New order intake exceeded €1.1bn, the highest since 2011, increasing Talgo’s order backlog to a record €3.34bn. Talgo’s largest contract in 2019 was from German Rail (DB) which ordered 23 Talgo 230 trains at a cost of €550m as part of a framework agreement worth €2.3bn to supply up to 100 trains.

Talgo won a €157m contract from Egyptian National Railways to maintain six trains as well as a $US 35m contract to rebuild 50 Bombardier double-deck commuter coaches for Metrolink, United States, with an option to rebuild another 72 cars which would increase the value of the deal to $US 138m. The work will be carried out under a joint venture with Systra.

Talgo expects a significant increase in turnover in 2020 and to maintain its adjusted Ebitda margin at 16.5%. In February, the company signed a €500m new train framework agreement with Danish State Railways (DSB) with an initial €134m order for eight Talgo 230 trains.

Talgo submitted bids in 2019 worth around €5.2bn, of which €3bn is for a high-speed train fleet for the HS2 project in Britain. The company is working on tenders worth €8.4bn, to be decided during the next two years, 60% of which are projects in Britain and Spain.