Talgo General Shareholders Meeting approves FY 2023: all-time high in revenue and order book

• The Company held today its annual General Shareholders Meeting setting as top priorities strengthening its industrial capacity and maximising the efficiency of available financial resources
• Progress continues with additional orders in the challenging markets of Germany and Denmark

Talgo's performance in the financial year 2023 has been very positive, according to the company's presentation at its Annual General Meeting, held today at its headquarters in Las Rozas, Madrid, which set two priorities for the future: strengthening its industrial capacity and maximising the efficiency of its financial resources.

In the last financial year, the company achieved record revenues of €652 million, an increase of 39% compared to 2022. Talgo's EBITDA grew by 55% to €76.5 million in 2023, and the company ended the year with an order book of €4,223 million, up 54% on 2022 and also an all-time record for Talgo.
With a total of €2,100 million in new orders received last year, including orders from demanding customers and markets such as Deutsche Bahn in Germany and DSB in Denmark, the company's main challenge is to grow in order to ensure the long-term sustainability of the business.

In parallel, Talgo completed a shareholder remuneration programme in 2023 for a total of €12 million through a flexible dividend and a new share buy-back programme.

Talgo president Carlos Palacio said: "In the coming years, the majority of our revenues will come from international projects. More specifically, the main sources of new commercial opportunities will be in the countries of the European area, but also in the countries of the Middle East and North Africa. We continue to work on potential opportunities, focusing on both the high-speed and long-distance segments, where our experience is greater".

Talgo CEO Gonzalo Urquijo said: "The execution of manufacturing projects continued in 2023 with a high level of activity, with the launch of very high-speed projects based on the Avril platform for Renfe and Adif in Spain, and the intercity projects developed in the European market for Deutsche Bahn in Germany and DSB in Denmark, as well as the long-distance trains delivered to ENR in Egypt."

Urquijo added: "Our maintenance activities have continued to provide customers with the best reliability and availability ratios and have also increased with the deployment of the trains in Egypt, with contracts now in eight countries, giving us revenue visibility and long-term activity, with a solid portfolio and in constant growth".

Palacio also expressed its gratitude to the shareholders for their trust and support during 2023 and the first half of 2024, a year marked by the takeover bid by European company Magyar Vagon: "As you already know our red lines are and will continue to be preserving employment and industrial capacity in Spain, maintaining Talgo's headquarters and management in Spain, keeping the ownership of patents in the Company, and all this while getting the best option for all shareholders and workers".

About Talgo

Talgo is a leader in the design, manufacture and maintenance of high-speed and intercity trains, with industrial presence in Spain, Germany, Denmark, Saudi Arabia, Egypt, Kazakhstan, Uzbekistan and the United States. Recognised worldwide for its capacity for innovation, unique and distinctive technology and reliability, the company has a team of more than 3,300 people of around 50 nationalities.

Talgo is the main supplier of high-speed and very high-speed trains to Renfe, and the supplier of trains for the "Haramain" project between Mecca and Medina in Saudi Arabia. Talgo is also the manufacturer chosen by Deutsche Bahn in Germany and the DSB in Denmark to decarbonise their mobility with Talgo 230 Intercity trains.

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Photo Credit: Cesare Sapienza