Alstom Unsp/Adr (ALSMY) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Alstom 2025-2026 Full Year Results Conference Call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to Martijn Sian, CEO. Sir, please go ahead. Good morning. Good morning, everyone, and thank you for joining us. to discuss handsome results for the fiscal year 25-26. It is fair to say that I joined the company at a critical time. The past year has demonstrated both our strengths and the areas where we must raise the level of performance. On the one hand, the order backlog is at a record high. We've got a solid base to build on. Progress has been made in the last few years on several aspects. On the other hand, the execution challenges we have faced on some rolling stock projects are highlighting areas of project execution that require improvement. This improvement will ensure that we convert our backlog into sustainable profit and cash generation. The shortfall in cart production in the fourth quarter was not a one-off event, but instead highlights a lack of consistency in project execution within the rolling stock prototype that led to guidance being revised. After only six weeks in the role, it would be presumptuous for me to claim that I have the answers to improve operational performance on financial trajectory of such a large and complex business. Today, therefore, I will begin by highlighting key takeaways from the past fiscal year before showing my assessment of the current context and outlining my priorities for the group. Bernard will then talk and work you through the financial performance for the year, and I will conclude with the outlook...