Metrorex, the state-owned operator of the Bucharest subway system, closed 2025 with a turnover of RON 1.26 billion and losses of RON 312 million, representing a 72.27% increase over the losses recorded in 2014, according to the annual financial statement. The company noted that it transported 153.2 million passengers last year, roughly 13% less than the expected 176 million passengers.
Of the total amount, RON 203.4 million represents losses from operating activity (operation and infrastructure administration), and RON 108.6 million stems from investment activity. A further 260 million were uncollected penalties from Alstom for the delivery of subway trains.
Other causes that led to the recording of losses are the failure to allocate the subsidy for carrying out the public passenger subway transport service in the necessary substantiated amount, and the coverage from its own revenues of expenses for the maintenance of the railway infrastructure for subway transport.
Total revenues as of December 31, 2025, amounted to RON 2.34 billion, down by 26.96% compared with those reported at the end of 2024, while total expenses were also lower, at RON 2.65 billion.
Within operating revenues, which stood at RON 2.33 billion lei, lower by 27.12% compared with those in 2024, revenues from transport activity recorded an increase of 31.72%. As such, Metrorex obtained RON 390 million in 2025, higher than in 2024 (RON 296 million) amid the price increases implemented on January 1, when the cost of a single trip went to RON 5 from RON 3.
Metrorex’s personnel expenses were RON 1.032 billion in 2025, of which RON 889.402 million represented salaries, RON 49.64 million bonuses, and RON 91.80 million in payment obligations to the consolidated budget.
The turnover recorded by Metrorex at the end of last year stood at RON 1.26 billion, achieving 90.19% of the programmed budget. The subsidy for subway passenger transport allocated to Metrorex for 2025, amounting to RON 873 million, represented approximately 43.64% of the value of expenses incurred to provide the public social subway passenger transport service.
Regarding total expenses, compared with the BVC/2025 program as of December 31, 2025, these were achieved in a proportion of 99.58%. Structurally, operating expenses were achieved at a rate of 99.58%, while financial expenses were achieved at a rate of 66.94%.
Last month, interim transport minister Radu Miruță announced the launch of a large-scale inspection into Metrorex following initial checks, which revealed alleged financial irregularities, including hundreds of salaries exceeding the legal ceiling and penalties of millions of euros that were not collected.
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