Spain's High-Speed Boom Stalls as Ridership Falls and Renfe Turns on Regulator

Spain's liberalised high-speed rail market has hit its first serious reversal since the pandemic, with passenger numbers falling sharply in early 2026 and a public row erupting between state operator Renfe and the competition regulator over how the downturn is being presented.

Long-distance high-speed services carried 8.05 million passengers between January and March, a 21 per cent drop on the same period a year earlier, according to competition authority CNMC. Seat capacity was cut by 12 per cent as operational restrictions, line closures, temporary speed limits and reduced timetables took hold. The steepest fall came on the Madrid to Málaga and Granada corridor, where traffic collapsed by 61 per cent, while the Madrid to Seville line lost 27 per cent.

The immediate trigger was the Adamuz disaster of 18 January, when an Iryo service derailed in Córdoba province and was struck by a Renfe train, leaving 46 dead in Spain's worst rail tragedy since the 2013 Santiago de Compostela crash. Weeks of speed restrictions and rerouting followed, compounded by winter storms and a landslip on the Madrid to Málaga line.

The numbers mark a jolt after three years in which on-rail competition, following the arrival of France-backed Ouigo and Italian-linked Iryo alongside Renfe, drove record ridership and cheaper fares, helping trains overtake domestic flights on several routes.

The reversal has strained relations between the incumbent and the regulator. Renfe has accused CNMC of selectively framing data to disadvantage the national operator, with executives publicly circulating parody newspaper front pages mocking the narrative. The competition authority has cautioned that part of the demand drop also reflects the earlier withdrawal of free season passes.