Talgo secures its financial stability and achieves a record order volume of €6.307 billion, focusing on Europe and Saudi Arabia.

STRATEGY AND INTERNATIONAL EXPANSION

Following the shareholding restructuring with the entry of SEPI and a Basque consortium, Talgo's new management team presented a record order book of €6.307 billion at its Annual General Meeting. The company, with a strengthened financial position, aims to double its production capacity by 2028 and expand into Central and Eastern Europe.

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The new directive of TalgoDuring its first Annual General Meeting, the company unveiled a record order backlog of €6.307 billion and a growth strategy. Following its financial and shareholder restructuring, the company plans to double its production capacity by the end of 2028, with a clear focus on international expansion.

In his first address as president of the company, he highlighted that the changes in the shareholding structure and the financial restructuring have provided Talgo of "the stability required to focus on the future with a long-term strategic vision."

Shareholder stability and financial solvency: the pillars of the new Talgo

President of Talgo He detailed the key moves that have strengthened the company. On December 17, 2025, the entry into the shareholding of the Consortium formed by Finkatuz (on behalf of the Gobierno Vasco), the banking foundation BBK, the banking foundation Vital and society Clerbil, together with the public company SEPI"These changes in shareholding represent a guarantee of stability and strength for Talgo", he claimed.

This new scenario has allowed for a significant strengthening of equity and finances. Through a capital increase and the subscription of convertible bonds, equity has increased by 150 millones de eurosIn addition, a syndicated financing structure has been finalized. 770 millones de euros and a line of guarantees of 500 millones de euros for international projects, which has partial coverage of CesceThe final agreement with Renfe by the project AvrilThe process, which will be completed in the coming weeks, will completely clear the financial horizon.

Table 1. Main financial figures of Talgo and forecasts for 2026.

Financial Metrics	2025 Results	2026 Forecast
Revenue	618,2 M€	> €700 billion
EBIT	0,6 M€	7,5% – 8,5% (margin)
Adjusted EBITDA (excluding extraordinary items)	53,9 M€	N/A
Net profit	~ -€100M	N/A
Net Financial Debt	394 M€	Net Debt/EBITDA Ratio ~5,5
Order Book	€4.466 billion (end of 2025)	€6.307M (June 2026)

A long-standing order book and international expansion as the driving force

Rafael Sterling, CEO TalgoHe described the current business situation as "one of the most brilliant in the company's history." The order backlog, which closed 2025 at €4.466 billion, has soared to a historic record of 6.307 billion nowadays.

The main contracts driving this figure are:

• Alemania: A contract with the private operator Flix Train for 65 Intercity trains Talgo 230, and the acceptance of the first units by the state operator Deutsche Bahn (DB), which already operate the Berlin – Cologne route.
• Dinamarca: Acceptance of the first trains by the operator DSB, which cover the Copenhagen – Hamburg route.
• Arabia Saudí: The Saudi government confirmed in February 2026 the purchase of 20 additional Very High Speed ​​trains.
• Suecia: Recent contract with Trafikverket for the supply of day and night trains to the platform Talgo 230.

According to SterlingThese contracts consolidate the Intercity platform Talgo 230, "which opens the doors to a new way of traveling through Europa"He highlighted the words of Evelyn PallaCEO DB, who described the technology as "a new approach to greater comfort and reliability for its passengers."

Strategy 2026-2030: Double capacity and conquer new markets

President of Talgo He announced an ambitious plan for the coming years, with two fundamental pillars. The first is an increase in the industrial capacity, with the aim of "doubling production capacity before the end of 2028" through investments in factories in Rivabellosa y Las MatasThis effort will be accompanied by a standardization of platforms to achieve economies of scale.

The second axis is the Talent managementThe company has already hired more than 200 people for production, but faces "significant difficulties in recruiting skilled professionals" in specialties such as painting and welding. It is also looking to increase its engineering capacity, a fundamental pillar of the company.

Along these lines, the creation of Talgo TeknoRail, a corporate research unit in the País Vasco, which will be integrated into the Red Vasca de Ciencia, Tecnología e Innovación to develop the next generation of railway solutions.

Technology as a competitive advantage: efficiency, accessibility and sustainability

The top management emphasized that the technology of Talgo It offers "unparalleled" advantages in energy consumption, recyclability, accessibility, and interoperability. Very High Speed ​​trains are up to 35% more energy efficient than its competitors. Its ultra-lightweight design not only reduces consumption, but also contributes to the sustainability of infrastructure.

"Citizens would not understand if the regulator, the operator, and ultimately the Government, did not consider technological solutions from Talgo as best adapted to the priorities of Spanish society,” the president concluded, referring to the debate on the safety and maintenance of the railway network after the accident in Adamuz.

Key points and frequently asked questions about Talgo's new phase

How does the new shareholding structure affect Talgo's international strategy?

The entry of the Basque consortium and the SEPI It provides long-term stability, essential for a sector with very long-term projects. This strength allows Talgo to undertake large international contracts with greater guarantees and develop its expansion plan with robust financial and strategic backing.

What opportunities does the plan to double production capacity represent for Spanish auxiliary companies?

The goal of doubling production by 2028 will entail a significant increase in demand for components, technology, and services. This represents a direct opportunity for the rail industry's supply chain. España, which will be able to benefit from the growth of Talgo and participate in projects of global scope.

What are the key export markets for Talgo in the coming years?

According to their strategic plan, Talgo will direct its efforts primarily towards the Central and Eastern Europamarkets with great potential for its Intercity platforms. Furthermore, it consolidates its position in the Middle East with the extension of the contract in Arabia Saudí.