Alstom Unsp/Adr (ALSMY) Q4 2026 Earnings Call

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WEBVTT 00:00:01.297 -- 00:00:04.141 Welcome to the Alstom 2025-2026 00:00:04.141 -- 00:00:09.308 Full Year Results Conference Call. For the first part of the conference call, the participants 00:00:09.308 -- 00:00:13.754 will be in listen-only mode. During the questions and answers session, participants are 00:00:13.754 -- 00:00:18.721 able to ask questions by dialing pound key 5 on their telephone keypad. 00:00:18.721 -- 00:00:22.085 Now I will hand the conference over to Martijn Sian, CEO. 00:00:22.085 -- 00:00:24.886 Sir, please go ahead. 00:00:25.249 -- 00:00:29.157 Good morning. Good morning, everyone, and thank you for joining us. 00:00:29.157 -- 00:00:32.060 to discuss handsome results for the fiscal year 25-26. 00:00:32.060 -- 00:00:34.102 It is 00:00:34.102 -- 00:00:37.646 fair to say that I joined the company at a critical time. 00:00:37.646 -- 00:00:43.051 The past year has demonstrated both our strengths and the areas where we must 00:00:43.051 -- 00:00:45.754 raise the level of performance. 00:00:45.754 -- 00:00:50.318 On the one hand, the order backlog is at a record high. 00:00:50.318 -- 00:00:55.364 We've got a solid base to build on. Progress has been made in the last few 00:00:55.364 -- 00:00:58.182 years on several aspects. 00:00:58.182 -- 00:01:03.430 On the other hand, the execution challenges we have faced on some 00:01:03.430 -- 00:01:08.758 rolling stock projects are highlighting areas of project execution 00:01:08.758 -- 00:01:11.983 that require improvement. 00:01:11.983 -- 00:01:17.411 This improvement will ensure that we convert our backlog into sustainable 00:01:17.411 -- 00:01:20.515 profit and cash generation. 00:01:20.515 -- 00:01:26.805 The shortfall in cart production in the fourth quarter was not a one-off event, 00:01:26.805 -- 00:...