Leo Express closed 2024 with consolidated revenues exceeding EUR 40 million and more than double the number of passengers compared to the previous year, marking a period of strong growth for the Czech rail operator. Since 2021, Renfe International Projects has held a majority stake in the company, supporting its expansion across Central Europe.
According to the company’s published results, Leo Express generated EUR 40.4 million in consolidated revenue during the year, surpassing 2023 figures by over EUR 16 million. Passenger numbers rose sharply, with 3.8 million journeys recorded in 2024.
Operational performance was equally strong. The operator’s trains travelled a total of 4.6 million train-kilometres, with an average delay of just 0.03 minutes per train-kilometre — the best punctuality record among major rail operators in the Czech Republic.
Financially, the company reported an EBITDAR of EUR 13.1 million, more than double the EUR 5.7 million posted in 2023. Net profit reached EUR 1.7 million, up from EUR 165,000 the previous year.
Targeted investment to support service enhancements
Despite not drawing on bank financing, Leo Express continued to invest significantly in service improvements throughout 2024. The company allocated EUR 5 million to upgrade all commercial trains on the Prague–Ostrava route, as well as international services to Slovakia and Poland, with the European Train Control System (ETCS). Staff received specialised training to support the system’s implementation.
Looking ahead, Leo Express has initiated a EUR 16 million investment in dual-voltage technology that will allow commercial services to run on both alternating and direct current. The project is co-financed by the European Union through the Czech Ministry of Transport’s Operational Programme Transport 2021–2027 (OPD3) and has been awarded to Swiss manufacturer Stadler.
Renfe expands Central European presence
The results reflect Leo Express’s successful consolidation under the majority ownership of Renfe, which acquired a stake in December 2021 as part of its strategy to expand into Central European markets. Since then, Leo Express has stabilised its financial position and significantly increased both revenue and operational scale.
In 2024, the company completed its first full year of operating regional and commuter rail services in the Danube region, linking Bratislava and Komárno. This contract marked Renfe’s first involvement in a European public service agreement from the outset, and helped Leo Express double its operations over the year.
The operator currently runs a mix of public service and commercial rail services across the Czech Republic, along with international routes into Slovakia and Poland.
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