Don't mind the step
talgo.com
Summary
Who We Are 04
Talgo market positioning 05
Talgo Key Indicators 06
Global Player: Industrial Presence 07
Spanish Manufacturer: Local Presence 08
Technology Principles 09
Our Products 10
Ongoing Landmark Manufacturing Projects 11
Asset-light manufacturing model 12
Maintenance services 13
Integrated smart maintenance services 14
Investment highlights 15
Main financial figures 16
Who We Are
Origins Culture
Talgo was born out of ingenuity 84 years ago, the result of the unique alliance of a railway inventor and a venture capitalist, both decided to defy the very foundations of a then centenary tech, to bring lightweight and comfort to a fossilized industry.
Created as a family undertaking, Talgo has expanded into a global player while keeping two main traits of its original culture: organizational flexibility and full focus on clients' needs.
Rolling stock for passengers
Metro, light rail and trams
Commuter & Regional
Intercity 180-250 km/h
Locomotives Passenger coaches
> 250 km/h
HS
Talgo Presence
Competition | Margins | Contracts Vol. |
Very low Very High Very Low
Low High Low
Low High Low Medium Medium Medium
High Medium/Low Very High
Very high Very low Very High
Talgo pipeline: Main targets for 2026-20271
Others
€1.6 bn
Europe
€5.1 bn
MENA
€1.2 bn
(1) Accessible market reported in FY-2025 Results' Presentation. The pipeline may experience modifications both in terms of
tender periods and scope. Estimates based on available information. Maintenance is included subject to availability.
Talgo market positioning
Strong Commercial Momentum
with wide range of opportunities
Long-distance solutions
with high impact in reducing carbon emissions
3,594 employees
>300 trains in service / manufacturing
180 trains under maintenance
84 Years' experience
8 countries with industrial presence
618 €million income FY-2025
Talgo Key Indicators
Global Player: Industrial Presence
Germany
USA
Spain
Kazakhstan
Saudi Arabia
Uzbekistan
Denmark
Egypt
Rolling Stock & Maintenance Equipment
Maintenance equipmentSpanish Manufacturer:
Rivabellosa / Miranda de Ebro
Valladolid - Fuente Amarga
Barcelona - Sant Andreu Comtal
Barcelona - Can Tunis
Madrid - Las Matas II
Madrid - Fuencarral
Madrid - Las Matas I
Madrid - Santa Catalina
Málaga - Los Prados
Local Presence
Production plantsMaintenance workshops
Technology Principles
Independently rotating,
self-guiding wheels
Passive tilting
Lighter and
wider cars
100% low-floor,
step free access
Variable track-gauge
Entirely articulated trains
Our Products
High Speed
→ New-generation train
→ Maximum capacity
→ Low-floor, platform level
→ Speed record - Iberian gauge
Intercity
→ Lighter cars
→ Lower energy consumption
→ The most accessible long-
distance train
→ Automatic gauge changeover
→ Day and night settings
Locomotive
→ Energy-efficient
→ Low axle weight
→ Less than 88 tons
→ Redundancy in critical systems
Commuter & Regional
→ Flexible configuration options
→ Comfort and reliability
→ Less weight, less energy
consumption
→ Adaptable to the technical requirements of any railway administration
INTERCITY
→ 60 trains
→ Berlin-Amsterdam
→ Client: Deutsche Bahn
→ Homologated in Germany, Netherlands, Denmark and Austria
INTERCITY
→ 30 trains
→ International routes
→ Client: FlixTrain
→ Homologated in Germany, Denmark, Netherlands, Austria and Sweden
VERY HIGH-SPEED
→ 20 trains
→ Mecca-Medina-Jeddah
→ Client: Saudi Arabia Railways
→ Trains operating in the desert in extreme weather conditions, with temperatures of +50°C
INTERCITY
→ 10 locomotives, 9 day
compositions and 11 night compositions
→ Stockholm-Arctic Circle
→ Client: Trafikverket
→ Homologated in Sweden and Norway
Ongoing Landmark Manufacturing Projects
Asset-light manufacturing model
Rolling stock cycle
Design and development
Manufacturing components
Assembling Commissioning Maintenance
Services
Talgo's involvement
Asset intensity
In-house
Outsourced
→ Design, testing and commissioning
→ High added value and security components
→ All other components: interior parts, air conditioning,
lighting, coupling, brake systems, WC systems…
Maintenance services
Rail Services
Talgo offers services customized to meet the client's needs based on the latest technological advancements in the railway industry:
→ Consulting and Technical Assistance
→ Maintenance Services
→ Modernizations and Retrofit
→ Component Repair
→ Spare Parts Management
→ Smart Digital Services
Maintenance Equipment
Talgo auxiliary machinery covers all maintenance areas to ensure fleet safety and quality conditions for operation:
→ Underfloor Wheel Lathes
→ Measuring Equipment
→ Shunting Cars
Maximum availability of the operator's fleet at the lowest total cost of ownership (TCO). Our experience of more than 80 years as a reference in the railway industry guarantees excellent rolling stock maintenance.
Integrated smart maintenance services
Rolling stock cycle
Manufacturing Maintenance Services
20% optimization of
maintenance intervals
(comparing our latest Very High-Speed model with the previous one)
2-4 years 30-40 years
Performance track record
Safety
Manufacturing
Know how
Smart Maintenance
Reliability Availability
Cost
Continuous improvement
1
Spain-based pure play global
leader in high speed
segments
2
Strong performance with a
robust backlog supported by a long-term increasing maintenance activity
Investment highlights
Backlog by geography1
12%
88%
Spain InternationalVHS market share Spain
54%
46%
Talgo OtherBacklog FY-2025
€ 4.5 bn
Rolling stock 97%
Manufacturing
Maintenance
Pipeline: Main targets1 for 2026-2027
6
Europe
→ Taxonomy aligned activities1 for climate change
mitigation objective:
€7.9 bn
MENA
Environmentally sustainable
economic activities
Other
7
Talgo team
Maint. Equip. and other
→
Lean asset-light model based on design/engineering
and outsourcing…
Talgo's involvement in the rolling stock value chain:
3
4
Technology as differentiating factor:
Design Manufacturing Commissioning Maintenance
Resilient business model
based on asset-light operations to reach high efficiency and productivity ratios
Unique proprietary
technologies underpin innovative, sustainable and cost-effective products
→ 20% more energy-efficient vs. our previous VHS train
→ High capacity due to the exclusively wider car body
→ Fully automated variable gauge wheelsets
→ Low floor - Best accessibility in the market
5
Attractive growth
opportunities in mature technological platforms that are already operating commercial services
Turnover | 98% |
CAPEX | 94% |
OPEX | 61% |
→
→
→
→
More than 3,500 employees
Experienced management team
Over 125,000 training hours delivered in 2025
Employees' health & safety as a priority
8
2025, turning point
(1)
FY-2025 data.
In 2025, Talgo carried out a process aimed at
strengthening its equity position and enhancing its financial capacity, thereby providing the company with the financial resources to undertake the working-capital investments expected over the coming years, with the objective of adequately executing its project portfolio.
Check out here 2025 Results Presentation
Main financial figures
4,223 4,173 4,466Rolling stock 97%
2,748FY-2022 FY-2023 FY-2024 FY-2025
€ 4.5 bn
Manufacturing
Maintenance
Maint. Equip. and other
Backlog (€m) Backlog FY-2025
469.1652.0 669.2 618.2
Rolling stock 91%
FY-2022 FY-2023 FY-2024 FY-2025
Revenues (€m)
Maint. Equip. and
Manufacturing
Maintenance
other
Revenues by business line1
85
+116.62
+53.33 Revenue:
8.1%
0.6 €700-800 m€ 4,466 m
10.4%
-46.72024 2025
EBITDA EBITDA margin
ex - extraordinaries
EBITDA (€m) and margin (%)
EBITDA margin4:
7.5-8.5%Outlook 2026
Highest backlog ever achieved in FY-2025
Calculated as an average of LTM revenue registered from FY-2024 to FY-2025.
Renfe adjustment.
DB, LACMTA and financial reestructation adjustments.
Excluding extraordinaries.
Thank you
More information:
Paseo del tren Talgo, 2 28290 Las Matas - Madrid T (+34) 91 631 38 00
investors@talgo.com
talgo.com
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