During 2025, Renfe Group reported a consolidated net profit of €60.2m, marking its first return to the black since the pandemic. The railway group’s 2025 net result is €10m higher than the figure announced in March and contrasts with the €2.9m loss recorded in 2024.
This breaks a run of negative results that began in 2020 and restores the operator to pre-pandemic profitability levels, despite competitive pressures and challenges in freight.
The strongest economic boost came from passenger transport services. Renfe carried 531.4 million passengers during the year and generated €2bn from ticket sales, a figure 19% higher than the previous financial year. Increased activity, combined with improved margins and tighter cost control, allowed the company to close the year ahead of its forecasts.
By year-end, Renfe Viajeros lifted its net profit from €5.4m in 2024 to more than €70m in 2025.
Open-access business gains weight
Open-access trains (High-Speed and Long-Distance) contributed a significant share of the growth. In this segment, which has operated in a liberalised market since 2021, ticket revenues reached €1.469bn. This represents a year-on-year increase of 7.5% and includes international services and loss-making domestic operations.
The advance of these trains contrasts with the negative trend in services subject to PSO (Public Service Obligations). Commuter services, Rodalies, Avant, Medium-Distance and Metre-Gauge generated €532m in ticket revenues. Collectively, they carried 494.2 million passengers, compared with 500.2 million in 2024.
The reduction was moderate, and Renfe mainly attributes it to changes in the conditions for free and discounted public transport. Even so, public services continued to account for the bulk of the company’s mobility and maintained their role in daily commuting for work, study and personal reasons.
Within this group, Avant recorded around 13.2 million passengers. The Madrid–Segovia–Valladolid corridor had the highest demand, with 2.66 million users, followed by Madrid–Toledo with 2.09 million. Figueres–Barcelona, Madrid–Puertollano and Ourense–Santiago–A Coruña also stood out.
Freight: the weak spot
The Renfe Mercancías subsidiary continues to drag down the Renfe Group’s accounts. It ended the financial year with losses of €44.8m, affected by competitive pressure and a less favourable traffic evolution.
The company transported 8.47 million net tonnes and maintained a schedule of 901 weekly trains for 177 clients. Among the main traffic flows was the rail transport of 336,341 automobiles.
Despite these figures, partial privatisation remains uncertain. The deadlines announced at the outset have expired and no details have emerged of negotiations with Medlog, the industrial partner that won the process.
Renfe Ingeniería y Mantenimiento increased its revenues by 2.2%, to €597.5m. During 2025, the company worked on 444 locomotives, 604 self-propelled trainsets and 8,579 wagons, carrying out 1,219 cyclical maintenance interventions.
The international division also made a positive contribution. Renfe Proyectos Internacionales achieved revenues of €20.9m, 23.7% higher than in 2024, and recorded a net profit of €2m. Projects in Saudi Arabia, Mexico and various European markets drove this subsidiary’s activity.
Liquidity to invest
The recovery in profitability was accompanied by an improved financial position. Available liquidity rose from €654.3m at the end of 2024 to €1,059.5m a year later. Net equity stood at €2.35bn, an increase of €115m.
Renfe plans to use this headroom to act on several elements of its business. Priorities include rolling stock renewal, strengthening the offer on public services, and upgrading systems used for maintenance and passenger communication.
The company also aims to accelerate digitalisation, improve accessibility and advance projects related to energy efficiency and emissions reduction. The objective is to respond to rising demand without decoupling economic performance from service quality and availability.
Environmental indicators
The carbon footprint per unit transported fell to 3.58 grams of CO₂ equivalent, the lowest value recorded by Renfe. In broader terms, the indicator is 89.3% lower than in 2005. During the financial year, 90.45% of traction used electricity, and the company employed renewable electricity for these services.
The environmental policy also extended to maintenance facilities. Operational photovoltaic plants generated more than 4 GWh and covered approximately one quarter of the electricity consumption of workshops equipped with them. Renfe also allocated 84.78% of maintenance waste to processes other than landfill.
The group closed the year with around 21,000 employees and recruited 1,396 new professionals. This renewal is complemented by the activity of the Escuela Técnica Profesional, which has 12 campuses and has trained more than 4,800 driver candidates since its creation.