European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · 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
−5%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, while multi-country certification and a Siemens Mobility cooperation framework point to capabilities beyond its domestic base.

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. A Siemens Mobility framework explores 320 km/h high-speed trains, while ERA approval for a multi-system Dragon 2 and five consecutive IRIS Gold awards evidence the certification and quality path.

Current 2026 update

What has changed in 2026?

First quarter ended 31 March 2026 · 29 May 2026

First quarter ended 31 March 2026latest official update
3company-specific highlights
−5%2026 stock return · context only

First-quarter sales

Net sales revenue was PLN 422.3 million, 12.7% above the first quarter of 2025.

First quarter ended 31 March 2026 · PLN 422.3m · +12.7%

Profit attributable to owners

Profit attributable to owners was PLN 57.9 million, 10.7% above the comparable quarter.

First quarter ended 31 March 2026 · PLN 57.9m · +10.7%

Operating cash flow

Operating cash outflow widened to PLN 169.7 million from PLN 66.9 million in the comparable quarter.

First quarter ended 31 March 2026 · Operating cash outflow widened

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%