Itinera

What Itinera does

Itinera S.p.A. is an Italian Engineering, Procurement, and Construction (EPC) contractor specializing in large-scale transportation and civil infrastructure projects, headquartered in Tortona, Italy. The company operates across five business areas: road infrastructure (highways, motorways, bridges, viaducts), railways and metros, tunnels and underground works, civil and industrial buildings (airports, hospitals, universities, commercial, residential), and motorway maintenance. Technical execution is anchored by tunnel boring machine (TBM) capabilities, exemplified by the 4.08m Hydroshield TBM "Gaia" used on the Turin Mediano Collector, and by Building Information Modeling (BIM) methodology for project lifecycle coordination. The firm has constructed 100+ km of tunnels and 1,000+ km of roads and railways across its history.

Itinera operates under the corporate direction of Gruppo ASTM, the world's second-largest toll road operator, serving as the EPC arm of the group. Its customer base is dominated by public-sector infrastructure clients, including Rete Ferroviaria Italiana (RFI) and Italferr on Napoli-Bari high-speed rail, Tunnel Euralpin Lyon Turin (TELT) on the Lyon-Turin base tunnel, Region Syddanmark and Region Sjælland on Danish hospital projects, Region Stockholm on metro construction, and Italian regional authorities on airports and public buildings. Enterprise clients include CTS Eventim (Santa Giulia Arena, Milan) and SO.GE.M.I. (Milano Agroalimentare redevelopment). Pricing is determined through competitive public bidding; contracts are negotiated individually by project scope and are not publicly disclosed.

As of FY2025, Itinera reported €2.3B in consolidated revenues and a €6.68B consolidated order portfolio, supporting a workforce of approximately 7,700 employees and collaborators. The company operates in 10+ countries, with primary markets in Italy, Sweden, Denmark, France, and the United States (through wholly-owned subsidiary Halmar International, acquired and retained as the US-market vehicle executing projects including Penn Station redevelopment with Skanska, LIRR Third Track, and JFK Airport). Revenue recognition follows milestone-based billing on multi-year contracts, characteristic of large public infrastructure tenders.

Name

Itinera

Legal name

ITINERA S.p.A.

Website

https://itinera-spa.it

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Itinera S.p.A. is an Italian EPC contractor delivering large-scale transportation and civil infrastructure — roads, railways, tunnels, airports, and hospitals — for public-sector clients across 10+ countries, operating as the construction arm of Gruppo ASTM.

Ownership category

akta.pro rank

Headquarters

HQ city

Tortona

HQ country

Italy

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. EPC Infrastructure Construction: Engineering, Procurement and Construction services for large infrastructure projects. Revenue supported by public infrastructure contracts with railway operators (RFI, Italferr, TELT), airport operators, and concession holders. Projects span multiple years with milestone-based billing.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Itinera is an EPC (Engineering, Procurement, and Construction) contractor specializing in large-scale infrastructure and civil/industrial construction projects. Core offerings include roads and motorways, bridges and viaducts, railways and metros, tunnels and underground works (including TBM-based mechanized excavation), civil and industrial buildings (airports, hospitals, arenas, public, commercial, and residential facilities), and motorway maintenance. The company serves government transportation authorities, railway operators, airport authorities, regional health authorities, and concession holders across 10+ countries.

Product overview

Itinera is a global construction company specializing in large-scale infrastructure projects and civil/industrial building construction. The company operates as part of the ASTM Group and offers a comprehensive portfolio of construction services including infrastructure (roads, highways, bridges, viaducts), railways and metro systems, tunnels and underground works using TBM technology, and civil buildings (airports, hospitals, commercial, public, and residential facilities). The company also provides specialized services such as BIM management and QHSE management. Through its US subsidiary Halmar International, Itinera operates in the American market on major transportation projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Road Infrastructure Construction Construction and maintenance of roads, motorways, bridges, and viaducts for government transportation authorities and concession holders. Includes the SS1 Aurelia bridge at Canale Scolmatore in Livorno and Storstrøm Bridge in Denmark.
• Railway and Metro Construction Construction of railway lines, high-speed rail, and metropolitan transit systems, including the Napoli-Bari high-speed railway (Italferr/RFI), TELT Lyon-Turin base tunnel Lotto 3, Stockholm metro stations, and the Turin Mediano Collector hydraulic infrastructure (14 km).
• Tunnels and Underground Works Tunnel boring machine (TBM) operations and traditional tunneling methods for infrastructure projects. Includes use of the 'Gaia' 4.08m diameter Hydroshield-type TBM with mechanized excavation and precast segmental linings, capable of hyperbaric cutterhead interventions at ~1.5 bar. Applied on TELT Lyon-Turin base tunnel and Turin Mediano Collector (9.5 km underground).
• Civil and Industrial Building Construction Construction of civil and industrial buildings including airports (Verona Airport terminal expansion), hospitals (Odense Hospital Denmark 60,000 sq.m. + 100,000 sq.m.; Køge University Hospital 115,000 m², 789 beds), industrial and commercial facilities (Milano Agroalimentare Fruit and Vegetable Pavilion, 700,000 m²), public buildings, residential buildings, prefabricated structures, and sports venues (Santa Giulia Arena Milan, 16,000 capacity, designed by David Chipperfield).
• Motorway Maintenance Services Highway and motorway maintenance services as part of ongoing infrastructure management for concession holders.
• BIM Manager Services Building Information Modeling (BIM) management services including implementation of BIM methodology, clash detection, 4D phasing, and digital model coordination across departments for infrastructure construction projects.
• QHSE Management Services Quality, Health, Safety, and Environment management services including RSPP (Responsabile del Servizio di Prevenzione e Protezione) responsibilities for construction sites.
• Halmar International US Construction Operations US-based construction operations via wholly-owned subsidiary Halmar International, executing major infrastructure projects in the New York metropolitan area including Penn Station redevelopment (with Skanska), Long Island Rail Road Third Track, Potomac Yard Metrorail Station, Penn Station Access Project, Park Avenue Viaduct replacement, JFK Airport redevelopment, and Potomac River tunnel.

Quantifiable outcome

• 6.68 billion euro consolidated order portfolio (2025)
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Halmar International (Subsidiary)coreStrategic or Co-development Partner · 19 June 2026Halmar International is a US-based construction company operating as a subsidiary of Itinera. It serves as the vehicle for Itinera's presence in the United States market, executing major infrastructure projects including Penn Station redevelopment, Long Island Rail Road Third Track, Potomac Yard Metrorail Station, Penn Station Access Project, Park Avenue Viaduct replacement, JFK Airport redevelopment, and Potomac River tunnel.
• SkanskacoreStrategic or Co-development Partner · 19 June 2026Strategic partnership with Skanska for the Penn Station redevelopment project in New York. Halmar International (Itinera) in partnership with Skanska was selected as Master Developer for the comprehensive transformation of Penn Station.
• GhellacoreStrategic or Co-development PartnerGhella is partnered with Itinera in the Colmeto Scarl Consortium for construction of the Turin Mediano Collector (Idropolitana di Torino). Itinera serves as lead company in this joint venture executing the 14 km hydraulic infrastructure project including 9.5 km of underground tunnel excavated using TBM.
• Gruppo ASTMcoreStrategic or Co-development PartnerItinera operates under the direction and coordination of ASTM S.p.A., the world's second-largest toll road operator. Gruppo ASTM provides corporate governance and strategic direction, with Itinera serving as the EPC (Engineering, Procurement, Construction) arm of the group.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Webuild S.p.A. Italy's largest construction group and direct domestic competitor across highways, railways, metro systems, and tunnels. Both Webuild and Itinera compete for tenders from RFI, Italferr, and TELT, and share the same Italian mega-project universe.
• Skanska AB: Swedish-headquartered global contractor in civil infrastructure and building construction. Skanska is also an explicit co-bidder with Itinera (via Halmar) on Penn Station, and competes on US transit, Nordic hospital, and European rail tenders.
• Hochtief AG: German-based global EPC contractor controlled by ACS Group, with strong positions in tunnels, rail, and airports. Directly comparable to Itinera in transportation megaproject execution across Europe and the Americas.
• Bouygues Construction: French EPC contractor active across transport infrastructure, tunnels, and complex civil works in Europe and internationally. Directly comparable to Itinera in delivery scope and client type (public infrastructure authorities).
• Strabag SE: Austrian-based European construction group with extensive transportation infrastructure, tunneling, and civil works operations. Competitor on EU-funded transport tenders and on the Lyon-Turin / Alpine corridor projects.
• Implenia AG: Swiss construction and real estate services group with strong tunneling, rail, and large-building capabilities. Comparable mid-cap European EPC peer competing for transport and complex civil works tenders.
• Ghella S.p.A. Italian family-owned contractor specializing in tunneling and large infrastructure. Already a JV partner with Itinera on the Turin Mediano Collector and a head-to-head competitor on Italian and international tunnel tenders.
• Salcef Group S.p.A. Italian-listed rail infrastructure specialist covering track maintenance, renewal, and construction. Adjacent and partially overlapping competitor in Italy's rail market, with growing European rail maintenance exposure.

Broad incumbents

• ACS Group / Actividade de Construcción y Servicios: Spanish-headquartered global infrastructure conglomerate (parent of Hochtief and Turner). Competes with Itinera across transport concessions and construction, and dwarfs Itinera in scale and balance sheet capacity.
• Vinci Construction: Construction arm of French concession giant Vinci, with a global portfolio in roads, rail, and civil works. Competes with Itinera for European and international transportation tenders, supported by deep concession synergies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Itinera