Renfe closed the first half of 2025 with a net loss of 81.8 million euros, 37% more than in 2024, hit by the collapse of its freight business.
The subsidiary Renfe Mercancías recorded a negative result of 28.9 million, the worst in its history, after a 15% drop in revenue and a 21% reduction in tonnes transported. This is a consequence of the loss of customers who have switched to competitors.
Deteriorating margins and the inability to cover fixed costs put the division on the verge of dissolution, pending the integration agreement with MSC subsidiary Medway, about which there is no news.
In contrast, the Renfe Viajeros division is strengthening its recovery thanks to the momentum of the 106 series (Talgo Avril), operational from May 2024.
New services to Galicia and Asturias have boosted demand: AVE increased its users by two million in the first half of the year, to 14.2 million, and revenues grew by 5% (1,916.9 million). EBITDA reached 164.1 million, the highest in years, although financial costs and amortisation kept the result in losses (-44.8 million).
The balance sheet thus reflects two speeds: Passengers is gaining muscle and consolidating the growth path, while Freight is deepening its structural crisis, weighing down the group as a whole.