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Talgo (TLGO) investor relations material
Talgo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Sep, 2025
Executive summary
Initiated capital and financing operations to reinforce equity and support working capital investments for a growing backlog, expected to exceed €7 billion soon.
Secured a record €2.4 billion contract with Flixtrain for 65 intercity trainsets, with an initial order for 30 trains and 15 years of maintenance.
Ongoing negotiations with DB to reduce manufacturing scope from 79 to 60 trains, impacting revenue recognition and project scope.
Financial highlights
H1-2025 revenues were €270.1 million, or €307.6 million excluding a €37.5 million DB/ICE L contract adjustment.
EBITDA was negative at €(16.5) million, reflecting a €40 million negative adjustment from the ICE L project and legal settlements.
Net income for H1-2025 was €(65.7) million, down from €14.6 million in H1-2024.
Net financial debt increased to €467 million, up from €404 million at year-end 2024.
Operating cash flow was negative at €(45.4) million in H1-2025.
Outlook and guidance
FY-2025 revenue guidance is €560–590 million; EBITDA expected at €40–50 million, excluding DB and LACMTA adjustments.
Net financial debt projected at €350–400 million by year-end, assuming €150 million capital operation completion.
Order intake for 2025 expected at €2.3 billion.
Backlog could exceed €7,000 million if awarded projects pending formalization are included.
What led to the
40M negative EBITDA adjustment?
What is the total value of new financing initiatives?
What is the potential backlog with pending projects?
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Frequently asked questions
Talgo S.A. designs and manufactures railway rolling stock and provides maintenance services. The company specializes in high-speed, intercity, and regional trains, offering lightweight and technologically advanced rail vehicles. It is headquartered in Madrid, Spain, and its shares are listed on the BME.
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