Annual rank2
Poland · Industrials
Newag
Manufactures electric and diesel passenger vehicles, plus electric locomotives and diesel locomotives.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Rail platforms, delivery programmes and European certification
NEWAG is a Polish rail-vehicle group that designs, builds, modernises and maintains passenger trains and locomotives. Impuls and Impuls 2 cover electric and dual-drive units; Griffin and Dragon 2 cover interoperable passenger and heavy-freight traction. The group combines rolling-stock production with onboard control systems, leasing and service. In 2025 it delivered 101 new vehicles; multi-country testing is aimed at widening its locomotive market, pending ERA authorisation for intended areas of use, while the terminated Siemens framework leaves its high-speed route unresolved.
Passenger platforms
Impuls changes length, interior and power source
Impuls 2 is a configurable electric multiple-unit platform with low floors, wide doors, passenger information and layouts for regional or urban work. The 36WEh adds diesel power so a train can continue beyond electrified lines, a concept now being developed for PKP Intercity's 35-unit long-distance order.
- Impuls 2 technical brochure Current official guide to design, accessibility and configuration
- Explore the Impuls platform Electric, diesel and dual-drive variants in the current range
- How the dual-drive unit works 36WEh passenger layout and operation beyond electrified lines
- PKP Intercity's 35-unit programme The named long-distance order and its service package
Locomotive platforms
Dragon 2 moves heavy freight; Griffin crosses systems
Dragon 2 is a six-axle heavy-freight locomotive using silicon-carbide traction converters. The four-axle Griffin family can be configured for passenger or freight work, several European power systems and speeds up to 200 km/h. NEWAG says German and Austrian homologation work is under way, with Griffin E4MSUa dynamic testing continuing in Switzerland and testing on German infrastructure planned to follow.
- Dragon 2 Six-axle heavy freight and silicon-carbide traction technology
- Griffin Four-axle modular platform, technical systems and configurations
- Electric-locomotive technical brochure Current official guide to Griffin and Dragon applications
- Six-country Griffin programme Germany, Austria, Czechia, Slovakia, Hungary and Poland
Operations and delivery
A Nowy Sącz production base connects systems, service and fleets
NEWAG's Nowy Sącz base anchors vehicle production and its own test track. The group adds control systems through NEWAG Inteco DS in Gliwice and leasing through NEWAG Lease. In 2025 it delivered 101 new vehicles, including 38 PKP Intercity locomotives, 12 for Akiem, 10 for Cargounit and Impuls fleets for the Pomorskie and Silesian regions.
- Annual-report source centre Official index for the 2025 report and audited statements
- How NEWAG describes its business Production, modernisation and the current rolling-stock portfolio
- The Nowy Sącz test track A named production-site capability for multi-system vehicles
- Impuls 2 in Silesia A regional fleet entering service with Koleje Śląskie
Positioning and development
Platforms, lifecycle support and certification widen the addressable network
NEWAG says it competes through adaptable platforms, lifecycle cost, delivery discipline and European standards. Its 2025 report links this model to R&D, standardised systems, automation and long-term production and maintenance contracts. NEWAG currently has no disclosed high-speed partner after terminating the Siemens memorandum in June 2026 for lack of consensus, although it says it remains interested in the procurement and is considering other options. ERA approval for a multi-system Dragon 2 and five consecutive IRIS Gold awards still evidence the certification and quality path.
- 2025 business and strategy report Delivery scale, R&D, contracts, investments and competitive priorities
- Siemens memorandum terminated Immediate June 2026 termination and NEWAG's continued interest without a disclosed route
- Five consecutive IRIS Gold awards The issuer's July 2026 quality and process update
- Multi-system Dragon 2 ERA authorisation for operation in Poland, Czechia and Slovakia
Official profile sources: O firmie | NEWAG · Newag
Current 2026 update
What is changing at Newag in 2026?
NEWAG is adding long-dated work to proven train platforms while expanding European testing and certification. An August base contract schedules two hybrid units for 2029, and in September PKP Intercity exercised an option for 32 additional electric locomotives due in 2028–2029. The original Siemens route into 320 km/h trains has ended without removing NEWAG’s stated interest in the procurement.
The change in one sentence
Proven platforms are scaling; the high-speed leap needs a new route.
Impuls, Griffin and Dragon have products, customers and certification work behind them. NEWAG's challenge is to turn long delivery schedules into cash and accepted vehicles while deciding whether and how it can enter a 320 km/h programme.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · The production cycle
Hybrid units and a binding locomotive option extend work through 2029
On 4 August, NEWAG signed to supply two electric-diesel multiple units to the Podlaskie region for PLN 95.8 million net, with base deliveries scheduled in 2029. An option for up to four more units remains unexercised; the full potential value would be PLN 287.4 million net, with optional units due 30 months after exercise. Separately, on 8 September PKP Intercity exercised an existing option for 32 additional electric locomotives and maintenance. NEWAG accepted the exercise as binding. The option is valued at an estimated PLN 945.6 million net and raises that separate contract’s estimated total to PLN 2.807 billion net, with locomotive deliveries planned for 2028–2029. The total includes estimated maintenance remuneration; it is not 2026 recognised revenue.
- Current signal2 Podlaskie hybrid units contracted · 4 optional · 32 PKP locomotives option exercised
- Why it mattersThe manufacturing schedule now includes a firm exercised option as well as a distinct unexercised one; contracted value, delivery timing and revenue recognition must be kept separate.
- NEWAG 2026-09-18
- NEWAG 2026-09-08
02 · The European locomotive
Griffin is being tested beyond Poland, but tests are not approvals
NEWAG began German and Austrian homologation for the multi-system Griffin E4MSUa in February. Switzerland was a test location before German testing; Czech tests also supported German requirements. NEWAG said Czech and Slovak tests finished successfully and that certification was intended to support an ERA application. The intended area of use spans Poland, Germany, Austria, Czechia, Slovakia and Hungary.
- Current signalSix-country operating target
- Why it mattersTesting and certification can widen the platform's market, but tests are not permissions; ERA authorisation must cover the intended areas of use before service entry.
- Griffin homologation NEWAG · 2026-02-27
03 · The high-speed reset
NEWAG ended the Siemens memorandum but not its interest in the tender
The January memorandum with Siemens covered a potential joint bid for 20 electric multiple units capable of at least 320 km/h, to be delivered over seven years. NEWAG terminated it with immediate effect on 9 June because the parties did not agree the detailed cooperation terms. NEWAG said it still intended to consider direct or indirect participation and evaluate available options.
- Current signalSiemens MoU terminated · options under review
- Why it mattersNEWAG says the procurement remains of interest, but it has not disclosed a replacement partner or another executable high-speed route.
- Siemens MoU termination NEWAG · 2026-06-09
04 · What to watch
Three questions for the next disclosures
Three questions test whether a strong product base becomes controlled delivery and wider market access.
- The production cycleDo vehicle milestones and working-capital movements show that NEWAG is scaling output without delivery delays or further disproportionate cash absorption?
- The homologation pathDo German and Austrian testing and homologation, plus the ERA application for the intended areas of use, progress to authorisation and service entry?
- The high-speed routeDoes NEWAG disclose a credible partner or another direct or indirect route before the PKP Intercity procurement advances?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 2 | +176% | +1640% | +641% |