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Alstom (ALO) investor relations material

Alstom Q1 25/26 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 TU earnings summary23 Jul, 2025

Executive summary

  • Orders reached €4.1bn in Q1 2025/26, up 12% year-over-year, with strong commercial momentum and major contracts in France and Bulgaria.

  • Sales totaled €4.5bn, up 2.8% year-over-year (7.2% organic), with all product lines contributing and notable ramp-ups in Germany.

  • Backlog stood at €92bn as of June, down from €95bn in March, mainly due to FX headwinds.

  • Book-to-bill ratio for Q1 at 0.9x; Rolling Stock at 1.0x.

  • Guidance confirmed for organic sales growth of 3–5% and adjusted EBIT margin around 7% for FY 2025/26.

Financial highlights

  • Q1 2025/26 sales: €4.5bn (+2.8% reported, +7.2% organic); Rolling Stock €2.4bn (+3% reported, +5% organic), Services €1.1bn (stable, +2% organic), Signalling €600m (-5% reported, +9% organic), Systems €425m (+25% reported, +36% organic).

  • Book-to-bill ratio at 0.9x for the group and 1.0x for Rolling Stock.

  • Backlog at €92bn at June, down from €95bn in March, mainly due to adverse FX.

Outlook and guidance

  • Organic sales growth guidance of 3–5% and adjusted EBIT margin around 7% for FY 2025/26 confirmed.

  • Book-to-bill for group and Rolling Stock expected above 1 for full year.

  • Free cash flow guidance: €200–400m for FY 2025/26, with H1 up to -€1bn and H2 at least +€1.2bn; at least €1.5bn targeted over FY 2024/25–2026/27.

  • R&D expenses to return above 3% of sales for the year.

  • Tariff impacts expected to be minimal and mitigated through contract clauses.

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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.

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