Board of Directors

It is the highest management and representation body of the Company, configured as a supervisory and control body. It is composed of a minimum of five and a maximum of fifteen members, who will be appointed or ratified by the General Shareholders’ Board as regulated by the Bylaws and the Regulations of the Board of Directors.

Mr. Jose Antonio Jainaga Gómez (Proprietary)

Mr. Jainaga is Chairman of Talgo since his appointment in January 2026.

Mr. Jainaga is also currently Chairman of Sidenor, a company he joined in 1998 as Managing Director, which at that time was owned by a group of Basque investors. Subsequently, in 2005, Sidenor was sold to Gerdau, a Brazilian steel group. From 2005 to 2016, Mr. Jose Antonio Jainaga held the position of Chief Executive Officer. In 2016, he acquired the Brazilian multinational’s subsidiary in Europe through a management buyout, assuming the presidency of Sidenor since then. Previously, Mr. Jainaga worked in the nuclear division of the Sener group and held the positions of Executive Vice President and General Manager for Europe of the passenger car tire business at the French multinational Michelin. He has also been president of the Spanish Association of Energy-Intensive Companies (AEGE) between 2021 and 2025.

He is also the founder and Chairman of the Mirai industrial corporation, through which he acquires industrial companies in different sectors with the aim of strengthening and promoting their growth.

Industrial Engineer from the Escuela Técnica Superior de Ingenieros Industriales de Bilbao, Mr. Jainaga has been a director of Cadenas Vicinay (2006-2016) and Dos Grados Capital (2018-2022) and is currently Vice President of the Association for Management Progress (APD Norte) and a director of Teknia.

• Category: Proprietary
• In Talgo: Chairman and Member of the Strategy and Sustainability Committee
• Shareholding in Talgo: 10,534,569

Mr. Antonio Oporto del Olmo (Independent)

Mr. Oporto del Olmo has been a Member of the Board of Directors of the European Bank for Reconstruction and Development (EBRD) in London, chairing the Committee on Budgets and Administration and the Committee on Operations and Financial Rules, he was also a member of its Audit Committee. Additionally, he has been a board member in other public and private companies, among which the Spanish Arab Bank, Compañía Sevillana de Electricidad, ACS / Dragados, Eolia, Carboex and Talgo (during the years 2012 to 2013). In addition, Mr. Oporto del Olmo was General Secretary of the Círculo de Empresarios, CEO of Corporación Llorente and Chairman of Alstom Spain. He was also a director of the SEPI/INI public group, forming part of the Executive Committee as Commercial and International Relations Director. Mr. Oporto del Olmo held a position in the Ministry of Economy and Finance of Spain after joining the Corps of Commercial Technicians and State Economists, and has been a part-time professor at the University of the Witwatersrand (Johannesburg) and Professor of Economic Theory at the Universidad de Málaga. He is also Knight of the Order of Merit of the French Republic and has been Protector of the Royal Academy of the History of Spain, regular member of the Washington Corporate Circle of Stanford University, member of the Economic and Social Council of the Kingdom of Spain, member of the Energy and Transport Advisory Board of the European Commission and patron of the COTEC Foundation (Spain and Technology).

Mr. Oporto del Olmo has a degree in Economics from the Universidad de Málaga, is a State Commercial Technician and has a diploma in international business from the Wharton Business School, and a doctorate in economic and business sciences with Cum Laude qualification from the Universidad de Málaga. He has also completed a seminar on international economics at Harvard University.

• Category: Independent
• In Talgo: Chairman of the Strategy and Sustainability Committee
• Shareholding in Talgo: –

Ms. Maite Echarri López (Proprietary)

Ms. Maite Echarri is currently the Chief Financial Officer, IT and Information Security Officer, as well as Head of Procurement, at Sidenor, where she has worked since 2012 and is a member of the company’s Executive Committee. Ms. Echarri is also Chief Financial Officer of the Mirai investment and business development project. In 1992, she began her professional career at the consulting firm Andersen Consulting-Accenture, where she worked until 1996 as a manager. In 2003, she joined CIE Automotive as Controller of the Steel Division and from 2008 to 2012 she held the position of Chief Financial Officer at GHK – Consorcio de Residuos de Guipúzcoa.

She holds a degree in Economics and Business Studies from the Universidad de Deusto, specializing in finance, and completed her training at the École Des Hautes études de Commerce du Nord (EDHEC) in Lille. She is certified by IE Business School in the Advance Management Program and is also certified as an ESG Sustainability Analyst @CESGA by the European Federation of Financial Analysts Societies.

She also has teaching experience as a professor in the Executive Financial Management Program at the Universidad de Deusto.

• Category: Proprietary
• In Talgo: Member of the Appointments and Remuneration Committee and Member of the Audit Committee
• Shareholding in Talgo: –

Mr. Juan Antonio Sánchez Corchero (Proprietary)

Mr. Juan Antonio Sánchez Corchero is a renowned professional in the field of vocational training, with over thirty years of professional experience, focusing on training future workers and promoting new talent in the business sector. Mr. Sánchez Corchero currently holds the position of President of Grupo Aspasia, a leading vocational training group. He is also Managing Director of Instituto Europa, a center that forms part of Grupo Aspasia, where he began his professional career in 1991. At the same time, since 2007, Mr. Sánchez has been CEO of Grupo Autocaravanas Norte.

Mr. Sánchez is also a member of various governing bodies, including: i) Vice President and member of the Executive Committee of CEPYME (Spanish Confederation of Small and Medium-Sized Enterprises); ii) President of the Vocational Training Committee and member of the Board of Directors of CEOE (Spanish Confederation of Business Organizations); iii) Vice President and member of the Executive Committee and Plenary of the Chamber of Commerce, Industry and Services of Álava; iv) President of AEGEF (Spanish Association of Large Training Companies); v) Vice President and member of the Executive Committee of Confebask (Basque Business Confederation); and vi) President of SEA Empresas Alavesas since 2024.

With a degree in Education from the Universidad del País Vasco (UPV/EHU), an Official University Master’s Degree in Occupational Risk Prevention from the Universidad de Francisco de Vitoria and an Executive MBA from Instituto Superior de Formación y Empresa, Mr. Sánchez is a Security Director by the Universidad Antonio Nebrija and a professor authorized by the Spanish Ministry of Interior.

• Category: Proprietary
• In Talgo: Member of the Strategy and Sustainability Committee
• Shareholding in Talgo: –

Ms. Aránzazu Estefanía Larrañaga (Independent)

Ms. Aránzazu Estefanía Larrañaga has nearly 30 years of experience as a lawyer in the fields of commercial, procedural and criminal law. In particular, she specializes in compliance and criminal risk prevention, as well as environmental and safety concerns.

In 2000, Ms. Estefanía joined the law firm Uría Menéndez Abogados, S.L.P., where she held various positions of increasing responsibility until January 2019, including the following: i) Director of the Practical Area of Procedural, Public, Arbitration and Criminal Law; ii) Member of the Board of Directors, the Professional Practice Management Committee and the Criminal Risk Prevention Committee; and iii) Managing Partner of the Firm.

In addition, since 2019 she has been an Independent Director of Repsol, S.A., where she is a member of the Sustainability Committee and the Remuneration Committee. Since 2020, she has been an Independent Director of CIE Automotive, S.A., where she assumed the position of Coordinating Director in 2021, chairs the Appointments and Remuneration Committee, and is a member of the Audit and Compliance Committee and the Sustainability Committee. Also, since 2020, she has been an Independent Director of Global Dominion Access, S.A. and a member of its Audit and Compliance Committee and its Sustainability Committee.

Graduated in Law with First Class Honors at the Universidad de Deusto, winning the Award for Excellence in Academic Career, she has given numerous lectures on the criminal liability and compliance of legal entities and is the author of several publications in this field.

She also has teaching experience as an adjunct professor in the Department of Civil Law at the Universidad de Deusto.

• Category: Independent
• In Talgo: Chair of the Appointments and Remuneration Committee and Member of the Audit Committee
• Shareholding in Talgo: –

Mr. Ricardo Chocarro Melgosa (Independent)

Mr. Ricardo Chocarro Melgosa has nearly 30 years of professional experience in high-tech sectors, especially in aeronautics and renewable energies.

In 1996, he began his professional career at the consulting firm Andersen Consulting, S.A., where he led industrial systems transformation and SAP implementation projects in companies in the industrial sector. Between 1999 and 2017, he held various positions at Gamesa Corporación Tecnológica, S.A., reaching the positions of Managing Director of Made Tecnologías Renovables, S.A. between 2007 and 2009, Managing Director of Operations at Gamesa between 2010 and 2013, and CEO for the Europe, Middle East and Africa (EMEA) regions at Gamesa between 2013 and 2017. Subsequently, between July 2017 and October 2018, he was Chief Executive Officer of the Onshore business of Siemens Gamesa Renewable Energy. In 2019, he joined Aernnova Aerospace as Chief Operating Officer (CCO), responsible for Finance and Planning Control, M&A and diversification activities until October 2020, when he took on the position of Chief Executive Officer, which he held until December 2025.

Mr. Chocarro is also currently an independent director of Lontana Group and an advisor to the board of directors of Hine Group.

He holds a degree in Industrial Engineering from the Universidad de Navarra and has additionally completed the General Management Program at IESE Business School.

• Category: Independent
• In Talgo: Member of the Strategy and Sustainability Committee
• Shareholding in Talgo: –

Ms. Lorea Aristizabal Abasolo (Independent)

Ms. Lorea Aristizabal Abasolo is a member of the Steering Committee and Director of Corporate Development at CIE Automotive, where she has led the M&A Department and the Investor and Market Relations Department since 2014 and also the Marketing and Corporate Communications Department since 2016. From joining CIE Automotive in 2003 until 2012, Ms. Aristizabal worked in the Corporate Finance Department and as a controller in the European Operations Division.  Before joining CIE Automotive, she began her professional career at the National Electricity Commission (now CNMC) and Arthur Andersen (now Deloitte España, S.L.), focusing on the energy and communications sectors, performing financial auditing and company analysis functions from 1999 to 2003. Ms. Aristizabal is also a member of the Board of Directors of SERNAUTO (Spanish Association of Automotive Suppliers).

With a degree in Business Administration and Management, a Master’s degree in Knowledge Management and a Higher Course in Management (Business Administration) from the Universidad de Deusto, Ms. Lorea Aristizabal is certified as an ESG Sustainability Analyst @CESGA and has completed an Executive to Board Member Transition Program at Esade Business School and the Board in Progress Program by Deloitte.

She also has teaching experience as a professor on the Executive Master in Business Administration at the Universidad de Deusto and in training sessions for executives at the Bespoke School of Finance.

• Category: Independent
• In Talgo: Chair of the Audit Committee
• Shareholding in Talgo: –

Mr. Tomás Olano Uscola (Independent)

Mr. Tomás Olano is a professional with over thirty-five years of experience in leading complex organizations, operational optimization, business growth and international expansion.

Mr. Tomás Olano Uscola began his career in 1982 and has held the positions of Traffic Director at CAVEXSA between 1982 and 1987, Transport and Logistics Director at ACENOR, S.A. (now SIDENOR) between 1987 and 1990, Director of Traffic at Yanke Hermanos, S.A. between 1990 and 1992, and Managing Director of Editorial Iparraguirre between 1992 and 1997. In 1997, he founded Operadora Logística de Tránsitos Internacionales, S.L., serving as sole administrator and shareholder until its sale to the Bergé Group in 2007. Following this transaction, Mr. Olano joined the Bergé Group as Chief Executive Officer of Bergé Logística, S.L., a position he held between 2007 and 2023.

Mr. Olano currently serves as a director on various administrative bodies, including: i) Bergé Infraestructuras y Servicios Logísticos, S.L.; ii) Bergé Marítima Bilbao, S.L.; iii) Punta Sollana, S.L.; iv) Transportes Intermodales del Noroeste, S.L.; and v) Mediasal 2000. Mr. Tomás Olano also holds various institutional and representative positions, being currently a member of the Plenary of the Bilbao Chamber of Commerce, Industry and Navigation, a member of the Bilbao Bonded Warehouse, and a member of the Board of Trustees of the Bilbao Fine Arts Museum.

With a degree in Law from the Universidad de Deusto and a Master’s degree in Business Administration from the Deusto Business School (INSIDE), he has specialized training in international transport and logistics.

• Category: Independent
• In Talgo: Member of the Appointments and Remuneration Committee
• Shareholding in Talgo: 37,800

Secretary non-director: Mr. Francisco Javier Gómez Domínguez

Deputy Secretary non-director: Mr. Miguel Pérez López