CAF (CAF) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked by strong order intake (€2,026m, +356% vs Q1 2024) and record backlog (€15,603m, +6% vs 31/12/2024).

• Revenue grew 11% year-over-year to €1,118m, with EBIT up 21% to €57m and net attributable profit up 53% to €36m.

• Double-digit consolidated sales growth driven by both railway and bus segments, with improved profitability.

• Solaris secured its first contract in Canada, expanding beyond Europe, and major contracts were won in Morocco, France, UK, Sweden, and Poland.

Financial highlights

• Revenue: €1,118m (+11% vs Q1 2024); EBIT: €57m (+21%); EBIT margin: 5.1% (+0.4p.p.).

• Net attributable profit: €36m (+53% vs Q1 2024).

• Financial result improved, mainly due to lower interest rates; effective tax rate decreased.

• Railway revenue: €875m (+7%); Bus revenue: €243m (+27%).

Outlook and guidance

• 2025 expected to bring growth, improved profitability, and financial strength despite an unstable context.

• Book-to-bill ratio expected ≥1; near double-digit revenue growth vs 2024; dividend policy aligned with results.

• NFD/EBITDA ratio to remain stable; focus on sustainability and emission reduction.