What CAF is and what this profile covers
CAF is a Spanish industrial group supplying rail and bus mobility solutions. Its parent is Construcciones y Auxiliar de Ferrocarriles, S.A., tax identifier A20001020, whose registered office is at José Miguel Iturrioz 26, Beasain, Gipuzkoa. This profile covers the worldwide consolidated group: its revenue and workforce do not relate solely to the Spanish parent or the Beasain factory. 2025 consolidated financial statements and management report, p. 530. 2025 corporate governance report, p. 1.
Its scope combines vehicles, components, signalling, maintenance and project integration. The same name can appear on a train, on the system that enables its operation or in a long-term maintenance contract. Distinguishing these functions helps explain both the business and its occupational safety responsibilities. 2025 non-financial statement and sustainability information, p. 5.
From the 1917 company to a mobility group
The accounts place the parent’s incorporation in San Sebastián in 1917 and its main operating centre in Beasain. This distinguishes the place of legal incorporation from its industrial base. Subsequent expansion involved acquiring complementary capabilities and activities as well as selling more trains. 2025 consolidated financial statements and management report, p. 530.
In September 2018 it acquired Solaris Bus & Coach, adding an urban bus business. In July 2019 it acquired EuroMaint, a Swedish rail maintenance group. On 1 August 2022 it completed the acquisition of the Reichshoffen plant, the Coradia Polyvalent platform and intellectual property associated with Talent 3, together with specialist personnel in France and Germany. These milestones help explain the group’s present diversity. 2019 separate accounts: Solaris acquisition, p. 131. 9 M 2022 results: acquisition in France and Germany, p. 5.
Shareholders, employee ownership and subsidiaries
CAF is a listed company. At 31 December 2025, Cartera Social, an employee-linked investment vehicle, held 23.33% of voting rights; BBK held 13.23%, directly and indirectly; Fundació Privada Daniel Bravo Andreu held 5.23%; Indumenta Pueri held 5.02%; and Instituto Vasco de Finanzas held 3%. The governance report stated that no person or entity exercised control. Employee share ownership does not constitute a majority or, by itself, make CAF a cooperative. 2025 corporate governance report, p. 2. 2025 corporate governance report, p. 5. 2025 corporate governance report, p. 6.
In 2025 CAF bought the remaining 2.67% of Solaris for €9.5 million. Controlled subsidiaries are fully consolidated and internal transactions are eliminated. Associates and joint ventures follow other accounting treatments: participation in a consortium does not automatically make the consortium’s entire contract value CAF group revenue. 2025 consolidated financial statements and management report, p. 534.
How it earns revenue: manufacturing and lifecycle services
Customers purchase vehicles as well as their availability, maintenance and adaptation. In 2025, train revenue was €1,866.115 million; rail services, mainly maintenance and spare parts, generated €756.386 million; buses and their aftersales activities generated €1,182.763 million; and integrated systems, equipment and other activities generated €681.270 million. These consolidated revenue categories add up to €4,486.534 million and must not be added to that total a second time. 2025 consolidated financial statements and management report, p. 545.
Rail contracts can span several financial years. The backlog represents firm orders still to be recognised as revenue and, under CAF’s definition, includes only exercised options and deducts estimated contractual penalties. A contract award, accumulated backlog and annual revenue therefore describe different stages of activity. 2025 consolidated financial statements and management report, p. 44.
A Spanish base with international manufacturing
The 2025 report describes a presence in more than 60 countries, manufacturing in Spain, France, the United Kingdom, Poland, the United States, Mexico and Brazil, and maintenance and warranty centres across five continents. This industrial footprint differs from the customer map: the accounts allocate geographical revenue according to the end customer’s location. 2025 non-financial statement and sustainability information, p. 5. 2025 consolidated financial statements and management report, p. 545.
Europe generated €3,167.578 million of revenue in 2025, including €523.859 million from Spain. At year-end, Spain accounted for 8,340 employees and Poland for 3,620, out of 17,788 worldwide. The Spanish employment figure refers to the employing company’s country, not employees’ nationality or the entire supply chain. 2025 consolidated financial statements and management report, p. 545. 2025 non-financial statement and sustainability information, p. 160. 2025 non-financial statement and sustainability information, p. 161.
2025 figures and comparison boundaries
The latest complete financial year ended on 31 December 2025. Under IFRS as adopted by the European Union, the group reported revenue of €4,486.534 million, compared with €4,211.543 million in 2024; operating profit of €245.771 million; and profit attributable to the parent of €146.259 million. Total consolidated profit was €151.360 million, with the difference attributable to non-controlling interests. 2025 consolidated financial statements and management report, p. 526. 2025 consolidated financial statements and management report, p. 530.
The backlog closed at €16,235 million and annual order intake was €6,027 million, both measures defined by CAF. The workforce figure of 17,788 is a year-end headcount, not an average or a full-time-equivalent measure. Revenue is used for selection and size comparisons; other operating income of €38.643 million and own work capitalised of €6.963 million remain separate. 2025 consolidated financial statements and management report, p. 17. 2025 consolidated financial statements and management report, p. 526. 2025 non-financial statement and sustainability information, p. 161.
Leadership and decision-making
On the corporate website checked on 8 November 2026, Andrés Arizkorreta García is chairman, classified as an “other external” director, and Javier Martínez Ojinaga is the executive chief executive officer. These are distinct roles: chairing the board should not be confused with day-to-day executive management. Board of Directors and committees.
The sustainability report places the shareholders’ meeting and board at the centre of corporate governance, supported by audit and appointments and remuneration committees. For innovation, the Corporate Technological Innovation Committee prioritises work and funding, while programmes and centres of excellence provide delivery and specialist expertise. This makes it possible to connect broad commitments with identifiable bodies and processes. 2025 non-financial statement and sustainability information, p. 18. 2025 non-financial statement and sustainability information, p. 274.
Batteries and hydrogen: separating development from service
CAF describes Germany’s NMN project as a contract for 76 battery-electric trains and 33 years of maintenance. In 2025 it completed the first train for testing and certification, with operations expected to begin in 2027 according to that report. This forecast does not mean that the whole fleet was already operating in 2025. 2025 non-financial statement and sustainability information, p. 100.
The FCH2Rail demonstrator combined overhead power, hydrogen fuel cells and batteries. The report states that the project ended in June 2025 and records more than 10,000 kilometres of testing in hydrogen mode. This demonstrates development and testing, rather than a wholesale replacement of diesel trains. Solaris also supplies electric and hydrogen bus applications; use-phase emissions must be distinguished from emissions associated with vehicle manufacture and energy production. 2025 non-financial statement and sustainability information, p. 100. 2025 non-financial statement and sustainability information, p. 106. 2025 non-financial statement and sustainability information, p. 107.
Safety management and the actual scope of ISO 45001
CAF reports that 88% of employees were covered by ISO 45001-certified occupational safety and health systems in its 2025 information. There is a timing qualification: Ctrens and CAF Power & Automation obtained certification in January 2026 following audits in late 2025. The 88% should therefore be read with that footnote, rather than as proof that every certificate had been issued by 31 December. The report does not provide a coverage percentage for non-employee workers within its own workforce. 2025 non-financial statement and sustainability information, p. 171.
Risk assessment covers CAF and third-party facilities, work at destination and subcontracted work, with coordination between companies. Annual prevention plans set actions, oversight arrangements and deadlines and are consulted on through safety and health committees or other participation forums. Certification describes a management system and its scope; it does not in itself guarantee accident-free performance. 2025 non-financial statement and sustainability information, p. 171. 2025 non-financial statement and sustainability information, p. 172.
Documented controls for machinery, chemicals and tasks
The report describes periodic inspections with follow-up of defects and corrective actions, task observations and management safety walks in several companies. When machinery and installations are introduced or modified, sites use procedures to check minimum safety conditions; new workplace design also incorporates prevention from the outset. These are specific reported practices, although the report does not establish that every site uses identical tools or frequencies. 2025 non-financial statement and sustainability information, p. 172. 2025 non-financial statement and sustainability information, p. 173.
Introducing chemicals into production is subject to technical specification, purchasing and introduction controls. Role-specific training includes electrical risks, work at height, work equipment, ergonomics, hygiene and emergencies. CAF also used NOSACQ-50 safety-climate assessments: the reported score of 3.0 comes from assessments covering 67% of employees, so it is neither a universal survey nor causal proof of fewer injuries. 2025 non-financial statement and sustainability information, p. 173. 2025 non-financial statement and sustainability information, p. 174.
Health surveillance and workplace adaptation
At the parent company, Beasain and Irún have in-house prevention services covering safety, industrial hygiene and health surveillance, complemented by externally contracted specialisms. Zaragoza’s in-house service also includes ergonomics and applied psychosociology. This description applies to those sites and does not establish identical occupational health arrangements across all international subsidiaries. 2025 non-financial statement and sustainability information, p. 174.
Protocols are linked to workplace exposures and combine individual and collective health surveillance. CAF describes procedures for pregnancy and breastfeeding, particularly susceptible workers and job adaptation or reassignment, alongside back-disorder and emotional-well-being programmes. Their preventive value lies in connecting an identified risk with an intervention and follow-up, while keeping healthy-lifestyle campaigns distinct from technical control of occupational exposure. 2025 non-financial statement and sustainability information, p. 174. 2025 non-financial statement and sustainability information, p. 175.
Injuries: separate populations and denominators
For employees, CAF reports a 2025 frequency rate of 13.8 lost-time accidents per million hours, covering 99.36% of employees and 29,145,412 hours worked. Its injury table records 402 cases, three serious non-fatal injuries and no deaths from occupational injuries. The rounded frequency rate remained at 13.8 compared with 2024, so it should not be described as a general improvement in injury performance. 2025 non-financial statement and sustainability information, p. 176. 2025 non-financial statement and sustainability information, p. 177.
For workers who were not direct employees, the table reports 38 recordable injuries and one fatal occupational injury; frequency was 8.41, compared with 5.66 in 2024. The report also gives a combined own-workforce rate of 13.07 encompassing both populations. One rate must not be substituted for another, and zero employee fatalities must not be extended to all workers. These figures illustrate why prevention assessment needs to consider contractors, severity and coverage as well as averages. 2025 non-financial statement and sustainability information, p. 176. 2025 non-financial statement and sustainability information, p. 178.
Emissions from manufacturing and product use
CAF calculates its footprint on an operational-control basis and distinguishes direct emissions, purchased energy and the value chain. In 2025 it reported that 79% of electricity consumption came from renewable sources backed by guarantees of origin. This concerns electricity, not all energy or zero emissions across the group. 2025 non-financial statement and sustainability information, p. 106.
For vehicles delivered in 2025, it reported a 43.4% reduction in use-phase CO₂-equivalent intensity per passenger-kilometre against 2019. The calculation projects energy consumption over the vehicles’ lives and depends on the delivery mix and use assumptions. It is not a 43.4% reduction in all annual emissions; the report itself cautions that the absence of a common sector methodology prevents assured comparability between manufacturers. 2025 non-financial statement and sustainability information, p. 107.
Jerusalem: UN listing and CAF’s response
OHCHR report A/HRC/63/20, dated 25 September 2026, retains CAF in its database of businesses involved in listed activities relating to Israeli settlements in the Occupied Palestinian Territory. CAF appears as entry 46, under activities (a), (e) and (g), with the classification “Contribution”. The report covers an assessment period from 2 August 2019 to 15 April 2026 and explains that it is neither a judicial process nor a legal characterisation of the companies. Inclusion is an important institutional finding; it is not, by itself, a criminal conviction. OHCHR: business database update, 25 September 2026, p. 5. OHCHR: business database update, 25 September 2026, p. 11.
CAF responded on 5 October 2026, rejecting both its inclusion and the classification. It describes its role in constructing the Green Line and extending the Red Line, partly in East Jerusalem, and maintains that it applies heightened due diligence and provides non-discriminatory transport. These are the company’s arguments and assessments, not findings treated here as independent. The difference between the institutional listing and the corporate position remains explicit. CAF response to OHCHR, 5 October 2026, p. 1. CAF response to OHCHR, 5 October 2026, p. 4.
The Spanish due-diligence case
The Spanish National Contact Point published its final statement on case E-00009 on 25 May 2022. The procedure ended without mediation and included recommendations for stronger human-rights due diligence, improved disclosure and an independent assessment of the project’s social impact. Subsequent follow-up acknowledged the company’s efforts, identified areas for improvement and closed the follow-up. NCP: final statement on case E-00009, p. 17. NCP: final statement on case E-00009, p. 18. NCP case E-00009 follow-up, p. 1.
Closing that procedure does not show that every later controversy was resolved. The recommendation mechanism, OHCHR’s 2026 listing and assessments commissioned by CAF have different authors, dates and purposes. This profile does not turn any of them into a court judgment. NCP case E-00009 follow-up, p. 1. OHCHR: business database update, 25 September 2026, p. 5. CAF response to OHCHR, 5 October 2026, p. 2.
Competition: penalties and appeals
In July 2019, Brazil’s competition authority CADE fined CAF Brasil Indústria e Comércio BRL 167,057,982.53 for participating in a train and metro procurement cartel. The accounts for the half-year ended 30 June 2026, formulated on 30 July, state that the subsidiary had challenged the decision in court and disputed the assessment of the facts; an accounting provision does not constitute a final court ruling. CADE: train and metro cartel penalties, July 2019. CAF: first-half 2026 consolidated financial statements, p. 42. CAF: first-half 2026 consolidated financial statements, p. 43. CAF: first-half 2026 consolidated financial statements, p. 44.
Those accounts also update an interim measure imposed in January 2026 that partially blocked certain subsidiary receipts: CAF reports that the measure was overturned on appeal. Reversal of that interim measure must not be confused with reversal of the CADE penalty. CAF: first-half 2026 consolidated financial statements, p. 44.
In Spain, the CNMC announced a €1,731,299 fine against CAF Signalling in October 2021 for the rail safety and communications cartel. According to the first-half 2026 accounts, CAF was jointly and severally liable for payment; parent and subsidiary had appealed to the National High Court, and payment was provisionally suspended pending a ruling on the merits. Suspension of payment likewise does not amount to exoneration. CNMC: rail safety and communications cartel, 2021. CAF: first-half 2026 consolidated financial statements, p. 44.
What the case contributes to occupational safety management
CAF illustrates how a manufacturing base connects with projects, maintenance and work at other organisations’ sites. A useful reading asks which activities each safety system covers, how technical changes are controlled and who is included in the outcome measures. A certificate, a safety-climate survey and an accident rate answer different questions and need to retain their respective boundaries. 2025 non-financial statement and sustainability information, p. 171. 2025 non-financial statement and sustainability information, p. 173. 2025 non-financial statement and sustainability information, p. 176.
The documented experience supports comparison of processes without presenting the company as a perfect model or attributing unpublished outcomes to it. In particular, the fatality outside the direct employee population and coverage differences support keeping external workers within prevention analysis and avoiding conclusions based only on aggregate figures. 2025 non-financial statement and sustainability information, p. 176. 2025 non-financial statement and sustainability information, p. 178.
Frequently asked questions
Are CAF and Solaris the same entity?
Solaris is the bus company that joined the CAF group in 2018. It is not the Spanish parent’s legal name. In 2025 CAF acquired Solaris’s remaining 2.67%; consolidated figures include the bus business. [1] · [2] · [3] · [4]
How much revenue did CAF generate in 2025?
Consolidated revenue was €4,486.534 million for the year ended 31 December 2025. The €16,235 million backlog is contracted work still to be recognised as revenue and must not be added to annual revenue. [1] · [2] · [3]
Was the whole CAF group ISO 45001 certified?
No. The 2025 report gives coverage of 88% of employees and includes a footnote about two certifications obtained in January 2026. It provides no percentage for non-employee members of the own workforce and does not establish universal coverage. [1] · [2]
What does the frequency rate of 13.8 mean?
It means lost-time accidents per million hours among employees, covering 99.36% of employees in 2025. Workers who were not direct employees have a separate rate of 8.41 and one recorded fatality; zero employee fatalities must not be extended to that population. [1] · [2] · [3]
Does CAF remain in OHCHR’s settlement-related database?
The report dated 25 September 2026 retains CAF as entry 46. CAF rejected its inclusion and classification in a response dated 5 October 2026. The institutional record and the company’s position are distinct; the OHCHR report is not a court judgment. [1] · [2] · [3] · [4] · [5]
