Talgo has concluded the first nine months of 2026 with a "solid operational and financial performance," supported by the strong pace of its main manufacturing programs and the continued increase in maintenance activity. During this period, the company recorded a turnover of 572 million euros, representing an increase of 29.1% compared with the same period of the previous fiscal year, when revenues stood at 443.1 million euros.
As the Basque company has detailed in a statement, this performance is explained by a high degree of execution in the manufacturing division, a stable contribution from maintenance activity, and an additional contribution arising from train remodelling work.
As a result, EBITDA stands at 46.2 million euros, compared with the operating losses recorded in 2025, which places the current EBITDA margin at 8.1%.
The year-on-year improvement in EBITDA highlights operating leverage and greater profitability of the projects, derived from the learning curve. If extraordinary items are excluded, EBITDA reaches 51.7 million euros, with a margin of 9.0%.
In the third quarter of the year, Talgo has achieved significant progress in its key manufacturing projects, including the delivery of new train compositions for DSB in Denmark, meeting the main service performance milestone for the first composition for Deutsche Bahn in Germany, and the delivery of additional trains within the Alta Velocidad S130/730 remodelling programme for Renfe.
Strategic agreement with Renfe
Among the most relevant milestones of the period is the agreement reached in July with Renfe for the Very High Speed S106 project; an agreement that resolves the main outstanding aspects of the S106 project and provides greater visibility and certainty regarding Talgo’s financial and operational evolution.
The agreement includes the transformation of 15 fixed-gauge trains into variable-gauge rolling stock trains, with an associated amount of 132 million euros.
It also incorporates improvements to the maintenance contract managed by Tarvia (a company in which Renfe and Talgo hold a stake) and sets a schedule for the final reception of the trains, which makes it possible to unlock retained payments, close pending contractual milestones, and proceed with the progressive release of guarantees with an approximate value of 200 million euros.
Prospects for the end of the financial year
Talgo’s order book stood, at the end of the first nine months of the year, at 6,477 million euros, driven by new awards and marking a new all-time high for the company, with growth of 45% compared with the close of 2025.
The accumulated awards in the first nine months of 2026 amount to 2,584 million euros, comfortably exceeding the annual target initially set by Talgo, which was in a range of between 1,500 and 2,000 million euros.
At the same time, the company has identified commercial opportunities with an approximate value of 9,600 million euros for the next two years, driven above all by increased demand in Europe for the Very High Speed platforms and Intercity Talgo 230, which stand out for their versatility, accessibility and energy efficiency.
The good progress of the projects underway and the growing contribution from maintenance services reinforce Talgo’s confidence in being able to meet the forecasts set for the financial year.
The company maintains its goal of achieving revenues of between 700 and 800 million euros, an EBITDA margin without extraordinary items of between 7.5% and 8.5%, and a ratio of net financial debt to EBITDA without extraordinary items of less than or equal to 5.5x.