What Talgo does and where it is based
Talgo, S.A. heads a group that designs, manufactures and maintains rolling stock and supplies auxiliary railway machinery. The parent has been listed on the Spanish stock exchanges since 7 May 2015. Its name identifies both the business group and a railway technology; it is not the operator selling Renfe or Deutsche Bahn passenger journeys.
The current registered office is at Calle de Río Bayas, 5, Rivabellosa, in the municipality of Ribera Baja, Álava. The relocation was registered on 7 August 2026 and published in the Commercial Register Gazette on 14 August. This updates the previous Vitoria-Gasteiz address and the Madrid addresses still found in historical documents.
Sources: 2025 accounts: group identity and activities · Commercial Register: Talgo’s registered-office relocation · CNMV: registered-office article amended, June 2026.
From Goicoechea and Oriol’s project to a listed group
The industrial business originated in the collaboration between engineer Alejandro Goicoechea and José Luis de Oriol and the creation of Patentes Talgo in 1942. The concept combined lightweight construction, articulation and independent wheels. Following initial trials, Talgo II entered commercial service between Madrid and Hendaye in 1950; variable-gauge running gear later enabled international services such as Barcelona–Geneva in 1969.
This history is distinct from the current parent company: it was incorporated in Spain on 30 September 2005 and changed its name from Pegaso Rail International to Talgo in 2015. Patentes Talgo, S.L.U. is its wholly owned industrial subsidiary. Thus, 1942 marks the beginning of the business project, rather than the incorporation of today’s listed company.
Sources: Railway archive: Goicoechea, Oriol and Talgo’s origins · Talgo: train development timeline · 2025 accounts: group identity and activities · 2025 accounts: subsidiaries and shareholdings.
How the group earns revenue and what it consolidates
The business combines train and locomotive manufacturing, refurbishment and maintenance throughout a vehicle’s service life. Contracts may provide full maintenance, spare parts and technical assistance, or specific work on running gear. This continuing service connects engineering capabilities with workshops and component supply.
The 2025 accounts report €554.968 million in external revenue from rolling stock, including manufacturing and maintenance, and €63.201 million from auxiliary machinery and other activities. The consolidation scope includes Patentes Talgo and international subsidiaries, plus an indirect 51% interest in Tarvia Mantenimiento Ferroviario. The Spanish Mecca–Medina high-speed consortium, in which the group holds 16.79%, is an associate: its entire revenue is not added as though it were a controlled subsidiary.
Sources: 2025 accounts: group identity and activities · Maintenance, inspection and digital services · Revenue by business segment and geography · 2025 accounts: subsidiaries and shareholdings.
Avril, Talgo 230 and maintenance services
Avril is the very-high-speed platform used for Renfe’s S106 fleet. The Intercity offering includes Talgo 230 for long-distance services, alongside the Br 105 locomotive. A platform’s technical capabilities and the speed authorised on a particular line are different measures, dependent on the relevant configuration and approvals.
In maintenance, Talgo documents TALVI for machine-vision inspection, TIMMS for preventive and corrective maintenance management, and TSMART for monitoring and predictive maintenance. These names identify the group’s technology solutions. Their railway inspection or reliability functions do not, by themselves, demonstrate a reduction in occupational accidents.
Sources: 2025 report: train platforms and locomotives · Maintenance, inspection and digital services · Renfe agreement on S106 trains, July 2026.
Ownership and leadership after the transition
In December 2025, a consortium comprising Clerbil, Finkatuz, BBK and Vital became shareholders under an investment and governance agreement affecting 27.42% of the capital. Section A.8 of the 2025 governance report identifies no individual or legal entity exercising, or able to exercise, control. Investors linked to Sidenor’s business environment do not make Talgo a wholly owned Sidenor subsidiary.
At 30 June 2026, the interim accounts list Pegaso Transportation International at 9.37%; SEPI at 7.88%; Clerbil, BBK and Finkatuz at 7.84% each; and Vital at 3.91%. These are dated holdings, rather than live market information. José Antonio Jainaga has chaired the board since January 2026. Ricardo Chocarro was appointed CEO in July, having previously been an independent director; Rafael Sterling left the general manager role.
Sources: 2025 governance: consortium agreement and disclosed control · Significant shareholders at June 2026 · Talgo’s current board of directors · Ricardo Chocarro’s appointment, July 2026.
2025 results: revenue, losses and backlog
Consolidated revenue in 2025 was €618.169 million, compared with €669.216 million in 2024. The operating loss was €39.272 million and the total loss for the year reached €100.668 million. Of the latter, €98.194 million was attributable to shareholders of the parent and €2.474 million to non-controlling interests.
The year-end order backlog was €4,466 million. This represents work still to be performed and recognised; it is neither annual revenue nor cash collected. This profile uses only revenue from the consolidated income statement, excluding other income, capitalised work and financial income. Manufacturing revenue is recognised over time using costs incurred relative to estimated costs when the accounting criteria are met.
Sources: 2025 consolidated income statement · 2025 project adjustments and order backlog · Manufacturing revenue recognition method.
Refinancing and the industrial working-capital cycle
The restructuring agreed in December 2025 combined a €45 million capital increase subscribed by SEPI and €105 million in convertible instruments with new bank financing. The accounts describe a €650 million tranche with partial CESCE cover, a €120 million working-capital facility and a €500 million guarantee line.
These financing facilities are not revenue. The new syndicated financing remained undrawn at the end of 2025. The accounts date fulfilment of the conditions and initial drawdowns to 11 February 2026. The distinction matters in an activity that consumes working capital during manufacturing and relies on contractual milestones for payment.
Sources: Financial restructuring and post-year-end drawdowns.
Plants, international operations and employment
The published industrial map identifies the Spanish manufacturing plants at Las Matas II and Rivabellosa, alongside maintenance workshops in locations including Fuencarral, Málaga and Barcelona. Industrial operations also extend to Germany, Denmark, Kazakhstan, Uzbekistan, Saudi Arabia, Egypt and the United States. Industrial presence includes services and maintenance; it does not mean there is a complete manufacturing plant in every country.
The sustainability report records 3,594 people at the end of 2025, compared with 3,540 in 2024. Its country table reports 2,503 in Spain and Tarvia, 381 in Kazakhstan, 278 in Saudi Arabia, 171 in Germany, 122 in the United States and 139 elsewhere. This range of sites makes the local scope of measures and certifications relevant.
Sources: 2025 report: plants and industrial footprint · 2025 sustainability: workforce composition · Health and safety: scope, injuries and occupational disease.
Railway development and technological transition
Innovation focuses on running gear, accessibility, materials and propulsion systems. The 2025 report describes TPH2 as a laboratory train converted from a regional diesel vehicle using hydrogen fuel cells and batteries. The project includes operating, maintenance and refuelling protocols, with attention to tunnels and railway facilities.
Hympulso is presented as a development initiative for high-speed hydrogen and battery propulsion, associated infrastructure and maintenance solutions. The planned completion date in the report does not, by itself, establish completion or commercial availability. In training, Talgo participates in VIVEST-Rail, a virtual-reality project for railway vocational education with CIFP Raúl Vázquez and Xabec.
Sources: Innovation: hydrogen, batteries and digitalisation · Training in risk perception and maintenance.
Which AI uses are documented
The annual report identifies SophIA as a generative AI assistant supporting diagnosis and repair through technical-document searches and guidance for interventions. It also describes TalIA as a conversational agent under development for fault and maintenance management. This distinction between a developed solution and continuing development should be retained.
For corporate work, Talgo reports deployment of Copilot Web Chat and progress implementing Microsoft Copilot 365, alongside a corporate data warehouse and Power Platform applications such as Trex and TeBoard. These are company-reported uses. The reviewed sources provide no quantified assessment that would allow the changes in occupational accident rates to be attributed to them.
Prevention arrangements and ISO 45001 coverage
The report describes job-based risk assessments, prevention planning, inspections and induction training updated for new risks or changes in working conditions. In Spain, health and safety committees meet quarterly or at employee representatives’ request; they review incidents, harm, conditions and the prevention service’s work programme.
The ISO 45001 certification reported for 2025 covers Las Matas II, Rivabellosa and the Majadahonda offices. The report itself quantifies coverage at 54%, based on the employees at those sites. Planned extension to other sites is an objective, rather than certification already obtained for the entire worldwide workforce.
Sources: Health and safety: scope, injuries and occupational disease.
Observed risks and specific training
The injury types reported in 2025 include impacts and cuts involving tools, flying particles and injuries from falling objects. This account comes from Talgo’s reported experience and identifies concrete manufacturing and maintenance risks without assigning the same assessment to every site.
The company describes risk-perception training aimed at more than 120 production-site managers, covering how accidents occur and practical exercises. It also details technical training on train systems for maintenance teams. Its reported 125,021 total training hours include languages, leadership and other subjects; they cannot be presented as exclusively prevention hours or as standalone proof of effectiveness.
Sources: Health and safety: scope, injuries and occupational disease · Training in risk perception and maintenance.
Accidents and the limits of the indicators
The 2025 safety table reports 217 accidents with and without lost time, compared with 261 in 2024; lost-time accidents fell from 59 to 31. Lost-time frequency was 5.37 per million hours, compared with 10.19. The reported reduction is 47.30%. The group attributes the improvement to its prevention plans and measures; this corporate explanation does not isolate the causal contribution of each action.
The table concerns Talgo workers and does not provide a separate contractor frequency rate. In contrast, the fatality and occupational-disease disclosures explicitly report zero cases for employees and contractors at its facilities or in external activities under its operational control. This coverage does not automatically extend to the whole supply chain. The table also does not explain its treatment of commuting accidents, so it cannot simply be equated with other companies’ series.
Sources: Health and safety: scope, injuries and occupational disease.
Psychosocial support and harassment prevention
A psychological, emotional and social support service for employees and family members remained available in 2025, alongside nutritional support. The report describes awareness activities on workplace harassment and gender-based violence. Individual assistance alone does not demonstrate that all organisational conditions associated with psychosocial risk have been assessed and addressed.
In Spain, awareness sessions on sexual and sex-based harassment targeted the whole workforce, including temporary-agency staff and trainees. The report links them to the second equality plan, running from November 2023 to November 2027, and to protocols and ethics committees. The intended reach of training is not equivalent to an evidenced individual completion rate.
Sources: Health and safety: scope, injuries and occupational disease · Harassment prevention and equality measures.
Suppliers and the scope of social oversight
Supplier selection incorporates ESG and cybersecurity criticality criteria alongside employment and ethical issues. For 2025, Talgo reports 1,799 active suppliers, of which 617 had sustainability qualifications. It qualified 58 new suppliers during the year and carried out on-site approval audits for 29 of them; it also recorded 16 ESG reassessments.
The analysis applies to criticality categories defined by the company. These figures therefore do not establish annual on-site auditing of every supplier or complete measurement of their workers’ accidents. They are supply-chain controls that should be read alongside the limitations of employee and contractor safety reporting.
Sources: Supplier approval and ESG assessment · Health and safety: scope, injuries and occupational disease.
Energy, emissions and changes in reporting scope
The 2025 report documents operating solar panels at Las Matas II and Rivabellosa: they supplied more than 20% of the electricity consumed at each plant. Across the disclosed energy reporting boundary, 90% of electricity came from renewable sources, while renewables accounted for 43% of total energy when fuels were also included. That boundary covers owned or rented locations where activities take place and excludes offices with fewer than ten people.
The tables record 2,219.22 tonnes of CO₂ equivalent in Scope 1 for the factories and maintenance workshops included in the inventory in Spain and Milwaukee. For the Spanish and US sites covered by Scope 2, they report 411.07 tonnes using the market-based method and 2,773.82 using the location-based method: these are two ways of accounting for purchased electricity, rather than quantities to add together.
Scope 3 amounts to 359,082.11 tonnes and includes the product-use category for the first time, contributing 306,100.11 tonnes. The report warns that total emissions intensities for 2025 and 2024 are not comparable because of this addition; it also restates the 2024 purchasing category and expands the boundary of other categories. The increase in the published total therefore does not, by itself, establish an operational deterioration of the same magnitude.
Sources: 2025 sustainability: on-site generation and decarbonisation measures · 2025 sustainability: emissions, energy and changes in scope.
Project adjustments and the Renfe agreement
In December 2025, Talgo and Deutsche Bahn reduced the order under execution from 79 to 60 trainsets, retaining the framework agreement for up to 100. The report attributes a negative €46.6 million impact to the adjustment. It also documents termination of the LACMTA project and closure of the court proceedings, with an extraordinary €3 million impact. These events help explain the year’s result.
The Renfe agreement announced on 2 July 2026 addresses S106 acceptance, conversion of 15 trains to variable gauge and delay penalties. The interim accounts retain a provision of €116.646 million and place payments between 2032 and 2037. This is an agreed payment schedule, rather than cancellation of the penalty or an occupational-safety sanction.
Sources: 2025 project adjustments and order backlog · Renfe agreement on S106 trains, July 2026 · Interim accounts: penalty provision and payment schedule.
What changed in 2026
The first-half 2026 accounts report revenue of €375.837 million and a consolidated loss of €27.007 million. These cover six months and do not replace the full-year 2025 figures used to select this profile.
Contracts announced in 2026 include 20 very-high-speed trains for Saudi Arabia with maintenance, for a combined €1,332 million, and an order from Sweden’s Trafikverket for approximately €756 million. These amounts reflect contracted scope, with delivery and services spread over time. Delivery capacity, working capital and safety performance in manufacturing and maintenance are distinct areas requiring their own monitoring.
Sources: Consolidated results for the first half of 2026 · Saudi and Swedish orders announced in 2026.
Frequently asked questions
Is Talgo a Spanish company?
Yes. Talgo, S.A. is a listed Spanish company with its current registered office in Rivabellosa, Ribera Baja, Álava. The group has industrial and maintenance activities in several countries. [1] · [2]
Who founded Talgo?
The industrial project originated with Alejandro Goicoechea and José Luis de Oriol, through Patentes Talgo in 1942. The current parent, Talgo, S.A., was incorporated in 2005 and adopted its present name in 2015. [1] · [2]
Who currently leads Talgo?
José Antonio Jainaga has chaired the board since January 2026 and Ricardo Chocarro has been CEO since July 2026, according to the corporate information reviewed. [1]
What was Talgo’s revenue in 2025?
Consolidated revenue was €618.169 million. The €4,466 million order backlog represents contracted work still outstanding, rather than revenue for the year. [1] · [2]
Does ISO 45001 cover the whole workforce?
The 2025 report declares 54% workforce coverage for Las Matas II, Rivabellosa and the Majadahonda offices. It does not establish universal group certification. [1]
What occupational accidents did Talgo report for 2025?
It reported 217 accidents with and without lost time, including 31 lost-time accidents, and a lost-time frequency of 5.37 per million hours. Zero reported fatalities cover employees and contractors under its operational control; the frequency measure does not provide a separate contractor breakdown. [1]
