Leo Express (Renfe) posts 5% revenue growth and eyes 6 million passengers in 2026

Executive summary: Leo Express (Renfe‑owned) reported €42.5 million revenue in 2025, up 5% year‑on‑year, with passenger numbers rising 19.2% and a target of six million passengers for 2026. The result signals a robust post‑pandemic rebound for the operator, highlighting growing demand for rail travel and potential for expanded services and investment.

Who is involved: Leo Express, its majority shareholder Renfe, passengers, and the broader tourism sector.

Likely next: Further fleet upgrades, possible new cross‑border routes, quarterly passenger updates, and monitoring of fare adjustments to match demand.

Leo Express, the Czech train operator majority-owned by Spain’s Renfe, reported a 5% rise in 2025 revenue to €42.5 million, driven by a 19.2% jump in passenger numbers. The company says it is on track to welcome six million travelers this year, reflecting a solid recovery in Central‑European rail demand and stronger cross‑border tourism flows.