Iryo arrived in Spain with a very ambitious plan to tighten the screws on Renfe. It has just asked its Italian parent company for a ransom

Iryo has a problem in Spain: it can’t get clients.

Or, we should say, it does not get enough clients to start making its railway project profitable in our country. Its occupancy rate in each and every one of the corridors is better than that of Renfe or Ouigo. In some cases it is certainly worrying. This is leading it to lose tens of millions of euros. And they have already asked Italy for help.

32 million euros. They are the ones that Iryo has lost in 2024. The losses are added to the 79 million euros that the company already lost in 2023 and the occupancy rates of 2025 are not inviting optimism. Although the company defends that They aim to be profitable this yearthe truth is that they had to pick up the phone and dial a number that begins with +39.

Help. The call for help has reached Italy. In November 2024Trenitalia has already increased its participation in the company to go from 45% of the capital to 51%. The objective was clear: to provide the Italian parent company with full control of the company and, in this way, have greater room for maneuver to provide it with funds.

However, the process to achieve profitability has become complicated. Air Nostrum and Globalia, which are part of the company’s shareholders, committed to putting up 15 million euros more to face possible losses this year. This economic push is just one more within a package that provides aid which has already had contributions of 44.7 million euros in April of last year and almost 35 million euros in the summer of 2024.

The occupation. One of the problems that Iryo has encountered is that it cannot fill its trains. If we go to the CNMC datathe Italian company has the worst occupancy data of all Spanish high speed.

• Madrid-Barcelona: Occupancy of 96.4% (Renfe 112%, Ouigo 99%)
• Madrid-Seville: Occupancy of 83.2% (Renfe 93.3%, Ouigo 86.4%)
• Madrid Málaga-Granada: Occupancy of 82.2% (Renfe 93.3%, Ouigo 93.9%)
• Madrid-Valencia: Occupancy of 70.2% (Renfe 73.3%, Ouigo 88.8%)
• Madrid Alicante: Occupancy of 66.6% (Renfe 75.9%, Ouigo 87.8%)

Added to this is that its power to attract customers by price is much smaller than that of Ouigo since only in Madrid-Alicante does it offer cheaper tickets than those of the French company and for just a few cents. In the rest of the corridors, Iryo is more expensive than the services of Ouigo and AVLO (Renfe).

The plans. Yet, Iryo continues defending who aspire for 2025 to become their turning point. They plan to balance their accounts this year and make the jump to profits in 2026 and 2027. To do this, they trust in the arrival of new trains that will expand their capacity and allow them to play on price, first by lowering the price of the ticket and, second, by amortizing Adif fees more easily.

In the words of its CEO, the company hopes that Galicia can be another beta where it can make money. However, it must be taken into account that the line moves between the Iberian width and the international width. S106 trains that can “jump” between both tracks are committed to Renfe and the only way to operate would be with a transshipment, which is more costly in time and less attractive to the customer.

But it is not the only case. Perhaps the most worrying thing about Iryo’s situation is that, at the moment, Renfe and Ouigo are also losing money with high speed in our country. Since the market opened, the benefits have been exceptional.

In 2024, Ouigo received an additional 25 million from SCNF, its French parent company, to cover losses. The initial investment of 200 million had to be expanded given that the company plost more than 40 million euros only in 2024. It is one of the reasons why the Government alleged that from France they were doping the company economically to weaken rivals.

Despite everything, Renfe has also suffered heavy losses with high speed. In 2023 they exceeded 120 million euros in losses although in 2024 profitability has already been closelosing in this case about three million euros. Of course, Renfe Viajeros (the part of the company that competes with Ouigo and Iryo) did achieve just over five million euros in profits.

Photo | Trenduck

In Xataka | Spain wanted to turn the train into the great alternative for traveling in summer. Renfe has never had so many dissatisfied customers