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Talgo (TLGO) investor relations material
Talgo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3/9M 2025 revenue reached €443.1 million, driven by major contract milestones and increased industrial activity.
Certification and delivery of Talgo 230 units to Deutsche Bahn and DSB marked significant operational achievements, with commercial service started on the Copenhagen-Hamburg route.
Extraordinary General Shareholders' Meeting scheduled for December 12 to approve €45 million capital increase, €150 million convertible bond issuance, and new financing structure.
Additional contracts expected before year-end, aiming for a record order backlog and historic highs.
Sufficient commitments and approvals obtained from financial entities and SEPI for these operations.
Financial highlights
9M/Q3 2025 revenue at €443.1 million; would have been €480.6 million excluding DB contract adjustment.
EBITDA for 9M/Q3 2025 was €-3.3 million; would have been €36.6 million excluding DB and LACMTA adjustments.
Last year’s Q3 revenue was €497.8 million.
Main revenue contributors: DB (Germany), DSB (Denmark), and recurring maintenance for Renfe, SRO, and KTZ.
Order intake for 2025 expected at €2,300 million.
Outlook and guidance
FY 2025 revenue guidance: €560–590 million, or over €600 million excluding DB impact.
FY 2025 EBITDA expected at €40–50 million, excluding DB and LACMTA impacts; close to zero when included.
Net financial debt projected at €350–400 million by year-end, assuming completion of capital operation.
Outlook and guidance unchanged from previous update.
Clarify FY25 guidance with DB contract adjustments
What contracts contribute to the >€7bn order book?
Explain the new syndicated financing structure
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Q4 20253 Mar, 2026
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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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