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

Core Insights - Alstom has reported a significant increase in orders and sales for the third quarter of fiscal year 2025/26, with orders more than doubling to €9.6 billion and sales increasing by 2.6% to €4.8 billion compared to the same period last year [2][4][5] Orders - In Q3 2025/26, Alstom recorded €9,580 million in orders, a 124.9% increase from €4,260 million in Q3 2024/25 [4][5] - 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 [4][5] - Rolling Stock accounted for 63% of total order intake in Q3, indicating strong demand for both established and developing platforms [6][7] 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 [14][37] - 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 [15][37] - Services reported sales of €3,414 million, up 5% on a reported basis and 9% on an organic basis, benefiting from ramping projects in the UK, US, and Germany [16][37] Operational Milestones - Alstom's MF19 new-generation metro entered service in Paris, marking a significant milestone in urban transport modernization [19] - In India, Alstom's metro trains began commercial service in Bhopal, showcasing rapid project execution [20] - Alstom's Citadis light rail vehicles commenced passenger service in Toronto, enhancing public transport accessibility and efficiency [21] 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 in Contract Working Capital [25] - The medium-term ambitions remain confirmed, with expectations for organic sales growth above 5% and aEBIT margin around 7% [26]