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Talgo
Talgo (TLGO) investor relations material
Talgo Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
In December 2025, a capital and financing operation was completed to strengthen equity and financial capacity, including €150m in equity contributions and a €770m syndicated financing structure, plus a €500m guarantees line for international projects.
2025 revenues reached €618.2m, with EBITDA at €0.6m and adjusted EBITDA at €53.9m, reflecting significant extraordinary items related to project adjustments.
Net loss for 2025 was €100.7m, improving from a €107.9m loss in 2024.
Major commercial wins included a €2.4b FlixTrain contract (initial firm order for 30 trains, up to 65 trains total) and a €1.3b SAR (Saudi Arabia) project for 20 high-speed trains and maintenance through 2038.
The year marked the end of a stage and the entry of new shareholders, strengthening equity and financial capacity.
Financial highlights
FY2025 revenue was €618.2m, impacted by a €46.6m negative adjustment from the DB contract; excluding this, revenue would have been €664.8m.
EBITDA for 2025 was €0.6m, or €53.9m excluding DB, LACMTA, and restructuring adjustments.
Net financial debt decreased to €394m at year-end 2025, mainly due to the capital increase and convertible bond issuance.
Order book closed at €4.5b at end-2025, rising to nearly €6b in early 2026 after major contract wins.
Significant extraordinary expenses impacted EBITDA, mainly from Deutsche Bahn project adjustments and the LACMTA agreement.
Outlook and guidance
2026 revenue is projected at €700–800m, with EBITDA margin expected at 7.5–8.5% (excluding extraordinaries).
Order intake for 2026 is forecast at €1.5–2.0b, with net financial debt/EBITDA targeted below 5.5x.
Commercial momentum is expected to continue, with a pipeline of €7.9b in opportunities over the next two years.
Expansion of workforce underway, with 200 new hires planned for 2026.
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Next Talgo earnings date
Q1 202626 May, 2026
Talgo
Next Talgo earnings date
Q1 202626 May, 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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