TALGO S.A. EO -,301

Flixtrain has for the first time ordered brand-new trains from Talgo for €2.4 billion; 65 units are to enter service gradually from 2028. The order initially covers 30 trains with an option for 35 more, which Flixtrain intends to exercise; the first vehicles are already in production. Until the rollout, the company will rely on refurbished used trains, aims to double capacity in the short term and to serve routes such as Berlin–Munich in the medium term, and says fare increases due to higher track access charges cannot be ruled out. » More on t-online.de

Talgo reports a revenue decline to €443.1m for the first nine months of 2025 and a negative EBITDA of -€3.3m, with adjusted EBITDA excluding DB and LACMTA one-off effects at €36.6m. Management maintains the full-year guidance (revenue €560–590m, EBITDA around break-even) and expects adjusted EBITDA of €40–50m. To stabilize the company, Talgo proposes a capital restructuring: a €150m equity package including a €45m capital increase by state-owned SEPI, convertible bonds (€30m from SEPI, €75m from an investor group), and a planned €1.27bn syndicated financing. An extraordinary general meeting to vote on the measures is scheduled for 12 December 2025. » More on de.investing.com

Talgo reported Q3 2025 revenue of €443.1m, down from €497.8m a year earlier, while EBITDA improved significantly from -€16m to -€3.3m. Adjusted EBITDA stood at €36.6m; the order backlog is €4.8bn with potential to reach €7bn. Management expects order intake of €2.3bn and forecasts revenue of €560–590m (adjusted up to €630m) and financial debt of €350–400m. Risks remain: revenue decline, indebtedness and uncertainty over margins and contract negotiations, which weigh on the stock price near its 52-week low. » More on de.investing.com