• The backlog reached an all-time high of 4,967 million euros, mainly due to the new contract awarded to Talgo by Flixtrain for the manufacture of 65 Talgo 230 trainsets with a firm order for 30 trainsets and their maintenance for 15 years.
• The trains for Denmark are already homologated, and in the case of the ICE L in Germany, reception has also begun. In October, an official presentation of the Talgo 230 will be held in Berlin.
• Talgo and Deutsche Bahn are in talks to reduce the ICE L fleet to be supplied by Talgo from 79 to 60 units, through a Settlement Agreement which would adjust the new fleet size and would include agreements regarding maintenance and the rescheduling of the ICE L project deliveries, among others.
• This reduction and the agreement to end the legal proceedings in Los Angeles have led to a negative adjustment in EBITDA for the period of 40 million euros.

Talgo S.A., a leading company in the design, manufacture and maintenance of high-speed, lightweight trains, has obtained revenues of 270.1 million euros in the first half of the year. Revenues would have amounted to €307.6 million without the adjustment for the potential reduction in scope in the ICE L project, recorded as lower income in the period.

The backlog reaches an all-time high of 4,967 million euros due to the new contract awarded by Flixtrain for the manufacture of up to 65 units, with an initial firm order for 30 Talgo 230 trainsets and their maintenance for 15 years.  Considering awarded projects pending conditions prior to their formalisation, the backlog would amount to more than 7,000 million euros.

The trains for DB (Germany) and DSB (Denmark) are already homologated and in the case of the project for the DB, the reception has already begun. An official presentation of the Talgo 230 will be held by Deutsche Bahn (DB) in Berlin, in October 17.

Both companies are currently in talks to reduce the ICE L fleet to be supplied by Talgo from 79 to 60 units.

The two parties expect to formalize this new scope in the next months through a comprehensive Settlement Agreement, under negotiation in this moment, which would adjust the new fleet quantity and would include agreements regarding maintenance and the rescheduling of the ICE L project deliveries, among others.

This decision, and the agreement to end the court proceedings in Los Angeles have had a negative impact on EBITDA and net profit. During the first half of 2025, an EBITDA of €-16.5 was recognized. Without the negative effects of the two issues, EBITDA would have been positive, up to 23.4 million euros.

Talgo is undergoing changes in its shareholding and it is expected that an investment consortium will acquire 29.8% of the stake currently held by Pegaso Transportation International.

At the same time, the company is, on the one hand, in the process of strengthening equity with a capital increase to be subscribed by SEPI and the issuance of convertible bonds to be subscribed by SEPI and other investors for a combined volume of 150 million euros, and on the other hand, a financial strengthening process with the definition of a new financing structure of 650 million euros with CESCE coverage and a line of credit of 120 million euros, in addition to a line of guarantees of 500 million euros also with CESCE coverage. These operations are expected to be submitted to the General Shareholders’ Meeting and subsequently formalized before the end of the year.

About Talgo

Talgo is the leading company in the design, manufacture and maintenance of high-speed light rail 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 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, the Danish operator DSB and the private giant Flix to decarbonise long-distance mobility with Talgo 230 trains. These trains will run through Germany, Denmark, the Netherlands and Austria, among others.

VK Communication

Virginia Knörr Barandiaran
Phone: 944 01 53 06 – Mobile: 629 15 60 31
E-mail: virginia@vkcomunicacion.comn

Maite Gutiérrez Álvaro
Phone: 639 197 133
maite@vkcomunicacion.com