3.1
Sustainability management
In an increasingly demanding global context in terms of environmental, social and governance (ESG), Talgo reinforces its commitment to a sustainable, innovative and responsible business model. Sustainability is integrated not only as a cross-cutting value, but also as a strategic pillar guiding decision-making, risk management and the design of products and services.
The year 2024 has once again been a key year in advancing and consolidating corporate sustainability, with the following milestones standing out:
- Development of the "First strategic stakeholder engagement project".
- Performance of a Double Materiality Assessment.
- Design, implementation and certification of the sustainable procurement system and responsible supply chain under ISO 20400.
- Achieving a score of 68, Silver rating, according to EcoVadis, representing an improvement of over 90% from our initial score four years ago.
The three-year period of Talgo's Sustainability and Responsibility Strategic Plan (2022-2024) came to an end in 2024. The next Sustainability Master Strategic Plan will build on the materiality assessment conducted in 2024, which has identified impacts, risks and opportunities to guide future strategy.
Full and detailed information is available in the 2024 Sustainability Report.
Talgo concludes its Strategic Sustainability Plan 2022–2024 with key advances in governance, double materiality assessment, and sustainable procurement.
Sustainability is integrated into corporate decision-making with a robust governance model.
Sustainability is integrated into corporate decision-making with a robust governance model.
During 2024, Talgo has strengthened its sustainability performance, as reflected in various external evaluations and recognitions:
ISO 26000: it reached 98% compliance with the principles and 94% with the core areas of social responsibility, as verified by its biennial external audit.
EcoVadis: achieving a score of 68/100, it placed itself among the 15% most responsible companies in the railway sector and within the top 9% of the locomotive and rolling stock manufacturing subsector.
MERCO ESG: Talgo secured the 132nd position in the overall reputation ranking and 6th position within the Spanish industrial sector, becoming the top-ranked railway company in both ratings.
Informe Reporta (Quum): it occupied the 35th in information quality with 62.7 points, being the best in the locomotive and rolling stock manufacturing subsector, particularly excelling in transparency and accessibility.
Sustainalytics: sustains a Medium Risk rating in its assessment of unmanaged ESG risks, showing an improvement in exposure and management indicators.
3.2
Environmental Impact
Talgo incorporates environmental commitment as an essential part of its corporate strategy, adopting a proactive approach to managing its impacts and promoting more sustainable mobility.
Dispone de una Environmental Policy that outlines the four pillars underpinning the organization's environmental management approach. The company also has a Strategic Environmental Plan in place that addresses the main current and future effects on the environment resulting from the organization's activities.
Environmental Management System
Talgo's Environmental Management System is certified in accordance with the UNE-EN ISO 14001 standard since 2003, demonstrating its commitment to environmental care from a life-cycle perspective for all the activities carried out by the organization (design, manufacture and maintenance of trains) in Spain.
Talgo plays a key role in sustainable mobility, both nationally and internationally, thanks to the manufacturing and marketing of 100% electric trains, that are highly efficient and designed to reduce emissions in the railway sector. This commitment to the decarbonization of transportation positions the company as a major actor in the fight against climate change.
Carbon footprint
Sin embargo, durante el desarrollo de su actividad, Talgo genera una serie de gases de efecto invernadero que han de ser monitorizados y reducidos en la medida de lo posible.
En 2024, las emisiones totales ascendieron a 63.803 t CO₂eq, un aumento del 41% frente a 2023, debido a una mejora en la precisión del cálculo, especialmente en residuos y transporte de materiales.
Cabe destacar que el Grupo Talgo, cuenta con unas emisiones nulas de Alcance 2 para sus fábricas en España gracias a la adquisición de energía 100% renovable certificada a partir de las correspondientes Garantías de Origen (GdO) renovable, evitando así la emisión de más de 2.500 toneladas de CO2 into the atmosphere.
Talgo promotes the circular economy by applying eco-design principles, using highly recyclable and recoverable materials.
Through eco-design, Talgo prioritizes the reduction in the use of raw materials. This is achieved by optimizing the weight of parts, using recycled materials instead of natural resources and encouraging the reuse of components through new applications.
Another key aspect of Talgo's circular economy is the improvement in the management of waste generated during manufacturing and maintenance processes. The company is committed to the recycling and recovery of both hazardous and non-hazardous waste, thus contributing to reducing its environmental impact.
Talgo's Strategic Plan includes the objective of progressively reducing the amount of waste sent to landfill or incineration. The goal is clear: to attain Zero Waste certification in the short term.
Talgo has implemented an electricity supply management strategy aligned with our decarbonization objectives while ensuring stability, resilience and economic efficiency. Among the relevant actions are:
- Procurement of certified renewable energy with Guarantees of Origin (GoO).
- Installation of solar panels.
- Assessment of clean technologies to replace fossil fuels in conventional trains.
The following are the energy consumption data, specifying the type of fuel used:
Water consumption
Although Talgo's activity is not water-intensive - water being primarily used for domestic purposes and, in certain production facilities, for cooling or watertightness testing of the vehicles produced - the company remains fully aware of the importance of preserving and using this resource responsibly.
For this reason, it promotes its rational use and reuse through recirculation circuits and ensures that the facilities are properly maintained to guarantee their optimal operation and the absence of leaks.
Talgo is committed to the care and protection of biodiversity. To this end, through its environmental management system, it applies strict operational control and preventive measures to reduce the impact of its activities on the natural environment and ecosystems, ultimately protecting biodiversity.
Talgo’s management system identifies and evaluates the environmental aspects and their impacts for each of Talgo's centers, taking into account the characteristics of the surrounding environment.
3.3
Employee welfare and talent management
Talgo maintains a strong commitment to talent as the strategic cornerstone of its business model. This approach takes shape through a people management strategy aligned with corporate values and focused on fostering occupational health and safety, equality and inclusion, and the nurturing of talent in all its dimensions.
The pay gap in the Talgo Group stands at -11.03%, meaning that, on average, women earn an hourly wage than exceeds that of men by that percentage.
This result, which includes Senior Management, responds to a combination of factors: the greater presence of women in highly qualified positions, which entail a higher hourly cost, and a lower proportion of women in the workforce, due to the industrial profile of the sector in which Talgo operates.
Likewise, Talgo's minimum salary exceeds the minimum wage (SMI) in 2024 in all countries, with the difference in almost every country being over 20%.
The Talgo Group acknowledges that achieving a balance between work, personal and family life is a key factor for the well-being of its workforce and for the sustainable development of its business. Therefore, it actively promotes measures that facilitate a genuine balance between these areas, favoring the holistic growth of individuals.
Talgo implement flexible work arrangements, making the following measures available to the employees:
- Flexible start and end times, as well as reduced working hours during the summer months for corporate offices.
- Subsidy of a portion of the cost of meals or equivalent allowance for employees with split shifts.
- Annual medical check-up and workplace vaccination campaigns.
- Private medical insurance coverage for international travel.
- Supplement to reach 100% of an employee's salary for temporary disability.
- Availability of remote work for certain groups.
- Adaptation of working hours for workers who request it in order to balance their personal lives, provided they meet the established requirements.
During 2024, the Group has maintained its psychological, emotional and social care service for both employees and their families, further strengthening its focus on comprehensive personal care.
Digital disconnection
Talgo assumes its responsibility as an employer to protecting the rest time of its employees by guaranteeing the right to digital disconnection once the working day has ended. To this end, the company has a specific agreement on digital disconnection measures, applicable to all employees across all its centers.
Talgo works to ensure that its work centers are safe environments by establishing a systematic risk detection and assessment system, as well as planning preventive measures and safety inspections for their mitigation and/or elimination. The Talgo brand as a safe company is an element that is highly valued by its employees, not only for their physical health, but also for their emotional well-being and sense of belonging.
With operations in multiple countries and diverse cultural contexts, Talgo applies a homogeneous occupational risk prevention policy across all its centers, ensuring an equivalent level of safety for all personnel, regardless of their location.
Talgo is certified under ISO 45001: Occupational Health and Safety Management, which clearly establishes the roles and responsibilities in occupational risk prevention and the necessary means according to the nature of the organization, to ensure compliance with legal obligations and promote a continuous improvement approach, through the establishment of health and safety objectives and performance indicators.
It should be noted that, unlike in 2023, in which Tarvia's activity was not included in the accident data, in 2024 this data has been taken into account. During this period, there has been an increase in accident rates in both manufacturing and maintenance activities. This increase is mainly associated with out-of-flow works during the manufacturing phase and with works at clients' facilities, which have affected the normal development of the maintenance activity.
Talgo consolidates a solid preventive safety culture, endorsed by ISO 45001 certification.
The company designs and implements training programs tailored to the individual and collective needs of its workforce, with the aim of boosting their professional growth and competently address business challenges. Each year, a Training Plan is drawn up based on the systematic identification of training needs. During 2024, a total of 157,065 training hours were delivered.
Talgo is firmly committed to equal opportunities, non-discrimination and the strong advocacy for diversity throughout all levels of the organization. This commitment is materialized through its Equality Policy, which is implemented, reviewed and monitored through the current Equality Plan (2023-2027) and the protocols for prevention and response to workplace and gender-based harassment.
Through its Equality Policy, Talgo is committed to:
- Ensure non-discrimination among all its professionals in all people processes.
- Develop, promote and maintain a culture of diversity, equality and non-discrimination.
- Establish procedures for reporting any behavior that could be considered abuse, discrimination and/or harassment.
- Promote continuous staff training to foster a culture based on diversity, equality and non-discrimination.
- Create a respectful and equitable workplace environment.
- Encourage the use of transparent and inclusive communication.
Inclusive employment
Talgo implements a series of measures to foster inclusive employment and to contribute to closing employment access gaps, particularly for women, such as:
- Sensitization and training on equal opportunities and non-discrimination.
- Regular monitoring of job postings in the different media in order to ensure the non-use of gender-coded language or images.
- Dissemination of a recruitment and selection best practices manual.
- Implementation of a selection process evaluation questionnaire for the company's new hires.
- Preparation of an onboarding manual on equality for new hires.
Women's leadership programs
As a result of Talgo's commitment to equality during 2024, the company has continued initiatives that enable participating women to develop their skills in the management and leadership, aimed at increasing the participation of women in leadership and decision-making roles:
- "Take the Lead", a mentoring and leadership program for women.
- “Engineer and Executive Women”, in collaboration with Nebrija University.
- "Mentoring of Excellence" program, within the project "Women and Engineering" with the Royal Academy of Engineering.
Diversity
As part of its commitment to a diverse and equitable culture, the company has renewed its adherence in 2024 to the Diversity Charter, promoted by the Diversity Foundation, as well as the "CEO for Diversity" initiative, which promotes forward-thinking business management driven by diversity, equity and inclusion.
Commitment to disability inclusion
Talgo's commitment to the integration of people with disabilities is carried out through direct hiring or collaboration with foundations and special employment centers that create job opportunities for people with disabilities. At the end of 2024, the Talgo Group employed 33 people with disability degree greater than 33%, of whom 8 are women and 25 are men.
Since 2007, in collaboration with the Adecco Foundation, Talgo has been developing the Family Plan, a support and guidance program for the of employees' family members with disabilities. In 2024, 25 people benefited from this plan.
Talgo promotes equality, diversity, and inclusion through a comprehensive plan and specific awareness-raising, training, and monitoring actions.
3.4
Sustainable procurement and responsible supply chain
Talgo recognizes the importance of improving the visibility, resilience and identifying vulnerabilities of the value chains (especially supply chains) in which it participates, collaborating to minimize risks related to labor, environment, ethics (particularly corruption and bribery) and human rights.
Throughout 2024, the Procurement Department promoted the implementation of a sustainable procurement and responsible supply chain management system, certified under ISO 20400 for sustainable procurement.
The backbone of this management system is the Sustainable Procurement, Suppliers and Responsible Supply Chain Policy.
In 2024, new KPIs have been added to the procurement sustainability indicators dashboard.
3.5
Contribution to society
Talgo Foundation
The Foundation was established in 2013 with the aim of contributing to addressing global and national challenges in the social sphere. All the information regarding its management and results are provided in its annual reports, which are available at fundaciontalgo.com.
In addition to the activities of its Foundation, Talgo organizes competitions, scholarships and technical training activities of high value to society.In addition to the activities of its Foundation, Talgo organizes competitions, scholarships and technical training activities of high value to society.
Boosting Innovation
With the aim of promoting R&D&I around the new trends shaping the future of the sector, the company has organized the Talgo Awards for Technological Innovation every year for more than twenty years now.
In 2024 in the XXI Edition the Talgo Award for Technological Innovation in the Railway Technology category went to the project "Vibroacoustic modeling and mitigation of running gear noise in railway systems", designed in Valencia by Víctor Andrés, José Martínez, Francisco Denia and Javier Fuenmayor. In the Mobility category, the innovation awarded was "Evix", a cervical airbag system for cyclists, presented by Marc Millet.
Promotion of training and education
As part of Talgo's commitment to training and education, the main lines of action during 2024 have been:
- Promotion of STEM careers.
- Promotion of railway and industrial vocational training.
- Talgo Chair, in collaboration with the School of Industrial Engineering of the Polytechnic University of Madrid.
- Granting scholarships for postgraduate training to young university students in collaboration with the Polytechnic University of Catalonia and the Pontifical University of Comillas.
- Collaboration with the Human Age Foundation, part of the Manpower Group.
- Celebration of the IX edition of the Welding Award.
Promoting equality, equity and diversity
With the aim of promoting equality, equity and diversity, Talgo has contributed to society through the following initiatives:
- Talgo Award for Professional Excellence for Women in Engineering.
- Talgo Award for the Relevance of Women in Vocational Training.
- Collaboration with the mentoring program of the Women and Engineering initiative of the Royal Academy of Engineering (RAI).
- Collaboration with the Adecco, Randstad and Prodis Foundations in the social and labor integration of people with disabilities.
- Awarding of scholarships in women's leadership programs.
Talgo's social contribution is articulated through its Foundation, and the promotion of innovation, training and diversity.
Main indicators
In 2024, Talgo has invested invested over half a million euros in more than 30 projects and 179 grants, dedicated to training and research in the rail industry sector.
Talgo's social contribution is articulated through its Foundation, and the promotion of innovation, training and diversity.
3.6
Clients and consumers
Talgo is a client-focused company that leverages technology to drive the development of products and services that enable its clients to achieve the highest standards of sustainability, competitiveness and resilience. Although Talgo's clients are the public or private administrations that purchase Talgo's products, the consumers and end users are the individuals who ultimately use or are intended to use the product or service, as well as people who work within it.
Talgo's policies and processes ensure that all professionals are committed to continuously improving the client and end-user experience. Among the most notable are the Commercial, Client and End-User Management Policy, the Fair Competition Policy and the Operational Safety Policy.
The 2024 Commercial, Customer and End User Management Policy has been updated, which establishes as its final objective that the relationship with customers and other stakeholders provides an appropriate framework to achieve their satisfaction, ensuring that their expectations and technical, economic and management needs are properly addressed, while also incorporating environmental, social and governance aspects.
Business developments in 2024
During 2024, Talgo continued consolidating markets and collaborating with existing clients. The order intake amounted to 619 million euros, highlighting the receipt of the train manufacturing order for ENR, new projects and upgrades of existing maintenance projects, and the expansion of the remodeling project in the USA (Metrolink).
In addition, on 27 May 2025, FlixTrain awarded Talgo a framework contract for the manufacture and maintenance of up to 65 Talgo 230 intercity trainsets for up to 2.4 billion euros, with a first firm order for 30 trainsets for approximately 1.1 billion euros. The first order includes the manufacture of 30 trains which will be supplied without locomotives (manufactured by a third party) and their maintenance for 15 years.
Claims and complaints
To manage client expectations, Talgo uses a control system to respond to and follow up on complaints and grievances.
3.7
Good governance
The operation of the company's highest governing bodies is detailed in the Regulations of the General Shareholders' Meeting and the Regulations of the Board of Directors.
General Shareholders’ Meeting
In accordance with the Articles of Association, it is the sovereign body of the company and has the power to decide on all matters vested in it by law or the Articles of Association.
In relation to the 2023 financial year, the Ordinary General Shareholder Meeting was held in person and electronically on 27 June 2024 on first call, in accordance with the regulations in force at the time of the meeting.
En relación con el ejercicio 2023, la reunión de la Junta General Ordinaria de Accionistas se celebró de forma presencial y telemática el 27 de junio de 2024 en primera convocatoria, al amparo de la normativa existente al momento de su celebración.
Board of Directors
It performs its duties with unity of purpose and independence of judgment, ensuring equal treatment to all shareholders who are in the same position, and is guided by the corporate interest, understood as a pursuit of a profitable and sustainable long-term business that promotes continuity, and sustainable development and maximisation of the Company's economic value.
The Board of Directors during 2024 was composed of 10 members who met 16 times.
Talgo's Board of Directors has three Committees, with their respective functions:
- Audit Committee (2024: 7 meetings)
- Appointments and Remuneration Committee (2024: 5 meetings)
- Strategy and Sustainability Committee (2024: 2 meetings)
Compliance Unit
In terms of ethics oversight, the Compliance Unit is responsible for ensuring and enforcing compliance with the Code of Ethics and any other Corporate Governance rules approved by the Talgo Group, including the Stock Market Code of Conduct. It is also the driving force behind the ethical business conduct.
It is a permanent body linked to the Board of Directors, which retains the function of supervising the Compliance Body and may request any reports or data it deems necessary. In turn, the Compliance Body also has the authority to oversee the adoption and implementation of the resolutions passed by the Board of Directors and its committees
Internal Audit
Managed through the Internal Audit department, the internal audit function operates under the governance of the Audit Committee and acts as the guarantor of internal control and compliance with the responsibilities of Talgo's various units. It also may escalate critical concerns to the highest governing body. Talgo conducts systematic and ongoing internal audits as set out in the Audit Plan. Significant deviations are fully resolved and the proposed recommendations are always implemented.
Business Conduct Policy
Talgo has a management model that ensures ethical business conduct. The Board of Directors is ultimately responsible for this model through the Audit Committee and the Compliance Unit.
This model has materialized in several policies and codes based on the Code of Ethics. The Code of Ethics sets out the ethical values, commitments, and best practices to be applied in managing the Group's activities. On the other hand, the Code of Ethics establishes standards for responsible behavior that all Talgo Group professionals and collaborators must follow, regardless of their hierarchical level, geographical location or functional area, or the Group companies for which they work. Talgo's Code of Ethics is published on its website.
Anti-Fraud and Anti-Corruption Policy
The Anti-Fraud and Anti-Corruption Policy is available on the company's website and applies to all executives and employees of Talgo and those companies directly or indirectly controlled by Talgo and other companies belonging to the Group, as well as its suppliers, agents, partners, contractors and, in general, any related parties.
This policy represents a permanent commitment to monitoring, risk control, and the sanctioning of fraudulent and corrupt acts in all their forms.
Talgo reinforces its commitment to good governance through a robust system of regulatory compliance, internal audit, ethics and anti-corruption policies.
Talgo establishes as one of the key pillars of its corporate sustainability the commitment, respect and protection of human rights in all its operations and business relationships across the value chain.
For their management, the company has defined two policies and a strategic protocol: the Corporate Human Rights Policy, approved in 2022; the Corporate Sustainability Due Diligence Policy, currently under approval, and the Corporate Sustainability Due Diligence Protocol with its two implementation cycles: "Due diligence" and "Attention and resolution of incidents and non-compliances".
The Compliance Unit is responsible for ensuring and enforcing compliance with human rights principles and applicable regulations. This framework includes the monitoring and protection of human rights.
The company reinforces its commitment to human rights through due diligence policies.
Talgo has set up a confidential Whistleblowing Line that allows for secure reporting of potential breaches of the Code of Conduct or current regulations. It is available to all stakeholders through Talgo's website and corporate intranet.
The company ensures the proper handling of whistleblowing and whistleblower protection, complying with the requirements established by Whistleblower Protection Act 2/2023 implementing EU Whistleblowing Directive 2019/1937.
3.8
Taxonomy
In accordance with the methodology proposed in the European green taxonomy, Talgo has assessed whether its activities are aligned with EU environmental objectives, i.e. it has verified that they comply with the technical criteria of substantial contribution to climate change mitigation , the principles of "Do No Significant Harm" (DNSH) and minimum social safeguards. [1]
Technical criteria of substantial contribution to climate change mitigation [2].
[1] The categories have been considered 3.3 Manufacture of low-carbon technologies for transport and 7.6. Installation, maintenance and repair of renewable energy technologies..
[2] In order to ensure the transparency of the analysis carried out, detailed information on the methodology followed and the results obtained are reported in the Non-Financial Information Statement for year 2024.