• Revenues in the 2025 financial year stood at 618 million euros; EBITDA was positive by €0.6 million and EBITDA excluding extraordinary items was positive at €53.9 million.
• The difference between EBITDA and EBITDA excluding extraordinary items is the result of including the expenses arising from the adjustment of the Deutsche Bahn (DB) project and the agreement reached with the Los Angeles County Metropolitan Transportation Authority (LACMTA).
• The net result in 2025, the last year before the start of a new stage with a new shareholding in the company, closed with losses of 100 million euros, which represents an improvement of 6.7% as compared to the 2024 financial year, which closed with losses of 107.9 million euros.
• Financial debt stands at €394 million at the end of 2025.
• At the end of the 2025 financial year, the order book was 4,466 million euros, and is currently at an all-time high with a volume of close to 6,000 million euros.
• A new stage begins, with new shareholders in the company, and with expected revenues of c.750 million euros in 2026.
• The company is confident that the good commercial evolution will continue in 2026, and for this reason it has begun the process of expanding its team hiring 200 people throughout this year.

Álava, 27 February 2026.

Talgo S.A., a leading company in the design, manufacture and maintenance of high-speed, lightweight rail vehicles, recorded a turnover of 618 million euros in 2025.

The 2025 financial year has been characterised by a net financial debt of €394 million, and on the other hand by the impact of the expenses arising from the adjustment of the Deutsche Bahn (DB) project and the agreement reached with the Los Angeles County Metropolitan Transportation Authority (LACMTA).

In this context of adjustment of certain projects, Talgo has recorded an Ebitda of 0.6 million euros, but it should be noted that EBITDA excluding extraordinary items has been of 53.9 million euros.

The net result in 2025, the last year before the start of a new stage with a new shareholding in the company, closed with losses of 100 million euros, which represents an improvement of 6.7% compared to the 2024 financial year, which closed with losses of 107.9 million euros.

Capital Operation and Financing

At the end of 2025, along with the entry of the new shareholders, Talgo strengthened its equity situation and strengthened its financial capabilities. In this way, the company has been provided with sufficient resources to undertake the investments in working capital expected for the coming years, and thus adequately execute the project portfolio.

In December 2025, a new syndicated financing structure was formalized and a new line of guarantees was granted:

• CESCE tranche: financing of 650 million euros over 6 years (Term Loan) with an insurance policy for working capital loans by CESCE.
• Non-CESCE tranche: 5-year, €120 million working capital line (RCF).
• Guarantee line with partial CESCE coverage for an amount of 500 million euros.

Likewise, in December 2025, contributions of own funds were made through the subscription and disbursement of a capital increase amounting to €45 million (SEPI) and the issuance of bonds convertible into shares amounting to €105 million (SEPI and other investors), thus contributing to a substantial improvement in financial capacity and significant asset strengthening.

Strong order book

Talgo has closed 2025 with a solid order book of 4,446 million euros, and which in 2026 is already close to 6,000 million euros after the recent formalisation of the Saudi Arabia contract.

The significant commercial momentum recorded consolidates the presence in strategic markets such as Europe and the Middle East, guarantees industrial visibility for the coming years and ensures a base of recurring activity in maintenance.  Most of the new orders correspond to extensions of current contracts, and to orders on already developed platforms, which will translate in significant efficiencies in production, lower technical risk, and will also consolidate the Talgo technology presence both in existing and new markets.

The company continues to expand its technology in strategic markets, becoming a benchmark in the intercity market of more than 200 km/h.

Among the main milestones in the area of business development are:

1. FlixTrain has formalized the award of an order for the manufacture and maintenance of up to 65 trains worth up to 2400 million euros, with a first firm order close to 1100 million euros, thus giving Talgo access to the segment of European private operators, and strengthening its presence in Central Europe with a portfolio of up to 141 trains of the intercity platform, with associated maintenance contracts.
2. In February 2026, the contract awarded by SAR (Saudi Arabia) to the SSTPC consortium was formalised: Talgo will manufacture 20 Very High Speed trains, and will provide maintenance services for the entire fleet until 2038.
3. This solid commercial evolution provides high industrial visibility for the coming years and consolidates Talgo’s position in the railway market, with its technology certified and operating in the main European countries, the Middle East and North Africa.

Outlook in 2026

Talgo begins a new stage and the outlook for 2026 reflects a record level of industrial activity, boosting revenues to a level of approximately 750 million euros. EBITDA is expected to reach margins of around 8%, incorporating new contracts aligned with the strategy of improving margins, cash flow and indexation, based on product platforms, and incorporating associated maintenance contracts, while debt is expected to remain at a high level, in line with the level of working capital invested in ongoing projects.

In addition, the company is confident that the good commercial momentum will continue in 2026, boosting the portfolio of intercity and high-speed train projects.

In this context, work is being done on potential opportunities for the next two years with a volume of 7,900 million euros. European countries are the main target market with more than 60% of the current opportunities in the long-distance and high-speed segment, where recently developed technologies are positioned as references in their market segments.

For all these reasons, the process of expanding the human team has begun with the hiring of 200 people in 2026.

The challenges for the coming years are very important:

1. To take part in the 2nd phase of high-speed rail market liberalisation in Spain.
2. To take part in next Renfe tenders, to overcome current fleet size constraints.
3. To develop the new high-speed train for the 2030s: more energy-efficient, able to run at 350 km/h, perfectly integrated into the environment, and matching the new passenger demands. This new platform, which will be the successor to the Avril, will require a huge effort in development and innovation.
4. To take part in the deployment of high-speed rail in Eastern Europe, and in particular in countries such as Poland.

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-speed 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 market.

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