Talgo recorded $293 million of first-half revenue 2025, solidified its best-ever backlog with new contracts with Flixtrain, and implemented financing steps to provide stability against the outcome of negotiations with ICE L and legal settlements.

This is reported by the railway transport news portal Railway Supply.

Talgo revenue and growth outlook 2025

Talgo backlog fuels global growth

Talgo made $293 million revenue during the first six months of 2025, though adjustments pertaining to Germany’s L project relating to the ICE affected probable income. The revenue without such effects would have been $334 million.

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The orderbook of the company increased to a historic $5.4 billion following the procurement of a significant order of up to 65 Talgo 230 trainsets by a key order of Flixtrain comprising of a fixed order of 30 and 15-year maintenance.

When potential projects come into account, the backlog totals over $7.6 billion, an indicator of heavy demand for lightweight, high-speed technology. The Danish and German trains already underwent homologation, and this October, the Talgo 230 will be unveiled by Deutsche Bahn in Berlin.

Talgo financing and ownership shifts solidify plan

Officials disclosed that Deutsche Bahn negotiations are seeking to lower deliveries of the ICE L to 60 to 79 units, with a settlement that aligns schedules and maintenance. Such negotiations, combined with a Los Angeles lawsuit settlement, drove EBITDA to –$17.9 million.

Unless these effects, EBITDA would have been $25.4 million positive. The leaders emphasized that the performance nevertheless demonstrates operational resilience and overseas demand.

In the meantime, ownership transactions move forward with an investment consortium set to purchase a 29.8% interest from Pegaso Transportation International. Talgo strengthened equity too with a $162 million capital increase subscribed by SEPI and PRIVATE INVESTORS.

The company is closing a $703 million financing plan with guarantees by CESCE, comprising a $130 million credit facility and a $540 million guarantee fund. The plan will be approved by shareholders by yearend.

Source: Talgo

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What is Talgo’s 2025 backlog?

Talgo announced a $5.4 billion backlog, aided by an order of up to 65 Talgo 230 trainsets by Flixtrain. With overdue projects, this would be over $7.6 billion.

Through how will Talgo fund its expansion?

Talgo will enlist $162 million through a capital increase and close a $703 million financing package supported by CESCE, comprising credit and guarantee facilities.

Can Talgo maintain profitability after ICE L negotiations?

Managers clarified that without adjustments by ICE L and legal settlements, EBITDA would have been constructive reflecting the company’s solid fundamentals even with short-term losses.

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