Results Presentation First Quarter 2026
13 May 2026
Executive summary
Business performance
-
Commercial activity in Q1-2026 has taken Talgo's backlog to record levels, highlighting:
Award by SAR (Saudi Arabia) of a project for the manufacturing of 20 Very High-Speed trains and maintenance activities, for a total amount of c. €1.3 bn.
Award by UTY (Uzbekistan) of maintenance services for its 6 Talgo trains over 10 years, valued
at approximately €80 m.
Additionally, in Q2-2026, Trafikverket (Sweden) awarded Talgo a new contract in Europe, with an initial firm order for the supply of Intercity platform day and night trains and their maintenance over 10 years, for an amount of approximately €756 m.
In industrial activity, progress on manufacturing projects has been consolidated through key milestones associated with the various phases of programs in execution, specially highlighting the delivery of additional trainsets to DB (Germany) and DSB (Denmark).
Q1-2026
Backlog €5,668 m
Order intake €1,375 m
Pipeline €14 bn
Financial
results
- Revenue of €172 m in Q1-2026, primarily driven by strong manufacturing activity, which is expected to reach higher levels in the coming quarters of 2026 as ongoing projects stabilize and new awards are executed.
-
EBITDA for the period reached €9.8 m, showing a gradual recovery that is set to continue improving
throughout the financial year.
- Excluding extraordinary items, EBITDA would have been €12.3 m, resulting in a margin of 7.1%.
Q1-2026
Revenue €172 m
EBITDA €9.8 m
EBITDA margin1 7.1%
FY-2026
Outlook
FY-2026 outlook
Revenue €700-800 m
EBITDA 7.5-8.5%
NFD / EBITDA1< 5.5x
Order intake €1.5-2.0 bn ✓
1) Excluding extraordinaries.
Source: Company 3
Business Performance
The volume of awards secured at the start of 2026 reflects the strong commercial momentum of the sector and, in particular, of the Intercity and Very High-Speed train platforms developed by Talgo. The versatility and adaptability of these platforms to meet client requirements, together with their proven operational performance, are driving continuous growth in the number of routes operated by Talgo trains, mainly in Europe, the Middle East, and North Africa, and have brought Talgo's order backlog to record highs of €5,668 m in Q1-2026 (€6,424 m including the recent award of the Trafikverket project):
In February 2026, the project awarded by SAR (Saudi Arabia) to the SSTPC consortium was formalized, under which Talgo will manufacture 20 Very High-Speed trains and
provide maintenance services for the entire fleet until 2038, for a total combined value of €1.3 bn.
In January 2026, Talgo signed its largest contract with the state-owned railway company of Uzbekistan, UTY, for the comprehensive maintenance of its fleet of 6 Talgo trains over a 10-year period, with a value of approximately €80 m.
In April 2026, Trafikverket (Sweden) awarded Talgo a contract with an initial firm order for the supply of 10 locomotives, 9 day trainsets, and 11 night trainsets of the Intercity platform, along with their maintenance for 10 years, for approximately €756 m. These trains will enable service in Sweden and Norway, with the possibility of future expansion to other Central European countries, reinforcing Talgo's position as a partner of the largest rail operators in Europe.
Additionally, Talgo is involved in opportunities with an approximate volume of €14 bn for the next two years, of which more than 80% are located in Europe.
In industrial activity, significant milestones have been recorded within the main manufacturing projects:
delivery of additional trainsets for orders from DSB (Denmark) and DB (Germany) according to the planned schedule;
continuation of the manufacturing of the first trainsets for Flix (Germany).
Backlog evolution (€m) Order backlog by segment in Q1-2026 (€bn)
756
6,424
Maintenance Equipment and Others
€5.7 bn
1,375
(172)
5,668
4,466
2%
Rolling stock 98%
Backlog FY2025
New orders1 Q1-2026
Execution Q1-2026
Backlog Q1-2026
Trafikverket Apr-2026
Q1-2026 +
Trafikverket
Manufacturing MaintenanceMaint. Equip. & Others
1) Including €11 m in adjustments to manufacturing and maintenance projects, mainly due to price updates.
Source: Company 4
Key financial figures
Revenue (€m) EBITDA (€m) and margin (%)
172.0
154.3
Q1-2025 Q1-2026
13.6
12.3
8.8%
7.1%
9.8
Q1-2025 Q1-2026
EBITDA EBITDA margin ex-extraordinariesQ1-2026 revenue reached €172 m, exceeding the revenue recorded in the same period of 2025, driven by high levels of industrial activity-particularly the manufacturing and commissioning of Intercity platform trains for DB (Germany) and DSB (Denmark)-as well as by the recurring contribution from the maintenance business line, which is expected to increase progressively and sustainably over time as new train deliveries are completed.
However, EBITDA for the period amounted to €9.8 m, which was lower than the figure for Q1-2025. Excluding extraordinaries, EBITDA would have been €12.3 m, resulting in a margin of 7.1%.
EBITDA is expected to show an upward trend over the coming quarters, in line with the outlook for 2026.
As the weight of projects that have eroded the profitability of the manufacturing portfolio gradually diminishes -though their progress and delivery- and is further offset by the introduction of new projects, expected margins will gradually improve.
The impact of lower maintenance activity in Spain resulting from the disruption of the Madrid-Andalusia high-speed rail line will return to normal with the line's
reopening.
Source: Company 5
Outlook 2026
Business performance
Orden intake:
€1.5-2.0 bn ✓
Order intake (€m)
905
1,500-2,000
Revenue:
€700-800 m
Average 5Y 2026E
Financial performance
Revenue (€m)
700-800
618
2025 2026E
EBITDA1:
7.5-8.5%
Capital / Financial
structure
NFD (€m)
394
300-400
NFD / EBITDA1:
< 5.5x
2025 2026E
1) Excluding extraordinaries.
Source: Company 6
Thank you
More information:
Paseo del Tren Talgo, 2 28290 Las Matas - Madrid T (+34) 91 631 38 00
investors@talgo.com
talgo.com
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |