CAF (CAF) Q3 2025 earnings summary

Executive summary

• Net attributable profit rose 66% year-over-year to €100m, driven by strong order intake and revenue growth.

• Order backlog reached a record €15,579m, up 6% from the end of 2024, providing strong visibility for future growth.

• Revenue increased 8% year-over-year to €3,165m, with both railway and bus segments contributing.

• Profitability improved, with EBIT up 18% to €161m and EBIT margin rising 0.4 percentage points to 5.1%.

• Sustainability ratings improved, with S&P at 66/100 (+6p.p.) and Ecovadis at 80/100 (+1p.p.).

Financial highlights

• Revenue: €3,165m (+8% year-over-year).

• EBIT: €161m (+18% year-over-year); EBIT margin: 5.1% (+0.4p.p.).

• Net attributable profit: €100m (+66% year-over-year).

• Financial result improved by 28% due to lower expenses and reduced FX impact.

• Book-to-bill ratio for the group at 1.3; buses segment at 2.2.

Outlook and guidance

• Expectation to close 2025 in line with the outlook announced at the start of the year.

• Near double-digit revenue growth vs. 2024 anticipated.

• Improved profitability and stable NFD/EBITDA ratio compared to 2024.

• Dividend policy aligned with results development.

• Sustainability focus on emission reduction amid increased activity.