ALSTOM S.A: Alstom’s third quarter 2025/26: Record orders, Reaching €100bn backlog, FY 2025/26 outlook confirmed

Core Insights - Alstom reported a significant increase in orders and sales for Q3 of fiscal year 2025/26, with orders more than doubling to €9.6 billion and sales rising by 2.6% to €4.8 billion compared to the same period last year [1][3][4] Orders - Alstom recorded €9,580 million in orders during Q3 2025/26, a 124.9% increase from €4,260 million in Q3 2024/25 [3][4] - The total order intake for the first nine months reached €20.0 billion, up 31.8% from €15.2 billion in the same period last year [3][4] - Rolling Stock accounted for 63% of total order intake in Q3, indicating strong demand for both established and developing platforms [5][6] Sales - Sales for the first nine months of fiscal year 2025/26 amounted to €13,851 million, reflecting a 3.0% increase on a reported basis and a 7.2% increase on an organic basis [3][13] - Rolling Stock sales reached €7,204 million, up 3% on a reported basis and 6% on an organic basis, driven by strong execution in key markets [14] - Services reported sales of €3,414 million, up 5% on a reported basis and 9% on an organic basis, benefiting from projects in the UK, US, and Germany [15] Operational Milestones - Alstom's MF19 new-generation metro entered service on Line 10 of the Paris Metro, marking a significant milestone in urban transport modernization [17] - In India, Alstom's metro trains began commercial service in Bhopal, showcasing rapid project execution and local manufacturing [18] - Alstom's Citadis light rail vehicles commenced passenger service on Toronto's Finch West Light Rail Transit line, enhancing public transport in the region [19] Financial Outlook - The company expects to deliver at least €1.5 billion in free cash flow over the three years from FY 2024/25 to FY 2026/27, despite challenges related to Contract Working Capital [23] - The FY 2025/26 outlook and medium-term ambitions have been confirmed, indicating confidence in continued growth and operational performance [24]