This is a first since the opening up of rail competition in Spain. For the first time, high-speed traffic has dropped on the Madrid-Barcelona, according to the Spanish National Competition Commission (CNMC). The decline in the last quarter of 2025 is also significant, 13%, totalling 3.3 million passengers carried by Renfe, Iryo and Ouigo.
Since 2020, however, competition between the three operators has seen overall traffic on the main Spanish railway line surge by 60%. This decline in traffic could notably be due to the significant increase in ticket prices observed by the CNMC over one year. In fact, the overall rise amounts to nearly 52%compared to the last quarter of 2024. The price war therefore seems to be over in Spain on this route, with carriers now prioritising unit revenue. The report thus compares Renfe which displays an average price of €95 over the period (+40%/2024), Iryo at €77 (+69%), Ouigo at €61 (+41%), and Avlo, Renfe's low-cost brand, at €49 (+4.5%).
60% market share for Renfe
Global traffic at 4th trimestre 2025 a toutefois continué de progresser de 5% en Espagne avec 10,6 millions de passagers transportés via les différents opérateurs de la grande vitesse ferroviaire. Alors que la SNCF détient encore 85% de part de marché en France avec ses offres Inoui et Ouigo, la Renfe n’en détient plus qu’environ 60% en Espagne, voire même 56% sur le Madrid-Barcelone et 51% sur le Madrid-Valence où la concurrence est la plus forte.
Since its launch in May 2021, Ouigo Spain has acquired between 20 and 25% of the Spanish high-speed market, with SNCF Voyageurs' international subsidiary now having reached profitability. Overall traffic in Spain, however, may have declined in the first quarter of 2026, a consequence of the terrible accident between two trains, one belonging to Renfe and the second to Yrio, which occurred in Adamuz, in the province of Cordoba, Andalusia. This will require waiting for the next report from the CNMC.
