Business · Companies · 5 hrs ago
Talgo revenue rises 29% as order book reaches a record €6.48 billion
Spanish train maker Talgo reported revenue of €572 million for the first nine months of the year, 29% higher than in the same period a year earlier.
Its order book reached a record €6.48 billion at the end of September, after the company added €2.58 billion in orders this year.
Most of the orders are for trains and other rolling stock.
Talgo said deliveries and work on manufacturing, maintenance and train refurbishment helped lift revenue.
Its operating earnings improved to €46.2 million, compared with a €3.3 million loss a year earlier, although the company did not disclose net profit.
An agreement with Spain’s Renfe covers conversion work on 15 high-speed trains and helped unlock payments that Talgo said it had received by September.
Talgo kept its full-year outlook, including revenue of €700 million to €800 million, and said it sees about €9.6 billion in potential business over the next two years, though it is not guaranteed to win those contracts.
Talgo reported revenue of €572 million in the first nine months of 2026, up 29% from the same period in 2025.
Its order book reached a record €6.477 billion at the end of September, 45% above its level at the end of 2025.
The company recorded EBITDA of €46.2 million, compared with an operating loss in the same period of 2025.
Talgo attributed the revenue increase to manufacturing activity, recurring maintenance work and train refurbishment.
It maintained its full-year revenue forecast of €700 million to €800 million.
- Who
- Spanish train manufacturer Talgo.
- What
- Revenue rose 29% to €572 million, and its order book reached a record €6.477 billion.
- When
- The results cover the first nine months of 2026 and were reported on November 12, 2026.
- Where
- Talgo is a Basque company. Its projects mentioned in the reports include work in Denmark, Germany and Spain.
- Why
- Talgo attributed higher revenue to increased manufacturing activity, recurring maintenance work and train refurbishment.
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Talgo reached an agreement with Renfe on the S106 very-high-speed project, including conversion of 15 trains for €132 million.
Talgo delivered additional DSB trainsets in Denmark and trains for Renfe’s S130/730 refurbishment programme.
Talgo’s order book stood at €6.477 billion, and payments previously withheld under the Renfe agreement had been received.
Talgo reported its results for the first nine months of the year.
- Revenue
- €572 million in the first nine months of 2026
- Revenue growth
- 29% year on year
- Order book
- €6.477 billion at the end of September
- New awards
- €2.584 billion in the first nine months of 2026
- EBITDA
- €46.2 million
- Full-year revenue forecast
- €700 million to €800 million
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