# Italy's private rail operator Italo signs a EUR 3.6 billion deal with Siemens for 26 high-speed trains to enter the German market in 2028
> Italo NTV, Italy's private high-speed rail company, signed a contract with Siemens Mobility on July 20 for 26 new trains with an option for 14 more; the deal, backed by Germany's Bundesnetzagentur approval, will bring Italo into competition with Deutsche Bahn on 18 German cities from mid-2028, with 2,500 new hires planned

**Meta:** type: event · date: 2026-07-20 · heads: Whose Money, The Long Game · 4 takes · 3 lenses · 1 regions

## Summary

Italy's private high-speed rail operator Italo NTV signed a EUR 3.6 billion contract with Siemens Mobility on July 20 for 26 new trains, with an option for 14 more. The deal follows a positive ruling by Germany's Bundesnetzagentur allowing Italo to access the German rail network. Services are planned to launch from mid-2028, linking 18 German cities with 50 daily trips. Italo's chairman Luca Cordero di Montezemolo said the expansion demonstrates that an open European single rail market creates value. Roughly 2,500 new jobs are expected in connection with the German operation.

## Why it matters

Italo will be the first foreign private operator to mount a direct challenge to Deutsche Bahn on the German intercity high-speed network, testing whether the European Union's rail liberalisation framework can sustain competition on lines where the incumbent is also the infrastructure manager. The entry model, a private operator with its own rolling stock entering under regulatory access rules, is being watched by rail liberalisation advocates across Europe as a proof of concept.

## What to watch

- Siemens Mobility delivery schedule and whether trains arrive in time for the mid-2028 launch
- Deutsche Bahn's pricing and scheduling response on routes Italo will serve
- EU rail liberalisation monitoring: whether Bundesnetzagentur's access conditions are replicated in other member states
- Whether Italo seeks to extend the German network footprint beyond the initial 18 cities

## Regional takes (batched by bias / lens)

### Italian financial daily; frames the deal as Italo challenging Deutsche Bahn's dominance and notes that Germany's network regulator has already cleared Italo's entry, allowing the contract to proceed
- **MilanoFinanza** (Italy, it) — MilanoFinanza reported that Italo signed the Siemens Mobility contract after Germany's Bundesnetzagentur issued a positive ruling allowing the Italian operator to access the German rail network, and confirmed that Italo plans to begin operating in Germany in mid-2028 with 50 daily services linking 18 cities.
  > "The contract was signed after a positive ruling by Germany's Bundesnetzagentur, the federal network regulator."
  Source: https://www.milanofinanza.it/news/treni-italo-lancia-la-sfida-a-deutsche-bahn-accordo-miliardario-con-siemens-per-l-acquisto-di-26-treni-202607201350079447

### Italian financial news; earliest report, leads with Italo's EUR 3.6 billion investment and the option for 14 additional trains beyond the initial 26
- **FirstOnline** (Italy, it) — FirstOnline reported the full scope of the deal: 26 trains from Siemens Mobility at EUR 3.6 billion with an option for 14 more, services launching mid-2028 across 18 German cities via 50 daily trips, and approximately 2,500 new jobs expected in connection with the German operation.
  > "Italo signs with Siemens Mobility for 26 new trains, with an option for 14 more. Services will launch mid-2028 linking 18 German cities via 50 daily trips."
  Source: https://www.firstonline.info/italo-sfida-deutsche-bahn-investimento-da-36-miliardi-per-lalta-velocita-in-germania/

### unlabelled
- **Capitalist.it** (Italy, it) — 
  Source: https://capitalist.it/italo-germania-accordo-siemens-treni-alta-velocita/
- **Quotidiano.net** (Italy, it) — 
  Source: https://www.quotidiano.net/economia/italo-investe-36-miliardi-in-0675d86e

## Across the graph
- Entities: Italy, Germany

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Canonical: https://rbtfl.xyz/en/n/italo-germany-siemens-0721