Slide 1: Full Year Results Fiscal Year 2024/25
Full Year Results Fiscal Year 2024/25 14 May 2025 1
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 facto
Slide 3: Agenda
Agenda Highlights Henri Poupart-Lafarge, Chief Executive Officer ――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――― FY 2024/25 financial results Bernard Delpit, Executive Vice-President and Chief Financial Officer ―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Slide 4: Highlights
1 Highlights Henri Poupart-Lafarge Chief Executive Officer 4
Slide 5: Solid FY 2024/25 results
Solid FY 2024/25 results All objectives delivered Results in line with guidance Progress on strategic priorities ORDERS €19.8bn SALES €18.5bn • Further improvement in backlog quality across all Product Lines • Project execution, with strong Q4 Book-to-bill +4.9% (o/w 6.6% org) output 1.1 vs FY 2023/
Slide 6: Stable three-year pipeline at ~€200bn
Stable three-year pipeline at ~€200bn Strong momentum in Europe mitigating projects shifting elsewhere €112bn ALSTOM SITES SIGNALLING EUROPE €37bn SYSTEMS ROLLING STOCK AMERICAS EUROPE: AND COMPONENTS Germany: Regional / commuters / Locos France: High-speed,& commuters NORTH AMERICA Service & SIG €2
Slide 7: H2 order intake marked by Services and Rolling Stock wins
H2 order intake marked by Services and Rolling Stock wins €8.9 bn OF ORDERS BOOKED IN H2 2024/25 SERVICES ROLLING STOCK SIGNALLING €0.8bn* 2 frame agreements in Europe €0.8 bn €0.8 bn Regional Fleet Services (SERVICES - EUROPE) ONCF (Very High-Speed - Morocco) €0.5 bn €0.5 bn €0.5 bn Metrolink + JFK
Slide 8: Rebalancing of backlog towards Services, in line with long-term ambition
Rebalancing of backlog towards Services, in line with long-term ambition Order intake by Product Line • Strong commercial momentum in Services thanks to: 35% • New customers (S-Bahn Rheinland, 45% 47% 58% 51% 50% Proxima, Transnet) 34% 38% FY22 FY23 FY24 FY25 • Scope extension on existing contracts
Slide 9: Strong 4Q production volumes
Strong 4Q production volumes o/w Aventra Quantity of cars produced per quarter • FY output +9% CAGR since FY23 excluding Aventra (~500cars / year in FY23 and FY24 vs. 0 in FY25) 4,522 4,389 1,282 4,151 • Strong Q4 volumes 1,165 1,122 1,125 1,153 • Successful ramp-up in Americas 1,110 1,098 (Brazil,
Slide 10: Aventra negotiations closed, expecting Amtrak entry in commercial service
Aventra negotiations closed, expecting Amtrak entry in commercial service Continuous efforts on selected projects AVENTRA ✓ Contracts close-out negotiations : ✓ 436 trains accepted o/o 443 98% ✓ Cumulative cash-in 97% ✓ Outcome of negotiations provisioned (incl. penalties and extra-costs) AMTRAK ✓ T
Slide 11: Turning operational improvements into accelerated profit and cash generation
Turning operational improvements into accelerated profit and cash generation From post-merger Increase operational excellence To … securing cash and profit targets over challenges the next three years 1 External demerit Divided by 4 Manufacturing Throughput (# cars) +43% FY 2025 2 (since March 23) a
Slide 12: Germany: Transformation plan launched
Germany: Transformation plan launched Industrial footprint adaptation Strong positioning and commercial momentum • Sale of Görlitz completed in February • Rolling Stock assembly sites to be reduced to 3 • Attractive rail market from 6 today • Continuous Rolling Stock portfolio adaptation • Repurposi
Slide 13: Good progress on our ESG roadmap
Good progress on our ESG roadmap 128 3.9 KtonCO2e gCO2e/pass.km Scope 1+2 Scope 3 Emissions1 Sold products (8)% vs FY 2023/24 (2)% vs FY 2023/24 66 % Taxonomy alignment on sales2 +6 pt vs FY 2023/24 1. Environmental figures are reported on a calendar year basis: FY 2024/25 corresponds to 2024 calend
Slide 14: Financial Results
2 Financial Results Bernard Delpit Executive Vice-President & Chief Financial Officer 14
Slide 15: Good flow of base orders in Q4
Good flow of base orders in Q4 Book-to-bill <1 on Rolling Stock ORDERS FY 2024/25 (in €bn) +4.7% 19.8 19.8 18.9 19.8 AMECA 1.6 Signaling 3.3 1.7 APAC Systems 0.9 Americas 3.4 Services 8.2 13.1 Europe 7.5 Rolling stock FY 2023/24 FY 2024/25 FY 2024/25 FY 2024/25 ● Margin and cash on order intake supp
Slide 16: Sales ahead with strong Q4 output in Rolling Stock and Systems
Sales ahead with strong Q4 output in Rolling Stock and Systems SALES EVOLUTION (in € million) FY 2024/25 SALES SPLIT BY PRODUCT LINES +4.9% ROLLING STOCK: €9,454m (+3.6% vs 2023/24, o/w +3.7% org) Ramp-up in Australia and consistent execution in France, Italy, South Africa, Belgium and USA + 6.0% +
Slide 17: aEBIT margin up 70bps to 6.4%
aEBIT margin up 70bps to 6.4% FY FY (in € million) Evolution 2023/24 2024/25 Sales 17,619 18,489 +4.9% Cost of Sales (15,096) (15,876) +5.2% Adjusted Gross Margin before PPA¹ 2,523 2,613 (20)bps As a % of sales 14.3% 14.1% Research and development expenses (549) (522) before PPA2 (30)bps 3.1% 2.8% A
Slide 18: Efficient costs savings initiatives compensating for headwinds from legacy projects and scope
Efficient costs savings initiatives compensating for headwinds from legacy projects and scope aEBIT (in %) +30bps +30bps (30)bps (20) bps +60bps Gross Margin 6.4% (20) bps 5.7% aEBIT FY 2023/24 Volume and mix Legacy portfolio Scope SG&A costs savings R&D phasing aEBIT FY 2024/25 margin impact © ALST
Slide 19: Net profit recovery driven by aEBIT and reduced non-operating expenses
Net profit recovery driven by aEBIT and reduced non-operating expenses FY FY (in € million) Evolution 2023/24 2024/25 Sales 17,619 18,489 +4.9% Adjusted EBIT 997 1,177 +18.1% Adjusted EBIT margin 5.7% 6.4% +70 bps o/w Integration costs €97m - as per plan, and Legal fees €36m Non-operating expenses (
Slide 20: FFO at 3% of sales, H1 working capital drag mostly reversed during H2
FFO at 3% of sales, H1 working capital drag mostly reversed during H2 From EBIT* to Free Cash Flow (in € million) €1,494m Capex / Cap Dev D&A (482,0) 507m Tax Cash-out JV div. Financial 156m (181,0) Cash-out Restructuring (175,0) Change in Cash-out Other Funds From Working (1) (75,0) Operations Capi
Slide 21: Stability of Trade Working Capital despite inventories
Stability of Trade Working Capital despite inventories (in € million / days of sales) 31 March 2024 31 March 2025 Inventories 3,818 79 4,151 82 Trade payables (3,444) (71) (3,751) (74) Trade receivables 2,997 62 2,906 57 Other assets/ liabilities2 (1,705) (35) (1,599) (32) Trade Working Capital1,2 1
Slide 22: Contract WC: Contract assets up with Services and signaling growth
Contract WC: Contract assets up with Services and signaling growth Contract liabilities up with projects in Startup phase (in € million / days of sales) 31 March 2024 31 March 2025 Contract assets 4,973 103 5,895 116 Contract liabilities (7,995) (166) (8,881) (175) Current provisions (1,612) (1,529)
Slide 23: FY25 low seasonality
FY25 low seasonality Structural FCF seasonality… …has been mitigated in FY25 Structural seasonality FCF (in €m) • Cash-in seasonality on • Downpayment phasing being more progress payments: H1-weighted driven by strong H1 commercial momentum (Köln, Proxima, • Fewer working days Hamburg) as well as sh
Slide 24: Net debt reduced to €434m following deleveraging plan and FCF generation
Net debt reduced to €434m following deleveraging plan and FCF generation 31 March 2024 31 March 2025 Net cash/(debt) Net cash/(debt) (434,0) (75,0) (183,0) 502,0 Hybrid Leases FCF coupon, FX and others (2994,0) 2315,0 Deleveraging plan1 1. Sale of TMH for €75m executed during FY 2023/24. Rights issu
Slide 25: Short-term debt reimbursed, strong increase in Cash & cash equivalents
Short-term debt reimbursed, strong increase in Cash & cash equivalents CASH, CASH EQ. and S/T DEBT (IN € MILLION) STABLE OUTSTANDING BONDS (IN € MILLION) 4 000 Jan-29 AVERAGE Oct-26 Jul-30 0.00% 31 March 2024 31 March 2025 MATURITY 0.25% 0.5% 3.4 years Jul-27 0.125% 2 000 AVERAGE COUPON 2,274 700 75
Slide 26: Capital allocation priorities and March 2026 deleveraging trajectory unchanged
Capital allocation priorities and March 2026 deleveraging trajectory unchanged • Priority to deleverage and maintain Investment Grade rating 0 • Dividends policy to be re- evaluated once zero net financial debt is reached • M&A policy: • Pursue bolt-on acquisitions (Innovation, Services) • Dynamic p
Slide 27: Outlook
3 Outlook Henri Poupart-Lafarge Chief Executive Officer 27
Slide 28: Local footprint providing resilience amid macro uncertainties
Local footprint providing resilience amid macro uncertainties EUROPE 57% of sales 60% of backlog APAC (ex. China) AMECA 15% of sales AMERICAS 13% of backlog 9% of sales 19% of sales 14% of backlog (US 9%) 13% of backlog Engineering & Manufacturing Engineering Manufacturing © ALSTOM SA 2025. All righ
Slide 29: Gross margin upside from quality order intake
Gross margin upside from quality order intake Backlog stratification and gross margin evolution 17,9% 17,5% 17,8% 16,9% 16,0% €92bn €95bn €87bn €81bn €40bn March 2019 March 2022 March 2023 March 2024 March 2025 March 2026* ex-AT Backlog Group Backlog Group Backlog Group Backlog Group Backlog Group B
Slide 30: Evolving Rolling Stock mix
Evolving Rolling Stock mix Legacy ex-BT sales on zero-margin contracts (€bn) Rolling Stock sales by type 3 FY25 FY28e 2 17% 26% 74% 1 83% Very high-speed, high-speed and locos 0 FY FY FY FY FY FY Regional, Commuters, Urban, LRV 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 © ALSTOM SA 2025. All ri
Slide 31: Improving industrial efficiencies through Standard Manufacturing Lines
Improving industrial efficiencies through Standard Manufacturing Lines Rolling Stock assembly lines (#) 75 • Consolidating the industrial footprint, with 10 the reduction of assembly lines from 75 today 3 60 to ~60 by 2030, mostly in Europe 10 15 • Deploying Standard Manufacturing Lines o/w (SMLs) f
Slide 32: FY26 FCF generation marked by Services and Signaling growth and some Rolling Stock projects ramp-ups
FY26 FCF generation marked by Services and Signaling growth and some Rolling Stock projects ramp-ups FY25 FY26 FFO / Sales 3.0% Increased from profit uplift Trade Working Stable Stable Capital in days of sales in days of sales Contract Working Capital ~€100m headwind Higher headwind Seasonality Very
Slide 33: FY 2025/26 outlook
FY 2025/26 outlook Medium-term ambitions confirmed FY 2025/26 Medium-term Assumptions Outlook Ambitions • Group and Rolling stock book • Supportive market to bill above 1 • Book-to-bill above 1 demand • Sales organic growth: 3% to • Average sales growth of ~5% • # cars production stable 5% per year
Slide 34: Contacts & Agenda
Contacts & Agenda CONTACTS AGENDA 10 July 2025 Annual Shareholders’ Cyril Guerin Meeting VP Investor Relations and M&A 23 July 2025 Guillaume Gauvillé FY 2025/26 First Quarter Head of Investor Relations Orders & Sales investor.relations@alstomgroup.com © ALSTOM SA 2025. All rights reserved. Informat
Slide 35: Financial Calendar
Financial Calendar 14 & 19 May FY 24/25 roadshow in Paris – Deutsche Bank Paris, France 15 - 16 May FY 24/25 roadshow in London – Redburn London, UK NYC, Toronto, Chicago, LA, 19 - 23 May FY 24/25 roadshow in US and Canada – Jefferies San Francisco 21 May FY 24/25 roadshow in Switzerland – ODDO Zuri
Slide 36: Q&A session
Q&A session © ALSTOM SA 2024. 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 37: Appendix
Rai o S ® 2. Q <x
Slide 38: 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 39: FY 2024/25 backlog by region and product line
FY 2024/25 backlog by region and product line Backlog breakdown by region (in € million) Backlog breakdown by product line (in € million) Systems Asia Pacific €7,562m Americas €12,151m 8% €12,373m 13% Signalling 13% €8,750m 9% Africa, Middle East & Rolling stock Europe €40,092m Central Asia €13,423m
Slide 40: FY 2024/25 Sales by region and product line
FY 2024/25 Sales by region and product line Sales breakdown by region (in € million) Sales breakdown by product line (in € million) Systems €1,900m Asia Pacific €2,688m 10% 15% Signalling €2,642m 14% Americas €3,660m Europe €10,481m 20% 57% Rolling stock €9,454m Services €4,493m 51% 24% Africa, Midd
Slide 41: Sales - Reported vs Organic figures by quarter
Sales - Reported vs Organic figures by quarter FY 2023/24 FY 2024/25 Reported growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock 5,5% -0,7% -0,2% 11,4% 1,9% 1,1% 6,0% 5,3% Services 5,2% 15,3% 2,3% 23,9% 12,2% 9,1% 6,5% -4,2% Systems -16,0% 22,5% 12,0% 11,2% 4,5% 8,1% 47,4% 21,6% Signalling 13,0% 3,6% 8,6%
Slide 42: Sales by currency
Sales by currency FY 2024/25 Currencies as a % of sales EUR 48.3% USD 9.1% GBP 8.8% AUD 4.8% INR 4.4% CAD 4.1% MXN 3.5% ZAR 3.1% SEK 2.8% SGD 1.7% BRL 1.4% KZT 1.2% CHF 1.0% Currencies below 1% of sales 5.6% © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative
Slide 43: Equity in € million
Equity in € million (92) 178 733 978 9,117 8,778 10,577 8,778 Dividends, March 2024 Capital Increase Hybrid loan Net Income Share based March 2025 payment & others © ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given
Slide 44: 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 2024/25 Total Gross debt, incl. lease obligations (1) 3,518 Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 758 Non controlling interest (3) 113 Cash an
Slide 45: 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 (264) FY 2026/27 (213) ● The Gross PPA amortisation plan will be subject to FX evolution in FY 2027/28 (203)
Slide 46: Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2025
Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2025 Adjustments as of 31 March 2025: 1. Impact of business combinations: amortisation of assets exclusively valued when determining the PPA, including net income of equity accounted investments, and inc
Slide 47: Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2024
Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2024 (in € million) Total Adjustments Total Consolidated Consolidated Financial Financial Adjustments as of 31 March 2024: Statements (1) (2) (3) (4) Statements (GAAP) (MD&A view) 31 March 2024 1. Impact
Slide 48: 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 49: Appendix - 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 50: Appendix - 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 51: www.alstom.com
www.alstom.com www.alstom.com www.alstom.com www.alstom.com 51