Iryo, Spain's largest private high-speed rail operator

BarcelonaHigh-speed rail in Spain has just marked a dark day in its history. Sunday's train accident in Adamuz (Córdoba), with at least 39 fatalities and around 100 injured, has become the first accident recorded since the network opened more than 30 years ago. In the tragedy, the last cars of a train belonging to the Italian-Spanish company Iryo derailed and collided with a Renfe Alvia train traveling in the opposite direction, further aggravating the accident. Since the liberalization of the rail sector, Iryo has established itself as the second largest operator in the Spanish high-speed market, second only to Renfe. It has also become the largest private operator, surpassing the other major company, the French firm Ouigo.

Chaired by Carlos Bertomeu and managed by Fabrizio Favara, Iryo began commercial operations in November 2022 with an inaugural route between Madrid and Barcelona. It later expanded its service to other routes, such as those to Andalusia, which had recently experienced the greatest passenger growth. Currently, Iryo offers eleven domestic destinations with more than 400 weekly services. According to preliminary figures, by the end of 2025, the company had sold over 18 million tickets since its inception. Its market share has fluctuated between 25% and 30% on routes where it competes with Renfe and Ouigo.

Iryo operates a fleet of 20 trains, the ETR 1000 model, also known as the Frecciarossa 1000, which it first acquired in Spain. According to the company, the train involved in the accident on Sunday had been inspected just four days prior. The private operator has invested 800 million euros in its Spanish fleet, manufactured by Hitachi and Alstom. Trenitalia, Italy's state-owned operator, also uses this model in its operations in Italy.

More than half of the capital is held by Trenitalia

Trenitalia, part of the state-owned Ferrovie dello Stato group, holds a majority stake in Iryo, with 51% of the capital, after acquiring an additional 6% at the end of 2024. The remaining capital is divided between Air Nostrum (25%), the Iberia franchise airline, and Global Transport Infrastructure. During these first years in Spain, Iryo has not been without labor and administrative tensions, including strikes such as the one at the end of the year among office and maintenance staff. Furthermore, train drivers' unions like Semaf have denounced the lack of personnel to cover the increased service frequency and have warned about employee fatigue.

Despite its leadership, the railway company recorded losses of 79 million euros in its first full year of operation, in 2023. These losses, shared by the other private operators, were attributed to the high costs of the tolls imposed by the infrastructure manager, Ad', to gain market share.