Train liberalization in Spain has been a success for travelers. The problem is that companies are losing a money

Railway liberalization has reached cruise speed with spectacular results for passengers … but demolving for operators accounts.

Why is it important. The train price war is changing the transport map in Spain. Users earn with more low options and prices, but companies are bleeding money in a battle that has also begun to question the sustainability of the current model.

In figures:

• Almost 40 million travelers They used high speed in 2024.
• That is 77% more than in 2019, before pandemic.
• Prices They have fallen up to 42% On some routes.
• Passenger income is 35% below the levels prior to liberalization.

The context. Ouigo has become the undisputed EY of low prices. In the first quarter it was the Most economical operator in four of the five liberalized runners:

1. Madrid-Barcelona (18.59 euros).
2. Madrid-Sevilla (29.09 euros).
3. Madrid-Málaga (26.89 euros).
4. Madrid-Aliante (20.80 euros).

Only in Madrid-Valencia surpassed him Avlo, and it was for just 25 cents.

This aggressive strategy It is giving results. The French subsidiary has managed to capture 36% of the market in Madrid-Aliante, 25% in Madrid-Valencia and 15% in Madrid-Barcelona.

Yes, but. Profitability is another issue. The sources do not indicate the concrete losses of each operator in 2024, but The data They indicate that the average income remains far from the levels that Renfe achieved alone.

The operators have increased only 6% the average income in Madrid-Barcelona, to the 8 cents per traveler and kilometer, a figure that remains 35% lower than the era of the monopoly.

Deepen. Beyond numbers, liberalization is changing mobility habits. The train has won the battle to the plane bluntly: In Madrid-Barcelona, the rail share went from 65%to 81.5%, while other routes exceed 80-90%.

And now the financial sustainability of the sector is at stake. If current margins do not allow long -term profitability, something will have to give in: either prices, or some operators will end up withdrawing from the market.

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