Slide 1: Results Presentation FY 2025
Results Presentation FY 2025 27 February 2026
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 ▪ In December 2025, Talgo formalized the transactions aimed at strengthening its equity position and enhancing its financial capacity, completing the operation in February 2026… Capital and ▪ …the objective of which is to align Talgo’s financial capacity with its project portfolio,
Slide 5: Capital and financing operation
Capital and financing operation In 2025, Talgo carried out a process aimed at strengthening its equity position and enhancing its financial capacity, thereby equipping the company with the necessary resources to undertake the working-capital investments expected over the coming years, with the objec
Slide 6: Business performance (I/II)
Business performance (I/II) ▪ The volume of contracts awarded in 2025 reflects the commercial momentum of the sector and, in particular, of Talgo. The Company continues to expand its technology in strategic markets, becoming a benchmark in the intercity market for speeds of over 200 km/h, reaching a
Slide 7: Business Performance (II/II)
Business Performance (II/II) ▪ The manufacturing backlog at the end of 2025 consisted mainly of projects developed using the Backlog 2025 Talgo 230 platform, with the main projects in the manufacturing backlog being DB (Germany), DSB (Denmark) and FlixTrain (Germany), in addition to others such as E
Slide 8: Key financial figures – P&L
Key financial figures – P&L Revenue (€m) EBITDA (€m) and margin (%) 69.9 85 669.4 664.8 65 53.9 46.6 – DB 618.2 45 10.4% DB, LACMTA and adjustment Renfe +116.6 25 8.1% +53.3 financial restruct. adjustment 5 0,6 adjustments -15 -35 -55 -46.7 2024 2025 2024 2025 EBITDA EBITDA margin ex – extraordinari
Slide 9: Key financial figures – Balance sheet
Key financial figures – Balance sheet FY-2024 FY-2025 ▪ Working Capital (WC) increased during the period, driven by work in progress on the main manufacturing projects: €516 m €560 m Working Capital 77%2 91%2 o High level of manufacturing activity in working-capital-intensive phases, mainly DB (Germ
Slide 10: Outlook 2026
Outlook 2026 Order intake (€m) 1,500-2,000 Business Orden intake: 905 performance €1.5-2.0 b Average 5Y 2026E Revenue: Revenue (€m) 700-800 618 €700-800 m Financial performance EBITDA1: 7.5-8.5% 2025 2026E NFD (€m) 394 300-400 Capital / Financial NFD / EBITDA1: structure < 5.5x 2025 2026E 1) Excludi
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 2026-20272 2,127 Europe: 1,458 €5,1 b 1,332 MENA: Others: 1,2 €b €1,6 b 519 619 387 59 2020 2021 2022 2023 2024 2025 1 feb-26 ▪ New orders received by Talgo in 2025 amounted to €1,458 m: o In March 2025, FlixTrain awarded Talgo a framework contrac
Slide 13: Backlog overview
Backlog overview Backlog 2025 Rolling stock: €4.4 b (97%) 5,7981 Manufacturing 4,223 4,173 4,466 €4.5 b Maintenance 3,184 3,249 2,748 Maintenance Equipment and Others: €0.1 b (3%) 2020 2021 2022 2023 2024 2025 ▪ Talgo’s backlog reached a historic high, driven by the commercial success of its technol
Slide 14: Backlog overview – Manufacturing projects
Backlog overview – Manufacturing projects Backlog 2025 ▪ DB Talgo 230 (Germany) – c. €1,600 m: o Contract for up to 100 Talgo 230 trains. o Order under execution for 60 trains. Deliveries started in 2025 and the first trains entered commercial service. Manufacturing ▪ Flixtrain Talgo 230 (Germany) –
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
Draft subject to change P&L – Key figures Revenue (€m) Revenue by business line1 9% Maintenance Equipment and Others 669.4 664.8 46.6 – DB 618.2 Adjustment Rolling stock 91% Manufacturing Maintenance Maint. Equip. & Others 2024 2025 ▪ Talgo focuses its activity on the manufacturing and maintenance o
Slide 17: Balance sheet – Working Capital
Balance sheet – Working Capital ▪ Working capital (WC) increased in 2025 to €560 m, mainly as a result of high manufacturing activity in the assembly and testing phase prior to reaching more significant collection milestones. ▪ Changes in working capital reflect industrial phases of the business and
Slide 18: Balance sheet – Net Financial Debt
Balance sheet – Net Financial Debt Net Financial Debt (€m)1 Key financial figures (€m) Before and after the new financing structure Before After January December 2025 2026 403.9 393.7 €111 m Liquidity2 €681 m 2.3 years Average maturity 4.4 years €182 m L/T debt €376 m €427 m S/T debt €155 m MARF pro
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) FY2025 FY2024 % Change Total net turnover 618.2 669.2 (7.6%) Other income 17.2 18.6 (7.7%) Procurement costs (335.7) (335.4) 0.1% Employee welfare expenses (217.2) (199.4) 8.9% Other operating expenses (81.7) (199.7) (59.1%) EBITDA 0.6 (46.7) n.a. % Ebitda ma
Slide 21: Annex 2 – Balance sheet
Annex 2 – Balance sheet Balance Sheet (€m) Dec 2025 Dec 2024 Fixed Assets 315.0 305.6 Tangible + intangible assets 181.7 169.5 Goodwill 112.4 112.4 Other long term assets 20.8 23.7 Current Liabilities 1,198.1 965.5 Inventories 214.0 220.0 Accounts receivable 738.8 631.5 Other current assets 19.3 20.
Slide 22: Annex 3 – Balance sheet: NFD and WC breakdown
Annex 3 – Balance sheet: NFD and WC breakdown Financial debt (€m) Dec 2025 Dec 2024 Long term financial liabilities 186.3 350.4 Short term financial liabilities 424.4 139.4 Financial leasings 9.2 7.3 Cash & cash equivalents (226.1) (93.3) Net financial debt 393.7 403.9 EBITDA LTM 0.6 (46.7) Net fina
Slide 23: Annex 4 – Cash Flow Statement
Annex 4 – Cash Flow Statement Cash flow statement (€m) FY2025 FY2024 % Change Cash flow from operating activites (50.5) (73.1) (31%) Income tax paid (7.5) (1.5) 399% Capex and other investments (44.5) (48.6) (8%) Operating Cash Flow (102.5) (123.2) (17%) Changes in financial assets and liablities 12
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