CAF (CAF) H1 2024 earnings summary

Executive summary

• Revenue grew 11% year-over-year to €2,080m, with net profit up 52% to €52m, driven by strong railway and bus segments and Solaris' positive contribution.

• Backlog remains robust at €13.8bn, providing high visibility for future sales and supporting the 2026 Strategic Plan.

• EBIT increased 20% to €102m, with EBIT margin up to 4.9% compared to H1 2023.

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

• Leadership in sustainability confirmed by upgraded MSCI AA rating and low-risk Sustainalytics assessment.

Financial highlights

• Order intake reached €1,723m, down 12% year-over-year, with a book-to-bill ratio of 0.8 for the half-year.

• Net financial debt stood at €284m, with NFD/EBITDA stable at 0.9x and liquidity at €926m as of June 2024.

• CAPEX increased 39% to €40m in H1 2024.

• Dividend of €1.11/share paid in July 2024.

• Backlog/revenue ratio at 3.6x, providing multi-year visibility.

Outlook and guidance

• 2024 outlook unchanged: revenue expected to grow over 10% versus 2023, with improved profitability and stable net financial debt.

• Book-to-bill ratio targeted at or above 1, with selective order intake and stable NFD/EBITDA.

• Strategic Plan aims for €4.8bn in sales and €300m operating result by 2026, with continued focus on sustainability.