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Alvarez scored twice in the space of 12 second-half minutes as Atletico snapped Xabi Alonso's winning start to life with Los Blancos, and in some style.

The hosts went ahead in the 14th minute as Robin Le Normand rose above Aurelien Tchouameni to meet Giuliano Simeone's cross and score with a fine header.

Los Blancos soon dragged themselves level, though, as Arda Guder threaded a brilliant pass into the path of Kylian Mbappe, who coolly finished.

Guler then gave the visitors the lead after arriving late to guide a half-volley past Jan Oblak, after excellent work from Vinicius Junior.

Atletico thought it was back on level terms before the break but Clement Lenglet's effort from a corner was disallowed, as the defender was deemed to have handled it.

However, the hosts did equalise on the stroke of half-time through Alexander Sorloth's header, which left Thibaut Courtois stranded in the Madrid goal.

Then, it was time for the Alvarez show.

Diego Simeone's team was awarded a penalty as Nicolas Gonzalez was caught in the face by a high boot from Guler, with Alvarez duly putting away the spot-kick.

The Argentina international then sent a fabulous free-kick beyond Courtois in the 63rd minute, and as Madrid pressed for a way back into the contest, it was caught cold on the counter-attack as Antoine Griezmann slotted home in stoppage-time.

Atleti had endured a slow start to the campaign, but this was certainly its best performance of 2025-2026 so far.

Defeat meant Alonso failed to follow in the footsteps of Vanderlei Luxemburgo, who was the most recent Madrid boss to win his first seven games at the helm in LaLiga, in 2005.

"We didn't start well but this is ongoing," Alonso said after the match.

"We must draw conclusions, because this is ongoing. It's a deserved defeat.

"We lacked a gear. A defeat that hurts, yes."

Despite the setback, Alonso believes the humbling result could have a silver lining.

"Perhaps it will be beneficial for the future. We didn't start well in the duels, in the ball to space. We were too much like losers. The game didn't flow. A bad match overall, a deserved defeat," he acknowledged.

"The explanation is that we did not perform at our usual level. And it has to hurt, but it has to be a pain that we use positively.

"We lacked intensity and focus. How to counteract this better. We had an idea but we need to evaluate it further. We didn't compete enough, not at the level required for these matches, against these opponents. And we'll have to raise it."

Asked what had frustrated him most about the performance, Alonso said: "I could see that we weren't playing at our best and that we lacked rhythm and intensity."

But Alonso, who took over at Madrid in May when Carlo Ancelotti became Brazil's national team coach, urged patience and resilience from the fans.

"As part of the process of progress and development, there are going to be tough days. How we react is what matters. We're still in a phase of development," he said.