Construcciones y Auxiliar de Ferrocarriles SA (CAF) is a multinational company specializing in the provision of comprehensive rail and bus mobility solutions. CAF operates in the railway and bus sectors, offering a wide range of products and services, including transport systems, rolling stock, components, infrastructure, signaling, maintenance, refurbishment, and financing. The company expertise in managing projects across various geographies and stages of the life cycle, from viability analysis to operation and maintenance. CAF serves a diverse clientele, including municipalities, regional and national administrations, railway manufacturers, and private system operators.

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CAF prioritizes research and development in areas such as eco-design methodology, energy efficiency, sustainable alternative fuels, increased useful life and recyclability, and noise and vibration reduction. The company continued to advance its Innovation Plan in 2024, developing more than one hundred projects across its various business units, including CAF Vehicles, CAF I+D, Rail Services, Miira, CAF Power & Automation, CAF Signaling, CAF Turnkey & Engineering and Cetest. These projects are structured into innovation programmed such as Zero Emissions, Autonomous and Automatic Mobility, Digitalization, and Product Portfolio Expansion, and are complemented by collaborations with technology centers and universities, as well as participation in major national and European initiatives such as FCHRAIL, EU-RAIL, CLUG 2.0, ERABIL+ and RAIL SPACE. In line with these efforts, the Group strengthened its capabilities in fields such as hydrogen propulsion, cybersecurity aligned with UN Regulations 155 and 156, digital twins, and advanced automation systems. In FY2024, the company spent EUR46.1 million on R&D, which as a percentage of revenue stood at 1.1%.