CAF (CAF) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 21% to €3,825m; EBIT increased 29% to €179m, with EBIT margin up 0.3pp to 4.7%.

• Order intake reached €4,775m, down 23% YoY, while book-to-bill was 1.2 and year-end backlog rose 7% to €14,200m.

• Both Railway and Buses delivered double-digit revenue growth; cash flow was €55m and NFD/EBITDA improved to 0.9x.

Financial highlights

• Revenue was €3,825m (+21% YoY); EBIT was €179m (+29%) and EBIT margin was 4.7%, versus 4.4% in FY2022.

• Net profit attributable to the parent was €89m, up from €52m; consolidated net profit after tax was €92m, versus €55m in FY2022.

• Financial result improved to -€44m from -€53m, as higher financial income more than offset increased debt costs.

• EPS was €2.60; proposed DPS was €1.11, subject to shareholder approval.

Outlook and guidance

• FY2024 targets: book-to-bill ≥1, revenue growth of ~10% vs. FY2023, improved profitability, dividend aligned with results, and stable NFD/EBITDA.

• FY2024 outlook assumes stable economic conditions and current geopolitical conflicts; it excludes potential inorganic operations.

• FY2026 targets remain revenue of ~€4,800m and EBIT of ~€300m, with NFD/EBITDA of ~2.2x following M&A.

• FY2026 sustainability targets: emissions reductions of 30% for Scope 1 & 2 and 40% for Scope 3 product use, against 2019.