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]

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]

Core Points - SNCF Voyageurs has approved an order for 30 new-generation Avelia Horizon very high-speed trains for approximately €1.4 billion, with options for 20 additional trains, scheduled for delivery in 2031 [1][10] - The Avelia Horizon trains will operate under the Eurostar brand across five countries, including Germany, Belgium, France, the Netherlands, and the UK, marking the first use of a double-deck high-speed train through the Channel Tunnel [2][10] - Alstom's Avelia Horizon trains are designed for international very high-speed traffic, emphasizing technological performance, energy efficiency, and passenger comfort [3][5] Train Specifications - The Avelia Horizon can reach speeds over 300 km/h and has a capacity of over 1,000 passengers, featuring nine articulated double-deck cars and two compact power cars [6][8] - The new train consumes 20% less energy than its predecessor due to advanced aerodynamic design and optimized traction [6] - Maintenance costs have been reduced by 30% compared to the previous generation, with predictive maintenance integrated into the design [7] Production and Employment - Alstom is investing €150 million to increase production capacity at ten of its French sites to meet growing demand for the Avelia trains [10] - The Avelia Horizon program involves collaboration across ten national sites in France, showcasing the country's rail expertise [9] Market Presence - Alstom's Avelia range includes trains with maximum speeds between 200 km/h and 350 km/h, with over 1,000 Avelia trains operating in 25 countries [12]

Core Insights - Alstom reported strong financial performance for the fiscal year 2024/25, with orders of €19.8 billion and sales of €18.5 billion, resulting in a book-to-bill ratio of 1.1 [1][7] - The backlog reached €95 billion, indicating robust visibility for future sales, with a gross margin in backlog of 17.8% [1][21] - Adjusted EBIT increased by 18% to €1,177 million, with an adjusted EBIT margin of 6.4% [2][31] Financial Performance - Orders received increased by 4.7% to €19.8 billion, while sales grew by 4.9% to €18.5 billion [6][22] - Adjusted net profit rose significantly to €498 million from €44 million in the previous year [2][36] - Free cash flow turned positive at €502 million, compared to a negative €557 million in the prior year [2][37] Debt and Liquidity - The net debt position improved to €(434) million from €(2,994) million, reflecting successful deleveraging efforts [3][40] - Cash and cash equivalents stood at €2,274 million, with strong liquidity supported by undrawn revolving credit facilities [3][40] Operational Highlights - Alstom achieved record-high orders in Services and Signalling, aligning with its strategic goals [4][10] - The company mobilized around commercial, operational, and cost efficiency plans, resulting in improved backlog margins and quality indicators [4][18] - Significant contracts were awarded in Europe, particularly in Germany and France, contributing to the overall order intake [11][12] Market Outlook - For FY 2025/26, Alstom anticipates organic sales growth between 3% to 5% and an adjusted EBIT margin around 7% [7][48] - The company expects to generate at least €1.5 billion in cumulative free cash flow over three years from FY 2024/25 to FY 2026/27 [7][48] - Alstom aims for a book-to-bill ratio above 1, driven by growth in Services, Signalling, and Systems product lines [7][53] Innovation and Sustainability - Alstom continues to invest in R&D, with gross costs amounting to €704 million, representing 3.8% of sales [25] - The company is committed to decarbonization and aims for 100% renewable electricity by the end of 2025 [47] - Alstom's EU Taxonomy-aligned sales reached 66%, reflecting its leadership in low-carbon mobility solutions [45]