Teleste receives landmark 40 MEUR order from Siemens
Summary
- Teleste has secured a significant 40 MEUR contract with Siemens Mobility for passenger information and video security systems for Copenhagen's S-trains, marking a strategic win that enhances its partnership with a leading rolling stock manufacturer.
- The contract, covering 226 train units with an option for 100 more, will see deliveries from 2028 to 2040, providing long-term revenue stability for Teleste's Public Safety and Mobility segment.
- This agreement, following a 2024 frame agreement with Siemens, demonstrates Teleste's technological competitiveness and strategic expansion of its customer base beyond its largest customer, Alstom.
- Teleste's S-ARRIVE software system will manage the delivered systems, aiming to reduce customization and enhance scalability and profitability in a competitive market.
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Translation: Original published in Finnish on 9/25/2026 at 7:30 am EEST.
Teleste announced on Thursday that it has signed a contract worth approximately 40 MEUR with Siemens Mobility. The agreement concerns the delivery of passenger information and video security systems for Copenhagen's S-trains. We view the order as a strategically important win for the company, as it strengthens Teleste's position as a partner to one of the world's leading rolling stock manufacturers and creates long-term baseline load for the Public Safety and Mobility business. Since deliveries will not begin until 2028, the agreement does not cause immediate changes to our forecasts for the coming years, but it supports the segment's long-term revenue development.
The long-term agreement creates a solid baseline load
The contract value of approximately 40 MEUR does not include maintenance or options for additional rolling stock. The project covers 226 fully automated train units and includes an option for 100 additional units. Teleste's deliveries will begin in 2028 and continue all the way to 2040. Although the total value of the agreement is very large relative to the size of the PSM segment (2026e revenue of 58 MEUR), when distributed over the long delivery period, the annual impact on revenue remains moderate. However, the agreement brings predictability to the segment's order book and revenue well into the next decade.
Strong evidence of competitiveness and the expansion of the customer base
Historically, French Alstom has been by far the largest customer of Teleste's PSM segment. The company's strategic goal has long been to expand its customer base to reduce dependencies. In late 2024, Teleste signed a frame agreement with Siemens Mobility. The order announced now is the first concrete joint major project with Siemens, which in our view is a strong testament to Teleste's technological competitiveness and ability to gain market share among the absolute top players in the industry.
The delivered systems are managed using Teleste's S-ARRIVE software system, and through this software platform, the company aims to reduce project-specific customization. In the long term, this should support the scalability of large deliveries and protect project profitability in a tightly contested market.