CAF (CAF) Q3 2024 earnings summary

Executive summary

• Revenue rose 7% year-over-year to €2,918m, driven by strong execution in the railway backlog and resilient bus segment performance.

• Net attributable profit increased 15% to €61m, reflecting improved financial performance and effective cost management.

• Order intake declined 17% to €2,245m compared to 9M 2023, with a book-to-bill ratio of 0.8, but the backlog remains high at €13,527m.

• The bus segment achieved record backlog levels, ensuring business visibility into 2025 and 2026.

• Sustainability ratings improved, with high marks from Ecovadis, S&P, MSCI, and Sustainalytics.

Financial highlights

• EBIT increased 7% to €137m, maintaining a stable EBIT margin of 4.7% year-over-year.

• Financial expenses decreased, supporting a stronger profit before tax and net profit.

• Railway revenue grew 10% to €2,333m, while bus revenue declined 4% to €585m due to regulatory and operational disruptions in Q3.

• October saw a rebound in bus deliveries, reversing the Q3 slowdown.

Outlook and guidance

• 2024 outlook remains unchanged: revenue expected to grow approximately 10% vs. 2023, with improved profitability.

• Book-to-bill ratio targeted at ≥1 for the full year; dividend policy aligned with results.

• Sustainability targets include stable emissions and improved ESG ratios.