Talgo (TLGO) Q2 2026 earnings summary

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.