• The evolution of manufacturing projects and maintenance services, along with the commercial success of the first half of the year, allow Talgo to confirm its outlook for 2026 and to make progress in achieving the objectives.

• Turnover in the first half of the year reached €375.8 million driven mainly by a growing manufacturing activity and will continue to increase in line with the execution of projects and new contract awards.

• Turnover increased by 39.1% as compared to the same period of the FY2025, up from €270.1 million.

• EBITDA has also grown to €31.7 million, with a resulting margin of 8.4%. Excluding extraordinary items, EBITDA would have amounted to €34.9 million with a resulting margin of 9.3%.

• Talgo has already exceeded the volume of contract awards planned for the entire FY2026 with new orders worth €2,149 million and a record backlog of €6,239 million.

 

Rivabellosa, July 21, 2026. Talgo continues to advance at a good pace and with firm steps to meet the objectives set for this year, as confirmed by quarterly financial information presented earlier today.

The company achieved a revenue of €375.8 million in the first half of the year, which represents an increase of 39.1% as compared to the same period in 2025, when it reached 270.1 million euros.

The evolution of manufacturing projects and maintenance services, together with an upward trend in the first half of the year, have all allowed Talgo to confirm its outlook for 2026 and the fulfilment of its objectives.

In this context of increased industrial activity, EBITDA had a positive evolution reaching €31.7 million (in the first quarter it was 9.8 million euros), with a resulting margin of 8.4% -above the average forecast announced for 2026 of around 8%. Excluding extraordinary items, EBITDA would have amounted to €34.9 million, with a resulting margin of 9.3%.

Net financial debt stands at €496.9 million, and the company maintains its 2026 outlook to set Net Financial Debt-EBITDA ratio at 5.5x.

Talgo’s Chairman, Jose Antonio Jainaga, stated that “we continue to take firm steps in our commitment to meet the objectives of the fiscal year in this new era at Talgo, focusing mainly on industrial activity, order deliveries and the search for new commercial opportunities”.

As for the outlook for this year, Talgo aims to achieve a revenue between €700 and €800 million and contract awards worth €1,500-€2,000 million euros, a level it has already reached during the first half of the year.

 

Deliveries and new orders

The evolution of industrial activity has made it possible to reach significant milestones in Talgo’s main projects: the delivery of the train compositions associated with the additional orders from DSB (Denmark); the delivery according to schedule of several trains of the contract with DB (Germany); and the continuation of the manufacturing process of the first units of the Flix project (Germany).

Talgo’s technological success and commercial momentum during the first half of the year have both allowed to raise the orderbook to a new all-time high of €6,239 million, with new awards worth €2,149 million, and commercial opportunities of €13,600 million over the next two years. These opportunities are driven by strong demand in markets where Talgo has demonstrated its technological capacity, especially in Europe; long-distance solutions that are highly valued for their accessibility and energy efficiency, and the flexibility and versatility Talgo platforms have to meeting different customer needs.

In the first half of the year SAR (Saudi Arabia Railways) awarded a project to manufacture 20 Very High Speed trains and maintenance activity for a total amount of €1,332 million. In Uzbekistan, UTY awarded Talgo the maintenance services of its 6 Talgo trains for 10 years, for nearly €80 million euros. In addition, Trafikverket (Sweden) awarded Talgo a new long-distance contract in Europe, with a first firm order for the supply of day and night trains from the Talgo 230 platform, along with their maintenance for 10 years and worth €756 million.

Earlier this month, Renfe and Talgo closed an essential agreement on the Avril S106 Very High- Speed project. This agreement addresses, among other matters, the upgrade of the 15 fixed track-gauge units into variable track-gauge trains, the planning of the final reception of the trains, the treatment of penalties for delays in their delivery, and improvements in the maintenance contract favouring Tarvia, a Renfe-Talgo JV.

About Talgo

Talgo is the leading company in the design, manufacture and maintenance of high-speed, lightweight trains with an industrial presence, among other countries: in Spain, Germany, Denmark, Kazakhstan, Uzbekistan, Saudi Arabia, Egypt and the United States. The company is recognized globally for its innovation capability, distinctive unique technology, and reliability.

Talgo is Renfe’s main supplier of high and very high-speed trains, and the train supplier in the very high-speed project for the “Haramain” railway line between Mecca and Medina, in Saudi Arabia. Talgo is also the manufacturer chosen by the German operator Deutsche Bahn and the Danish operator DSB to decarbonise their mobility with Talgo 230 long-distance trains, and by the giant Flix to become the first private operator in the European cross-border market.

 

 

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Maite Gutiérrez Álvaro
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