The programme allows Talgo to access the institutional market in an agile manner, setting the financial conditions for each issuance and strengthening its ability to adapt to short-term financing needs.
On this occasion, Kutxabank Investment acts as Placement Agent, supporting the placement of the commercial paper among institutional investors and highlighting its expertise in corporate financing. This role reinforces its track record in fixed income transactions and in advising issuers on their financing plans, consolidating its position as a leading player in MARF.
Purpose of the Programme
The TALGO 2026 Commercial Paper Programme provides the group with an additional tool for active treasury management. This instrument enables the company to improve its financial structure through successive issuances within the established maximum amount, adjusting volumes and maturities to specific liquidity needs.
This financing format strengthens the group’s financial autonomy by opening a direct and flexible window to the institutional market.
Company Overview
Talgo is an industrial group specialised in the design, manufacture and maintenance of railway rolling stock, as well as in the development of auxiliary railway systems equipment. Its activities are structured around three main areas: Trains — with a focus on very high-speed and high-speed solutions — Maintenance Equipment, and Services.
As of September 2025, the order backlog stood at approximately €4.8 billion. In 2024, the company achieved revenues of €669 million, representing 3% growth compared to the previous year. The backlog has also been boosted by significant international contracts, such as the agreement in Saudi Arabia for the manufacture of 20 high-speed trains for an approximate amount of €1.332 billion.
Estimated net debt for 2025 stands at approximately €384 million, with normalised EBITDA of around €60 million, implying an estimated leverage level of between 6x and 8x EBITDA
