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www.cafmobility.com RESULTS JANUARY-SEPTEMBER 2025 13 November 2025
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The information contained in this document has not been verified by independent third parties; accordingly, no guarantee, either express or implied, is made as to the fairness, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. This document may contain forward-looking forecasts and estimates that should not be taken as a guarantee of future performance or results, as they are subject to risks and uncertainties, many of which are beyond CAF's control and could cause the actual results to differ materially from those expressed or implied by such forward-looking statements and estimates. Therefore, under no circumstances should it be construed as advice or recommendation to buy, sell or participate in the shares of CAF, or any other securities or investments of any kind, nor does it attempt to offer any type of financial product or service. The information and opinions contained in this document are provided as of the date of the document and are subject to verification, termination and change without prior notice. CAF undertakes no obligation to publicly update or revise any forward- looking estimates and forecasts, whether as a result of new information, future events or other circumstances. Any decision made by third parties as a result of the information contained herein is at the sole and exclusive risk and responsibility of that third party, and neither CAF nor their affiliates or representatives shall be liable for any damage or assume any liability of any kind arising from the use of this document or its contents. This document and the information contained herein are owned by CAF and may not be copied, reproduced, published or distributed, partially or totally, without CAF's prior written consent. THIS DOCUMENT HAS BEEN PREPARED FOR INFORMATION PURPOSES ONLY 2 LEGAL NOTICE
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3 www.cafmobility.com CONTENTS TRUST IN MOTION 3 1/ 9M 2025 HIGHLIGHTS 4 2/ FINANCIAL INFORMATION 9 3/ SUSTAINABILITY 13 4/ OUTLOOK 15 5/ APPENDICES 17
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1/ 9M 2025 HIGHLIGHTS www.cafmobility.com 4
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5 / Strong order intake in key geographies and segments, positions the backlog at record highs. / Revenue growth is driven by the dynamism of the business. / Upwards profitability trend. / Improved ratings from sustainability agencies. Order intake €4,049m +80% vs 9M2024 €15,579m +6% vs 31/12/2024 €3,165m +8% vs 9M2024 €161m +18% vs 9M2024 5.1% +0.4p.p. vs 9M2024 €100m +66% vs 9M2024 S&P 66/100 +6p.p. vs FY2024 Backlog Revenue EBIT EBIT Mg Net attributable profit Sustainability We expect to close 2025 in line with the outlook announced at the beginning of the year. 1.1 KEY FIGURES STRONG INDICATORS, REFLECTED IN A SIGNIFICANT INCREASE IN NET PROFIT 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES Ecovadis 80/100 +1p.p. vs FY2024
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TOTAL (€m) 2,245 4,049 9M2024 9M2025 • In addition to confirmed orders, there are still plenty of commercial opportunities in the pipeline. Highlights of the pipeline include the project to supply intercity trains to the Belgian operator SNCB. The customer’s Board of Directors confirmed CAF as the preferred bidder on 23 July, 2025. Railway 1,531 2,442 Buses 714 1,607 6 / Btb=1.3 for the Group as a whole in 9M 2025. Btb=1.0 in the railway segment. Btb=2.2 in the buses segment. / Order intake for Q3 2025 include, among other projects: • The supply of trams for Grenoble (France) • The supply of Coradia Polyvalent regional trains for the Bourgogne-Franche-Comté region • The supply of a high volume of electric buses for Sweden and Poland / Solaris continues to enjoy commercial success, having secured contracts for a significant number of units (2,184), and with a product mix that is predominantly composed of zero-emission models (83% of the total). / 72% of order intake comes from European key markets for CAF. 29% 40% 23% 8% 21% 64% 8%7% Spain Rest of Europe America APAC and the rest of the world ORDER INTAKE DISTRIBUTION BY ACTIVITY LINE (%) ORDER INTAKE DISTRIBUTION BY GEOGRAPHY (%) Rolling stock Services Buses Integrated Solutions and Systems 9M 2025 9M 2025 1.2 ORDER INTAKE STRONG ORDER INTAKE IN KEY GEOGRAPHIES AND SEGMENTS 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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7 TRAMS FOR GRENOBLE (FRANCE) ELECTRIC BUSES FOR NOBINA (SWEDEN) CORADIA REGIONAL TRAINS (FRANCE) • An agreement was entered into with Syndicat Mixte des Mobilités de l'Aire Grenobloise - SMMAG, for the supply of 38 Urbos trams. • These trams will be manufactured at CAF's plant in Bagnères-de-Bigorre (France). • The contract includes an option to extend the supply by up to 9 additional trams. • 14 regional trains belonging to the Coradia Polyvalent platform, specifically: • 5 Intercités electric trains, each with 6 cars. • 9 4-car TER bi-mode trains • The trains will serve the Bourgogne- Franche-Comté region, and shall be designed and manufactured at CAF's Reichshoffen plant (Alsace). • The supply of 180 Solaris electric buses of various lengths (12, 15, 18 and 24 metres). • This is one of the largest electric bus orders in Solaris' history in this region. • This is a new milestone in Solaris and Nobina’s long-standing and successful collaboration over recent years. • The value of this operation amounts to almost €150m. • The agreement made with MZA Warsaw comprises the supply of 79 electric buses, of which: • 50 are Urbino 18-metre electric articulated buses • 29 are Urbino 12-metre electric buses • The contract also includes an option to purchase additional 79 vehicles. • The agreement with the city of Gdansk comprises 30 electric buses, of which: • 18 are 12-metre buses • 12 are 18-metre articulated buses • The combined value amounts to more than €80m. ELECTRIC BUSES FOR GDANSK AND WARSAW (POLAND) 1.2 ORDER INTAKE / Main orders announced and signed off in Q3 2025 NEW CONTRACTS IN FRANCE, POLAND AND SWEDEN 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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1 Ratio at 30/09/2025 calculated based on 2024 revenues. Backlog/Revenue Ratio1 +0% Increase % +60% +6% Buses Railway 15,579 Railway 3.7x 14,695 4.0x 3.5x 1,445 13,250 31/12/2024 4,049 Order intake 3,165 Revenue 2,317 13,262 30/09/2025 Buses 1.6x 8 TOTAL (€m) / 6% growth in the order backlog. / Solaris’ order backlog reached record levels both in value (€2,317m) and in the number of units (2,759), providing strong visibility for the company's growth trend and the evolving business mix in the upcoming periods. / This order backlog does not include the following awards from Q3 2025 and Q4 2025, with a total value of approximately €600m: • Refurbishment and Maintenance of the Cairo Metro (Egypt) • Supply of electric buses to the Netherlands and Poland / This order backlog does not include the significant volume of future options that are exercisable by customers under existing contracts, in both the railway and bus segments (>€9bn).4.0x 2.5x 1.3 ORDER BACKLOG THE ORDER BACKLOG REMAINS AT RECORD HIGHS 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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2/ FINANCIAL INFORMATION www.cafmobility.com 9
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(EUR million) 9M 2024 1 9M 2025 1 Var. 9M2025/9M2024 1 REVENUE 2,918 3,165 +8% OPERATING RESULT - EBIT 137 161 +18% % EBIT Margin 4.7% 5.1% Financial result (36) (26) -28% Finance income 20 15 -27% Finance cost (48) (37) -23% Exchange rate differences (7) (3) Other financial Costs/Income (1) (1) Result of companies accounted for using the equity method (1) 9 PROFIT BEFORE TAX 100 145 +44% Income tax (36) (40) +12% Net profit after tax 64 104 +63% Non-controlling interests 3.7 4.1 +11% PROFIT ATTRIBUTABLE TO THE PARENT COMPANY 61 100 +66% 10 / Consolidated revenue saw an 8% year-on-year increase. / Operating profit grew by 18%, driven by business growth and the improvement in the consolidated margin (+0.4 p.p.). / Financial result saw an improvement of 28% due to reduced financial expenses and a lower foreign exchange impact. / Resulting tax rate fell, in line with the outlook. / As a result of the above, attributable net profit reached €100m in 9M 2025, which is 66% higher than the net profit obtained in the same period of the previous year. 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS GROWTH IN REVENUE AND PROFITS, ACCOMPANIED BY AN INCREASE IN OPERATING PROFITABILITY / Improvements in financial results and taxation impact contribute positively to net income 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES 1 Absolute figures rounded to millions of euros. Year-on-year variation considering exact absolute figures, without rounding.
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+8% • Railway revenue rose by 4% , driven by activities related to train supply and maintenance services, in a scenario where revenue from integrated projects is gradually decreasing. • Bus revenue was boosted by: • An increase in units delivered (+12% year-on-year), • And a higher price mix as a result of a higher share of zero-emission buses. 80% 77% 20% 23% +4% +26% 2,333 2,430 9M2024 9M2025 585 735 9M2024 9M2025 % on revenue % on revenue% on revenue % on revenue 2,918 3,165 9M2024 9M2025 11 REVENUE CONSOLIDATED RAILWAY BUSES 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS THE STRONG PERFORMANCE OF BOTH BUSINESSES DRIVES REVENUE DURING THE PERIOD / Worthy of note is that Solaris recorded strong growth, driven by increased deliveries and its focus on higher-value buses • An increase in consolidated revenue driven by the sound progress of both businesses. 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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12 / Operating profit outpaced revenue, reaching €161m, and the EBIT margin grew by 0.4 p.p. year-on-year. / There was a significant increase in net profit (66%), amounting to €100m. By segment: Railway Encouraging performance, albeit still affected by inflationary cost increases in some ongoing train supply projects. Buses An upward trend in profitability which is expected to continue through the end of the year due to the high volume of deliveries scheduled for 4Q 2025. RESULTS EBIT (€m) and EBIT Margin (%) +18% NET RESULTS AFTER MINORITY INTERESTS (€m) 61 100 0,00% 1,00% 2,00% 3,00% 4,00% 0,00 50,00 100,00 150,00 200,00 9M2024 9M2025 +66% 2.1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AN UPWARD TREND IN EARNINGS AND PROFITABILITY, RESULTING IN €100M OF NET ATTRIBUTABLE PROFIT FOR THE PERIOD 137 161 4.7% 5.1% 0,00% 1,00% 2,00% 3,00% 4,00% 5,00% 0,00 50,00 100,00 150,00 200,00 9M2024 9M2025 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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3/ SUSTAINABILITY www.cafmobility.com 13
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1. 9M2025 HIGHLIGHTS/ 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES 14 IMPROVED RATINGS FROM SUSTAINABILITY AGENCIES / Highlights in Q3 2025 • The Urbino 10.5 electric bus is awarded the “Sustainable Bus Award 2026”. ENVIRONMENTAL • CAF submits relevant information to CNMV (Spanish Security and Exchange Commission) concerning the Jerusalem light rail project. SOCIAL • The EIB and CAF enter into a €80m loan agreement to invest in innovation and sustainability in the mobility field. GOVERNANCE / Key results in 9M 2025 Imagen que contiene Flecha El contenido generado por IA puede ser incorrecto. 3. SUSTAINABILITY S&P 66/100 +6p.p. vs FY2024 Ecovadis 80/100 +1p.p. vs FY2024
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4/ OUTLOOK www.cafmobility.com 15
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≥1 Selective order intake Near double-digit growth vs. 2024 Improved profitability vs. 2024 1 This outlook excludes the possible effect of any potential inorganic operations, and is based on the main assumption of a sta ble economic outlook by major international organisations, as well as current geopolitical conflicts. 16 Book-to-bill Revenue EBIT / Net profit In line with the development of results Stability compared to 2024 Reduction of emissions in the context of increased activity Dividend NFD/EBITDA ratio Sustainability 20251 4. OUTLOOK WE EXPECT TO CLOSE 2025 IN LINE WITH THE OUTLOOK ANNOUNCED AT THE BEGINNING OF THE YEAR / CAF maintains its outlook for 2025 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES
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5/ APPENDICES www.cafmobility.com 17
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DATE PROJECT COUNTRY BUSINESS/ACTIVITY DESCRIPTION TYPE CUSTOMER ADDITIONAL OPTIONS AMOUNT (excluding future options) Q1 2025 Intercity ONCF Morocco Railway / Rolling stock Supply of 30 intercity trains Base contract New Yes Approx. €600m Q1 2025 Tours France Railway / Rolling stock Supply of 19 trams Base contract New No - Q1 2025 TransLink Vancouver Canada Buses Supply of 107 trolleybuses Base contract New Yes, up to 201 12m-units and up to 204 additional 18m-articulated units Approx. €120m Q1 2025 MPK Poznan Poland Buses Supply of 17 electric buses Base contract Not new No < €20m Q1 2025 Nobina Sverige Sweden Buses Supply of 89 electric buses Base contract Not new No > €100m Q1 2025 VR Sverige AB Sweden Buses Supply of 81 electric buses Base contract Not new No Q1 2025 Northern United Kingdom Railway / Services Maintenance services for a term of 10 years Base contract Not new No Approx. €400m Q2 2025 Medellín Colombia Railway / Services Provision of maintenance services Base contract Not new No Q2 2025 New Taipei City Taiwan Railway / Rolling stock Supply of up to 23 trams Base contract New Yes - Q2 2025 MSP Brazil Railway / Services Maintenance services for a term of 14 years Base contract Not new No > €100m Q2 2025 Auckland New Zealand Railway / Services Maintenance services for a term of 5 years Base contract Not new No Q2 2025 BVG Germany Buses Supply of 270 electric buses Extension Not new Yes > €220m Q3 2025 Coradia Polyvalent France Railway / Rolling stock Supply of 14 regional trains Extension Not new Yes Approx. €300m Q3 2025 Grenoble France Railway / Rolling stock Supply of 38 trams Base contract New Yes, 9 additional trams Q3 2025 Nobina Sverige Sweden Buses Supply of 180 electric buses Base contract Not new No Approx. €150m Q3 2025 Warsaw Poland Buses Supply of 79 electric buses Base contract Not new Yes, 79 additional buses > €80m Q3 2025 Gdansk Poland Buses Supply of 30 electric buses Base contract New No 18 / Contracts announced and included in the order backlog in the period from January-September 2025 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES 5.1 BREAKDOWN OF ORDER INTAKE
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19 • 25 November 2025 Post-9M 2025 Roadshow (Spain) • 26-27 November 2025 Post-9M 2025 Roadshow (Milan and Lugano) • 2 December 2025 European Industrials Conference (London) • 10-11 December 2025 Post-9M 2025 Roadshow (Frankfurt and Zurich) • 8 January 2026 Oddo BHF Conference (Lyon) • 14 January 2026 Spain Investor Day CEO Conference (Madrid) • 5 February 2026 Iberian Conference (Madrid) • 3-4-5 March 2026 Post-2025 FY Roadshow (Madrid, Paris, London) • 27 February 2026 Publication of FY 2025 Results Shareholders and Investors Support Office Contact: accionistas@caf.net Conferences and Roadshows Publication of Results 19 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES 5.2 AGENDA
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In addition to the financial information prepared in accordance with the generally accepted accounting principles (GAAP), the CAF Group applies specific Alternative Performance Measures (APM) in the management of its business on a recurring and consistent basis, which include results, balance sheet and cash flow, on the understanding that they are useful in explaining the performance of the Company's business. The breakdown of all APMs used in this document, as well as their definition and, where applicable, reconciliation with the financial statements, can be found in the, Consolidated Director's Report forming part of the Report for the First Half of 2025 available on CNMV’s website (Spanish Security and Exchange Commission) (www.cnmv.es) and on the company’s website (www.cafmobility.com), in section 6 - Alternative Performance Measures. 20 1. 9M 2025 HIGHLIGHTS / 2. FINANCIAL INFORMATION / 3. SUSTAINABILITY / 4. OUTLOOK / 5. APPENDICES 5.3 ALTERNATIVE PERFORMANCE MEASURES (APMs)
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TRUST IN MOTION www.cafmobility.com