Newag

What Newag does

NEWAG S.A. is a Polish manufacturer of electric and diesel-electric railway vehicles, headquartered in Nowy Sącz, Poland, with origins dating to 1876 as the Imperial-Royal Railway Workshops. The company designs and produces three principal product platforms: the Impuls family of Electric Multiple Units (EMUs), including hybrid and diesel variants, configured in 2-6 car sets with speeds up to 160 km/h; the Griffin and Griffin 200 multi-system electric locomotives (4-axle, capable of 160-200 km/h across 6 European voltage systems) and the Dragon 2 six-axle heavy-freight electric locomotive with silicon carbide converters that cut energy losses by 50% and equipment size by 60%; plus complete modernization programs for legacy SM42 and SM48 diesel locomotives (rebuilt to 6Dg and 15/16D types). Through a consortium with Siemens, NEWAG also produces Inspiro metro vehicles for the Warsaw and Sofia metros. Core capabilities include in-house design offices, certified manufacturing, and full vehicle homologation under TSI standards, with multi-system ETCS Level 2 and ERA permits enabling cross-border operation.

The company monetizes primarily through large-scale public procurement contracts with Polish and international railway operators, selling hardware (locomotives and EMUs), providing bundled multi-year maintenance services, and executing locomotive modernization programs. Revenue is generated from competitive tenders with carriers such as PKP Intercity, PKP Cargo, regional voivodeship governments (Małopolskie, Mazowieckie, Łódzkie, Zachodniopomorskie, Pomorskie), ORLEN Kolej, Cargounit, and via consortium partnerships with Siemens (Warsaw Metro, Sofia Metro) and Stadler (PKP Intercity). FY2024 consolidated revenue was PLN 1,589M (~USD 400M) with 13.26% EBITDA margin and 7.7% net margin; the first nine months of 2025 reached PLN 1.8B (~EUR 430M), and order books are filled through 2028-2029. International expansion is underway via Griffin homologation in Germany and Austria, with metro vehicle exports to Bulgaria and Italy already realized.

Name

Newag

Legal name

NEWAG S.A.

Website

https://newag.pl

Company type

Public

Founded year

1876

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NEWAG S.A. is a Polish manufacturer of electric and diesel rail vehicles — Impuls EMUs, Griffin and Dragon 2 electric locomotives, and diesel locomotive modernizations — selling primarily to state-owned railway operators (PKP Intercity, PKP Cargo) and regional voivodeships through public procurement tenders.

Ownership category

akta.pro rank

Headquarters

HQ city

Nowy Sacz

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Rail vehicle manufacturing (EMT, locomotives): Newag designs and manufactures Electric Multiple Units (Impuls family), multi-system electric locomotives (Griffin, Griffin 200), heavy-freight electric locomotives (Dragon 2), and diesel multiple units for railway operators. Revenue is generated from large-scale public procurement contracts with carriers and government transport authorities. These are typically multi-year contracts with significant per-unit values (e.g., 20 Griffin locomotives for PKP Intercity, 20 Dragon 2 for ORLEN Kolej, 19 Impuls trains for Małopolska).
2. Diesel locomotive modernization and repair services: Complete modernization of legacy SM42 and SM48 diesel locomotives to modernized types (6Dg, 15/16D), as well as periodic maintenance services. Performed in-house at Nowy Sącz facility with certification as recognized contractor for PKP Cargo S.A.
3. Maintenance and service contracts: NEWAG provides maintenance services for delivered vehicles, including support services for vehicles in operation. Contracts sometimes include multi-year maintenance packages alongside new vehicle delivery (e.g., ŁKA 14-vehicle contract with maintenance, Stadler contract for PKP Intercity maintenance).
4. Tram and metro vehicle manufacturing: NEWAG, as part of consortiums with Siemens, manufactured Inspiro metro cars for Warsaw Metro (35 six-car trains, ~1.07 billion PLN contract) and for Sofia Metro (20 three-car trains, ~0.9 billion PLN contract) via Metropolitan EAD.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

NEWAG S.A. designs, manufactures, and modernizes electric and diesel-electric rail vehicles for passenger and freight operators, and produces metro cars in consortium with Siemens. Its product portfolio centers on the Impuls family of electric, hybrid, and diesel multiple units (in 2-6 car configurations), the Griffin multi-system electric locomotive platform, the Dragon 2 six-axle heavy freight electric locomotive, and complete modernization of legacy SM42 and SM48 diesel locomotives. Revenue is generated from large-scale public procurement contracts, with multi-year maintenance service agreements bundled alongside new vehicle deliveries.

Product overview

NEWAG S.A. is a leading Polish railway vehicle manufacturer offering three main product families: (1) Platforma Impuls — modular train family including Electric Train Units (Impuls 2), Hybrid Train Units (with combined electric/diesel power), and Diesel Train Units, available in 2-6 car configurations; (2) Electric Locomotives including Griffin (4-axle multi-system, up to 160 km/h) and Griffin 200 (up to 200 km/h) for passenger/freight service, and Dragon 2 (6-axle heavy freight); (3) Diesel Locomotive Modernizations (6Dg, 15/16D) converting legacy SM42/SM48 locomotives with new power systems. The company also produces metro vehicles (Inspiro) in consortium with Siemens. All products feature modern diagnostics, TSI compliance, and accessibility features.

Differentiator

Problem solved

Functional benefit

Brands

• Griffin: 4-axle electric locomotive platform, multi-system capable for operations in Poland and across Europe
• Dragon 2
• Impuls
• Inspiro

Products and services

• Impuls 2 Electric Multiple Units (EZT) Electric train units from the Impuls family with low-floor design, single-space interior with full monitoring, air conditioning, modern passenger information systems, and accessibility features (ramps, lifts, wide aisles). Available in 2-6 car configurations with power ratings from 1,600 kW to 3,200 kW and operating speeds up to 160 km/h. Designed for regional and agglomeration passenger rail operators.
• Impuls 2 Hybrid Multiple Units (36WEh) Hybrid train units combining electric and diesel propulsion, enabling operation on both electrified and non-electrified sections without external power supply. First Polish hybrid rail vehicle with dual propulsion system; enabling regional and agglomeration passenger transport across both catenary-equipped and non-electrified routes.
• Impuls 2 Diesel Multiple Units Diesel-powered train units based on the Impuls platform with dual-drive capability through underfloor diesel power modules (NEWAG-PACK). Operating speeds up to 120 km/h, fully compliant with TSI requirements. Designed for passenger operation on non-electrified regional lines.
• Griffin Electric Locomotive (E4MSU) Four-axle multi-system electric locomotive designed for freight trains up to 3,200 tonnes and passenger trains at speeds up to 160 km/h. First Polish multi-system locomotive compatible with Polish 3kV DC and European AC systems (15kV/16.7Hz and 25kV/50Hz). Equipped with IGBT technology converters, diagnostic systems, and ERTMS/GSM-R capability.
• Griffin 200 Electric Locomotive (E4MUSa) Enhanced multi-system version of the Griffin locomotive with maximum speed of 200 km/h for passenger service and capability to haul 3,200-tonne freight trains. Modular design with common components across variants, designed for cross-border operations across six European countries.
• Dragon 2 Electric Locomotive (E6ACTa) Six-axle heavy freight electric locomotive, first in Europe fully TSI 2014 compliant with ETCS Level 2. Features silicon carbide (SiC) converters that reduce energy losses by 50% and equipment size/weight by 60%. Designed for the heaviest freight operations; achieved 99.3% reliability rate after one year of operation.
• 6Dg Diesel Locomotive Modernization Modernized version of the legacy SM42 diesel locomotive featuring a new body, Caterpillar C27 708 kW engine, modern braking systems, ergonomic cab with panoramic windows, and improved fuel efficiency. Bo'Bo' axle arrangement; modernizations performed 100% in Poland at the Nowy Sącz facility. Targeted at freight railway operators with aging SM42 fleets.
• 15/16D Diesel Locomotive Modernization Modernized diesel locomotive (formerly TEM2/SM48) equipped with a CAT 3512C 1,550 kW engine meeting UIC IIIA emissions standards. Universal traction characteristics for both shunting and heavy freight operations, featuring modern control systems and monitoring. Performed 100% in Poland. Targeted at freight carriers (e.g., PKP Cargo, PKP LHS) with legacy SM48 fleets.
• Inspiro Metro Vehicles Six-car and three-car metro trains produced in consortium with Siemens for Warsaw Metro (35 six-car units) and Sofia Metro in Bulgaria (20 three-car units via Metropolitan EAD). Modern design with advanced passenger information systems, air conditioning, and safety features; built on the Siemens Inspiro platform with carbody manufacturing by NEWAG in Nowy Sącz.

Quantifiable outcome

• 99.3% reliability rate for Dragon 2 locomotive after one year of operation
• +7 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

13 partnerships are on record, tiered strategic, core, major and minor.

• Uniwersytet Jagielloński (Jagiellonian University)strategicStrategic or Co-development Partner · 14 June 2026NEWAG signed a letter of intent with UJ, AGH, and Politechnika Krakowska on June 14, 2026, to establish the Polish Quantum Valley – an advanced quantum technology hub in Kraków. NEWAG serves as the industrial partner, supporting identification of business applications for quantum technology and providing financial support for the initiative.
• Siemens MobilitycoreStrategic or Co-development Partner · 26 January 2026Siemens Mobility and NEWAG signed a Memorandum of Understanding (MoU) on January 26, 2026, deepening cooperation in the Polish rail market. The agreement includes knowledge exchange, technical assessments, and combination of engineering and manufacturing competencies. The partnership particularly focuses on high-speed rail vehicle production (320 km/h) and advanced maintenance concepts, in the context of PKP Intercity's high-speed rail initiative.
• PKP IntercitycoreChannel Partner/ Reseller/ Distributor · 26 January 2026PKP Intercity is NEWAG's key domestic customer, ordering 20 new Griffin electric locomotives (with option for 10 more). PKP Intercity also announced tender for 20-35 ultra-fast 320-350 km/h trains in which NEWAG is encouraged to participate via consortium with Siemens Mobility. Griffin simulator delivered to Tri-City for driver training.
• ORLEN KolejcoreTechnology or Integration · 24 November 2025Contract signed November 2025 for supply of 20 Dragon 2 six-axle electric locomotives to ORLEN Kolej, one of Poland's leading freight carriers. Deliveries scheduled for 2028. Each Dragon 2 will be equipped with an innovative 'last-mile' diesel module enabling operation on non-electrified sidings. The contract includes additional service and maintenance support packages.
• Województwo Małopolskie / Koleje MałopolskiecoreChannel Partner/ Reseller/ Distributor · 1 September 2024Framework agreement signed September 2024 with Małopolskie Voivodeship and Koleje Małopolskie for supply of up to 25 Impuls EZT trains. Three execution contracts signed (6+6+7 vehicles), totaling 19 trains delivered over three years.
• Stadler AGcoreChannel Partner/ Reseller/ Distributor · 1 January 2017Stadler and NEWAG partnership for supply and maintenance of 20 EZT Impuls 2 trains for PKP Intercity (~PLN 1.6 billion). NEWAG manufactures the trains as part of the collaboration arrangement. Stadler serves as channel partner for distribution and maintenance services to Polish national carrier.
• Metropolitan EAD (Sofia Metro)majorTechnology or Integration · 1 January 2015Siemens-NEWAG consortium delivered 20 three-car Inspiro metro trains for Sofia Metro Bulgaria (~PLN 0.9 billion). NEWAG manufactured the vehicles. Metropolitan EAD also received train control systems. First vehicle delivered June 2018.
• Narodowe Centrum Badań i Rozwoju (NCBiR)strategicStrategic or Co-development Partner · 1 January 2015NCBiR co-funded the Bimodal Reconfigurable Train R&D project (~PLN 38.5M total cost, ~PLN 15.4M NCBiR funding). The project aims to develop world's first autonomous reconfigurable bimodal trains for regional passenger transport.
• Politechnika KrakowskastrategicStrategic or Co-development Partner · 1 January 2015Cooperation agreement signed between NEWAG and AGH University of Science and Technology and Politechnika Krakowska for collaboration on railway engineering education (Vehicle Engineering program), student scholarships, and joint research. NEWAG also collaborates with AGH on the bimodal train project.
• Akademia Górniczo-Hutnicza (AGH)strategicStrategic or Co-development Partner · 1 January 2015AGH University of Science and Technology and NEWAG collaborate on railway engineering education (Vehicle Engineering program), student scholarships, and joint research projects. AGH is a partner in the bimodal train NCBiR project.
• AlstomminorStrategic or Co-development Partner · 1 January 2015NEWAG is listed alongside Alstom as a company with which it collaborates in reference materials. Also referenced in context of PKP Intercity ordering 42 double-decker trains from Alstom as part of Poland's rail modernization program.
• Siemens AG (Warsaw Metro Inspiro Consortium)coreOEM/ Whitelabel/ Licensing Partner · 1 January 2011Siemens AG and NEWAG operated as a consortium for the Warsaw Metro Inspiro contract (~PLN 1.07 billion for 35 six-car trains). NEWAG manufactured the metro vehicles while Siemens provided metro systems and technology. The consortium also delivered 20 three-car Inspiro trains for Sofia Metro (~PLN 0.9 billion).
• General ElectricstrategicTechnology or Integration · 1 January 2004Collaboration with General Electric from 2004-2007 resulted in dozens of ST44 locomotive modernizations. GE supplied skid subassemblies for the modernization process performed by NEWAG. This established NEWAG's credentials as an international-grade locomotive manufacturer.

Scale indicators19 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• CRRC Corporation: World's largest rail OEM across locomotives, EMUs, metros, and trams. While primarily a threat vector (low-cost competition) rather than a direct CEE bidder today, CRRC provides the long-tail competitive ceiling for TSI-certified platforms targeting EU tender markets.
• Siemens Mobility: Global rail OEM and Newag's metro consortium partner (Inspiro for Warsaw and Sofia metro). Signed a January 2026 MoU with Newag to target the 320 km/h PKP Intercity high-speed tender, blending partnership and competition across product lines.
• Alstom: Global rail incumbent with a broad locomotive, EMU, and services portfolio that competes head-to-head with Newag (and partners with Newag on adjacent products) in Polish tenders including PKP Intercity double-deck. Competes in cross-border TSI-certified multi-system platforms analogous to Griffin/Dragon.
• Bombardier Transportation (Alstom): Legacy Bombardier rail business now inside Alstom, historically a direct competitor in EU EMU and locomotive platforms. Relevant for benchmarking TSI-certified family of multi-system electric trains and global service reach.
• Hitachi Rail: Global incumbent (formerly AnsaldoBreda, Hitachi) supplying very high-speed trains, regional trains, and signalling. Comparable on TSI-certified, cross-border capable high-speed platforms and digital train control — directly relevant to PKP Intercity's 320-350 km/h tender context.

Direct peers

• Stadler Rail: Swiss rolling stock OEM partnering with Newag on Impuls 2 supply to PKP Intercity (PLN 1.6B contract) while also competing directly in international locomotive and EMU tenders. Comparable product family across electric locomotives and multiple units serving passenger and freight operators.
• Škoda Transportation: Czech-based rail manufacturer producing electric locomotives, EMUs, and trams; competes directly with Newag in Czech, Polish, and CEE tenders. Comparable product breadth across multi-system electric locomotives and metro/light-rail vehicles.
• CAF (Construcciones y Auxiliar de Ferrocarriles): Spanish rail OEM supplying EMUs, locomotives, metros, and high-speed trains across Europe. Comparable product family and active in CEE and Western European tenders where Newag's Griffin homologation push overlaps.
• Pesa (Pojazdy Szynowe PESA Bydgoszcz): Polish rolling stock manufacturer directly competing with Newag in the domestic EMU, locomotive, and modernization segments, including PKP Intercity and regional carrier tenders. Both serve the same state-owned carrier customer base with locally built electric and diesel rail vehicles.

Regional players

• Talgo: Spanish high-speed train specialist focused on 250-350 km/h passenger rolling stock, comparable to Newag's emerging high-speed ambition under the Siemens MoU. Indirect competitor for EU high-speed and intercity tenders.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Newag