SPANISH rolling stock manufacturer Talgo has announced a record-breaking order book of €6.31bn following financial restructuring and changes to its corporate governance and outlined plans to double its production capacity by the end of 2028.
Speaking at the company’s General Shareholders' Meeting (AGM) in Vitoria-Gasteiz earlier this month, the first ordinary meeting chaired by new chairman, José Antonio Jainaga, the manufacturer. revealed that the order backlog is a significant increase from the €4.47bn reported at the close of 2025.
According to Talgo CEO, Rafael Sterling, the volume of contract awards has already exceeded the company's targets for 2026. A substantial portion of the current portfolio is driven by long-term maintenance contracts extending up to 2054, alongside ongoing manufacturing commitments. Sterling noted that current projects are positioned to establish Talgo’s Intercity platform as a dominant medium and long-distance passenger transport model in Central Europe by 2032.
To work through the backlog, Jainaga confirmed that Talgo has secured a highly diversified financial structure with significant liquidity. The company projects 2026 revenues to exceed €700m, representing clear year-on-year growth.
Driven by high working capital requirements for active projects, the net financial debt-to-Ebitda ratio is expected to hover around 5.5, with full-year Ebitda margins of 7.5-8.5% projected. However, the company recorded a small loss of €2.4m in 2025, resulting in no ordinary dividend distribution.
Looking forward, Talgo expects to finalise an agreement with Spanish national operator Renfe in the coming weeks regarding outstanding Avril high-speed train deliveries, which the company leadership says will resolve remaining financial uncertainties.
The company will focus on accelerating train delivery times through a new strategic plan. This includes optimisation at Talgo’s manufacturing facilities in Rivabellosa, Álava, and Las Matas in Madrid, with the aim of doubling current capacity within the next two-and-a-half years.
The manufacturer is also expanding its research and development operations with the launch of Talgo TeknoRail in the Basque Country. Integrated into the Basque Network of Science, Technology and Innovation, the new research unit will serve as the company's core hub for developing next-generation rolling stock technology and engineering solutions.
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