Talgo (TLGO) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €375.8m, up 39.1% year-over-year, driven by strong manufacturing, maintenance, and major contract wins in Saudi Arabia (€1,332m) and Sweden (€756m).

• EBITDA improved to €31.7m (8.4% margin); excluding extraordinary items, EBITDA was €34.9m (9.3% margin).

• Net loss narrowed to -€27.0m from -€65.8m in H1 2025, with EBIT at €11.8m versus -€37.0m a year earlier.

• Order backlog reached a record €6,239m in H1 2026, supported by new contracts in Saudi Arabia, Sweden, and Uzbekistan.

• Net financial debt stood at €496.9m, in line with projections.

Business performance

• Secured new orders totaling €2,149m in H1 2026, surpassing targets and boosting backlog.

• 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 €13,600m, with 85% in Europe-CIS.

Financial highlights

• Revenue increased 39.1% year-over-year to €375.8m in H1 2026.

• EBITDA swung from -€16.5m in H1 2025 to €31.7m in H1 2026.

• EBIT improved to €11.8m from -€37.0m year-over-year.

• Net financial expenses rose to €30.3m, and profit for the period was -€27.0m, a significant improvement from -€65.8m in H1 2025.

• Operating cash flow was positive at €1.7m, compared to -€45.4m in H1 2025.