Rolling stock builder Talgo reported a negative operating result (EBITDA) of 3.3 million euros between January and September 2025, a sharp turnaround from the 57.7 million euros profit recorded a year earlier.
As with the first half of the year, Talgo’s accounts were impacted by the reduction of its Deutsche Bahn contract, cut from 79 to 60 trainsets, and by the settlement of the dispute with the Los Angeles County Metropolitan Transportation Authority.
Without these one‑off impacts, EBITDA would have reached 36.6 million euros and revenues 480.6 million, compared with the 443.6 million actually reported — a 10.9% year‑on‑year drop. The company, which has not disclosed its net result, continues to forecast annual revenues of up to 600 million euros and an EBITDA “close to zero”. It’s worth recalling that in the first half of the year, EBITDA stood at -16.5 million euros.
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Talgo’s order backlog totals 4.813 billion euros and could exceed 7 billion once pending contracts are finalised. Chief among them is the deal for 65 Talgo 230 trainsets for Germany’s Flixtrain, valued at 2.4 billion euros.
Meanwhile, the company is reinforcing its financial position. The Basque consortium led by Sidenor has agreed to acquire a 29.7% stake for 156 million euros, while Spain’s state‑owned holding SEPI will take a 7.9% share through a capital increase and convertible bonds. In addition, a new 770 million‑euro financing package will be backed by credit insurer Cesce.