The CAF Group closed the first half of 2025 with financial results that stand out for the growth of the Group’s activity, the reinforcement of profitability and an order book at record highs.
Recruitment and portfolio: record levels
During the first six months of the year, CAF achieved order intake of €3,069m, 78% more than in the same period of 2024, setting a new half-year record. The order book stood at €15,590 million, 6% higher than at the end of 2024.
This portfolio ensures high visibility on future activity and reflects the momentum of the Solaris subsidiary, which exceeded 1 billion in new contracts for the first time in a 6-month period.
Europe remains the main market, accounting for two-thirds of new order intake. Geographic diversification remained stable, although growth was seen in regions such as Asia-Pacific and other emerging markets thanks to agreements in Taiwan, Morocco, and Canada.
Financial results: improved margins and higher profits
Turnover amounted to 2,174 million euros, 4% more than in 2024, driven by the dynamism of the bus segment and the upturn in rail maintenance services.
Operating profit (EBIT) grew by 12% to 114 million euros, with an operating margin of 5.2%. Attributable net profit increased 40% to €73 million, which, according to the manufacturer, reflects effective cost management, reduced financial burden and improved operating efficiency.
Solaris delivered 765 buses in the first half of the year (up 6%), consolidating its European leadership in zero-emission mobility. In the railway sector, CAF maintained the pace of deliveries with significant increases in services and spare parts.
Net financial debt remains stable at EUR 225 million, with a DFN/EBITDA ratio of only 0.7x. Liquidity remains ample, and the company has reduced gross debt compared to the end of the previous year. Cash flow remained neutral despite the increase in working capital due to Solaris’ activity.
Stock market developments and prospects
In the first half of the year, the share price rose by 33%, outperforming all its peers and reaching all-time highs. Analysts maintain a majority buy recommendation.
CAF expects to close 2025 with close to double-digit growth in sales and a gradual improvement in profitability, based based on demand for sustainable solutions and a selective commercial policy. The reduction of emissions and sustainable commitment continue to be priorities for the group in a context of increased activity.