CAF (CAF) Q3 2025 earnings summary

Executive summary

• Net attributable profit rose 66% year-over-year to €100m for the first nine months of 2025, driven by strong order intake and revenue growth.

• Revenue increased 8% year-over-year to €3,165m, with both railway and bus segments contributing.

• Order backlog reached a record €15,579m, up 6% from year-end 2024, providing strong visibility for future growth.

• Profitability improved, with EBIT up 18% to €161m and EBIT margin rising 0.4 percentage points to 5.1%.

• Sustainability ratings improved, and significant contracts were secured in Europe, especially for zero-emission buses.

Financial highlights

• Revenue: €3,165m (+8% year-over-year).

• EBIT: €161m (+18% year-over-year); EBIT margin: 5.1% (+0.4 p.p.).

• Net attributable profit: €100m (+66% year-over-year).

• Financial result improved by 28% due to lower expenses and reduced FX impact.

• Order intake: €4,049m (+80% year-over-year); backlog: €15,579m (+6% from 31/12/2024).

Outlook and guidance

• 2025 expected to close in line with initial outlook, with near double-digit revenue growth and improved profitability versus 2024.

• Book-to-bill ratio expected to remain ≥1; dividend policy maintained.

• Sustainability focus includes emission reduction amid increased activity.