Talgo (TLGO) Q1 2026 earnings summary

Executive summary

• Record order backlog in Q1-2026, driven by major contract awards in Saudi Arabia, Uzbekistan, and Sweden.

• Manufacturing progress marked by deliveries to Germany (DB) and Denmark (DSB), with ongoing projects stabilizing.

• Commercial pipeline of €14 bn, with over 80% of opportunities in Europe.

Financial highlights

• Q1-2026 revenue reached €172m, up from €154.3m in Q1-2025, led by strong manufacturing and maintenance activity.

• EBITDA for Q1-2026 was €9.8m; excluding extraordinary items, EBITDA was €12.3m with a 7.1% margin.

• Order intake in Q1-2026 totaled €1,375m, with a backlog of €5,668m.

Outlook and guidance

• FY-2026 revenue guidance of €700–800m and EBITDA margin of 7.5–8.5%.

• Order intake expected between €1.5–2.0bn for 2026.

• Net financial debt (NFD) to EBITDA ratio targeted at less than 5.5x.