32 slides from Construcciones Y Auxiliar De Ferrocarriles's earnings presentation, Jul 28, 2025
Slide 1: Results First Half-Year 2025
RESULTS FIRST HALF-YEAR 2025 www.cafmobility.com 28 July 2025
Slide 2: Legal Notice
LEGAL NOTICE THIS DOCUMENT HAS BEEN PREPARED FOR INFORMATION PURPOSES ONLY The information contained in this document has not Therefore, under no circumstances should it be Any decision made by third parties as a result of the been verified by independent third parties; construed as advice or recomm
Slide 3: Contents
www.cafmobility.com CONTENTS 1/ H1 2025 HIGHLIGHTS 4 2/ FINANCIAL INFORMATION 12 3/ STOCK MARKET INFORMATION 21 4/ SUSTAINABILITY 23 5/ OUTLOOK 25 6/ APPENDICES 27 TRUST IN MOTION 3 3
Slide 4: 1/ H1 2025 Highlights
1/ H1 2025 HIGHLIGHTS www.cafmobility.com 4
Slide 5: Key Figures: Commercial success, sound operational performance and financial strength
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.1 KEY FIGURES COMMERCIAL SUCCESS, SOUND OPERATIONAL PERFORMANCE AND FINANCIAL STRENGTH Order intake Backlog Revenue / The backlog is at a historic high €15,590m following
Slide 6: CAF Group highest ever order intake in the first half of the year
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.2 ORDER INTAKE CAF GROUP HIGHEST EVER ORDER INTAKE IN THE FIRST HALF OF THE YEAR / New order intake as a result of a selective market TOTAL (€m) ORDER INTAKE DISTRIBUTION
Slide 7: Unprecedented commercial order intake at Solaris
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.2 ORDER INTAKE UNPRECEDENTED COMMERCIAL ORDER INTAKE AT SOLARIS / Order intake totalling over €1 billion were placed with Solaris in the first half of 2025, in line with
Slide 8: Excellent order intake in rail services
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.2 ORDER INTAKE EXCELLENT ORDER INTAKE IN RAIL SERVICES / Additionally, the pipeline of opportunities in Services remains strong, with a high likelihood of materialising i
Slide 9: Different types of contracts in the second quarter
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.2 ORDER INTAKE DIFFERENT TYPES OF CONTRACTS IN THE SECOND QUARTER / Main orders announced and signed off in Q2 2025 TRAMS FOR NEW TAIPEI CITY MAINTENANCE SERVICES MAINTEN
Slide 10: Backlog at historic highs, creating strong visibility of future activity
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.3 ORDER BACKLOG BACKLOG AT HISTORIC HIGHS, CREATING STRONG VISIBILITY OF FUTURE ACTIVITY TOTAL (€m) / The order backlog grew by 6% in the first half of the year, with a s
Slide 11: The backlog remains widely diversified with no significant changes in composition
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 1.3 ORDER BACKLOG THE BACKLOG REMAINS WIDELY DIVERSIFIED WITH NO SIGNIFICANT CHANGES IN COMPOSITION BACKLOG DISTRIBUTION BY ACTIVITY LINE (%) BACKLOG DISTRIBUTION BY GEOGRA
Slide 12: 2/ Financial Information
2/ FINANCIAL INFORMATION www.cafmobility.com 12
Slide 13: Gradual growth in activity and profitability
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS GRADUAL GROWTH IN ACTIVITY AND PROFITABILITY / EBIT Growth with Financial Control Var. H1 2025/H1 / Consolidated revenue growth
Slide 14: Consolidated revenue growth, driven by strong progress in the bus segment
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS CONSOLIDATED REVENUE GROWTH, DRIVEN BY STRONG PROGRESS IN THE BUS SEGMENT / Europe accounts for 70% of the Group's revenue REVE
Slide 15: Growth in train manufacturing and maintenance balances lower integrated projects
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS THE GROWTH IN TRAIN MANUFACTURING AND MAINTENANCE ACTIVITIES BALANCES OUT THE LOWER CONTRIBUTION FROM INTEGRATED PROJECTS / Thi
Slide 16: Increase of bus deliveries and upturn of electric models share
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS INCREASE OF BUS DELIVERIES AND SIGNIFICANT UPTURN OF THE SHARE OF ELECTRIC MODELS IN LINE WITH EXPECTATIONS / The backlog reach
Slide 17: Growth in operating margin and net attributable profit, driven by Solaris
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS GROWTH IN THE OPERATING MARGIN AND A SIGNIFICANT INCREASE IN NET ATTRIBUTABLE PROFIT, DRIVEN BY SOLARIS' DYNAMISM RESULTS EBIT
Slide 18: Neutral cash flow generation, attributable to increase in working capital
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.2. CASH FLOW NEUTRAL CASH FLOW GENERATION, PRIMARILY ATTRIBUTABLE TO THE INCREASE IN WORKING CAPITAL EBITDA-CASH FLOW BRIDGE (€m) H1 2025 165 -88 -28 -11 -37 -0,7 0,3 EBI
Slide 19: Stable and strong financial situation
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.3. CONSOLIDATED BALANCE SHEET STABLE AND STRONG FINANCIAL SITUATION (EUR million) 31/12/2024 30/06/2025 CAPEX (TANGIBLE + INTANGIBLE) (€m) Fixed Assets 1,268 1,220 40 Wor
Slide 20: Financial strength and strong liquidity
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 2.3. CONSOLIDATED BALANCE SHEET FINANCIAL STRENGTH AND STRONG LIQUIDITY / Stability of the Net Financial Debt and the NFD/EBITDA Ratio 500 NET FINANCIAL DEBT (€m) 1 LIQUIDI
Slide 21: 3/ Stock Market Information
3/ STOCK MARKET INFORMATION www.cafmobility.com 21
Slide 22: CAF's H1 2025 stock performance outperforming peers and setting record highs
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES CAF'S H1 2025 STOCK PERFORMANCE ROSE 33%, OUTPERFORMING THEIR PEERS AND SETTING RECORD HIGHS / The majority of financial analysts covering CAF continue to issue BUY recomme
Slide 23: 4/ Sustainability
4/ SUSTAINABILITY www.cafmobility.com 23
Slide 24: Positive progress in implementation of the Sustainability Master Plan
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES POSITIVE PROGRESS IN THE IMPLEMENTATION OF THE SUSTAINABILITY MASTER PLAN / Highlights in Q2 2025 ENVIRONMENTAL SOCIAL GOVERNANCE • Commissioning of a new wheel forging hea
Slide 25: 5/ Outlook
5/ OUTLOOK www.cafmobility.com 25
Slide 26: Our forecast for 2025 is a year of growth, with gradual improvements in profitability
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 5. OUTLOOK OUR FORECAST FOR 2025 IS A YEAR OF GROWTH, WITH GRADUAL IMPROVEMENTS IN PROFITABILITY AND FINANCIAL STRENGTH / Despite the unstable context, CAF upholds prospect
Slide 27: 6/ Appendices
6/ APPENDICES www.cafmobility.com 27
Slide 28: 6.1 Breakdown of Order Intake
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 6.1 BREAKDOWN OF ORDER INTAKE / Contracts announced and included in the order backlog in the period from January - June 2025 DATE PROJECT COUNTRY BUSINESS/ACTIVITY DESCRIPT
Slide 29: 6.2 Additional Financial Information
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 6.2 ADDITIONAL FINANCIAL INFORMATION NET EQUITY BRIDGE (€m) -7 73 1 -46 5 921 896 Equity 31/12/2024 Net attributable result Traslation differences Dividends Other changes E
Slide 30: 6.3 Agenda
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 6.3 AGENDA Conferences and Roadshows Publication of Results • 9 September 2025 • 13 November 2025 Autumn Conference Kepler Cheuvreux (Paris) Publication of 9M 2025 Results
Slide 31: 6.4 Alternative Performance Measures (APMs)
1. H1 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. STOCK MARKET INFORMATION / 4. SUSTAINABILITY / 5. OUTLOOK / 6. APPENDICES 6.4 ALTERNATIVE PERFORMANCE MEASURES (APMs) In addition to the financial information The breakdown of all APMs used in this prepared in accordance with the generally docume
Slide 32: Trust in Motion
www.cafmobility.com TRUST IN MOTION