Renfe has closed the 2024 financial year with a significant improvement in operational performance, supported by growth in commercial services and the consolidation of its international operations. The company transported over 535 million passengers, a historic record expected to rise further in 2025, and achieved an operating profit (EBIT) of €68.6 million, compared with a loss of €83.3 million in 2023.
AVE and Larga Distancia (Long Distance) services have been the key drivers of this progress, recording a 14.4% increase in passenger numbers and revenues of €1.366 billion. Overall group revenues reached €1.9236 billion, up 5.3% on the previous year.
Specifically, Renfe reduced its losses by €118.6 million in 2024, posting a consolidated post-tax result of –€2.9 million, compared with –€121.5 million in 2023.
Meanwhile, Cercanías (Commuter) and Media Distancia (Mid-distance) services saw a slight fall in revenue (–1.5%) despite maintaining a high volume of passengers (500 million).
This reflects the impact of free travel passes and infrastructure works that temporarily affected services. On the positive side, thousands of new regular travellers have been gained, laying the foundations to restore confidence in 2025, particularly ahead of the introduction of new trains in 2026 that will improve punctuality, capacity and comfort.
Renfe has strengthened its international presence through Renfe Proyectos Internacionales, managing operations in Saudi Arabia (Haramain) and Mexico (Tren Maya). International revenues reached €87 million, with Haramain playing a key role.
Commitment to Innovation
The company has continued to prioritise innovation and sustainability, with initiatives such as TrenLab and the installation of 20,000 solar panels at maintenance depots.
Freight revenues fell by 8.6%, reflecting a sector in transformation. A fleet modernisation plan, supported by European funds, is underway to reduce emissions and boost competitiveness.
The Group employed an average of 19,861 people in 2024, up 2.3% on 2023, alongside progress in partial retirement and voluntary separation programmes.
Renfe also reaffirmed its commitment to sustainability. In 2024, over one million free travel passes were issued for Cercanías, Rodalies and Medium-Distance services, supporting daily mobility for millions. Carbon emissions have been reduced by 88.7% compared with 2005, with 81% of energy consumed coming from renewable sources. It is also worth noting that over the past five years, female representation in the workforce has increased by 65%, and women now make up 33% of the Board of Directors.
Renfe has made strides in digitalising stations and services, consolidated its presence in France, and opened a new branch in the United Arab Emirates, reinforcing its role as a leading global operator.
The 2024 results demonstrate Renfe’s role as a driver of sustainable mobility, modernisation, and national cohesion.