While both companies report strong order books and ongoing deliveries, their financial positions differ, influenced by project schedules, penalties, and new contracts.
Talgo: revenue growth and Renfe penalty provision
Talgo reported a revenue of €669 million in 2024, a 2.5% increase compared to the previous year. The company’s EBITDA, excluding the provision for the Renfe penalty, stood at €70 million with a 10.5% margin. Net profit, excluding this provision, was €8.8 million.
A key financial event for Talgo in 2024 was the recognition of a €116 million provision related to the penalty imposed by Renfe for delays in the delivery of 30 Avril high-speed trains. Talgo maintains that the delays were caused by factors beyond its control and is considering legal options. The company’s order book stands at €4.17 billion, with more than 80% of its projects being international. Major contracts include intercity trains for DB, DSB, and ENR.
CAF: higher revenue and increased profitability
CAF reported a revenue of €4.21 billion in 2024, representing a 10% increase compared to 2023. The company’s EBIT grew by 21% to €216 million, while net profit rose by 16% to €103 million. CAF secured new contracts in several markets, including metro orders in Spain, the Netherlands, Chile, and Colombia, as well as tram deliveries in Italy and medium- and long-distance trains for SNCF in France.
CAF’s backlog reached €14.7 billion, supported by strong order intake. The company advanced its railway automation projects, including the introduction of the CBTC-based "Optio" system and automated train operation trials in the Netherlands and Norway.
