The turnaround in performance is the result of increased passenger and freight traffic and revenue, and a small reduction in overall costs.

Renfe carried an additional 5.2 million passengers between January and May this year to reach 204.39 million journeys, which is well ahead of a target of 1.8 million trips. The number of passengers travelling on public-supported services increased by 2.5%, while traffic on commercial high-speed (AVE and Avant) and other long-distance services grew by 4.2%.

Total income increased by €25m to €1.34bn, while Renfe reduced total expenditure by €2.76m to €1.15bn. As a result, Ebitda improved by €28m to €188m.