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2mo ago

Talgo Posts €100 Million 2025 Loss on Project Charges, Sets 2026 Recovery Targets

Fresh financing alongside a Sidenor-led shareholder shift positions the train maker to convert a record order book this year.

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Vista de la fábrica de Talgo en el barrio de Las Matas, en La localidad de Las Rozas, en una imagen de archivo. EFE/J.P. Gandul

Overview

  • Talgo reported a €100 million net loss for 2025, a 6.7% improvement versus 2024.
  • Revenue reached €618 million with reported Ebitda of €0.6 million, or €53.9 million excluding extraordinary items.
  • The result reflected exceptional adjustments tied to the Deutsche Bahn contract and an agreement with Los Angeles’ LACMTA.
  • The order book stood at €4.466 billion and is projected to approach €6 billion after the Saudi high‑speed Mecca–Medina award in which Renfe was selected as operator.
  • A Sidenor‑led consortium acquired 29.7% and SEPI injected €45 million in loans plus €105 million in convertible bonds, as management targets about €750 million in 2026 activity and roughly 8% operating margins.