**Revenue distribution by sectors:**
- Rail vehicles: 70%
- Railway infrastructure: 20%
- Services (maintenance, modernization): 10%

**TOP 3 markets and their percentage shares of total revenue:**
- Spain: 30%
- Germany: 25%
- United Kingdom: 20%

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) generates the majority of its revenue from the manufacturing of rail vehicles, accounting for 70% of total revenue. The railway infrastructure sector contributes 20%, while services such as maintenance and modernization make up 10%.

Geographically, Spain is the largest market for CAF, followed by Germany and the United Kingdom. These markets are crucial for the company as they exhibit strong demand for rail vehicles and related services.

**CAF Production Sites:**

1. **Spain:** Beasain, Zaragoza, and other locations
2. **France:** Bagnères-de-Bigorre
3. **Brazil:** Hortolândia
4. **USA:** Elmira, New York
5. **Mexico:** Huehuetoca
6. **Poland:** Nowy Sącz

CAF, a leading company in the manufacturing of rail vehicles, operates several production facilities worldwide. The main production takes place in Spain, where the company originated. In addition, CAF has expanded its production capacities internationally to be closer to its customers and better serve local demand. This strategic distribution of production sites enables CAF to flexibly respond to market requirements and leverage logistical advantages.

**Revenue growth:** Estimated 10% annually (2026)

**Investment in research and development:** 5% of revenue (2026)

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) pursues a growth strategy that heavily relies on innovation and international expansion. The company continuously invests in research and development to expand its product range and achieve technological advancements. These investments account for about 5% of revenue and aim to secure competitiveness in a rapidly changing market.

In addition, CAF focuses on tapping into new markets and strengthening its presence in existing markets. This includes strategic partnerships and acquisitions to increase global reach and unlock new business opportunities.

Another key aspect of the growth strategy is sustainability. CAF is committed to developing environmentally friendly transport solutions, aligning with current market trends and opening up future business opportunities.

**Main materials:** Steel, Aluminum, Copper, Plastics, Electronic components

**Countries of origin:**
- **Steel:** Germany, China
- **Aluminum:** Norway, Russia
- **Copper:** Chile, Peru
- **Plastics:** Netherlands, USA
- **Electronic components:** Japan, South Korea, Taiwan

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) is a leading manufacturer of rail vehicles and requires a variety of raw materials and components for production. Steel and aluminum are crucial for the structure and body of the vehicles, while copper is essential for electrical systems. Plastics are used in various components and interior fittings, while electronic components are needed for the control and automation of trains.

The countries of origin reflect the global supply chains that CAF utilizes to source high-quality materials at competitive prices. This enables the company to produce its products efficiently and cost-effectively.

**Market share in rail vehicle construction:** 10% (estimated 2025)
**Research and development investments:** 5% of revenue (2025)
**Order backlog:** 9 billion euros (2025)

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) has established itself as one of the leading providers in rail vehicle construction. The company's competitive advantage lies in its ability to offer customized solutions for different customer requirements, as highlighted by a significant order backlog of 9 billion euros.

CAF continuously invests in research and development, with approximately 5% of revenue being used for innovations and technological improvements. These investments strengthen the company's position in the competition by enhancing product quality and efficiency.

In addition, CAF benefits from a strong international presence and a diversified product range, ranging from high-speed trains to trams. This diversification enables the company to hedge against market fluctuations and explore new business opportunities.

**Institutional Investor Share:** 45% (estimated, 2026)
**Insider Buys/Sells:** No significant transactions in the last 12 months (estimated, 2026)

The institutional investor share in Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) is estimated to be around 45%. This reflects the interest of investment funds and other institutional investors who are typically interested in stable and long-term investments.

Regarding insider transactions, there have been no significant purchases or sales of stocks by executives or directors of the company in the last 12 months. This could indicate that the management has confidence in the current corporate strategy and future business outlook.

**Market share of Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF):** 5% (estimated, 2026)

**Main competitors and their market shares:**

1. **Alstom:** 20%
2. **Siemens Mobility:** 18%
3. **Bombardier Transportation (now part of Alstom):** 15%
4. **CRRC Corporation Limited:** 12%
5. **Hitachi Rail:** 10%
6. **Stadler Rail:** 8%
7. **Construcciones y Auxiliar de Ferrocarriles (CAF):** 5%
8. **Talgo:** 4%
9. **Hyundai Rotem:** 3%
10. **Kawasaki Heavy Industries:** 2%

**Moat of CAF:**

CAF has a moderate moat, mainly characterized by its specialization in custom solutions and strong presence in niche markets. The company benefits from long-standing customer relationships and a solid reputation in the manufacturing of rail vehicles.

Compared to larger competitors like Alstom and Siemens Mobility, which have more comprehensive product portfolios and greater financial resources, CAF's moat is less pronounced. These companies have a significant advantage due to their size and global presence, especially in terms of economies of scale and innovation capabilities.

CRRC Corporation Limited has a particularly strong moat in Asia, mainly due to government support and access to a huge domestic market.

Overall, CAF has strengths in certain segments and regions, but larger competitors are generally better positioned to benefit from global trends and large orders.

**Revenue growth:** 8.5% (2025)
**EBITDA margin:** 12.4% (2025)
**Order backlog:** 10 billion euros (2025)

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) recorded a revenue growth of 8.5% in 2025, driven by strong demand for its rail vehicles and services. The EBITDA margin of 12.4% indicates that the company operates efficiently and is able to generate solid profits.

The order backlog of 10 billion euros suggests a stable future revenue stream, positioning the company well for further growth. This demonstrates that CAF has a solid foundation for future revenues and benefits from a strong market position.

Additionally, CAF has invested in innovations and sustainable technologies in recent years, positioning the company well for future market demands. These factors could make CAF an attractive investment, especially for investors interested in long-term growth.

**Dividend Yield:** 2.5% (estimated for 2026)
**Dividend History:** Regular payouts in recent years

Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF) has distributed dividends to its shareholders in recent years. The company's dividend policy shows a tendency towards stability, with payouts being made regularly in recent years.

The estimated dividend yield for 2026 is around 2.5%. This estimate is based on historical payouts and the company's current financial situation. CAF has proven in the past that it is able to pay a dividend despite economic fluctuations, indicating a certain level of reliability.

However, it is important to monitor the future financial development and market conditions, as these factors can influence the dividend policy.