Overview

• Talgo posted a net loss of €64 million for H1 as revenue fell 22% to €270.1 million, according to its CNMV filing.
• The order book reached a record €4.967 billion after a Flixtrain award for up to 65 units, including a firm 30-train Talgo 230 batch with 15 years of maintenance.
• Negotiations with Deutsche Bahn target a reduction of the ICE L fleet from 79 to 60 units, with scope, maintenance terms, and delivery dates to be defined.
• The DB decision and a Los Angeles legal settlement weighed on performance, driving a €16.5 million negative EBITDA impact, while EBITDA would have been €23.4 million without those effects.
• Talgo said the Trilantic exit and stake transfer to a Basque-led group are not yet finalized and outlined a financing plan comprising a €150 million convertible with SEPI participation, a €650 million Cesce-backed structure, a €120 million credit line, and a €500 million guarantee line to be approved by shareholders and completed before year-end.