The CAF Group, a prominent player in mobility solutions, has reported a remarkable 53% increase in net profit for the first quarter of 2025, reaching €36 million. This surge can be attributed to an 11% rise in sales, totaling €1.118 billion, alongside a decrease in financing costs due to lower interest rates and a reduced tax rate at the start of the current fiscal year. Operating profit (EBIT) also saw a significant uptick of 21%, hitting €57 million.
CAF's railway business experienced a healthy growth of 7%, generating revenues of €875 million. Meanwhile, the bus subsidiary, Polaris, reported a staggering 27% increase in sales, contributing €243 million to the overall figures. As of March 31, 2025, the Basque corporation boasts a record order book valued at €15.603 billion, reflecting a 6% growth. This record is especially notable as it guarantees the company a workload equivalent to nearly four years of sales.
From January to March, CAF more than tripled its volume of secured contracts, capturing orders worth €2.026 billion. Among these contracts is a landmark deal for the delivery of 30 Intercity trains to Morocco, valued at €600 million, with an option for an additional ten trains. The company has also secured contracts in France and Spain, as well as agreements to supply trams in Tours, France, for €100 million, and electric buses in Poznan, Poland, and Stockholm, Sweden. Additionally, a ten-year maintenance contract for the fleet of the British operator Northern has been finalized.
Moreover, CAF is on the verge of finalizing new orders worth €7 billion. One of the most significant potential contracts is with the Belgian railway operator SNCB, which is evaluating a €1.7 billion deal for the supply of Intercity trains. CAF has been selected as the preferred bidder, positioning it favorably in this competitive process; however, the final award is pending due to a challenge from French competitor Alstom and a subsequent pause in the process by the Belgian government.
Despite the global uncertainties and trade tensions with the United States, CAF maintains that its forecasts for 2025 remain intact. The company emphasizes its limited exposure to the U.S. market, which constitutes only 6% of its order book. This low exposure is complemented by the company's long-standing industrial presence in the U.S., which allows it to meet local production requirements.
In North America, Solaris, a subsidiary of CAF, has made strides by securing its first contract this year in Canada, valued at €120 million for the supply of 107 trolleybuses to Vancouver. This contract includes options that could increase the total volume to over 600 units, marking a significant step in CAF's Strategic Plan 2026, which identifies North America as a key growth area.
Looking ahead, CAF anticipates double-digit growth in sales for 2025, driven by its robust order portfolio and strategic initiatives. The company is actively working on launching a new Solaris factory focused on electric buses, which will further enhance its capabilities and solidify its position in the market.
In summary, the CAF Group's strong first-quarter performance underscores its resilience and adaptability in a challenging economic environment. With a diverse and expanding portfolio of projects across various regions, including significant contracts in Morocco, Canada, and Europe, CAF is well-positioned to continue its growth trajectory in the mobility solutions sector.