Talgo will begin the ‘Jainaga stage’ with a record portfolio of 7,000 million in orders

The train manufacturer Talgo reports to the market to confirm its industrial potential. According to what was communicated this afternoon to the National Securities Market Commission (CNMV), the railway builder increases its order book to 4,813 million euros at the end of September and It is expected that this figure will exceed 7,000 million euros once the preceding conditions are met and the contracts already awarded are formalized.

During this period, which runs from January to September, The company recorded revenues of 443.1 million euroscompared to the almost 500 million reached a year ago. However, the adjustment due to the foreseeable modification of the contract with the German Bahn recognized in the first half of 2025, income would have amounted to 480.6 million. Looking at the end of the year, Talgo maintains its forecasts and expects revenues equivalent to more than 600 million euros, excluding the impact of the contract with the German Renfe.

This is the general X-ray that the new shareholders find themselves, once the entry into the company of the Basque consortium headed by the steel company Sidenor, together with the BBK and Vital foundations and the public fund Finkatuz, owners of 29.76% of the capital. In order to complete the operation and submit for approval SEPI’s capital increase and the new financing structure, the manufacturer has called an extraordinary shareholders meeting for next December 12 at its Madrid headquarters.

Once this procedure is over, the focus will be on the new industrial plan. According to what was revealed by Lehendakari Imanol Pradales months ago, the plans involve moving the headquarters from Madrid to Álava to orchestrate a plan that strengthens the manufacturer’s capacity and catapults its economic impact. In this sense, Talgo states in its report sent to the supervisor that participate in opportunities that exceed 16.9 billion eurosdriven by strong demand in Europe and MENA (Middle East and North Africa).

In more detail, the financial chapter is also marked by a negative gross operating result (Ebitda) of -3.3 million euros in the first nine months of 2025, compared to the positive of 57.7 million euros the previous year. The reason lies in the adjustment of his project in Germany and the impact from the closure of a judicial process for his project in Los Angeles (United States).

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