Leo Express closed 2024 with revenues of €40 million and twice as many passengers as the previous year. The Czech operator, in which Renfe International Projects has been the main shareholder since 2021, achieved the targets set for the fiscal year, ending with a positive result of €1.7 million.
The company published its 2024 results, reporting consolidated revenues of €40.4 million, exceeding 2023 figures by more than €16 million. Passenger numbers also grew significantly, reaching 3.8 million — more than double the previous year.
Leo Express trains covered 4.6 million train-kilometers in 2024 and achieved the best punctuality performance among the main rail operators in the Czech Republic, with an average delay of only 0.03 minutes per train-kilometer.
In financial terms, the company reported an EBITDAR of €13.1 million, up from €5.7 million in 2023. Net profit rose to €1.7 million, a significant increase compared to €165,000 the year before.
Strong Investment and Service Development
Despite not taking out bank loans, Leo Express made significant investments in service improvements in 2024. The company invested €5 million to equip all commercial service trains on the Prague–Ostrava route — as well as those continuing to Poland and Slovakia — with the ETCS safety system, accompanied by comprehensive staff training.
A new €16 million investment project, co-financed by the European Union through the Czech Ministry of Transport’s Operational Programme Transport 2021–2027 (OPD3), will allow Leo Express’s commercial trains to operate using both alternating and direct current. The dual-voltage project, awarded to Stadler, will further enhance the network’s flexibility and future growth potential.
Renfe’s Business Consolidation in Central Europe
Since Renfe acquired a stake in Leo Express in December 2021 with the strategic goal of entering the Central European services market, the Czech company first managed to stabilize its finances and, in the last year, has doubled its revenue.
2024 marked the first full year of regional and commuter services in the Danube region, connecting the cities of Bratislava and Komárno. This was the first public service contract in Europe in which Renfe was involved from the start and has allowed Leo Express to double its operations.
Leo Express also operates public service trains in the Czech Republic and domestic commercial services in the Czech Republic, as well as international routes to Slovakia and Poland.