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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Alstom (ALO) investor relations material
Alstom H1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 25/26 earnings summary13 Nov, 2025
Executive summary
Orders reached €10.5 billion in H1, with strong commercial momentum, especially in North America, and a group book-to-bill ratio of 1.2, in line with guidance.
Sales totaled €9.1 billion, up 7.9% organically year-over-year, with all product lines and regions contributing to growth.
Adjusted EBIT rose 13% year-over-year to €580 million, with margin improving to 6.4% from 5.9% last year.
Free cash flow was negative €740 million, reflecting expected seasonality and inventory build-up for higher H2 production.
Integration of Bombardier Transportation is complete, with ongoing efficiency initiatives and a focus on industrial performance.
Financial highlights
Backlog increased to €96.1 billion, up from €95 billion at March-end, providing strong visibility for future sales.
Rolling stock sales were €4.7 billion (+6% organic), service sales €2.3 billion (+6% organic), signaling €1.3 billion (+17% organic), and systems €0.8 billion (+10% organic).
Adjusted net profit increased to €338 million from €224 million year-over-year; net profit group share after PPA was €220 million, four times last year.
Net financial debt rose to €1.4 billion as of September 2025, mainly due to free cash flow seasonality and dividend/coupon payouts.
Gross margin in backlog improved to 18.3% as of September 2025.
Outlook and guidance
Organic sales growth now expected to exceed 5% for the year (previously 3–5%).
Adjusted EBIT margin guidance maintained at around 7%.
Free cash flow generation expected within €200–400 million range.
Book-to-bill ratios for group and rolling stock expected to remain above 1.
Medium-term ambition for at least €1.5 billion free cash flow over three years is unchanged.
H2 FCF plan to offset H1 working capital?
Q3/Q4 orders to balance H1 regional mix?
Lower R&D cost align with innovation goals?
German stimulus impact on pipeline?
Order intake margin vs backlog?
H2 FCF down payment visibility?
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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.
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