CAF (CAF) Q1 2026 earnings summary

Executive summary

• Achieved record order intake of €2,883m in Q1 2026, up 42% year-over-year, driven by major contracts in Belgium and Sweden.

• Revenue grew 4% year-over-year to €1,158m, with EBIT up 10% to €63m and net attributable profit up 12% to €40m.

• Backlog reached €17,960m, an 11% increase from year-end 2025, providing strong visibility for future activity.

• Sustainability rating improved to AA from MSCI, reflecting progress in the Sustainability Master Plan.

Financial highlights

• Book-to-bill ratio at 2.5x overall, 3.0x in railway, and 1.2x in bus segment.

• EBIT margin improved by 0.3 percentage points to 5.4% year-over-year.

• Profit before tax rose 7% to €57m; net profit after tax increased 9% to €41m.

• Financial results remained stable, with minor changes in finance income and costs.

Outlook and guidance

• Maintains 2026 forecast despite market uncertainty, expecting high single-digit revenue growth versus 2025.

• Improved profitability anticipated for EBIT and net profit compared to 2025.

• Book-to-bill ratio expected to remain at or above 1; dividend policy in line with results.

• Focus on emission reduction as activity increases.