Spanish railway infrastructure managers Adif and Adif Alta Velocidad (AV) invested EUR 4.5 billion in railway infrastructure during 2024—marking a 32% increase compared to the previous year and a 158% rise on 2018 levels.
Record spending across high-speed and conventional networks for Adif
Adif AV led with EUR 2.46 billion in investment, up 24.5% year-on-year. Key projects included:
- EUR 501.8 million for the Murcia–Almería high-speed line
- EUR 219.6 million for the Madrid–Extremadura corridor
- EUR 211.9 million for the Basque Y network
- EUR 133.4 million for enhancements to the Madrid–Lleida–Barcelona route
- EUR 222.6 million for renewal works on the Madrid–Seville line
Meanwhile, Adif invested EUR 2.03 billion—a 42.2% increase over 2023. Priority areas included:
- EUR 710.6 million for suburban (Cercanías) upgrades
- EUR 243.3 million for freight network improvements
- EUR 219.1 million for the Northwest Corridor
Adif AV – revenue and financial performance
Adif AV’s revenue rose 7.62% to EUR 782.95 million in 2024, attributed to higher passenger numbers and increased rail traffic. Infrastructure access fees made up the bulk of this revenue, with EUR 644.89 million from track usage (+6.45%) and EUR 137.64 million from stations and other facilities (+13.64%).
The operator reported an EBITDA of EUR 433.9 million (+0.65%) and an operating profit of EUR 287.1 million—more than double the previous year’s figure, thanks in part to the sale of assets in the Chamartín redevelopment project. Net losses reduced by 26% to EUR 100.9 million, marking the company’s best result to date.
Green finance and sustainability
Adif AV further strengthened its position in sustainable finance, issuing its eighth green bond—bringing total green bond issuance since 2017 to EUR 4.6 billion. The company is also rated as the second-best transport infrastructure firm globally on ESG risk by Sustainalytics.
Sustainability remained a cornerstone of operations, with 87.7% of the company’s electricity sourced from renewables. In 2024, Adif AV reduced its greenhouse gas emissions by 15,652 tonnes of CO₂. Additional efforts included:
- Continued implementation of its Climate Action Plan (2019)
- Use of certified green energy across all facilities
- Environmental noise mitigation through strategic mapping
- Responsible procurement policies applied to 100% of purchases
- Contributions to Spain’s Circular Economy Strategy 2030
Environmental management systems across Adif and Adif AV aim to mitigate the ecological impact of rail infrastructure projects—particularly given the lower carbon footprint of rail transport compared to other modes.
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