olivlawolivlaw

olivLaw · European equity research

TALGO, S.A. TLGO.MC

Spain · BME Madrid · ISIN ES0105065009 · Vertical: Listed companies from Spain

2.10EUR−3.23% · 1 dayClose 05 Nov 2026

TALGO is a Spanish railway group that designs and maintains high-speed trains and rail systems, and its consolidated financial statements for fiscal 2025 show its activity through subsidiaries and associates, including the Meca-Medina consortium. It matters now because its exposure to associates and consortia shapes how investors can read the group's performance.

At the close of 05 Nov 2026, TALGO, S.A. (TLGO.MC) stock was 2.10 EUR (−3.23% on the day), with market capitalisation 260.4 m EUR, dividend yield 57.60%, beta 0.42, 52-week range 2.10–3.15 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
260.4 m EUR
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.76 · TTM to 31 Dec 2025
E/P (TTM)
-36.28%
TTM to 31 Dec 2025
Dividend yield
57.60%
DPS 12m 1.21
Beta (2y)
0.42
Volatility (1y) 24%
52-week range
2.103.15

Price history

Loading chart…

Technical reading

RSI (14)
13.0
oversold (≤ 30)
Bollinger (20, 2)
2.13 – 2.49
below the lower band · %B -0.10 · band width 15.4%
SMA 50 / 200
2.44 / 2.69
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.08 / -0.06
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−13.8%−0.6%−13.1 pp—
3 months−23.0%−4.2%−18.8 pp—
6 months−24.2%+4.3%−28.6 pp—
Year to date−25.2%+7.5%−32.7 pp—
1 year−20.3%+9.9%−30.3 pp+6.7%
3 years−42.8%+49.8%−92.6 pp+31.5%
5 years−55.3%+42.8%−98.2 pp—
Max drawdown (1y)
−33.4%
07 Jan 2026 → 05 Nov 2026
Max drawdown (5y)
−61.9%
06 Jan 2022 → 05 Nov 2026
Compound annual growth (5y)
−14.9%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue652.0 m669.2 m618.2 m
Revenue YoYunavailable+2.6%−7.6%
Net income13.7 m-106.1 m-98.2 m
Net income YoYunavailable−874.6%unavailable
Diluted EPS0.11-0.86-0.76
Diluted EPS YoYunavailable−881.8%unavailable
net %2.1%-15.8%-15.9%
Free cash flow-121.4 m-115.4 m-100.4 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
226.1 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
229.4 m EUR
Total assets
1.5 bn EUR
Debt / equity
unavailable
Current ratio
1.41x
ROE
-48.1%
ROA
-7.1%
FCF margin
-16.2%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
652.0 m
2024
669.2 m
2025
618.2 m

esef· 20 Oct 2026verified

Operating income
2023
59.0 m
2024
-71.4 m
2025
-39.3 m

esef· 20 Oct 2026verified

Depreciation & amortisation
2023
17.2 m
2024
24.4 m
2025
36.3 m

esef· 20 Oct 2026verified

EBITDA
2023
76.2 m ≈
2024
-47.0 m ≈
2025
-3.0 m ≈

esef· 20 Oct 2026derived

Interest expense
2023
39.5 m
2024
26.3 m
2025
48.8 m

esef· 20 Oct 2026verified

Pre-tax income
2023
21.3 m
2024
-94.9 m
2025
-87.4 m

esef· 20 Oct 2026verified

Income tax
2023
9.1 m
2024
13.0 m
2025
13.3 m

esef· 20 Oct 2026verified

Net income
2023
13.7 m
2024
-106.1 m
2025
-98.2 m

esef· 20 Oct 2026verified

Diluted EPS
2023
0.11
2024
-0.86
2025
-0.76

esef· 20 Oct 2026verified

Dividend per share
2023
0.02
2024
0.00
2025
1.21

esef· 20 Oct 2026derived

Balance sheet · EUR

Cash
2023
155.8 m
2024
93.3 m
2025
226.1 m

esef· 20 Oct 2026verified

Receivables
2023
470.6 m
2024
631.5 m
2025
738.6 m

esef· 20 Oct 2026verified

Inventories
2023
191.7 m
2024
220.0 m
2025
214.0 m

esef· 20 Oct 2026verified

Current assets
2023
839.7 m
2024
965.5 m
2025
1.2 bn

esef· 20 Oct 2026verified

Property, plant & equipment, net
2023
53.9 m
2024
56.4 m
2025
56.5 m

esef· 20 Oct 2026verified

Goodwill
2023
112.4 m
2024
112.4 m
2025
112.4 m

esef· 20 Oct 2026verified

Intangibles (excl. goodwill)
2023
84.9 m
2024
113.1 m
2025
125.3 m

esef· 20 Oct 2026verified

Total assets
2023
1.1 bn
2024
1.3 bn
2025
1.5 bn

esef· 20 Oct 2026verified

Accounts payable
2023
290.1 m
2024
346.1 m
2025
406.9 m

esef· 20 Oct 2026verified

Current liabilities
2023
415.2 m
2024
513.3 m
2025
851.0 m

esef· 20 Oct 2026verified

Total liabilities
2023
827.5 m
2024
1.1 bn
2025
1.3 bn

esef· 20 Oct 2026verified

Equity
2023
288.3 m
2024
179.1 m
2025
229.4 m

esef· 20 Oct 2026verified

Shares outstanding at year end
2023
124.5 m
2024
123.3 m
2025
124.3 m

esef· 20 Oct 2026derived

Cash flow · EUR

Operating cash flow
2023
-115.8 m
2024
-110.8 m
2025
-95.8 m

esef· 20 Oct 2026verified

Capex
2023
5.7 m
2024
4.6 m
2025
4.6 m

esef· 20 Oct 2026verified

Free cash flow
2023
-121.4 m ≈
2024
-115.4 m ≈
2025
-100.4 m ≈

esef· 20 Oct 2026derived

Investing cash flow
2023
-18.6 m
2024
-48.6 m
2025
-44.5 m

esef· 20 Oct 2026verified

Financing cash flow
2023
50.7 m
2024
97.5 m
2025
272.9 m

esef· 20 Oct 2026verified

Dividends paid
2023
1.9 m
2024
0
2025
-150.0 m

esef· 20 Oct 2026verified

Share repurchases
2023
8.8 m
2024
1.2 m
2025
0

esef· 20 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-7.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-0.5%
computed by olivLawFY 2025
EBIT margin
-6.4%
computed by olivLawFY 2025
Net margin
-15.9%
computed by olivLawFY 2025
FCF margin
-16.2%
computed by olivLawFY 2025

Returns

ROE
-49.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-7.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-5.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-0.8x
computed by olivLawFY 2025

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
-95.8 m EUR
computed by olivLawFY 2025
Capital expenditure
4.6 m EUR
computed by olivLawFY 2025
Free cash flow
-100.4 m EUR
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
404 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
260.4 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-36.3%
computed by olivLawFY 2025
P/B
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-38.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
57.6%
computed by olivLawFY 2025
Shareholder yield (distributions)
57.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.10 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 260.4 m EUR

Key indicators

Market capitalisation
260.4 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.2x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-49.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-15.9%
computed by olivLawFY 2025
Revenue growth (YoY)
-7.6%
computed by olivLawFY 2025
Dividend yield
57.6%
computed by olivLawFY 2025

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 20 Oct 2026
verified 89derived 6

Score by group

31% · Insufficient data

Estimated value range

Low
16.41
EUR per share
Mid
18.94
EUR per share
High
22.38
EUR per share
Price: 2.10 EUR
The price is below the range
Potential to the central value: 803.9% (value / price − 1)
Margin of safety: 88.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.41 – 22.38 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)16.41 – 22.38 (Mid 18.94)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-15.9%5 (vs peers)20%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-0.8x0 (on a fixed band)20%
Current ratio · Balance sheet1.4x51 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-38.6%0 (on a fixed band)27%
Shareholder yield (distributions) · Returns57.6%100 (on a fixed band)20%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet20/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial5/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TALGO SA (TLGO.MC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 618.2 m EUR in 2025; YoY growth -7.6%; net margin -15.9%; ROE -49.9%.

The estimated value range is 16.41–22.38 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 18.94 EUR, the price of 2.10 EUR leaves a potential of 803.9% (value / price − 1) and a margin of safety of 88.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Shareholder yield (distributions): 57.6%
  • The price is below the estimated value range

What contradicts it

  • Net margin: -15.9%
  • Interest coverage: -0.8x
  • FCF yield: -38.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Listed companies from Spain · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 20.3x
EV/EBITDA
—
vertical median —
P/S
0.4x
vertical median 0.9x
below median (−50.5%)
P/B
1.2x
vertical median 2.5x
below median (−53.0%)
ROE
-49.9%
vertical median 10.5%
below median (−574.9%)
Net margin
-15.9%
vertical median 4.5%
below median (−450.2%)
EBIT margin
-6.4%
vertical median 10.2%
below median (−162.4%)
Revenue YoY
-7.6%
vertical median 2.2%
below median (−444.7%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
57.6%
vertical median 3.0%
above median (+1,848.9%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELE.MCEndesa SA46.9 bn21.426.4%10.5%+0.5%+43% / +134%
AENA.MCAena S.m.e. SA42.6 bn19.924.2%34.0%+8.9%+21% / +79%
AMS.MCAmadeus It Group Sociedad Anonima26.2 bn19.826.9%20.5%+6.1%−6% / −5%
ACS.MCAcs Actividades De Construccion Y Servicios, S.A.21.9 bn23.019.9%1.9%+19.7%+7% / +134%
ANA.MCAcciona SA11.7 bn14.516.9%4.0%+5.5%+24% / +66%
FCC.MCFomento De Construcciones Y Contratas S.A.5.0 bn30.35.3%1.7%+6.9%−8% / −14%
DIA.MCDistribuidora Internacional De Alimentacion SA2.7 bn20.6165.6%2.2%−2.7%+51% / +380,733%
CMO.MCCementos Molins S.A.2.5 bn13.614.3%18.0%−3.1%+31% / unavailable
ENO.MCElecnor SA2.4 bn21.910.5%2.5%+15.1%−3% / +58%
ALM.MCAlmirall S.A.2.4 bn51.13.1%4.2%+12.4%−11% / +32%
FAE.MCFaes Farma SA1.5 bn19.310.8%13.0%+23.7%+3% / +57%
AEDAS.MCAedas Homes SA1.0 bn17.157.8%7.0%−24.8%+0% / +38%
EDR.MCEdreams Odigeo SA574.4 m11.521.0%7.8%−0.4%+40% / −24%
EAT.MCAmRest Holdings SE506.0 m31.44.3%0.6%+0.1%−34% / −61%
ADX.MCAudax Renovables S.A.468.5 m23.99.3%1.0%−5.4%−23% / −18%
TLGO.MCTalgo SA260.4 m—-49.9%-15.9%−7.6%−25% / −51%
ATRY.MCAtrys Health, S.A.200.4 m—-49.5%-71.1%+8.5%−3% / −29%
ENER.MCEcoener, S.A.175.6 m32.24.2%6.4%+3.6%−34% / −6%
ADZ.MCAdolfo Dominguez SA62.9 m38.39.0%1.2%+1.8%+39% / +40%
DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A.44.8 m9.2152.3%10.0%+2.2%+19% / unavailable
EZE.MCGrupo Ezentis SA29.0 m——-9.3%+147.2%−30% / −37%
CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA17.3 m14.44.1%3.4%+13.4%unavailable / unavailable
AYC.MCAyco Grupo Inmobiliario, S.A.16.4 m—-33.8%—−100.0%unavailable / unavailable
EBRO.MCEbro Foods, S.A.3.0 m0.010.0%7.7%−4.0%−0% / +19%
A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A.——7.9%6.9%−2.7%+13% / +60%

1- and 3-year price returns: for TLGO.MC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    TALGO is a Spanish railway group that designs and maintains high-speed trains and rail systems, and its consolidated financial statements for fiscal 2025 show its activity through subsidiaries and associates, including the Meca-Medina consortium. It matters now because its exposure to associates and consortia shapes how investors can read the group's performance.

    SWOT

    Strengths

    • The structure of stakes in associates and consortia gives access to large projects without taking on the full risk.
    • Rigorous accounting policies, including the annual goodwill impairment test, add credibility to the financial statements.
    • Consolidated reporting follows international standards, which makes comparison with other companies easier.

    Weaknesses

    • Control over associates is limited because decisions require qualified majorities.
    • Strict criteria for capitalising development can reduce the assets recognised on the balance sheet.
    • Reliance on consortia for certain projects complicates direct management of execution.

    Opportunities

    • Development of new rail projects could extend stakes in existing or new consortia.
    • Technologies developed in-house could be commercialised if recognition criteria are met.
    • Standardised ESEF reporting may ease access for investors interested in transparency.

    Threats

    • A reduction in public rail infrastructure investment could shrink the volume of available projects.
    • Currency fluctuations can affect results from activities denominated in other currencies.
    • Difficulties in executing consortium projects could create reputational and financial risks.

    Risks

    • Dependence on consortiamedium

      The Meca-Medina consortium is decisive for part of the activity, and decisions require qualified majorities, which can limit the group's control 1.

    • Capitalisation of development costsmedium

      If the economic benefits of technology projects do not materialise, capitalised assets may require impairment 1.

    • Currency risklow

      Exchange differences can affect the financial result when transactions or balances are denominated in foreign currencies 1.

    • Goodwill testingmedium

      Goodwill is tested annually for impairment and losses are not reversed, which could weigh on profit in a difficult year 1.

    • Dependence on public ordershigh

      Demand for rail rolling stock could fall if infrastructure budgets are reduced, and the source gives no detail on the order book.

    Investment thesis

    What would need to be true (bull case)

    • The consortium structure and capitalised technologies can support participation in complex projects, and rigorous reporting standards give investors clarity.
    • If rail development projects translate into revenue, intangible assets could generate returns over the long term.
    • ESEF reporting transparency and external audit oversight can strengthen confidence in the group's financial information.

    What would break the thesis

    • Dependence on consortia and on decisions requiring qualified majorities may limit the group's ability to control project execution.
    • Strict capitalisation criteria and impairment tests could lead to write-downs if projects do not proceed as planned.
    • Exposure to currency movements and a possible cut in public investment could affect results over the medium term.

    What to watch

    • Revenue and result trend of the Meca-Medina consortium2026
    • New orders and participations in rail consortia2026
    • Effect of currency fluctuations on financial resultQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    According to the consolidated notes for fiscal 2025, TALGO, S.A. and its subsidiaries operate as a group that also holds stakes in associates, accounted for under the equity method. The main associate disclosed in the source is Consorcio Español Alta Velocidad Meca-Medina, S.A., in which the group has significant influence without control, and its auditor is KPMG Auditores, S.L. 1. The group had no joint arrangements at 31 December 2025 and 2024, and there were no changes to the consolidation perimeter in 2025 1.

    The functional and presentation currency of the parent is the euro, and consolidated statements are presented in thousands of euros 1. The group applies IFRS 16 to leases, recognising right-of-use assets and lease liabilities, with the permitted exemptions for contracts under 12 months or of low value 1.

    Intangible assets include development costs capitalised for technologies applied to the rail field, amortised over useful lives not exceeding five years, and goodwill is tested annually for impairment 1. These items show that the business model depends on long-term technology projects whose costs must be justified by future economic benefits.

    Segments

    Associate and consortium stakes

    The Meca-Medina consortium is treated as an associate, and the group incorporates its share of net assets using the equity method 1. The consortium's figures show a modest operating scale relative to its balance sheet, with operating income of 2,502 thousand euros in 2025 1.

    Rail technology development

    Development costs are recognised as intangible assets only when strict criteria are met, including technical feasibility, intention and ability to use or sell, and probable economic benefits 1. If projects fail to generate the expected benefits, the capitalised value could be subject to adjustment.

    Tangible assets

    Tangible assets are depreciated on a straight-line basis over useful lives ranging from a few years for installations to decades for buildings, and residual values and lives are reviewed at each reporting date 1. These rules influence long-term operating margins.

    Market context

    The analysed source is the consolidated statements, which provide no market data on the group's share or the size of the high-speed rail market. For context, the associate Meca-Medina reports total assets of 217,339 thousand euros at 31 December 2025 1, an indicator of the scale of the infrastructure activities in which the group holds stakes.

    The rolling-stock market depends on public orders and infrastructure programmes, which the source does not detail. If the pace of high-speed line investment changes, demand for consortia and associated projects could be affected, but this effect is not quantified in the document analysed 1.

    Trends

    • Project consolidation through consortiamixed

      Participation through associates in large projects spreads risk, provided decisions are taken by the 75 per cent majority described in the notes 1. This structure can support complex projects but limits the group's direct control.

    • Digitalisation and ESEF reportingtailwind

      Reporting in the ESEF format standardises financial information and makes comparison between companies easier, increasing transparency for investors 1. The effect on internal reporting costs can nonetheless be significant.

    • Pressure on development costsheadwind

      Strict criteria for capitalising development costs mean many expenses must be recognised directly in profit, which can weigh on results during periods of intense innovation 1.

    • Exposure to currency movementsheadwind

      Foreign-currency activities are translated at transaction or closing rates, and differences are recognised in profit or in other comprehensive income 1. Currency volatility can therefore affect the profit and loss account.

    Competitive position

    The source does not identify the group's competitors. The document names only the implicit consortium partner through the Meca-Medina associate and its auditor, KPMG Auditores, S.L. 1. A full competitive analysis would require other sources, such as competitors' reports or sector studies.

    The group's competitive position cannot be assessed from the consolidated statements, which focus on accounting policies and financial notes. The consortium structure and joint projects could nonetheless offer an advantage in large tenders if participation is maintained 1.

    • Project consortia

      Direct competition on large projects typically takes place through ad hoc consortia, and the source names no other companies, so no rival list can be confirmed.

    • Auditor of the Meca-Medina associate

      Not a competitor but the external auditor of the associated consortium, mentioned in the source as part of the financial verification.

    • Rail technology suppliers

      The source identifies no competing suppliers; the capitalised internal development suggests the group manages its own technologies.

    • Partners in associations

      Consortium members decide on the basis of participation rights, but they are co-investors in projects rather than direct competitors.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TALGO, S.A. · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    TALGO, S.A. (TLGO.MC): stock, results, valuation and forecast · olivLaw