CAF (CAF) H2 2025 earnings summary

Executive summary

• Achieved all 2025 targets across key metrics, including revenue, EBIT, net profit, and sustainability goals.

• Record order intake of €6,027M (+28% YoY) and all-time high order backlog at €16,235M (+10%), with strong growth in both rail and bus segments.

• Significant strategic milestones: largest contract in company history (SNCB Belgium, up to €2.3B), major metro and bus projects in Europe and North America.

• Maintained robust financial structure: net financial debt reduced to €188M (0.5x EBITDA), liquidity at €1,240M.

• Entered final year of strategic plan with positive outlook and continued growth momentum.

Financial highlights

• Revenue rose 7% year-over-year to €4,487M; EBIT up 14% to €246M; EBIT margin improved to 5.5%.

• Net attributable profit surged 42% to €146M; EPS reached €4.27.

• Book-to-bill ratio at 1.3x; order backlog hit €16,235M (3.6x revenue, +10% vs. prior year).

• Cash flow generation of €88M; net financial debt reduced by €38M to €188M; ample liquidity and undrawn credit lines maintained.

• Dividend per share proposed at €1.52 (+13% vs. prior year), payout ratio 36%.

Outlook and guidance

• 2026 forecast: high single-digit revenue growth, improved profitability, and stable NFD/EBITDA.

• Strategic plan targets sales of €4.8B and EBIT of €300M by 2026.

• Continued focus on selective order intake, innovation, and emission reductions.

• Ambition to reduce Scope 1 & 2 emissions by 30% and Scope 3 by 40% by 2026 (vs. 2019 baseline).

• Strong order pipeline and high business visibility for coming years.