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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.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.
Assess impact of US tariffs on FY26 outlook.
Explain drivers behind Systems sales organic growth.
Detail assumptions behind FY26 free cash flow.
Assess Germany's capacity utilization.
Explain the accretive backlog gross margin.
Detail ramp-up projects' impact on cash flow.
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H1 25/2612 Nov, 2025
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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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