· Revenue growth in the passenger transport division, combined with more efficient management, helped the group achieve its first positive result since 2019
· Renfe Viajeros reported a profit of €70.2 million, significantly higher than the previous year’s €5.4 million
· Last year, Renfe transported more than 531 million passengers across all its services (AVE, Avlo, Alvia, Euromed, Intercity, Commuter, Mid-Distance, Broad-Gauge and Avant)
· Renfe is currently the only high-speed operator in Spain to close the year with a profit and continues to lead across all corridors
The Renfe group closed 2025 with a net profit exceeding €50 million, largely thanks to revenue growth in its passenger transport division and efficient resource management.
This improvement in the income statement, pending audit, has strengthened Renfe’s key financial indicators and enabled the group to report a positive result for the first time since 2019, the year before COVID-19 mobility restrictions were implemented.
The profits for this fiscal year provide Renfe with greater financial strength to pursue new investments, renew and expand its train fleet, continue improving the quality of its commercial offerings, modernize its maintenance systems, as well as ensure mobility both in major cities and rural areas, reflecting its clear public service commitment.
The group’s total revenues during this period reached approximately €4.48 billion, 2.5% higher than in 2024. The passenger segment, the group’s main driver, performed particularly well: revenue in this division rose 18.9% to €2.0 billion.
Overall, the Renfe group closed 2025 with an EBITDA of €528.6 million, significantly higher than the previous year’s €469.5 million. This progress reflects stronger commercial activity revenue and greater management efficiency.
Leadership in high-speed mobility
In 2025, Renfe transported more than 531 million passengers across all its services [AVE, Avlo, Alvia, Euromed, Intercity, Commuter, Mid-Distance, Broad-Gauge and Avant (Mid-Distance High-Speed)], marking the second-highest figure in its history, only surpassed by 2024’s 535 million trips.
In addition, nearly 10 million passengers travelled on Haramain (the high-speed line between Mecca and Medina, Saudi Arabia) during 2025. This international service has been operated by Renfe since October 2018.
The group’s strong demand figures are primarily driven by a 6% increase in High-Speed and Long-Distance travel last year, totalling over 37 million trips and positioning Renfe as the leading company across all high-speed corridors where it competes with other operators.
In other words, during the past year, Renfe not only maintained its position across all corridors but also increased its number of passengers. Although the market share is now distributed among more companies, the growth in passenger numbers confirms that competition has energized the sector and that Renfe has emerged stronger in this environment. In fact, Renfe is currently the only high-speed operator in Spain to close the year with a profit, while the rest of the companies in the sector remain in the red.
Regarding public services, it is worth noting that, as of 1 July 2025, free travel on both Mid-Distance and Commuter services ended. This measure had been in effect since September 2022 and was replaced by other initiatives aimed at promoting sustainable mobility, which have been extended and will remain in place throughout 2026. Although the removal of these subsidies temporarily reduced demand on some public services, overall passenger volumes remained high, reflecting the appeal of rail as a regular transportation option. It should be noted, however, that the 2024 passenger record was not exceeded, partly due to the suspension of several services for infrastructure works, primarily affecting the Rodalies commuter network.
Renfe Viajeros posts strong gains
For the reasons outlined, the subsidiary Renfe Viajeros (Renfe Passengers) has once again played a central role in the group’s results. At the end of 2025, Renfe’s passenger transport division recorded a net profit of €70.2 million, significantly higher than the previous year’s €5.4 million.
This result is supported by sustained revenue growth (up 5.6% to €3.983 billion) and efficient expense management, which improved the subsidiary’s operating profit to €508.9 million.
Meanwhile, the subsidiary Renfe Ingeniería y Mantenimiento (Renfe Engineering and Maintenance) closed the year with revenues of €597.5 million, representing a 2.2% increase compared to the previous year. However, rising costs, partly due to higher prices for materials and services, affected the division’s results, which closed the year with a negative figure of -€2.3 million. In any case, this outcome exceeded the budgeted forecast for the year, which had anticipated a negative result of -€3.3 million.
Elsewhere, Renfe Alquiler de Material Ferroviario (Renfe Railway Equipment Leasing) reinforced its contribution to the group’s results, reporting a net profit of €5.2 million, driven by revenue growth from robust commercial activity in leasing equipment to third parties.
In the freight transport sector, the strong competitive environment and traffic trends weighed on the performance of Renfe Mercancías (Renfe Freight), resulting in a net loss of €44.8 million.
Meanwhile, Renfe Proyectos Internacionales (Renfe International Projects) achieved revenues exceeding €20 million, in line with the group’s strategy to strengthen its international presence and pursue new railway project opportunities.