CP more than doubles its net profit and strengthens its financial position

The 2025 Annual Report and Accounts reveals a more robust and sustainable company.

CP – Comboios de Portugal has been consolidating a path of growth and sustainability, reflected in the consistent improvement in its results and the strengthening of its financial stability. In 2025, the company’s net profit more than doubled to €4.9 million.

“2025 was a significant year in CP’s transformation journey, during which, even against a particularly challenging backdrop for rail operations, the company demonstrated its ability to evolve, modernise and prepare for the future,” said Pedro Moreira, Chair of the Board of Directors, highlighting CP’s strategic role for the country.

According to the 2025 Annual Report and Accounts, now available for consultation, the financial performance was underpinned by growth in traffic revenue, which reached €282.8 million, and by an increase in the volume of maintenance services provided to third parties, which amounted to €21.4 million.

It is worth noting that the company has recorded positive net results over the last four years, reflecting a path towards greater robustness, achieved through rigorous management, a sense of responsibility and a focus on value creation. This positive development led Statistics Portugal to reclassify CP as a Market Entity, removing it from the State Budget Scope, highlighting the strengthening of its economic and financial soundness and its autonomy within the public business sector.

 

Record passenger numbers: over 208 million

At the same time,

CP recorded a significant increase in demand, carrying over 208 million passengers, a 10.9% increase compared with 2024 and a new record for this century, consolidating the trend towards increased use of rail transport in Portugal, whilst contributing to the reduction of the carbon footprint, the strengthening of territorial cohesion and the improvement of citizens’ quality of life.

Among the main factors contributing to this increase, the impact of the Green Rail Pass stands out; this measure has broadened access to rail travel and encouraged the use of more sustainable mobility solutions. The expansion of Alfa Pendular services, the reopening of the Beira Alta Line and the resumption of passenger services on the Leixões Line have also helped to boost the use of rail transport.

The company achieved these results within a demanding operational framework, with its activities continuing to rely on rail infrastructure capacity, notably due to ongoing modernisation works, which are essential for improving the network, and speed restrictions, which have influenced the punctuality of services.

 

Largest ever investment in rolling stock

We also saw significant progress in preparing for the company’s future in 2025, notably the commitment to renewing the rolling stock.

The 22 new trains for regional services (€158 million) began arriving in the country, and the company signed the contract for the acquisition of 117 new electric multiple units, subsequently expanded to include 36 additional units and with the delivery of the rolling stock brought forward (€1.064 billion). This is CP’s largest ever investment in this area, which will enable the fleet to be modernised and the service provided to passengers to be improved. In addition, earlier this year, CP launched a tender for the supply and maintenance of 12 high-speed trains for passenger services, with a base price of €504 million, and the company has made provision for the option to purchase a further eight multiple units.

The company has also continued to pursue its strategy of digital transformation and innovation, introducing new digital channels, real-time information solutions and the modernisation of ticketing systems, with the roll-out of new, simpler and more accessible ticket vending machines. This brings CP closer to its customers and better equips it to meet today’s mobility needs.

Internally, the company reached an agreement with all trade unions regarding the review of pay scales, a significant step towards valuing staff and strengthening organisational stability.

Pedro Moreira has no doubt: “The results achieved reflect the commitment and professionalism of all CP employees, whose contribution was crucial to meeting our strategic objectives and to the successful implementation of the company’s transformation programme.”