CAF boosts its business, expansion of key areas and international consolidation

Commercial Success in Europe and the Bus Business

72% of the hiring during the period has been located in Europe, a key market for CAF. Commercial success has been notable in the bus segment through its subsidiary Solaris, which has recorded a high number of units contracted (2.184) with a mix predominantly from the zero-emission range (83% of the total).

Among the standout contracts for the third quarter of 2025 are: the supply of 38 Urbos trams for Grenoble (FranceThe delivery of 14 Coradia Polyvalent regional trains for the Bourgogne-Franche-Comté region. A major order of 180 Solaris electric buses for Nobina (Sweden), valued at approximately 150 million euros. Contracts in Poland for the supply of 79 electric buses to Warsaw and 30 electric buses to Gdansk, with a combined value exceeding 80 million euros.

The order book of the bus business, operated by Solaris, has reached a record value of 2.317 billion euros, with a growth of 60% in the period.

Increased Profitability and Sales

Consolidated sales have grown by 8%, reaching €3.165 billion. This dynamism is supported by the positive performance of both businesses: Rail sales grew by 4%, driven by the supply of trains and maintenance services. Bus sales surged by 26%, fueled by a 12% increase in units delivered and a higher price mix due to the greater presence of zero-emission buses.

EBIT (Operating Profit) increased by 18%, reaching 161 million euros, which represents an expansion of the EBIT margin of 0,4 percentage points, to 5,1%.

Net profit attributable to shareholders reached €100 million, 66% higher than the same period of the previous year. This positive result was further boosted by a 28% improvement in financial performance.

Sustainability and Perspectives

CAF has also improved its ratings from sustainability agencies, notably achieving a score of 66/100 from S&P (+6 percentage points compared to 2024) and 80/100 from Ecovadis (+1 percentage point). Furthermore, the award has been highlighted. Sustainable Bus Award 2026 obtained by the Urbino 10,5 electric bus, and the signing of an 80 million euro loan with the EIB for investment in innovation and sustainability.

The Group maintains its outlook for the end of 2025, expecting: A book-to-bill ratio of 1 or higher with selective hiring. Sales growth close to double digits compared to 2024. Improved profitability in EBIT and Net Income compared to 2024. Stability of the Net Debt/EBITDA ratio compared to 2024.