CAF (CAF) H1 2026 earnings summary

Executive summary

• Achieved strong revenue growth of 16% and net profit increase of 36% in H1 2026, driven by robust order intake and improved profitability in both railway and bus segments.

• Order backlog reached a record €17.7bn (+9% YoY), providing high visibility for future sales.

• Solaris posted record results since its acquisition, substantially increasing its contribution.

• Maintained financial solidity with Net Financial Debt/EBITDA at 0.5x and available liquidity of €1.38bn.

• Reaffirmed 2026 outlook and preparing for the 2027-2030 strategic cycle.

Financial highlights

• Revenue rose 16% year-over-year to €2,527M, mainly due to strong bus deliveries.

• EBIT increased 32% to €150M, with EBIT margin up 0.7 percentage points to 5.9%.

• Net attributable profit surged 36% to €99M; EPS reached €2.89.

• Order intake was €4,035m (+31% YoY); backlog: €17,743m (+9% YoY).

• Net financial debt reduced to €176M, with NFD/EBITDA at 0.5x and available liquidity of €1,379m.

Outlook and guidance

• Reaffirmed 2026 outlook, targeting high single-digit to nearly 10% revenue growth versus 2025.

• Book-to-bill ratio expected to remain at or above 1.

• Profitability and net profit anticipated to improve further.

• Dividend policy aligned with results development.

• New strategic plan for 2027-2030 to be presented in Q4 2026.