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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Alstom
Alstom (ALO) investor relations material
Alstom H1 26/27 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 26/27 TU earnings summary2 Nov, 2026
Executive summary
H1 results were hit by Coradia Max industrialisation and homologation issues, plus margin pressure on projects executed for and from Germany.
Operational recovery, project execution and balance-sheet repair are priorities; performance is expected to normalise from FY 2027/28.
Operational and organisational reviews are underway; the medium-term trajectory is due at the Q2 2027 Capital Markets Day.
Financial highlights
H1 orders were €11.0bn, up 5% reported; sales were €9.3bn, up 3% reported and 2% organically, with lower-than-planned car production constraining growth.
H1 Free Cash Flow was €(1,248)m, versus €(740)m a year earlier, reflecting seasonality and milestone-payment timing.
Net debt was €1.1bn at 30 September 2026, versus €0.4bn at 31 March 2026.
Outlook and guidance
FY 2026/27 book-to-bill guidance remains above 1; organic sales growth is now low- to mid-single digits, versus ~5% previously.
FY car production guidance fell to ~4,000 from 4,400–4,500; Coradia Max accounts for the vast majority of the revision.
FY adjusted EBIT margin guidance is ~1%, with H2 expected at ~6.5%; FY Free Cash Flow is forecast at €(1.5)bn, versus “Positive” previously.
Performance is expected to normalise from FY 2027/28 and trend toward 8–10% adjusted EBIT over the medium term.
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Latest events from Alstom
- Record orders and organic growth, but execution pressures held adjusted EBIT margin to 6.1%.ALO
Investor presentation - Sales up 4.9% to €4.7bn, orders down 37%, FY outlook confirmed.ALOQ1 26/27 TU
- Record orders, operational improvements, and board changes; no dividend amid margin challenges.ALOAGM 2026
- Record orders and backlog support growth, but margin pressure and execution issues persist.ALOH2 25/26
- Sales and profit rose, margin improved to 6.4%, and full-year growth outlook was upgraded.ALOH1 25/26
- Strong sales, margin, and cash flow growth with robust outlook and reduced net debt.ALOH2 24/25
- Q1 2025/26 orders up 12% and sales up 2.8% (7.2% organic); outlook and cash flow targets confirmed.ALOQ1 25/26 TU
- Orders up 30%, sales and profit rise, backlog hits €94.4bn, deleveraging plan executed.ALOH1 24/25
- Sales up 5.1% to €4.4B, deleveraging plan delivered, FY 2024/25 outlook confirmed.ALOQ1 24/25 TU
Next Alstom earnings date
H1 26/2717 Nov, 2026
Alstom
Next Alstom earnings date
H1 26/2717 Nov, 2026
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Frequently asked questions
Alstom SA offers solutions for rail transport, including maintenance and energy management. Alstom SA's products include high-speed trains, metros, trams, automated people movers and signalling systems. The company is based in Saint-Ouen, France.