European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank2

Poland · Industrials

Newag

Manufactures electric and diesel passenger vehicles, plus electric locomotives and diesel locomotives.

+176%revenue growth
FY2022–FY2025
+1640%net-income growth
FY2022–FY2025
+641%stock return
FY2022–FY2025
+2%2026 stock return
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.

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.

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.

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.

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, with an option for four more on a separate 30-month timetable. The original Siemens route into 320 km/h trains has ended without removing NEWAG's stated interest in the procurement.

Latest official evidence Podlaskie hybrid-unit contract Published 4 August 2026

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

A new hybrid-unit contract adds work scheduled for 2029

On 4 August, NEWAG signed to supply two electric-diesel multiple units to the Podlaskie region, with base deliveries scheduled in 2029. The base net value is PLN 95.8m. An option covers up to four additional units, each due 30 months after an option exercise; the maximum net value with the full option is PLN 287.4m. For separate context, Q1 2026 results reported before this contract showed revenue of PLN 422.3m versus PLN 374.6m and operating cash outflow of PLN 169.7m versus PLN 66.9m.

  • Current signal2 base units due 2029 · option for 4 due 30 months after exercise
  • Why it mattersLong manufacturing cycles can increase working-capital needs before delivery. The Q1 cash outflow predates this contract and is context on existing programmes, not evidence of cash use caused by the August deal.
  • Hybrid-unit contract NEWAG · 2026-08-04
  • Q1 report NEWAG · 2026-05-29

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?
Sources:Hybrid-unit contract Q1 report Griffin homologation Siemens MoU termination

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY20252+176%+1640%+641%