Slide 1: Results Presentation First Half 2025
Results Presentation First Half 2025 30 September 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by Talgo, S.A. (the "Company") for the purpose of maintaining best practices in transparency. This presentation, nor any of the information contained herein, constitutes an invitation to buy, sell, or exchange shares of the Company or its sub
Slide 3: Table of contents
1. Executive summary Table of 2. Other materials contents I. Business performance II. Financial results ANNEX Source: Company 3
Slide 4: Executive summary
Executive summary ▪ During H1-2025, Talgo has initiated a process in order to reinforce its equity position and strengthen its financial capacity to provide it Capital and with the necessary resources to undertake investments in working capital over the coming years... financing ▪ ... with the aim o
Slide 5: Capital and financing operation
Capital and financing operation The capital reinforcement operations, currently in development, and the issuance of independent expert reports and the preparation of legal documentation, as well as the new financing structure, will be submitted to the approval of the General Meeting of Shareholders
Slide 6: Business performance (I/II)
Business performance (I/II) ▪ Talgo continues to expand its technology in strategic markets, reaching a backlog of €4,967 million by June 2025. This figure is expected to exceed €7 billion once the conditions precedent are met and, thus, the contracts already awarded are formalized. o FlixTrain has
Slide 7: Business performance (II/II)
Business performance (II/II) ▪ The current manufacturing portfolio consists mainly of projects developed with the Talgo 230 Backlog H1-2025 platform, with the main projects in the manufacturing portfolio being DB (Germany), DSB (Denmark) and FlixTrain (Germany), in addition to others such as ENR (Eg
Slide 8: Key financial figures – P&L
Key financial figures – P&L Revenues (€m) EBITDA (€m) and margin (%) 55 346.1 45 40.9 307.6 35 270.1 37.5 – DB adjustments 25 11.8% 15 23.4 5 7.7% 39.9 - DB and LACMTA -5 adjustment -15 -25 (16.5) H1-2024 H2-2025 H1-2024 H1-2025 EBITDA EBITDA margin ex – DB/LACMTA ▪ Revenues amounted to €270.1 milli
Slide 9: Key financial figures – Balance sheet
Key financial figures – Balance sheet FY-2024 H1-2025 ▪ Working Capital (WC) remained stable in the period, although excluding the adjustment of DB project (lower degree of progress), the WC would have increased to €548 m: €516 m €511 m Working Capital 77%2 95%2 ▪ High manufacturing activity in cash
Slide 10: Outlook 2025
Outlook 2025 Order intake (€m) 2,300 Business Order intake: performance €2,300 m 740 Average 5Y 2025E Revenues: Revenues (€m) 669 560-590 ex-DB adjustment: €560-590 m 600-630 Financial performance EBITDA1: c. €0 m 2024 2025E NFD (€m) 404 350-370 Capital / Financial Net Financial Debt2: Structure €35
Slide 11: Table of contents
1. Executive summary Table of 2. Other materials contents I. Business performance II. Financial results ANNEX Source: Company 11
Slide 12: Commercial activity
Commercial activity Order intake (€m) Talgo pipeline – Main target for 2026-20272 c. 2,3001 2,127 Europe: €8.1 b MENA: 1,101 Others: €2.0 b €1.5 b 519 619 387 59 2020 2021 2022 2023 2024 H1-2025 ▪ Talgo is currently targeting opportunities over the next two years worth €11.6 b and is closely monitor
Slide 13: Backlog overview
Backlog overview Backlog H1-2025 Rolling stock: €4.9 b (98.5%) 4,967 4,223 4,173 Manufacturing 3,184 3,249 5.0 €b 2,748 Maintenance Maintenance Equipment and others: €0.1 b (1.5%) 2020 2021 2022 2023 2024 H1-2025 ▪ Talgo’s backlog amounted to €4,967 m as of June 2025: o Balanced backlog between manu
Slide 14: Backlog breakdown – Manufacturing activity
Backlog breakdown – Manufacturing activity Backlog H1-2025 Manufacturing 5.0 €b Long distance (intercity) High speed ▪ DB Talgo 230 (Germany) – c. €2,100 m: ▪ Renfe VHS trains (Spain) – c. €900 m: o Contract for up to 100 Talgo 230 trains. o Manufacture of 30 VHS “Avril” trains and maintenance for a
Slide 15: Table of contents
1. Executive summary Table of 2. Other materials contents I. Business performance II. Financial results ANNEX Source: Company 15
Slide 16: P&L – Key figures
P&L – Key figures Revenues (€m) Revenues by business line1 Maintenance Equipment and others 346.1 9% 307.6 270.1 37.5 – DB adjustment Rolling stock 91% Manufacturing Maintenance H1-2024 H1-2025 Maint. Equip. and other EBITDA (€m) and margin (%) Net income (€m) 55 45 40.9 14.6 20 35 10 25 11.8% 0 15
Slide 17: Balance sheet – Working Capital
Balance sheet – Working Capital ▪ WC increased in H1-2025 reaching €511.1 m. Current strong revenue recognition, driven mainly by manufacturing projects in the assembly phase, temporarily increased WC. In this regard, changes in WC reflect normal industrial phases of the business and correspond main
Slide 18: Balance sheet – Net Financial Debt
Balance sheet – Net Financial Debt Net Financial Debt (€m)1 Financial debt2 – Repayment schedule (€m) 196 467.0 403.9 152 84 121 70 112 38 2024 H1-2025 2025 2026 2027 2028 >2029 Bank debt Commercial paper ▪ Net financial debt increased in H1-2025 to reach €467 m, driven by working capital requiremen
Slide 19: Table of contents
1. Executive summary Table of 2. Other materials contents I. Business performance II. Financial results ANNEX Source: Company 19
Slide 20: Annex 1 – P&L
Annex 1 – P&L Profit & Loss Account (€m) H1-2025 H1-2024 % Change Total net turnover 270.1 346.1 (22.0%) Other income 21.2 19.5 8.8% Procurement costs (151.6) (171.3) (11.5%) Employee welfare expenses (106.0) (102.4) 3.6% Other operating expenses (50.1) (51.0) (1.7%) EBITDA (16.5) 40.9 n.a. % Ebitda
Slide 21: Annex 2 – Balance Sheet
Annex 2 – Balance Sheet Balance Sheet (€m) June 2025 June 2024 Dec 2024 FIXED ASSETS 314.4 292.4 305.6 Tangible + intangible assets 179.7 154.1 169.5 Goodwill 112.4 112.4 112.4 Other long term assets 22.2 25.8 23.7 CURRENT ASSETS 1,001.4 901.6 965.5 Inventories 235.3 218.5 220.0 Accounts receivable
Slide 22: Annex 3 – Balance Sheet: NFD and WC breakdown
Annex 3 – Balance Sheet: NFD and WC breakdown Financial debt (€m) June 2025 June 2024 Dec 2024 Long term financial liabilities 255.6 313.4 350.4 Short term financial liabilities 319.4 152.4 139.4 Financial leasings 8.9 3.3 7.3 Cash & cash equivalents (116.9) (111.8) (93.3) Net financial debt 467.0 3
Slide 23: Annex 4 – Cash Flow Statement
Annex 4 – Cash Flow Statement Cash flow statement (€m) 1H25 1H24 % Change Cash flow from operating activites (17.2) (69.7) (75%) Income tax paid (4.2) (5.0) (15%) Capex and other investments (24.0) (25.4) (5%) Operating Cash Flow (45.4) (100.0) (55%) Changes in financial assets and liablities 91.3 7
Slide 24: Thank you
Thank you More information: Paseo del tren Talgo, 2 28290 Las Matas - Madrid T (+34) 91 631 38 00 investors@talgo.com investors@talgo.com talgo.com Source: Company 24