Slide 1: Results Presentation Third Quarter 2025
Results Presentation Third Quarter 2025 13 November 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: Executive summary
Executive summary ▪ Talgo has called an Extraordinary General Shareholders' Meeting for December 12 to submit for approval i) the capital increase of SEPI; ii) the Capital and issuance of convertible bonds in the amount of €150 million; and iii) the proposed financing structure. financing ▪ As of th
Slide 4: Extraordinary General Shareholders' Meeting (EGM) December 2025 – Capital and financing agreements
Extraordinary General Shareholders’ Meeting (EGM) December 2025 – Capital and financing agreements The capital strengthening and financial reinforcement operations, once the corresponding approvals and authorizations have been secured, will be submitted for approval by the General Shareholders' Meet
Slide 5: Business performance
Business performance ▪ Talgo continues to expand its technology in strategic markets, reaching a backlog of €4,813 million by September 2025. This figure is expected to exceed €7 billion when already awarded contracts are formalized, once the conditions precedent are met. ▪ During 2025, our European
Slide 6: Key financial figures
Key financial figures Revenues (€m) EBITDA (€m) and margin (%) 497.8 480.6 80 443.1 37.5 – DB adjustment 65 57.7 50 36.6 35 11.6% 20 39.9 - DB and LACMTA 5 -0.7% Adjustment1 -10 (3.3) -25 9M-2024 9M-2025 9M-2024 9M-2025 EBITDA EBITDA margin ex – DB/LACMTA ▪ Revenues reached €443.1 m in 9M-2025 (€480
Slide 7: 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) 404 350-400 Capital / Financial Net Financial Debt2: Structure €35
Slide 8: 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 8