• The order book exceeds 4,000 million euros, with significant opportunities worth more than 11,000 million, which confirms the confidence of customers in Talgo and in its capacity for the coming years.
• Recorded EBITDA was 13.6 million euros in a complex environment, with fewer kilometres travelled and maintained in Renfe Series 102/112 trains and the decrease of manufacturing activity due to the challenges of ongoing projects.

Talgo achieved revenues of 154.3 million euros in the first quarter of the 2025 financial year and an EBITDA of 13.6 million euros.

Talgo closed the period with an order book of more than 4 billion euros, and additional opportunities worth more than 11 billion euros, with tenders already delivered worth 5.8 billion euros. With this portfolio, the company is expected to continue strengthening its order book and consolidating its technology in international markets as a reference to address the processes of decarbonization of global transport.

It should be noted that Talgo Avril stands out for its technology initially developed and marketed in Spain through the project for the manufacturing of 30 Very High-Speed trains for Renfe, of which 27 have already been delivered and are currently in commercial operation, having achievedduring Q1-2025 and after about a year of commissioning,  high levels of reliability and availability, at the level of expectations. The Talgo 230 has, for its part, a technology developed ad-hoc for the railway operator DB (Germany) and for DSB (Denmark), whose first units are scheduled to enter service during the second half of the year.

The environment in the first three months of the year can be considered complex, with a decrease of manufacturing activity due to the challenges of ongoing projects, and the drop in the number of kilometres covered by Renfe Series 102/112 train fleet, whose maintenance is carried out by Talgo. In addition, there were higher amortisation expenses as a result of the investments made in past years to develop the Talgo Avril and Talgo 230 platforms, and an increase in financial expenses, which led to a negative result of 7.1 million euros during the period.

Talgo has decided to temporarily withdraw the guidance for 2025 (now “on hold”) due to the difficulty of accurately estimating the main magnitudes of the business, as a result of an ongoing negotiation process with Deutsche Bahn regarding a potential modification of scope in the manufacturing project of 79 Talgo 230 trains, and the capital structure -currently in a transition process.

As for maintenance activities, they account for around 50% of the order book through long-term projects in different countries, and drive stability and provide reliable cash flow, while expanding the installed base with new deliveries.

About Talgo

Talgo is a leader in the design, manufacture and maintenance of high-speed and intercity trains, with industrial presence in Spain, Germany, Denmark, Saudi Arabia, Egypt, Kazakhstan, Uzbekistan and the United States. Recognised worldwide for its capacity for innovation, unique and distinctive technology and reliability, the company has a team of more than 3,500 people in 11 countries.

Talgo is the main supplier of high-speed and very high-speed trains to Renfe, and the supplier of trains for the “Haramain” project between Mecca and Medina in Saudi Arabia. Talgo is also the manufacturer chosen by state-run companies in Germany and Denmark to decarbonise their mobility with up to 100 and 16 Talgo 230 Intercity trains, respectively.

VK Comunicación

Virginia Knörr Barandiaran

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E-mail: virginia@vkcomunicacion.comn