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Talgo
Talgo (TLGO) investor relations material
Talgo Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary22 Jul, 2026
Executive summary
Revenue rose 39% year-over-year to €375.84 million in H1-2026, driven by record order intake and strong backlog execution, with major contract wins in Saudi Arabia (€1,332m) and Sweden (€756m).
EBITDA improved to €31.7 million (8.4% margin); excluding extraordinary items, EBITDA was €34.9 million (9.3% margin).
Net loss narrowed to €27.01 million from €65.8 million year-over-year, reflecting improved operational performance.
Order backlog reached a record €6,239 million, up from €4,466 million at year-end 2025.
Major new contracts in Saudi Arabia, Sweden, and Uzbekistan strengthened international presence.
Business performance
Secured new orders totaling €2,149 million in H1-2026, boosting backlog to €6,239 million.
Major contracts include 20 Very High-Speed trains for Saudi Arabia, day/night trains for Sweden, and a 10-year maintenance contract in Uzbekistan.
Ongoing projects achieved key milestones, including deliveries to DB (Germany), DSB (Denmark), and Renfe (Spain).
Maintenance backlog remains the largest component, ensuring recurring revenues as new fleets enter service.
Commercial pipeline for 2026–2027 stands at €13,600 million, with 85% in Europe-CIS.
Financial highlights
Revenue increased 39% year-over-year to €375.8 million in H1-2026.
EBITDA swung from -€16.5 million in H1-2025 to €31.7 million in H1-2026.
EBIT improved to €11.8 million from -€37.0 million year-over-year.
Net financial debt stood at €496.9 million, in line with projections.
Operating cash flow was positive at €1.7 million, compared to -€45.4 million in H1-2025.
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Latest events from Talgo
- Record €4.5bn backlog and asset-light innovation fuel global growth in rail solutions.TLGO
Corporate presentation - Record backlog and strong Q1-2026 revenue driven by major contract wins and manufacturing progress.TLGOQ1 2026
- Record orders and new financing drive 2026 outlook, despite 2025 losses from project adjustments.TLGOQ4 2025
- Nine-month revenue hit €443.1M, EBITDA adjusted to €36.6M, and capital reinforced by €150M.TLGOQ3 2025
- H1-2025 saw €270.1m revenue, €65.7m net loss, negative EBITDA, and record backlog amid restructuring.TLGOQ2 2025
- 9M-2024 revenue hit €497.8m, with strong backlog and EBITDA margin at 11.6%.TLGOQ3 2024
- Revenue up 20%, EBITDA up 22%, net profit doubled, backlog over €4bn, debt rose.TLGOQ2 2024
- Q1-2025 revenue was €154.3m, EBITDA €13.6m, net loss €7.1m, and guidance is on hold.TLGOQ1 2025
- Record revenue offset by Renfe penalty; strong order book supports 2025 outlook.TLGOQ4 2024
Next Talgo earnings date
Q3 202613 Nov, 2026
Talgo
Next Talgo earnings date
Q3 202613 Nov, 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.