The results are the first full year results following the acquisition of Swedish maintenance specialist EuroMaint in 2018, along with the integration and consolidation of full year results from bus manufacturer Solaris in the CAF Group, which was purchased in July 2019.

Adjusted Ebitda increased 21% from €201m to €244m, mainly attributable to the growth in activity and the contribution of Solaris to the CAF Group. Adjusted Ebit increased 13% from €144m to €163m.

The increase in revenue was driven mainly by the contribution of sales from the bus business and, to a lesser extent, the increased contribution of turnkey projects and the supply of components, as well as the incorporation of EuroMaint.

The order backlog for the year was €4bn, up from €2.9bn in 2018 and €1.5bn in 2017, giving a book-to-bill ratio of 1.6.

Major turnkey projects included:

  • an order for 29 regional trains, two driving simulators and the construction of a maintenance facility in New South Wales, Australia, worth more than €500m
  • a contract for 20 LRVs, signalling, telecoms, power supply, and partial systems maintenance and operations for 27 years in Liège, Belgium, and
  • an order in Jerusalem, Israel, for 114 LRVs, refurbishment of 46 LRVs, signalling, telecoms, power supply, project integration and participation in operation and maintenance for 15 and 25 years respectively, worth €500m.

The international market represented 89% of sales. Europe remains CAF’s largest market, with 14% of revenue from Britain, 11% from Spain, 9% from The Netherlands, 7% from Germany, 6% from Poland, 6% from Belgium, 12% from the rest of Europe, and the remaining 30% from the rest of the world.

Rolling stock generated 46% of revenue, down from 64% in 2018, while busses generated 25% of revenue, up from 8% in 2018. Services remained at 18%, while components, equipment, signalling, systems and other products increased slightly from 10% to 11%.


CAF says it is on track to deliver growth in the future, underpinned by a more diverse product and service mix and the constant pursuit of greater efficiency.

The company says western Europe will be the world’s largest accessible market, with the demand for new rolling stock the main driver, while turnkey projects should show the greatest growth. The global railway market is expected to grow from €103bn in 2015-2017 to €120bn in 2021-2023.