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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 Rolling Stock; book-to-bill ratio at 1.2, aligned with guidance.
Sales were €9.1 billion, up 7.9% organically, with all product lines and regions contributing.
Net profit (group share) rose to €220 million from €53 million year-over-year, driven by improved operational performance and margin expansion.
Backlog increased to €96.1 billion, providing strong visibility for future sales.
Major operational milestones achieved in North America and France, including new train rollouts and facility investments.
Financial highlights
Orders: €10.5 billion (+3.2% reported, +7.9% organic year-over-year); book-to-bill ratio at 1.2.
Sales: €9.1 billion (+3.2% reported, +7.9% organic year-over-year).
Adjusted EBIT rose 13% to €580 million, with margin improving to 6.4% (up 50bps year-over-year).
Adjusted net profit increased to €338 million from €224 million year-over-year.
Free cash flow was negative at €(740) million, reflecting expected seasonality and inventory build-up for higher H2 production.
Outlook and guidance
Organic sales growth outlook for FY 2025/26 upgraded to above 5% (previously 3–5%).
Adjusted EBIT margin guidance confirmed at around 7%.
Free cash flow generation expected within €200–400 million range.
Book-to-bill ratios for group and Rolling Stock expected above 1.
Medium-term ambition to deliver at least €1.5 billion in free cash flow over three years remains 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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Q3 25/26 TU20 Jan, 2026
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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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