Talgo closed the first half of 2025 with a negative operating result, in contrast to the strong expansion of its order book. The company recorded an EBITDA of -16.5 million euros, compared to the positive 23.4 million euros it would have obtained, according to the company, without the extraordinary effects.
The losses stem mainly from two factors: The negotiation with Deutsche Bahn (DB) to reduce the contracted ICE L trains from 79 to 60, which led to the recognition of a negative adjustment of EUR 40 million. Also, the out-of-court settlement reached in Los Angeles for the maintenance contract awarded and subsequently cancelled by LACMTA.
Despite this decline, Talgo’s revenues stood at 270.1 million euros up to June, which would have reached 307.6 million euros without the aforementioned adjustments. In contrast, the order book reached an all-time high of 4,967 million euros thanks to the contract with Flixtrain for the manufacture and maintenance of up to 65 Talgo 230 trains.
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The company is now facing a process of financial strengthening, with a capital increase and new financing structures guaranteed by CESCE, while it is finalising its shareholder change after the sale of Pegaso Internacional’s capital to the consortium led by José Antonio Jainaga.