, with proponents arguing it validated public-private partnerships' efficiency in funding upgrades—Italy's privatized network invested €30 billion since 1997—while critics highlighted causal lapses in accountability, prompting jurisdictions like the and to tighten concession terms without wholesale reversals. In Italy, ongoing legal proceedings against former executives, including charges filed in 2019, reinforce a precedent for personal liability, deterring lax management but possibly chilling private capital inflows estimated at €50 billion needed for national renewal by 2030.

Economic and Strategic Impact

Contributions to Infrastructure Development

Mundys, through its subsidiary Aeroporti di Roma, has driven key expansions at Rome's –Fiumicino Airport, Italy's busiest aviation hub. In April 2023, the reopening of the upgraded boarding area in Terminal 1 added capacity for 6 million additional departing passengers annually on national and Schengen routes, enhancing operational efficiency amid rising traffic. By May 2025, the company inaugurated regeneration works for Terminal 3, incorporating modernized facilities to improve passenger flow and experience. These initiatives supported Fiumicino handling nearly 50 million passengers in 2024, a record reflecting sustained in physical . Larger-scale plans seek to expand the airport's footprint by 260 hectares, targeting a doubling of capacity to 100 million passengers per year, though regulatory approvals from ENAC remain pending as of early 2025. Beyond core expansions, Mundys has integrated sustainable infrastructure enhancements into its airport operations, prioritizing and energy resilience. The eGO project installed 425 electric vehicle charging points across and Ciampino airports to support zero-emission ground operations. In June 2025, launched the Pioneer initiative, Europe's largest second-life battery system using recycled EV batteries, bolstering power reliability and reducing reliance on fossil fuels. Company-wide, these efforts contributed to a 35% reduction in CO2 emissions by October 2025, alongside plans for over 1,350 EV charging stations, including deployments along associated motorway networks. Mundys also advances multimodal through collaborations, such as joint projects with Ferrovie dello Stato and announced in May 2025, focusing on integrated new mobility solutions linking airports and rail networks. While the company divested its majority stake in Italian motorway operator in May 2022, its retained global portfolio spans over 8,300 km of motorways, supporting ongoing maintenance and electrification upgrades in international concessions. These developments underscore Mundys' shift toward resilient, low-carbon aligned with regulatory demands for safety and environmental standards.

Financial Performance and Market Position

In 2024, Mundys reported consolidated revenue of €9.3 billion, an 8% increase from €8.6 billion in 2023, driven primarily by tariff adjustments on and higher traffic volumes. EBITDA rose 12% to €5.6 billion, reflecting operational efficiencies and contributions from core segments, while net profit attributable to owners reached €500 million, up 9% year-over-year. These results underscore resilience amid regulatory pressures, with concessions providing stable, inflation-linked cash flows. The company's financial profile features a proportional consolidated leverage projected to decline from 6.7x in to 5.2x by , supported by asset disposals and disciplined capital allocation. upgraded Mundys to 'BB+' with a stable outlook in September 2025, citing its focus on regulated assets and diversification, though noting exposure to Italian risks. Moody's similarly upgraded senior unsecured ratings in July 2025, highlighting consistent execution in toll roads and . Mundys holds a dominant market position in European infrastructure, with toll roads generating 83% of 2024 EBITDA through concessions spanning over 8,300 km, including Italy's (approximately 3,000 km) and international operations via a majority stake in . Airports contribute 13% of EBITDA, managing key facilities such as Nice Côte d'Azur and stakes in others across and beyond, handling tens of millions of passengers annually. This portfolio positions Mundys as a leading player in regulated mobility assets, benefiting from long-term concessions and , though competition from state-owned entities and evolving EU regulations influences pricing dynamics. The group employs around 23,000 people and maintains a reflecting its infrastructure focus, listed on the Stock Exchange.

Future Outlook and Expansions

Mundys anticipates sustained EBITDA growth of approximately 7% in , driven by favorable trends, escalations, and contributions from recent concession awards and extensions. The company's strategy emphasizes regulated infrastructure assets, particularly brownfield and concessions, with operations spanning over 50 concessions across and . upgrades by Moody's to Ba1 in July and Fitch to BB+ in September reflect confidence in this execution, citing portfolio diversification and stable cash flows from long-duration concessions with weighted-average remaining lives exceeding 10 years. Expansions include recent acquisitions and bids in , such as securing four Puerto Rican toll roads (PR-52, PR-53, PR-66, PR-20) with 40-year concessions connecting major population centers, and a €700 million investment in Chile's Chiloé Bridge project to enhance road connectivity and safety. In , Mundys has added assets in and extended Italian motorway concessions, bolstering its 8,900 km toll network across 11 countries. Airport holdings, managed through subsidiaries like Aeroporti di Roma, are poised for capacity enhancements amid rising passenger volumes, though specific 2025+ capex details remain tied to regulatory approvals. Sustainability initiatives support long-term resilience, with a Climate Action Plan targeting net-zero direct CO2 emissions by 2040 and recent achievements including a 35% emissions reduction alongside installation of 1,350 charging points. Potential risks include regulatory changes in concession renewals and macroeconomic pressures on traffic, but Mundys' focus on high-barrier, cash-generative assets positions it for selective growth in core markets.

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