Overview

• Talgo’s first-quarter revenue fell 7.3% year-on-year to €154.2 million, resulting in a €7.1 million net loss compared with a €10.4 million profit in Q1 2024.
• EBITDA declined by 32.3% to €13.6 million as manufacturing activity slowed and amortization costs rose.
• Unpredictable outcomes from the Deutsche Bahn contract talks and the pending Sidenor-led stake deal led Talgo to withdraw its full-year 2025 forecast.
• Negotiations are under way to revise the scope and delivery schedule of a €2 billion order for 79 Talgo 230 trains signed in 2019.
• In February, Sidenor with the Basque government and BBK and Vital foundations signed a pre-agreement to acquire 29.7% of Talgo from Trilantic.