CAF (CAF) H2 2024 earnings summary

Executive summary

• Revenue reached €4,212m, up 10% year-over-year, surpassing the annual outlook and marking a record high.

• EBIT increased by 21% to €216m, with margin improving to 5.1% from 4.7% in 2023.

• Net attributable profit rose 16% to €103m, and EPS grew by the same rate.

• Dividend per share proposed at €1.34, up 21% from 2023, reflecting strong shareholder remuneration.

• Backlog reached a historic €14,695m (+3%), providing strong visibility for future growth.

Financial highlights

• Order intake totaled €4,707m, slightly down 1% year-over-year, but book-to-bill ratio at 1.1.

• Positive cash generation of €72m in 2024, with improved working capital in H2 offsetting higher capex and financial payments.

• Net financial debt decreased to €226m, with NFD/EBITDA ratio improving to 0.7x from 0.9x.

• Dividend yield at 3.9% for 2024, with a 21% increase in DPS.

• Share price appreciated by 7% in 2024, with market capitalization at €1.2bn.

Outlook and guidance

• 2025 expected to deliver near double-digit revenue growth, improved profitability, and stable NFD/EBITDA ratio.

• High backlog and selective order intake to support growth; Solaris bus deliveries to increase.

• 2026 targets reaffirmed: revenue ~€4,800m, EBIT ~€300m, NFD/EBITDA ~2.2x post-M&A.

• Continued focus on sustainability, with emission reductions and upward dividend progression.