Alstom Sa · EURONEXT:ALO
Alstom Sa — H1 2025/26 Earnings Presentation
41 slides from Alstom Sa's earnings presentation, Nov 13, 2025
Slide 1: Half Year Results Fiscal Year 2025/26
Half Year Results Fiscal Year 2025/26 13 November 2025
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 of the first half of fiscal year 2025/26 Henri Poupart-Lafarge Chief Executive Officer 2. H1 2025/26 financial results Bernard Delpit Executive Vice-President and Chief Financial Officer 3. Conclusion Henri Poupart-Lafarge Chief Executive Officer © ALSTOM SA 2025. All rights res
Slide 4: Highlights
01 Highlights Henri Poupart-Lafarge Chief Executive Officer © ALSTOM SA 2025. 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 wil
Slide 5: First-half results delivered as per plan
First-half results delivered as per plan Solid commercial momentum, fuelled ORDERS SALES by North America and Rolling Stock €10.5bn €9.1bn All product lines contributing to organic Book-to-bill +3.2% (o/w +7.9% org) sales growth 1.2 vs. H1 2024/25 aEBIT FREE Half-year cash seasonality, as €580m CASH
Slide 6: Stable three-year pipeline of opportunities at ~€200bn
Stable three-year pipeline of opportunities at ~€200bn ALSTOM SITES €100bn SIGNALLING EUROPE SYSTEMS €38bn ROLLING STOCK AMERICAS EUROPE AND COMPONENTS Germany: Regional / Commuters / Services France: Metro & Commuters NORTH AMERICA Mainline Signalling €27bn AMTRAK Long distance APAC Canada train re
Slide 7: €6.4bn orders globally in Q2
€6.4bn orders globally in Q2 Commercial record for Americas €2.0bn A few hundred million € AMERICAS – NEW YORK ASIA PACIFIC – MUMBAI 316 M9A commuter railcars for MTA 234 metro cars, CBTC signalling & 5 years maintenance €300m €538m EUROPE – LYON ASIA PACIFIC – WELLINGTON 26 automated metro trains a
Slide 8: Second-half commercial momentum off to a good start
Second-half commercial momentum off to a good start €1.4bn €1.6bn EUROPE EUROPE - POLAND 30 Avelia Horizon very high-speed trains for Eurostar 42 double-decker EMU trains with maintenance Option for 20 additional trains Option for 30 additional trains © ALSTOM SA 2025. All rights reserved. Informati
Slide 9: Gross margin in backlog progressing thanks to all product lines
Gross margin in backlog progressing thanks to all product lines 18.3% 18.1% 18.0% 17.9% 17.8% 17.5% 16.9% 16.0% €95bn €96bn €92bn €87bn €81bn €41bn €41bn €43bn March 2019 March 2020 March 2021 March 2022 March 2023 March 2024 March 2025 Sep 2025 ex-AT Backlog ex-AT Backlog ex-AT Backlog Group Backlo
Slide 10: Supportive underlying market trends in North America
Supportive underlying market trends in North America 140 120 Ridership in both Canada Nearly 50% of US installed and the US edging back base needs replacing in 100 up the short to medium term 80 60 40 Competitively positioned 20 Fairly consolidated US in Canada to maximise market with three large vi
Slide 11: Reaching major operational milestones in North America in the first half
Reaching major operational milestones in North America in the first half Avelia Liberty $75m invested in Hornell Delivery of the 1,000th successfully entering facility, with new “Fleet of the Future” commercial service. Full assembly line supporting railcar for BART, fleet of 28 trains being the res
Slide 12: France: Several new platforms reaching or nearing commercial service
France: Several new platforms reaching or nearing commercial service RER NG commuter train rollout Unprecedented number of new rolling continuing successfully, with €1.7bn stock platforms being developed option exercised for an additional 96 simultaneously for the French market trainsets First MF19
Slide 13: Stable production volumes, positive mix
Stable production volumes, positive mix 5,000 RER NG, TGV M in France, BART in the US, 4,500 Coradia Max in Germany and metros in India 4,000 3,500 Metros in France and Brazil, Amtrak in the 3,000 US, Tren Maya in Mexico 2,500 2,017 2,000 Higher share of projects in ramp-up phase compared to last ye
Slide 14: Financial results
02 Financial results Bernard Delpit Executive Vice-President & Chief Financial Officer © ALSTOM SA 2025. 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 p
Slide 15: First-half orders supported by North America, Europe and Rolling Stock
First-half orders supported by North America, Europe and Rolling Stock 1.2 1.4 €96.1bn Group BtB Rolling Stock BtB Backlog €10.9bn €10.5bn €10.5bn €10.5bn AMECA €0.2bn €2.0bn SIGNALLING AMERICAS €3.5bn €1.7bn SERVICES €0.2bn SYSTEMS €1.6bn ASIA PACIFIC €6.6bn ROLLING STOCK EUROPE €5.2bn H1 2024/25 H
Slide 16: All product lines contributing to organic growth
All product lines contributing to organic growth 3.2% reported growth 8.6% €9.1bn ROLLING STOCK: €4.7bn €8.8bn 7.2% (+3% vs H1 2024/25, o/w +6% organic growth) Solid performance in France, US and Italy. €8.4bn (3.3%) (1.2%) SERVICES: €2.3bn (+3% vs H1 2024/25, o/w +6% organic growth) 7.9% organic gr
Slide 17: H1 adjusted EBIT improvement in line with full-year trajectory
H1 adjusted EBIT improvement in line with full-year trajectory (in € million) H1 2024/25 H1 2025/26 Y/Y change Sales 8,775 9,059 3% Cost of Sales (7,547) (7,824) 4% Adjusted Gross Margin before PPA¹ 1,228 1,235 1% As a % of sales 14.0% 13.6% (40bps) R&D expenses before PPA2 (256) (242) (5%) As a % o
Slide 18: FX and scope headwinds on aEBIT margin more than offset
FX and scope headwinds on aEBIT margin more than offset Others 6.4% SG&A 20bps 30bps 5.9% R&D (20)bps Volume & mix 20bps Scope (20)bps 20bps FX H1 H1 2024/25 2025/26 aEBIT aEBIT margin margin © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No represe
Slide 19: Strong increase in adjusted net profit
Strong increase in adjusted net profit (in € million) H1 2024/25 H1 2025/26 Y/Y change Sales 8,775 9,059 3% Adjusted EBIT 515 580 13% Adjusted EBIT margin 5.9% 6.4% 50bps Capital gains / (losses) 21 - Other non-operating income / (expenses) (83) (37) Reversal of net interest in equity investees pick
Slide 20: Solid increase in FFO, marked FCF seasonality as expected
Solid increase in FFO Marked FCF seasonality as expected 801 D&A 255 JV Div 103 Capex / FFO CapDev 411 (225) Financial & Others EBIT Tax (12) 443 (152) Half-year FFO development 411 256 282 H1 2023/24 H1 2024/25 H1 2025/26 Change in FCF working capital (740) (1,151) © ALSTOM SA 2025. All rights rese
Slide 21: Trade working capital broadly stable compared to last year
Trade working capital broadly stable compared to last year (in € million / days of sales) September 2024 March 2025 September 2025 Inventories 4,204 85 4,151 82 4,465 87 Trade payables (3,474) (71) (3,751) (74) (3,915) (76) Trade receivables 3,093 63 2,906 57 2,885 56 Other assets/ liabilities (1,63
Slide 22: Contract working capital consumption due to Rolling Stock ramp-ups
Contract working capital consumption due to Rolling Stock ramp-ups (in € million / days of sales) September 2024 March 2025 September 2025 Contract assets 5,476 112 5,895 116 6,327 123 Contract liabilities (8,538) (174) (8,881) (175) (8,810) (171) Net contract assets / liabilities (3,062) (62) (2,98
Slide 23: Increased net debt due to FCF seasonality
Increased net debt due to FCF seasonality Net debt Net debt March 2025 Sep 2025 (434) (1,399) FCF (740) Dividends & hybrid coupon Leases (60) (84) FX Others (65) (16) © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is gi
Slide 24: Liquidity and long-term debt
Liquidity and long-term debt CASH AND SHORT-TERM DEBT (€m) BONDS OUTSTANDING (€m) 2,500 2,000 Jan-29 Oct-26 0.00% Jul-30 1,500 0.25% 0.50% 1,000 €2.3bn Jul-27 0.125% €1.3bn 500 750 0 700 700 500 (500) (1,000) Mar-25 Sep-25 Cash Cash equivalents Short-term debt FY 2026/27 FY 2027/28 FY 2028/29 FY 202
Slide 25: Conclusion
03 Conclusion Henri Poupart-Lafarge Chief Executive Officer © ALSTOM SA 2025. 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 wil
Slide 26: Margin and FCF outlook confirmed, sales outlook upgraded
Margin and FCF outlook confirmed Sales outlook upgraded FY 2025/26 ASSUMPTIONS FY 2025/26 OUTLOOK Group book-to-bill 1. Supportive market demand Rolling Stock book-to-bill >1 2. Car production stable vs. FY 2024/25 Organic sales growth above 5% (3-5% previously) 3. R&D around 3% of sales (>3% previo
Slide 27: Contacts & Agenda
Contacts & Agenda CONTACTS AGENDA 20 January 2026 FY 2025/26 Third Quarter Cyril Guerin – Orders & Sales VP Investor Relations and M&A 13 May 2026 Guillaume Gauvillé FY 2025/26 Full-Year Head of Investor Relations results investor.relations@alstomgroup.com © ALSTOM SA 2025. All rights reserved. Info
Slide 28: Financial Calendar
Financial Calendar 14 November H1 25/26 roadshow in Paris – Citi Bank Paris, France 17 November H1 25/26 roadshow in London – Deutsche Bank AG London, UK Los Angeles, Boston & New York, 18 - 21 November H1 25/26 roadshow US – Redburn Atlantic USA 21 November H1 25/26 roadshow in Milan – UBS Milan, I
Slide 29: Appendix
04 Appendix © ALSTOM SA 2025. 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 circums
Slide 30: Equity in € million
Equity in € million (44) 13 (19) (242) 233 10,577 9,117 10,517 Mar-25 Hybrid Bond Movements in other Net income Share based payments Dividends Sep-25 comprehensive income © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty i
Slide 31: H1 2025/26 backlog by region and product line
H1 2025/26 backlog by region and product line H1 2025/26 BACKLOG BY REGION H1 2025/26 BACKLOG BY PRODUCT LINE AMECA Signalling 13% 10% Systems 7% APAC 12% Rolling stock 45% Europe Americas 61% 14% Services 38% © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicativ
Slide 32: H1 2025/26 Sales by region and product line
H1 2025/26 Sales by region and product line H1 2025/26 SALES BY REGION H1 2025/26 SALES BY PRODUCT LINE AMECA Signalling 8% 14% APAC 15% Systems 9% Rolling stock 52% Europe 59% Americas 18% Services 25% © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only.
Slide 33: Sales by currency
Sales by currency H1 2025/26 Currencies as a % of sales EUR 49.6% USD 11.8% GBP 7.2% AUD 4.8% INR 4.8% CAD 4.2% SEK 2.6% ZAR 2.6% MXN 2.0% BRL 1.5% SGD 1.5% KZT 1.2% CHF 1.2% Currencies below 1% of sales 5.2% © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative
Slide 34: Bombardier Transportation PPA provisional amortisation plan
Bombardier Transportation PPA provisional amortisation plan (in € million) As per P&L The gross PPA amortisation plan will be subject to FX evolution in Booking 1 future years or subject to potential impairments FY 2020/21 (71) FY 2021/22 (428) FY 2022/23 (436) FY 2023/24 (357) FY 2024/25 (373) FY 2
Slide 35: Bridge consideration – From Enterprise Value to Equity Value
Bridge consideration – From Enterprise Value to Equity Value (in € million) H1 2025/26 Total Gross debt, incl. lease obligations (1) 3,829 Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 632 Non controlling interest (3) 100 Cash and cash equivalents (3) (1,687) Othe
Slide 36: Reconciliation between consolidated income statement and MD&A view, 30 September 2025
Reconciliation between consolidated income statement and the MD&A management view as of 30 September 2025 (in € million) Total Adjustments Total Consolidated Consolidated Adjustments as of 30 September 2025: Financial Financial Statements (1) (2) Statements (GAAP) (MD&A view) 1. Impact of business c
Slide 37: Reconciliation between consolidated income statement and MD&A view, 30 September 2024
Reconciliation between consolidated income statement and the MD&A management view as of 30 September 2024 (in € million) Total Adjustments Total Consolidated Consolidated Adjustments as of 30 September 2024: Financial Financial Statements (1) (2) Statements (GAAP) (MD&A view) 1. Impact of business c
Slide 38: 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 39: Non-GAAP financial indicators definitions (2/3)
Appendix - Non-GAAP financial indicators definitions (2/3) ● EBIT before PPA Following the Bombardier Transportation acquisition and with effect from the fiscal year 2021/22 condensed consolidated financial statements, Alstom decided to introduce the “EBIT before PPA” KPI aimed at restating its Earn
Slide 40: Non-GAAP financial indicators definitions (3/3)
Appendix - Non-GAAP financial indicators definitions (3/3) ● Gross margin % on backlog Gross Margin % on backlog is a KPI that presents the expected performance level of firm contracts in backlog. It represents the difference between the sales not yet recognized and the cost of sales not yet incurre
Slide 41: www.alstom.com
www.alstom.com www.alstom.com www.alstom.com www.alstom.com 41