CAF (CAF) H1 2025 earnings summary

Executive summary

• Achieved record order intake of €3,069m in H1 2025, up 78% year-over-year, driving backlog to a historic €15,590m (+6%) and supporting strong future sales visibility.

• Revenue grew 4% to €2,174m compared to H1 2024, with EBIT up 12% to €114m and net attributable profit rising 40% to €73m.

• Strong commercial momentum in zero-emission buses and rail maintenance services, with Solaris and services segments showing exceptional growth.

• Maintained a stable financial position with Net Financial Debt/EBITDA at 0.7x and available liquidity of €1,013m.

• Strategic focus on sustainable mobility, innovation, and operational efficiency, with progress in decarbonization and ESG initiatives.

Financial highlights

• Order intake reached €3,069m (+78% year-over-year); backlog at €15,590m (+6%); book-to-bill ratio at 1.4.

• Revenue increased 4% to €2,174m; EBIT margin improved to 5.2% (+0.3p.p.); net profit attributable to parent up 40% to €73m.

• Bus segment revenue grew 20% to €519m, with 765 vehicles delivered (68% zero-emission); railway segment revenue stable at €1,655m.

• CAPEX for H1 2025 was €25m, down from €40m in H1 2024; further investments planned for H2 2025.

• Net Financial Debt stable at €225m; available liquidity at €1,013m; stock market capitalization at €1,599m.

Outlook and guidance

• Forecasts near double-digit revenue growth for 2025 versus 2024, with improved profitability and financial strength.

• Book-to-bill expected to remain ≥1; selective order intake and stable Net Financial Debt/EBITDA ratio.

• Strategic plan aims for €4.8bn sales and €300m operating profit by 2026, with progress toward climate neutrality.

• Sustainability focus includes emission reductions amid increased activity.