Spain: Two major local rolling stock builders, CAF and Talgo, report on varied trends in their activities.
CAF reported €3,5 bln worth of new orders for rolling stock, maintenance services, and complex projects in its 2023 financial statements, which is 35% lower than the previous year. Despite this decrease, CAF remains a major player in the global rolling stock market, having received in 2022 more orders in this segment. The manufacturer has significantly expanded its corresponding asset portfolio. In 2022, CAF acquired a plant in France and the intellectual rights for two Coradia Polyvalent and three Talent trains from Alstom (earlier Bombardier Transportation). The positive trend in the backlog was mainly supported by the bus segment. Total revenue for 2023 amounted to €3.8 bln (which is a 21% increase compared to 2022), with a margin of 4.7% (+0.3 p.p.).
Talgo has achieved a new record in order intake, having received contracts worth €2.1 bln in 2023, which is four times more than in 2021. Notably, in 2022, the company received only €59 mln in contracts. The key orders in 2023 include exercised options for eight trains for Dutch DSB and 56 trains for German DB. The manufacturer is poised to begin work on a new contract for Egypt pending the final formal procedures. Talgo’s backlog has surged to €4.2 bln, representing a 54% increase by the end of 2022. The company’s revenue for the year has also seen a significant boost, totalling €652 mln, a 39% increase by 2022, with a margin of 11.7%, up by 1.2 p.p. The Spanish manufacturer can be sold if Hungarian Ganz-MaVag makes an official offer, which is also to be approved by the Spanish authorities.
