Slide 1: Full Year Results Fiscal Year 2025/26
Full Year Results Fiscal Year 2025/26 Department January 2026name / Speaker name 13 May 2026 © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements which are based on current plans and forecasts of Alstom’s management. Such forward-looking statements are relevant to the current scope of activity and are by their nature subject to a number of important risks and uncertainty factors
Slide 3: Agenda
Agenda 1. Highlights Martin Sion, Chief Executive Office 2. Context and priorities Martin Sion, Chief Executive Officer 3. Financial results Bernard Delpit, Executive Vice President & Chief Financial Officer 4. Outlook Martin Sion, Chief Executive Officer 1 © ALSTOM SA 2026. All rights reserved. Inf
Slide 4: Highlights
Highlights Martin Sion Chief Executive Officer © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on t
Slide 5: FY 2025/26 financial highlights: Delivering on cash, short on profitability
FY 2025/26 financial highlights: Delivering on cash, short on profitability €27.6bn Record commercial year Order intake Organic sales stronger than +7.2% expected Organic growth vs. FY 2024/25 Margin headwinds from FX, 6.1% volumes and a few Rolling adjusted EBIT margin Stock contracts Cash generati
Slide 6: Avelia Horizon success confirming platforming strategy
Avelia Horizon success confirming platforming strategy Velvet 12 Trainsets SNCF SNCF Eurostar SNCF 100 Trainsets 15 Trainsets 30 Trainsets 15 Trainsets October 2024 ONCF 18 Trainsets July 2018 August 2022 October 2025 January 2026 March 2025 1 © ALSTOM SA 2026. All rights reserved. Information conta
Slide 7: Reaching several operational milestones in FY 2025/26
Reaching several operational milestones in FY 2025/26 NextGen Acela entry into Metros entering service in service on the Northeast India (Bhopal and on Delhi Corridor for Amtrak in line extensions), supported August, with over 10 trains by CBTC * signalling in service as of May 2026 technology MF19
Slide 8: Context and priorities
Context and priorities Martin Sion Chief Executive Officer © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will
Slide 9: A solid base to build upon (1/2)
18.0% 17.8% A solid base to build upon (1/2) 17.5% 16.9% €104bn Attractive rail market ~€210bn 16.0% €95bn 10% €92bn dynamics allowing for Three-year €87bn opportunity 9% disciplined growth €81bn pipeline 9% 8% 38% ~50% 33% Strong Services franchise Rolling Stock orders with further upside coupled w
Slide 10: Solid base to build upon (2/2)
Solid base to build upon (2/2) Commercial Financial Developing Improving GM in Tightening cost Strengthening Services backlog discipline balance sheet 35% → 39% 16.9% → 18.0% 6.6% → 5.4% €2.1bn → €0.4bn Share of Services Gross margin SG&A / sales1 Net financial debt in backlog1 in backlog1 Key progr
Slide 11: Longer platform industrialisation weighing on car production and financial performance
Longer platform industrialisation weighing on car production and financial performance Car production (6)% 24/25-25/26 x% 1,282 variation% 1,206 1,165 (3)% Q4 car production lower than expected, 1,122 1,125 +2% 1,110 1,098 impacted by industrialisation challenges 1,056 1,061 0% 1,038 965 961 Additio
Slide 12: Rolling Stock execution and industrial inefficiencies impacting margins for too long
Rolling Stock execution and industrial inefficiencies impacting margins for too long 17.8% 16.0- 16.5% Insufficient end-to-end coordination, resulting in Mar-2025 gross degraded supply chain and logistics performance Mix / phasing margin Theoretical impact P&L gross in backlog 13.3% margin FY 2025/2
Slide 13: Priority action: Sharpening management focus on execution, enhancing accountability
Priority action: Sharpening management focus on execution, enhancing accountability Enforcing lean principle and short intervals operating rhythm Simplify ways of working Leaner cost base Accelerate procurement savings 1 © ALSTOM SA 2026. All rights reserved. Information contained in this document i
Slide 14: Financial results
Financial results Bernard Delpit Executive Vice President & Chief Financial Officer © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any part
Slide 15: Orders: A record year for Americas, Signalling & Rolling Stock
Orders: A record year for Americas, Systems Signalling & Rolling Stock 3.4 Signalling 3.4 14.3 Group book-to-bill 1.4x 6.5 Rolling stock Services Africa ME CA Signalling book-to-bill 1.3x Asia Pacific 1.3 2.9 15.6 Americas 7.9 Europe Americas book-to-bill 2.4x (€ in billions) 1 © ALSTOM SA 2026. All
Slide 16: Organic sales well balanced across main product lines
Organic sales well balanced across main product lines 7.2% organic growth in FY 2025/26 Rolling Stock: €10.0bn 7.2% €19.2bn +6% vs FY 2024/25, of which +9% organic 5.9% Solid performance in France, India and Italy €18.5bn 8.6% 7.2% Services: €4.7bn +4% vs FY 2024/25, of which +7% organic (2.8)% €17.
Slide 17: Gross margin pressure partly mitigated
Gross margin pressure partly mitigated (in € million) FY 2024/25 FY 2025/26 Y/Y change Sales 18,489 19,171 4% Cost of sales (15,876) (16,616) 5% Adjusted gross margin before PPA impairment 2,613 2,555 (2%) As a % of sales 14.1% 13.3% (80bps) R&D expenses (522) (573) 9.8% As a % of sales (2.8)% (3.0)
Slide 18: Adjusted EBIT margin stable at constant currency and scope
Adjusted EBIT margin stable at constant currency and scope aEBIT (in %) 6.4% +40bps (20)bps (10)bps 6.1% 6.1% +40bps (60)bps (20)bps aEBIT FY FX Scope aEBIT FY Project R&D SG&A JV contribution aEBIT 2024/2025 2024/2025 Execution acceleration efficiency FY2025/2026 as reported "like-for-like" excludi
Slide 19: Adjusted net profit up 12% compared to the prior fiscal year
Adjusted net profit up 12% compared to the prior fiscal year (€ in millions) FY 2024/25 FY 2025/26 Y/Y change Including: Adjusted EBIT 1,177 1,168 (1%) • €(56)m: Restructuring & rationalisation costs relating to footprint adaptation in Non-operating expenses (198) (155) (22%) France and Belgium • €(
Slide 20: Free Cash Flow delivered within the guided range despite contract working capital headwinds
Free Cash Flow delivered within the guided range despite contract working capital headwinds (€ in millions) 1,502 Capex / Cap Dev D&A 560 (567) Tax & Financial Cash-out JV 145 Divid. (356) Restructuring Funds from Change in & Other Operations Working (FFO) Capital(1) (72) Free Cash Flow EBIT* 797 (1
Slide 21: Tighter Trade Working Capital management in FY 2025/26
Tighter Trade Working Capital management in FY 2025/26 (€ in millions, or expressed as # days of sales) 31 March 2025 31 March 2026 Inventories 4,151 4,276 days of sales 82 81 Trade receivables 2,906 3,095 days of sales 57 59 Trade payables (3,751) (4,282) days of sales (74) (82) Net other assets /
Slide 22: Contract assets increase only partly offset by contract liabilities
Contract assets increase only partly offset by contract liabilities (€ in millions, or expressed as # days of sales) 31 March 2025 31 March 2026 Contract assets 5,895 6,507 days of sales 116 124 Contract liabilities (8,881) (9,406) days of sales (175) (179) Current provisions (1,529) (1,352) Contrac
Slide 23: Typical FY 25/26 cash seasonality pattern, with over €1bn recovery in H2
Typical FY 25/26 cash seasonality pattern, with over €1bn recovery in H2 (€ in millions) “Normative” FCF consumption in any given year first half : ~€(0.8)-(0.9)bn due to working days imbalance FY2025/26 H2 FCF recovery driven by: 1. Lower-than-usual H2 1,076 Progress Payments FY 2025/26 H1 FCF
Slide 24: FCF generation driving incremental reduction in net debt
FCF generation driving incremental reduction in net debt (€ in millions) March 2025 March 2026 Net Debt Net Debt Dividends* & hybrid coupon 336 Leases (81) FX & Others (172) (53) (404) (434) FCF * Dividends paid to minority shareholders of Alstom consolidated entities 1 © ALSTOM SA 2026. All rights
Slide 25: Cash and long-term debt: Commitment to Investment Grade rating
Cash and long-term debt: Commitment to Investment Grade rating Cash and cash equivalent (€bn) Bonds outstanding (€m) Jan-29 2.3 Oct-26 0.00% Jul-30 2.3 0.1 0.25% 0.50% Jul-27 1.1 0.125% * 2.2 750 700 700 1.2 500 Mar-25 Mar-26 FY 2026/27 FY 2027/28 FY 2028/29 FY 2029/30 FY 2030/31 Cash Cash Equivalen
Slide 26: Outlook
Outlook Martin Sion Chief Executive Officer © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the
Slide 27: FY 2026/27 outlook
FY 2026/27 outlook Group book-to-bill >1x Organic sales growth ~5% Car production 4,400-4,500 adjusted EBIT margin ~6.5% Free-Cash-Flow Positive H1 Free-Cash-Flow €(1.5)bn Capital Markets Day Early 2027 1 © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative onl
Slide 28: Questions and Answers
End of Presentation Questions and Answers © ALSTOM ALSTOM SA SA 2026. 2026. All All rights rights reserved. reserved. Information Information contained contained in in this this document document is is indicative indicative only. only. No No representation representation or or warranty warranty is i
Slide 29: Appendix Section
Appendix Section © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial ci
Slide 30: €210bn three-year opportunity pipeline
€210bn three-year opportunity pipeline Europe largest market, AMECA & APAC growing further €100bn EUROPE €35bn EUROPE AMERICAS Germany: Regional / Commuters / Services France: Metro, Commuters and High Speed UK third largest market: Services & Signalling NORTH AMERICA Mainline Signalling €35bn AMTRA
Slide 31: FY 2025/26 backlog by region and product line
FY 2025/26 backlog by region and product line Backlog breakdown by region (in € million) Backlog breakdown by product line (in € million) Asia Pacific Systems Americas €12,294m €9,554m €17,015m Signalling 9% €9,756m 16% 12% Rolling stock 10% €45,039m Africa ME CA 43% €13,106m 13% 59% 38% Europe Serv
Slide 32: FY 2025/26 Sales by region and product line
FY 2025/26 Sales by region and product line Sales breakdown by region (in € million) Sales breakdown by product line (in € million) Systems Asia Pacific €1,753m €2,551m 9% Signalling 13% €2,702m Americas 14% €3,226m Rolling stock 17% €10,045m 61% Europe 53% €11,610m 9% 24% Services Africa ME CA €4,6
Slide 33: Sales - Reported vs Organic figures by quarter
Sales - Reported vs Organic figures by quarter FY 2024/25 FY 2025/26 Reported growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock 1.9% 1.1% 6.0% 5.3% 3.3% 2.6% 4.2% 14.3% Services 12.2% 9.1% 6.5% -4.2% -0.3% 6.4% 8.3% 1.7% Systems 4.5% 8.1% 47.4% 21.6% 24.9% -13.4% -15.4% -15.5% Signalling 6.4% -5.3% -5.3%
Slide 34: Sales by currency
Sales by currency FY 2025/26 Currencies as a % of sales EUR 53.0% USD 8.9% GBP 7.2% AUD 4.5% INR 4.4% CAD 4.0% SEK 3.2% ZAR 2.8% MXN 1.7% BRL 1.5% SGD 1.4% KZT 1.1% CHF 1.0% Currencies below 1% of sales 5.2% 1 © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicativ
Slide 35: Equity Year on Year Evolution
Equity Year on Year Evolution (€ in millions) 365 (38) (76) (44) 10,577 10,784 CTA, share March 2025 Hybrid loan Net Income Dividends* based payment March 2026 & others * Dividends paid to minority shareholders of Alstom consolidated entities 1 © ALSTOM SA 2026. All rights reserved. Information cont
Slide 36: Bridge consideration – From Enterprise Value to Equity Value
Bridge consideration – From Enterprise Value to Equity Value Hybrid bond for €750m not included (in € million) FY 2025/26 Total Gross debt, incl. lease obligations (1) 3,511 Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 635 Non controlling interest (3) 121 Cash an
Slide 37: Reconciliation between consolidated income statement and MD&A view as of 31 March 2026
Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2026 (in € million) Total Adjustments Total Consolidated Consolidated Adjustments as of 31 March 2026: Financial Financial Statements (1) (2) Statements (GAAP) (MD&A view) 1. Impact of business combinati
Slide 38: Reconciliation between consolidated income statement and MD&A view as of 31 March 2025
Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2025 (in € million) Tota l Adjustments Tota l Con s ol i da ted Con s ol i da ted Adjustments as of 31 March 2025: Fi n a n ci a l Fi n a n ci a l (1) (2) S ta tem en ts S ta tem en ts 1. Impact of busin
Slide 39: Bombardier Transportation PPA provisional amortisation plan
Bombardier Transportation PPA provisional amortisation plan As per P&L (in € million) Booking 1 FY 2020/21 (71) FY 2021/22 (428) FY 2022/23 (436) FY 2023/24 (357) FY 2024/25 (373) FY 2025/26 (258) FY 2026/27 (213) FY 2027/28 (203) ● The Gross PPA amortisation plan will be subject to FX evolution in
Slide 40: Appendix - Non-GAAP financial indicators definitions (1/3)
Appendix - Non-GAAP financial indicators definitions (1/3) This section presents financial indicators used by the Group that are not defined by accounting standard setters. • Orders received A new order is recognised as an order received only when the contract creates enforceable obligations between
Slide 41: Appendix - Non-GAAP financial indicators definitions (2/3)
Appendix - Non-GAAP financial indicators definitions (2/3) This section presents financial indicators used by the Group that are not defined by accounting standard setters. • Adjusted EBIT Adjusted EBIT (“aEBIT”) is a KPI that presents the level of recurring operational performance. This KPI is also
Slide 42: Appendix - Non-GAAP financial indicators definitions (3/3)
Appendix - Non-GAAP financial indicators definitions (3/3) This section presents financial indicators used by the Group that are not defined by accounting standard setters. • Contract and Trade Working Capital Contract Working Capital is the sum of: • Contract Assets & Liabilities, which includes th
Slide 43: Contract Cash versus Sales
Contract Cash versus Sales Warranty provision Illustration for a typical Rolling Stock contract Completed contract accruals €m Serial production phase High Sales, aligned with cash-in Startup phase High cash-in, low Sales Downpayment Ramp-up phase Low / no cash-in, Warranty phase growing sales No mo
Slide 44: © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative
1 © ALSTOM SA 2026. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It