Renfe closed the 2024 fiscal year with a significant reduction in losses, thanks to a combination of efficiency and value-creation measures, the recovery in demand, and improved operational performance across several of its subsidiaries. These elements have helped consolidate the recovery path initiated in recent years.
Specifically, the Renfe Group reduced its losses by €118.6 million in 2024, reaching a consolidated result after taxes of –€2.95 million, compared to –€121.5 million in 2023.
The increase in revenue (turnover plus other operating income), which reached €4,122.6 million, was a key factor in the group's improved results. This represents a 5.5% increase compared to the previous year (€3,908.7 million), reflecting the rise in demand, especially in the passenger segment. This progress was also supported by a general containment of operating costs.
This favorable evolution between revenues and costs also had a direct impact on the operating result. EBITDA (earnings before interest, taxes, depreciation, and amortization) reached €489.5 million during the period, marking a 59.0% increase compared to the previous year's figure (€307.9 million).
The Group's overall performance was bolstered by the positive trajectory of several subsidiaries, some of which achieved significant milestones since the COVID-19 pandemic, which caused a severe drop in demand and revenue over multiple years.
This is the case for Renfe Viajeros, the company’s subsidiary focused on passenger transport operations and tourism services, which posted a profit after taxes of €5.4 million in 2024, compared to a loss of –€65.0 million in 2023. It thus achieved a positive annual result for the first time since the health crisis.
Driven by record passenger numbers and efficiency measures
The evolution of the passenger transport subsidiary’s income statement reflects the impact of mobility recovery and the consolidation of demand for rail services.
In 2024, Renfe reached a historic record for passengers transported in a single year, with over 535 million passengers, combining its public services (Cercanías, Media Distancia, Ancho Métrico, and Avant) and commercial services (AVE, Avlo, Alvia, Euromed, and Intercity). This figure represents a 2.3% increase compared to the previous year and highlights the sustained growth of Renfe’s services, with more than 12 million new passengers compared to 2023.
Although Renfe Viajeros’ revenues remained relatively stable during the year — with a 5.3% increase to €3,771.5 million — the subsidiary achieved a strengthened operating result.
Revenue growth was accompanied by cost structure optimization and efficiency measures, enabling EBITDA to grow by 30.6% compared to the previous year (reaching €377.6 million).
Growth in maintenance and repair services
Renfe Ingeniería y Mantenimiento also performed notably, leaving behind the losses of 2023 (–€12.2 million) and closing the year with a profit after taxes of €2.5 million.
The Engineering and Maintenance subsidiary recorded total revenues of €584.6 million, a 16.5% increase over the previous year (€501.9 million). This growth was driven by maintenance and repair services, as well as major overhaul operations and other tasks carried out for the Renfe Group, which showed a positive trend throughout the year. The gains also include the capital gain associated with the so-called Chamartín operation.
As for Renfe Mercancías, the freight subsidiary continues its restructuring and optimization process. While it closed the year with a result after taxes of –€32.2 million, this represents an improvement compared to 2023, with losses reduced by nearly 11%.
This progress was achieved despite an increasingly competitive environment, in which the company’s revenues fell slightly by 3.6% year-over-year, to €191.7 million.
Meanwhile, Renfe Alquiler de Material Ferroviario, the Group's rolling stock leasing subsidiary, recorded a profit of €4.7 million, a 16.9% improvement compared to the previous year.
This performance was based on a 43.0% increase in revenue compared to the prior year, reaching €22.7 million. The rise was driven in particular by an increased volume of train and rail equipment rentals to third-party operators.
Finally, Renfe Proyectos Internacionales, dedicated to developing and managing international rail projects, ended 2024 with a post-tax loss of €0.9 million due to the tax effect of payments related to projects in Mexico. However, the company posted a pre-tax profit of €2.7 million. The group's efforts in this subsidiary reflect its commitment to expanding its presence in new markets to seize growth and diversification opportunities.